메뉴 건너뛰기




Volumn 26, Issue 6, 2007, Pages 865-886

Central bank learning, terms of trade shocks and currency risk: Should only inflation matter for monetary policy?

Author keywords

Central bank learning; Parameterized expectations; Policy targets

Indexed keywords


EID: 34447546752     PISSN: 02615606     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jimonfin.2007.01.006     Document Type: Article
Times cited : (3)

References (36)
  • 1
    • 34447559002 scopus 로고    scopus 로고
    • Altig, D., Christiano, L.J., Eichenbaum, M., Linde, J., 2004. Firm specific capital, nominal rigidities, and the business cycle. NBER working paper no. 11034.
  • 2
    • 0003039020 scopus 로고    scopus 로고
    • Policy rules for open economies
    • Taylor J. (Ed), University of Chicago Press
    • Ball L. Policy rules for open economies. In: Taylor J. (Ed). Monetary Policy Rules (1999), University of Chicago Press 127-156
    • (1999) Monetary Policy Rules , pp. 127-156
    • Ball, L.1
  • 3
    • 0027599793 scopus 로고
    • Universal approximation bounds for superpositions of a sigmoidal function
    • Baron A.R. Universal approximation bounds for superpositions of a sigmoidal function. IEEE Transactions on Information Theory 39 (1993) 930-945
    • (1993) IEEE Transactions on Information Theory , vol.39 , pp. 930-945
    • Baron, A.R.1
  • 4
    • 0000184783 scopus 로고
    • Rational expectations equilibria, learning, and model specification
    • Bray M.M., and Savin N.E. Rational expectations equilibria, learning, and model specification. Econometrica 54 5 (1986) 1129-1160
    • (1986) Econometrica , vol.54 , Issue.5 , pp. 1129-1160
    • Bray, M.M.1    Savin, N.E.2
  • 5
    • 0036741810 scopus 로고    scopus 로고
    • Learning about monetary policy rules
    • Bullard J., and Mitra K. Learning about monetary policy rules. Journal of Monetary Economics 49 6 (2002) 1105-1129
    • (2002) Journal of Monetary Economics , vol.49 , Issue.6 , pp. 1105-1129
    • Bullard, J.1    Mitra, K.2
  • 6
    • 48749143178 scopus 로고
    • Staggered prices in a utility-maximizing framework
    • Calvo G.A. Staggered prices in a utility-maximizing framework. Journal of Monetary Economics 12 3 (1983) 383-398
    • (1983) Journal of Monetary Economics , vol.12 , Issue.3 , pp. 383-398
    • Calvo, G.A.1
  • 7
    • 34447560468 scopus 로고    scopus 로고
    • Campa, J.M., Goldberg, L.S., 2002. Exchange rate pass-through into import prices: a macro or micro phenomenon? NBER working paper no. 8934, Cambridge, MA.
  • 8
    • 34447501005 scopus 로고    scopus 로고
    • Christiano, L.J., 2000. Comment on Ben McCallum,'Theoretical analysis regarding a zero lower bound for nominal interest rates'. Unpublished working paper, Northwestern University, Evanston, IL.
  • 9
    • 34447543454 scopus 로고    scopus 로고
    • Christiano, L.J., Gust, C.J., 1999. Taylor rules in a limited participation model. NBER working paper no. 7017, Cambridge, MA.
  • 10
    • 34447529779 scopus 로고    scopus 로고
    • Nonlinear system identification by means of evolutionarily optimised neural networks
    • Quagliarella D., Periaux J., Poloni C., and Winter G. (Eds), John Wiley and Sons, Ltd., Chichester, England
    • De Falco I. Nonlinear system identification by means of evolutionarily optimised neural networks. In: Quagliarella D., Periaux J., Poloni C., and Winter G. (Eds). Genetic Algorithms and Evolution Strategy in Engineering and Computer Science: Recent Advances and Industrial Applications (1998), John Wiley and Sons, Ltd., Chichester, England 367-391
