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Author:Woodford, Michael 

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

Report
Credit spreads and monetary policy

We consider the desirability of modifying a standard Taylor rule for a central bank's interest rate policy to incorporate either an adjustment for changes in interest rate spreads (as proposed by Taylor [2008] and McCulley and Toloui [2008]) or a response to variations in the aggregate volume of credit (as proposed by Christiano et al. [2007]). We then examine how, under those adjustments, policy would respond to various types of economic disturbances, including those originating in the financial sector that increase equilibrium spreads and contract the supply of credit. We conduct our ...
Staff Reports , Paper 385

Report
Optimal target criteria for stabilization policy

This paper considers a general class of nonlinear rational-expectations models in which policymakers seek to maximize an objective function that may be household expected utility. We show how to derive a target criterion that is 1) consistent with the model?s structural equations, 2) strong enough to imply a unique equilibrium, and 3) optimal, in the sense that a commitment to adjust the policy instrument at all dates so as to satisfy the target criterion maximizes the objective function. The proposed optimal target criterion is a linear equation that must be satisfied by the projected paths ...
Staff Reports , Paper 535

Report
The central-bank balance sheet as an instrument of monetary policy

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate paid on reserves. We first extend a standard New Keynesian model to allow a role for the central bank?s balance sheet in equilibrium determination and then consider the connections between these alternative policy dimensions and traditional interest rate policy. We distinguish between ?quantitative ...
Staff Reports , Paper 463

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

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

Conference Paper
Commentary : how should monetary policy be conducted in an era of price stability?

Proceedings - Economic Policy Symposium - Jackson Hole

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

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Monetary policy in the information economy

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

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