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Journal Article
New Keynesian economics : a monetary perspective
Williamson, Stephen D. (2008-07)
In this article we construct a simple analytically tractable model to explore and evaluate New Keynesian ideas. First, we show that a New Keynesian model need not exhibit Phillips curve correlations in the absence of strategic price setting by firms. Second, we conclude that New Keynesian economics needlessly neglects monetary frictions and misses out on some key insights in the process. For example, it is important to understand how the central bank should manipulate monetary quantities to support particular nominal interest rate rules
Economic Quarterly , Volume 94 , Issue Sum , Pages 197-218

Journal Article
An empirical investigation of fluctuations in manufacturing sales and inventory within a sticky-price framework
Sarte, Pierre-Daniel G. (1999-07)
Economic Quarterly , Issue Sum , Pages 61-84

Journal Article
Antitrust analysis in banking : goals, methods, and justifications in a changed environment
Wescott, Patricia E.; Walter, John R. (2008-01)
During recent decades banking markets have changed considerably. Nevertheless, banking antitrust analysis continues to follow the same basic philosophy laid down 40 years ago by the Supreme Court. Does the change in banking markets imply the need to alter antitrust analysis in banking? This article reviews the methods of antitrust analysis and discusses justifications for them. The article concludes that the means of analysis continues to make sense regardless of a changed environment.
Economic Quarterly , Volume 94 , Issue Win , Pages 45-72

Journal Article
On the sources of movements in inflation expectations : a few insights from a VAR model
Mehra, Yash P.; Herrington, Christopher (2008-04)
Using a VAR model that includes a survey measure of expected inflation, this article investigates the responses of expected inflation to temporary shocks to macroeconomic variables during three sample periods, 1953:1--1979:1, 1979:2--2001:1, and 1985:1--2007:1. Shocks to actual inflation, commodity prices, and expected inflation itself have been three major sources of movement in expected inflation, together explaining over 80 percent of the variability in expected inflation. Positive shocks to actual inflation, commodity prices, and expected inflation itself lead to increases in expected ...
Economic Quarterly , Volume 94 , Issue Spr , Pages 121-146

Journal Article
Monetary policy with interest on reserves
Hornstein, Andreas (2010-04)
Since the fall of 2008, the amount of outstanding reserves on the Federal Reserve's balance sheet has increased from about 100 billion dollars to more than 1 trillion dollars. There is some concern that the magnitude of outstanding reserves might affect the ability of the Federal Reserve to conduct monetary policy through an interest rate policy. In this article I argue that the ability of the Federal Reserve to pay interest on reserves, also introduced in the fall of 2008, should lessen this concern. For an appropriately modified baseline model of money, I show that, with the payment of ...
Economic Quarterly , Volume 96 , Issue 2Q , Pages 153-177

Journal Article
Earned income tax credit recipients: income, marginal tax rates, wealth, and credit constraints
Simpson, Nicole B.; Athreya, Kartik B.; Reilly, Devin (2010-07)
The Earned Income Tax Credit (EITC) has evolved into the largest anti-poverty program in the United States by providing tax credits for low and moderate income working families. In this paper, we describe the characteristics of EITC recipients at various ages using Current Population Survey data. In addition, we discuss the relevance of the EITC in affecting marginal income tax rates in the United States and discuss the effects of the EITC on household labor supply decisions. Lastly, using data from the Survey of Consumer Finances, we estimate wealth distributions for EITC recipients and ...
Economic Quarterly , Volume 96 , Issue 3Q , Pages 229-258

Journal Article
Unemployment insurance and personal bankruptcy
Athreya, Kartik B. (2003-04)
Economic Quarterly , Volume 89 , Issue Spr , Pages 33-53

Journal Article
Indeterminancy from inflation forecast targeting : problem or pseudo-problem?
McCallum, Bennett T. (2009-01)
Contemporary literature on monetary policy analysis concludes that use of an interest rate policy rule that responds to expected inflation in some future period may generate indeterminacy - a multiplicity of stable rational expectations (RE) solutions. By contrast, this article argues that in these analyses only one of the solutions possesses the property of learnability, which is necessary for the plausibility of any RE solution since its absence implies that there is no way for individuals to obtain enough information to form expectations that would support the solution in question. Thus ...
Economic Quarterly , Volume 95 , Issue Win , Pages 25-51

Journal Article
Limited commitment and central bank lending
Lacker, Jeffrey M.; Goodfriend, Marvin (1999-10)
Economic Quarterly , Issue Fall , Pages 1-27

Journal Article
Macroeconomics with hetereogeneity : a practical guide
Guvenen, Fatih (2011-07)
This article reviews macroeconomic models with heterogeneous households. A key question for the relevance of these models concerns the degree to which markets are complete. This is because the existence of complete markets imposes restrictions on (i) how much heterogeneity matters for aggregate phenomena and (ii) the types of cross-sectional distributions that can be obtained. The degree of market incompleteness, in turn, depends on two factors: (i) the richness of insurance opportunities provided by the economic environment and (ii) the nature and magnitude of idiosyncratic risks to be ...
Economic Quarterly , Volume 97 , Issue 3Q , Pages 255-326

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