NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomics and Monetary Economics: Monetary Policy, Central Banking, and the Supply of Money and Credit


2014
w20490 Javier Bianchi
Saki Bigio

Banks, Liquidity Management and Monetary Policy

w20486 Eric T. Swanson
John C. Williams

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

w20419 Gara Afonso
Ricardo Lagos

Trade Dynamics in the Market for Federal Funds

w20346 Helios Herrera
Guillermo Ordoñez
Christoph Trebesch

Political Booms, Financial Crises

w20335 Alan Moreira
Alexi Savov

The Macroeconomics of Shadow Banking

w20314 Seunghoon Na
Stephanie Schmitt-Grohé
Martin Uribe
Vivian Z. Yue

A Model of the Twin Ds: Optimal Default and Devaluation

w20238 Francesco Bianchi
Leonardo Melosi

Escaping the Great Recession

w20237 Christoph E. Boehm
Christopher L. House

Optimal Taylor Rules in New Keynesian Models

w20230 Gabriel Chodorow-Reich
Effects of Unconventional Monetary Policy on Financial Institutions

w20224 Mark Gertler
Peter Karadi

Monetary Policy Surprises, Credit Costs and Economic Activity

w20207 Oliver Hart
Luigi Zingales

Banks Are Where The Liquidity Is

w20194 Francesco Bianchi
Cosmin Ilut

Monetary/Fiscal Policy Mix and Agents' Beliefs

w20161 Kinda Hachem
Jing Cynthia Wu

Inflation Announcements and Social Dynamics

w20152 Atif Mian
Amir Sufi

House Price Gains and U.S. Household Spending from 2002 to 2006

w20141 Itamar Drechsler
Alexi Savov
Philipp Schnabl

A Model of Monetary Policy and Risk Premia

w20134 Michael T. Belongia
Peter N. Ireland

Interest Rates and Money in the Measurement of Monetary Policy

w20128 Benjamin M. Friedman
Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy?

w20126 Kenneth S. Rogoff
Costs and Benefits to Phasing Out Paper Currency

w20117 Jing Cynthia Wu
Fan Dora Xia

Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound

w20094 Simon Gilchrist
David López-Salido
Egon Zakrajšek

Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

w20083 Pierre-Cyrille Hautcoeur
Angelo Riva
Eugene N. White

Floating a "Lifeboat": The Banque de France and the Crisis of 1889

w20070 John Y. Campbell
Carolin Pflueger
Luis M. Viceira

Monetary Policy Drivers of Bond and Equity Risks

w19981 Jordi Gali
Luca Gambetti

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence

w19938 Fumio Hayashi
Junko Koeda

Exiting from QE

w19927 Ricardo J. Caballero
Emmanuel Farhi

The Safety Trap

w19903 Farley Grubb
A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775

w19886 Saroj Bhattarai
Gauti Eggertsson
Raphael Schoenle

Is Increased Price Flexibility Stabilizing? Redux

w19850 Olivier Coibion
Yuriy Gorodnichenko
Marianna Kudlyak
John Mondragon

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

w19814 Dick van Dijk
Robin L. Lumsdaine
Michel van der Wel

Market Set-Up in Advance of Federal Reserve Policy Decisions

w19790 Joseph S. Vavra
Time-Varying Phillips Curves

w19777 Pascal Michaillat
Emmanuel Saez

An Economical Business-Cycle Model


2013
w19773 Viral V. Acharya
Bruce Tuckman

Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage

w19744 Carlos Garriga
Finn E. Kydland
Roman Sustek

Mortgages and Monetary Policy

w19711 Aloísio Araújo
Susan Schommer
Michael Woodford

Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints

w19710 Farley Grubb
Colonial New Jersey's Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data

w19686 Eric M. Leeper
Xuan Zhou

Inflation's Role in Optimal Monetary-Fiscal Policy

w19683 Guillermo Calvo
Fabrizio Coricelli
Pablo Ottonello

Jobless Recoveries During Financial Crises: Is Inflation the Way Out?

w19668 Eswar S. Prasad
Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies

w19655 Carmen M. Reinhart
Asia Chartbook: Crises, Credit and Debt, 1835-2013

w19652 Carmen M. Reinhart
Takeshi Tashiro

Crowding Out Redefined: The Role of Reserve Accumulation

w19632 Andrew K. Rose
Surprising Similarities: Recent Monetary Regimes of Small Economies

w19600 Olivier Coibion
Yuriy Gorodnichenko
Dmitri Koustas

Amerisclerosis? The Puzzle of Rising U.S. Unemployment Persistence

w19598 Olivier Coibion
Yuriy Gorodnichenko

Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation

w19577 Farley Grubb
The Continental Dollar: How the American Revolution was Financed with Paper Money—Initial Design and Ideal Performance

w19537 Matthias Doepke
Martin Schneider

Money as a Unit of Account

w19523 Linda S. Goldberg
Christian Grisse

Time Variation in Asset Price Responses to Macro Announcements

w19506 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

Sovereigns versus Banks: Credit, Crises, and Consequences

w19504 Jessie Handbury
Tsutomu Watanabe
David E. Weinstein

How Much Do Official Price Indexes Tell Us about Inflation?

w19461 Michael W. Klein
Jay C. Shambaugh

Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy

w19442 Lars E.O. Svensson
The Possible Unemployment Cost of Average Inflation below a Credible Target

w19390 Robert J. Gordon
The Phillips Curve is Alive and Well: Inflation and the NAIRU During the Slow Recovery

w19368 Michael Woodford
Macroeconomic Analysis without the Rational Expectations Hypothesis

w19355 Joshua D. Angrist
Òscar Jordà
Guido Kuersteiner

Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited

w19360 David Backus
Mikhail Chernov
Stanley E. Zin

Identifying Taylor Rules in Macro-Finance Models

w19343 Harald Uhlig
Sovereign Default Risk and Banks in a Monetary Union

w19337 Simon Gilchrist
Egon Zakrajsek

The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk

w19313 Emmanuel Farhi
Iván Werning

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities

w19292 Gary B. Gorton
Andrew Metrick

The Federal Reserve and Financial Regulation: The First Hundred Years

w19267 Roger E.A. Farmer
The Natural Rate Hypothesis: An idea past its sell-by date

w19260 Emi Nakamura
Jón Steinsson

High Frequency Identification of Monetary Non-Neutrality

w19248 S. Borağan Aruoba
Pablo Cuba-Borda
Frank Schorfheide

Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries

w19187 Ricardo Reis
Central Bank Design

w19184 Oliver D. Hart
Luigi Zingales

Liquidity and Inefficient Investment

w19180 Ruediger Bachmann
Benjamin Born
Steffen Elstner
Christian Grimme

Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy

w19156 David S. Scharfstein
Adi Sunderam

Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates

w19148 Joseph S. Vavra
Inflation Dynamics and Time-Varying Volatility: New Evidence and an Ss Interpretation

w19139 Harry DeAngelo
René M. Stulz

Why High Leverage is Optimal for Banks

w19132 Russell Cooper
Hubert Kempf

Deposit Insurance and Orderly Liquidation without Commitment: Can we Sleep Well?

w19025 Matteo Cacciatore
Giuseppe Fiori
Fabio Ghironi

Market Deregulation and Optimal Monetary Policy in a Monetary Union

w19009 Venky Venkateswaran
Randall Wright

Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity

w19004 Randall Morck
M. Deniz Yavuz
Bernard Yeung

State-controlled Banks and the Effectiveness of Monetary Policy

w18960 Benjamin M. Friedman
The Simple Analytics of Monetary Policy: A Post-Crisis Approach

w18942 Valentina Bruno
Hyun Song Shin

Capital Flows and the Risk-Taking Channel of Monetary Policy

w18892 Viral V. Acharya
Heitor Almeida
Filippo Ippolito
Ander Perez

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

w18888 Carmen M. Reinhart
Kenneth S. Rogoff

Shifting Mandates: The Federal Reserve’s First Centennial

w18877 Eric M. Leeper
Fiscal Limits and Monetary Policy

w18864 Marco Bassetto
Christopher Phelan

Speculative Runs on Interest Rate Pegs

w18860 Yuriy Gorodnichenko
Michael Weber

Are Sticky Prices Costly? Evidence From The Stock Market

w18857 Augustin Landier
David Sraer
David Thesmar

Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy

w18814 Christopher M. Meissner
Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era

w18806 Jordi Galí
Monetary Policy and Rational Asset Price Bubbles

w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment

w18746 Christina D. Romer
David H. Romer

The Missing Transmission Mechanism in the Monetary Explanation of the Great Depression

w18741 Massimiliano Caporin
Loriana Pelizzon
Francesco Ravazzolo
Roberto Rigobon

Measuring Sovereign Contagion in Europe

w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy

w18730 Ricardo Reis
The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis

w18716 John B. Taylor
International Monetary Coordination and the Great Deviation

w18706 Claude B. Erb
Campbell R. Harvey

The Golden Dilemma

w18688 Lawrence Christiano
Daisuke Ikeda

Leverage Restrictions in a Business Cycle Model


2012
w18651 Jordi Galí
Notes for a New Guide to Keynes (I): Wages, Aggregate Demand, and Employment

w18606 Alan M. Taylor
External Imbalances and Financial Crises

w18570 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Is Inflation Targeting Still On Target?

