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The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures …

Persistent link: https://www.econbiz.de/10005077869

The monetary instrument matters

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

. Those counterfactual implications are eliminated by the use of interest rate rules whether prices are sticky or not. A …

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

Asset prices, monetary policy, and bank regulation

Shiller, Robert J. - Federal Reserve Bank of Chicago - 2006

Persistent link: https://www.econbiz.de/10010723735

RENTS AND INSTABILITY IN CONTESTABLE MARKETS.

MIYAZAKI, H. - Institute of Social and Economic Research (ISER), Osaka … - 1990

Persistent link: https://www.econbiz.de/10005780335

Sticky-price models and the natural rate hypothesis

Andres, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2005

A major criticism of standard specifications of price adjustment in models for monetary policy analysis is that they violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a dynamic optimizing business cycle model whose...

Persistent link: https://www.econbiz.de/10005707655

Optimal monetary policy, endogenous sticky prices and multiplicity of equilibria

Barseghyan, Levon; DiCecio, Riccardo - Federal Reserve Bank of St. Louis - 2007

We analyze optimal discretionary monetary policy in an endogenous sticky prices model. Similar models with exogenous … sticky prices can deliver multiple equilibria. This is a necessary condition for the occurrence of expectation traps (when …-inflation equilibrium. With endogenous sticky prices, the monetary authority does not validate high-inflation expectations and deviates to …

Persistent link: https://www.econbiz.de/10005707710

Hyper-Price Approach, Non-Convex Preferences, and Equilibrium.

Kuga, K. - Institute of Social and Economic Research (ISER), Osaka … - 1991

Persistent link: https://www.econbiz.de/10008493407

Selecting an intermediate target variable for monetary policy when the goal is price stability

Belongia, Michael T. - Federal Reserve Bank of St. Louis - 1992

Conventional investigations of the "best" intermediate target variable for monetary policy have used a single criterion: the best fit between the behavior of an aggregate and that of some goal variable such as nominal spending or the aggregate price level. Ignored in this type of study, however,...

Persistent link: https://www.econbiz.de/10005490886

A price target for U.S. monetary policy? Lessons from the experience with money growth targets

Friedman, Benjamin M.; Kuttner, Kenneth N. - Federal Reserve Bank of Chicago - 1996

The cutting edge of recent efforts to reshape monetary policy in many countries has been to impose a price target on the central bank. This paper examines such a policy in light of the Federal Reserve System's experience with money targeting from the late 1970s through the mid 1980s. The...

Persistent link: https://www.econbiz.de/10005410911

Extracting market expectations from option prices: case studies in Japanese option markets

Nakamura, Hisashi; Shiratsuka, Shigenori - Federal Reserve Bank of Chicago - 1999

prices as an information variable for monetary policy implementation. A set of option prices provides us with information on … prices on stock prices and long term government bond futures. The estimation is done for a sample of daily closing prices for …

Persistent link: https://www.econbiz.de/10005419977