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On the optimal choice of a monetary policy instrument

Author: Andrew Atkeson; V V Chari; Patrick J Kehoe; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13398.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The optimal choice of a monetary policy instrument depends on how tight and transparent the available instruments are and on whether policymakers can commit to future policies. Tightness is always desirable; transparency is only if policymakers cannot commit. Interest rates, which can be made endogenously tight, have a natural advantage over money growth and exchange rates, which cannot. As prices, interest and  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Atkeson; V V Chari; Patrick J Kehoe; National Bureau of Economic Research.
OCLC Number: 173284702
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13398.
Responsibility: Andrew Atkeson, V.V. Chari, Patrick J. Kehoe.

Abstract:

The optimal choice of a monetary policy instrument depends on how tight and transparent the available instruments are and on whether policymakers can commit to future policies. Tightness is always desirable; transparency is only if policymakers cannot commit. Interest rates, which can be made endogenously tight, have a natural advantage over money growth and exchange rates, which cannot. As prices, interest and exchange rates are more transparent than money growth. All else equal, the best instrument is interest rates and the next-best, exchange rates. These findings are consistent with the observed instrument choices of developed and less-developed economies.

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