2024-03-28T09:45:37Zhttp://digital.csic.es/dspace-oai/requestoai:digital.csic.es:10261/483742013-02-04T23:00:00Zcom_10261_58com_10261_7col_10261_311
DIGITAL.CSIC
author
Caballé, Jordi
author
Hromcova, Jana
2012-04-17T09:04:15Z
2012-04-17T09:04:15Z
2010-01-28
Computational Economics 37:39–65 (2011)
0927-7099
http://hdl.handle.net/10261/48374
10.1007/s10614-010-9198-y
We reexamine some of the issues related to the choice of the monetary policy instrument in a dynamic general equilibrium model exhibiting endogenous
growth in which a fraction of productive government spending is financed by means
of issuing currency.We evaluate the performance of four monetary instruments: monetary aggregate targeting, nominal interest rate targeting, inflation rate targeting and
real interest rate targeting. We show that a switch from any other targeting procedure
towards the real interest rate targeting may be welfare improving even if the real interest rate targeting is a policy that delivers the most volatile consumption in the short
run.
eng
closedAccess
Monetary policy targets
Productive government spending
The Role of Central Bank Operating Procedures in an Economy with Productive Government Spending
artículo
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