The Federal Reserve and other central banks tend to change short-term interest rates in
sequences of small steps in the same direction and reverse the direction of interest rate …

This paper motivates and describes an approach to forecasting and monetary policy
analysis based on the use of a simple structural macroeconomic model, along the lines of …

Nominal interest rates may remain substantially below the averages of the last half century,
because central banks' inflation objectives lie below the average level of inflation, and …

The evolution of research on monetary policy over the past two decades has been dramatic.
The 1980's through the mid-1990's were dominated by work building on the insights of …

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model
with sticky prices and wages for the euro area. The model incorporates various other …

The paper reviews the recent literature on monetary policy rules. We exposit the monetary
policy design problem within a simple baseline theoretical framework. We then consider the …

We estimate a forward-looking monetary policy reaction function for the postwar United
States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our …

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 …

The standard theory of decision making under uncertainty advises the decision maker to
form a statistical model linking outcomes to decisions and then to choose the optimal …

内容提要: 本文在泰勒等西方学者对货币政策反应函数研究的基础上, 构造一个适合我国国情的
前瞻性货币政策反应函数, 从市场利率(同业拆借利率), 管制利率(存贷款利率) …