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Creator: Andolfatto, David and Gomme, Paul, 1961- Series: Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics) Number: 118 Abstract: Recent monetary history has been characterized by monetary authorities that appear to shift periodically between distinct policy regimes associated with higher or lower average rates of money creation. As policy regimes are not directly observable and as the rate of monetary expansion varies for reasons other than regime changes, the general public must form beliefs over current monetary policy based on historical realizations of money growth rates. Depending on the parameters governing the behaviour of monetary policy, beliefs (and therefore inflation forecasts) may evolve very slowly in the wake of actual regime changes, thereby exacerbating the costs of a disinflation policy. The quantitative importance of slowly adjusting beliefs is evaluated in the context of a computable general equilibrium model.
Subject (JEL): E52 - Monetary Policy, E13 - General Aggregative Models: Neoclassical, E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems, and E31 - Price Level; Inflation; Deflation -
Creator: Quah, Danny; Stern, Gary H.; and Supel, Thomas M. Series: Quarterly review (Federal Reserve Bank of Minneapolis. Research Department) Number: Vol. 8, No. 3 -
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Series: Monthly review (Federal Reserve Bank of Minneapolis. Research Department) Number: vol.11 no.17 Description: Includes titles: "Buying on Time had Diminished", "Management Is More Important in Farming Today", "District's Economy Appears to Be Holding Its Own", and "Parity-- the Old and the New"
Subject (JEL): Y10 - Data: Tables and Charts, R10 - General Regional Economics (includes Regional Data), N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-, and N52 - Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: U.S.; Canada: 1913- -
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Series: Monthly review (Federal Reserve Bank of Minneapolis. Research Department) Number: vol.7 no.261 Description: Includes "District Summary of Banking", "District Summary of Agriculture", "District Summary of Business", and "Summary of National Business Conditions"
Subject (JEL): R10 - General Regional Economics (includes Regional Data), N22 - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-, N52 - Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: U.S.; Canada: 1913-, and Y10 - Data: Tables and Charts