Alternative monetary rules in the open-economy: a welfare-based approach
How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate...
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Banco Central de Chile
2019
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oai-20.500.12580-36702021-04-24T10:32:22Z Alternative monetary rules in the open-economy: a welfare-based approach Parrado, Eric Velasco, Andrés, 1960- BANCOS CENTRALES POLÍTICA MONETARIA TASAS DE INTERÉS INFLACIÓN ÍNDICE DE PRECIOS AL CONSUMIDOR How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate also react to the output gap or to movements in other real variables? Should inflation targeting focus on the consumer price index (CPI), on home prices only, or on some other index? Should the interest rate respond to movements in the nominal exchange rate? Equivalently, should the exchange rate float cleanly? 2019-11-01T00:01:36Z 2019-11-01T00:01:36Z 2002 Artículo 956-7421-102 https://hdl.handle.net/20.500.12580/3670 eng Series on Central Banking, Analysis, and Economic Policies, no. 5 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 295-247 application/pdf Banco Central de Chile |
| institution |
Banco Central |
| collection |
Banco Central |
| language |
eng |
| topic |
BANCOS CENTRALES POLÍTICA MONETARIA TASAS DE INTERÉS INFLACIÓN ÍNDICE DE PRECIOS AL CONSUMIDOR |
| spellingShingle |
BANCOS CENTRALES POLÍTICA MONETARIA TASAS DE INTERÉS INFLACIÓN ÍNDICE DE PRECIOS AL CONSUMIDOR Parrado, Eric Velasco, Andrés, 1960- Alternative monetary rules in the open-economy: a welfare-based approach |
| description |
How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate also react to the output gap or to movements in other real variables? Should inflation targeting focus on the consumer price index (CPI), on home prices only, or on some other index? Should the interest rate respond to movements in the nominal exchange rate? Equivalently, should the exchange rate float cleanly? |
| format |
Artículo |
| author |
Parrado, Eric Velasco, Andrés, 1960- |
| author_facet |
Parrado, Eric Velasco, Andrés, 1960- |
| author_sort |
Parrado, Eric |
| title |
Alternative monetary rules in the open-economy: a welfare-based approach |
| title_short |
Alternative monetary rules in the open-economy: a welfare-based approach |
| title_full |
Alternative monetary rules in the open-economy: a welfare-based approach |
| title_fullStr |
Alternative monetary rules in the open-economy: a welfare-based approach |
| title_full_unstemmed |
Alternative monetary rules in the open-economy: a welfare-based approach |
| title_sort |
alternative monetary rules in the open-economy: a welfare-based approach |
| publisher |
Banco Central de Chile |
| publishDate |
2019 |
| url |
https://hdl.handle.net/20.500.12580/3670 |
| work_keys_str_mv |
AT parradoeric alternativemonetaryrulesintheopeneconomyawelfarebasedapproach AT velascoandres1960 alternativemonetaryrulesintheopeneconomyawelfarebasedapproach |
| _version_ |
1718346217363079168 |