The DOI matches its Crossref record; 23 of the 23 references it cites were found in a registry or an index.
Speed Limit Policies: The Output Gap and Optimal Monetary Policy
Abstract
In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank imparts inertia into output and inflation that is absent under pure discretion. Even a fully optimizing (i.e., non-myopic) central bank operating in a discretionary policy environment achieves better social outcomes if it focuses on inflation and changes in the output gap than are achieved under inflation targeting.(This abstract was borrowed from another version of this item.)
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Cites
(2012) · American Economic Review · doi:10.1257/aer.102.7.i · Cited by 6,810
The Science of Monetary Policy: A New Keynesian Perspective
Clarida, R., Galí, J., & Gertler, M. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1661 · Cited by 4,916
The Optimal Degree of Commitment to an Intermediate Monetary Target
Rogoff, K. (1985) · The Quarterly Journal of Economics · doi:10.2307/1885679 · Cited by 3,688
Inflation dynamics: A structural econometric analysis
Galı́, J., & Gertler, M. (1999) · Journal of Monetary Economics · doi:10.1016/s0304-3932(99)00023-9 · Cited by 3,087
Interest and Prices: Foundations of a Theory of Monetary Policy
Woodford, M. (2004) · Princeton University Press eBooks · doi:10.1515/9781400830169 · Cited by 2,436
Optimal monetary policy with staggered wage and price contracts
Erceg, C. J., Henderson, D. W., & Levin, A. T. (2000) · Journal of Monetary Economics · doi:10.1016/s0304-3932(00)00028-3 · Cited by 2,277
Fuerst, T. S., & Walsh, C. E. (1999) · Southern Economic Journal · doi:10.2307/1061160 · Cited by 1,690
Self-citationNominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.284956 · Cited by 1,448
Nominal price rigidity, money supply endogeneity, and business cycles
Yun, T. (1996) · Journal of Monetary Economics · doi:10.1016/0304-3932(96)01246-9 · Cited by 1,232
Habit Formation in Consumption and Its Implications for Monetary-Policy Models
Fuhrer, J. C. (2000) · American Economic Review · doi:10.1257/aer.90.3.367 · Cited by 1,146
Metadata
- Authors
- Walsh, C. E.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2003-02-01
- Volume
- 93
- Issue
- 1
- Pages
- 265-278
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3121399440
- Cited by
- 303
- References
- 23
- FWCI
- 52.64
- Type
- journal article
- Language
- en
- Open access
- closed
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