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Economics

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Crucial issues concerning central bank independence

Article Abstract:

Financials institutions, particularly central banks and other central bank-plus government entities, are incapable of coping with excessive inflation rate under the absence of a technology for inescapably precommitting future actions. Moreover, contracting devices or incentive arrangements do not deter the motivation for dynamic inconsistency, but rather relocates it to a different place. Central banks need to capitalize on other issues of practical importance, such as contract and charter designs, in addition to prevention of inflation.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Financial Regulation & Reporting, Analysis, Prevention, Inflation (Finance), Central banks, Financial disclosure, Inflation (Economics)

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Nominal income targeting in an open-economy optimizing model

Article Abstract:

The advantages of monetary policy rules that use the growth rate level of aggregate measures of nominal spending rather than a monetary aggregate as principal target variable was investigated. The case for nominal income targeting (NIT) was reviewed including evidence indicating the use of NIT in the US. The study aims to create desirable results from the use of NIT in the context of a quantitative macroeconomic model.

Research, Economic policy, Monetary policy, Macroeconomics

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Indeterminacy, bubbles, and the fiscal theory of the price level determination

Article Abstract:

Research developing an alternative model to the fiscal theory of determination of price model is presented. It is emphasized that the alternative solution is based on traditional properties and relates to feasible instrument variables.

Models, Fiscal policy, Price fixing

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