The DOI matches its Crossref record; 96 of the 96 references it cites were found in a registry or an index.
Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models
Open accessAbstract
We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy.We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data, and then determine the policy under commitment that maximizes household welfare.We find that the performance of the optimal policy is closely matched by a simple operational rule that focuses solely on stabilizing nominal wage inflation.Furthermore, this simple wage stabilization rule is remarkably robust to uncertainty about the model parameters and to various assumptions regarding the nature and incidence of the innovations.However, the characteristics of optimal policy are very sensitive to the specification of the wage contracting mechanism, thereby highlighting the importance of additional research regarding the structure of labor markets and wage determination.
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Gelman, A., Carlin, J. B., Stern, H. S., & Rubin, D. B. (2003) · doi:10.1201/9780429258480 · Cited by 27,276
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
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
Econometric policy evaluation: A critique
Lucas, R. E. (1976) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/s0167-2231(76)80003-6 · Cited by 6,110
INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
Woodford, M., & WALSH, C. E. (2005) · Macroeconomic Dynamics · doi:10.1017/s1365100505040253 · Cited by 5,508
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
Staggered Prices in a Utility-Maximizing Framework
(1996) · Money, Exchange Rates, and Output · doi:10.7551/mitpress/4758.003.0007 · Cited by 4,369
An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
Smets, F. R., & Wouters, R. (2003) · Journal of the European Economic Association · doi:10.1162/154247603770383415 · Cited by 3,520
Numerical Methods in Economics
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Aggregate Dynamics and Staggered Contracts
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Optimal simple and implementable monetary and fiscal rules
Schmitt-Grohé, S., & Uribe, M. (2007) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2006.07.002 · Cited by 928
Monetary Policy Strategy: Lessons from the Crisis
Mishkin, F. (2011) · National Bureau of Economic Research · doi:10.3386/w16755 · Cited by 444
Coibion, O., Gorodnichenko, Y., & Wieland, J. (2012) · The Review of Economic Studies · doi:10.1093/restud/rds013 · Cited by 359
The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks
Rudebusch, G. D., & Swanson, E. T. (2012) · American Economic Journal: Macroeconomics · doi:10.1257/mac.4.1.105 · Cited by 304
Metadata
- Authors
- Levin, A., Onatski, A., Williams, J., & Williams, N.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2005-08
- OpenAlex
- W3022355858
- Cited by
- 264
- References
- 96
- Type
- report
- Language
- en
- Open access
- green
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