Reaching inflation stability

Journal of Money, Credit and Banking

Volumn 36, Issue 4, 2004, Pages 801-825

  Moreno, Antonio ^a  

^a UNIVERSITY OF NAVARRA   (Spain)

Author keywords

Forward looking behavior; Inflation volatility; Monetary policy rule; Structural model

Indexed keywords

EID: 4544379866     PISSN: 00222879     EISSN: None     Source Type: Journal    
DOI: 10.1353/mcb.2004.0066     Document Type: Conference Paper

References (45)

1. Ahmed, Shaghil, Andrew Levin, and Beth Anne Wilson (2002). "Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?" International Finance Discussion Paper Series, Number 730. Washington, DC: Federal Reserve Board.
2. Andrews, Donald W.K., and Ray C. Fair (1988). "Inference in Nonlinear Econometric Models with Structural Change." Review of Economic Studies 55, 615-639.
3. Bai, Jushan, Robin L. Lumsdaine, and James H. Stock (1998). "Testing for and Dating Breaks in Stationary and Nonstationary Multivariate Time Series." Review of Economic Studies 65, 395-432.
4. Bernanke, Ben S., Mark Gertler, and Mark W. Watson (1997). "Systematic Monetary Policy and the Effects of Oil Price Shocks." Brooking Papers on Economic Activity, 91-142.
5. Bernanke, Ben S., and Ilian Mihov (1998). "Measuring Monetary Policy." Quarterly Journal of Economics CXIII, 869-902.
6. Blanchard, Olivier J., and John Simon (2001). "The Long and Large Decline in U.S. Output Volatility." MIT Department of Economics Working Paper No. 01-29.
7. Boivin, Jean, and Marc Giannoni (2002). "Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach." Economic Policy Review, 97-111.
8. Boivin, Jean, and Marc Giannoni (2003). "Has Monetary Policy Become More Effective?" NBER Working Paper No. 9459.
9. Boldrin, Michele, Lawrence J. Christiano, and Jonas Fisher (2001). "Asset Returns and the Business Cycle." American Economic Review 91, 149-166.
10. Calvo, Guillermo (1983). "Staggered Prices in a Utility Maximizing Framework." Journal of Monetary Economics 12, 383-398.
11. Cho, Seonghoon, and Antonio Moreno (2003). "A Structural Estimation and Interpretation of the New Keynesian Macro Model." Mimeo, Columbia University.
12. Clarida, Richard H., Jordi Galí, and Mark Gertler (1999). "The Science of Monetary Policy: A New Keynesian Perspective." Journal of Economic Literature 37, 1661-1707.
13. Clarida, Richard H., Jordi Galí, and Mark Gertler (2000). "Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory." Quarterly Journal of Economics 115, 147-180.
14. Cogley, Timothy, and Thomas J. Sargent (2002). "Drifts and Volatilities: Monetary Policies and Outcomes in the Post WW II U.S." Mimeo, New York University.
15. Dotsey, Michael, Robert G. King, and Alexander L. Wolman (1999). "State-Dependent Pricing and the Dynamics of Business Cycles." Quarterly Journal of Economics CXIV, 655-690.
16. Estrella, Arturo, and Jeffrey C. Fuhrer (1999). "Are Deep Parameters Stable? The Lucas Critique as an Empirical Hypothesis." Federal Reserve Bank of New York Working Paper.
17. Farmer, Roger E. A., and Jang-Ting Guo (1994). "Real Business Cycles and the Animal Spirits Hypothesis." Journal of Economic Theory 63, 42-72.
18. Feldstein, Martin (1997). "The Costs and Benefits of Going from Low Inflation to Price Stability." In Reducing Inflation: Motivation and Strategy, edited by Christina D. Romer, and David H. Romer, pp. 123-156. Chicago: University of Chicago Press.
19. Fischer, Stanley (1981). "Towards an Understanding of the Costs of Inflation:II." Carnegie-Rochester Conference Series on Public Policy 15, 5-42.
