메뉴 건너뛰기




Volumn 33, Issue 3, 2009, Pages 758-776

Money and the natural rate of interest: Structural estimates for the United States and the euro area

Author keywords

Money; Natural rate; New Keynesian models

Indexed keywords


EID: 59349086343     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2008.01.011     Document Type: Article
Times cited : (58)

References (48)
  • 1
    • 59349113646 scopus 로고    scopus 로고
    • Altig, D., Christiano, L.J., Eichenbaum, M., Linde, J., 2005. Firm-specific capital, nominal rigidities and the business cycle. NBER Working Paper No. 11034.
    • Altig, D., Christiano, L.J., Eichenbaum, M., Linde, J., 2005. Firm-specific capital, nominal rigidities and the business cycle. NBER Working Paper No. 11034.
  • 2
    • 4944235548 scopus 로고    scopus 로고
    • Implications of habit formation for optimal monetary policy
    • Amato J.D., and Laubach T. Implications of habit formation for optimal monetary policy. Journal of Monetary Economics 51 (2004) 305-325
    • (2004) Journal of Monetary Economics , vol.51 , pp. 305-325
    • Amato, J.D.1    Laubach, T.2
  • 3
    • 59349111843 scopus 로고    scopus 로고
    • Anderson, R.G., Rasche, R.H., 2000. The domestic adjusted monetary base. Working paper, Federal Reserve Bank of St. Louis.
    • Anderson, R.G., Rasche, R.H., 2000. The domestic adjusted monetary base. Working paper, Federal Reserve Bank of St. Louis.
  • 4
    • 33645467347 scopus 로고    scopus 로고
    • Money in an estimated business cycle model of the euro area
    • Andrés J., López-Salido J.D., and Vallés J. Money in an estimated business cycle model of the euro area. Economic Journal 116 (2006) 457-477
    • (2006) Economic Journal , vol.116 , pp. 457-477
    • Andrés, J.1    López-Salido, J.D.2    Vallés, J.3
  • 5
    • 59349117421 scopus 로고    scopus 로고
    • Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., Smets, F., 2005. New evidence on inflation persistence and price stickiness in the euro area: implications for macro modeling. Manuscript, Universitat Pompeu Fabra.
    • Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., Smets, F., 2005. New evidence on inflation persistence and price stickiness in the euro area: implications for macro modeling. Manuscript, Universitat Pompeu Fabra.
  • 6
    • 0043227212 scopus 로고
    • The role of the exchange rate in monetary policy: the experience of other countries
    • Blundell-Wignall A. (Ed), Ambassador Press, Sydney
    • Artis M.J. The role of the exchange rate in monetary policy: the experience of other countries. In: Blundell-Wignall A. (Ed). The Exchange Rate, International Trade and the Balance of Payments (1993), Ambassador Press, Sydney 208-264
    • (1993) The Exchange Rate, International Trade and the Balance of Payments , pp. 208-264
    • Artis, M.J.1
  • 7
    • 0037403616 scopus 로고    scopus 로고
    • Putting the 'new open economy macroeconomics' to a test
    • Bergin P.R. Putting the 'new open economy macroeconomics' to a test. Journal of International Economics 60 (2003) 3-34
    • (2003) Journal of International Economics , vol.60 , pp. 3-34
    • Bergin, P.R.1
  • 8
    • 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 (1983) 383-398
    • (1983) Journal of Monetary Economics , vol.12 , pp. 383-398
    • Calvo, G.A.1
  • 10
    • 0001099756 scopus 로고    scopus 로고
    • Comment
    • Taylor J.B. (Ed), University of Chicago Press, Chicago
    • Christiano L.J., and Gust C.J. Comment. In: Taylor J.B. (Ed). Monetary Policy Rules (1999), University of Chicago Press, Chicago 299-316
    • (1999) Monetary Policy Rules , pp. 299-316
    • Christiano, L.J.1    Gust, C.J.2
  • 11
    • 15844392342 scopus 로고    scopus 로고
    • Nominal rigidities and the dynamic effects of a shock to monetary policy
    • Christiano L.J., Eichenbaum M., and Evans C. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113 (2005) 1-45
    • (2005) Journal of Political Economy , vol.113 , pp. 1-45
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.3
  • 12
    • 13444265934 scopus 로고    scopus 로고
