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The annual Tsinghua Workshop in International Finance and Monetary Policy (TWIFM) will be held on May 25-26, 2017 in Beijing, which is jointly sponsored and organized by the National Institute for Fis...
Implementation of monetary policy assumes that monetary policy instruments stabilize O/N interest rates to the proximity of main policy rate to archive monetary targets. The function of stabilizing me...
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
We study optimal fiscal and monetary policy in an environment where explicit frictions giverise to valued money, making money essential in the sense that it expands the set of feasible trades. The two...
In standard macroeconomic models incorporating the natural rate hypothesis and rational expectations, monetary policy has no effect on real variables. But the rational expectations assumption that e...
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitabili...
There has probably never been a consensus among economists about the role of expectations in formulating monetary policy. Today two widely different views seem to dominate policy research and practi...
Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
An Econometric Evaluation of International Monetary Policy Rules: Fixed Versus Flexible Exchange Rates.
Wage Determination and Monetary Policy.
A Summary of the Empirical and Analytical Results and the Implications for International Monetary Policy.
Estimates of the effect of different international monetary regimes on the parameters of the Phillips curve, the Keynesian consumption function, and other reduced-form macroeconomic relationships are...
Ben Bernanke and Rick Mishkin have put together a useful data base on money growth, targets for money growth, and monetary policy decisions in six different countries during the 1970s and 1980s. The...
After nearly a quarter century of large budget deficits—causing the public debt to double from 20 percent to 42 percent as a share of GDP in the industrialized countries—the need for greater fiscal ...

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