Browsing by Subject "Optimal monetary policy"

Now showing items 1-5 of 5

  • Commitment policy and optimal positive long-run inflation 

    Pontiggia, Dario (2008)
    This paper studies different types of commitment policy in an economy where the deterministic steady state is inefficient. We show how a policy suggested by the approach of policy design entails positive long-run inflation, ...

  • Essays on optimal monetary policy under rule-of-thumb behaviour by price setters 

    Pontiggia, Dario (2009)
    The aim of this thesis is to study the effects of inflation persistence due to rule-of-thumb behaviour by price setters on optimal monetary policy. We start with a canonical log-linearised New Keynesian model, which we ...

  • Inflation persistence and optimal positive long-run inflation 

    Pontiggia, Dario (2007)
    Within New Keynesian economics, the optimality of a monetary policy that aims at zero inflation is surprisingly robust. Optimal monetary policy has this character despite the inefficiency of the nonstochastic steady state ...

  • Optimal long-run inflation and the New Keynesian model 

    Pontiggia, Dario (Elsevier, 2012-08)
    Central banks typically have a long-run inflation target that is modestly positive. However, the standard New Keynesian framework prescribes that zero inflation is the optimal longrun target. In this paper, we show that ...

  • Phillips Curve and Optimal Long-run Inflation under Commitment 

    Pontiggia, Dario (2015-06)
    The Phillips curve represents the link between the business cycle and infation and constrains the actions of policymakers. In this paper, we study the optimal long-run rate of infation in the presence of a hybrid Phillips ...