 | Monetary Policy in an Equilibrium Portfolio Balance Model Author/Editor: Michael Kumhof, Stijn van Nieuwerburgh. Release Date:March, 2007 Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. more...
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| Government Debt : A Key Role in Financial Intermediation Author/Editor: Michael Kumhof, Evan Tanner. Release Date:March, 2005 The literature on optimal fiscal policy finds that highly volatile real returns on government debt, for example through surprise inflation, have very low costs. However, policymakers are almost more...
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| Pricing Policies and Inflation Inertia Author/Editor: Michael Kumhof, Luis Felipe Céspedes, Eric Parrado. Release Date:April, 2003 This paper provides a monetary model with nominal rigidities that differs from the conventional New Keynesian model with firms setting pricing policies instead of price levels. In response to more...
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| Nominal Exchange Rate Anchoring Under Inflation Inertia Author/Editor: Guillermo Calvo, Michael Kumhof, Oya Celasun. Release Date:February, 2002 This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, more...
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