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

Estrella, Arturo; Mishkin, Frederic S. - 2021

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/10013231562

Does Anticipated Monetary Policy Matter? an Econometric Investigation

Mishkin, Frederic S. - 2021

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/10013227072

Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?

Estrella, Arturo - 2006

We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...

Persistent link: https://www.econbiz.de/10012783973

Measures of Prices and Price Competitiveness in International Trade in Manufactured Goods

Lipsey, Robert E.; Molinari, Linda; Kravis, Irving B. - 2021

international trade in manufactured goods. These include: 1. Indexes of export prices for the U.S., Germany, and Japan, based on … of domestic prices for the U. S., Germany, and Japan based on export weights; 3. Indexes for developed country exports of … exports of manufactures, and indexes for exports of the U.S., Germany, and Japan on the sane sets of weights. The indexes for …

Persistent link: https://www.econbiz.de/10013225954

A Multi-Country Comparison of Term Structure Forecasts at Long Horizons

Mishkin, Frederic S.; Jorion, Philippe - 2021

besides the United states, using a newly constructed data set for 1 to 5 year interest rates from Britain, West Germany and …

Persistent link: https://www.econbiz.de/10013234377

Internationalized Production in World Output

Lipsey, Robert E.; Blomstrom, Magnus; Ramstetter, Eric D. - 2021

Internationalized production, that is, production by multinational firms outside their home countries has increased over the last two decades, but it was still, in 1990, only about 7 percent of world output. The share was higher, at 15 percent in 'industry,' including manufacturing, trade,...

Persistent link: https://www.econbiz.de/10013238944

Central Bank Behavior and the Strategy of Monetary Policy : Observations from Six Industrialized Countries

Bernanke, Ben; Mishkin, Frederic S. - 2021

Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....

Persistent link: https://www.econbiz.de/10013245111