The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Science of Monetary Policy: A New Keynesian Perspective
Abstract
The paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making a credible commitment to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even if the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information.
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Citations
Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Self-citationThe 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
Cited by
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Bortz, P. G., Michelena, G., & Toledo, F. (2020) · International Journal of Political Economy · doi:10.1080/08911916.2020.1857586 · Cited by 17
Enisan, A. A., & Tolulope, A. O. (2019) · Global Business Review · doi:10.1177/0972150918825194 · Cited by 8
Metadata
- Authors
- Clarida, R., Galí, J., & Gertler, M.
- Venue
- Journal of Economic Literature
- Publisher
- American Economic Association
- Published
- 1999-12-01
- Volume
- 37
- Issue
- 4
- Pages
- 1661-1707
- ISSN
- 0022-0515 (ISSN-L)
- OpenAlex
- W3125135614
- Cited by
- 4,916
- References
- 3
- FWCI
- 291.93
- Type
- journal article
- Language
- en
- Open access
- closed
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