Charles R Nolan
Biographic Data
| ID | 5806406 |
|---|---|
| NAME | Charles R Nolan |
| GIVEN NAMES | Charles R |
| FAMILY NAME | Nolan |
| SIGNATURE | NOLAN C R |
| AFFILIATIONS | University of St Andrews |
| ORCID | 0000-0002-7260-7472 |
| VERIFIED | Yes |
| TOTAL WORKS | 5 |
| TOTAL CITATIONS | 3 |
| WORKS AS AUTHOR | 5 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2002 |
| LATEST PUBLICATION YEAR | 2010 |
| H-INDEX | 1 |
Relative Price Distortions and Inflation Persistence
Sticky-price models often suggest that relative price distortion is a major cost of inflation. We provide an intuition for this: Even at low rates, inflation strongly affects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quantified and its impact on optimal monetary policy discussed. Price dispersion …
Some Welfare Implications of Optimal Stabilisation Policy in an Economy With Capital and Sticky Prices
In this paper we review and extend some of the key lessons that seem to be emerging from the Ramsey‐inspired theory of dynamic optimal monetary and fiscal policies. We construct measures of the key distortions in our economy; we label these ‘dynamic wedges’. Inflation, actual or anticipated, distorts these wedges in the present period, shrinks the tax base and increases the deadweight loss. We show that, if possible, labour as well as capital oug…
Policy Rules–the Next Steps’–Scottish Journal of Political Economy Special Issue
Introduces the November 2003 issue of the periodical "Scottish Journal of Political Economy" which focuses on the formulation and operation of monetary policy rules. Role of asset prices; Open economy dimension; Coordination of monetary and fiscal policy; Management of expectations during a change in regime
Monetary Stabilisation Policy in a Monetary Union
We do two things in this paper. First, we look at some simple models of monetary decision making in a monetary union and ask how much more variable a country’s output and inflation is likely to be if it joins the union. We answer this analytically and then go on to ‘calibrate’ the simple model. The model has few structural equations, but it is useful in allowing us to examine how the variability of output and inflation are likely to change as key…
Money, Debt and Prices in the United Kingdom, 1705–1996
This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level. Overall, the price level has been closely related to the evolution of the base money supply. Across different sample periods, there is little econometric e…
Relative Price Distortions and Inflation Persistence
Sticky-price models often suggest that relative price distortion is a major cost of inflation. We provide an intuition for this: Even at low rates, inflation strongly affects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quantified and its impact on optimal monetary policy discussed. Price dispersion …
Policy Rules–the Next Steps’–Scottish Journal of Political Economy Special Issue
Introduces the November 2003 issue of the periodical "Scottish Journal of Political Economy" which focuses on the formulation and operation of monetary policy rules. Role of asset prices; Open economy dimension; Coordination of monetary and fiscal policy; Management of expectations during a change in regime
Monetary Stabilisation Policy in a Monetary Union
We do two things in this paper. First, we look at some simple models of monetary decision making in a monetary union and ask how much more variable a country’s output and inflation is likely to be if it joins the union. We answer this analytically and then go on to ‘calibrate’ the simple model. The model has few structural equations, but it is useful in allowing us to examine how the variability of output and inflation are likely to change as key…
Monetary Stabilisation Policy in a Monetary Union
We do two things in this paper. First, we look at some simple models of monetary decision making in a monetary union and ask how much more variable a country’s output and inflation is likely to be if it joins the union. We answer this analytically and then go on to ‘calibrate’ the simple model. The model has few structural equations, but it is useful in allowing us to examine how the variability of output and inflation are likely to change as key…
Money, Debt and Prices in the United Kingdom, 1705–1996
This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level. Overall, the price level has been closely related to the evolution of the base money supply. Across different sample periods, there is little econometric e…
Policy Rules–the Next Steps’–Scottish Journal of Political Economy Special Issue
Introduces the November 2003 issue of the periodical "Scottish Journal of Political Economy" which focuses on the formulation and operation of monetary policy rules. Role of asset prices; Open economy dimension; Coordination of monetary and fiscal policy; Management of expectations during a change in regime
Some Welfare Implications of Optimal Stabilisation Policy in an Economy With Capital and Sticky Prices
In this paper we review and extend some of the key lessons that seem to be emerging from the Ramsey‐inspired theory of dynamic optimal monetary and fiscal policies. We construct measures of the key distortions in our economy; we label these ‘dynamic wedges’. Inflation, actual or anticipated, distorts these wedges in the present period, shrinks the tax base and increases the deadweight loss. We show that, if possible, labour as well as capital oug…
Relative Price Distortions and Inflation Persistence
Sticky-price models often suggest that relative price distortion is a major cost of inflation. We provide an intuition for this: Even at low rates, inflation strongly affects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quantified and its impact on optimal monetary policy discussed. Price dispersion …
Economics (5 works) · Monetary economics (4 works) · Monetary policy (4 works) · Monetary Policy and Economic Impact (4 works) · Inflation (cosmology (3 works) · Macroeconomics (3 works) · Computer Science (2 works) · Econometrics (2 works) · Economic theories and models (2 works) · Economic Theory and Policy (2 works)