Conventional and unconventional monetary policy

Federal Reserve Bank of St. Louis Review

Volumn 92, Issue 4, 2010, Pages 229-264

  Cúrdia, Vasco ^a   Woodford, Michael ^b  

^a FEDERAL RESERVE BANK OF NEW YORK   (United States)

^b Och Spine at New York Presbyterian Hospitals   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77954268007     PISSN: 00149187     EISSN: None     Source Type: Journal    
DOI: 10.20955/r.92.229-64     Document Type: Article

References (32)

1. Auerbach, Alan J. and Obstfeld, Maurice. "The Case for Open-Market Purchases in a Liquidity Trap." American Economic Review, March 2005, 95(10), pp. 110-37.
2. Benigno, Pierpaolo and Woodford, Michael. "Inflation Stabilization and Welfare: The Case of a Distorted Steady State." Journal of the European Economic Association, December 2005, 3(6), pp. 1185-236.
3. Bernanke, Ben S. "The Crisis and the Policy Response." Stamp Lecture, London School of Economics, January 13, 2009; www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm.
4. Christiano, Lawrence J.; Motto, Roberto and Rostagno, Massimo. "Financial Factors in Business Cycles." Unpublished manuscript, Northwestern University, November 2007.
5. Clarida, Richard H.; Gali, Jordi and Gertler, Mark. "The Science of Monetary Policy: A New Keynesian Perspective." Journal of Economic Literature, December 1999, 37(4), pp. 1661-707.
6. Cúrdia, Vasco and Woodford, Michael. "Credit Frictions and Optimal Monetary Policy." Unpublished manuscript, Federal Reserve Bank of New York, July 2009a.
7. Cúrdia, Vasco and Woodford, Michael. "Credit Spreads and Monetary Policy." NBER Working Paper 15289, National Bureau of Economic Research, August 2009b; www.nber.org/papers/w15289.pdf.
8. Cúrdia, Vasco and Woodford, Michael. "The Central-Bank Balance Sheet as an Instrument of Monetary Policy." Unpublished manuscript, Federal Reserve Bank of New York, April 2010.
9. Eggertsson, Gauti B. and Woodford, Michael. "The Zero Bound on Interest Rates and Optimal Monetary Policy." Brookings Papers on Economic Activity, 2003, 1(34), pp. 139-211.
10. Faia, Ester and Monacelli, Tommaso. "Optimal Interest Rate Rules, Asset Prices, and Credit Frictions." Journal of Economic Dynamics and Control, October 2007, 31(10), pp. 3228-54.
11. Friedman, Milton. "The Optimum Quantity of Money," in Milton Friedman, ed., The Optimum Quantity of Money and Other Essays. Chicago: Aldine, 1969, pp. 1-50.
12. Gerali, Andrea; Neri, Stefano; Sessa, Luca and Signoretti, Federico M. "Credit and Banking in a DSGE Model." Unpublished manuscript, Bank of Italy, June 2008.
13. Gertler, Mark and Karadi, Peter. "A Model of Unconventional Monetary Policy." Unpublished manuscript, New York University, April 2009.
14. Goodfriend, Marvin. "Interest on Reserves and Monetary Policy." Federal Reserve Bank of New York Economic Policy Review, May 2002, 8(1), pp. 77-84; www.newyorkfed.org/research/epr/02v08n1/0205good.pdf.
15. Goodfriend, Marvin, "Central Banking in the Credit Turmoil: An Assessment of Federal Reserve Practice." Unpublished manuscript, Carnegie-Mellon University, May 2009.
16. Goodfriend, Marvin and King, Robert G. "The New Neoclassical Synthesis and the Role of Monetary Policy," in B. Bernanke and J. Rotemberg, eds., NBER Macroeconomics Annual 1997. Volume 12. Cambridge, MA: MIT Press, 1997, pp. 231-96.
17. Greenspan, Alan. "Performance of the U.S. Economy." Testimony before the Committee on the Budget, U.S. Senate, January 21, 1997.
18. Hall, Robert E. "Monetary Strategy with an Elastic Price Standard," in Price Stability and Public Policy. Federal Reserve Bank of Kansas City, 1984; www.kansascityfed.org/publicat/sympos/1984/S84HALL.PDF.
19. Mehra, Rajnish; Piguillem, Facundo and Prescott, Edward C. "Intermediated Quantities and Returns." Research Department Staff Report 405, Federal Reserve Bank of Minneapolis, August 2008 version; www.minneapolisfed.org/publications_papers/pub_display.cfm?id=1115.
20. Mishkin, Frederic S. "Monetary Policy Flexibility, Risk Management and Financial Disruptions." Speech at the Federal Reserve Bank of New York, January 11, 2008; www.federalreserve.gov/newsevents/speech/mishkin20080111a.htm.
21. Reis, Ricardo. "Interpreting the Unconventional U.S. Monetary Policy of 2007-09." Unpublished Manuscript, Columbia University, August 2009.
22. Rotemberg, Julio J. and Woodford, Michael. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy," in B. Bernanke and J. Rotemberg, eds., NBER Macroeconomics Annual 1997. Volume 12. Cambridge, MA: MIT Press, 1997, pp. 297-346.
23. Summers, Lawrence. "How Should Long-Term Monetary Policy Be Determined?" Journal of Money, Credit, and Banking, August 1991, 23(3 Part 2), pp. 625-31.
24. Svensson, Lars E.O. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targeting." European Economic Review, June 1997, 41(6), pp. 1111-46.
25. Svensson, Lars E.O. "Monetary Policy with Judgment: Forecast Targeting." International Journal of Central Banking, May 2005, 1(1), pp. 1-54.
26. Svensson, Lars E.O. and Woodford, Michael. "Implementing Optimal Policy through Inflation-Forecast Targeting," in B.S. Bernanke and M. Woodford, eds., The Inflation Targeting Debate. Chicago: University of Chicago Press, 2005, pp. 19-92.
27. Taylor, John B. "Discretion versus Policy Rules in Practice." Carnegie-Rochester Conference Series on Public Policy, December 1993, 39(1), pp. 195-214.
28. Taylor, John B. "Monetary Policy and the State of the Economy." Testimony before the Committee on Financial Services, U.S. House of Representatives, February 26, 2008.
29. van Rixtel Adrian. "The Exit from Quantitative Easing (QE): The Japanese Experience." Prepared for the Symposium on Building the Financial System of the 21st Century: An Agenda for Japan and the United States, Harvard Law School, October 2009.
30. Woodford, Michael. Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton, NJ: Princeton University Press, 2003.
31. Woodford, Michael. "Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice." NBER Working Paper 13716, National Bureau of Economic Research, December 2007; http://www.nber.org/papers/w13716.pdf.
32. Woodford, Michael. "Optimal Monetary Stabilization Policy." Unpublished manuscript, Columbia University, September 2009.