Name: Finance and Economics Discussion Series: The Opportunistic Approach to Disinflation (en Inglés)
SKU: 59869116
Price: 28040.00 CLP
Availability: InStock
Author: Orphanides, Athanasios ; Wilcox, David W. ; United States Federal Reserve Board
ISBN: 9781288719341

portada Finance and Economics Discussion Series: The Opportunistic Approach to Disinflation (en Inglés)

Finance and Economics Discussion Series: The Opportunistic Approach to Disinflation (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Athanasios Orphanides

David W. Wilcox

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6x18.9x0.2 cm

Peso

0.08 kg.

ISBN13

9781288719341

Categorías

Política y gobierno

Finance and Economics Discussion Series: The Opportunistic Approach to Disinflation (en Inglés)

United States Federal Reserve Board (Autor) · Athanasios Orphanides (Autor) · David W. Wilcox (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: The Opportunistic Approach to Disinflation (en Inglés)"

This paper explores the theoretical foundations of a new approach to monetary policy. Proponents of this approach hold that when inflation is moderate but still above the long-run objective, the Fed should not take deliberate anti-inflation action, but rather should wait for external circumstances-such as favorable supply shocks and unforeseen recessions-to deliver the desired reduction in inflation. While waiting for such circumstances to arise, the Fed should aggressively resist incipient increases in inflation. This strategy has come to be known as "the opportunistic approach to disinflation." We deduce policymaker preferences that rationalize the opportunistic approach as the optimal strategy for disinflation in the context of a model that is standard in other respects. The policymaker who is endowed with these preferences tends to focus on stabilizing output when inflation is low, but on fighting inflation when inflation is high. We contrast the opportunistic approach to amore conventional strategy derived from strictly quadratic preferences.