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作者：Erceg, CJ
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Schwartz, AJ
作者单位：National Bureau of Economic Research
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作者：Nelson, E
作者单位：Bank of England
摘要：This paper considers the role of monetary aggregates in modern macroeconomic models of the New Keynesian type. The focus is on future model developments that are suggested by the monetarist literature, and that in addition seem justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered. Regarding the first relation, it is argued that both the mean and the dynamics of inflation in present-day models are governed by money growth. ...
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作者：Svensson, LEO
作者单位：Princeton University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
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作者：Woodford, M
作者单位：Princeton University
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作者：Laxton, D; Pesenti, P
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; International Monetary Fund; National Bureau of Economic Research
摘要：This paper develops a variant of the IMF's Global Economic Model suitable to analyze macroeconomic dynamics in open economies, and uses it to assess the effectiveness of Taylor rules and inflation-forecast-based (IFB) rules in stabilizing variability in output and inflation. Our findings suggest that a simple IFB rule that does not rely upon any direct estimates of the equilibrium real interest rate and places a relatively high weight on the inflation forecast may perform better in small open ...
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作者：Orphanides, A
作者单位：Federal Reserve System - USA
摘要：This study examines the usefulness of the Taylor-rule framework as an organizing device for describing the policy debate and evolution of monetary policy in the United States. Monetary policy during the 1920s and since the 1951 Treasury-Federal Reserve Accord can be broadly interpreted in terms of this framework with rather surprising consistency. In broad terms, during these periods policy has been generally formulated in a forward-looking manner with price stability and economic stability se...
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作者：Coenen, G; Wieland, V
作者单位：European Central Bank; Goethe University Frankfurt
摘要：In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. The...
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作者：Walsh, CE
作者单位：University of California System; University of California Santa Cruz
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作者：McCallum, BT
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：A sizeable fraction of recent research on monetary policy has been concerned with issues relating to analytical indeterminacies-i.e. multiple solutions in rational expectations (RE) models. Most of the literature features sophisticated RE analysis conducted within dynamic models that reflect optimizing behavior by individual agents and incorporate Taylor-style policy rules. A few papers have suggested that some of the particular indeterminacy arguments are misleading or irrelevant. For the mos...
