This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian
models, with particular emphasis on developments since the treatment of this topic in …

The Fiscal Theory of the Price Level Page 1 Page 2 The Fiscal Theory of the Price Level john h.
cochrane princeton university press princeton and oxford Page 3 Copyright c 2023 by …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

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 …

We investigate the implications of changes in the structure of the US economy for monetary
policy effectiveness. Estimating a vector autoregression over the pre-and post-1980 periods …

This paper examines what we have learned and how we should change our thinking about
monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a …

Purely forward-looking versions of the New Keynesian Phillips curve (NKPC) generate too
little inflation persistence. Some authors add ad hoc backward-looking terms to address this …

This paper reviews the state of the debate over rules versus discretion in monetary policy,
focusing on the role of economic research in this debate. It shows that proposals for policy …

This paper incorporates limited asset markets participation in dynamic general equilibrium
and develops a simple analytical framework for monetary policy analysis. Aggregate …

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook
available today. This revised second edition emphasizes the general equilibrium character …