The design and communication of systematic monetary policy strategies

Levin Andrew T.

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The design and communication of systematic monetary policy strategies

机译：系统性货币政策策略的设计与交流

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The efficacy of central bank communications is inextricably linked to the characteristics of the monetary policy framework. Therefore, this paper presents a set of fundamental principles regarding the joint design of monetary policy strategy and communications. The practical implications of these principles are illustrated by considering a number of significant policy challenges faced by central banks in the advanced economies. Published by Elsevier B.V.

机译：中央银行沟通的有效性与货币政策框架的特征密不可分。因此，本文提出了一套有关货币政策战略与沟通联合设计的基本原则。通过考虑发达经济体中央银行面临的许多重大政策挑战，可以说明这些原则的实际含义。由Elsevier B.V.发布

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《Journal of Economic Dynamics and Control》 |2014年第12期|52-69|共18页
作者
Levin Andrew T.;
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作者单位

Int Monetary Fund, Res Dept, Washington, DC 20431 USA;

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原文格式 PDF
正文语种 eng
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关键词
Central Bank independence; Inflation targeting; Simple monetary policy rules;

机译：中央银行的独立性;以通胀为目标;简单的货币政策规则;

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1. Central Banks’ Communication Strategy and Content Analysis of Monetary Policy Statements: The Case of Fed, ECB and CBRT [J] . Eyup Kahveci, Aysun Odaba? Procedia - Social and Behavioral Sciences . 2016,第1期

机译：中央银行的沟通策略和货币政策声明的内容分析：以美联储，欧洲央行和CBRT为例
2. MONETARY POLICY COMMUNICATIONS AND THEIR EFFECTS ON HOUSEHOLD INFLATION EXPECTATIONS [J] . Olivier Coibion, Yuriy Gorodnichenko, Michael Weber Working Paper Series . 2019,第25482期

机译：货币政策通信及其对家庭通货膨胀预期的影响
3. Comment on 'Monetary Policy Communication, Policy Slope, and the Stock Market' by Andreas Neuhierl and Michael Weber [J] . Moench Emanuel, Stein Tobias Journal of Monetary Economics . 2019,第Deca期

机译：评论安德烈亚斯·纽伊埃尔（Andreas Neuhierl）和迈克尔·韦伯（Michael Weber）的“货币政策沟通，政策倾斜和股票市场”
4. Infocommunication Tools of Unconventional Monetary Policy [C] . Iryna Lomachynska, Yevgen Maslennikov, Mariya Yakubovska International Conference on Problems of Infocommunications. Science and Technology . 2020

机译：非传统货币政策的信息工具
5. Simultaneous design of communication strategies and control policies in stochastic systems [D] . Bansal, Rajesh C. 1988

机译：随机系统中通信策略和控制策略的同时设计
6. Comparison of Monetary Policy Actions and Central Bank Communication on Tackling Asset Price Bubbles—Evidence from China’s Stock Market [O] . Ou Sun, Zhixin Liu -1

机译：应对资产价格泡沫的货币政策措施和央行沟通的比较-来自中国股市的证据
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。
8. Simultaneous Design of Communication Strategies and Control Policies in Stochastic Systems [R] . Bansal, R. C. 1988

机译：随机系统中通信策略与控制策略的同时设计

The design and communication of systematic monetary policy strategies

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