Working Paper
Expectations, learning and the costs of disinflation: experiments using the FRB/US model
Bomfim, Antúlio N.; Williams, John; Von zur Muehlen, Peter; Tetlow, Robert J. (1997)
The costs of disinflation are explored using the Board's new sticky-price rational expectations macroeconometric model of the U.S. economy, FRB/US. The model nests both model consistent and `restricted-information rational' expectations. Monetary policy is governed by interest-rate reaction functions of which two are considered: the well-known Taylor rule and another rule that is more aggressive and richer in its specification, estimated using data for the last 15 years. Agents are required to learn of shifts of the inflation target using linear updating rules. The simulated costs of ...
Finance and Economics Discussion Series , Paper 1997-42

Working Paper
Co-integration: is it a property of the real world?
Swamy, P. A. V. B.; Mehta, J. S.; Von zur Muehlen, Peter (1989)
Finance and Economics Discussion Series , Paper 96

Discussion Paper
Some partial equilibrium of tax reform on corporate policy
Von zur Muehlen, Peter (1977)
Special Studies Papers , Paper 97

Working Paper
Robustifying learnability
Tetlow, Robert J.; Von zur Muehlen, Peter (2005)
In recent years, the learnability of rational expectations equilibria (REE) and determinacy of economic structures have rightfully joined the usual performance criteria among the sought-after goals of policy design. Some contributions to the literature, including Bullard and Mitra (2001) and Evans and Honkapohja (2002), have made significant headway in establishing certain features of monetary policy rules that facilitate learning. However a treatment of policy design for learnability in worlds where agents have potentially misspecified their learning models has yet to surface. This paper ...
Finance and Economics Discussion Series , Paper 2005-58

Discussion Paper
On logical validity and econometric modelling: the case of money supply
Swamy, P. A. V. B.; Tinsley, Peter A.; Farr, Helen T.; Von zur Muehlen, Peter (1983)
Special Studies Papers , Paper 180

Discussion Paper
Optimal bands in short-run monetary policy
Von zur Muehlen, Peter (1977)
Special Studies Papers , Paper 98

Working Paper
On a problem in identifying linear parametric models
Von zur Muehlen, Peter; Swamy, P. A. V. B. (1988)
Finance and Economics Discussion Series , Paper 28

Discussion Paper
The foundations of econometrics: are there any?
Swamy, P. A. V. B.; Conway, Roger K.; Von zur Muehlen, Peter (1984)
Special Studies Papers , Paper 182

Working Paper
Activist vs. non-activist monetary policy: optimal rules under extreme uncertainty
Von zur Muehlen, Peter (2001)
This paper analyzes the optimality of reactive feedback rules advocated by neo-Keynesians, and constant money growth rules proposed by monetarists. The basis for this controversy is not merely a disagreement concerning sources and impacts of uncertainty in the economy, but also an apparent fundamental difference in the attitude toward uncertainty about models. To address these differences, this paper compares the relative reactiveness of a monetary policy instrument to conditioning information for two starkly differing versions of model uncertainty about the model and the data driving it: ...
Finance and Economics Discussion Series , Paper 2001-02

Discussion Paper
The short-run volatility of money stock targeting
Von zur Muehlen, Peter; Fries, Gerhard; Tinsley, Peter A. (1982)
Special Studies Papers , Paper 169