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Author:Woodford, Michael 

Journal Article
Inflation targeting and optimal monetary policy

Review , Volume 86 , Issue Jul , Pages 15-42

Conference Paper
Optimal monetary and fiscal policy: a linear-quadratic approach


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


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
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.

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

Proceedings - Economic Policy Symposium - Jackson Hole

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

Conference Paper
Optimal stabilization policy when wages and prices are sticky: the case of a distorted steady state


Conference Paper
Central bank communication and policy effectiveness

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


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