The effectiveness of monetary policy

Federal Reserve Bank of St. Louis Review

Volumn 89, Issue 5, 2007, Pages 447-489

  Rasche, Robert H ^a   Williams, Marcela M ^a  

^a FEDERAL RESERVE BANK OF ST LOUIS   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 35048900605     PISSN: 00149187     EISSN: None     Source Type: Journal    
DOI: 10.20955/r.89.447-490     Document Type: Review

References (59)

1. AFX Asia. "Santomero: Fed Should Adopt Explicit Inflation Target." October 4, 2004.
2. Anderson, Leonall C. and Carlson, Keith. "A Monetarist Model for Economic Stabilization." Federal Reserve Bank of St. Louis Review, April 1970, 52(4), pp. 7-25.
3. Anderson, Leonall C. and Jordan, Jerry L. "Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization." Federal Reserve Bank of St. Louis Review, November 1968, 50(11), pp. 11-24.
4. Bernanke, Ben S. "Alternative Explanations of the Money-Income Correlation." Carnegie-Rochester Conference Series on Public Policy, Autumn 1986, 25, pp. 49-99.
5. Brunner, Karl and Meltzer, Allan H. "What Did We Learn from the Monetary Experience of the United States in the Great Depression?" Canadian Journal of Economics, May 1968, 1(2), pp. 324-48; reprinted in A.H. Meltzer, Money, Credit and Policy. Northampton: Edward Elgar, 1995, pp. 104-18.
6. Cagan, Phillip. "Money-Income Causality - A Critical Review of the Literature Since A Monetary History," in M.D. Bordo, ed., Money, History and International Finance: Essays in Honor of Anna J. Schwartz. Chicago: University of Chicago Press, 1989, pp. 117-51.
7. Calvo, Guillermo A. "Staggered Prices in a Utility-Maximizing Framework." Journal of Monetary Economics, September 1983, 12(3), pp. 383-98.
8. Christiano, Lawrence J.; Eichenbaum, Martin and Evans, Charles L. "Monetary Policy Shocks: What Have We Learned and to What End?" in J.B. Taylor and M. Woodford, eds., Handbook of Macro-economics. Volume 1A. Amsterdam: Elsevier, 1999, pp. 65-148.
9. Clarida, Richard; Galí, Jordi and Gertler, Mark. "The Science of Monetary Policy: A New Keynesian Perspective." Journal of Economic Literature, December 1999, 37(4), pp. 1661-707.
10. Council of Economic Advisers. Economic Report of the President. Washington, DC: 1962, 1963, 1975.
11. Derby, Michael. Dow Jones Commodity Wire report of Ben S. Bernanke's remarks at Stanford University, February 11, 2005.
12. Fischer, Stanley. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule." Journal of Political Economy, February 1977, 85(1), pp. 191-205.
13. Federal Open Market Committee. Transcripts, Minutes, and Press Releases. Various dates.
14. Federal Reserve Bank of Boston. Housing and Monetary Policy. Conference Series, Number 4, October 1970.
15. Friedman, Milton and Meiselman, David. "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897-1958," in Milton Friedman et al., eds., Stabilization Policies. Englewood Cliffs, NJ: Prentice-Hall, 1963.
16. Friedman, Milton and Schwartz, Anna J. A Monetary History of the United States: 1867-1960. Princeton: Princeton University Press, 1963.
17. Fry, Maxwell; Julius, Deanne; Mahadeva, Lavan; Roger, Sandra and Sterne, Gabriel. "Key Issues in the Choice of Monetary Policy Framework," in L. Mahadeva and G. Sterne, eds., Monetary Policy Frameworks in a Global Context. London: Routledge, 2000.
18. Gavin, William T. and Mandal, Rachel J. "Forecasting Inflation and Growth: Do Private Forecasts Match Those of Policymakers?" Federal Reserve Bank of St. Louis Review, May/June 2001, 83(3), pp. 11-19
