Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Berlin
dissertation.de - Verlag im Internet GmbH
2003
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| Ausgabe: | Als Ms. gedr. |
| Schriftenreihe: | Dissertation - Classic
769 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zugl.: München, Univ. Diss., 2003 |
| Beschreibung: | XI, 198 S. graph. Darst. |
| ISBN: | 3898256693 |
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Datensatz im Suchindex
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| adam_text | MONETARY POLICYMAKING, INSTITUTIONAL DESIGN, AND MONETARY CONTROL
UNCERTAINTY INAUGURAL-DISSERTATION ZUR ERLANGUNG DES GRADES DOCTOR
OECONOMIAE PUBLICAE (DR. OEC. PUBL.) AN DER
LUDWIG-MAXIMILIANS-UNIVERSITAT MIINCHEN VORGELEGT VON GIINTHER OPPERMANN
2002 REFERENT: PROF. DR. ANTON KONRAD KORREFERENT: PROF. DR. BERND HUBER
PROMOTIONSABSCHLUSSBERATUNG: 5. FEBRUAR 2003 CONTENTS 1 INTRODUCTION 1
1.1 MOTIVATION AND SCOPE OF THE THESIS 1 1.2 OUTLINE OF THE ANALYSIS 5 2
MONETARY POLICYMAKING AND INSTITUTIONAL DESIGN: THE REFERENCE CASE 7 2.1
INTRODUCTION 7 * 2.2 A STANDARD MODEL OF MONETARY POLICYMAKING 8 2.2.1
THESET-UP 8 2.2.1.1 PREFERENCES AND TECHNOLOGY 8 2.2.1.2 STOCHASTIC
STRUCTURE 10 2.2.1.3 DESCRIPTION OF THE GAME 10 2.2.2 EQUILIBRIUM UNDER
DISCRETION 11 2.2.3 EQUILIBRIUM UNDER COMMITMENT 15 2.3 WELFARE ANALYSIS
17 2.4 A NOTE ON DEMAND SHOCKS 19 2.5 INSTITUTIONAL DESIGN IN MONETARY
POLICYMAKING 21 2.5.1 DELEGATION TO A WEIGHT-CONSERVATIVE CENTRAL BANK
(RO- GOFF(1985)) 21 2.5.2 CENTRAL BANK CONTRACTS (WALSH (1995B)) 28
2.5.3 INFLATION TARGETS (SVENSSON (1997B)) 33 2.5.4 OUTPUT TARGETS
(PERSSON AND TABELLINI (1990)) 37 2.6 A NOTE ON OUTPUT PERSISTENCE AND
PREFERENCE UNCERTAINTY . . 42 2.7 RESULTS AND SOME APPLICATIONS 45 3
MONETARY POLICYMAKING AND MONETARY CONTROL UNCERTAINTY 49 3.1
INTRODUCTION 49 3.2 A MODEL OF MONETARY POLICYMAKING WITH MONETARY
CONTROL UNCERTAINTY 52 3.2.1 THESET-UP 53 3.2.1.1 PREFERENCES AND
TECHNOLOGY 53 VIII CONTENTS 3.2.1.2 STOCHASTIC STRUCTURE 57 3.2.1.3
DESCRIPTION OF THE GAME 57 3.2.2 EQUILIBRIUM UNDER DISCRETION 59 3.2.3
EQUILIBRIUM UNDER COMMITMENT 66 3.3 WELFARE ANALYSIS 73 3.4 A NOTE ON
DEMAND SHOCKS 79 3.5 RESULTS AND SOME IMPLICATIONS FOR INSTITUTIONAL
DESIGN .... 82 4 FIRST BEST INSTITUTIONAL DESIGN AND MONETARY CONTROL
UNCERTAINTY 85 4.1 SOME GENERAL REMARKS 85 4.2 CENTRAL BANK CONTRACTS
(WALSH (1995B)) 89 4.2.1 FRAMEWORK 89 4.2.2 OPTIMAL SETTING OF THE
MONETARY POLICY INSTRUMENT . . 90 4.2.3 OPTIMAL CENTRAL BANK CONTRACT 93
4.2.3.1 TO REACH INFLATION UNDER COMMITMENT .... 94 4.2.3.2 TO REACH ON
AVERAGE THE INFLATION TARGET . . 97 4.2.3.3 A MORE DETAILED DERIVATION
PROCEDURE .... 102 4.3 INFLATION TARGETS (SVENSSON (1997B)) 108 4.3.1
FRAMEWORK 108 4.3.2 OPTIMAL SETTING OF THE MONETARY POLICY INSTRUMENT .
