7 citations · 14 across the 6 of their papers we have counts for
6 papers · 1 filter
Policy Maker's Credibility with Predetermined Instruments for Forward-Looking Targets
Jean-Bernard Chatelain, Kirsten Ralf
The aim of the present paper is to provide criteria for a central bank of how to choose among different monetary-policy rules when caring about a number of policy targets such as t…
Imperfect Credibility versus No Credibility of Optimal Monetary Policy
Jean-Bernard Chatelain, Kirsten Ralf
A minimal central bank credibility, with a non-zero probability of not renegning his commitment ("quasi-commitment"), is a necessary condition for anchoring inflation expectations…
How Macroeconomists Lost Control of Stabilization Policy: Towards Dark Ages
Jean Bernard Chatelain, Kirsten Ralf
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilization policy from 1948 to 1975 and the subsequent bre…
The Welfare of Ramsey Optimal Policy Facing Auto-Regressive Shocks
Jean-Bernard Chatelain, Kirsten Ralf
With non-controllable auto-regressive shocks, the welfare of Ramsey optimal policy is the solution of a single Riccati equation of a linear quadratic regulator. The existing theory…
Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy
Jean-Bernard Chatelain, Kirsten Ralf
This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based…
Ramsey Optimal Policy versus Multiple Equilibria with Fiscal and Monetary Interactions
Jean-Bernard Chatelain, Kirsten Ralf
We consider a frictionless constant endowment economy based on Leeper (1991). In this economy, it is shown that, under an ad-hoc monetary rule and an ad-hoc fiscal rule, there are…