Now showing items 1-7 of 7

  • Ordering policy rules with an unconditional welfare measure 

    Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles (International Journal of Central Banking, 2015-01)
    The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. This paper provides a detailed analysis of such policies. It sets out the ...
  • Quantitative easing and the loan to collateral value ratio 

    Damjanovic, Tatiana; Girdenas, Sarunas (Elsevier, 2014)
    We study monetary optimal policy in a New Keynesian model at the zero bound interest rate where households use cash alongside house equity borrowing to conduct transactions. The amount of borrowing is limited by a ...
  • Relative price distortions and inflation persistence 

    Damjanovic, Tatiana; Nolan, Charles (2010)
    Many sticky-price models suggest that relative price distortion is one of the major costs of inflation. We show that this resource misallocation is costly even at quite low rates of inflation. This is because inflation ...
  • Second-order approximation to the Rotemberg model around a distorted steady state 

    Damjanovic, Tatiana; Nolan, Charles (Elsevier, 2011)
    Social welfare objectives are investigated when changing prices is costly (Rotemberg, 1982). A quadratic welfare function is derived, with a distorted steady state, implying inflation and output stabilization goals. Economic ...
  • Seigniorage-maximizing inflation under sticky prices 

    Damjanovic, Tatiana; Nolan, Charles (Wiley-Blackwell, 2010-03)
    What is the seigniorage-maximizing level of inflation? Three models' formulae for the seigniorage-maximizing inflation rate (SMIR) are compared. A sticky-price model prescribes a somewhat lower SMIR to Cagan's formula and ...
  • Stationarity of econometric learning with bounded memory and a predicted state variable 

    Damjanovic, Tatiana; Girdenas, Sarunas; Liu, Keqing (Elsevier, 2015)
    In this paper, we consider a model where producers set their prices based on their prediction of the aggregated price level and an exogenous variable, which can be a demand or a cost-push shock. To form their expectations, ...
  • Tax progressivity, income distribution and tax non-compliance 

    Damjanovic, Tatiana; Ulph, David (Elsevier, 2010)
    This article examines the determinants of tax non-compliance when we recognise the existence of an imperfectly competitive “tax advice” industry supplying schemes which help taxpayers reduce their tax liability. We apply ...