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Azeredo da Silveira, Rava - 2019

complexity of memory measured using Shannon's mutual information, as in models of rational inattention; but our theory differs …

Persistent link: https://www.econbiz.de/10012894402

Cyclical Markups : Theories and Evidence

Rotemberg, Julio J.; Woodford, Michael - 2021

If changes in aggregate demand were an important source of macroeconomic fluctuations, real wages would be countercyclical unless markups of price over marginal cost were themselves countercyclical. We thus examine three theories of markup variation at cyclical frequencies. The first assumes...

Persistent link: https://www.econbiz.de/10013244897

Robustly optimal monetary policy with near-rational expectations

Woodford, Michael - In: The American economic review 100 (2010) 1, pp. 274-303

Persistent link: https://www.econbiz.de/10008729179

Quantitative easing and financial stability

Woodford, Michael - 2016

Persistent link: https://www.econbiz.de/10011502296

The Taylor rule and optimal monetary policy

Woodford, Michael - In: The American economic review 91 (2001) 2, pp. 232-237

Persistent link: https://www.econbiz.de/10001585243

Self-Fulfilling Expectations and Fluctuations in Aggregate Demand

Woodford, Michael - 2010

The paper presents an intertemporal general equilibrium model with rationing in the product market, in which stationary sunspot equilibria are shown to exist, indicating the possibility of fluctuations in economic activity simply due to self-fulfilling variations in economic agents'...

Persistent link: https://www.econbiz.de/10013138365

Quantitative Easing and Financial Stability

Woodford, Michael - 2016

The massive expansion of central-bank balance sheets in response to recent crises raises important questions about the effects of such "quantitative easing" policies, both their effects on financial conditions and on aggregate demand (the intended effects of the policies), and their possible...

Persistent link: https://www.econbiz.de/10012990786

Aggregate Fluctuations from Independent Sectoral Shocks : Self-Organized Criticality in a Model of Production and Inventory Dynamics

Bak, Peter; Chen, Kan; Scheinkman, José; Woodford, Michael - 2021

This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non-standard assumptions: local interaction between...

Persistent link: https://www.econbiz.de/10013217212

Interest-Rate Rules in an Estimated Sticky Price Model

Rotemberg, Julio J.; Woodford, Michael - 2021

This paper evaluates alternative rules by which the Fed may set interest rates using the small model of the U.S. economy estimated in Rotemberg and Woodford (1997). Our main substantive finding is that low and stable inflation together with stable interest rates can be achieved by letting the...

Persistent link: https://www.econbiz.de/10013217597

Optimal Policy with Partial Information in a Forward-Looking Model : Certainty-Equivalence Redux

Svensson, Lars E. O.; Woodford, Michael - 2021

This paper proves a certainty equivalence result for optimal policy under commitment with symmetric partial information …, Indicator Variables for Optimal Policy,' which synthesizes what is known about the case of symmetric partial information, and …, and thereby potentially affect the future information available …

Persistent link: https://www.econbiz.de/10013234360