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• Maintaining low inflation: Money, interest rates, and policy stance AI翻译
  作者：Reynard, Samuel
  作者单位：Swiss National Bank (SNB)
  摘要：This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-1970s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The analysi...
• On the robustness of simple and optimal monetary policy rules AI翻译
  作者：Tetlow, Robert J.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：This is a discussion of the paper Simple versus Optimal Rules as Guides to Policy by Brock, Durlauf, Nason and Rondina (BDNR) presented in November 2006 at Carnegie-Mellon University under the auspices of the Carnegie-Rochester Conference Series on Public Policy. I review the authors' arguments, present a few suggestions for extension and outline where I think at least one strand of the literature should be heading. Published by Elsevier B.V.
• Simple versus optimal rules as guides to policy AI翻译
  作者：Brock, William A.; Durlauf, Steven N.; Nason, James M.; Rondina, Giacomo
  作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of California System; University of California San Diego
  摘要：This paper compares the performance of different policy rules. Our comparisons focus on simple feedback rules versus rules which are optimal, given knowledge of the correct economic structure and the appropriate loss function for the policymaker. First, we compare rule performance when the correct model is not known. Second, we compare rule performance with respect to the frequency-specific behavior for variables of interest. Taken as a whole, our results indicate how the case for a model-spec...
• Reconsidering the natural rate hypothesis in a New Keynesian framework AI翻译
  作者：Levin, Andrew; Yun, Tack
  摘要：This paper formulates a stylized New Keynesian model in which each individual firm can select the frequency of its price adjustments. The endogeneity of contract duration has a dramatic impact on the magnitude of the aggregate effects of steady-state inflation. With a plausible calibration of the magnitude of menu costs and other structural parameters, this model predicts a relationship between steady-state inflation and the frequency of price adjustment that is reasonably close to the empiric...
• Comment on: Reconsidering the natural rate hypothesis in a new Keynesian framework, by Andrew Levin and Tack Yun AI翻译
  作者：Wolman, Alexander L.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
• Banking and interest rates in monetary policy analysis: A quantitative exploration AI翻译
  作者：Goodfriend, Marvin; McCallum, Bennett T.
  作者单位：Carnegie Mellon University
  摘要：The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on US data. It is reasonably successful in providing an endogenous explanation for substantial steady-state differentials between the interbank policy rate and (i) the collateralized loan rate, (ii) the uncollateralized loan rate, (iii) the T-bill rate, (iv) ...
• Comment on Argia M. Sbordone - Inflation persistence: Alternative interpretations and policy implications AI翻译
  作者：West, Kenneth D.
  作者单位：University of Wisconsin System; University of Wisconsin Madison
• Comments on Orphanides and Williams' Robust monetary policy AI翻译
  作者：Bullard, James
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
  摘要：Comments on the paper by Orphanides and Williams from the November 2006 Carnegie-Rochester conference. (c) 2007 Elsevier B.V. All rights reserved.
• Comment on: Samuel Reynard, Maintaining low inflation: Money, interest rates, and policy stance AI翻译
  作者：Nelson, Edward
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• Inflation persistence: Alternative interpretations and policy implications AI翻译
  作者：Sbordone, Argia M.
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：In this paper, I consider the policy implications of two alternative structural interpretations of observed inflation persistence, which correspond to two alternative specifications of the new Keynesian Phillips curve (NKPC). The first specification allows for some degree of intrinsic persistence by way of a lagged inflation term in the NKPC. The second is a purely forward-looking model, in which expectations farther into the future matter and coefficients are time-varying. In this specificati...