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Conference Paper
Macroeconomic implications of the new economy : commentary
Conference Paper
Commentary : understanding the Greenspan standard
Journal Article
Getting back on track: macroeconomic policy lessons from the financial crisis
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the previous two decades by becoming more interventionist, less rules-based, and less predictable. The policy implications are thus that policy should ?get back on track.? The article is a modified version of a presentation given at the Federal Reserve Bank of Philadelphia?s policy forum ?Policy Lessons from the Economic and Financial Crisis,? December 4, 2009. The presentation was made during a panel ...
Conference Paper
Housing and monetary policy
Working Paper
Simple and robust rules for monetary policy
This paper focuses on simple normative rules for monetary policy which central banks can use to guide their interest rate decisions. Such rules were first derived from research on empirical monetary models with rational expectations and sticky prices built in the 1970s and 1980s. During the past two decades substantial progress has been made in establishing that such rules are robust. They perform well with a variety of newer and more rigorous models and policy evaluation methods. Simple rules are also frequently more robust than fully optimal rules. Important progress has also been made in ...
Conference Paper
Commentary: monetary policy after the fall.