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Monetary policy decision-making: proactive or reactive

This June 2000 workshop considers how forward looking monetary policy should be, and how monetary policy should proceed in the face of uncertainties about the structure of the economy.

Published:
Past Event
Thursday, 08 June 2000 to Thursday, 08 June 2000
9:00 am - 5:00 pm
Reserve Bank of New Zealand

Given the manifest uncertainties that affect macroeconomic models, should a central bank wait until tangible inflation pressures are evident? Or should a central bank respond promptly to the inflation pressures that are projected to arise in future? And what are the consequences of making mistakes in modelling the structure of the economy? Are some types of mistakes preferable, in the sense that they have a less negative effect vis-a-vis other mistakes?

Programme

How forward-looking should monetary policy be?
Presented by: Michael Woodford
Discussant: Guy Debelle

Activist stabilisation policy and inflation
Presented by: Athanasios Orphanides
Discussant: Christopher Plantier

Uncertainty about the length of the monetary policy transmission lag: implications for monetary policy
Presented by: Yuong Ha
Discussant: Argia Sbordone

Monetary policy decision making in the presence of Knightian uncertainty
Presented by: Alex Heath
Discussant: John McDermott

The optimal design of interest rate target changes
Presented by: Graeme Guthrie
Discussant: Adrian Pagan