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Sticky Prices Versus Monetary Frictions:An Estimation of Policy Trade-offs
Bayesian Estimation Long-run Inflation Target Monetary Models Welfare Costs of Inflation
2015/9/18
We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralizedmarket resemble those in a standard New Keynesian economy with price rigidities. In the...
Term Structures of Inflation Expectations and Real Interest Rates:The Effects of Unconventional Monetary Policy
Term Structures Inflation Expectations Real Interest Rates Unconventional Monetary Policy
2015/9/18
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
Informal Sector,Government Policy and Institutions
Ramsey problem Friedman rule ináation taxation
2015/9/18
We document cross-country dierences in informal activity, government policies and institutions using a data set covering 118 countries. Five key facts emerge: better institutions are associated with l...
Optimal Fiscal and Monetary Policy When Money is Essential
Friedman Rule intertemporal distortions micro-founded models of money
2015/9/18
We study optimal fiscal and monetary policy in an environment where explicit frictions giverise to valued money, making money essential in the sense that it expands the set of feasible trades. The two...
The project that is the subject of this report was approved by the Governing
Board of the National Research Council, whose members are drawn from the councils of
the National Academy of Sciences, th...
Monetary Policy During a Transition to Rational Expectations
Monetary Policy Rational Expectations
2015/8/5
In standard macroeconomic models incorporating the natural rate
hypothesis and rational expectations, monetary policy has no effect on
real variables. But the rational expectations assumption that e...
Stabilizing Powers of Monetary Policy under Rational Expectations
Stabilizing Powers Monetary Policy Rational Expectations
2015/8/5
The potential of monetary policy to stabilize fluctuations in output and
employment is demonstrated in a stochastic rational expectations model
in which firms choose, considering average profitabili...
The Determinants of Economic Policy with Rational Expectations
Economic Policy Rational Expectations
2015/8/5
This paper is a sumaary of remarks for a
panel discussion on "Rational Expectations and
the Control of the Econcatym. After a brief
review of the major issues in this area, it is
argued that the c...
An Econometric Business Cycle Model with Rational Expectations: Policy Evaluation Results
Rational Expectations Policy Evaluation Results
2015/8/5
An Econometric Business Cycle Model with Rational Expectations: Policy Evaluation Results.
Recent Developments in the Theory of Stabilization Policy
Recent Developments Stabilization Policy
2015/8/5
During the past decade the theoretical framework underlying
macroeconomic stabilization analysis has undergone a number of significant
developments. Theories designed to explain the crucial linkage
...
On the Possibility and Desirability of Stabilization Policy: A Comment
Possibility Stabilization Policy
2015/8/5
On the Possibility and Desirability of Stabilization Policy: A Comment.
Review of Macroeconomic Analysis and Stabilization Policy by Stephen J. Turnovsky
Review of Macroeconomic Analysis Stabilization Policy
2015/8/5
Review of Macroeconomic Analysis and Stabilization Policy by Stephen J. Turnovsky.
The Swedish Investment Funds System as a Stabilization Policy Rule
Wage Rigidity Unemployment
2015/8/5
There are a number of reasons for this new emphasis. Increased
attention to expectations has led to the need to specify future as well as
current policy actions and hence to the specification of pol...
The criterion of economic performance used in this study is magnitude
of fluctuations in inflation and output around longer term secular trends.
The secular trends themselves are not the immediate f...
There has probably never been a consensus among economists about
the role of expectations in formulating monetary policy. Today two
widely different views seem to dominate policy research and practi...