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Did the Great Inflation occur despite policymaker commitment to a Taylor rule?
Bullard, James B.; Eusepi, Stefano - Federal Reserve Bank of St. Louis - 2004
committed to using a Taylortype policy rule. We study how this economy reacts to an unexpected change in the trend productivity …
Persistent link: https://www.econbiz.de/10005360610
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A model of near-rational exuberance
Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2007
We study how the use of judgment or "add-factors" in forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in a standard self-referential environment....
Persistent link: https://www.econbiz.de/10005352864
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Monetary policy, judgment and near-rational exuberance
Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2007
We study how the use of judgment or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We examine the possibility of a new phenomenon, which we call exuberance equilibria, in the New Keynesian monetary policy...
Persistent link: https://www.econbiz.de/10005352949
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Near-rational exuberance
Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004
We study how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10005707643
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The U. S. monetary policy regime, interest differentials and dollar exchange rate risk premia
Belongia, Michael T.; Ott, Mack - Federal Reserve Bank of St. Louis - 1987
It is commonly believed that the Federal Reserve targeted money growth directly and allowed greater variation in interest rates during the October 1979-October 1982 period. Other things the same, this policy regime would be expected to increase the risk premium on the dollar exchange rate...
Persistent link: https://www.econbiz.de/10005707772
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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
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Monetary policy, determinacy, and learnability in a two-block world economy
Bullard, James B.; Schaling, Eric - Federal Reserve Bank of St. Louis - 2006
economy considerations may alter conditions for determinacy and learnability relative to closed economy analyses, and that new …
Persistent link: https://www.econbiz.de/10005490985
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Worldwide macroeconomic stability and monetary policy rules
Bullard, James B.; Singh, Aarti - Federal Reserve Bank of St. Louis - 2007
We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a … monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We … closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was …
Persistent link: https://www.econbiz.de/10005491008