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Author:Henderson, Dale W. 

Working Paper
The information content of the interest rate and optimal monetary policy

International Finance Discussion Papers , Paper 192

Working Paper
Interpreting investment-specific technology shocks

Investment-specific technology (IST) shocks are often interpreted as multi-factor productivity (MFP) shocks in a separate investment-producing sector. However, this interpretation is strictly valid only when some stringent conditions are satisfied. Some of these conditions are at odds with the data. Using a two-sector model whose calibration is based on the U.S. Input-Output Tables, we consider the implications of relaxing several of these conditions. In particular, we show how the effects of IST shocks in a one-sector model differ from those of MFP shocks to an investment-producing sector of ...
International Finance Discussion Papers , Paper 1000

Conference Paper
Noncooperative monetary policies in interdependent economies: time consistency and reputation

Proceedings

Working Paper
Reserve requirements on Eurocurrency deposits: implications for the stabilization of real outputs

International Finance Discussion Papers , Paper 183

Working Paper
Unemployment and stabilization policy in a two-sector, two-country aggregative model

Working Papers , Paper 26

Working Paper
Critical determinants of the effectiveness of monetary policy in the open economy

International Finance Discussion Papers , Paper 107

Working Paper
Nominal interest rate pegging under alternative expectations hypotheses

Nominal interest rate pegging leads to instability in an IS-LM model with a vertical long-run Phillips curve and backward-looking inflation expectations. However, it does not lead to instability in several large multicountry econometric models, primarily because these models have nonvertical long-run Phillips curves. Nominal interest rate pegging leads to price level and output indeterminacy in a model with staggered contracts and rational expectations. However, when a class of money supply rules with interest rate smoothing is introduced, and interest rate pegging is viewed as the limit of ...
International Finance Discussion Papers , Paper 336

Working Paper
Deficit-savings ratios as indicators of interest-rate pressure : a collection of notes

International Finance Discussion Papers , Paper 234

Working Paper
Financial policies in open economies

International Finance Discussion Papers , Paper 133

Working Paper
Tradeoffs between inflation and output-gap variances in an optimizing-agent model

We demonstrate the existence of a monetary policy tradeoff between price-inflation variability and output-gap variability in an optimizing-agent model with staggered nominal wage and price contracts. This variance tradeoff is absent only in the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an empirically reasonable degree of nominal wage inertia, strict inflation targeting induces substantial output-gap volatility.
International Finance Discussion Papers , Paper 627

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