English, Article, Journal or magazine article edition: Caution or Activism? Monetary Policy Strategies in an Open Economy Martin Ellison; Lucio Sarno; Jouko Vilmunen

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Bookmark: http://trove.nla.gov.au/version/34500
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Caution or Activism? Monetary Policy Strategies in an Open Economy
Author
  • Martin Ellison
  • Lucio Sarno
  • Jouko Vilmunen
Physical Description
  • preprint
Notes
  • learning; monetary policy, open economy
  • RePEc:mmf:mmfc06:18
  • We examine optimal policy in an open-economy model with uncertainty and learning, where monetary policy actions affect the economy through the real exchange rate channel. Our results show that the degree of caution or activism in optimal policy depends on whether central banks are in coordinated or uncoordinated equilibrium. If central banks coordinate their policy actions then activism is optimal. In contrast, if there is no coordination then caution prevails. In the latter case caution is optimal because it helps central banks to avoid exposing themselves to manipulative actions by other central banks
  • open economy, learning, monetary policy
  • RePEc:sce:scecfa:214
Language
  • English
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