This paper explains the key factors that determine the output multiplier of government purchases in New Keynesian models, through a series of simple examples that can be solved analytically. Sticky prices or wages allow for larger multipliers than in a neoclassical model, though the size of the...

We consider the desirability of modifying a standard Taylor rule for interest rate policy to incorporate adjustments for measures of financial conditions. We consider the consequences of such adjustments for the way policy would respond to a variety of disturbances, using the dynamic stochastic...

We extend a standard New Keynesian model to allow an analysis of "unconventional" dimensions of policy alongside traditional interest-rate policy. We find that quantitative easing in the strict sense is likely to be ineffective, but that targeted asset purchases by a central bank can instead be...

U radu se razmatra optimalna politika monetarne stabilizacije unutar dalekovidog modela kada centralna banka uvida da ocekivanja privatnog sektora ne moraju biti nužno konzistentna modelu, i želi da izabere politiku zadovoljavajucu u slucaju bilo kog uverenja dovoljno bliskog konzistentnosti...

<DIV>The twenty-eighth edition of the <I>NBER Macroeconomics Annual </I>continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. As in previous years, this volume not only addresses recent developments in macroeconomics, but also takes up...</i></div>

<DIV>The twenty-ninth edition of the <I>NBER Macroeconomics Annual </I>continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. Two papers in this year’s issue deal with recent economic performance: one analyzes the evolution of aggregate...</i></div>

<DIV><DIV><P>The <I>NBER Macroeconomics Annual </I>provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy. . The papers and accompanying discussions in <I>NBER Macroeconomics Annual 2008</I>, which<DIV>include contributions from leading...</div></i></i></p></div></div>

<DIV>Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced...</div>

<DIV><DIV><P>The <I>NBER Macroeconomics Annual </I>provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in <I>NBER Macroeconomics...</i></i></p></div></div>

<DIV>The <I>NBER Macroeconomics Annual</I> provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in <I>NBER Macroeconomics...</i></i></div>