经济NEW PERSPECTIVES ON MONETARY POLICY,INFLATION, AND THE BUSINESS CYCLE

人大经济论坛 › 经典文献» 浏览文献

NEW PERSPECTIVES ON MONETARY POLICY,INFLATION, AND THE BUSINESS CYCLE

文献名称	NEW PERSPECTIVES ON MONETARY POLICY,INFLATION, AND THE BUSINESS CYCLE
文献作者	Jordi Galí
作者所在单位	NATIONAL BUREAU OF ECONOMIC RESEARCH
文献分类	已发表文献
学科一级分类	经济
学科二级分类	经济思想史
文献摘要	The present paper provides an overview of recent developments in the analysis of monetary policy in the presence of nominal rigidities. The paper emphasizes the existence of several dimensions in which the recent literature provides a new perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an explicitly optimizing, general equilibrium framework has not been superfluous; on the contrary, it has yielded many insights which, by their nature, could hardly have been obtained with earlier non-optimizing models.
参考文献	Andersen, Torben M. (1998): “Persistency in Sticky Price Models,” European Economic Review 42, 1998, 593-603. Andrés, Javier, David López-Salido, and Javier Vallés (1999): “Intertemporal Substitution and the Liquidity Effect in a Sticky PriceModel,” Bank of Spain, mimeo. Basu, Susanto, John Fernald, and Miles Kimball (1998): “Are Technology Im- provements Contractionary ?” mimeo. Benigno, Pierpaolo (1999): “Optimal Monetary Policy in a Currency Area,” mimeo. Bergin, Paul R. and Robert C. Feenstra (2000): “Staggered Price Setting, Translog Preferences, and Endogenous Persistence,” Journal of Monetary Economics, vol. 45, 657-680. Bernanke, Ben S., and Ilian Mihov (1998): “The Liquidity Effect and Long Run Neutrality” Carnegie Rochester Series on Public Policy, vol. 49, 149-194. Bernanke, Ben S., and Michael Woodford (1997): “Inßation Forecasts and Mon- etary Policy,” Journal of Money Credit and Banking, vol. 24, 653-684. Blanchard, Olivier (1997): “Comment on The New Neoclassical Synthesis and the Role of Monetary Policy,” NBER Macroeconomics Annual 1997, 289-293. Blanchard, Olivier and Kahn (1980): “The Solution of Linear Difference Models under Rational Expectations,” Econometrica, vol. 48, no. 5. Blanchard, Olivier J., and Nobuhiro Kiyotaki (1987): ”Monopolistic Competition and the Effects of Aggregate Demand,” American Economic Review 77, 647-666. Blinder, Alan S., (1998): Central Banking in Theory and Practice, MIT Press. Bullard, James and Kaushik Mitra (1999): “Learning about Monetary Policy Rules,” Journal of Monetary Economics, forthcoming. Calvo, Guillermo (1983): “Staggered Prices in a Utility Maximizing Framework,” Journal of Monetary Economics, 12, 383-398. Chari, V.V., Patrick J. Kehoe, Ellen R. McGrattan (1996): “Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?,” Federal Reserve Bank of Minneapolis, Research Department Staff Report 217. Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans (1997): “Sticky Price and Limited Participation Models: a Comparison,” European Economic Review vol. 41, no. 6., 1201-1249. Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans (1999): “Mon- etary Policy Shocks: What Have We Learned and to What End ?,” in Taylor and Woodford (eds.), Handbook of Macroeconomics, volume 1A, 65-148. Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans (1998): “Mod- eling Money,” NBER WP# 6371. Clarida, Richard, Jordi Galí, and Mark Gertler (1998): “Monetary Policy Rules in Practice: Some International Evidence” European Economic Review, vol. 42, 1033- 1067. Clarida, Richard, Jordi Galí, and Mark Gertler (1999): “The Science of Monetary 39 Policy: A New Keynesian Perspective,” Journal of Economic Literature, vol. 37, no. 4, 1661-1707. Clarida, Richard, Jordi Galí, and Mark Gertler (2000): “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory,” Quarterly Journal of Economics, vol. CXV, issue 1, 147-180. Cooley, Thomas F. and Gary D. Hansen (1989): “Inßation Tax in a Real Business Cycle Model,” American Economic Review 79, 733-748. Correia, Isabel, and Pedro Teles (1999): “The Optimal Inßation Tax,” Review of Economic Dynamics, vol. 2, no.2 325-346. Dotsey, Michael (1999): “Structure from Shocks,” unpublished manuscript. Dotsey, Michael, Robert G. King, and Alexander L. Wolman (1999): “State De- pendent Pricing and the General Equilibrium Dynamics of Money and Output,” Quarterly Journal of Economics, vol. CXIV, issue 2, 655-690. Erceg, Christopher J. (1997): “Nominal Wage Rigidities and the Propagation of Monetary Disturbances,” Federal Reserve Board, mimeo. Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin (1999): “Opti- mal Monetary Policy with Staggered Wage and Price Contracts,” Journal of Mone- tary Economics, forthcoming. Fuhrer, Jeffrey C., 1997b, “The (Un)Importance of Forward_Looking behavior in Price Setting,” Journal fo Money, Credit and Banking 29, August, pp. 338-50. Fuhrer, Jeffrey C., and George R.Moore, 1995a, “Inßation Persistence”, Quarterly Journal of Economics, No. 440, February, pp 127-159. Galí, Jordi (1999): “Technology, Employment, and the Business Cycle: Do Tech- nology Shocks Explain Aggregate Fluctuations?,” American Economic Review, vol. 89, no. 1, 249-271. Galí, Jordi and Mark Gertler (1999): “Inßation Dynamics: A Structural Econo- metric Analysis,” Journal of Monetary Economics, vol. 44, no. 2, 195-222. Galí, Jordi, Mark Gertler, and David López-Salido (2001): “European Inßation Dynamics,” European Economic Review 45, 7, 1237-1270. Galí, Jordi, David López-Salido and Javier Vallés (2000): “Technology Shocks and Monetary Policy: Assessing the Fed’s Performance,” mimeo. Galí, Jordi (2000a): “The Conduct ofMonetary Policy in the Face of Technological Change: Theory and Postwar U.S. Evidence,” mimeo. Galí, Jordi (2000b): “Targeting Inßation in an Economy with Staggered Price Setting,” forthcoming in N. Loayza and R. Soto eds. Inßation Targeting: Design, Performance, Challenges, Central Bank of Chile, Santiago, Chile. Goodfriend, Marvin, and Robert G. King (1997): “The New Neoclassical Synthe- sis and the Role of Monetary Policy,” NBER Macroeconomics Annual 1997, 231-283. Hairault, Jean-Olivier, and Franck Portier (1993): ”Money, New KeynesianMacro- economics, and the Business Cycle,” European Economic Review 37, 33-68. Huang, Kevin X. D., and Zheng Liu. (1998): “Staggered Contracts and Business Cycle Persistence,” mimeo. 40 Ireland, Peter N. (2000): “Interest Rates, Inßation, and Federal Reserve Policy since 1980,” Journal of Money, Credit, and Banking, forthcoming. Jeanne, Olivier (1998): “Generating Real Persistent Effects of Monetary Shocks: How Much Nominal Rigidity Do We Really Need?,” European Economic Review, vol. 42, no. 6, 1009-1032. Jensen, Henrik (1999): “Targeting Nominal Income Growth or Inßation,” CEPR DP# 2341. Judd, John P., and Glenn Rudebusch (1998): “Taylor’s Rule and the Fed: 1970- 1997,” Economic Review, Federal Reserve