English   español  
Please use this identifier to cite or link to this item: http://hdl.handle.net/10261/48374
logo share SHARE logo core CORE   Add this article to your Mendeley library MendeleyBASE

Visualizar otros formatos: MARC | Dublin Core | RDF | ORE | MODS | METS | DIDL
Exportar a otros formatos:


The Role of Central Bank Operating Procedures in an Economy with Productive Government Spending

AuthorsCaballé, Jordi ; Hromcova, Jana
KeywordsMonetary policy targets
Productive government spending
Issue Date28-Jan-2010
CitationComputational Economics 37:39–65 (2011)
AbstractWe 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.
Descriptiondatos de la revista
Publisher version (URL)http://dx.doi.org/10.1007/s10614-010-9198-y
Appears in Collections:(IAE) Artículos
Files in This Item:
There are no files associated with this item.
Show full item record
Review this work

WARNING: Items in Digital.CSIC are protected by copyright, with all rights reserved, unless otherwise indicated.