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Surprising Comparative Properties of Monetary Models : Results from a New Data Base

Taylor, John B. - 2009

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10012463799

Quantitative Easing : A Rationale and Some Evidence from Japan

Wieland, Volker - 2009

of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …

Persistent link: https://www.econbiz.de/10012463084

New Keynesian versus Old Keynesian Government Spending Multipliers

Cogan, John F. - 2009

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy...

Persistent link: https://www.econbiz.de/10012463865

Simple and Robust Rules for Monetary Policy

Taylor, John B. - 2010

This paper focuses on simple rules for monetary policy which central banks have used in various ways to guide their interest rate decisions. Such rules, which can be evaluated using simulation and optimization techniques, were first derived from research on empirical monetary models with...

Persistent link: https://www.econbiz.de/10012462734

A Black Swan in the Money Market

Taylor, John B. - 2008

structure, tests various explanations, including increased risk and greater liquidity demands, while controlling for …

Persistent link: https://www.econbiz.de/10012464706

Revealing the Secrets of the Temple : The Value of Publishing Central Bank Interest Rate Projections

Rudebusch, Glenn D. - 2006

The modern view of monetary policy stresses its role in shaping the entire yield curve of interest rates in order to achieve various macroeconomic objectives. A crucial element of this process involves guiding financial market expectations of future central bank actions. Recently, a few central...

Persistent link: https://www.econbiz.de/10012466023

Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models

Levin, Andrew T. - 2005

We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data, and...

Persistent link: https://www.econbiz.de/10012467156

Imperfect Knowledge, Inflation Expectations, and Monetary Policy

Orphanides, Athanasios - 2003

This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to...

Persistent link: https://www.econbiz.de/10012468813

Robustness of Simple Monetary Policy Rules under Model Uncertainty

Levin, Andrew - 1998

In this paper, we investigate the properties of alternative monetary policy rules using four structural macroeconometric models: the Fuhrer-Moore model, Taylor's Multi-Country Model, the MSR model of Orphanides and Wieland, and the FRB staff model. All four models incorporate the assumptions of...

Persistent link: https://www.econbiz.de/10012472239

Transition Dynamics in Vintage Capital Models : Explaining the Postwar Catch-Up of Germany and Japan

Gilchrist, Simon - 2004

We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch … and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …

Persistent link: https://www.econbiz.de/10012467958