Sentence examples for monetary discretion from inspiring English sources
Argentina is quite big, and not very open, so in adopting a currency board it was giving up a lot in theory.In practice, intelligent monetary discretion in Argentina has been in short supply.
"Interaction of commitment and discretion in monetary and fiscal policies". with Luisa Lambertini.
(In a small and very open economy, national discretion in monetary policy is circumscribed in any case).
The results suggest that the primary determinant of employee effort is job discretion, though monetary rewards and 'gift exchanges' are the most effective motivators.
We model a monetary union where fiscal discretion generates excessive debt accumulation in steady state and inefficiently delayed debt adjustment following shocks.
To prevent future inflation, the system rigidly pegged the value of the peso at one dollar, and left very little discretion in monetary policy.
A currency board is a system that fixes a nation's currency to the value of its richest trading partner, therefore taking away discretion over monetary policy.
Unpublished mathematical appendix 91K) to the paper "Interaction of commitment and discretion in monetary and fiscal policies," (with Luisa Lambertini), American Economic Review, 93 5), December 2003, 1522-1542.
We investigate whether expectations-based optimal monetary policy rules under discretion and under commitment can enforce a determinate and least squares learnable rational expectations equilibrium (REE) in a New Keynesian model with inflation inertia and a cost channel of monetary policy transmission.
Another problem is that there is no central bank to provide liquidity in the event of a financial crisis: the lender-of-last-resort function has to be discharged, to the extent that it can be, by the fiscal authorities, or by foreigners.Intelligent discretion in monetary policy is capable of doing better than automatic currency-board adjustment.
Their effectiveness depends on integrity and discretion, notably on monetary policy but also on issues of banking supervision.
