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Price stability: why we seek it and how best to achieve it

Federal Reserve Bank of Cleveland President Sandra Pianalto explains why price stability is essential for maximum employment and how the adoption of a numerical target for inflation may improve the central bank?s ability to achieve both objectives. Find the essay, along with Frequently Asked Questions about inflation.
Annual Report

Conference Paper
Panel on monetary policy options and tools

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
A regime shift in measured per capita consumption, with implications for asset prices and returns

Research Working Paper , Paper 92-06

Working Paper
The translog form and declining average costs

Working Papers , Paper 95-13/RR

Journal Article
Trend inflation, firm-specific capital, and sticky prices

Economic Quarterly , Volume 91 , Issue Fall , Pages 57-83

Working Paper
Option pricing with random volatilities in complete markets

FRB Atlanta Working Paper , Paper 91-16

Conference Paper
List price signaling and buyer behavior in the housing market


Working Paper
Recovering risk aversion from options

Cross-sections of option prices embed the risk-neutral probability densities functions (PDFs) for the future values of the underlying asset. Theory suggests that risk-neutral PDFs differ from market expectations due to risk premia. Using a utility function to adjust the risk-neutral PDF to produce subjective PDFs, we can obtain measures of the risk aversion implied in option prices. Using FTSE 100 and S&P 500 options, and both power and exponential utility functions, we show that subjective PDFs accurately forecast the distribution of realizations, while risk-neutral PDFs do not. The ...
Working Paper Series , Paper WP-01-15

Working Paper
Selecting an intermediate target variable for monetary policy when the goal is price stability

Conventional investigations of the "best" intermediate target variable for monetary policy have used a single criterion: the best fit between the behavior of an aggregate and that of some goal variable such as nominal spending or the aggregate price level. Ignored in this type of study, however, is the ability of the central bank to control the behavior of the aggregate which has the best fit relative to the goal variable. This paper treats the issue of monetary control explicitly and selects an intermediate target variable on the basis of a joint criterion of monetary control and ...
Working Papers , Paper 1992-008

Journal Article
Do price indexes tell us about inflation? A review of the issue

Review , Issue Nov , Pages 12-30



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anonymous 30 items

Wolman, Alexander L. 12 items

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