THE CONSEqUENCES FOR THE PROPER conduct of monetary policy of the existence of a
lower bound of zero for overnight nominal interest rates has recently become a topic of lively …

Inflation targeting is a monetary-policy strategy characterized by an announced numerical
inflation target, an implementation of monetary policy that gives a major role to an inflation …

A notable change in central banking over the past 15 years has been a world-wide
movement toward increased communication by central banks about their policy decisions …

This paper surveys the implications of uncertainty for the design of monetary policy. Among
the topics discussed are the impact of imperfect or noisy information on the performance of …

It is argued that inflation targeting is best understood as a commitment to a targeting rule
rather than an instrument rule, either a general targeting rule (explicit objectives for …

We propose an integrated treatment of the problems of optimal monetary and fiscal policy for
an economy in which prices are sticky (so that the supply-side effects of tax changes are …

We describe an algorithm for calculating second-order approximations to the solutions to
nonlinear stochastic rational expectation models. The paper also explains methods for using …

Ignoring the existence of the zero lower bound on nominal interest rates one considerably
understates the value of monetary commitment in New Keynesian models. A stochastic …

This paper considers the appropriate stabilization objectives for monetary policy in a micro-
founded model with staggered price-setting. Rotemberg and Woodford (1997) and …

We propose a new approach to estimating central bank preferences, including the implicit
inflation target, that requires no priors on the underlying macroeconomic structure nor …