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Does the Fed Act Gradually? A VAR Analysis
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Does the Fed Act Gradually? A VAR Analysis (1998)Does the Fed Act Gradually? A VAR AnalysisAn Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version (1998)An Optimization-Based Econome…Monetary Policy Rules in Practice: Some International Evidence (1997)Monetary Policy Rules in Prac…Inflation/Output Variance Trade-Offs and Optimal Monetary Policy (1997)Inflation/Output Variance Tra…Efficient Rules for Monetary Policy (1997)Efficient Rules for Monetary …An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis (1997)An Optimizing IS-LM Specifica…Measuring Monetary Policy (1995)Measuring Monetary PolicyFederal Reserve interest rate targeting, rational expectations, and the term structure (1995)Federal Reserve interest rate…Discretion versus policy rules in practice (1993)Discretion versus policy rule…Interest rates and the conduct of monetary policy (1991)Interest rates and the conduc…The federal funds rate and the channels of monetary transmission (1989)The federal funds rate and th…Interest rate smoothing and price level trend-stationarity (1987)Interest rate smoothing and p…Macroeconomics and Reality (1980)Macroeconomics and RealityEconometric policy evaluation: A critique (1976)Econometric policy evaluation…Monetary Policy by Committee: Consensus, Chairman Dominance, or Simple Majority?* (2010)Monetary Policy by Committee:…The Great Inflation and the Greenbook (2009)The Great Inflation and the G…Putting the New Keynesian Model to a Test (2006)Putting the New Keynesian Mod…Monetary Policy Today: Sixteen Questions and about Twelve Answers (2006)Monetary Policy Today: Sixtee…Monetary policy and financial stability: What role for the futures market? (2006)Monetary policy and financial…The Monetary Policy Committee's Reaction Function: An Exercise in Estimation (2005)The Monetary Policy Committee…Interest-Rate Smoothing: Monetary Policy Inertia or Unobserved Variables? (2004)Interest-Rate Smoothing: Mone…Dynamics of the federal funds target rate: a nonstationary discrete choice approach (2004)Dynamics of the federal funds…Why does the Monetary Policy Committee smooth interest rates? (2003)Why does the Monetary Policy …Estimating a Taylor Rule for New Zealand with a Time-Varying Neutral Real Rate (2002)Estimating a Taylor Rule for …Robust monetary policy with misspecified models: Does model uncertainty always call for attenuated policy? (2001)Robust monetary policy with m…Monetary policy analysis and inflation targeting in a small open economy: a VAR approach* (2001)Monetary policy analysis and …An Econometric Model of the Yield Curve with Macroeconomic Jump Effects (2001)An Econometric Model of the Y…Monetary Policy under Flexible Exchange Rates: An Introduction to Inflation Targeting (2000)Monetary Policy under Flexibl…Uncertainty, Learning, and Gradual Monetary Policy (1998)Uncertainty, Learning, and Gr…Monetary Policy Evaluation with Noisy Information (1998)Monetary Policy Evaluation wi…Pitfalls in Financial Model-Building (1968)Conditional logit analysis of qualitative choice behavior (1972)"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule (1975)Time to Build and Aggregate Fluctuations (1982)Postwar U.S. Business Cycles: An Empirical Investigation (1997)Generalized impulse response analysis in linear multivariate models (1998)An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy (1997)Inflation forecast targeting: Implementing and monitoring inflation targets (1997)Robustness of Simple Monetary Policy Rules under Model Uncertainty (1998)Interest-rate smoothing and optimal monetary policy: a review of recent empirical evidence (2000)Assessing Nominal Income Rules for Monetary Policy with Model and Data Uncertainty (2002)The Information in Long-Maturity Forward Rates (1987)Yield Spreads and Interest Rate Movements: A Bird's Eye View (1991)Macroeconomic news and bond market volatility1We thank Walter Toshi Baily, Bob Korajczyk, Jim Poterba, Mark Watson, seminar participants at the University of Chicago, Columbia University, Cornell University, and the University of Montreal, and especially Ludger Hentschel (the referee) for helpful comments. We also thank Mark Mitchell for supplying data, and Amy C. Ko and Sydney Ludvigson for research assistance. Lamont was supported by the FMC Faculty Research Fund at the Graduate School of Business, University of Chicago. A portion of this research was completed while Lumsdaine was a National Fellow at the Hoover Institution. We also thank the Financial Research Center at Princeton University for support. A previous version of this paper circulated as `Public Information and the Persistence of Bond Market Volatility'.1 (1998)Trend Inflation, Taylor Principle, and Indeterminacy (2009)Capital regulation and monetary policy with fragile banks (2013)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)Rules, discretion and reputation in a model of monetary policy (1983)The Science of Monetary Policy: A New Keynesian Perspective (1999)Estimation and Inference of Impulse Responses by Local Projections (2005)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model (1970)The identification of monetary policy disturbances explaining the liquidity puzzle (1995)Firm Size and Cyclical Variations in Stock Returns (2000)Optimal Interest-Rate Smoothing (2003)Constructing and estimating a realistic optimizing model of monetary policy (2000)Price-level versus inflation targeting (2006)New Keynesian Macroeconomics and the Term Structure (2009)When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies (2004)When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies (2004)Monetary Policy and Exchange Rate Volatility in a Small Open Economy (2005)Technology Shocks in the New Keynesian Model (2004)The Macroeconomist as Scientist and Engineer (2006)Inside the Black Box: The Credit Channel of Monetary Policy Transmission (1995)What Do a Million Observations on Banks Say About the Transmission of Monetary Policy? (2000)
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References

