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Exchange rates, monetary policy regimes, and beliefs

Sill, Keith; Wrase, Jeff - Federal Reserve Bank of Philadelphia - 1999

The authors investigate an international monetary business-cycle model in which agents face monetary policy processes that incorporate regime shifts. In any given period agents cannot directly observe the policy regime, but instead form beliefs that are updated via Bayesian learning. As a...

Persistent link: https://www.econbiz.de/10005717346

A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns

Leduc, Sylvain; Sill, Keith - Federal Reserve Bank of Philadelphia - 2001

monopolistic competition in which oil and money matter to study these questions. The economy's response to oil-price shocks is …

Persistent link: https://www.econbiz.de/10005717400

Expectations and economic fluctuations: an analysis using survey data

Leduc, Sylvain; Sill, Keith - Federal Reserve Bank of Philadelphia - 2010

Forecasters, the authors study how changes in expectations, and their interaction with monetary policy, contribute to fluctuations … driver of economic fluctuations: a perception that good times are ahead typically leads to a significant rise in current …

Persistent link: https://www.econbiz.de/10008489240

Some monetary policy implications of increasing consumption variety

Sill, Keith - Federal Reserve Bank of Philadelphia - 1995

Persistent link: https://www.econbiz.de/10005389571

Monetary policy, oil shocks, and TFP: accounting for the decline in U.S. volatility

Leduc, Sylvain; Sill, Keith - Federal Reserve Bank of Philadelphia - 2003

The volatility of the U.S. economy since the mid-1980s is much lower than it was during the prior 20-year period. The proximate causes of the increased stability and their relative importance remain unsettled, but the sharpness of the volatility decline and its timing has led authors such as...

Persistent link: https://www.econbiz.de/10005512276

Exchange rates and monetary policy regimes in Canada and the U.S.

Sill, Keith; Wrase, Jeffrey - Federal Reserve Bank of Philadelphia - 1999

model face a monetary policy process with regime switching and form beliefs about regimes and money growth using … observations and Bayesian learning. With the driving process for money growth rates parameterized using estimates from U.S. and … effects of money shocks on variables, provided that the shocks themselves are persistent; inclusion of learning contributes …

Persistent link: https://www.econbiz.de/10005512385