المستودع الأكاديمي جامعة المدينة

The timeless perspective vs. discretion: theory and monetary policy implications for an open economy

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dc.creator Guender, Alfred V.
dc.date 2007
dc.date.accessioned 2013-10-16T07:06:25Z
dc.date.available 2013-10-16T07:06:25Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19706
dc.identifier ppn:548818207
dc.identifier RePEc:zbw:bubdp1:6479
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19706
dc.description This paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount factor as well as IS and Phillips Curve parameters. This is in sharp contrast to a closed economy where the target rule depends only on the change in the output gap, the current rate of inflation and the structural parameter in the Phillips Curve. Because of the additional history dependence in an open economy, price level targeting is no longer consistent with optimal policy. If a real exchange rate channel does not exist in the Phillips Curve, monetary policy eases in the wake of a positive cost-push disturbance under policy from a TP and is thus diametrically opposed to same under discretion. Maximum gains accrue from commitment relative to discretion in an open economy where the real exchange rate is absent from the Phillips Curve and the policymaker places strong emphasis on maintaining price stability.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2007,29
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E52
dc.subject F41
dc.subject ddc:330
dc.subject Timeless Perspective
dc.subject Discretion
dc.subject Price Level Targeting
dc.subject Exchange Rate Channel
dc.subject Geldpolitik
dc.subject Offene Volkswirtschaft
dc.subject Regelgebundene Politik
dc.subject Diskretionäre Politik
dc.subject Phillips-Kurve
dc.subject Inflation Targeting
dc.subject Theorie
dc.title The timeless perspective vs. discretion: theory and monetary policy implications for an open economy
dc.type doc-type:workingPaper


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