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Speech
Emerging from recession: Implications for growth, inflation, and monetary policy, New York, New York, October 1, 2009
Pianalto, Sandra (2009)
In a speech in New York City, Cleveland Federal Reserve Bank President Sandra Pianalto comments on current economic conditions, explains why she thinks the country's economic recovery will be gradual and bumpy, and gives her thoughts on what this gradual path to recovery may mean for inflation and monetary policy.
Speech , Paper 24

Working Paper
Inflation expectations and the transmission of monetary policy
Roberts, John M. (1998)
New Keynesian models with sticky prices and rational expectations have a difficult time explaining why reducing inflation usually requires a recession. An explanation for the costliness of reducing inflation is that inflation expectations are less than perfectly rational. To explore this possibility, I estimate the degree of nonrationality implicit in two survey measures of inflation expectations. I find that the surveys reflect an intermediate degree of rationality: Expectations are nether perfectly rational nor as unsophisticated as simple autoregressive models would suggest. I also find ...
Finance and Economics Discussion Series , Paper 1998-43

Conference Paper
Monetary policy in the information economy
Woodford, Michael (2001)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Monetary theory and electronic money : reflections on the Kenyan experience
Townsend, Robert M.; Suri, Tavneet; Jack, William (2010-01)
This article uses a class of models of money and the payments system to inform an analysis of "mobile banking" in the context of the rapid expansion of M-PESA, a new technology in Kenya that allows payments via mobile phones (even without any access to a bank account), and currently reaches close to 38 percent of Kenyan adults. The separation of households and firms in space and time suggests, in theory, from various separate models, a number of implications. These include (i) the potential gain, under some circumstances, from allowing net e-money credit creation, (ii) the impact that the ...
Economic Quarterly , Volume 96 , Issue 1Q , Pages 83-122

Journal Article
Monetary policy alternatives for Latin America
Quispe-Agnoli, Myriam (2001-07)
During the 1990s, many Latin American countries began to address their problems with recession, inflation, and unemployment through dramatic economic reforms and monetary policy strategies that included exchange rate pegs, monetary aggregate targeting, or inflation targeting. Inflation targeting, in particular, had begun to lower inflation rates and to stabilize or increase real economic growth in countries such as New Zealand, Canada, and the United Kingdom. But has inflation targeting proved as successful for Latin American economies? ; This article describes the recent history of monetary ...
Economic Review , Volume 86 , Issue Q3 , Pages 43-53

Working Paper
The liquidity trap, the real balance effect, and the Friedman rule
Ireland, Peter N. (2005)
This paper studies the behavior of the economy and the efficacy of monetary policy under zero nominal interest rates, using a model with population growth that nests, as a special case, a more conventional specification in which there is a single infinitely lived representative agent. The paper shows that with a growing population, monetary policy has distributional effects that give rise to a real balance effect, thereby eliminating the liquidity trap. These same distributional effects, however, can also work to make many agents much worse off under zero nominal interest rates than they are ...
Working Papers , Paper 05-3

Journal Article
Monetary policy and the M2 target
Gavin, William T.; Black, Susan (1989-12)
An analysis of the Federal Reserve's use of the M2 monetary aggregate as both a short-term and long-term policy guide, asserting that the FOMC's tentative target range for M2 growth in 1990 permits ample opportunity for the inflation rate to either accelerate or decline during the next few years.
Economic Commentary , Issue Dec

Conference Paper
An econometric evaluation of international monetary policy rules: fixed versus flexible exchange rates
Taylor, John B. (1986)
Proceedings

Working Paper
Should central banks lean against changes in asset prices?
Leduc, Sylvain; Natal, Jean-Marc (2011)
How should monetary policy be conducted in the presence of endogenous feedback loops between asset prices, firms? financial health, and economic activity? We reconsider this question in the context of the financial accelerator model and show that, when the level of natural output is inefficient, the optimal monetary policy under commitment leans considerably against movements in asset prices and risk premia. We demonstrate that an endogenous feedback loop is crucial for this result and that price stability is otherwise quasi-optimal absent this feature. We also show that the optimal policy ...
Working Paper Series , Paper 2011-15

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