20. Friedman, Milton (1977). "Inflation and Unemployment." Journal of Political Economy 85, 451-472.
21. Fuhrer, Jeffrey C. (2000). "Habit Formation in Consumption and its Implications for Monetary-Policy Models." American Economic Review 90, 367-389.
22. Galí, Jordi, and Mark Gertler (1999). "Inflation Dynamics." Journal of Monetary Economics 44, 195-222.
23. Ireland, Peter N. (2001). "Sticky-Price Models of the Business Cycle: Specification and Stability." Journal of Monetary Economics 47, 3-18.
24. Kim, Jinill (2000). "Constructing and Estimating a Realistic Optimizing model of Monetary Policy." Journal of Monetary Economics 45, 329-359.
25. Klein, Paul (2000). "Using the Generalized Schur Form to Solve a Multivariate Linear Rational Expectations Model." Journal of Economic Dynamics and Control 24, 1405-1423.
26. Leeper, Eric M., and Jennifer E. Roush (2002). "Putting M Back In Monetary Policy." Mimeo, Indiana University.
27. Leeper, Eric M., and Tao Zha (2000). "Assessing Simple Policy Rules: A View from a Complete Macro Model." Federal Reserve Bank of Atlanta Working Paper No. 19.
28. Lubik, Thomas A., and Frank Schorfheide (2002). "Testing for Indeterminacy: An Application to U.S. Monetary Policy." Mimeo, University of Pennsylvania.
29. Lucas, Robert E. (2000). "Inflation and Welfare." Econometrica 68, 247-374.
30. Maddala, G. S., and In-Moo Kim (1998). Unit Roots, Cointegration, and Structural Change. Cambridge: Cambridge University Press.
31. McConnell, Margaret, and Gabriel Pérez Quirós (2000). "Output Fluctuations in the United States: What has Changed Since the Early 1980s." American Economic Review 90, 1464-1476.
32. Moreno, Antonio (2003). "A Macro Model for the U.S. Economy: An Appendix." Mimeo, Universidad de Navarra.
33. Nelson, Edward, and Kalin Nikolov (2002). "Monetary Policy and Stagflation in the UK." Mimeo, Bank of England.
34. Okun, Arthur (1971). "The Mirage of Steady Inflation." Brooking Papers on Economic Activity 2, 435-498.
35. Orphanides, Athanasios, and Richard Porter (1998). "P* Revisited: Money-Based Inflation Forecasts with a Changing Equilibrium Velocity." Finance and Economics Discussion Paper Series, 1998-26. Washington, DC: Federal Reserve Board.
36. Rotemberg, Julio J., and Michael Woodford (1998). "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version." NBER Working Paper No. T0233.
37. Rudebusch, Glenn D. (2004). "Assessing the Lucas Critique in Monetary Policy Models." Journal of Money, Credit, and Banking, forthcoming.
38. Simon, John (2000). "The Longer Boom." Ph.D. Thesis, MIT.
39. Sims, Christopher A. (1999). "Drifts and Breaks in Monetary Policy." Mimeo, Princeton University.
40. Sims, Christopher A. (2002). "Solving Linear Rational Expectations Models." Computational Economics 20, 1-20.
41. Sims, Christopher A., and Tao Zha (2002). "Macroeconomic Switching." Mimeo, Princeton University.
42. Smets, Frank (2000). "What Horizon for Price Stability." ECB Working Paper No. 24.
43. Stock, James H., and Mark W. Watson (2002). "Has the Business Cycle Changed and Why?" In NBER Macroeconomics Annual, edited by Mark Gertler and Ken Rogoff. Cambridge, MA: MIT Press.
44. Taylor, John B. (1981). "On the Relation Between the Variability of Inflation and the Average Inflation Rate." Carnegie-Rochester Conference Series on Public Policy 15, 57-86.
45. Woodford, Michael (2003). "Interest and Prices: Foundations of a Theory of Monetary Policy." Chapter 3. Princeton, NJ: Princeton University Press.