w18569 Luis Felipe Céspedes
Andrés Velasco

Macroeconomic Performance During Commodity Price Booms and Busts

w18544 Stephanie Schmitt-Grohé
Martín Uribe

The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery

w18536 Luis Catão
Roberto Chang

Monetary Rules for Commodity Traders

w18431 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy

w18421 Roger E.A. Farmer
Qualitative Easing: How it Works and Why it Matters

w18420 Susanto Basu
Brent Bundick

Uncertainty Shocks in a Model of Effective Demand

w18409 Peter N. Ireland
The Macroeconomic Effects of Interest on Reserves

w18381 Emmanuel Farhi
Iván Werning

Fiscal Multipliers: Liquidity Traps and Currency Unions

w18379 Enrique G. Mendoza
Marco E. Terrones

An Anatomy of Credit Booms and their Demise

w18362 Hideaki Hirata
M. Ayhan Kose
Christopher Otrok
Marco E. Terrones

Global House Price Fluctuations: Synchronization and Determinants

w18335 Tobias Adrian
Paolo Colla
Hyun Song Shin

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9

w18304 Efraim Benmelech
An Empirical Analysis of the Fed's Term Auction Facility

w18290 Alan M. Taylor
The Great Leveraging

w18285 Guillermo A. Calvo
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

w18276 S. Boragan Aruoba
Morris A. Davis
Randall Wright

Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes

w18273 Olivier Coibion
Yuriy Gorodnichenko
Gee Hee Hong

The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

w18225 Quamrul Ashraf
Boris Gershman
Peter Howitt

How Inflation Affects Macroeconomic Performance: An Agent-Based Computational Investigation

w18219 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop

w18199 Emmanuel Farhi
Ivan Werning

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

w18175 Carlos A. Vegh
Guillermo Vuletin

Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets

w18170 Olivier Coibion
Yuriy Gorodnichenko
Lorenz Kueng
John Silvia

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey

w18114 Jess Benhabib
George W. Evans
Seppo Honkapohja

Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?

w18099 Farley Grubb
Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America

w18072 Philippe Aghion
Emmanuel Farhi
Enisse Kharroubi

Monetary Policy, Liquidity, and Growth

w18058 Jesús Fernández-Villaverde
Grey Gordon
Pablo A. Guerrón-Quintana
Juan Rubio-Ramírez

Nonlinear Adventures at the Zero Lower Bound

w17997 Farley Grubb
Is Paper Money Just Paper Money? Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Governments of British North America, 1690-1775: Part I

w17967 Michael Woodford
Inflation Targeting and Financial Stability

w17958 Rüdiger Bachmann
Tim O. Berg
Eric R. Sims

Inflation Expectations and Readiness to Spend: Cross-Sectional Evidence

w17944 Pierpaolo Benigno
Federica Romei

Debt Deleveraging and The Exchange Rate

w17941 Carmen M. Reinhart
A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

w17934 Nobuhiro Kiyotaki
John Moore

Liquidity, Business Cycles, and Monetary Policy

w17923 Fernando E. Alvarez
Francesco Lippi

Price Setting with menu cost for Multi-product firms

w17908 Russell Cooper
Exit from a Monetary Union through Euroization: Discipline without Chaos

w17903 Eric M. Leeper
Todd B. Walker

Perceptions and Misperceptions of Fiscal Inflation

w17896 Michael D. Bordo
Christopher M. Meissner

Does Inequality Lead to a Financial Crisis?

w17894 Joshua Aizenman
Kenta Inoue

Central Banks and Gold Puzzles

w17885 Michael T. Belongia
Peter N. Ireland

The Barnett Critique After Three Decades: A New Keynesian Analysis

w17844 Huixin Bi
Eric M. Leeper
Campbell B. Leith

Uncertain Fiscal Consolidations

w17836 Laurence M. Ball
Ben Bernanke and the Zero Bound

w17830 Atif R. Mian
Amir Sufi

What explains high unemployment? The aggregate demand channel

w17823 Lars E.O. Svensson
Practical Monetary Policy: Examples from Sweden and the United States

w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment

w17780 Joon-Ho Hahm
Frederic S. Mishkin
Hyun Song Shin
Kwanho Shin

Macroprudential Policies in Open Emerging Economies

w17777 Gary B. Gorton
Stefan Lewellen
Andrew Metrick

The Safe-Asset Share


2011
w17670 Nicolas E. Magud
Carmen M. Reinhart
Esteban R. Vesperoni

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

w17626 Hans-Werner Sinn
Timo Wollmershaeuser

Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility

w17621 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

When Credit Bites Back: Leverage, Business Cycles, and Crises

w17597 Douglas A. Irwin
Anticipating the Great Depression? Gustav Cassel’s Analysis of the Interwar Gold Standard

w17595 Douglas A. Irwin
Gold Sterilization and the Recession of 1937-38

w17525 George-Marios Angeletos
Jennifer La'O

Optimal Monetary Policy with Informational Frictions

w17566 Fernando E. Alvarez
Francesco Lippi

Persistent Liquidity Effects and Long Run Money Demand

w17555 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy

w17543 Jesús Fernández-Villaverde
Pablo A. Guerrón-Quintana
Juan Rubio-Ramírez

Supply-Side Policies and the Zero Lower Bound

w17500 Yiting Li
Guillaume Rocheteau
Pierre-Olivier Weill

Liquidity and the Threat of Fraudulent Assets

w17489 Florin O. Bilbiie
Ippei Fujiwara
Fabio Ghironi

Optimal Monetary Policy with Endogenous Entry and Product Variety

w17425 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995

w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds

w17299 Oliver D. Hart
Luigi Zingales

Inefficient Provision of Liquidity

w17276 Farley Grubb
The Continental Dollar: Initial Design, Ideal Performance, and the Credibility of Congressional Commitment

w17274 Laurence M. Ball
Nicolás De Roux
Marc Hofstetter

Unemployment in Latin America and the Caribbean

w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First

w17240 Jonathan A. Parker
On Measuring the Effects of Fiscal Policy in Recessions

w17209 Farley Grubb
State Redemption of the Continental Dollar, 1779-1790

w17197 Robin Greenwood
Samuel G. Hanson

Issuer Quality and the Credit Cycle

w17154 Jonathan H. Wright
What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?

w17142 Lawrence Christiano
Daisuke Ikeda

Government Policy, Credit Markets and Economic Activity

w17136 Viral V. Acharya
Itamar Drechsler
Philipp Schnabl

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk

w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate

w17131 David Cook
Michael B. Devereux

Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap

w17123 Richard C.K. Burdekin
Kris James Mitchener
Marc D. Weidenmier

Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?

w17090 Lieven Baele
Geert Bekaert
Seonghoon Cho
Koen Inghelbrecht
Antonio Moreno

Macroeconomic Regimes

w17080 Athanasios Orphanides
John Williams

Monetary Policy Mistakes and the Evolution of Inflation Expectations

w17071 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Is there a trade-off between inflation and output stabilization?

w17029 N. Gregory Mankiw
Matthew C. Weinzierl

An Exploration of Optimal Stabilization Policy

w17034 Olivier Coibion
Are the Effects of Monetary Policy Shocks Big or Small?

w17005 Bennett T. McCallum
Should Central Banks Raise their Inflation Targets? Some Relevant Issues

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16965 Thomas Philippon
Virgiliu Midrigan

Household Leverage and the Recession

w16956 James D. Hamilton
Jing Cynthia Wu

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

w16910 William Poole
Robert H. Rasche
David C. Wheelock

The Great Inflation: Did the Shadow Know Better?

w16883 Jeremy C. Stein
Monetary Policy as Financial-Stability Regulation

w16845 Paul Bloxham
Christopher Kent
Michael Robson

Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study

w16871 Yongheng Deng
Randall Morck
Jing Wu
Bernard Yeung

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

w16867 Ippei Fujiwara
Tomoyuki Nakajima
Nao Sudo
Yuki Teranishi

Global Liquidity Trap

w16836 Hyun Song Shin
Kwanho Shin

Procyclicality and Monetary Aggregates

w16825 Eugene N. White
“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision

w16815 Carmen M. Reinhart
Vincent Reinhart

Pride Goes Before a Fall: Federal Reserve Policy and Asset Markets

w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach

w16799 Troy Davig
Eric M. Leeper

Temporarily Unstable Government Debt and Inflation

w16781 Frank Schorfheide
Estimation and Evaluation of DSGE Models: Progress and Challenges

w16763 Michael D. Bordo
David C. Wheelock

The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933

w16758 Isabel Correia
Emmanuel Farhi
Juan Pablo Nicolini
Pedro Teles

Unconventional Fiscal Policy at the Zero Bound

w16755 Frederic S. Mishkin
Monetary Policy Strategy: Lessons from the Crisis

w16741 Robert E. Hall
The Long Slump

w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?

w16688 Charles W. Calomiris
Joseph Mason
David Wheelock

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach


2010
w16642 Andrei Shleifer
Robert W. Vishny

Fire Sales in Finance and Macroeconomics

w16654 Lars E.O. Svensson
Inflation Targeting

w16609 Frederic S. Mishkin
Over The Cliff: From the Subprime to the Global Financial Crisis

w16567 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

w16563 Luis Catão
Roberto Chang

World Food Prices and Monetary Policy

w16514 Stephanie Schmitt-Grohé
Martín Uribe

Liquidity Traps: An Interest-Rate-Based Exit Strategy

w16510 Eric M. Leeper
Monetary Science, Fiscal Alchemy

w16495 Troy Davig
Eric M. Leeper
Todd B. Walker

Inflation and the Fiscal Limit

w16477 Price V. Fishback
U.S. Monetary and Fiscal Policy in the 1930s

w16460 Mark Carlson
Kris James Mitchener
Gary Richardson

Arresting Banking Panics: Fed Liquidity Provision and the Forgotten Panic of 1929

w16428 Eswar S. Prasad
Financial Sector Regulation and Reforms in Emerging Markets: An Overview

w16420 Peter N. Ireland
A New Keynesian Perspective on the Great Recession

w16416 Harald Uhlig
Economics and Reality

w16412 James D. Hamilton
Seth Pruitt
Scott Borger

Estimating the Market-Perceived Monetary Policy Rule

w16402 Lawrence Christiano
Cosmin L. Ilut
Roberto Motto
Massimo Rostagno

Monetary Policy and Stock Market Booms

w16397 Geert Bekaert
Marie Hoerova
Marco Lo Duca

Risk, Uncertainty and Monetary Policy

w16395 Viral V. Acharya
Ouarda Merrouche

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis

w16393 Pedro Teles
Harald Uhlig

Is Quantity Theory Still Alive?

