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Inflation dynamics and international linkages: a model of the United States, the euro area, and Japan

Coenen, Gunter; Wieland, Volker - Federal Reserve Board (Board of Governors of the … - 2002

In this paper we estimate a small macroeconometric model of the United States, the euro area and Japan with rational … euro area and Japanese inflation dynamics are best explained by Taylor-style contracts, while Buiter … backward-looking element. The completed model matches inflation and output dynamics in the United States, the euro area and …

Persistent link: https://www.econbiz.de/10005712839

A quantitative exploration of the opportunistic approach to disinflation

Orphanides, Athanasios; Small, David H.; Wieland, Volker; … - Federal Reserve Board (Board of Governors of the … - 1997

A number of observers have advocated recently that the Federal Reserve take an ``opportunistic'' approach to the conduct of monetary policy. A hallmark of this approach is that the central bank focuses on fighting inflation when inflation is high, but focuses on stabilizing output when inflation...

Persistent link: https://www.econbiz.de/10005393867

Efficient monetary policy design near price stability

Orphanides, Athanasios; Wieland, Volker - Federal Reserve Board (Board of Governors of the … - 1999

We study the design of monetary policy in a low inflation environment taking into account the limitations imposed by the zero bound on nominal interest rates. Using numerical dynamic programming methods, we compute optimal policies in a simple, calibrated open-economy model and evaluate the...

Persistent link: https://www.econbiz.de/10005393900

The performance of forecast-based monetary policy rules under model uncertainty

Levin, Andrew; Wieland, Volker; Williams, John C. - Federal Reserve Board (Board of Governors of the … - 2001

We investigate the performance of forecast-based monetary policy rules using five macroeconomic models that reflect a wide range of views on aggregate dynamics. We identify the key characteristics of rules that are robust to model uncertainty: such rules respond to the one-year ahead inflation...

Persistent link: https://www.econbiz.de/10005394090

Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...

Persistent link: https://www.econbiz.de/10010295857

Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2006

Persistent link: https://www.econbiz.de/10010298366

Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...

Persistent link: https://www.econbiz.de/10010298367

Learning, endogenous indexation, and desinflation in the New-Keynesian model

Wieland, Volker - 2008

Persistent link: https://www.econbiz.de/10003867837

Money in monetary policy design : a formal characterization of ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - In: Journal of the European Economic Association 5 (2007) 2/3, pp. 524-533

Persistent link: https://www.econbiz.de/10003483827

Money in monetary policy design under uncertainty : the two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günther; Wieland, Volker - 2007

Persistent link: https://www.econbiz.de/10003432467