000			02114cam a22003377 4500
001			w8681
003			NBER
005			20211020113256.0
006			m o d
007			cr cnu||||||||
008			210910s2001 mau fo 000 0 eng d
100	1		_aAtkeson, Andrew. _95336
245	1	4	_aThe Advantage of Transparent Instruments of Monetary Policy / _cAndrew Atkeson, Patrick J. Kehoe.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2001.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w8681
500			_aDecember 2001.
520	3		_aIs the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple model in which the government chooses which instrument it will use to target inflation. We find that when the government cannot commit to its policies, the greater transparency of the exchange rate makes it easier to provide the government with incentives to pursue good policies. Hence, transparency gives the exchange rate a natural advantage over the money growth rate as the monetary policy instrument.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE5 - Monetary Policy, Central Banking, and the Supply of Money and Credit _2Journal of Economic Literature class.
690		7	_aE52 - Monetary Policy _2Journal of Economic Literature class.
700	1		_aKehoe, Patrick J. _914105
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w8681.
856	4	0	_uhttps://www.nber.org/papers/w8681
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w8681
942			_2ddc _cW-PAPER
999			_c339511 _d298073