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Croushore, Dean - Federal Reserve Bank of Philadelphia - 2008

This paper describes the existing research (as of February 2008) on real-time data analysis, divided into five areas: (1) data revisions; (2) forecasting; (3) monetary policy analysis; (4) macroeconomic research; and (5) current analysis of business and financial conditions. In each area,...

Persistent link: https://www.econbiz.de/10005717345

A real-time data set for macroeconomists

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents the concept and uses of a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at...

Persistent link: https://www.econbiz.de/10005717356

Is macroeconomic research robust to alternative data sets?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 2002

This paper uses a real-time data set to analyze data revisions and to test the robustness of published econometric results. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in real time. The paper illustrates why such data may...

Persistent link: https://www.econbiz.de/10005389555

A real-time data set for marcoeconomists: does the data vintage matter?

Croushore, Dean; Stark, Tom - Federal Reserve Bank of Philadelphia - 1999

This paper presents a real-time data set that can be used by economists for testing the robustness of published econometric results, for analyzing policy, and for forecasting. The data set consists of vintages, or snapshots, of the major macroeconomic data available at quarterly intervals in...

Persistent link: https://www.econbiz.de/10005389694

Fiscal policy: ex ante and ex post

Croushore, Dean; van Norden, Simon - Federal Reserve Bank of Philadelphia - 2014

The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and...

Persistent link: https://www.econbiz.de/10010930299

The monetary instrument matters

Gavin, William T.; Keen, Benjamin D.; Pakko, Michael R. - Federal Reserve Bank of St. Louis - 2005

This paper revisits the issue of money growth versus the interest rate as the instrument of monetary policy. Using a … of inflation relative to money growth depends on whether the central bank follows a money growth rule or an interest rate … rule. With a money growth rule, inflation is not persistent and the price level is much more volatile than the money supply …

Persistent link: https://www.econbiz.de/10005352925

Inflation risk and optimal monetary policy

Gavin, William T.; Keen, Benjamin D.; Pakko, Michael R. - Federal Reserve Bank of St. Louis - 2007

This paper shows that the optimal monetary policies recommended by New Keynesian models still imply a large amount of inflation risk. We calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority adopts the optimal policy. When the monetary policy...

Persistent link: https://www.econbiz.de/10005490907

Monetary policy, the tax code, and the real effects of energy shocks

Gavin, William T.; Keen, Benjamin D.; Kydland, Finn E. - Federal Reserve Bank of St. Louis - 2013

behaves as a negative wealth effect and generates an immediate decline in output, investment, and hours worked. The large drop … in investment then causes a gradual but very persistent decline in the capital stock. That protracted decline in the …

Persistent link: https://www.econbiz.de/10010662819

Global dynamics at the zero lower bound

Gavin, William T.; Keen, Benjamin D.; Richter, Alexander; … - Federal Reserve Bank of St. Louis - 2013

capital, but we also study the model with capital, with and without investment adjustment costs. Our solution method …

Persistent link: https://www.econbiz.de/10010628491

The stimulative effect of forward guidance

Gavin, William T.; Keen, Benjamin D.; Richter, Alexander; … - Federal Reserve Bank of St. Louis - 2013

This paper examines the stimulative effect of central bank forward guidance—the promise to keep future policy rates lower than its policy rule suggests—when the short-term nominal interest rate is stuck at its zero lower bound (ZLB).We utilize a standard New Keynesian model in which forward...

Persistent link: https://www.econbiz.de/10011027342