19. Gavin William T. and Mandal, Rachel J. "Evaluating FOMC Forecasts." International Journal of Forecasting, 2003, 19(4), pp. 655-67.
20. Goodfriend, Marvin "Inflation Targeting in the United States?" in Bernanke, B.S. and M. Woodford, The Inflation-Targeting Debate. Chicago: University of Chicago, 2005, pp. 311-37.
21. Grebler, Leo and Maisel, Sherman J. "Determinants of Residential Construction: A Review of Present Knowledge," in Commission on Money and Credit, Impacts of Monetary Policy. Englewood Cliffs, NJ: Prentice-Hall, 1963, pp. 475-620.
22. King, Mervyn. "No Money, No Inflation - The Role of Money in the Economy." Bank of England Quarterly Bulletin, Summer 2002, 42(2), pp. 162-77.
23. Kohn, Donald L. "Comment," in B.S. Bernanke and M. Woodford, eds., The Inflation-Targeting Debate. Chicago: University of Chicago, 2005, pp. 337-50.
24. Lacker, Jeffrey M. "Inflation Targeting and the Conduct of Monetary Policy." Presented at the University of Richmond Robins School of Business, March 1, 2005; www.rich.frb.org/media/speeches/index.cfm/id=70.
25. Levin, Andrew T.; Natalucci, Fabio N. and Piger, Jeremy M. "The Macroeconomic Effects of Inflation Targeting." Federal Reserve Bank of St. Louis Review, July/August 2004, 86(4), pp. 51-80.
26. Lindsey, David E.; Orphanides, Athanasios and Rasche, Robert H. "The Reform of October 1979: How It Happened and Why." Federal Reserve Bank of St. Louis Review, March/April 2005, 87(2, Part 2), pp. 187-236.
27. Liederman, Leonardo and Svensson, Lars E.O. Inflation Targets. London: Centre for Economic Policy Research, 1995.
28. Loayza, Norman V. and Soto, Raimundo, eds. Inflation Targeting: Design, Performance, Challenges. Series on Central Banking, Analysis, and Economic Policies. Santiago: Central Bank of Chile, 2002.
29. McCallum, Bennett T. "Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations." Journal of Monetary Economics, November 1981, 8(3), pp. 319-29.
30. McCallum, Bennett T. and Nelson, Edward. "Targeting vs. Instrument Rules For Monetary Policy." Working Paper 2004-011A, Federal Reserve Bank of St. Louis, June 2004.
31. Meltzer, Allan H. "Monetary and other Explanations of the Start of the Great Depression." Journal of Monetary Economics, November 1976, 2(4), pp. 455-71; reprinted in A.H. Meltzer, Money, Credit and Policy. Northampton: Edward Elgar, 1995, pp. 119-35.
32. Meltzer, Allan H. A History of the Federal Reserve System, Volume 1: 1913-1951. Chicago: University of Chicago, 2003.
33. Meyer, Laurence H. "Practical Problems and Obstacles to Inflation Targeting." Federal Reserve Bank of St. Louis Review, July/August 2004, 86(4), pp. 151-60.
34. Mishkin, Frederic and Schmidt-Hebbel, Klaus. "A Decade of Inflation Targeting in the World," in Inflation Targeting: Design, Performance, Challenges. Series on Central Banking, Analysis, and Economic Policies. Santiago: Central Bank of Chile, 2002, pp. 171-219.
35. Morande, Felipe. "A Decade of Inflation Targeting in Chile," in Inflation Targeting: Design, Performance, Challenges. Series on Central Banking, Analysis, and Economic Policies. Santiago: Central Bank of Chile, 2002, pp. 583-626.
36. Orphanides, Athanasios. "Monetary Policy Rules Based on Real-Time Data." American Economic Review, September 2001, 91(4), pp. 964-85.
37. Orphanides, Athanasios. "Monetary Policy Rules and the Great Inflation." American Economic Review, May 2002, 92(2), pp. 115-20.
