Imperfect Common Knowledge and the Effects of Monetary Policy

Knowledge, Information, and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps

Volumn , Issue , 2021, Pages 25-58

  Woodford, Michael ^a  

^a PRINCETON UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 85194320977     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (26)

1. Ball, L. And D. Romer (1990), “Real Rigidities and the Non-Neutrality of Money,” Review of Economic Studies 57: 183-203.
2. Bils, M. And Y. Chang (1999), “Understanding How Price Responds to Costs and Production,” NBER Working Paper No. 7311.
3. Blinder, A. S., E. R. D. Canetti, D. E. Lebow, and J. B. Rudd (1998), Asking About Prices: A New Approach to Understanding Price Stickiness, New York: Russell Sage Foundation.
4. Calvo, G. A. (1983), “Staggered Prices in a Utility Maximizing Framework,” Journal of Monetary Economics 12: 383-98.
5. Chow, G. C. (1975), Analysis and Control of Dynamic Economic Systems, New York: Wiley.
6. Christiano, L. J., M. Eichenbaum, and C. L. Evans (1998), “Modeling Money,” NBER Working Paper No. 6371.
7. Christiano, L. J. (2001), “Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy,” NBER Working Paper No. 8403.
8. Green, D. M. And J. A. Swets (1966), Signal Detection Theory and Psychophysics, New York: Wiley.
9. Harvey, A. C. (1989), Forecasting, Structural Time Series Models, and the Kalman Filter, Cambridge: Cambridge University Press.
10. Lucas, R. E., Jr. (1972), “Expectations and the Neutrality of Money,” Journal of Economic Theory 4: 103-24.
11. Lucas, R. E., Jr. (1973), “Some International Evidence on Output-Inflation Tradeoffs,” American Economic Review 63: 326-34.
12. Lucas, R. E., Jr. (1977), “Understanding Business Cycles,” Carnegie-Rochester Conference Series on Public Policy 5: 7-29.
13. Mankiw, N. G. And R. Reis (2001), “Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve,” NBER Working Paper No. 8290.
14. Morris, S. And H. S. Shin (2001), “Global Games: Theory and Applications,” Cowles Foundation Discussion Paper No. 1275R.
15. Phelps, E. S. (1970), “Introduction: The New Microeconomics in Employment and Inflation Theory,” in E. S. Phelps, A. A. Alchian, C. C. Holt, D. T. Mortensen, G. C. Archibald, R. E. Lucas, Jr., L. A. Rapping, S. G. Winter, Jr., J. P. Gould, D. F. Gordon, A. Hynes, D. A. Nichols, P. J. Taubman, and M. Wilkinson, Microeconomic Foundations of Employment and Inflation Theory, New York: Norton.
16. Phelps, E. S. (1983), “The Trouble with ‘Rational Expectations’ and the Problem of Inflation Stabilization,” in R. Frydman and E. S. Phelps, eds., Individual Forecasting and Aggregate Outcomes, Cambridge: Cambridge University Press.
17. Sargent, T. J. (1991), “Equilibrium with Signal Extraction from Endogenous Variables,” Journal of Economic Dynamics and Control 15: 245-73.
18. Sargent, T. J. (1993), Bounded Rationality in Macroeconomics, Oxford: Oxford University Press.
19. Sims, C. A. (1980), “Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered,” American Economic Review 70(2): 250-57.
20. Sims, C. A. (1998), “Stickiness,” Carnegie-Rochester Conference Series on Public Policy 49: 317-56.
21. Sims, C. A. (2001), “Implications of Rational Inattention,” unpublished, Princeton University.
22. Townsend, R. M. (1983a), “Forecasting the Forecasts of Others,” Journal of Political Economy 91: 546-88.
23. Townsend, R. M. (1983b), “Equilibrium Theory with Learning and Disparate Expectations: Some Issues and Methods,” in R. Frydman and E. S. Phelps, eds., Individual Forecasting and Aggregate Outcomes, Cambridge: Cambridge University Press.
24. Woodford, M. (2001), “Optimizing Models with Nominal Rigidities,” unpublished, Princeton University.
25. Zbaracki, M., M. Ritson, D. Levy, S. Dutta, and M. Bergen (1999), “The Managerial and Customer Dimensions of the Cost of Price Adjustment: Direct Evidence from Industrial Markets,” unpublished, University of Pennsylvania.
26. Ziemer, R. E., and W. H. Tranter (1995), Principles of Communications, 4th ed., New York: Wiley.