TAILIEUCHUNG - Lecture notes for Monetary policy

Lecture notes for Monetary policy include all of the following: Traditional models of monetary policy, microfoundations of monetary policy models, looking into some recent models of monetary policy, solving linear expectational difference equations, a “simple” policy rule, optimal policy under commitment, simple rules with singular dynamic equations, discretionary solution, monetary policy in VAR systems. | Contents 1 Lecture Notes for Monetary Policy (PhD course at UNISG) Traditional Models of Monetary Policy The IS-LM Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Barro-Gordon Model . . . . . . . . . . . . . . . . . . . . . . . . 2 Microfoundations of Monetary Policy Models Money Demand . . . . . . . . . . . . . . . . . . . . The Effect of Money vs the Effect of Price Stickiness Dynamic Models of Sticky Prices . . . . . . . . . . Aggregate Demand . . . . . . . . . . . . . . . . . . Recent Models for Studying Monetary Policy . . . . Paul S¨ derlind1 o October 2003 3 4 5 1 University of St. Gallen and CEPR. Address: s/bf-HSG, Rosenbergstrasse 52, CH-9000 St. Gallen, Switzerland. E-mail: . Document name: . 4 4 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14 18 21 27 28 Looking into Some Recent Models of Monetary Policy A Baseline Model . . . . . . . . . . . . . . . . . . . . . Model Extension 1: Predetermined Prices . . . . . . . . Model Extension 2: More Output Dynamics . . . . . . . Appendix: Derivation of the Aggregate Demand Equation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 36 43 46 48 Solving Linear Expectational Difference Equations The Model . . . . . . . . . . . . . . . . . . . . . Matrix Decompositions . . . . . . . . . . . . . . Solving . . . . . . . . . . . . . . . . . . . . . . Singular Dynamic Equations∗ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50 51 53 58 A “Simple” Policy Rule Model and Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . Time Series Representation . . . . . . . . . . . . . . . . . . . . . . . 58 59 59 . . . . . . . . . . . . . . . . . . . . . 1 6 Value of Loss Function . . . . . . . . . . . . . . . . . . . . . . . . . Optimal Simple Rule . . . . . . . . . .

• Kinh tế học
• Monetary policy
• Chính sách tiền tệ
• Lecture notes for Monetary policy
• Traditional models
• Monetary policy models
• Discretionary solution
• Fiscal policy
• Environmental degradation
• Role of fiscal policy
• Monetary policy in environmental degradation
• Monetary policy implementation
• Macroeconomic stabilization
• Monetary policy and orientations
• SBV monetary policy
• Global economy
• Investigating monetary policy dynamics in Nigeria
• The role of private investment
• Investigating monetary policy dynamics
• Good macroeconomic policies
• The dynamics of monetary policy
• Power of monetary policy
• Monetary policy in fighting
• Long term high inflation
• Based on taylor rule
• Empirical test on impact of monetary policy
• Fiscal policy on Vietnam stock market
• Vietnam stock market
• Utilizing Vector error correction model
• Monetary policy tools
• Monetary policy transmission
• Monetary policy instrument
• International integration
• Vietnam gradually integrates
• Monetary and credit policy
• Conditions of economic instability
• Limiting monetary policy
• Domestic and foreign market
• Monetary security of Ukraine
• Monetary stance
• Ordered probit
• SBV’s monetary policy
• State Bank of Vietnam
• Accounting undergraduate Honors theses
• Essays on monetary policy rules and inflation dynamics
• Monetary policy rules
• The domestic determinants of inflation
• The policy makers’ opportunistic approach
• Inflation accounting and control through monetary policy measures in Nigeria
• Multi regression analysis
• Control through monetary policy measures
• The ordinary least squares estimation techniques
• The principal policy variables
• Operational monetary policy rules
• Interest rate setting
• Adaptive learning
• Optimal policy
• Monetary policy changes
• Market interest rates in greece
• An event study approach
• Central Bank operational procedure
• Market interest rates
• Exchange rate
• Time series
• Monetary policy on the exchange rate
• Sign restriction approaches
• Credit channel
• Transmission channel of monetary policy
• Capital adequacy ratios
• Preferred stocks
• Monetary policy rate
• Financial inclusion
• Inflation rate
• Asia emerging markets
• Management of monetary policy
• Macroeconomic goals
• Macroeconomic policies
• Investment policies
• Trade policies
• Vietnamese stock market’s liquidity
• M2 supply leads
• Financial markets
• Monetary policy effectiveness
• Comprehensive measurement
• Monetary policy rates
• Market rate
• Monetary transmission in Vietnam
• Interest rate
• Bank lending channel in Vietnam
• PhD thesis
• Price channel
• The Structural VAR
• The Nominal Rigidities
• Monetary Policy Shocks
• New Keynesian Theory
• The Monetary Policy
• Lecture Financial markets
• Thị trường tài chính
• Monetary theory