Search Results

Showing results 1 to 10 of approximately 22.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Woodford, Michael 

Conference Paper
How forward-looking is optimal monetary policy?

We calculate optimal monetary policy rules for several variants of a simple optimizing model of the monetary transmission mechanism with sticky prices and/or wages. We show that robustly optimal rules can be represented by interest-rate feedback rules that generalize the celebrated proposal of Taylor (1993). Optimal rules, however, require that the current interest rate operating target depend positively on the recent past level of the operating target, and its recent rate of increase, in a way that is characteristic of estimated central bank reaction functions, but not of Taylor's proposal.
Proceedings

Conference Paper
Monetary policy in the information economy

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Optimal monetary policy inertia

Proceedings

Journal Article
Conventional and unconventional monetary policy

The authors extend a standard New Keynesian model to incorporate heterogeneity in spending opportunities and two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in equilibrium determination. They use the model to investigate the implications of imperfect financial intermediation for familiar monetary policy prescriptions, and to consider additional dimensions of central bank policy - variations in the size and composition of the central bank's balance sheet and payment of interest on reserves - alongside the traditional question of ...
Review , Volume 92 , Issue May , Pages 229-264

Report
Conventional and unconventional monetary policy

We extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in determining equilibrium. We use the model to investigate the implications of imperfect financial intermediation for familiar monetary policy prescriptions and to consider additional dimensions of central bank policy--variations in the size and composition of the central bank's balance sheet as well as payment of interest on reserves--alongside the traditional question ...
Staff Reports , Paper 404

Conference Paper
Indicator variables for optimal policy

The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. An example of optimal monetary policy with a partially observable potential output and a forward-looking indicator is examined. The optimal response to the optimal estimate of potential output displays certainty-equivalence, whereas the optimal response to the imperfect observation of output depends on the noise in this observation.
Proceedings

Conference Paper
Methods of policy accommodation at the interest-rate lower bound

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Central bank communication and policy effectiveness

Proceedings - Economic Policy Symposium - Jackson Hole , Issue Aug , Pages 399-474

Journal Article
Financial market efficiency and the effectiveness of monetary policy

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 85-94

Conference Paper
Inflation forecasts and monetary policy

Proceedings

FILTER BY year

FILTER BY Content Type

FILTER BY Jel Classification

E52 2 items

C61 1 items

C62 1 items

E32 1 items

E44 1 items

PREVIOUS / NEXT