    • Data uncertainty and the role of money as an information variable for monetary policy
    • Coenen G., Levin A.T., and Wieland V. Data uncertainty and the role of money as an information variable for monetary policy. European Economic Review 49 (2005) 975-1006
    • (2005) European Economic Review , vol.49 , pp. 975-1006
    • Coenen, G.1    Levin, A.T.2    Wieland, V.3
  • 13
  • 14
    • 59349086159 scopus 로고    scopus 로고
    • Driscoll, J.C., 2000. On the microfoundations of aggregate demand and aggregate supply. Manuscript, Brown University.
    • Driscoll, J.C., 2000. On the microfoundations of aggregate demand and aggregate supply. Manuscript, Brown University.
  • 15
    • 59349087611 scopus 로고    scopus 로고
    • Friedman, M., 1964. Postwar trends in monetary theory and policy. National Banking Review, September, pp. 1-9. Reprinted in: Friedman, M., 1969. The Optimum Quantity of Money and Other Essays. Aldine, Chicago, pp. 69-79.
    • Friedman, M., 1964. Postwar trends in monetary theory and policy. National Banking Review, September, pp. 1-9. Reprinted in: Friedman, M., 1969. The Optimum Quantity of Money and Other Essays. Aldine, Chicago, pp. 69-79.
  • 17
    • 0031534450 scopus 로고    scopus 로고
    • The (un)importance of forward-looking behavior in price specifications
    • Fuhrer J.C. The (un)importance of forward-looking behavior in price specifications. Journal of Money, Credit, and Banking 29 (1997) 338-350
    • (1997) Journal of Money, Credit, and Banking , vol.29 , pp. 338-350
    • Fuhrer, J.C.1
  • 18
    • 0001332822 scopus 로고    scopus 로고
    • Habit formation in consumption and its implications for monetary-policy models
    • Fuhrer J.C. Habit formation in consumption and its implications for monetary-policy models. American Economic Review 90 (2000) 367-390
    • (2000) American Economic Review , vol.90 , pp. 367-390
    • Fuhrer, J.C.1
  • 20
    • 27844506479 scopus 로고    scopus 로고
    • Optimal inflation-targeting rules
    • Bernanke B.S., and Woodford M. (Eds), University of Chicago Press, Chicago
    • Giannoni M.P., and Woodford M. Optimal inflation-targeting rules. In: Bernanke B.S., and Woodford M. (Eds). The Inflation-Targeting Debate (2005), University of Chicago Press, Chicago 93-162
    • (2005) The Inflation-Targeting Debate , pp. 93-162
    • Giannoni, M.P.1    Woodford, M.2
  • 21
    • 59349110961 scopus 로고    scopus 로고
    • Hansen, L.P., Sargent, T.J., 1997. Recursive models of dynamic linear economies. Manuscript, Hoover Institution.
    • Hansen, L.P., Sargent, T.J., 1997. Recursive models of dynamic linear economies. Manuscript, Hoover Institution.
  • 22
    • 0002874054 scopus 로고    scopus 로고
    • Sticky-price models of the business cycle: specification and stability
    • Ireland P.N. Sticky-price models of the business cycle: specification and stability. Journal of Monetary Economics 47 (2001) 3-18
    • (2001) Journal of Monetary Economics , vol.47 , pp. 3-18
    • Ireland, P.N.1
  • 23
    • 0344010591 scopus 로고    scopus 로고
    • Endogenous money or sticky prices?
    • Ireland P.N. Endogenous money or sticky prices?. Journal of Monetary Economics 50 (2003) 1623-1648
    • (2003) Journal of Monetary Economics , vol.50 , pp. 1623-1648
    • Ireland, P.N.1
  • 25
    • 36348939170 scopus 로고    scopus 로고
    • Changes in the Federal Reserve's inflation target: causes and consequences
    • Ireland P.N. Changes in the Federal Reserve's inflation target: causes and consequences. Journal of Money, Credit, and Banking 39 (2007) 1851-1882
    • (2007) Journal of Money, Credit, and Banking , vol.39 , pp. 1851-1882
    • Ireland, P.N.1
  • 28
    • 0001661028 scopus 로고    scopus 로고
    • Constructing and estimating a realistic optimizing model of monetary policy
    • Kim J. Constructing and estimating a realistic optimizing model of monetary policy. Journal of Monetary Economics 45 (2000) 329-359
    • (2000) Journal of Monetary Economics , vol.45 , pp. 329-359
    • Kim, J.1
  • 29
    • 33646391558 scopus 로고    scopus 로고
    • Reexamining the monetarist critique of interest-rate rules
