Discretionary monetary policy in the Calvo model

DOI10.3982/QE855zbMath1419.91516OpenAlexW3124676916MaRDI QIDQ4629416

Willem Van Zandweghe, Alexander L. Wolman

Publication date: 27 March 2019

Published in: Quantitative Economics (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.3982/qe855

zbMATH Keywords

sticky pricesMarkov-perfect equilibriumdiscretionrelative price distortiontime-consistent optimal monetary policy

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Cites Work

• Using a projection method to analyze inflation bias in a micro-founded model
• Equilibrium welfare and government policy with quasi-geometric discounting
• Distortionary taxes and public investment when government promises are not enforceable
• Time consistent monetary policy with endogenous price rigidity
• The inflation bias under Calvo and Rotemberg pricing
• Public debt, discretionary policy, and inflation persistence
• Optimal discretionary monetary policy in a micro-founded model with a zero lower bound on nominal interest rate
• Time-Consistent Public Policy
• On the Time Consistency of Optimal Policy in a Monetary Economy
• Expectation Traps and Monetary Policy
• Optimal Interest-Rate Smoothing
• CENTRAL BANK INDEPENDENCE AND THE MONETARY INSTRUMENT PROBLEM
• Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria
• Consumption-Savings Decisions with Quasi-Geometric Discounting

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