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

Estrella, Arturo - 2000

-run concept like the natural rate of unemployment. We examine what effect uncertainty has on the use of NAIRU in policy …. Uncertainty about the level of NAIRU does not imply that monetary policy should react less to the NAIRU gap. However, uncertainty … Brainard (1967), uncertainty about the effect of the monetary policy instrument on the NAIRU gap reduces the magnitude of the …

Persistent link: https://www.econbiz.de/10012470871

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 1999

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...

Persistent link: https://www.econbiz.de/10012471842

An Integrated View of Tests of Rationality, Market Efficiency, and the Short-Run Neutrality of Monetary Policy

Abel, Andrew B. - 1981

This paper analyzes an important class of models in which expectations play an important role. Topics included in the analysis are tests of: (1) rationality of forecasts in either market or survey data, (2) capital market efficiency, (3) the short-run neutrality of monetary policy and, (4)...

Persistent link: https://www.econbiz.de/10012478389

Monetary Policy and Short-Term Interest Rates : An Efficient Markets-Rational Expectations Approach

Mishkin, Frederic S. - 1981

The impact of a money stock increase on nominal short-term interest rates has been a hotly debated issue in the monetary economics literature. The most commonly held view -- also a feature of most structural macro models--has an increase in the money stock leading, at least in the short-run, to...

Persistent link: https://www.econbiz.de/10012478425

Does Stabilizing Inflation Contribute To Stabilizing Economic Activity?

Mishkin, Frederic S. - 2008

This paper discusses recent economic research that demonstrates that the objectives of price stability and stabilizing economic activity are often likely to be mutually reinforcing. Thus, the answer to the title of this paper--"Does stabilizing inflation contribute to stabilizing economic...

Persistent link: https://www.econbiz.de/10012464676

Exchange Rate Pass-Through And Monetary Policy

Mishkin, Frederic S. - 2008

This paper discusses what recent economic research tells us about exchange rate pass-through and what this suggests for the control of monetary policy. It first focuses on exchange rate pass-through from a macroeconomic perspective and then examines the microeconomic evidence. In light of this...

Persistent link: https://www.econbiz.de/10012464677

Will Monetary Policy Become More of a Science?

Mishkin, Frederic S. - 2007

This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific principles". However, there remains, and will...

Persistent link: https://www.econbiz.de/10012465081

The Role of Output Stabilization in the Conduct of Monetary Policy

Mishkin, Frederic S. - 2002

This paper examines the role of output stabilization in the conduct of monetary policy. It argues that activist monetary policy in which the monetary authorities focus on output fluctuations in the setting of their policy instrument and in policy statements is likely to produce worse outcomes...

Persistent link: https://www.econbiz.de/10012469417

The Transmission Mechanism and the Role of Asset Prices in Monetary Policy

Mishkin, Frederic S. - 2001

This paper surveys the transmission mechanisms of monetary policy beyond the standard interest rate channel by focusing on how monetary policy affects the economy through other asset prices. It outlines how the monetary transmission mechanisms operating through stock prices, real estate prices,...

Persistent link: https://www.econbiz.de/10012470099

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 2000

Persistent link: https://www.econbiz.de/10012470870