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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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Near-rational exuberance
Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004
monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …
Persistent link: https://www.econbiz.de/10005707643
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Electoral Uncertainty and the Deficit Bias in a New Keynesian Economy
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009
Recent attempts to incorporate optimal fiscal policy into New Keynesian models subject to nominal inertia, have tended to assume that policy makers are benevolent and have access to a commitment technology. A separate literature, on the New Political Economy, has focused on real economies where...
Persistent link: https://www.econbiz.de/10010550767
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When is Monetary Policy All we Need?
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2009
discrepancy between the private and social evaluation of the marginal rate of substitution between consumption and leisure …
Persistent link: https://www.econbiz.de/10010550812
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Monetary and Fiscal Policy under Deep Habits
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - Scottish Institute for Research in Economics (SIRE) - 2009
individual goods where the counter-cyclicality of mark-ups this implies can result in government spending crowding-in private … consumption in the short run. We explore the robustness of this mechanism to the existence of price discrimination in the supply … of goods to the public and private sectors. We then describe optimal monetary and fiscal policy in our New Keynesian …
Persistent link: https://www.econbiz.de/10010552368
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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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Fiscal Sustainability in a New Keynesian Model
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012
Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...
Persistent link: https://www.econbiz.de/10011075679
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Fiscal Sustainability in a New Keynesian Model
Leith, Campbell; Wren-Lewis, Simon - Scottish Institute for Research in Economics (SIRE) - 2012
Recent work on optimal monetary and fiscal policy in New Keynesian models suggests that it is optimal to allow steady-state debt to follow a random walk. Leith and Wren-Lewis (2012) consider the nature of the timeinconsistency involved in such a policy and its implication for discretionary...
Persistent link: https://www.econbiz.de/10011075700
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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