Expectation traps and monetary policy

Review of Economic Studies

Volumn 70, Issue 4, 2003, Pages 715-741

  Albanesi, Stefania ^a   Chari, V V ^b   Christiano, Lawrence J ^c,d  

^a DUKE UNIVERSITY   (United States)

^b UNIVERSITY OF MINNESOTA   (United States)

^c NORTHWESTERN UNIVERSITY   (United States)

^d NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

CONSUMPTION BEHAVIOR; FINANCIAL MARKET; INFLATION; MONETARY POLICY; THEORETICAL STUDY;

EID: 0142215929     PISSN: 00346527     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-937X.00264     Document Type: Article

References (22)

1. AIYAGARI, S. R., BRAUN, R. A. and ECKSTEIN, Z. (1998), "Transactions Services, Inflation and Welfare", Journal of Political Economy, 106, 1274-1301.
2. ALBANESI, S., CHARI, V. V. and CHRISTIANO, L. J. (2002a), "Expectation Traps and Monetary Policy" (Working Paper No. 8912, National Bureau of Economic Research).
3. ALBANESI, S., CHARI, V. V. and CHRISTIANO, L. J. (2002b), "Expectation Traps and Monetary Policy" (Working Paper 2002-4, Federal Reserve Bank of Chicago).
4. BARRO, R. J. and GORDON, D. B. (1983), "A Positive Theory of Monetary Policy in a Natural Rate Model", Journal of Political Economy, 91, 589-610.
5. BLANCHARD, O. J. and KIYOTAKI, N. (1987), "Monopolistic Competition and the Effects of Aggregate Demand", American Economic Review, 77, 647-666.
6. CHARI, V. V., CHRISTIANO, L. J. and EICHENBAUM, M. (1998), "Expectation Traps and Discretion", Journal of Economic Theory, 81, 462-492.
7. CLARIDA, R., GALÍ, J. and GERTLER, M. (1999), "The Science of Monetary Policy: A New Keynesian Perspective", Journal of Economic Literature, 37, 1661-1707.
8. COLE, H. L. and STOCKMAN, A. C. (1992), "Specialization, Transactions Technologies, and Money Growth", International Economic Review, 33, 283-298.
9. DEDOLA, L. (2002), "Rules vs. Discretion: in a Dynamic General Equilibrium Model of Monetary Policy" (Working Paper, Bank of Italy).
10. DOTSEY, M. and IRELAND, P. N. (1996), "The Welfare Costs of Inflation in General Equilibrium", Journal of Monetary Economics, 37, 29-47.
11. FREEMAN, S. and KYDLAND, F. E. (2000), "Monetary Aggregates and Output", American Economic Review, 90, 1125-1135.
12. IRELAND, P. N. (1994), "Money and Growth: An Alternative Approach", American Economic Review, 84, 47-65.
13. KHAN, A., KING, R. G. and WOLMAN, A. L. (2001), "The Pitfalls of Monetary Discretion" (Working Paper 01-08, Federal Reserve Bank of Richmond).
14. KYDLAND, F. E. and PRESCOTT, E. C. (1977), "Rules Rather than Discretion: the Inconsistency of Optimal Plans", Journal of Political Economy, 85, 473-491.
15. LACKER, J. M. and SCHREFT, S. L. (1996), "Money and Credit as Means of Payment", Journal of Monetary Economics, 38, 3-23.
16. LUCAS, R. E., Jr. and STOKEY, N. L. (1983), "Optimal Fiscal and Monetary Policy in an Economy Without Capital", Journal of Monetary Economics, 12, 55-93.
17. NEISS, K. S. (1999), "Discretionary Inflation in a General Equilibrium Model", Journal of Money, Credit, and Banking, 31, 357-374.
18. PERSSON, T. and TABELLINI, G. (1993), "Designing Institutions for Monetary Stability", Carnegie-Rochester Conference, Series on Public Policy, 39, 53-84.
19. SARGENT, T. J. (1999) The Conquest of American Inflation (Princeton, NJ: Princeton University Press).
20. SARGENT, T. J. and WALLACE, N. (1981), "Some Unpleasant Monetarist Arithmetic", Federal Reserve Bank of Minneapolis Quarterly Review, 5 (Fall), 1-17.
21. SCHREFT, S. L. (1992), "Welfare-Improving Credit Controls", Journal of Monetary Economics, 30, 57-72.
22. SVENSSON, L. E. O. (1985), "Money and Asset Prices in a Cash-in-Advance Economy", Journal of Political Economy, 93, 919-944.