NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Michael Kiley

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Working Papers and Chapters

April 2014Effective Monetary Policy Strategies in New-Keynesian Models: A Re-Examination
with Hess Chung, Edward P. Herbst
in NBER Macroeconomics Annual 2014, Volume 29, Jonathan Parker and Michael Woodford, editors
April 2010How Has the Monetary Transmission Mechanism Evolved Over Time?
with Jean Boivin, Frederic S. Mishkin: w15879
We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission – the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates, equity prices, and the exchange rate, and the consequent effects on household and business demand – have remained steady from early policy-oriented models (like the Penn-MIT-SSRC MPS model) to modern dynamic-stochastic-general-equilibrium (DSGE) models. In contrast, non-neoclassical channels, such as credit-based channels, have remained outside the core models. In conjunction with this evolution in theory and modeling, there have been notable changes in policy behavior (with policy more focused on ...

Contact and additional information for this authorAll publicationsWorking Papers only

 
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