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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

The P-star model and Austrian prices

Tatom, John A. - Federal Reserve Bank of St. Louis - 1992

to Germany, the article also investigates whether Austrian prices are tied to a German P-star measure. This hypothesis is …

Persistent link: https://www.econbiz.de/10005490892

Foreign exchange volatility is priced in equities

Guo, Hui; Neely, Christopher J.; Higbee, Jason - Federal Reserve Bank of St. Louis - 2006

This paper finds that standard asset pricing models fail to explain the significantly positive delta hedging errors from writing options on foreign exchange futures. Foreign exchange volatility does influence stock returns, however. The volatility of the JPY/USD exchange rate predicts the time...

Persistent link: https://www.econbiz.de/10005490913

Incomplete information and self-fulfilling prophecies

Wang, Pengfei; Wen, Yi - Federal Reserve Bank of St. Louis - 2007

This paper shows that incomplete information can be a rich source of sunspots equilibria. This is demonstrated in a standard dynamic general equilibrium model of monopolistic competition … la Dixit-Stiglitz. In the absence of fundamental shocks, the model has a unique certainty (fundamental)...

Persistent link: https://www.econbiz.de/10005490926

Another look at sticky prices and output persistence

Wang, Peng-fei; Wen, Yi - Federal Reserve Bank of St. Louis - 2005

Keynesian literature has failed to show that sticky prices by themselves can effectively propagate business cycles in general …

Persistent link: https://www.econbiz.de/10005490961

The economic effects of violent conflict: evidence from asset market reactions

Guidolin, Massimo; Ferrara, Eliana La - Federal Reserve Bank of St. Louis - 2005

stock market indices and on major commodity prices. Furthermore, our results suggest that we are more likely to see investor …

Persistent link: https://www.econbiz.de/10005491006

U.S. monetary policy and commodity prices

Bullard, James - Federal Reserve Bank of St. Louis - 2011

May 6, 2011. Presented at Arkansas Day with the Bank Commissioner, Little Rock, Ark.

Persistent link: https://www.econbiz.de/10010727316

Commodity prices, inflation targeting, and U.S. monetary policy

Bullard, James - Federal Reserve Bank of St. Louis - 2011

May 24, 2011. Presented at the 2011 Joint Meeting of the Cape Girardeau and Jackson Rotary Clubs, Cape Girardeau, Mo.

Persistent link: https://www.econbiz.de/10010727356

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 … of monetary policy shocks, such as the federal funds futures rate. I show that because interest rates and market …-based measures of monetary policy shocks respond simultaneously to all news and not simply news about monetary policy actions, market …

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

Imperfect competition and indeterminacy of aggregate output

Wang, Pengfei; Wen, Yi - Federal Reserve Bank of St. Louis - 2007

the volatility of labor market and the hump-shaped output dynamics. …

Persistent link: https://www.econbiz.de/10005707631