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Lecture 8

Lecture 8

Lecture 8. Central Banks - The Issue of Credibility and Reputation. This lecture addresses two issues: Credibility The distinction between rules and discretion a) credible commitments b) rules can be learned by private agents, discretion cannot. Lucas v Tinbergen.

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426 views • 32 slides
Chapter 24

Chapter 24

Chapter 24. Money and Inflation. Money and Inflation: Evidence. Inflation is always and everywhere a monetary phenomenon Whenever a country’s inflation rate is extremely high for a sustained period of time, its rate of money supply growth is also extremely high Reduced-form evidence.

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207 views • 19 slides
Chapter 24

Chapter 24

Chapter 24. Money and Inflation. Money and Inflation: Evidence. Inflation is always and everywhere a monetary phenomenon Whenever a country’s inflation rate is extremely high for a sustained period of time, its rate of money supply growth is also extremely high Reduced-form evidence.

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237 views • 19 slides
The Federal Reserve

The Federal Reserve

The Federal Reserve. Policy Tools, Objectives and Targets. ECO 473 – Money & Banking – Dr. D. Foster. Federal Reserve Policy Tools. Open Market Operations Buy/sell Treasury bonds to affect bank reserves. The major form of monetary policy.

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314 views • 17 slides
Strategic Interaction between Fiscal and Monetary Policies in an Export-Oriented Economy

Strategic Interaction between Fiscal and Monetary Policies in an Export-Oriented Economy

Strategic Interaction between Fiscal and Monetary Policies in an Export-Oriented Economy Sergey Merzlyakov Junior Research Fellow of the Laboratory for Macroeconomic Analysis National Research University Higher School of Economics, Moscow. Contents. Motivation

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Discussion of Roel Beetsma, “A survey of the effects of discretionary fiscal policy”

Discussion of Roel Beetsma, “A survey of the effects of discretionary fiscal policy”

Discussion of Roel Beetsma, “A survey of the effects of discretionary fiscal policy” Lars E.O. Svensson Sveriges Riksbank January 29, 2008. Summary. Good survey of theoretical and empirical research on discretionary fiscal policy Many papers G , T  Y, C. Summary: Problems.

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79 views • 6 slides

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