. 110 4.3.3 OPTIMAL CENTRAL BANK INFLATION TARGET 112 4.3.3.1 TO REACH
INFLATION UNDER COMMITMENT.... 112 4.3.3.2 TO REACH ON AVERAGE THE
INFLATION TARGET . . 116 4.4 OUTPUT TARGETS (PERSSON AND TABELLINI
(1990)) 122 4.4.1 FRAMEWORK 122 4.4.2 OPTIMAL SETTING OF THE MONETARY
POLICY INSTRUMENT . . 124 4.4.3 OPTIMAL CENTRAL BANK OUTPUT TARGET 126
4.4.3.1 TO REACH INFLATION UNDER COMMITMENT.... 126 4.4.3.2 TO REACH ON
AVERAGE THE INFLATION TARGET . . 128 4.5 RESULTS AND POLICY IMPLICATIONS
133 5 SECOND BEST INSTITUTIONAL DESIGN AND MONETARY CONTROL UN-
CERTAINTY: DELEGATION TO A WEIGHT-CONSERVATIVE CENTRAL BANK (ROGOFF
(1985)) RECONSIDERED 135 5.1 INTRODUCTION 135 5.2 FRAMEWORK 136 5.3
OPTIMAL SETTING OF THE MONETARY POLICY INSTRUMENT 138 5.4 OPTIMAL DEGREE
OF INFLATION AVERSION 143 5.4.1 CASEL: [-AK(L + A 2 ^ + O?(K*OI + 0 150
5.4.2 CASE 2: [-OFC(L + OF) + A 2 (7RVJ| + AJ)] =0 153 CONTENTS . XX
5.4.3 CASE 3: [-OFC(L + FF 2 ) + A 2 (IRV 2 + C^)] 0 155 5.4.4 A NOTE
ON THE (UNREALISTIC) CASE OF (TTV 2 + CV) 0 161 5.5 RESULTS AND POLICY
IMPLICATIONS 162 6 RESULTS, IMPLICATIONS FOR MONETARY POLICYMAKING OF
THE ECB, AND CONCLUSION 165 6.1 MAIN RESULTS OF THE THESIS 165 6.2 SOME
IMPLICATIONS FOR MONETARY POLICYMAKING OF THE ECB . . 167 6.3 CONCLUDING
REMARKS 169 A OPTIMAL DEGREE OF INFLATION AVERSION (FULL SPECTRUM) 171 B
MONETARY POLICYMAKING, INSTITUTIONAL DESIGN, AND CENTRAL BANK
INDEPENDENCE 175 B.I FRAMEWORK 175 B.2 DELEGATION TO A
WEIGHT-CONSERVATIVE CENTRAL BANK (ROGOFF (1985)) 176 B.3 CENTRAL BANK
CONTRACTS (WALSH (1995B)) 178 N B.4 INFLATION TARGETS (SVENSSON (1997B))
180 B.5 OUTPUT TARGETS (PERSSON AND TABELLINI (1990)) 183 B.6 RESULTS
AND A NOTE ON UNCERTAINTY IN THE DEGREE OF CENTRAL BANK INDEPENDENCE 185
C LINEAR COMBINATION OF FIRST BEST INSTITUTIONAL DESIGN 189
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| indexdate | 2024-07-09T19:19:17Z |
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| isbn | 3898256693 |
| language | English |
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| physical | XI, 198 S. graph. Darst. |
| publishDate | 2003 |
| publishDateSearch | 2003 |
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| series | Dissertation - Classic |
| series2 | Dissertation - Classic |
| spelling | Oppermann, Günther 1930-2016 Verfasser (DE-588)126667519 aut Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Günther Oppermann Als Ms. gedr. Berlin dissertation.de - Verlag im Internet GmbH 2003 XI, 198 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Dissertation - Classic 769 Zugl.: München, Univ. Diss., 2003 Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Institutionenökonomie (DE-588)4027208-4 gnd rswk-swf Zweitbeste Lösung (DE-588)4249495-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Geldpolitik (DE-588)4019902-2 s Institutionenökonomie (DE-588)4027208-4 s Zweitbeste Lösung (DE-588)4249495-3 s Entscheidung bei Unsicherheit (DE-588)4070864-0 s DE-604 Dissertation - Classic 769 (DE-604)BV016971316 769 GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010566608&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Oppermann, Günther 1930-2016 Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Dissertation - Classic Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Geldpolitik (DE-588)4019902-2 gnd Institutionenökonomie (DE-588)4027208-4 gnd Zweitbeste Lösung (DE-588)4249495-3 gnd |
| subject_GND | (DE-588)4070864-0 (DE-588)4019902-2 (DE-588)4027208-4 (DE-588)4249495-3 (DE-588)4113937-9 |
| title | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty |
| title_alt | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty |
| title_auth | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty |
| title_exact_search | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty |
| title_full | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Günther Oppermann |
| title_fullStr | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Günther Oppermann |
| title_full_unstemmed | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty Günther Oppermann |
| title_short | Monetary Policymaking, Institutional Design, and Monetary Control Uncertainty |
| title_sort | monetary policymaking institutional design and monetary control uncertainty |
| topic | Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Geldpolitik (DE-588)4019902-2 gnd Institutionenökonomie (DE-588)4027208-4 gnd Zweitbeste Lösung (DE-588)4249495-3 gnd |
| topic_facet | Entscheidung bei Unsicherheit Geldpolitik Institutionenökonomie Zweitbeste Lösung Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010566608&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV016971316 |
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