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Expectations and the Neutrality of Interest Rates

Cochrane, John H. - National Bureau of Economic Research - 2022

We finally have a complete theory of inflation under interest rate targets, that mirrors the long-run neutrality and … frictionless limit of monetary theory: Inflation can be stable and determinate under interest rate targets, including a k percent …

Persistent link: https://www.econbiz.de/10013388824

Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits

Cochrane, John H. - National Bureau of Economic Research - 2022

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … high real interest rates. Price stickiness means inflation will persist past an initial shock. To reduce inflation, fiscal …

Persistent link: https://www.econbiz.de/10013210124

Can Learnability Save New-Keynesian Models?

Cochrane, John H. - 2009

not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the …

Persistent link: https://www.econbiz.de/10012463190

The Fed and Interest Rates : A High-Frequency Identification

Cochrane, John H. - 2002

. These shock series avoid the omitted variable, time-varying parameter, and orthogonalization problem of monthly VARs, and do …. 10 year rates rise as much as 8/10 of a percent to a one percent target shock. The usual view that monetary policy only …

Persistent link: https://www.econbiz.de/10012469876

What do the VARs Mean? : Measuring the Output Effects of Monetary Policy

Cochrane, John H. - 1995

What are the relative effects of anticipated vs. unanticipated monetary policy? I examine the effect of this identifying assumption on VAR estimates of the output response to money, assuming that anticipated monetary policy can have some effect on output results in much shorter and smaller...

Persistent link: https://www.econbiz.de/10012473728

Determinacy and Identification with Taylor Rules

Cochrane, John H. - 2007

The new-Keynesian, Taylor-rule theory of inflation determination relies on explosive dynamics. By raising interest …

Persistent link: https://www.econbiz.de/10012465240

Determinacy and Identification with Taylor Rules

Cochrane, John H. - 2007

The new-Keynesian, Taylor-rule theory of inflation determination relies on explosive dynamics. By raising interest …

Persistent link: https://www.econbiz.de/10012465241

Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level

Cochrane, John H. - 1998

The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real … primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the …

Persistent link: https://www.econbiz.de/10012472043

Stepping on a Rake : the Fiscal Theory of Monetary Policy

Cochrane, John H. - 2016

The fiscal theory of the price level can describe monetary policy. Governments can set interest rate targets and …

Persistent link: https://www.econbiz.de/10012455701

Monetary Policy with Interest on Reserves

Cochrane, John H. - 2014

determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy …

Persistent link: https://www.econbiz.de/10012458052