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Bank:Federal Reserve Bank of Cleveland  Series:Proceedings 

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.
Proceedings

Conference Paper
Charting a course under free trade (summary of NAFTA conference)

Proceedings

Conference Paper
From ideas to innovations: moving technology toward the marketplace through universities and national labs

Our nation?s leadership, and perhaps even our economic viability, depends on the willingness and ability of businesses, industries, research institutions, and colleges and universities to work together. Collaborative excellence at the intersections of science, technology, and the marketplace holds the key to our future.
Proceedings

Conference Paper
Conference overview and welcoming address

Proceedings

Conference Paper
Inside and outside money as alternative media of exchange

Proceedings

Conference Paper
Seigniorage as a tax: a quantitative evaluation

Proceedings

Conference Paper
Private money

Proceedings

Conference Paper
Backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability

The existing literature on the stabilizing properties of interest-rate feedback rules has stressed the perils of linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due to self-fulfilling expectations. In response to this concern, a growing literature has focused on the stabilizing properties of interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has emerged is that backward-looking rules contribute to protecting the economy from embarking on expectations-driven ...
Proceedings

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Haubrich, Joseph G. 9 items

Altig, David E. 7 items

Smith, Bruce D. 7 items

anonymous 5 items

Christiano, Lawrence J. 4 items

Eberts, Randall W. 4 items

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Monetary policy 27 items

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