Monetary policy for inattentive economies

Journal of Monetary Economics

Volumn 52, Issue 4 SPEC. ISS., 2005, Pages 703-725

  Ball, Laurence ^a   Gregory Mankiw, N ^b   Reis, Ricardo ^c  

^a JOHNS HOPKINS UNIVERSITY   (United States)

^b HARVARD UNIVERSITY   (United States)

^c PRINCETON UNIVERSITY   (United States)

Author keywords

Monetary policy; Phillips curve; Price level targeting; Sticky information

Indexed keywords

EID: 20444432745     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2005.03.002     Document Type: Article

References (38)

1. G. Akerlof Behavioral macroeconomics and macroeconomic behavior American Economic Review 92 2002 411-433
2. G. Alogoskoufis R. Smith The Phillips curve, the persistence of inflation and the Lucas critique evidence from exchange rate regimes American Economic Review 81 1991 1254-1275
3. L. Ball Credible disinflation with staggered price setting American Economic Review 84 1994 282-289
4. L. Ball Efficient rules for monetary policy International Finance 2 1999 63-83
5. Ball, L., 2000. Near rationality and inflation in two monetary regimes. NBER Working Paper No. 7988.
6. L. Ball N.G. Mankiw Relative-price changes as aggregate supply shocks Quarterly Journal of Economics 110 1995 161-193
7. Ball, L., Mankiw, N.G., Reis, R., 2003. Monetary policy for inattentive economies. NBER Working Paper No. 9491.
8. R. Barsky The Fisher hypothesis and the forecastability and persistence of inflation Journal of Monetary Economics 19 1987 3-24
9. G.A. Calvo Staggered prices in a utility maximizing framework Journal of Monetary Economics 12 1983 383-398
10. R. Clarida J. Gali M. Gertler The science of monetary policy a new Keynesian perspective Journal of Economic Literature 37 1999 1661-1707
11. R. Clarida J. Gali M. Gertler A simple framework for international monetary policy analysis Journal of Monetary Economics 49 2002 879-904
12. Cover, J.P., Pecorino, P., 2001. Price and output stability under price level targeting. University of Alabama Working Paper WP01-05-01.
13. T.M. Cover J.A. Thomas Elements of Information Theory 1991 Wiley New York
14. S. Fischer Long-term contracts, rational expectations, and the optimal money supply rule Journal of Political Economy 85 1977 191-205
15. M. Friedman The role of monetary policy American Economic Review 58 1968 1-17
16. X. Gabaix D. Laibson The 6D bias and the equity premium puzzle NBER Macroeconomics Annual 2001 2002 257-311
17. J. Gali M. Gertler Inflation dynamics: A structural econometric investigation Journal of Monetary Economics 44 1999 195-222
18. M. Goodfriend R. King The new neoclassical synthesis and the role of monetary policy NBER Macroeconomics Annual 1997 1997 231-283
19. R. Gordon The time-varying NAIRU and its implications for monetary policy Journal of Economic Perspectives 11 1997 11-32
20. Hall, R.E., 1984. Monetary strategy with an elastic price standard. Price Stability and Public Policy: A Symposium Sponsored by the Federal Reserve Bank of Kansas City. Federal Reserve Bank of Kansas City, Jackson Hole.
21. R.E. Hall N.G. Mankiw Nominal income targeting In: N.G. Mankiw (Ed.) Monetary Policy 1994 University of Chicago Press Chicago
22. R.G. King A.L. Wolman What should monetary policy do if prices are sticky? In: J.B. Taylor (Ed.) Monetary Policy Rules 1999 University of Chicago Press Chicago 349-404
23. R.E. Lucas Some international evidence on output-inflation trade-offs American Economic Review 63 1973 326-334
24. N.G. Mankiw The inexorable and mysterious tradeoff between inflation and unemployment Economic Journal 111 2001 C45-C61
25. N.G. Mankiw R. Reis Sticky information versus sticky prices: A proposal to replace the new Keynesian phillips curve Quarterly Journal of Economics 117 2002 1295-1328
26. D. Romer Advanced Macroeconomics Second ed 2001 McGraw-Hill Boston
27. J.J. Rotemberg Monopolistic price adjustment and aggregate output Review of Economic Studies 44 1982 517-531
28. J.J. Rotemberg M. Woodford An optimization-based econometric framework for the evaluation of monetary policy NBER Macroeconomics Annual 1997 1997 297-346
29. T. Sargent Bounded Rationality in Macroeconomics 1993 Oxford University Press Oxford
30. C.A. Sims Implications of rational inattention Journal of Monetary Economics 50 2003 665-690
31. D. Staiger J.H. Stock M.W. Watson The NAIRU, unemployment, and monetary policy Journal of Economic Perspectives 11 1997 33-51
32. J. Steinsson Optimal monetary policy in an economy with inflation persistence Journal of Monetary Economics 50 2003 1425-1456
33. L.E.O. Svensson Inflation forecast targeting: Implementing and monitoring inflation targets European Economic Review 41 1997 1111-1146
34. L.E.O. Svensson Price level targeting vs. inflation targeting a free lunch? Journal of Money, Credit and Banking 31 1999 277-295
35. J.B. Taylor Aggregate dynamics and staggered contracts Journal of Political Economy 88 1980 1-22
36. Vestin, D., 1999. Price level targeting versus inflation targeting in a forward looking model. Stockholm University, Unpublished.
37. M. Woodford Imperfect common knowledge and the effects of monetary policy. In: P. Aghion R. Frydman J. Stiglitz M. Woodford (Eds.) Knowledge, Information, and Expectations in Modern Macroeconomics In Honor of Edmund S. Phelps 2003 Princeton University Press Princeton 25-58
38. M. Woodford Interest and Prices 2003 Princeton University Press Princeton