Timing and real indeterminacy in monetary models

Article Abstract:

Research examining ways in which trading conditions influence policy restrictions is presented. Particular attention is given to the use of discrete-time functions of money-in-the-utility in demonstrating relations between trading conditions and policy restrictions aimed at real determinacy.

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Optimal fiscal and monetary policy with sticky prices

Article Abstract:

The Ramsey equilibrium is studied in a monetary model with distortionary taxation, nominal non-state contingent debt, and sticky prices. The study shows that optimal policy displays very little volatility in inflation for even small degrees of price rigidity.

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One monetary policy and 18 central bankers: the European monetary policy as a game of strategic delegation

Article Abstract:

Strategic delegation of monetary policy model in the European Monetary Union is discussed. Role of strategic delegation in averting central bank inflation is also presented.

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