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Does Anticipated Aggregate Demand Policy Matter? Further Econometric results

Mishkin, Frederic S. - 1981

A heated debate has arisen over what Modigliani has dubbed the Macro Rational Expections (MRE) hypothesis. This hypothesis embodies two component hypotheses: 1) rational expectations and 2) short-run neutrality -- i.e., that anticipated changes in aggregate demand will have already been taken...

Persistent link: https://www.econbiz.de/10012478324

Does Anticipated Monetary Policy Matter? An Econometric Investigation

Mishkin, Frederic S. - 1980

Recent theorizing with business cycle models which incorporate features of the Friedman-Phelps natural rate model along with rational expectations lead to the following policy conclusions. Anticipated changes in aggregate demand policy will have already been taken into account in economic agents...

Persistent link: https://www.econbiz.de/10012478630

The Sensitivity of Consumption to Transitory Income : Estimates from Panel Data on Households

Hall, Robert E. - 1980

We investigate the stochastic relation between income and consumption (specifically, consumption of food) within a panel of about 2,000 households. Our major findings are: 1. Consumption responds much more strongly to permanent than to transitory movements of income. 2. The response to...

Persistent link: https://www.econbiz.de/10012478631

Prospects for Inflation in a High Pressure Economy : Is the Phillips Curve Dead or is It Just Hibernating?

Hooper, Peter - 2019

This paper reviews a substantial range of empirical evidence on whether the Phillips curve is dead, i.e. that its slope has flattened to zero. National data going back to the 1950s and 60s yield strong evidence of negative slopes and significant nonlinearity in those slopes, with slopes much...

Persistent link: https://www.econbiz.de/10012479742

Inflation Dynamics

Mishkin, Frederic S. - 2007

This paper first outlines the key stylized facts about changes in inflation dynamics in recent years: 1) inflation persistence has declined, 2) the Phillips curve has flattened, and 3) inflation has become less responsive to other shocks. These changes in inflation dynamics are interpreted as...

Persistent link: https://www.econbiz.de/10012465506

Rethinking the Role of NAIRU in Monetary Policy : Implications of Model Formulation and Uncertainty

Estrella, Arturo - 2000

In this paper we rethink the NAIRU concept and examine whether it might have a useful role in monetary policy. We argue that it can, but success depends critically on defining NAIRU as a short-run concept and distinguishing it from a long-run concept like the natural rate of unemployment. We...

Persistent link: https://www.econbiz.de/10012470871

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 1999

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...

Persistent link: https://www.econbiz.de/10012471842

Are Real Interest Rates Equal Across Countries? An Empirical Investigation of International Parity Conditions

Mishkin, Frederic S. - 1982

monetary authorities have no control over their real rate relative to the world rate, limiting the impact of their … economy models which allow: 1) domestic real rates to differ from world rates, 2) time varying risk premiums in the forward … policy makers to exertsome control over their domestic real rate relative to those in the rest of the world. However, the …

Persistent link: https://www.econbiz.de/10012478057

Monetary Policy Strategy : Lessons from the Crisis

Mishkin, Frederic S. - 2011

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy...

Persistent link: https://www.econbiz.de/10012461902

Over The Cliff : From the Subprime to the Global Financial Crisis

Mishkin, Frederic S. - 2010

This paper examines what transformed a significant, but relatively mild, financial disruption into a full-fledged financial crisis. It discusses why, although the Lehman Brothers bankruptcy was a key trigger for the global financial crisis, three other events were at least as important: the AIG...

Persistent link: https://www.econbiz.de/10012462048