w16392 Joshua Aizenman
Reuven Glick

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds

w16384 Jordi Galí
Are Central Banks' Projections Meaningful?

w16380 Robert J. Gordon
Robert Krenn

The End of the Great Depression 1939-41: Policy Contributions and Fiscal Multipliers

w16365 Michael D. Bordo
John Landon-Lane

The Lessons from the Banking Panics in the United States in the 1930s for the Financial Crisis of 2007-2008

w16362 Jeffrey A. Frankel
A Comparison of Monetary Anchor Options, Including Product Price Targeting, for Commodity-Exporters in Latin America

w16350 Douglas A. Irwin
Did France Cause the Great Depression?

w16337 Adam Ashcraft
Nicolae Gârleanu
Lasse Heje Pedersen

Two Monetary Tools: Interest Rates and Haircuts

w16310 Kathleen M. Kahle
René M. Stulz

Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations?

w16269 Richard S. Grossman
Christopher M. Meissner

International Aspects of the Great Depression and the Crisis of 2007: Similarities, Differences, and Lessons

w16290 Rahul Anand
Eswar S. Prasad

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

w16228 Francesco Giavazzi
Alberto Giovannini

Central Banks and the Financial System

w16208 Vasco Curdia
Michael Woodford

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

w16200 Efraim Benmelech
Nittai K. Bergman

Credit Traps

w16165 Benjamin M. Friedman
Kenneth N. Kuttner

Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

w16150 Jan Hatzius
Peter Hooper
Frederic S. Mishkin
Kermit L. Schoenholtz
Mark W. Watson

Financial Conditions Indexes: A Fresh Look after the Financial Crisis

w16145 Christopher L. House
Yusufcan Masatlioglu

Managing Markets for Toxic Assets

w16125 Jeffrey A. Frankel
Monetary Policy in Emerging Markets: A Survey

w16124 Laurence M. Ball
The Performance of Alternative Monetary Regimes

w16095 Michael Woodford
Optimal Monetary Stabilization Policy

w16093 Olivier Coibion
Yuriy Gorodnichenko
Johannes F. Wieland

The Optimal Inflation Rate in New Keynesian Models

w16087 John H. Cochrane
Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic

w16080 V.V. Chari
Ali Shourideh
Ariel Zetlin-Jones

Adverse Selection, Reputation and Sudden Collapses in Secondary Loan Markets

w16074 Lawrence J. Christiano
Mathias Trabandt
Karl Walentin

DSGE Models for Monetary Policy Analysis

w16054 Stephanie Schmitt-Grohe
Martin Uribe

The Optimal Rate of Inflation

w16044 Kathryn M.E. Dominguez
Rasmus Fatum
Pavel Vacek

Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?

w16031 Lucian A. Bebchuk
Itay Goldstein

Self-Fulfilling Credit Market Freezes

w15986 Marc P. Giannoni
Optimal Interest-Rate Rules in a Forward-Looking Model, and Inflation Stabilization versus Price-Level Stabilization

w15919 Zhiguo He
In Gu Khang
Arvind Krishnamurthy

Balance Sheet Adjustments in the 2008 Crisis

w15908 John B. Taylor
John C. Williams

Simple and Robust Rules for Monetary Policy

w15879 Jean Boivin
Michael T. Kiley
Frederic S. Mishkin

How Has the Monetary Transmission Mechanism Evolved Over Time?

w15871 Jordi Galí
Monetary Policy and Unemployment

w15856 Alberto F. Alesina
Andrea Stella

The Politics of Monetary Policy

w15826 Peter J. Klenow
Benjamin A. Malin

Microeconomic Evidence on Price-Setting

w15801 Lawrence J. Christiano
Mathias Trabandt
Karl Walentin

Involuntary Unemployment and the Business Cycle

w15785 Thomas Philippon
Vasiliki Skreta

Optimal Interventions in Markets with Adverse Selection

w15762 Pierpaolo Benigno
Luca Antonio Ricci

The Inflation-Output Trade-off with Downward Wage Rigidities

w15757 Marc P. Giannoni
Michael Woodford

Optimal Target Criteria for Stabilization Policy

w15736 James D. Hamilton
Tatsuyoshi Okimoto

Sources of Variation in Holding Returns for Fed Funds Futures Contracts

w15726 Takatoshi Ito
Great Inflation and Central Bank Independence in Japan

w15662 Ricardo Reis
Interpreting the Unconventional U.S. Monetary Policy of 2007-09

w15652 Andrei Shleifer
Robert W. Vishny

Asset Fire Sales and Credit Easing

w15636 Ricardo J. Caballero
The "Other" Imbalance and the Financial Crisis

w15630 Andrew Levin
John B. Taylor

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation


2009
w15626 Johannes C. Stroebel
John B. Taylor

Estimated Impact of the Fed’s Mortgage-Backed Securities Purchase Program

w15584 Michael D. Bordo
Harold James

The Great Depression Analogy

w15573 Eugene N. White
Lessons from the Great American Real Estate Boom and Bust of the 1920s

w15567 Viral V. Acharya
Hyun Song Shin
Tanju Yorulmazer

Crisis Resolution and Bank Liquidity

w15565 Volker Wieland
Quantitative Easing: A Rationale and Some Evidence from Japan

w15542 Arvind Krishnamurthy
How Debt Markets have Malfunctioned in the Crisis

w15514 Eric M. Leeper
Anchors Away: How Fiscal Policy Can Undermine the Taylor Principle

w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008

w15505 Stephanie Schmitt-Grohe
Martin Uribe

On Quality Bias and Inflation Targets

w15494 Stephanie Schmitt-Grohé
Martín Uribe

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation

w15487 Dimitri Vayanos
Jean-Luc Vila

A Preferred-Habitat Model of the Term Structure of Interest Rates

w15479 Ricardo J. Caballero
Alp Simsek

Fire Sales in a Model of Complexity

w15467 Olivier J. Blanchard
Marianna Riggi

Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices

w15425 Guillermo A. Calvo
FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective

w15424 Stephen G. Cecchetti
Craig Hakkio

Inflation targeting and private sector forecasts

w15403 Charles Calomiris
Banking Crises and the Rules of the Game

w15389 Michael D. Bordo
Joseph G. Haubrich

Credit Crises, Money and Contractions: an historical view

w15388 David G. Blanchflower
Conall MacCoille

The formation of inflation expectations: an empirical analysis for the UK

w15385 Lars E.O. Svensson
Evaluating Monetary Policy

w15367 David O. Lucca
Francesco Trebbi

Measuring Central Bank Communication: An Automated Approach with Application to FOMC Statements

w15306 Junhee Lee
Joonhyuk Song

Nature of Oil Price Shocks and Monetary Policy

w15297 Lasse Heje Pedersen
When Everyone Runs for the Exit

w15289 Vasco Cúrdia
Michael Woodford

Credit Spreads and Monetary Policy

w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

w15270 Andrew Ang
Jean Boivin
Sen Dong
Rudy Loo-Kung

Monetary Policy Shifts and the Term Structure

w15269 Eric M. Leeper
Anchoring Fiscal Expectations

w15208 David H. Romer
A New Data Set on Monetary Policy: The Economic Forecasts of Individual Members of the FOMC

w15197 Douglas W. Diamond
Raghuram G. Rajan

Illiquidity and Interest Rate Policy

w15195 Kris James Mitchener
Masato Shizume
Marc D. Weidenmier

Why did Countries Adopt the Gold Standard? Lessons from Japan

w15173 Laurence M. Ball
Policy Responses to Exchange-Rate Movements

w15158 Nuno Cassola
Ali Hortacsu
Jakub Kastl

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds

w15138 Emmanuel Farhi
Jean Tirole

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

w15133 Troy Davig
Eric M. Leeper

Monetary-Fiscal Policy Interactions and Fiscal Stimulus

w15118 Willem H. Buiter
Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

w14997 Ricardo J. Caballero
Alp Simsek

Complexity and Financial Panics

w14996 Harald Uhlig
Monetary policy in Europe vs the US: what explains the difference?

w14919 Troy Davig
Eric M. Leeper

Reply to "Generalizing the Taylor Principle: A Comment"

w14902 Stefan Laséen
Lars E.O. Svensson

Anticipated Alternative Instrument-Rate Paths in Policy Simulations

w14895 Riccardo DiCecio
Edward Nelson

The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes

w14894 Riccardo DiCecio
Edward Nelson

Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model

w14883 Andrew Atkeson
V. V. Chari
Patrick Kehoe

Sophisticated Monetary Policies

w14870 S. Boragan Aruoba
Frank Schorfheide

Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs

w14862 Marvin Goodfriend
Robert G. King

The Great Inflation Drift

w14849 John B. Taylor
Volker Wieland

Surprising Comparative Properties of Monetary Models: Results from a New Data Base

w14829 Charles Engel
Currency Misalignments and Optimal Monetary Policy: A Reexamination

w14826 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

w14791 Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Causes, Consequences and Updates

w14787 Mark Bils
Peter J. Klenow
Benjamin A. Malin

Reset Price Inflation and the Impact of Monetary Policy Shocks

w14770 Jess Benhabib
A Note on Regime Switching, Monetary Policy, and Multiple Equilibria

w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies

w14732 Ricardo Reis
A Sticky-Information General-Equilibrium Model for Policy Analysis

w14678 Frederic S. Mishkin
Is Monetary Policy Effective During Financial Crises?


