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A General Theory (and Some Evidence) of Expectation Traps in Monetary Policy
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A General Theory (and Some Evidence) of Expectation Traps in Monetary Policy (2008)A General Theory (and Some Evidence) of E…Taylor’s Rule and the Fed (2020)Taylor’s Rule and the FedWere There Regime Switches in U.S. Monetary Policy? (2006)Were There Regime Switches in…The persistence of inflation in the United States (2006)The persistence of inflation …The Taylor Rule and Optimal Monetary Policy (2001)The Taylor Rule and Optimal M…The Perils of Taylor Rules (2001)The Perils of Taylor RulesMonetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* (2000)Monetary Policy Rules and Mac…The Science of Monetary Policy: A New Keynesian Perspective (1999)The Science of Monetary Polic…Inflation Forecasts and Monetary Policy (1997)Inflation Forecasts and Monet…Inflation Forecasts and Monetary Policy (1997)Inflation Forecasts and Monet…Models of Currency Crises with Self-Fulfilling Features (1995)Models of Currency Crises wit…Discretion versus policy rules in practice (1993)Discretion versus policy rule…The Optimal Degree of Commitment to an Intermediate Monetary Target (1985)The Optimal Degree of Commitm…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…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 Perils of Nominal Targets (2014)The Perils of Nominal TargetsDoes the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse than You Think? (2005)Does the Time Inconsistency P…An 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 Model of Balance-of-Payments Crises (1979)Multimarket Oligopoly: Strategic Substitutes and Complements (1985)The Twin Crises: The Causes of Banking and Balance-of-Payments Problems (1996)Economic Crises: Evidence and Insights from East Asia (1998)Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work? (2001)Rules, discretion and reputation in a model of monetary policy (1983)Estimation and Inference of Impulse Responses by Local Projections (2005)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)Reputation and imperfect information (1982)International Norm Dynamics and Political Change (1998)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)Staggered Prices in a Utility-Maximizing Framework (1996)Inflation dynamics: A structural econometric analysis (1999)Time Varying Structural Vector Autoregressions and Monetary Policy (2005)A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle (1989)Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy (2005)Structural Vector Autoregressions: Theory of Identification and Algorithms for Inference (2009)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2010)Macroeconomic Shocks and Their Propagation (2016)Some International Evidence on Output-Inflation Tradeoffs. (1973)"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule (1975)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Varieties of Capitalism (2001)
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References

  • 1993Discretion versus policy rules in practice9,059 cited
  • 1977Rules Rather than Discretion: The Inconsistency of Optimal Plans7,896 cited
  • 1999The Science of Monetary Policy: A New Keynesian Perspective4,927 cited
  • 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*4,631 cited
  • 1985The Optimal Degree of Commitment to an Intermediate Monetary Target3,687 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
  • 2006Were There Regime Switches in U.S. Monetary Policy?1,607 cited
  • 1995Models of Currency Crises with Self-Fulfilling Features1,058 cited
  • 1978On the Time Consistency of Optimal Policy in a Monetary Economy807 cited
  • 2001The Taylor Rule and Optimal Monetary Policy787 cited
  • 2001The Perils of Taylor Rules724 cited
  • 1997Inflation Forecasts and Monetary Policy437 cited
  • 1997Inflation Forecasts and Monetary Policy413 cited
  • 2020Taylor’s Rule and the Fed397 cited
  • 2006The persistence of inflation in the United States

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  • 2014The Perils of Nominal Targets14 cited
  • 2005Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse than You Think?9 cited