Steve Ambler

External Author

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Staff Discussion Papers

Price-Level Targeting and Stabilization Policy: A Review

Staff Discussion Paper 2007-11 Steve Ambler
The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting, focusing on the benefits and costs of price-level targeting as a tool for stabilization policy. He reviews papers that examine how price-level targeting affects the short-run trade-off between output and inflation variability by influencing expectations of future inflation. The […]
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52

Staff Working Papers

Time-Consistent Control in Non-Linear Models

Staff Working Paper 2007-3 Steve Ambler, Florian Pelgrin
We show how to use optimal control theory to derive optimal time-consistent Markov-perfect government policies in nonlinear dynamic general equilibrium models, extending the result of Cohen and Michel (1988) for models with quadratic objective functions and linear dynamics. We replace private agents' costates by flexible functions of current states in the government's maximization problem.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Fiscal Policy, Monetary policy framework JEL Code(s): C, C6, C63, E, E6, E61, E62

The Macroeconomic Effects of Non-Zero Trend Inflation

Staff Working Paper 2006-34 Robert Amano, Steve Ambler, Nooman Rebei
The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices.

Optimal Taylor Rules in an Estimated Model of a Small Open Economy

Staff Working Paper 2004-36 Steve Ambler, Ali Dib, Nooman Rebei
The authors compute welfare-maximizing Taylor rules in a dynamic general-equilibrium model of a small open economy.

Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy

Staff Working Paper 2003-29 Steve Ambler, Ali Dib, Nooman Rebei
The authors analyze exchange rate pass-through in an estimated structural model of a small open economy that incorporates three types of nominal rigidity (wages and the prices of domestically produced and imported goods) and eight different structural shocks. The model is estimated using quarterly data from Canada and the United States.