2008
w14621 Olivier Coibion
Yuriy Gorodnichenko

Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation

w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08

w14596 Andreas Beyer
Vitor Gaspar
Christina Gerberding
Otmar Issing

Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods

w14586 Olivier Coibion
Yuriy Gorodnichenko

What Can Survey Forecasts Tell Us About Informational Rigidities?

w14581 Robert E. Hall
Equity Depletion from Government-Guaranteed Debt

w14562 Joshua Aizenman
Reuven Glick

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance

w14561 Joshua Aizenman
Michael Hutchison
Ilan Noy

Inflation Targeting and Real Exchange Rates in Emerging Markets

w14534 Bennett T. McCallum
Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed?

w14519 Ulf Söderström
Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

w14510 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model

w14489 Stephen G. Cecchetti
Kermit L. Schoenholtz

How Central Bankers See It: The First Decade of ECB Policy and Beyond

w14392 Patrick J. Kehoe
Virgiliu Midrigan

Temporary Price Changes and the Real Effects of Monetary Policy

w14391 Stefano Eusepi
Bruce Preston

Stabilizing Expectations under Monetary and Fiscal Policy Coordination

w14379 Alon Binyamini
Assaf Razin

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization

w14357 William A. Brock
Steven N. Durlauf
Giacomo Rondina

Design Limits and Dynamic Policy Analysis

w14323 Olivier Coibion
Yuriy Gorodnichenko

Strategic Interaction Among Heterogeneous Price-Setters In An Estimated DSGE Model

w14313 V.V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

New Keynesian Models: Not Yet Useful for Policy Analysis

w14280 Rajkamal Iyer
Manju Puri

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks

w14260 Andrew Atkeson
Patrick J. Kehoe

On the Need for a New Approach to Analyzing Monetary Policy

w14259 Olivier J. Blanchard
The State of Macro

w14255 Manuel Amador
Pierre-Olivier Weill

Learning from Prices: Public Communication and Welfare

w14244 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework

w14223 James D. Hamilton
Daily Monetary Policy Shocks and the Delayed Response of New Home Sales

w14217 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Stability, the Trilemma, and International Reserves

w14190 Jean Boivin
Marc P. Giannoni
Benoît Mojon

How Has the Euro Changed the Monetary Transmission?

w14184 Yuriy Gorodnichenko
Endogenous information, menu costs and inflation persistence

w14164 Bennett T. McCallum
Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results

w14163 Bennett T. McCallum
Reconsideration of the P-Bar Model of Gradual Price Adjustment

w14151 James D. Hamilton
Macroeconomics and ARCH

w14134 Stephen G. Cecchetti
Crisis and Responses: the Federal Reserve and the Financial Crisis of 2007-2008

w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel

w14098 Peter N. Ireland
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand

w14092 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Optimal Monetary Policy in an Operational Medium-Sized DSGE Model

w14058 Jennifer Huang
Jiang Wang

Market Liquidity, Asset Prices and Welfare

w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

w14019 Michael D. Bordo
Michael J. Dueker
David C. Wheelock

Inflation, Monetary Policy and Stock Market Conditions

w13974 Farley Grubb
Creating Maryland's Paper Money Economy, 1720-1739: The Role of Power, Print, and Markets

w13970 Frederic S. Mishkin
Does Stabilizing Inflation Contribute To Stabilizing Economic Activity?

w13889 Frederic S. Mishkin
Exchange Rate Pass-Through And Monetary Policy

w13948 Frederic S. Mishkin
Globalization, Macroeconomic Performance, and Monetary Policy

w13943 John B. Taylor
John C. Williams

A Black Swan in the Money Market

w13936 Atif Mian
Amir Sufi

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

w13932 Alan S. Blinder
Michael Ehrmann
Marcel Fratzscher
Jakob De Haan
David-Jan Jansen

Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence

w13925 Viktoria Hnatkovska
Amartya Lahiri
Carlos A. Vegh

Interest Rates and the Exchange Rate: A Non-Monotonic Tale

w13924 Aleksander Berentsen
Guido Menzio
Randall Wright

Inflation and Unemployment in the Long Run

w13897 Olivier Blanchard
Jordi Gali

Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment

w13892 Lars E.O. Svensson
Noah Williams

Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach

w13751 Christina D. Romer
David H. Romer

The FOMC versus the Staff: Where Can Monetary Policymakers Add Value?

w13749 Timothy Cogley
Giorgio E. Primiceri
Thomas J. Sargent

Inflation-Gap Persistence in the U.S.


2007
w13716 Michael Woodford
Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice

w13694 Sumit Agarwal
Chunlin Liu
Nicholas S. Souleles

The Reaction of Consumer Spending and Debt to Tax Rebates -- Evidence from Consumer Credit Data

w13685 John B. Taylor
The Explanatory Power of Monetary Policy Rules

w13682 John B. Taylor
Housing and Monetary Policy

w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles

Nominal Debt as a Burden on Monetary Policy

w13655 V. V. Chari
Patrick J. Kehoe

The Heterogeneous State of Modern Macroeconomics: A Reply to Solow

w13635 Josephine M. Smith
John B. Taylor

The Long and the Short End of the Term Structure of Policy Rules

w13622 Rafael Di Tella
Robert MacCulloch

Happiness, Contentment and Other Emotions for Central Banks

w13613 Christopher J. Erceg
Christopher Gust
David López-Salido

The Transmission of Domestic Shocks in the Open Economy

w13597 Charles W. Calomiris
Bank Failures in Theory and History: The Great Depression and Other "Contagious" Events

w13593 Edward J. Kane
Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries

w13591 Juan Carlos Conesa
Timothy J. Kehoe
Kim J. Ruhl

Modeling Great Depressions: The Depression in Finland in the 1990s

w13586 Li Wang
John Whalley

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model

w13580 Marvin Goodfriend
How the World Achieved Consensus on Monetary Policy

w13569 James D. Hamilton
Assessing Monetary Policy Effects Using Daily Fed Funds Futures Contracts

w13566 Frederic S. Mishkin
Will Monetary Policy Become More of a Science?

w13546 Edward Nelson
Anna J. Schwartz

The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?"

w13542 Jordi Galí
Mark Gertler

Macroeconomic Modeling for Monetary Policy Evaluation

w13521 Lawrence Christiano
Roberto Motto
Massimo Rostagno

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

w13518 Frederic S. Mishkin
Housing and the Monetary Transmission Mechanism

w13502 Lawrence Christiano
Roberto Motto
Massimo Rostagno

Two Reasons Why Money and Credit May be Useful in Monetary Policy

w13448 Andrew Ang
Sen Dong
Monika Piazzesi

No-Arbitrage Taylor Rules

w13428 Edward E. Leamer
Housing IS the Business Cycle

w13419 David K. Backus
Jonathan H. Wright

Cracking the Conundrum

w13414 Lars E.O. Svensson
Noah M. Williams

Bayesian and Adaptive Optimal Policy under Model Uncertainty

w13410 John H. Cochrane
Determinacy and Identification with Taylor Rules

w13409 John H. Cochrane
Determinacy and Identification with Taylor Rules

w13404 Andreas Beyer
Roger E. A. Farmer
Jérôme Henry
Massimiliano Marcellino

Factor Analysis in a Model with Rational Expectations

w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe

On the Optimal Choice of a Monetary Policy Instrument

w13391 Alan S. Blinder
John Morgan

Leadership in Groups: A Monetary Policy Experiment

w13368 Olivier J. Blanchard
Jordi Gali

The Macroeconomic Effects of Oil Shocks: Why are the 2000s So Different from the 1970s?

w13329 Michael Woodford
Globalization and Monetary Control

w13325 Michael Woodford
How Important is Money in the Conduct of Monetary Policy?

w13259 Stefano Eusepi
Bruce Preston

Central Bank Communication and Expectations Stabilization

w13255 Christian Broda
David E. Weinstein

Defining Price Stability in Japan: A View from America

w13254 Fabio Braggion
Lawrence J. Christiano
Jorge Roldos

Optimal Monetary Policy in a 'Sudden Stop'

w13244 Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment

w13207 Marvin Goodfriend
Bennett T. McCallum

Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration

w13199 Florin O. Bilbiie
Fabio Ghironi
Marc J. Melitz

Monetary Policy and Business Cycles with Endogenous Entry and Product Variety

w13177 Guillermo A. Calvo
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case

w13147 Frederic S. Mishkin
Inflation Dynamics

w13112 James D. Hamilton
Daily Changes in Fed Funds Futures Prices

w13101 Kenneth N. Kuttner
Adam S. Posen

Do Markets Care Who Chairs the Central Bank?

w13099 Marco Del Negro
Frank Schorfheide

Monetary Policy Analysis with Potentially Misspecified Models

w13089 Galina Hale
Assaf Razin
Hui Tong

Credit Constraints and Stock Price Volatility

w12982 Michael D. Bordo
Christopher Erceg
Andrew Levin
Ryan Michaels

Three Great American Disinflations

w12965 Roger E.A. Farmer
Daniel F. Waggoner
Tao Zha

Understanding the New-Keynesian Model when Monetary Policy Switches Regimes

w12933 Eugene N. White
The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse

w12919 Willem H. Buiter
Seigniorage

w12898 Guido Lorenzoni
News Shocks and Optimal Monetary Policy

w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode

w12876 Frederic S. Mishkin
Klaus Schmidt-Hebbel

Does Inflation Targeting Make a Difference?