    • King R.G., and Lin M.-T. Reexamining the monetarist critique of interest-rate rules. Federal Reserve Bank of St. Louis Review 87 (2005) 513-530
    • (2005) Federal Reserve Bank of St. Louis Review , vol.87 , pp. 513-530
    • King, R.G.1    Lin, M.-T.2
  • 32
    • 23044521584 scopus 로고    scopus 로고
    • Theoretical analysis regarding a zero lower bound on nominal interest rates
    • McCallum B.T. Theoretical analysis regarding a zero lower bound on nominal interest rates. Journal of Money, Credit, and Banking 32 (2000) 870-904
    • (2000) Journal of Money, Credit, and Banking , vol.32 , pp. 870-904
    • McCallum, B.T.1
  • 33
    • 59349098591 scopus 로고    scopus 로고
    • Meltzer, A.H., 2001. The transmission process. In: Deutsche Bundesbank, The Monetary Transmission Process: Recent Developments and Lessons for Europe. Palgrave, New York, pp. 112-130.
    • Meltzer, A.H., 2001. The transmission process. In: Deutsche Bundesbank, The Monetary Transmission Process: Recent Developments and Lessons for Europe. Palgrave, New York, pp. 112-130.
  • 34
    • 0003065063 scopus 로고
    • Liquidity preference and the theory of interest and money
    • Modigliani F. Liquidity preference and the theory of interest and money. Econometrica 12 (1944) 45-88
    • (1944) Econometrica , vol.12 , pp. 45-88
    • Modigliani, F.1
  • 35
    • 0042664194 scopus 로고    scopus 로고
    • The real interest-rate gap as an inflation indicator
    • Neiss K.S., and Nelson E. The real interest-rate gap as an inflation indicator. Macroeconomic Dynamics 7 (2003) 239-262
    • (2003) Macroeconomic Dynamics , vol.7 , pp. 239-262
    • Neiss, K.S.1    Nelson, E.2
  • 36
    • 0036084698 scopus 로고    scopus 로고
    • Direct effects of base money on aggregate demand: theory and evidence
    • Nelson E. Direct effects of base money on aggregate demand: theory and evidence. Journal of Monetary Economics 49 (2002) 687-708
    • (2002) Journal of Monetary Economics , vol.49 , pp. 687-708
    • Nelson, E.1
  • 38
    • 0008563050 scopus 로고    scopus 로고
    • P* revisited: money-based inflation forecasts with a changing equilibrium velocity
    • Orphanides A., and Porter R.D. P* revisited: money-based inflation forecasts with a changing equilibrium velocity. Journal of Economics and Business 52 (2000) 87-100
    • (2000) Journal of Economics and Business , vol.52 , pp. 87-100
    • Orphanides, A.1    Porter, R.D.2
  • 41
    • 0345982186 scopus 로고    scopus 로고
    • An optimization-based econometric framework for the evaluation of monetary policy
    • Rotemberg J.J., and Woodford M. An optimization-based econometric framework for the evaluation of monetary policy. NBER Macroeconomics Annual 12 (1997) 297-346
    • (1997) NBER Macroeconomics Annual , vol.12 , pp. 297-346
    • Rotemberg, J.J.1    Woodford, M.2
  • 43
    • 77957241272 scopus 로고    scopus 로고
    • An estimated stochastic dynamic general equilibrium model of the euro area
    • Smets F., and Wouters R. An estimated stochastic dynamic general equilibrium model of the euro area. Journal of the European Economic Association 1 (2003) 1123-1175
    • (2003) Journal of the European Economic Association , vol.1 , pp. 1123-1175
    • Smets, F.1    Wouters, R.2
  • 45
    • 0002130977 scopus 로고    scopus 로고
    • Does the P* model provide any rationale for monetary targeting?
    • Svensson L.E.O. Does the P* model provide any rationale for monetary targeting?. German Economic Review 1 (2000) 69-81
    • (2000) German Economic Review , vol.1 , pp. 69-81
    • Svensson, L.E.O.1
  • 46
    • 0003802118 scopus 로고
    • Macmillan, London Translation by R.F. Kahn
    • Wicksell K. Interest and Prices (1898), Macmillan, London Translation by R.F. Kahn
    • (1898) Interest and Prices
    • Wicksell, K.1
  • 48
    • 57049125742 scopus 로고    scopus 로고
    • Woodford, M., 2008. How important is money in the conduct of monetary policy? Journal of Money, Credit and Banking 40, 1561-1598.
    • Woodford, M., 2008. How important is money in the conduct of monetary policy? Journal of Money, Credit and Banking 40, 1561-1598.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.