Structural estimates of the U.S. sacrifice ratio

Journal of Business and Economic Statistics

Volumn 19, Issue 4, 2001, Pages 416-427

  Cecchetti, Stephen G ^a   Rich, Robert W ^b  

^a OHIO STATE UNIVERSITY   (United States)

^b FEDERAL RESERVE BANK OF NEW YORK   (United States)

Author keywords

Disinflation; Identification; Structural shocks; Vector autoregression

Indexed keywords

EID: 0035601011     PISSN: 07350015     EISSN: None     Source Type: Journal    
DOI: 10.1198/07350010152596664     Document Type: Article

References (26)

1. Andrews, D. W. K. (1993), "Tests for Parameter Instability and Structural Change With Unknown Change Point," Econometrica, 61, 821-856.
2. Andrews, D. W. K., and Ploberger, W. (1994), "Optimal Tests When a Nuisance Parameter Is Present Only Under the Alternative," Econometrica, 62, 1383-1414.
3. Ball, L. M. (1994), "What Determines the Sacrifice Ratio?" in Monetary Policy, ed. N. G. Mankiw, Chicago: University of Chicago Press, pp. 155-188.
4. Ball, L. Mankiw, N. G., and Romer, D. (1988), "The New Keynesian Economics and the Output-Inflation Trade-off," Brookings Papers on Economic Activity, 1, 1-65.
5. Barro, R. J. (1996), "Inflation and Growth," Federal Reserve Bank of St. Louis Economic Review (May/June), 153-169.
6. Blanchard, O. J., and Quah, D. (1989), "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, 79. 655-673.
7. Cecchetti, S. G. (1994), "Comment," in Monetary Policy, ed. N. G. Mankiw, Chicago: University of Chicago Press, pp. 188-193.
8. Dickey, D. A., and Fuller, W. A. (1981), "Likelihood Ratio Statistics for Autoregressive Time Series With a Unit Root," Econometrica, 49, 1057-72.
9. Doan, T. A. (1992), User's Manual, RATS Version 4.0. Evanston, IL. VAR Econometrics.
10. Feldstein, M. S. (ed.) (1999), The Costs and Benefits of Achieving Price Stability, Chicago: University of Chicago Press.
11. Filardo, A. J. (1998), "New Evidence on the Output Cost of Fighting Inflation," Federal Reserve Bank of Kansas City Economic Review (Third Quarter), 33-61.
12. Fuhrer, J. C. (1995), "The Persistence of Inflation and the Cost of Disinflation," Federal Reserve Bank of Boston New England Economic Review (January/February), 3-16.
13. Gali, J. (1992), "How Well Does the IS-LM Model Fit Postwar U.S. Data?" Quarterly Journal of Economics, 107, 709-738.
14. Gordon, R. J., and King, S. R. (1982), "The Output Cost of Disinflation in Traditional and Vector Autoregressive Models," Brookings Papers on Economic Activity, 1, 205-242.
15. Grubb, D., Jackman, R., and Layard, R. (1983), "Wage Rigidity and Unemployment in OECD Countries," European Economic Review, 21, 11-39.
16. Jordan, T. J. (1997), "Disinflation Costs, Accelerating Inflation Gains, and Central Bank Independence," Weltwirtschaftliches-Archiv, 133, 1-21.
17. Mankiw, N. G. (1991), Macroeconomics, New York: Worth.
18. Okun, A. M. (1978), "Efficient Disinflationary Policies," American Economic Review, 68, 348-352.
19. Orphanides, A. (2000a), "Activist Stabilization Policy and Inflation: The Taylor Rule in the 1970s," Finance and Economics Discussion Series, 2000-13, Federal Reserve Board, Washington, DC.
20. _ (2000b), "The Quest for Prosperity Without Inflation," Working Paper 2000-15, European Central Bank.
21. Pagan, A. R., and Robertson, J. C. (1998), "Structural Models of the Liquidity Effect," Review of Economics and Statistics, 80, 202-217.
22. Sargent, T. J. (1983), "Stopping Moderate Inflations: The Methods of Poincare and Thatcher," in Inflation, Debt, and Indexation, eds. R. Dornbusch and M. H. Simonsen, Cambridge, MA: MIT Press, pp. 54-96.
23. Scheide-Andersen, P. (1992), "OECD Country Experiences With Disinflation," in Inflation, Disinflation, and Monetary Policy, ed. A. Blundell-Wignell, Reserve Bank of Australia: Ambassador Press, pp. 104-173.
24. Shapiro, M. D., and Watson, M. W. (1988), "Sources of Business Cycle Fluctuations," in NBER Macroeconomics Annual, eds. O. J. Blanchard and S. Fischer, Cambridge, MA: MIT Press, pp. 111-148.
25. Shea, J. (1997), "Instrument Relevance in Multivariate Linear Models: A Simple Measure," Review of Economics and Statistics, 79, 348-352.
26. Taylor, J. B. (1983), "Union Wage Settlements During a Disinflation," American Economic Review, 73, 981-993.