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A state-level analysis of the Great Moderation
Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007
the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …
Persistent link: https://www.econbiz.de/10005360567
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Learning about monetary policy rules
Bullard, James; Mitra, Kaushik - Federal Reserve Bank of St. Louis - 2002
We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this area is that policymakers should be relatively...
Persistent link: https://www.econbiz.de/10005352838
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Tobin's imperfect asset substitution in optimizing general equilibrium
Andres, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2004
In this paper, we present a dynamic optimizing model that allows explicitly for imperfect substitutability between different financial assets. This is specified in a manner which captures Tobin's (1969) view that an expansion of one asset's supply affects both the yield on that asset and the...
Persistent link: https://www.econbiz.de/10005352930
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Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy
Levin, Andrew T.; López-Salido, J. David; Nelson, Edward; … - Federal Reserve Bank of St. Louis - 2008
Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order...
Persistent link: https://www.econbiz.de/10005490955
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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...
Persistent link: https://www.econbiz.de/10005076715
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Death of a theory
Bullard, James - Federal Reserve Bank of St. Louis - 2012
"Death of a Theory," presented in St. Louis. January 13, 2012.
Persistent link: https://www.econbiz.de/10010727311
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Sneak preview: death of a theory
Bullard, James - Federal Reserve Bank of St. Louis - 2012
"SNEAK PREVIEW: Death of a Theory." Presented at the Korea-America Economic Association, Chicago, Illinois. January 7, 2012.
Persistent link: https://www.econbiz.de/10010727349
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The value of inside and outside money: expanded version
Bullard, James; Smith, Bruce D. - Federal Reserve Bank of St. Louis - 2001
inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …
Persistent link: https://www.econbiz.de/10005360600
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The value of inside and outside money
Bullard, James; Smith, Bruce D. - Federal Reserve Bank of St. Louis - 2001
inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …
Persistent link: https://www.econbiz.de/10005360633
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Money and the natural rate of interest: structural estimates for the United States and the Euro area
Andrés, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2007
We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …
Persistent link: https://www.econbiz.de/10005352963