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Journal Article
Vector autoregression evidence on monetarism: another look at the robustness debate
Todd, Richard M. (1990-04)
This paper is a case study of the use of vector autoregression (VAR) models to test economic theories. It focuses on the work of Christopher A. Sims, who in 1980 found that relationships in economic data generated by a small VAR model were inconsistent with those implied by a simple form of monetarist theory. The paper describes the work of researchers who criticized Sims' results as not robust and Sims' response to these critics. The paper reexamines all of this work by estimating hundreds of variations of Sims' model. The paper concludes that both Sims and his critics are right: Sims' ...
Quarterly Review , Volume 14 , Issue Spr , Pages 19-37

Journal Article
What remains of monetarism?
Hafer, Rik (2001-10)
In October 1979 the Federal Reserve, in an attempt to curb double-digit inflation, announced that it would place more weight on monetary aggregates in policy deliberations. This policy shift helped reduce inflation but sent the economy into a recession. Three years later the Fed abandoned monetary targets and returned to targeting the federal funds rate. ; Monetary growth targets currently play no official role in the setting of U.S. monetary policy. Is such disregard justified by the data any more today than it was twenty years ago? This article provides a historical perspective on the ...
Economic Review , Volume 86 , Issue Q4 , Pages 13-33

Working Paper
The cost of inflation: a mechanism design approach
Rocheteau, Guillaume (2011)
I apply mechanism design to quantify the cost of inflation that can be attributed to monetary frictions alone. In an environment with pairwise meetings, the money demand that is consistent with a constrained-efficient allocation takes the form of a continuous correspondence that can fit the data over the period 1900-2006. For such parameterizations, the cost of moderate inflation is zero. This result is robust to different assumptions regarding the observability of money holdings, the introduction of match-specific heterogeneity, and endogeneous participation decisions.
Working Papers (Old Series) , Paper 1103

Working Paper
New results in support of the fiscal policy ineffectiveness proposition
Glick, Reuven; Hutchison, Michael M. (1987)
We demonstrate that previous tests of money and fiscal "policy ineffectiveness" are likely to be biased because they ignore interaction effects between policies, induced either by direct policy linkages or through the variation of policies in response to common factors. Our analysis takes into account possible interactive effects between monetary and fiscal policy in an attempt to avoid the biases of previous research. Our empirical analysis of U.S. experience supports the short-run ineffectiveness of anticipated and unanticipated fiscal policy, in contrast to other empirical research, but ...
Working Papers in Applied Economic Theory , Paper 87-02

Journal Article
The cyclical behavior of prices and employee compensation
Webb, Roy H. (2003-01)
Economic Quarterly , Volume 89 , Issue Win , Pages 69-83

Journal Article
Inflation, unemployment, and money: comparing the evidence from two simple models
Carlson, Keith M. (1978-09)
Review , Volume 60 , Issue Sep , Pages 2-6

Working Paper
A note on purifying mixed strategy equilibria in the search model of money
Wright, Randall (1997)
A construction of a nonsymmetric, pure-strategy equilibrium payoff-equivalent to the symmetric, mixed-strategy equilibrium.
Working Papers (Old Series) , Paper 9709

Working Paper
Uncertainty, learning, and gradual monetary policy
Sack, Brian P. (1998)
The value of a vast array of financial assets are functions of rates or prices determined in OTC, interbank, or other off-exchange markets. In order to price such derivative assets, underlying rate and price indexes are routinely sampled and estimated. To guard against misreporting, whether unintentional or for market manipulation, many standard contracts utilize a technique known as trimmed-means. This paper points out that this polling problem falls within the statistical framework of robust estimation. Intuitive criteria for choosing among robust valuation procedures are discussed. In ...
Finance and Economics Discussion Series , Paper 1998-34

Report
Mercantilists and classicals: insights from doctrinal history. 1998 annual report of the Federal Reserve Bank of Richmond
Humphrey, Thomas M. (1998)
Annual Report

Working Paper
Data uncertainty and the role of money as an information variable for monetary policy
Coenen, Günter; Wieland, Volker W.; Levin, Andrew T. (2001)
This paper demonstrates that money can play an important role as an information variable and may result in major improvements in current output estimates. However, the specific nature of this role depends on the magnitude of the output measurement error relative to the money demand shock. In particular, we find noticeable but small improvements in output estimates due to the inclusion of money growth in the information set. Money plays a quantitatively more important role with regard to output estimation if we allow for a contribution of monetary analysis in reducing uncertainty due to money ...
Finance and Economics Discussion Series , Paper 2001-54

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