Similar Search Results

"Rules Rather Than Discretion" After Twenty Five Years: What Have We Learned? What More Can We Learn?

Ireland, Peter - Department of Economics, Boston College - 2002

a whole. Subsequent work also shows that central bankers may optimally choose to maintain their reputations as inflation …

Persistent link: https://www.econbiz.de/10005102635

Does the Time-Consistency Problem Explain the Behavior of Inflation in the United States?

Ireland, Peter - Department of Economics, Boston College - 1998

bivariate time-series model for inflation and unemployment and tests those restrictions using quarterly US data from 1960 … two variables, indicating that the theory can explain inflation's initial rise and subsequent fall over the past four …

Persistent link: https://www.econbiz.de/10005027839

Explaining Inflation in the Aftermath of the Great Recession

Murphy, Robert G. - Department of Economics, Boston College - 2013

This paper considers whether the Phillips curve can explain the recent behavior of inflation in the United States … historical data will overstate the responsiveness of inflation to present-day economic conditions. I modify the traditional … behavior of inflation without relying on anchored expectations. Specifically, I explore reasons why the slope might vary over …

Persistent link: https://www.econbiz.de/10010938784

Demand Systems With Nonstationary Prices

Lewbel, Arthur; Ng, Serena - Department of Economics, Boston College - 2000

Relative prices are nonstationary and standard root-T inference is invalid for demand systems. But demand systems are nonlinear functions of relative prices, and standard methods for dealing with nonstationarity in linear models cannot be used. Demand system residuals are also frequently found...

Persistent link: https://www.econbiz.de/10004968870

What's Behind the Decline in the NAIRU?

Murphy, Robert G. - Department of Economics, Boston College - 1999

This paper assesses the apparent decline during the 1990s in the unemployment rate associated with stable inflationâ …

Persistent link: https://www.econbiz.de/10005074052

Accounting for the Recent Decline in the NAIRU

Murphy, Robert G. - Department of Economics, Boston College - 1998

This paper confirms that the unemployment rate associated with stable inflation, the so-called "NAIRU," probably has …

Persistent link: https://www.econbiz.de/10005074132

Expectations, Credibility, and Time-Consistent Monetary Policy

Ireland, Peter - Department of Economics, Boston College - 1999

This paper addresses the problem of multiple equilibria in a model of time-consistent monetary policy. It suggests that this problem originates in the assumption that agents have rational expectations and proposes several alternative restrictions on expectations that allow the monetary authority...

Persistent link: https://www.econbiz.de/10005102726

Interest Rates, Inflation, and Federal Reserve Policy Since 1980

Ireland, Peter - Department of Economics, Boston College - 1999

rates in order to control inflation and evaluates this policy using a dynamic, stochastic, sticky-price model of the United …

Persistent link: https://www.econbiz.de/10005027844