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Keywords:Monetary policy 

Working Paper
Non-nested specification tests and the intermediate target for monetary policy

An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.
Working Papers (Old Series) , Paper 8301

Improving the measurement of inflation expectations

Remarks at the Barclays 16th Annual Global Inflation-Linked Conference, New York City.
Speech , Paper 84

Journal Article
How do forecasts respond to changes in monetary policy?

Laurence Ball and Dean Croushore look at forecasts from the Survey of Professional Forecasters to determine if forecasts and the economy respond in tandem or if there are significant differences.
Business Review , Issue Q4 , Pages 9-16

Journal Article
Understanding monetary policy implementation

The Federal Reserve implements its monetary policy objectives by intervening in the interbank market for overnight loans. In particular, it aims to change the supply of reserves available to commercial banks so that the (average) interest rate in this market equals an announced target rate. A recent change in legislation will give the Federal Reserve greater flexibility in this process by allowing it to pay interest on reserve balances. Together, the change and recent events in financial markets have renewed interest in the process of monetary policy implementation. This article presents a ...
Economic Quarterly , Volume 94 , Issue Sum , Pages 235-263

Journal Article
U.S. monetary policy: an introduction - Part 4: How does the Fed decide the appropriate setting for the policy instrument?

This is the last of four issues devoted to our updated and expanded Q&A on monetary policy: (1) "How is the Federal Reserve structured?" and "What are the tools of U.S. monetary policy?" (2) "What are the goals of U.S. monetary policy?" (3) "How does monetary policy affect the U.S. economy?" and (4) "How does the Fed decide the appropriate setting for the policy instrument?" The revised text will appear in a pamphlet soon.
FRBSF Economic Letter

Working Paper
The role of the exchange rate in New Zealand monetary policy

Pacific Basin Working Paper Series , Paper 93-03

Working Paper
Asymmetric expectation effects of regime shifts in monetary policy

This paper addresses two substantive issues: (1) Does the magnitude of the expectation effect of regime switching in monetary policy depend on a particular policy regime? (2) Under which regime is the expectation effect quantitatively important? Using two canonical DSGE models, we show that there exists asymmetry in the expectation effect across regimes. The expectation effect under the dovish policy regime is quantitatively more important than that under the hawkish regime. These results suggest that the possibility of regime shifts in monetary policy can have important effects on rational ...
Working Paper Series , Paper 2008-22

Conference Paper
Overview : rethinking stabilization policy

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Panel on monetary policy options and tools

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Optimal devaluations

We analyze optimal policy in a simple small open economy model with price setting frictions. In particular, we study the optimal response of the nominal exchange rate following a terms of trade shock. We depart from the New Keynesian literature in that we explicitly model interna-tionally traded commodities as intermediate inputs in the production of local final goods and assume that the small open economy takes this price as given. This modification not only is in line with the long-standing tradition of small open economy models, but also changes the optimal movements in the exchange rate. ...
Working Papers , Paper 702



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Williams, John C. 89 items

anonymous 89 items

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Monetary policy 3017 items

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