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Did the Great Inflation occur despite policymaker commitment to a Taylor rule?

Bullard, James B.; Eusepi, Stefano - Federal Reserve Bank of St. Louis - 2004

committed to using a Taylortype policy rule. We study how this economy reacts to an unexpected change in the trend productivity …

Persistent link: https://www.econbiz.de/10005360610

A model of near-rational exuberance

Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2007

We study how the use of judgment or "add-factors" in forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in a standard self-referential environment....

Persistent link: https://www.econbiz.de/10005352864

Monetary policy, judgment and near-rational exuberance

Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2007

We study how the use of judgment or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We examine the possibility of a new phenomenon, which we call exuberance equilibria, in the New Keynesian monetary policy...

Persistent link: https://www.econbiz.de/10005352949

Near-rational exuberance

Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004

We study how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10005707643

Monetary policy, determinacy, and learnability in a two-block world economy

Bullard, James B.; Schaling, Eric - Federal Reserve Bank of St. Louis - 2006

economy considerations may alter conditions for determinacy and learnability relative to closed economy analyses, and that new …

Persistent link: https://www.econbiz.de/10005490985

Worldwide macroeconomic stability and monetary policy rules

Bullard, James B.; Singh, Aarti - Federal Reserve Bank of St. Louis - 2007

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a … monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We … closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was …

Persistent link: https://www.econbiz.de/10005491008