Monetary policy in real time

NBER Macroeconomics Annual

Volumn 19, Issue , 2004, Pages 161-200

  Giannone, Domenico ^a   Reichlin, Lucrezia ^a,b   Sala, Luca ^c  

^a UNIVERSITÉ LIBRE DE BRUXELLES   (Belgium)

^b CEPR   (United Kingdom)

^c BOCCONI UNIVERSITY   (Italy)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 21244451040     PISSN: 08893365     EISSN: None     Source Type: Book Series    
DOI: 10.1086/ma.19.3585335     Document Type: Article

References (31)

1. Atekeson, A., and L. E. Ohanian. (2001). Are Phillips curves useful for forecasting inflation? Federal Reserve Bank of Minneapolis Quarterly Review 25:2-11.
2. Bai, J., and S. Ng. (2000). Determining the number of factors in approximate factor models. Econometrica 70:191-221.
3. Bernanke, B. S., and J. Boivin. (2003). Monetary policy in a data rich environment. Journal of Monetary Economics 50:525-546.
4. Blanchard, O. J., and D. Quah. (1989). The dynamic effects of aggregate demand and supply disturbances. American Economic Review 79:654-673.
5. Brayton, F., J. M. Roberts, and J. C. Williams. (1999). What's happened to the Phillips curve? Board of Governors of the Federal Reserve, Finance and Economics Discussion Series 1999/49.
6. Brillinger, D. R. (1981). Time Series: Data Analysis and Theory. San Francisco: Holden-Day.
7. Clarida, R., J. Galí, and M. Gertler. (2000). Monetary policy rules and macroeconomic stability: Evidence and some theory. Quarterly Journal of Economics 115:147-180.
8. Croushore, D., and T. Stark. (1999). A real-time data set for macroeconomists: Does the data vintage matter? Review of Economics and Statistics, forthcoming.
9. Diebold, F. X., and G. Rudebusch. (1991). Forecasting output with the composite leading index: A real-time analysis. Journal of the American Statistical Association 86:603-610.
10. Evans, C. L. (1998). Real-time Taylor rules and the federal funds futures market. Chicago Fed Economic Perspectives 2.
11. Forni, M., D. Giannone, M. Lippi, and L. Reichlin. (2004). Opening the black box: Identifying shocks and propagation mechanisms in VAR and factor models. www.dynfactors.org.
12. Forni, M., M. Hallin, M. Lippi, and L. Reichlin. (2000). The generalized factor model: Identification and estimation. The Review of Economics and Statistics 82:540-554.
13. Forni, M., M. Hallin, M. Lippi, and L. Reichlin. (2002). The generalized dynamic factor model: One-sided estimation and forecasting. CEPR Working Paper No. 3432.
14. Giannone, D., L. Reichlin, and L. Sala. (2002). Tracking Greenspan: Systematic and unsystematic monetary policy revisited. CEPR Working Paper No. 3550.
15. Goodfriend, M. (2002). The phases of U.S. monetary policy: 1987 to 2001. Economic Quarterly. Federal Reserve Bank of Richmond.
16. Orphanides, A. (2001). Monetary policy rules based on real-time data. American Economic Review 91:964-985.
17. Orphanides, A. (2003). Historical monetary policy analysis and the Taylor rule. Journal of Monetary Economics 50:983-1022.
18. Orphanides, A., R. D. Porter, D. L. Reifschneider, R. J. Tetlow, and F. Finan. (2000). Errors in the measurement of the output gap and the design of monetary policy. Journal of Economics and Business 52:117-141.
19. Orphanides, A., and S. Van Norden. (2002). The unreliability of output gap estimates in real time. The Review of Economics and Statistics 84:569-583.
20. Romer, C., and David H. Romer. (1994). What ends recessions? NBER Macroeconomics Annual 9:13-57.
21. Rudebusch, G. D. (2001). Term structure evidence on interest rate smoothing and monetary policy inertia. Journal of Monetary Economics 49:1161-1187.
22. Rudebusch, G. (2002). Assessing nominal income rules for monetary policy with model and data uncertainty. Economic Journal 12:402-432.
23. Sargent, T. J., and C. A. Sims. (1977). Business cycle modelling without pretending to have much a priori economic theory. In New Methods in Business Research, C. Sims (ed.). Minneapolis: Federal Reserve Bank of Minneapolis.
24. Soderlind, P., U. Soderstrom, and A. Vredin. (2003). Taylor rules and the predictability of interest rates. Sveriges Riksbank Workin Paper Series No. 247.
25. Staiger, D., J. H. Stock, and M. W. Watson. (1997). The NAIRU, unemployment, and monetary policy. Journal of Economic Perspectives 11:33-49.
26. Stock, J. H., and M. W. Watson. (1999). Forecasting inflation. Journal of Monetary Economics 44:293-335.
27. Stock, J. H., and M. W. Watson. (2002). Macroeconomic forecasting using diffusion indexes. Journal of Business and Economic Statistics 40:147-162.
28. Svensson, L. E. O. (2003). What is wrong with Taylor rules? Using judgment in monetary policy through targeting rules. Journal of Economic Literature 41:426-477.
29. Taylor, J. B. (1993). Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public Policy 39:195-214.
30. Taylor, J. B. (1999). Monetary policy rules. Chicago, IL: University of Chicago Press.
31. Uhlig, H. (2003). What moves real GDP? Humboldt University. Unpublished Manuscript.