w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

w12824 Jean Boivin
Marc Giannoni
Ilian Mihov

Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data


2006
w12788 Guillermo A. Calvo
Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

w12778 George-Marios Angeletos
Alessandro Pavan

Socially Optimal Coordination: Characterization and Policy Implications

w12753 Ricardo J. Caballero
On the Macroeconomics of Asset Shortages

w12740 Stephanie Schmitt-Grohe
Martin Uribe

Comparing Two Variants of Calvo-Type Wage Stickiness

w12713 Jeffrey A. Frankel
The Effect of Monetary Policy on Real Commodity Prices

w12703 Douglas Laxton
Papa N'Diaye
Paolo Pesenti

Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis

w12638 Glenn D. Rudebusch
John C. Williams

Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections

w12637 Dale F. Gray
Robert C. Merton
Zvi Bodie

A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy

w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

w12606 Thomas Sargent
Noah Williams
Tao Zha

The Conquest of South American Inflation

w12593 Michael Bordo
Anna J. Schwartz

David Laidler on Monetarism

w12591 Gary Richardson
William Troost

Monetary Intervention Mitigated Banking Panics During the Great Depression: Quasi-Experimental Evidence from the Federal Reserve District Border in Mississippi, 1929 to 1933

w12590 Gary Richardson
Bank Distress During the Great Contraction, 1929 to 1933, New Data from the Archives of the Board of Governors

w12542 Stephen G. Cecchetti
Measuring the Macroeconomic Risks Posed by Asset Price Booms

w12540 Roger E. A. Farmer
Daniel F. Waggoner
Tao Zha

Indeterminacy in a Forward Looking Regime Switching Model

w12515 Frederic S. Mishkin
Monetary Policy Strategy: How Did We Get Here?

w12492 Peter N. Ireland
Changes in the Federal Reserve's Inflation Target: Causes and Consequences

w12476 Patrick Kehoe
Varadarajan V. Chari

Modern Macroeconomics in Practice: How Theory is Shaping Policy

w12470 Tommaso Monacelli
Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints

w12454 Kenneth Kuttner
Can Central Banks Target Bond Prices?

w12442 Simon Gilchrist
Masashi Saito

Expectations, Asset Prices, and Monetary Policy: The Role of Learning

w12426 Stanley Fischer
Reflections on One Year at the Bank of Israel

w12420 Roberto Rigobon
Brian Sack

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

w12405 Troy Davig
Eric M. Leeper

Endogenous Monetary Policy Regime Change

w12402 Stephanie Schmitt-Grohé
Martín Uribe

Optimal Simple and Implementable Monetary and Fiscal Rules: Expanded Version

w12384 Frederic S. Mishkin
Niklas J. Westelius

Inflation Band Targeting and Optimal Inflation Contracts

w12340 Marco Arena
Carmen Reinhart
Francisco Vázquez

The Lending Channel in Emerging Economics: Are Foreign Banks Different?

w12319 Matthias Doepke
Martin Schneider

Inflation as a Redistribution Shock: Effects on Aggregates and Welfare

w12277 Vitor Gaspar
Anil K. Kashyap

Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist

w12268 Yuriy Gorodnichenko
Matthew D. Shapiro

Monetary Policy When Potential Output is Uncertain: Understanding the Growth Gamble of the 1990s

w12215 Michael B. Devereux
Charles Engel

Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy

w12213 Michael B. Devereux
Charles Engel

Expectations and Exchange Rate Policy

w12138 Eugene N. White
Bubbles and Busts: The 1990s in the Mirror of the 1920s

w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management

w12158 Pierpaolo Benigno
Michael Woodford

Optimal Inflation Targeting under Alternative Fiscal Regimes

w12118 Benjamin M. Friedman
The Greenspan Era: Discretion, Rather Than Rules

w12089 Bennett T. McCallum
Edward Nelson

Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences

w12076 Robert G. King
Discretionary Policy and Multiple Equilibria

w11942 Marc Giannoni
Robust Optimal Policy in a Forward-Looking Model with Parameter and Shock Uncertainty


2005
w11898 Michael Woodford
Central Bank Communication and Policy Effectiveness

w11897 Michael D. Bordo
Christopher M. Meissner

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997

w11896 Michael Woodford
Robustly Optimal Monetary Policy with Near Rational Expectations

w11874 Troy Davig
Eric M. Leeper

Generalizing the Taylor Principle

w11854 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model

w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality

w11830 Stephen G. Cecchetti
Lianfi Li

Do Capital Adequacy Requirements Matter for Monetary Policy?

w11821 Paul R. Bergin
Giancarlo Corsetti

Towards a Theory of Firm Entry and Stabilization Policy

w11815 Jordi Gali
Tommaso Monacelli

Optimal Monetary and Fiscal Policy in a Currency Union

w11806 Olivier Blanchard
Jordi Gali

Real Wage Rigidities and the New Keynesian Model

w11792 Linda S. Goldberg
Michael W. Klein

Establishing Credibility: Evolving Perceptions of the European Central Bank

w11791 Amartya Lahiri
Carlos A. Vegh

Output Costs, Currency Crises, and Interest Rate Defense of a Peg

w11783 Farley Grubb
The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged

w11777 Robert J. Gordon
What Caused the Decline in U.S. Business Cycle Volatility?

w11735 David K. Musto
Nicholas S. Souleles

A Portfolio View of Consumer Credit

w11733 Lars Svensson
Noah Williams

Monetary Policy with Model Uncertainty: Distribution Forecast Targeting

w11714 Michael D. Bordo
Review of A History of the Federal Reserve. Volume 1 (2003) by Allan H. Meltzer

w11684 Robert E. Hall
The Labor Market and Macro Volatility: A Nonstationary General-Equilibrium Analysis

w11651 Robert E. Hall
Separating the Business Cycle from Other Economic Fluctuations

w11646 Eric M. Leeper
Tack Yun

Monetary-Fiscal Policy Interactions and the Price Level: Background and Beyond

w11586 Michael D. Bordo
Angela Redish

Seventy Years of Central Banking: The Bank of Canada in International Context, 1935-2005

w11562 Marvin Goodfriend
Robert King

The Incredible Volcker Disinflation

w11537 Lars E.O. Svensson
Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con

w11523 Andrew T. Levin
Alexei Onatski
John C. Williams
Noah Williams

Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models

w11417 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version

w11392 Lars O. Svensson
Robert J. Tetlow

Optimal Policy Projections

w11382 Kevin Cowan
Jose De Gregorio

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile

w11346 Benjamin M. Friedman
What Remains from the Volcker Experiment?

w11341 Giancarlo Corsetti
Paolo Pesenti

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

w11340 Geert Bekaert
Seonghoon Cho
Antonio Moreno

New-Keynesian Macroeconomics and the Term Structure

w11244 Ya-Hwei Yang
Jia-Dong Shea

Deflation and Monetary Policy in Taiwan

w11212 Troy Davig
Eric M. Leeper

Fluctuating Macro Policies and the Fiscal Theory

w11191 Christian Hellwig
Arijit Mukherji
Aleh Tsyvinski

Self-Fulfilling Currency Crises: The Role of Interest Rates

w11190 Gary Gorton
Nicholas Souleles

Special Purpose Vehicles and Securitization

w11167 Lars E.O. Svensson
Monetary Policy with Judgment: Forecast Targeting

w11151 Mitsuru Iwamara
Takeshi Kudo
Tsutomu Watanabe

Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004

w11148 Steven R. Grenadier
Neng Wang

Investment Timing, Agency, and Information

w11147 Giorgio Primiceri
Why Inflation Rose and Fell: Policymakers' Beliefs and US Postwar Stabilization Policy

w11105 Tim Robinson
Andrew Stone

Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound

w11102 Seok-Kyun Hur
Money Growth and Interest Rates

w11092 Ozge Senay
Alan Sutherland

Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?

w11089 Francis X. Diebold
Monika Piazzesi
Glenn Rudebusch

Modeling Bond Yields in Finance and Macroeconomics

w11088 Mats Persson
Torsten Persson
Lars E.O. Svensson

Time Consistency of Fiscal and Monetary Policy: A Solution

w11065 Fabio Canova
Evi Pappa

Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints

w11056 Bennett T. McCallum
A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap

w11034 David Altig
Lawrence Christiano
Martin Eichenbaum
Jesper Linde

Firm-Specific Capital, Nominal Rigidities and the Business Cycle


2004
w11015 George-Marios Angeletos
Ivan Werning

Crises and Prices: Information Aggregation, Multiplicity and Volatility

w10995 Charles Engel
Kenneth D. West

Taylor Rules and the Deutschmark-Dollar Real Exchange Rate

w10975 Joshua D. Angrist
Guido M. Kuersteiner

Semiparametric Causality Tests Using the Policy Propensity Score

w10973 Stephen G. Cecchetti
Alfonso Flores-Lagunes
Stefan Krause

Has Monetary Policy Become More Efficient? A Cross Country Analysis

w10954 Assaf Razin
Globalization and Disinflation: A Note

w10951 Charles W. Calomiris
Joseph R. Mason

Resolving the Puzzle of the Underissuance of National Bank Notes

w10938 James Harrigan
Kenneth Kuttner

Lost Decade in Translation: Did the US Learn from Japan's Post-Bubble Mistakes?

w10916 William A. Brock
Steven N. Durlauf
Kenneth D. West

Model Uncertainty and Policy Evaluation: Some Theory and Empirics

w10878 Takatoshi Ito
Frederic S. Mishkin

Two Decades of Japanese Monetary Policy and the Deflation Problem

w10848 Willem H. Buiter
The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?

w10846 Antonio Fatas
Ilian Mihov
Andrew K. Rose

Quantitative Goals for Monetary Policy

w10840 Gauti B. Eggertsson
Michael Woodford

Optimal Monetary and Fiscal Policy in a Liquidity Trap

w10839 Pierpaolo Benigno
Michael Woodford

Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

w10838 Pierpaolo Benigno
Michael Woodford

Inflation Stabilization and Welfare: The Case of a Distorted Steady State

w10829 Frederic S. Mishkin
Can Central Bank Transparency Go Too Far?

w10818 Takatoshi Ito
Inflation Targeting and Japan: Why has the Bank of Japan not Adopted Inflation Targeting?

w10780 Graciela L. Kaminsky
Carmen M. Reinhart
Carlos A. Vegh

When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies

w10768 Barry Eichengreen
Yeongseop Rhee
Hui Tong

The Impact of China on the Exports of Other Asian Countries

w10764 Thomas Sargent
Noah Williams
Tao Zha

Shocks and Government Beliefs: The Rise and Fall of American Inflation

w10747 Lars E.O. Svensson
Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?

w10724 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the U.S. Business Cycle

w10704 Michael D. Bordo
David C. Wheelock

Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms

w10679 Olivier Jeanne
Lars E.O. Svensson

Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank

w10672 Andrew Ang
Monika Piazzesi
Min Wei

What Does the Yield Curve Tell us about GDP Growth?

w10646 Frederic S. Mishkin
Can Inflation Targeting Work in Emerging Market Countries?

w10612 Bennett T. McCallum
Edward Nelson

Targeting vs. Instrument Rules for Monetary Policy

w10519 Ricardo Caballero
Kevin Cowan
Jonathan Kearns

Fear of Sudden Stops: Lessons from Australia and Chile

w10456 Takatoshi Ito
Tomoyoshi Yabu

What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function

w10392 Jordi Gali
J. David Lopez-Salido
Javier Valles

Rule-of-Thumb Consumers and the Design of Interest Rate Rules

w10389 Olivier Blanchard
Fiscal Dominance and Inflation Targeting: Lessons from Brazil

w10362 Troy Davig
Eric M. Leeper
Hess Chung

Monetary and Fiscal Policy Switching

w10360 Jose De Gregorio
Productivity Growth and Disinflation in Chile

w10295 Leonardo Gambacorta
How Do Banks Set Interest Rates?

w10290 Alan Auerbach
Maurice Obstfeld

Monetary and Fiscal Remedies for Deflation

w10280 Kenneth D. West
Monetary Policy and the Volatility of Real Exchange Rates in New Zealand

w10272 Jess Benhabib
Stephanie Schmitt-Grohe
Martin Uribe

Chaotic Interest Rate Rules: Expanded Version

w10268 Andrew Atkeson
Patrick Kehoe

Deflation and Depression: Is There and Empirical Link?

w10253 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Simple and Implementable Monetary and Fiscal Rules


2003
w10196 Lars E.O. Svensson
Optimal Policy with Low-Probability Extreme Events

w10195 Lars E.O. Svensson
Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others

w10161 Christina D. Romer
David H. Romer

Choosing the Federal Reserve Chair: Lessons from History

w10149 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Fiscal and Monetary Policy Under Imperfect Competition

w10128 Mark Gertler
Simon Gilchrist
Fabio Natalucci

External Constraints on Monetary Policy and the Financial Accelerator

w10123 Benjamin Friedman
The LM Curve: A Not-So-Fond Farewell

w10109 Susan Athey
Andrew Atkeson
Patrick Kehoe

The Optimal Degree of Discretion in Monetary Policy

w10093 Haizhou Huang
Shang-Jin Wei

Monetary Policies for Developing Countries: The Role of Corruption

w10089 Eric Leeper
An "Inflation Reports" Report

w10071 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises

w10070 Douglas W. Diamond
Raghuram G. Rajan

Money in a Theory of Banking

w10019 Arminio Fraga
Ilan Goldfajn
Andre Minella

Inflation Targeting in Emerging Market Economies

w9984 Ignazio Angeloni
Anil K. Kashyap
Benoit Mojon
Daniele Terlizzese

Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All?

w9969 Martin Feldstein
Monetary Policy in an Uncertain Environment

w9968 Gauti B. Eggertsson
Michael Woodford

Optimal Monetary Policy in a Liquidity Trap

w9961 Bennett T. McCallum
Is the Fiscal Theory of the Price Level Learnable?

w9939 Marc P. Giannoni
Michael Woodford

Optimal Inflation Targeting Rules

w9929 Robert G. King
Alexander L. Wolman

Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria

w9905 Pierpaolo Benigno
Michael Woodford

Optimal Monetary and Fiscal Policy: A Linear Quadratic Approach

w9884 Athanasios Orphanides
John C. Williams

Imperfect Knowledge, Inflation Expectations, and Monetary Policy

w9866 Christina D. Romer
David H. Romer

A New Measure of Monetary Shocks: Derivation and Implications

w9862 Stephanie Schmitt-Grohe
Martin Uribe

Anticipated Ramsey Reforms and the Uniform Taxation Principle: the Role of International Financial Markets

w9837 Bennett T. McCallum
Multiple-Solution Indeterminacies in Monetary Policy Analysis

w9814 Alan J. Auerbach
Maurice Obstfeld

The Case for Open-Market Purchases in a Liquidity Trap

w9747 Lars E. O. Svensson
Michael Woodford

Implementing Optimal Policy through Inflation-Forecast Targeting

w9672 Stephen G. Cecchetti
Junhan Kim

Inflation Targeting, Price-Path Targeting and Output Variability

w9667 Jiri Jonas
Frederic S. Mishkin

Inflation Targeting in Transition Countries: Experience and Prospects

w9660 Jon Faust
John H. Rogers
Eric Swanson
Jonathan H. Wright

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data

w9646 Kazuo Ogawa
Financial Distress and Employment: The Japanese Case in the 90s

w9643 Joe Peek
Eric S. Rosengren

Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan

w9624 Charles Calomiris
Joseph R. Mason

How to Restructure Failed Banking Systems: Lessons from the U.S. in the 1930's and Japan in the 1990's

w9577 Laurence Ball
Niamh Sheridan

Does Inflation Targeting Matter?

w9571 Mila Getmansky
Andrew W. Lo
Igor Makarov

An Econometric Model of Serial Correlation and Illiquidity in Hedge Fund Returns

w9570 Ricardo J. Caballero
On the International Financial Architecture: Insuring Emerging Markets

w9566 Alexei Onatski
Noah Williams

Modeling Model Uncertainty

w9558 Jess Behabib
Stephanie Schmitt-Grohe
Martin Uribe

Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability

w9557 Guillermo Calvo
Oya Celasun
Michael Kumhof

Inflation Inertia and Credible Disinflation - The Open Economy Case

w9551 Rajeev Dehejia
Adriana Lleras-Muney

Why Does Financial Development Matter? The United States from 1900 to 1940

w9491 Laurence Ball
N. Gregory Mankiw
Ricardo Reis

Monetary Policy for Inattentive Economies

w9486 Lars E. O. Svensson
Monetary Policy and Real Stabilization

w9459 Jean Boivin
Marc P. Giannoni

Has Monetary Policy Become More Effective?

w9421 Lars E. O. Svensson
What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules

w9420 Marc P. Giannoni
Michael Woodford

Optimal Interest-Rate Rules: II. Applications

w9419 Marc P. Giannoni
Michael Woodford

Optimal Interest-Rate Rules: I. General Theory


2002
w9402 Aubhik Khan
Robert G. King
Alexander L. Wolman

Optimal Monetary Policy

w9375 N. Gregory Mankiw
Ricardo Reis

What Measure of Inflation Should a Central Bank Target?

w9341 Michael T. Belongia
Peter N. Ireland

The Own-Price of Money and a New Channel of Monetary Transmission

w9321 Anna J. Schwartz
Asset Price Inflation and Monetary Policy

w9297 Stanley Fischer
Financial Crises and Reform of the International Financial System

w9291 Frederic S. Mishkin
The Role of Output Stabilization in the Conduct of Monetary Policy

w9274 Christina D. Romer
David H. Romer

The Evolution of Economic Understanding and Postwar Stabilization Policy

w9230 Marc D. Weidenmier
Richard C.K. Burdekin

Suppressing Asset Price Inflation: The Confederate Experience, 1861-1865

w9220 Stephanie Schmitt-Grohe
Martin Uribe

Optimal Fiscal and Monetary Policy Under Sticky Prices

w9192 Eric M. Leeper
Tao Zha

Modest Policy Interventions

w9176 Kerry A. Odell
Marc D. Weidenmier

Real Shock, Monetary Aftershock: The San Francisco Earthquake and the Panic of 1907

w9158 Gary Gorton
Lixin Huang

Liquidity, Efficiency and Bank Bailouts

w9137 Gary Gorton
Lixin Huang

Banking Panics and the Origin of Central Banking

w9102 Gary Gorton
Lixin Huang

Bank Panics and the Endogeneity of Central Banking

w9063 Eric M. Leeper
Tao Zha

Empirical Analysis of Policy Interventions

w9010 Jeremy Berkowitz
Michelle J. White

Bankruptcy and Small Firms' Access to Credit

w9005 Lawrence J. Christiano
Christopher Gust
Jorge Roldos

Monetary Policy in a Financial Crisis

w8992 Frederic S. Mishkin
Eugene N. White

U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy

w8972 Benjamin M. Friedman
The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency

w8970 Stephen G. Cecchetti
Hans Genberg
Sushil Wadhwani

Asset Prices in a Flexible Inflation Targeting Framework

w8966 Michael D. Bordo
Olivier Jeanne

Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy

w8938 William D. Nordhaus
The Mildest Recession: Output, Profits, and Stock Prices as the U.S. Emerges from the 2001 Recession

w8935 Stephen G. Cecchetti
The New Economy and the Challenges for Macroeconomic Policy

w8925 Lars E.O. Svensson
Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?

w8914 Takatoshi Ito
Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s

w8912 Stefania Albanesi
V.V. Chari
Lawrence J. Christiano

Expectation Traps and Monetary Policy

w8905 Jordi Gali
Tommaso Monacelli

Monetary Policy and Exchange Rate Volatility in a Small Open Economy

w8892 Raphael Bergoeing
Patrick J. Kehoe
Timothy J. Kehoe
Raimundo Soto

Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s

w8882 Christian Jensen
Bennett C. McCallum

The Non-Optimality of Proposed Monetary Policy Rules Under Timeless-Perspective Commitment

w8870 Richard Clarida
Jordi Gali
Mark Gertler

A Simple Framework for International Monetary Policy Analysis

w8864 Alejandro Reynoso
Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican...

w8856 Cormac O Grada
Eugene N. White

Who Panics During Panics? Evidence from a Nineteenth Century Savings Bank

w8839 John H. Cochrane
Monika Piazzesi

The Fed and Interest Rates: A High-Frequency Identification

w8821 Peter N. Ireland
Implementing the Friedman Rule

w8800 Christina D. Romer
David H. Romer

A Rehabilitation of Monetary Policy in the 1950s

w8785 Laurence Ball
Robert Tchaidze

The Fed and the New Economy

w8783 Giancarlo Corsetti
Paolo Pesenti

Self-Validating Optimum Currency Areas

w8768 Jordi Gali
J. David Lopez-Salido
Javier Valles

Technology Shocks and Monetary Policy: Assessing the Fed's Performance

w8767 Jordi Gali
New Perspectives on Monetary Policy, Inflation, and the Business Cycle

w8765 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?

w8721 Eric Parrado
Andres Velasco

Optimal Interest Rate Policy in a Small Open Economy

w8717 Michael D. Bordo
Anna J. Schwartz

Charles Goodhart's Contributions to the History of Monetary Institutions


2001
w8684 Carlos A. Vegh
Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences

w8681 Andrew Atkeson
Patrick J. Kehoe

The Advantage of Transparent Instruments of Monetary Policy

w8674 Michael Woodford
Monetary Policy in the Information Economy

w8617 Frederic S. Mishkin
The Transmission Mechanism and the Role of Asset Prices in Monetary Policy

w8597 Boyan Jovanovic
Peter L. Rousseau

Liquidity Effects in the Bond Market

w8583 Michael D. Bordo
Michael J. Dueker
David C. Wheelock

Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999

w8539 Lawrence J. Christiano
Massimo Rostagno

Money Growth Monitoring and the Taylor Rule

w8471 N. Gregory Mankiw
U.S. Monetary Policy During the 1990s

w8423 Marvin Goodfriend
Robert G. King

The Case for Price Stability

w8409 David B. Gross
Nicholas S. Souleles

An Empirical Analysis of Personal Bankruptcy and Delinquency

w8397 Frederic S. Mishkin
Klaus Schmidt-Hebbel

One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?

w8391 Amartya Lahiri
Carlos A. Vegh

Living with the Fear of Floating: An Optimal Policy Perspective

w8379 Ben S. Bernanke
Jean Boivin

Monetary Policy in a Data-Rich Environment

w8363 Andrew Ang
Monika Piazzesi

A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables

w8354 Stephen G. Cecchetti
Stefan Krause

Financial Structure, Macroeconomic Stability and Monetary Policy

w8320 Douglas Staiger
James H. Stock
Mark W. Watson

Prices, Wages and the U.S. NAIRU in the 1990s

w8314 David B. Gross
Nicholas S. Souleles

Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data

w8248 Frank A. Wolak
Robert H. Patrick

The Impact of Market Rules and Market Structure on the Price Determination Process in the England and Wales Electricity Market

w8246 Monika Piazzesi
An Econometric Model of the Yield Curve with Macroeconomic Jump Effects

w8230 Giancarlo Corsetti
Paolo Pesenti

International Dimensions of Optimal Monetary Policy

w8226 Bennett T. McCallum
Should Monetary Policy Respond Strongly to Output Gaps?

w8225 Bennett T. McCallum
Inflation Targeting and the Liquidity Trap

w8175 Bennett T. McCallum
Edward Nelson

Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices

w8174 Bennett T. McCallum
Monetary Policy Analysis in Models Without Money

w8141 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Illusion: On the Risks of Sterilization

w8139 Stefania Albanesi
V.V. Chari
Lawrence J. Christiano

How Severe is the Time Inconsistency Problem in Monetary Policy?

w8136 Peter N. Ireland
The Real Balance Effect

w8113 Chang-Tai Hsieh
Christina D. Romer

Was the Federal Reserve Fettered? Devaluation Expectations in the 1932 Monetary Expansion

w8085 Hans-Werner Sinn
Michael Reutter

The Minimum Inflation Rate for Euroland

w8071 Michael Woodford
Inflation Stabilization and Welfare


2000
w8057 Benjamin M. Friedman
Monetary Policy

w8047 Benjamin M. Friedman
The Role of Interest Rates in Federal Reserve Policymaking

w8025 Stefan Gerlach
Lars E.O. Svensson

Money and Inflation in the Euro Area: A Case for Monetary Indicators?

w8008 Lee J. Alston
Andres Gallo

Evolution and Revolution in the Argentine Banking System under Convertibility: The Roles of Crises and Path Dependence

w7957 Lars E.O. Svensson
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap

w7955 Benjamin M. Friedman
Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking

w7916 Bennett T. McCallum
The Present and Future of Monetary Policy Rules

w7915 Bennett T. McCallum
Edward Nelson

Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models

w7910 Laurence Ball
Policy Rules and External Shocks

w7909 Alan S. Blinder
John Morgan

Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking

w7044 Frederic S. Mishkin
International Experiences with Different Monetary Policy Regimes

w6518 Arturo Estrella
Frederic S. Mishkin

Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty

w7853 Michael Woodford
Monetary Policy in a World Without Money

w7618 Frederic S. Mishkin
Inflation Targeting in Emerging Market Countries

w7598 Lars E.O. Svensson
The First Year of the Eurosystem: Inflation Targeting or Not?

w7102 Frederic S. Mishkin
Lessons from the Asian Crisis

w7751 Anna J. Schwartz
The Rise and Fall of Foreign Exchange Market Intervention

w7734 Amartya Lahiri
Carlos A. Vegh

Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises

w7725 Bennett T. McCallum
Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

w7178 Lars E.O. Svensson
Does the P* Model Provide Any Rationale for Monetary Targeting?

w6675 Bennett T. McCallum
Edward Nelson

Nominal Income Targeting in an Open-Economy Optimizing Model

w6545 Lars E. O. Svensson
Open-Economy Inflation Targeting

w7677 Bennett T. McCallum
Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates

w7675 Marvin J. Barth III
Valerie A. Ramey

The Cost Channel of Monetary Transmission

w7668 Lawrence J. Christiano
Terry J. Fitzgerald

Understanding the Fiscal Theory of the Price Level

w7652 Michael D. Bordo
Michael J. Dueker
David C. Wheelock

Aggregate Price Shocks and Financial Instability: An Historical Analysis

w7617 Frederic S. Mishkin
Miguel A. Savastano

Monetary Policy Strategies for Latin America

w7607 Russell W. Cooper
Hubert Kempf

Designing Stabilization Policy in a Monetary Union

w7559 Ben Bernanke
Mark Gertler

Monetary Policy and Asset Price Volatility

w7516 Lars E.O. Svensson
How Should Monetary Policy be Conducted in an Era of Price Stability?

w7490 Alexei Onatski
James H. Stock

Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy

w7483 Joon-Ho Hahm
Frederic S. Mishkin

Causes of the Korean Financial Crisis: Lessons for Policy

w7482 Stephen G. Cecchetti
Erica L. Groshen

Understanding Inflation: Implications for Monetary Policy


1999
w7426 Stephen G. Cecchetti
Michael Ehrmann

Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes

w7420 Benjamin M. Friedman
The Future of Monetary Policy: The Central Bank as an Army With Only a Signal Corps

w7395 Bennett T. McCallum
Analysis of the Monetary Transmission Mechanism: Methodological Issues

w7386 Gerardo della Paolera
Alan M. Taylor

Internal Versus External Convertibility and Developing-Country FinancialCrises: Lessons from the Argentine Bank Bailout of the 1930's

w7276 Lars E.O. Svensson
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

w7261 Michael Woodford
Optimal Monetary Policy Inertia

w7234 Peter N. Ireland
Expectations, Credibility, and Time-Consistent Monetary Policy

w7231 Carlo A. Favero
Francesco Giavazzi
Luca Flabbi

The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets

w7179 Glenn D. Rudebusch
Lars E.O. Svensson

Eurosystem Monetary Targeting: Lessons from U.S. Data

w7177 Lars E.O. Svensson
Monetary Policy Issues for the Eurosystem

w7161 Alan S. Blinder
Central Bank Credibility: Why Do We Care? How Do We Build It?

w7152 Jon Faust
Lars E.O. Svensson

The Equilibrium Degree of Transparency and Control in Monetary Policy

w7151 Stephen G. Cecchetti
Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism

w7147 Richard Clarida
Jordi Gali
Mark Gertler

The Science of Monetary Policy: A New Keynesian Perspective

w7125 Michael D. Bordo
Ehsan U. Choudhri
Anna J. Schwartz

Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint

w7088 Bennett T. McCallum
Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence

w7060 Fernando Alvarez
Andrew Atkeson
Patrick J. Kehoe

Money and Interest Rates with Endogeneously Segmented Markets

w6965 Frederic S. Mishkin
International Experiences with Different Monetary Policy Regimes


1998
w6864 Pierre-Olivier Gourinchas
Exchange Rates and Jobs: What Do We Learn from Job Flows?

