Endogenous Monetary Policy Regime Change

Released on by Troy Davig
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  • Endogenous Monetary Policy Regime Change Book Detail

  • Author : Troy Davig
  • Release Date : 2006
  • Publisher :
  • Genre : Monetary policy
  • Pages : 56
  • ISBN 13 :
  • File Size : 72,72 MB
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Endogenous Monetary Policy Regime Change by Troy Davig PDF Summary

Book Description: This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation effects generated by the possibility of regime change can be quantitatively important; (ii) symmetric shocks can have asymmetric effects; (iii) endogenous switching is a natural way to formally model preemptive policy actions. In a conventional calibrated model, preemptive policy shifts agents' expectations, enhancing the ability of policy to offset demand shocks; this yields a quantitatively significant "preemption dividend."

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Endogenous Monetary Policy Regime Change

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This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. R

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This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. R

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This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. R

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The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory o