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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
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Demographics, redistribution, and optimal inflation
Bullard, James; Garriga, Carlos; Waller, Christopher J. - Federal Reserve Bank of St. Louis - 2012
May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
Persistent link: https://www.econbiz.de/10010727313
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On the information content of asymmetric FOMC policy statements: evidence from a Taylor-rule perspective
Pakko, Michael R. - Federal Reserve Bank of St. Louis - 2003
Over the past two decades, the FOMC has included in its policy decisions a statement of bias toward subsequent tightening or easing of policy. This paper examines the predictive content of these statements in a Taylor-rule setting, finding that they convey information that is useful for...
Persistent link: https://www.econbiz.de/10005707787
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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
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013
cyclical fluctuations in inflation and nominal interest rates. …
Persistent link: https://www.econbiz.de/10011027315