메뉴 건너뛰기




Volumn 54, Issue 5 SPEC. ISS., 2007, Pages 1406-1435

Robust monetary policy with imperfect knowledge

Author keywords

Learning; Natural rate misperceptions; Rational expectations

Indexed keywords


EID: 34547651289     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2007.06.005     Document Type: Article
Times cited : (136)

References (47)
  • 1
    • 16244412937 scopus 로고    scopus 로고
    • Did the great inflation occur despite policy-maker commitment to a Taylor rule?
    • Bullard J., and Eusepi S. Did the great inflation occur despite policy-maker commitment to a Taylor rule?. Review of Economic Dynamics 8 2 (2005) 324-359
    • (2005) Review of Economic Dynamics , vol.8 , Issue.2 , pp. 324-359
    • Bullard, J.1    Eusepi, S.2
  • 3
    • 0009401749 scopus 로고    scopus 로고
    • Cogley, T., Sargent, T., 2001. Evolving post-world war II US inflation dynamics. In: NBER Macroeconomics Annual.
  • 4
    • 34547705862 scopus 로고    scopus 로고
    • Collard, F., Dellas, H., 2004. The great inflation of the 1970s. European Central Bank Working Paper 336, April.
  • 5
    • 34547712865 scopus 로고    scopus 로고
    • Congressional Budget Office, 2001. CBO's Method for Estimating Potential Output: An Update. Government Printing Office, Washington, DC (August).
  • 6
    • 34547713629 scopus 로고    scopus 로고
    • Congressional Budget Office, 2002. The Budget and Economic Outlook: An Update. Government Printing Office, Washington DC (August).
  • 7
    • 34547719788 scopus 로고    scopus 로고
    • Croushore, D., 1993. Introducing: the survey of professional forecasters. Federal Reserve Bank of Philadelphia Business Review, November/December, pp. 3-13.
  • 8
    • 0000824401 scopus 로고    scopus 로고
    • A real-time data set for macroeconomists
    • Croushore D., and Stark T. A real-time data set for macroeconomists. Journal of Econometrics 105 (2001) 111-130
    • (2001) Journal of Econometrics , vol.105 , pp. 111-130
    • Croushore, D.1    Stark, T.2
  • 9
    • 27244436919 scopus 로고    scopus 로고
    • Endogenous monetary policy with unobserved potential output
    • Cukierman A., and Lippi F. Endogenous monetary policy with unobserved potential output. Journal of Economic Dynamics and Control 29 11 (2005) 1951-1983
    • (2005) Journal of Economic Dynamics and Control , vol.29 , Issue.11 , pp. 1951-1983
    • Cukierman, A.1    Lippi, F.2
  • 11
    • 0002135844 scopus 로고
    • The role of monetary policy
    • Friedman M. The role of monetary policy. American Economic Review 58 1 (1968) 1-17
    • (1968) American Economic Review , vol.58 , Issue.1 , pp. 1-17
    • Friedman, M.1
  • 12
    • 0036626478 scopus 로고    scopus 로고
    • Monetary policy, price stability and output gap stabilisation
    • (Summer)
    • Gaspar V., and Smets F. Monetary policy, price stability and output gap stabilisation. International Finance 5 2 (2002) 193-211 (Summer)
    • (2002) International Finance , vol.5 , Issue.2 , pp. 193-211
    • Gaspar, V.1    Smets, F.2
  • 13
    • 34547710516 scopus 로고    scopus 로고
    • Gaspar, V., Smets, F., Vestin, D., 2006. Adaptive learning, persistence, and optimal monetary policy. ECB Working Paper, June.
  • 14
    • 27844506479 scopus 로고    scopus 로고
    • Optimal inflation targeting rules
    • Bernanke B., and Woodford M. (Eds), University of Chicago Press, Chicago
    • Giannoni M.P., and Woodford M. Optimal inflation targeting rules. In: Bernanke B., and Woodford M. (Eds). The Inflation Targeting Debate (2005), University of Chicago Press, Chicago
    • (2005) The Inflation Targeting Debate
    • Giannoni, M.P.1    Woodford, M.2
  • 16
    • 33748539033 scopus 로고    scopus 로고
    • Simple monetary policymaking without the output gap
    • Leitemo K., and Lonning I. Simple monetary policymaking without the output gap. Journal of Money, Credit and Banking 38 6 (2006) 1619-1640