    • (1998) Genetic Algorithms and Evolution Strategy in Engineering and Computer Science: Recent Advances and Industrial Applications , pp. 367-391
    • De Falco, I.1
  • 12
    • 84916261527 scopus 로고
    • Solving the stochastic growth model by parameterizing expectations
    • Den Haan W., and Marcet A. Solving the stochastic growth model by parameterizing expectations. Journal of Business and Economic Statistics 8 1 (1990) 31-34
    • (1990) Journal of Business and Economic Statistics , vol.8 , Issue.1 , pp. 31-34
    • Den Haan, W.1    Marcet, A.2
  • 13
    • 0001094455 scopus 로고    scopus 로고
    • Approximating and simulating the stochastic growth model: parameterized expectations, neural networks and the genetic algorithm
    • Duffy J., and McNelis P.D. Approximating and simulating the stochastic growth model: parameterized expectations, neural networks and the genetic algorithm. Journal of Economic Dynamics and Control 25 9 (2001) 1273-1303
    • (2001) Journal of Economic Dynamics and Control , vol.25 , Issue.9 , pp. 1273-1303
    • Duffy, J.1    McNelis, P.D.2
  • 14
    • 0001532134 scopus 로고    scopus 로고
    • Optimal monetary policy with staggered wage and price contracts
    • Erceg C.J., Henderson D.W., and Levin A.T. Optimal monetary policy with staggered wage and price contracts. Journal of Monetary Economics 46 2 (2000) 281-313
    • (2000) Journal of Monetary Economics , vol.46 , Issue.2 , pp. 281-313
    • Erceg, C.J.1    Henderson, D.W.2    Levin, A.T.3
  • 15
    • 34447537263 scopus 로고    scopus 로고
    • Gali, J., Monacelli, T., 2002. Optimal monetary policy and exchange rate volatility in a small open economy. NBER working paper no. 8905, Cambridge, MA.
  • 16
    • 70350095643 scopus 로고    scopus 로고
    • Approximation, perturbation, and projection methods in economic analysis
    • Amman H.M., Kendrick D.A., and Rust J. (Eds), Elsevier Science B.V., Amsterdam, The Netherlands
    • Judd K.L. Approximation, perturbation, and projection methods in economic analysis. In: Amman H.M., Kendrick D.A., and Rust J. (Eds). Handbook of Computational Economics vol. I (1996), Elsevier Science B.V., Amsterdam, The Netherlands 509-585
    • (1996) Handbook of Computational Economics , vol.I , pp. 509-585
    • Judd, K.L.1
  • 17
    • 0041570075 scopus 로고    scopus 로고
    • Dynamics of open-economy business-cycle models: role of the discount factor
    • Kim S.H., and Kose M.A. Dynamics of open-economy business-cycle models: role of the discount factor. Macroeconomic Dynamics 7 2 (2003) 263-290
    • (2003) Macroeconomic Dynamics , vol.7 , Issue.2 , pp. 263-290
    • Kim, S.H.1    Kose, M.A.2
  • 18
    • 34447549609 scopus 로고    scopus 로고
    • Marcet, A., 1993. Simulation analysis of dynamic stochastic models: applications to theory and estimation. Working paper, Department of Economics, Universitat Pompeu Fabra.
  • 19
    • 34447512031 scopus 로고    scopus 로고
    • Marcet, A., 1988. Solving nonlinear models by parameterizing expectations. Working paper, Graduate School of Industrial Administration, Carnegie Mellon University.
  • 20
    • 2942724501 scopus 로고    scopus 로고
    • Recurrent hyperinflations and learning
    • Marcet A., and Nicolini J.P. Recurrent hyperinflations and learning. The American Economic Review 93 5 (2003) 1476-1498
    • (2003) The American Economic Review , vol.93 , Issue.5 , pp. 1476-1498
    • Marcet, A.1    Nicolini, J.P.2