38. Orphanides, Athanasios and van Norden, Simon. "The Unreliability of Output Gap Estimates in Real Time." Review of Economics and Statistics, November 2002, 84(4), pp. 569-83.
39. Poole, William. "The Role of Anecdotal Information in Fed Policymaking." Presented at Washington University in St. Louis, February 13, 2002; http://stlouisfed.org/news/speeches/2002/02_13_02.html.
40. Poole, William. "FOMC Transparency." Federal Reserve Bank of St. Louis Review, January/February 2005a, 87(1), pp. 1-9.
41. Poole, William. "How Should the Fed Communicate?" Presented at Princeton University, April 2, 2005b; http://stlouisfed.org/news/speeches/2005/ 4_02_05.htm.
42. Radcliffe, G.B.E. "Committee on the Working of the Monetary System: Report." London: Her Majesty's Stationary Office, August 1959.
43. Reuters News. "Fed's Yellen Says Inflation Target Has Some Merit." February 11, 2005.
44. Romer, Christina D. and Romer, David H. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz." NBER Macroeconomics Annual 1989, 1989, pp. 121-70.
45. Romer, Christina D. and Romer, David H. "A Rehabilitation of Monetary Policy in the 1950s." American Economic Review, May 2002a, 92(2), pp. 121-27.
46. Romer, Christina D. and Romer, David H. "The Evolution of Economic Understanding and Postwar Stabilization Policy." Proceedings of the symposium, "Rethinking Stabilization Policy" sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 29-31, 2002b; www.kansascityfed.org/Publicat/Sympos/2002/sym02prg.htm.
47. Schreft, Stacey L. "Credit Controls: 1980." Federal Reserve Bank of Richmond Economic Review, November/December 1990, 76(6), pp. 25-55.
48. Sargent, Thomas J. and Wallace, Neil. "'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule." Journal of Political Economy, April 1975, 83(2), pp. 241-54.
49. Sims, Christopher A. "Macroeconomics and Reality." Econometrica, January 1980, 48(1), pp. 1-48.
50. Sims, Christopher A. "Are Forecasting Models Usable for Policy Analysis?" Federal Reserve Bank of Minneapolis Quarterly Review, Winter 1986, 10, pp. 2-16.
51. Stock, James H. and Watson, Mark W. "Has the Business Cycle Changed: Evidence and Explanations." Proceedings of the symposium, "Monetary Policy and Uncertainty: Adapting to a Changing Environment," sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 28-30, 2003; www.kansascityfed.org/Publicat/Sympos/2003/pdf/Stockwatson2003.pdf.
52. Svensson, Lars E.O. "Commentary," Federal Reserve Bank of St. Louis Review, July/August 2004, 86(4), pp. 161-4.
53. Svensson, Lars E.O. "Targeting versus Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?" Federal Reserve Bank of St. Louis Review, September/October 2005, 87(5), pp. 613-25.
54. Taylor, John B. "Aggregate Dynamics and Staggered Contracts." Journal of Political Economy, February 1980, 88, pp. 1-23.
55. Taylor, John B. "Discretion Versus Rules in Practice." Carnegie-Rochester Conference Series on Public Policy, December 1993, 39, pp. 195-214.
56. Thornton, Daniel T. and Wheelock, David C. "A History of the Asymmetric Policy Directive." Federal Reserve Bank of St. Louis Review, September/October 2000, 82(5), pp. 1-16.
57. Von Hagen, Juergen. "Hat die Geldmenge ausgedient?" Perspektiven der Wirtschaftspolitik, November 2004, 5(4), pp. 423-53.
58. Wold, H.O.A. "Causality and Econometrics," Econometrica, April 1954, 22(2), pp. 162-77.
59. Wold, H.O.A. "A Generalization of Causal Chain Models." Econometrica, 1960, 25(2), pp. 443-62.