    • (2006) Journal of Money, Credit and Banking , vol.38 , Issue.6 , pp. 1619-1640
    • Leitemo, K.1    Lonning, I.2
  • 17
    • 0000695088 scopus 로고    scopus 로고
    • Robustness of simple monetary policy rules under model uncertainty
    • Taylor J.B. (Ed), University of Chicago, Chicago
    • Levin A., Wieland V., and Williams J. Robustness of simple monetary policy rules under model uncertainty. In: Taylor J.B. (Ed). Monetary Policy Rules (1999), University of Chicago, Chicago
    • (1999) Monetary Policy Rules
    • Levin, A.1    Wieland, V.2    Williams, J.3
  • 18
    • 0041724789 scopus 로고    scopus 로고
    • The performance of forecast-based policy rules under model uncertainty
    • Levin A., Wieland V., and Williams J. The performance of forecast-based policy rules under model uncertainty. American Economic Review 93 3 (2003) 622-645
    • (2003) American Economic Review , vol.93 , Issue.3 , pp. 622-645
    • Levin, A.1    Wieland, V.2    Williams, J.3
  • 19
    • 0042074501 scopus 로고    scopus 로고
    • Robust monetary policy with competing reference models
    • Levin A., and Williams J. Robust monetary policy with competing reference models. Journal of Monetary Economics 50 (2003) 945-975
    • (2003) Journal of Monetary Economics , vol.50 , pp. 945-975
    • Levin, A.1    Williams, J.2
  • 23
    • 0038413858 scopus 로고    scopus 로고
    • Monetary policy evaluation with noisy information
    • Orphanides A. Monetary policy evaluation with noisy information. Journal of Monetary Economics 50 3 (2003) 605-631
    • (2003) Journal of Monetary Economics , vol.50 , Issue.3 , pp. 605-631
    • Orphanides, A.1
  • 24
    • 0038521546 scopus 로고    scopus 로고
    • The quest for prosperity without inflation
    • Orphanides A. The quest for prosperity without inflation. Journal of Monetary Economics 50 3 (2003) 633-663
    • (2003) Journal of Monetary Economics , vol.50 , Issue.3 , pp. 633-663
    • Orphanides, A.1
  • 25
    • 0042575527 scopus 로고    scopus 로고
    • Historical monetary policy analysis and the Taylor rule
    • Orphanides A. Historical monetary policy analysis and the Taylor rule. Journal of Monetary Economics 50 5 (2003) 983-1022
    • (2003) Journal of Monetary Economics , vol.50 , Issue.5 , pp. 983-1022
    • Orphanides, A.1
  • 26
  • 28
    • 16244400138 scopus 로고    scopus 로고
    • Inflation scares and forecast-based monetary policy
    • Orphanides A., and Williams J.C. Inflation scares and forecast-based monetary policy. Review of Economic Dynamics 8 2 (2005) 498-527
    • (2005) Review of Economic Dynamics , vol.8 , Issue.2 , pp. 498-527
    • Orphanides, A.1    Williams, J.C.2
  • 29
    • 27144460087 scopus 로고    scopus 로고
    • The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations
    • Orphanides A., and Williams J.C. The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations. Journal of Economic Dynamics and Control 29 11 (2005) 1927-1950
    • (2005) Journal of Economic Dynamics and Control , vol.29 , Issue.11 , pp. 1927-1950
    • Orphanides, A.1    Williams, J.C.2
  • 30
    • 33846906704 scopus 로고    scopus 로고
    • Imperfect knowledge, inflation expectations and monetary policy
    • Bernanke B., and Woodford M. (Eds), University of Chicago Press, Chicago
    • Orphanides A., and Williams J.C. Imperfect knowledge, inflation expectations and monetary policy. In: Bernanke B., and Woodford M. (Eds). The Inflation Targeting Debate (2005), University of Chicago Press, Chicago
    • (2005) The Inflation Targeting Debate
    • Orphanides, A.1    Williams, J.C.2
  • 31
    • 34547695591 scopus 로고    scopus 로고
    • Inflation targeting under imperfect knowledge
    • Mishkin F., and Schmidt-Hebbel K. (Eds), Central Bank of Chile, Santiago
    • Orphanides A., and Williams J.C. Inflation targeting under imperfect knowledge. In: Mishkin F., and Schmidt-Hebbel K. (Eds). Monetary Policy Under Inflation Targeting (2007), Central Bank of Chile, Santiago
