English, Article, Journal or magazine article edition: The advantage of transparency in monetary policy instruments Andrew Atkeson; Patrick J. Kehoe

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Bookmark: http://trove.nla.gov.au/version/27972
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The advantage of transparency in monetary policy instruments
Author
  • Andrew Atkeson
  • Patrick J. Kehoe
Physical Description
  • preprint
Notes
  • Monetary policy instruments differ in tightness - how closely they are linked to inflation - and transparency - how easily they can be monitored. Tightness is always desirable in a monetary policy instrument; when is transparency? When a government cannot commit to follow a given policy. We apply this argument to a classic question: Is the exchange rate or the money growth rate the better monetary policy instrument? We show that if the instruments are equally tight and a government cannot commit to a policy, then the exchange rate's greater transparency gives it an advantage as a monetary policy instrument.
  • Monetary policy ; Foreign exchange rates ; Inflation (Finance) - Mathematical models
  • RePEc:fip:fedmsr:297
Language
  • English
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