Bank of San Francisco, no. 3, 3-16. Khan, Aubhik, Robert King, and Alexander Wolman (2000): “Optimal Monetary Policy,” mimeo. Kiley, Michael (1997): “Staggered Price Setting and Real Rigidities,” Federal Reserve Board, mimeo. Kim, Jinill (2000): “Constructing and Estimating a Realistic Optimizing Model of Monetary Policy,” Journal of Monetary Economics, vol. 45, 329-359. King, Robert G., and Alexander L. Wolman (1996): “Inßation Targeting in a St. Louis Model of the 21st Century,” Federal Reserve Bank of St. Louis Review, vol. 78, no. 3. (NBER WP #5507). Leeper, Eric M., Christopher Sims, and Tao Zha (1996): “What Does Monetary Policy Do?,” Brookings Papers on Economic Activity, vol. 2, 1-78. Levin, Andrew T., Volcker Wieland, and John Williams (1999): “” in J.B. Taylor ed., Monetary Policy Rules, University of Chicago Press. McCallum, Bennett, and Edward Nelson (1999): “ ”, in J.B. Taylor ed., Monetary Policy Rules, University of Chicago Press. Nelson, Edward (1998): “Sluggish Inßation and Optimizing Models of the Busi- ness Cycle,” Journal of Monetary Economics, 42, no. 2,303-322. Orphanides, Athanasios (1999): “The Quest for Prosperity Without Inßation,” Board of Governors, mimeo. Roberts, John M. (1997), “Is Inßation Sticky?, ” Journal of Monetary Economics, No. 39, pp 173-196. Rotemberg, Julio (1996): “Prices, Output, and Hours: An Empirical Analysis Based on a Sticky Price Model,” Journal of Monetary Economics 37, 505-533. Rotemberg, Julio and MichaelWoodford (1997): “An Optimization-Based Econo- metric Framework for the Evaluation of Monetary Policy,” NBER Macroeconomics Annual 1997, 297-346. Rotemberg, Julio and Michael Woodford (1999): “Interest Rate Rules in an Esti- mated Sticky Price Model,” in J.B. Taylor ed., Monetary Policy Rules, University of Chicago Press. Rotemberg, Julio and Michael Woodford (1999): “The Cyclical Behavior of Mar- ginal Costs,” Sbordone, Argia (1998): “Prices and Unit Labor Costs: Testing Models of Pricing Behavior,” mimeo. 41 Taylor, John B., (1993) “Discretion versus Policy Rules in Practice,” Carnegie- Rochester Series on Public Policy 39, 195-214. Taylor, John B. (1998): “An Historical Analysis of Monetary Policy Rules,” in J.B. Taylor ed., Monetary Policy Rules, University of Chicago Press. Taylor, John B. (1999): Monetary Policy Rules, University of Chicago Press and NBER. Vestin, David (1999): “Price-Level Targeting vs. Inßation Targeting in a Forward Looking Model,” IIES, mimeo. Walsh, Carl E. (1998): Monetary Theory and Policy, MIT Press, chapters 2-4. Woodford, Michael (1996): “Control of the Public Debt: A Requirement for Price Stability?,” NBER WP# 5684. Woodford, Michael (1999a): “Optimal Monetary Policy Inertia,” NBER WP #7261. Woodford, Michael (1999b): “How Should Monetary Policy be Conducted in an Era of Price Stability?: A Comment,” Princeton University, mimeo. Woodford, Michael (1999c), Interest and Prices, chapter 6, mimeo. Woodford, Michael (2000): “Pitfalls of Forward-LookingMonetary Policy,” Prince- ton University, mimeo. Yun, Tack (1996): “Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles,” Journal of Monetary Economics 37, 345-370.
关键字	MONETARY POLICY;INFLATION;BUSINESS CYCLE
发表所在刊物（或来源）
发表时间	February 2002
适用研究领域	经济思想史
评论
上传时间	2011-1-11 23:25
下载文献	New perspectives on money policy,inflation and the business cycle.pdf[880.89 KB] 注：下载文献会消耗您一个“当日剩余下载次数”
会员评论
发表评论