    • (2007) Monetary Policy Under Inflation Targeting
    • Orphanides, A.1    Williams, J.C.2
  • 33
    • 34547715756 scopus 로고    scopus 로고
    • Phillips, A.W., 1954. Stabilisation policy in a closed economy. Economic Journal June, 290-323.
  • 34
    • 0001852143 scopus 로고    scopus 로고
    • Interest rate rules in an estimated sticky price model
    • Taylor J.B. (Ed), University of Chicago Press, Chicago
    • Rotemberg J.J., and Woodford M. Interest rate rules in an estimated sticky price model. In: Taylor J.B. (Ed). Monetary Policy Rules (1999), University of Chicago Press, Chicago 57-119
    • (1999) Monetary Policy Rules , pp. 57-119
    • Rotemberg, J.J.1    Woodford, M.2
  • 36
    • 34547716591 scopus 로고    scopus 로고
    • Sheridan, N., 2003. Forming Inflation Expectations, Mimeo, Johns Hopkins University, April.
  • 37
    • 0141799948 scopus 로고    scopus 로고
    • Maintaining price stability: how long is the medium term?
    • Smets F. Maintaining price stability: how long is the medium term?. Journal of Monetary Economics 50 6 (2003) 1293-1309
    • (2003) Journal of Monetary Economics , vol.50 , Issue.6 , pp. 1293-1309
    • Smets, F.1
  • 38
    • 0002156825 scopus 로고    scopus 로고
    • How precise are estimates of the natural rate of unemployment?
    • Romer C.D., and Romer D.H. (Eds), University of Chicago Press, Chicago
    • Staiger D., Stock J.H., and Watson M.W. How precise are estimates of the natural rate of unemployment?. In: Romer C.D., and Romer D.H. (Eds). Reducing Inflation. Motivation and Strategy (1997), University of Chicago Press, Chicago 195-246
    • (1997) Reducing Inflation. Motivation and Strategy , pp. 195-246
    • Staiger, D.1    Stock, J.H.2    Watson, M.W.3
  • 40
    • 34547696297 scopus 로고    scopus 로고
    • Taylor, J.B. (Ed.), 1999a. Monetary Policy Rules. University of Chicago, Chicago.
  • 41
    • 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
  • 42
    • 34547719787 scopus 로고    scopus 로고
    • van Norden, S., 2002. Filtering for current analysis. Bank of Canada Working Paper 2002-28, October.
  • 43
    • 34547718998 scopus 로고    scopus 로고
    • Walsh, C., 2003. Implications of a changing economic structure for the strategy of monetary policy. In: Monetary Policy and Uncertainty: Adapting to a Changing Economy. Federal Reserve Bank of Kansas City.
  • 44
    • 34547714393 scopus 로고    scopus 로고
    • Williams, J.C., 2003. Simple rules for monetary policy. Federal Reserve Bank of San Francisco Review 1-12.
  • 45
    • 34547694834 scopus 로고    scopus 로고
    • Robust estimation and monetary policy with unobserved structural change
    • Faust J., Orphanides A., and Reifschneider D.L. (Eds), Board of Governors of the Federal Reserve System, Washington
    • Williams J.C. Robust estimation and monetary policy with unobserved structural change. In: Faust J., Orphanides A., and Reifschneider D.L. (Eds). Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter and Peter Tinsley (2005), Board of Governors of the Federal Reserve System, Washington
    • (2005) Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter and Peter Tinsley
    • Williams, J.C.1
  • 47
    • 0002967545 scopus 로고
    • Twenty-two years of the NBER-ASA quarterly economic outlook surveys: aspects and comparisons of forecasting performance
    • Stock J.H., and Watson M.W. (Eds), University of Chicago Press, Chicago
    • Zarnowitz V., and Braun P.A. Twenty-two years of the NBER-ASA quarterly economic outlook surveys: aspects and comparisons of forecasting performance. In: Stock J.H., and Watson M.W. (Eds). Business Cycles, Indicators, and Forecasting (1993), University of Chicago Press, Chicago 11-84
    • (1993) Business Cycles, Indicators, and Forecasting , pp. 11-84
    • Zarnowitz, V.1    Braun, P.A.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.