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An Econometric Evaluation of International Monetary Policy Rules: Fixed Versus Flexible Exchange Rates.
A Summary of the Empirical and Analytical Results and the Implications for International Monetary Policy.
Estimates of the effect of different international monetary regimes on the parameters of the Phillips curve, the Keynesian consumption function, and other reduced-form macroeconomic relationships are...
Ben Bernanke and Rick Mishkin have put together a useful data base on money growth, targets for money growth, and monetary policy decisions in six different countries during the 1970s and 1980s. The...
Mervyn King’s paper is jam-packed with interesting ideas and good common sense about monetary policy. I admire the clearly stated and rigorous macroeconomic analysis that he applies in this paper. I...
Inflation Targeting and Monetary Policy Rules: Experience and Research.
Alternative Views of the Monetary Transmission Mechanism: What Difference Do They Make for Monetary Policy?
This paper by David Reifschneider and John Williams is a useful and innovative analysis of monetary policy problems caused by the lower bound of zero on the nominal interest rate. The authors provid...
For a country that chooses not to "permanently" fix its exchange rate through a currency board, or a common currency, or some kind of dollarization, the only alternative monetary policy that can w...
Monetary Policy Modeling: Where Are We and Where Should We Be Going.
The purpose of this note is to provide some background for a discussion of the monetary policy implications of globalization. By globalization I simply mean the increased mobility and interdependenc...
I thank Michael Woodford for writing such a thoughtful and useful paper on monetary policy. It is filled with fascinating ideas and insights, each carefully explained. As befits this final “Looking ...
The exposure of U.S. Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average in the period 1960–2011, it was unusually high in the 1980s and nega...
The exposure of U.S. Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average in the period 1960–2011, it was unusually high in the 1980s and nega...
We explore a global game model of the impact of monetary policy shocks. Risk-neutral asset managers interact with risk-averse households in a market with a risky bond and a oating rate money m...

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