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Author:Christiano, Lawrence J. 

Discussion Paper
Unit roots in real GNP: do we know, and do we care?

Discussion Paper / Institute for Empirical Macroeconomics , Paper 18

Working Paper
Dynamic properties of two approximate solutions to a particular growth model

This paper investigates two methods of approximating the optimal decision rules of a stochastic, representative agent model which exhibits growth in steady state and cannot be expressed in linear?quadratic form. Both methods are modifications on the linear quadratic approximation technique proposed by Kydland and Prescott. It is shown that one of the solution methods leads to bizarre dynamic behavior, even with shocks of empirically reasonable magnitude. The other solution technique does not exhibit such bizarre behavior.
Working Papers , Paper 338

Working Paper
Algorithms for solving dynamic models with occasionally binding constraints

Working Paper Series, Macroeconomic Issues , Paper 94-6

Working Paper
Sticky price and limited participation models of money: a comparison

We provide new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. After a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline by a modest amount, and profits fall. We compare the ability of sticky price and limited participation models with frictionless labor markets to account for these facts. The key failing of the sticky price model lies in its conterfactual implications for profits. The limited participation model can ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-28

Working Paper
The output, employment, and interest rate effects of government consumption

This paper investigates the impact on aggregate variables of changes in government consumption in the context of a stochastic, neoclassical growth model. We show, theoretically, that the impact on output and employment of a persistent change in government consumption exceeds that of temporary change. We also show that, in principle, there can be an analog to the Keynesian multiplier in the neoclassical growth model. Finally, in an empirically plausible version of the model, we show that the interest rate impact of a persistent government consumption shock exceeds that of a temporary one. Our ...
Working Papers , Paper 456

Working Paper
Optimal fiscal policy in a business cycle model (technical appendix)

Working Papers , Paper 567

Journal Article
P*: not the inflation forecaster's holy grail

This paper describes and evaluates P-Star (P*), a new method to forecast inflation trends which was introduced by the Federal Reserve Board of Governors in the summer of 1989. The paper examines how well P* would have done, compared with eight other forecasting methods, had all of these methods been used to forecast inflation in the 1970s and 1980s. P* turns out to be not an exceptionally good or bad way to forecast inflation.
Quarterly Review , Volume 13 , Issue Fall , Pages 3-18

Optimal fiscal and monetary policy: some recent results

This paper studies the quantitative properties of fiscal and monetary policy in business cycle models. In terms of fiscal policy, optimal labor tax rates are virtually constant and optimal capital income tax rates are close to zero on average. In terms of monetary policy, the Friedman rule is optimal?nominal interest rates are zero?and optimal monetary policy is activist in the sense that it responds to shocks to the economy.
Staff Report , Paper 147

Working Paper
Temporal aggregation and the stock adjustment model of inventories

Working Papers , Paper 357

Working Paper
The effects of monetary policy shocks: evidence from the Flow of Funds

Working Paper Series, Macroeconomic Issues , Paper 94-2


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