Recently added articles from Journal of Money, Credit & Banking:
Fundamental economic shocks and the macroeconomy.
Dec 01, 2009; ... THIS PAPER INVESTIGATES how macroeconomic and financial variables respond to structural economic shocks. We use a relatively new and unexplored identification strategy that simultaneously identifies multiple impulses. Our strategy is linked to economic theory without being tied rigidly to ...
Trend inflation, Taylor principle, and indeterminacy.
Dec 01, 2009; ... AVERAGE INFLATION IN the postwar period in developed countries was moderately different from zero and varied across countries. (1) Nonetheless, much of the extensive literature on monetary policy rules employed models approximated around the zero-inflation steady state (see, e.g., Clarida, ...
Monetary policy, determinacy, and learnability in a two-block world economy.
Dec 01, 2009; ... 1. INTRODUCTION 1.1 Overview New Keynesian macroeconomic models have become a workhorse for studying a variety of monetary policy issues in closed economy environments. An important component of this effort has been the development of the idea that equilibrium ...
Non-atomistic wage setters and monetary policy in a New Keynesian framework.
Dec 01, 2009; ... NEW KEYNESIAN (NK) models have been extensively used in recent years to analyze the impact of monetary policy on business cycle fluctuations and to provide guidelines for the design of optimal monetary policy rules. NK literature commonly disregards potential strategic ...
Using survey data to correct the bias in policy expectations extracted from fed funds futures.
Dec 01, 2009; ... FEDERAL FUNDS FUTURES rates are the most popular market-based measures of monetary policy expectations in the United States. To understand how futures rates are used, Figure 1 shows the futures curve on October 4, 2006, when the federal funds target rate was 5.25%. According to this ...