. . "Theorie" . . "Geldpolitik" . . "Geldpolitik / Inflation Targeting / Geldmenge / Wechselkurs / Wirtschaftspolitische Wirkungsanalyse / Theorie." . . "Wirkungsanalyse" . . "Tipo de cambio modelos econométricos." . . . . . . . . . . . . . . . . . . . . . . . . . . . . . "The advantage of transparent instruments of monetary policy" . . "The advantage of transparent instruments of monetary policy"@en . . "The Advantage of Transparent Instruments of Monetary Policy"@en . "The Advantage of Transparent Instruments of Monetary Policy" . . . . . . . . . . . . "Transparent instruments of monetary policy"@en . . . . . . . . . . "Monetary policy instruments differ in their tightness-how closely they are linked to inflation-and their transparency-how easily the public can monitor them. Tightness is always desirable in a monetary policy instrument. When is transparency desirable? We show it is desirable when a government cannot commit to follow a given monetary policy. We apply our argument to a classic question in international economics: Is the exchange rate or the money growth rate the better instrument of monetary policy? We show that if the two instruments are equally tight and a government cannot commit to a policy, then the greater transparency of the exchange rate gives it an advantage as a monetary policy instrument.--Federal Reserve Bank of Minneapolis web site."@en . . . "Advantage of transparency in monetary policy instruments"@en . . . . "Inflación modelos econométricos." . . "Wechselkurs" . . "Política monetaria modelos econométricos." . . "Zonder onderwerpscode: economie." . . "Electronic documents." . . "National Bureau of Economic Research" . . "Geldmenge" . . "Inflation Targeting" . .