w6796 Roberto Chang
Andres Velasco

The Asian Liquidity Crisis

w6793 Christina D. Romer
David H. Romer

Monetary Policy and the Well-Being of the Poor

w6790 Lars E.O. Svensson
Inflation Targeting as a Monetary Policy Rule

w6768 John B. Taylor
An Historical Analysis of Monetary Policy Rules

w6646 John H. Cochrane
A Frictionless View of U.S. Inflation

w6618 Julio J. Rotemberg
Michael Woodford

Interest-Rate Rules in an Estimated Sticky Price Model

w6608 Ben S. Bernanke
Ilian Mihov

The Liquidity Effect and Long-Run Neutrality

w6606 Roberto Chang
Andres Velasco

Financial Crises in Emerging Markets

w6512 Glenn D. Rudebusch
Lars E. O. Svensson

Policy Rules for Inflation Targeting

w6492 Paul R. Bergin
Robert C. Feenstra

Staggered Price Setting and Endogenous Persistence

w6469 Roberto Chang
Andres Velasco

Financial Fragility and the Exchange Rate Regime

w6456 Bennett T. McCallum
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination

w6452 Jon Faust
Lars E. O. Svensson

Transparency and Credibility: Monetary Policy with Unobservable Goals

w6442 Richard Clarida
Jordi Gali
Mark Gertler

Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory

w6436 Michael D. Bordo
Barry Eichengreen

The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem

w6126 Frederic S. Mishkin
Adam S. Posen

Inflation Targeting: Lessons from Four Countries

w6122 Frederic S. Mishkin
Strategies for Controlling Inflation

w6371 Lawrence J. Christiano
Martin Eichenbaum
Charles L. Evans

Modeling Money

w6369 Rudiger Dornbusch
Carlo A. Favero
Francesco Giavazzi

The Immediate Challenges for the European Central Bank


1997
w6329 Torsten Persson
Guido Tabellini

Political Economics and Macroeconomic Policy

w6306 Stephen G. Cecchetti
Central Bank Policy Rules: Conceptual Issues and Practical Considerations

w6291 Bennett T. McCallum
The Alleged Instability of Nominal Income Targeting

w6254 Richard Clarida
Jordi Gali
Mark Gertler

Monetary Policy Rules in Practice: Some International Evidence

w6201 Michael D. Bordo
Anna J. Schwartz

Monetary Policy Regimes and Economic Performance: The Historical Record

w6200 Martin Feldstein
Capital Income Taxes and the Benefit of Price Stability

w6188 Michael Woodford
Doing Without Money: Controlling Inflation in a Post-Monetary World

w6157 Ben S. Bernanke
Michael Woodford

Inflation Forecasts and Monetary Policy

w6092 Menzie D. Chinn
Michael P. Dooley

Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

w6072 Hans-Werner Sinn
Holger Feist

Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

w6061 Erica L. Groshen
Mark E. Schweitzer

Identifying Inflation's Grease and Sand Effects in the Labor Market

w6046 Darrel Cohen
Kevin A. Hassett
R. Glenn Hubbard

Inflation and the User Cost of Capital: Does Inflation Still Matter?

w6016 Bennett T. McCallum
Issues in the Design of Monetary Policy Rules

w6015 Stephen G. Cecchetti
Understanding the Great Depression: Lessons for Current Policy

w5963 Charles W. Calomiris
David C. Wheelock

Was the Great Depression a Watershed for American Monetary Policy?

w5962 Lars E. O. Svensson
Inflation Targeting: Some Extensions

w5955 Jeffrey R. Campbell
Entry, Exit, Embodied Technology, and Business Cycles

w5954 Casey B. Mulligan
Xavier X. Sala-i-Martin

The Optimum Quantity of Money: Theory and Evidence

w5952 Laurence Ball
Efficient Rules for Monetary Policy

w5944 Pierluigi Balduzzi
Giuseppe Bertola
Silverio Foresi
Leora Klapper

Interest Rate Targeting and the Dynamics of Short-Term Rates

w5893 Ben S. Bernanke
Frederic S. Mishkin

Inflation Targeting: A New Framework for Monetary Policy?

w5877 Paul Soderlind
Lars E. O. Svensson

New Techniques to Extract Market Expectations from Financial Instruments


1996
w5845 Arturo Estrella
Frederic S. Mishkin

Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?

w5842 Andres Velasco
When Are Fixed Exchange Rates Really Fixed?

w5809 V. V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?

w5804 Lawrence J. Christiano
Martin Eichenbaum
Charles L. Evans

Sticky Price and Limited Participation Models of Money: A Comparison

w5797 Lars E. O. Svensson
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets

w5794 Sebastian Edwards
A Tale of Two Crises: Chile and Mexico

w5786 Stephen G. Cecchetti
Measuring Short-Run Inflation for Central Bankers

w5739 Robert J. Gordon
Macroeconomic Policy in the Presence of Structural Maladjustment

w5723 Yum K. Kwan
Francis T. Lui

Hong Kong's Currency Board and Changing Monetary Regimes

w5719 Lars E. O. Svensson
Price Level Targeting vs. Inflation Targeting: A Free Lunch?

w5692 Christina D. Romer
David H. Romer

Federal Reserve Private Information and the Behavior of Interest Rates

w5660 Michael Woodford
Loan Commitments and Optimal Monetary Policy

w5597 Bennett T. McCallum
Crucial Issues Concerning Central Bank Independence

w5581 Richard Clarida
Mark Gertler

How the Bundesbank Conducts Monetary Policy

w5579 Bennett T. McCallum
Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General

w5573 Rudi Dornbusch
Debt and Monetary Policy: The Policy Issues

w5563 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Mexican Peso Crisis: Sudden Death or Death Foretold?

w5557 Christina D. Romer
David H. Romer

Institutions for Monetary Stability

h0084 J. Bradford De Long
America's Only Peacetime Inflation: The 1970s

w5540 Marta Campillo
Jeffrey A. Miron

Why Does Inflation Differ Across Countries?

w5469 Martin Feldstein
The Costs and Benefits of Going from Low Inflation to Price Stability

w5465 Benjamin M. Friedman
The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy

w5464 Frederic S. Mishkin
The Channels of Monetary Transmission: Lessons for Monetary Policy


1995
w5379 Arturo Estrella
Frederic S. Mishkin

Predicting U.S. Recessions: Financial Variables as Leading Indicators

w5344 Laurence Ball
Dean Croushore

Expectations and the Effects of Monetary Policy

w5313 Nouriel Roubini
Vittorio Grilli

Liquidity Models in Open Economies: Theory and Empirical Evidence

w5285 Maurice Obstfeld
Models of Currency Crises with Self-Fulfilling Features

w5269 V. V. Chari
Lawrence J. Christiano
Martin Eichenbaum

Inside Money, Outside Money and Short Term Interest Rates

w5212 Benjamin M. Friedman
Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask This Question?

w5146 Ben S. Bernanke
Mark Gertler

Inside the Black Box: The Credit Channel of Monetary Policy Transmission

w5145 Ben S. Bernanke
Ilian Mihov

Measuring Monetary Policy

w5075 Bennett T. McCallum
Two Fallacies Concerning Central Bank Independence

w5046 Miles S. Kimball
The Quantitative Analytics of the Basic Neomonetarist Model

w4985 Lars E.O. Svensson
The Swedish Experience of an Inflation Target


1994
w4977 R. Glenn Hubbard
Is There a `Credit Channel' for Monetary Policy?

w4969 Benjamin M. Friedman
Kenneth N. Kuttner

Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences

w4948 Julio J. Rotemberg
Prices, Output and Hours: An Empirical Analysis Based on a Sticky Price Model

w4938 Bennett T. McCallum
Monetary Policy and the Term Structure of Interest Rates

w4888 James H. Stock
Martin Feldstein

Measuring Money Growth When Financial Markets Are Changing

w4871 Lars E.O. Svensson
Estimating and Interpreting Forward Interest Rates: Sweden 1992 - 1994

w4761 Eric M. Leeper
Christopher A. Sims

Toward a Modern Macroeconomic Model Usable for Policy Analysis

w4692 Bennett T. McCallum
Monetary Policy Rules and Financial Stability

w4636 Frederic S. Mishkin
Preventing Financial Crises: An International Perspective

w4633 Lars E.O. Svensson
Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators


1993
w4604 Lars E.O. Svensson
The Simplest Test of Inflation Target Credibility

w4599 Benjamin M. Friedman
The Role of Judgment and Discretion in the Conduct of Monetary Policy: Consequences of Changing Financial Markets

w4568 Albert Ando
Flint Brayton

Prices, Wages, and Employment in the U.S. Economy: A Traditional Model and Tests of Some Alternatives

w4532 Kathryn M. Dominguez
Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?

w4505 Michael F. Bryan
Stephen G. Cecchetti

The Consumer Price Index as a Measure of Inflation

w4485 Christina D. Romer
David H. Romer

Credit Channel or Credit Actions? An Interpretation of the Postwar Transmission Mechanism

w4481 Michael D. Bordo
Ehsan U. Choudhri
Anna J. Schwartz

Could Stable Money Have Averted The Great Contraction?

w4449 Bennett T. McCallum
Specification and Analysis of a Monetary Policy Rule for Japan

w4342 Matthew D. Shapiro
Federal Reserve Policy: Cause and Effect

w4326 Jeffrey A. Miron
Christina D. Romer
David N. Weil

Historical Perspectives on the Monetary Transmission Mechanism

w4322 Martin Feldstein
Monetary Policy and Inflation in the 1980s: A Personal View

w4298 Graciela Kaminsky
Karen K. Lewis

Does Foreign Exchange Intervention Signal Future Monetary Policy?

w4285 Valerie A. Ramey
How Important is the Credit Channel in the Transmission of Monetary Policy?


1992
w4232 Alberto Giovannini
Bart Turtelboom

Currency Substitution

w4156 Robert King
Mark W. Watson

Testing Long Run Neutrality

w4129 Martin Eichenbaum
Lawrence J. Christiano

Liquidity Effects, Monetary Policy, and the Business Cycle

w4113 Bennett T. McCallum
A Reconsideration of the Uncovered Interest Parity Relationship

w4033 Michael D. Bordo
The Bretton Woods International Monetary System: An Historical Overview


1991
w3936 David Romer
Openness and Inflation: Theory and Evidence

w3929 Benjamin M. Friedman
How Does It Matter?

w3921 Russell Cooper
Thomas W. Ross

Bank Runs: Liquidity and Incentives

w3856 Benjamin M. Friedman
Kenneth N. Kuttner

Another Look at the Evidence on Money-Income Causality

w3824 Julio J. Rotemberg
John C. Driscoll
James M. Poterba

Money, Output and Prices: Evidence from A New Monetary Aggregate

w3689 Michael D. Bordo
Peter Rappoport
Anna J. Schwartz

Money versus Credit Rationing: Evidence for the National Banking Era, 1880-1914


Generated Fri Sep 19 00:00:16 2014

 
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