This paper provides an explanation for the run-up of US inflation in the 1960s and 1970s
and the sharp disinflation in the early 1980s, which standard macroeconomic models have …

We estimate a time-varying “natural” rate of interest (TVNRI) for a synthetic euro area over
the period 1979Q1–2004Q4 using a small macroeconomic model, broadly following a …

We quantify the welfare differential between precommitment and discretionary monetary
policy in three estimated models of the US economy by calculating the permanent deviation …

This paper provides empirical estimates of contracting models of the Phillips curve for eight
middle-income developing countries (Chile, Colombia, Korea, Malaysia, Mexico, Morocco …

This paper explains US macroeconomic outcomes with an empirical New Keynesian model
in which monetary policy minimizes the central bank's loss function. The presence of …

The paper proposes a new measure of the degree of credibility of the Federal Reserve. We
estimate a medium-scale macroeconomic model, where the central bank has access to a …

Examining alternative flexible inflation targeting strategies, we find that a small concern for
real exchange rate stability as a policy goal matters. First, it warrants the inclusion of the real …

This paper re-examines the empirical evidence on the price puzzle and proposes a new
theoretical interpretation. Using structural VARs and two different identification strategies …

We use a quantitative model of the US economy to analyze the response of long-term
interest rates to monetary policy, and compare the model results with empirical evidence …

An integrated analysis of how financial frictions can be accounted for in macroeconomic
models built to study monetary policy and macroprudential regulation. Since the global …