Arbeitspapier
Monetary regimes: Is there a trade-off between consumption and employment variability?
Macro models generally assume away heterogeneous welfare in assessing policies. We investigate here within two aggregative models ó one with a representative agent, the other a long-used forecasting model of the UK ó whether allowing for di§erences in welfare functions (speciÖcally between those in continuous employment and those with frequent unemployment spells) alters the rankings of monetary policies. We Önd that it does but that a set of policies (money supply targeting implemented by money supply control) can be found that are robust in the sense of avoiding very poor outcomes for either of the two groups.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2006/12
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
Policy Objectives; Policy Designs and Consistency; Policy Coordination
- Thema
-
Robustness
heterogenous welfare
money supply rules
interest rate setting
price level targeting
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Matthews, Kent
Meenagh, David
Minford, Patrick
Webb, Bruce
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2006
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Matthews, Kent
- Meenagh, David
- Minford, Patrick
- Webb, Bruce
- Cardiff University, Cardiff Business School
Entstanden
- 2006
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