Search Results
Conference Paper
Inflation targeting and the liquidity trap
This paper considers whether "liquidity trap" issues have important bearing on the desirability of inflation targeting as a strategy for monetary policy. From a theoretical perspective, it has been suggested that "expectation trap" and "indeterminacy" dangers are created by variants of inflation targeting, the latter when forecasts of future inflation enter the policy rule. This paper argues that these alleged dangers are probably not of practical importance. From an empirical perspective, a quantitative open-economy model is developed and the likelihood of encountering a ...
Journal Article
Monetary policy analysis in models without money
Journal Article
Japanese monetary policy, 1991-2001
Journal Article
Macroeconomics after a decade of rational expectations : some critical issues
An abstract for this article is not available.
Working Paper
Monetary and fiscal theories of the price level: the irreconcilable differences
The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to generate equilibria in which price level trajectories mimic those of bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it appeared to provide a theory whose implications differ greatly from conventional monetary analysis; accordingly we ...
Journal Article
Commentary on \\"targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?\\"
The following are comments in response to Lars Svensson's "Targeting versus Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?"