Real interest rates and central bank operating procedures

Article Abstract:

Real interest rates must be on average be reduced under money targeting than under interest rate targeting, and considerably lower when the level of relative risk aversion is significant. Nominal income targeting serves as an intermediate case, functioning like money targeting for productivity shocks and like interest rate targeting for velocity shocks.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Deposit Interest Regulation, Research, Interest rates, Banking law

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Tax distortions and the case for price stability

Article Abstract:

The optimality of price stability under variable tax distortion within New Keynesian model is examined.

United Kingdom, Models, Keynesian economics

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The case for inflation stability

Article Abstract:

A model to evaluate price inflexibility and inflation stabilization of monetary policies is presented.

Interpretation and construction, Evaluation, Inflation (Finance), Economic stabilization, Inflation (Economics)

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