  • 1980Macroeconomics and Reality12,826 cited
  • 1993Discretion versus policy rules in practice9,059 cited
  • 1976Econometric policy evaluation: A critique6,104 cited
  • 1989The federal funds rate and the channels of monetary transmission2,833 cited
  • 1997Monetary Policy Rules in Practice: Some International Evidence614 cited
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  • 1997An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis466 cited
  • 1991Interest rates and the conduct of monetary policy464 cited
  • 1995Federal Reserve interest rate targeting, rational expectations, and the term structure356 cited
  • 1998An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version311 cited
  • 1995Measuring Monetary Policy242 cited
  • 1997Inflation/Output Variance Trade-Offs and Optimal Monetary Policy173 cited
  • 1987Interest rate smoothing and price level trend-stationarity161 cited

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  • 2001Robust monetary policy with misspecified models: Does model uncertainty always call for attenuated policy?132 cited
  • 2001An Econometric Model of the Yield Curve with Macroeconomic Jump Effects

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124 cited
  • 1998Monetary Policy Evaluation with Noisy Information120 cited
  • 2010Monetary Policy by Committee: Consensus, Chairman Dominance, or Simple Majority?*119 cited
  • 1998Uncertainty, Learning, and Gradual Monetary Policy117 cited
  • 2004Interest-Rate Smoothing: Monetary Policy Inertia or Unobserved Variables?96 cited
  • 2000Monetary Policy under Flexible Exchange Rates: An Introduction to Inflation Targeting93 cited
  • 2004Dynamics of the federal funds target rate: a nonstationary discrete choice approach86 cited
  • 2006Monetary policy and financial stability: What role for the futures market?58 cited
  • 2006Monetary Policy Today: Sixteen Questions and about Twelve Answers57 cited
  • 2006Putting the New Keynesian Model to a Test49 cited
  • 2001Monetary policy analysis and inflation targeting in a small open economy: a VAR approach*47 cited
  • 2002Estimating a Taylor Rule for New Zealand with a Time-Varying Neutral Real Rate45 cited
  • 2005The Monetary Policy Committee's Reaction Function: An Exercise in Estimation44 cited
  • 2003Why does the Monetary Policy Committee smooth interest rates?41 cited
  • 2009The Great Inflation and the Greenbook36 cited