  • 21
    • 23044521584 scopus 로고    scopus 로고
    • Theoretical analysis regarding a zero lower bound on nominal interest rates
    • McCallum B. Theoretical analysis regarding a zero lower bound on nominal interest rates. Journal of Money, Credit and Banking 32 4 (2000) 870-904
    • (2000) Journal of Money, Credit and Banking , vol.32 , Issue.4 , pp. 870-904
    • McCallum, B.1
  • 22
    • 4544320090 scopus 로고    scopus 로고
    • Credit, prices and crashes: business cycles with a sudden stop
    • Frankel J.A. (Ed), University of Chicago Press, Chicago, IL
    • Mendoza E.G. Credit, prices and crashes: business cycles with a sudden stop. In: Frankel J.A. (Ed). Preventing Currency Crises in Emerging Markets (2002), University of Chicago Press, Chicago, IL 335-392
    • (2002) Preventing Currency Crises in Emerging Markets , pp. 335-392
    • Mendoza, E.G.1
  • 23
    • 0028826968 scopus 로고
    • The terms of trade, the real exchange rate, and economic fluctuations
    • Mendoza E.G. The terms of trade, the real exchange rate, and economic fluctuations. International Economic Review 36 1 (1995) 101-137
    • (1995) International Economic Review , vol.36 , Issue.1 , pp. 101-137
    • Mendoza, E.G.1
  • 25
    • 34447518052 scopus 로고    scopus 로고
    • Rotemberg, J., Woodford, M., 1998. An optimization based econometric framework for the evaluation of monetary policy: expanded version. NBER technical working paper no. 233, Cambridge, MA.
  • 28
    • 34447516255 scopus 로고    scopus 로고
    • Schmitt-Grohé, S., Uribe, M., 2004. Optimal operational monetary policy in the Christiano-Eichenbaum-Evans model of the U.S. business cycle. Unpublished working paper, Duke University, Durham, NC.
  • 30
    • 34447499469 scopus 로고    scopus 로고
    • Taylor, J.B., 2000. Using monetary policy rules in emerging market economies. Unpublished working paper, Stanford University, Stanford, CA.
  • 31
    • 0033149338 scopus 로고    scopus 로고
    • The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank
    • Taylor J.B. The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank. Journal of Monetary Economics 43 3 (1999) 655-679
    • (1999) Journal of Monetary Economics , vol.43 , Issue.3 , pp. 655-679
    • Taylor, J.B.1
  • 34
    • 0001440755 scopus 로고
    • The welfare effects of the introduction of storage
    • Wright B.D., and Williams J.C. The welfare effects of the introduction of storage. Quarterly Journal of Economics 99 1 (1984) 169-192
    • (1984) Quarterly Journal of Economics , vol.99 , Issue.1 , pp. 169-192
    • Wright, B.D.1    Williams, J.C.2
  • 35
    • 84925980267 scopus 로고
    • The economic role of commodity storage
    • Wright B.D., and Williams J.C. The economic role of commodity storage. Economic Journal 92 367 (1982) 596-614
    • (1982) Economic Journal , vol.92 , Issue.367 , pp. 596-614
    • Wright, B.D.1    Williams, J.C.2
  • 36
    • 85121551758 scopus 로고
    • Time preference, the consumption function, and optimum asset holdings
    • Wolfe J.N. (Ed), University of Edinburgh Press, Edinburgh, Scotland
    • Uzawa H. Time preference, the consumption function, and optimum asset holdings. In: Wolfe J.N. (Ed). Value, Capital, and Growth: Papers in Honour of Sir John Hicks (1968), University of Edinburgh Press, Edinburgh, Scotland 485-504
    • (1968) Value, Capital, and Growth: Papers in Honour of Sir John Hicks , pp. 485-504
    • Uzawa, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.