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Creator: Chari, V. V., Kehoe, Patrick J., and Prescott, Edward C. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 365 关键词: Choice, Monetary policy, Economic policy, Macroeconomics, and Decision making 学科: D99 - Intertemporal choice and growth - Other, E61 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Policy objectives ; Policy designs and consistency ; Policy coordination, and D81 - Information, knowledge, and uncertainty - Criteria for decision-making under risk and uncertainty -
Creator: Roberds, William. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 298 Abstract: The consequences of a straightforward monetary targeting scheme are examined for a simple dynamic macro model. The notion of "targeting" used below is the strategic one introduced by Rogoff (1985). Numerical simulations are used to demonstrate that for the model under consideration, monetary targeting is likely to lead to a deterioration of policy performance. These examples cast doubt upon the general efficacy of simple targeting schemes in dynamic rational expectations models. 关键词: Monetary targeting, Macroeconomic model, Monetary policy, and Rational expectations 学科: C61 - Mathematical methods and programming - Optimization techniques ; Programming models ; Dynamic analysis and E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy -
Creator: Sargent, Thomas J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 238 关键词: Debt, Dynamic games, Fiscal policy, Minnesota Vikings, Monetary policy, Reaganomics, Deficit, and Budget 学科: C73 - Game theory and bargaining theory - Stochastic and dynamic games ; Evolutionary games ; Repeated games and E65 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Studies of particular policy episodes -
Creator: Saracoglu, Rusdu. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 59 关键词: Fiscal Policy, Monopolies, Monetary policy, and Macroeconomic models 学科: E63 - Macroeconomic policy, macroeconomic aspects of public finance, and general outlook - Comparative or joint analysis of fiscal and monetary policy ; Stabilization -
Creator: Rolnick, Arthur J., 1944- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 34 关键词: Reform, Monetary policy, and Central banking 学科: E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy and G28 - Financial institutions and services - Government policy and regulation -
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 348 Abstract: We derive the empirical implications of a popular class of international macroeconomic models. The real economy is a stochastic exchange model with complete markets. A standard result is that cross-country risk sharing implies perfect correlation between consumption paths across countries. With mild restrictions on the endowment process ii also implies a positive correlation between net exports and output in every country. We introduce money using cash-in-advance constraints and show that the implications for real variables carry over into the monetary economy. These dichotomy and neutrality propositions generalize those in the literature to stochastic environments with heterogeneous agents, and do not require the cash-in-advance constraint to bind in every state. They imply that any correlation between the nominal exchange rate and the balance of trade can be made consistent with the theory. 关键词: Government finance, Exchange rates, Cash-in-advance, Monetary policy, and Risk-sharing 学科: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, F30 - International finance - General, and D46 - Market structure and pricing - Value theory -
Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 406 关键词: Prices, Money, Quantity theory of money, Inflation, Central banking, and Monetary policy 学科: E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy and E31 - Prices, business fluctuations, and cycles - Price level ; Inflation ; Deflation -
Creator: Backus, David. and Kehoe, Patrick J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 348 Abstract: We derive the empirical implications of a popular class of international macroeconomic models. The real economy is a stochastic exchange model with complete markets. A standard result is that cross-country risk sharing implies perfect correlation between consumption paths across countries. With mild restrictions on the endowment process ii also implies a positive correlation between net exports and output in every country. We introduce money using cash-in-advance constraints and show that the implications for real variables carry over into the monetary economy. These dichotomy and neutrality propositions generalize those in the literature to stochastic environments with heterogeneous agents, and do not require the cash-in-advance constraint to bind in every state. They imply that any correlation between the nominal exchange rate and the balance of trade can be made consistent with the theory. 关键词: Government finance, Exchange rates, Risk-sharing, Monetary policy, and Cash-in-advance 学科: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles, F30 - International finance - General, and D46 - Market structure and pricing - Value theory -
Creator: Christiano, Lawrence J. and Eichenbaum, Martin S. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 478 关键词: Appendix, Computations, Mathematical computations, MATLAB, Monetary policy, Business cycles, and Liquidity 学科: E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy, Y10 - Data : Tables and charts, and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles -
Creator: Miller, Preston J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 74 关键词: Unemployment, Monetary policy, and Employment 学科: J21 - Demand and supply of labor - Labor force and employment, size, and structure and E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy