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Working Paper
Monetary policy under rational expectations with multiperiod wage stickiness and an economy-wide credit market
A reconsideration of the role of monetary policy in a multiperiod sticky-wage model that incorporates rational expectations and displays the natural rate property.
Journal Article
Stable inflation fosters sound economic decisions
An argument that monetary policy can meet concerns about output and employment indirectly by keeping inflation stable, thus allowing people to make sound production and consumption decisions.
Working Paper
Monetary policy regimes: a synthesis of the monetary control and rational expectations literatures
The monetary control literature has attempted to explore the effects of alternative policies without succeeding in incorporating rational expectations or in integrating analysis of the money supply sector into a complete macroeconomic framework. the rational expectations approach, while reserving a place for the monetary control issues under the concepts of instrument (Sargent and Wallace 1975), automatic stabilizers (McCallum and Whitaker 1979), and structural reforms (Dotsey and King 1983), has not provided the needed integration. Extending earlier work by Hoehn (1979, 1983b) and McCallum ...
Working Paper
A regional economic forecasting procedure applied to Texas
The presentation of a method for building a time series regional forecasting model for Texas that requires only ordinary least squares regressions to forecast the variables.
Working Paper
Designing monetary policy under rational expectations: analysis and practical implications
An investigation of the ways in which rational expectations theory fundamentally changes monetary policy analysis and an attempt to generalize the implications of such analysis.
Journal Article
Employment distortions under sticky wages and monetary policies to minimize them
A discussion of sticky nominal wages, showing that nominal income or price-level targeting policies result in smaller distortions than do policies that target output or money.
Journal Article
Procyclical real wages under nominal-wage contracts with productivity variations
A modification of existing sticky-wage models to account for the observed cyclical behavior of real wages by means of a model that introduces productivity factors into nominal-wage contracts.