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Monetary Policy in Models with Capital* *I have benefited from comments by Patrick Kehoe and Torsten Persson. The paper was written while the author was visiting the Federal Reserve Bank of Minneapolis. The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.
16 references·0 citing·35 second hop
Monetary Policy in Models with Capital* *I have benefited from comments by Patrick Kehoe and Torsten Persson. The paper was written while the author was visiting the Federal Reserve Bank of Minneapolis. The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. (1989)Monetary Policy in Models with Capital* *…Policy Cooperation Among Benevolent Governments May Be Undesirable (1989)Policy Cooperation Among Bene…Money demand in the United States: A quantitative review (1988)Money demand in the United St…MONETARY POLICY AND POLICY CREDIBILITY THEORIES AND EVIDENCE (1988)MONETARY POLICY AND POLICY CR…Time Consistency of Fiscal and Monetary Policy (1987)Time Consistency of Fiscal an…Recent Developments in the Theory of Rules Versus Discretion (1986)Recent Developments in the Th…Rules, discretion and reputation in a model of monetary policy (1983)Rules, discretion and reputat…Optimal fiscal and monetary policy in an economy without capital (1983)Optimal fiscal and monetary p…A Positive Theory of Monetary Policy in a Natural Rate Model (1983)A Positive Theory of Monetary…A Positive Theory of Monetary Policy in a Natural-Rate Model (1981)A Positive Theory of Monetary…Dynamic optimal taxation, rational expectations and optimal control (1980)Dynamic optimal taxation, rat…Dynamic inconsistency, cooperation and the benevolent dissembling government (1980)Dynamic inconsistency, cooper…On the Time Consistency of Optimal Policy in a Monetary Economy (1978)On the Time Consistency of Op…Rules Rather than Discretion: The Inconsistency of Optimal Plans (1977)Rules Rather than Discretion:…The Phillips curve and labor markets (1976)The Phillips curve and labor …Econometric policy evaluation: A critique (1976)Econometric policy evaluation…Investment Under Uncertainty (1971)Investment Under UncertaintyAn Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money (1958)Myopia and Inconsistency in Dynamic Utility Maximization (1973)A Guide to Public Sector Debt and Deficits (1985)Servicing the Public Debt: The Role of Expectations* *I have greatly benefited from comments received at Johns Hopkins University, Georgetown University, the Macro Lunch Group of the University of Pennsylvania, MIT, and the Research Department of the International Monetary Fund. I am particularly indebted to Matt Canzoneri, Sara Guerschanik-Calvo, Joseph Harrington, Jr, Elhanan Helpman, Nissan Leviatan, Maury Obstfeld, Assaf Razin, Sweder van Wijnbergen and two anonymous referees. The research on this paper was partly done while I was a visiting scholar at the Research Department of the Internationed Monetary Fund, and it was partially funded by the National Science Foundation. However, any opinions expressed are entirely my own and not those of any of the above institutions. This paper has already been published in the The American Economic Review, 78, 4, September 1988, pp. 647–661. (1989)A Toolkit for Analysing Nonlinear Dynamic Stochastic Models Easily (2001)A Theory of the Consumption Function (1960)Some International Evidence on Output-Inflation Tradeoffs. (1973)The Role of Monetary Policy (1995)INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY (2005)Time Varying Structural Vector Autoregressions and Monetary Policy (2005)Does Culture Affect Economic Outcomes? (2006)Myopia and Inconsistency in Dynamic Utility Maximization (1955)A Positive Theory of Fiscal Deficits and Government Debt (1990)Monetary Theory and Policy (1999)A Unified Framework for Monetary Theory and Policy Analysis (2005)Rational Expectations and the Theory of Price Movements (1961)Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment (1973)Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies (1991)Decision Making in Political Systems: Veto Players in Presidentialism, Parliamentarism, Multicameralism and Multipartyism (1995)Veto Players. How Political Institutions Work (2003)"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule (1975)The Optimal Degree of Commitment to an Intermediate Monetary Target (1985)Aggregate Dynamics and Staggered Contracts (1980)Discretion versus policy rules in practice (1993)Equilibrium search and unemployment (1974)Convergence of least squares learning mechanisms in self-referential linear stochastic models (1989)Explaining saving-investment correlations (1993)The Science of Monetary Policy: A New Keynesian Perspective (1999)Varieties of Capitalism (2001)Distributive Politics and Economic Growth (1991)Legitimacy, Interest Group Pressures, and Change in Emergent Institutions: The Case of Foreign Investors and Host Country Governments (2005)Which country matters? Institutional development and foreign affiliate performance (2008)Rational expectations and the theory of economic policy (1976)Potential GNP: Its measurement and significance (1979)Long-term economic growth projections in the Shared Socioeconomic Pathways (2015)
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References

  • 1977Rules Rather than Discretion: The Inconsistency of Optimal Plans7,896 cited
  • 1976Econometric policy evaluation: A critique6,104 cited
  • 1983Rules, discretion and reputation in a model of monetary policy3,625 cited
  • 1983A Positive Theory of Monetary Policy in a Natural Rate Model2,212 cited
  • 1981A Positive Theory of Monetary Policy in a Natural-Rate Model2,177 cited
  • 1983Optimal fiscal and monetary policy in an economy without capital1,877 cited
  • 1971Investment Under Uncertainty952 cited
  • 1978On the Time Consistency of Optimal Policy in a Monetary Economy807 cited
  • 1976The Phillips curve and labor markets612 cited
  • 1980Dynamic inconsistency, cooperation and the benevolent dissembling government353 cited
  • 1988Money demand in the United States: A quantitative review350 cited
  • 1980Dynamic optimal taxation, rational expectations and optimal control347 cited
  • 1989Policy Cooperation Among Benevolent Governments May Be Undesirable271 cited
  • 1988MONETARY POLICY AND POLICY CREDIBILITY THEORIES AND EVIDENCE240 cited
  • 1987Time Consistency of Fiscal and Monetary Policy176 cited

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1986
Recent Developments in the Theory of Rules Versus Discretion
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