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An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy : Expanded Version

Rotemberg, Julio J. - 1998

This paper considers a simple quantitative model of output, interest rate and inflation determination in the United … disturbances, can account for our data nearly as well as an unrestricted VAR. The monetary policy rule that most reduces inflation … high average inflation rate. But even in the case of a constrained-optimal policy, that takes into account some of the …

Persistent link: https://www.econbiz.de/10012472266

Financial Intermediation and Monetary Policies in the World Economy

Grilli, Vittorio - 1991

In this paper we investigate the role of credit institutions in transmitting monetary shocks to the domestic economy and to the rest of the world output. In modeling the monetary and financial sector of the economy we distinguish between monetary injections via lump-sum transfers to individuals...

Persistent link: https://www.econbiz.de/10012475316

On Inflation and Output with Costly Price Changes : A Simple Unifying Result

Benabou, Roland - 1993

We analyze the effect of inflation on the average output of monopolistic firms facing a small fixed cost of changing …

Persistent link: https://www.econbiz.de/10012474604

Long-memory Inflation Uncertainty : Evidence from the Term Structure of Interest Rates

Backus, David K. - 1993

We use a fractional difference model to reconcile two features of yields on US government bonds with modem asset pricing theory: the persistence of the short rate and variability of the long end of the yield curve. We suggest that this process might arise from the response of the heterogeneous...

Persistent link: https://www.econbiz.de/10012474677

Granger-Causality and Stabilization Policy

Buiter, Willem H. - 1981

This paper aims to provide a stochastic, rational expectations extension of Tobin's "Money and Income; Post Hoc Ergo Proper Hoc?". It is well-known that money may Granger-cause real variables even though the joint density function of the real variables is invariant under changes in the...

Persistent link: https://www.econbiz.de/10012478485