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Citations of
Michael Woodford

For current contact information and a more complete listing of works, please see here

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Working papers

  1. Michael Woodford, 2007. "Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice," NBER Working Papers 13716, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

    Cited by:

    1. Fernando Alexandre & Pedro Bação & Vasco Gabriel, 2008. "Taylor-type rules versus optimal policy in a Markov-switching economy," GEMF Working Papers 2008-02, GEMF - Faculdade de Economia, Universidade de Coimbra. [Downloadable!]
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  2. Woodford, Michael, 2007. "Globalization and Monetary Control," CEPR Discussion Papers 6448, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    Cited by:

    1. Alessandro Calza, 2008. "Globalisation, domestic inflation and global output gaps - evidence from the euro area," Working Paper Series 890, European Central Bank. [Downloadable!]
    2. Enrique Martinez-Garcia, 2008. "Globalization and monetary policy: an introduction," Globalization and Monetary Policy Institute Working Paper 11, Federal Reserve Bank of Dallas. [Downloadable!]
    3. Alessandro Calza, 2008. "Globalisation, domestic inflation and the global output gaps: evidence from the Euro era," Globalization and Monetary Policy Institute Working Paper 13, Federal Reserve Bank of Dallas. [Downloadable!]

  3. Benigno, Pierpaolo & Woodford, Michael, 2006. "Linear-Quadratic Approximation of Optimal Policy Problems," CEPR Discussion Papers 5964, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    Cited by:

    1. Davide Debortoli & Ricardo Nunes, 2007. "Loose commitment," International Finance Discussion Papers 916, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    2. Matthieu Darracq Pariès & Stéphane Adjemian & Stéphane Moyen, 2007. "Optimal monetary policy in an estimated DSGE for the euro area," Working Paper Series 803, European Central Bank. [Downloadable!]
    3. Jung, Philip, 2007. "Optimal Taxation and (Female)-Labor Force Participation over the Cycle," MPRA Paper 8744, University Library of Munich, Germany, revised 13 May 2008. [Downloadable!]
    4. Jinill Kim & Sunghyun Henry Kim, 2007. "Two pitfalls of linearization methods," Finance and Economics Discussion Series 2007-64, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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    5. Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2007. "Two Reasons Why Money and Credit May be Useful in Monetary Policy," NBER Working Papers 13502, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    6. Matthieu Darracq Pariès, 2007. "International frictions and optimal monetary policy cooperation - analytical solutions," Working Paper Series 834, European Central Bank. [Downloadable!]
    7. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal taxation in an RBC model: A linear-quadratic approach," Discussion Papers 0405-16, Columbia University, Department of Economics. [Downloadable!]
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    8. Michal Horvath, 2008. " The Effects of Government Spending Shocks on Consumption under Optimal Stabilization," CDMA Working Paper Series 0805, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
    9. Marcus Hagedorn, 2008. "Nominal and real interest rates during an optimal disinflation in New Keynesian models," Working Paper Series 878, European Central Bank. [Downloadable!]
    10. Mauro Bambi & Aurélien Saïdi, 2008. "Increasing Returns to Scale and Welfare: Ranking the Multiple Deterministic Equilibria," Economics working paper series 08/99, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
    11. Günter Coenen & Giovanni Lombardo & Frank Smets & Roland Straub, 2008. "International transmission and monetary policy cooperation," Working Paper Series 858, European Central Bank. [Downloadable!]
    12. Frank Smets & Matthieu Darracq Pariès & Stéphane Adjemian, 2008. "A quantitative perspective on optimal monetary policy cooperation between the US and the euro area," Working Paper Series 884, European Central Bank. [Downloadable!]
    13. Vasco Cúrdia, 2008. "Optimal monetary policy under sudden stops," Staff Reports 323, Federal Reserve Bank of New York. [Downloadable!]
    14. Robert J. Tetlow & Brian Ironside, 2006. "Real-time model uncertainty in the United States - the Fed from 1996-2003," Working Paper Series 610, European Central Bank. [Downloadable!]
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    15. Richard Dennis, 2008. "Timeless perspective policymaking: When is discretion superior?," Working Paper Series 2008-21, Federal Reserve Bank of San Francisco. [Downloadable!]
    16. Alexander Kriwoluzky & Christian Stoltenberg, 2007. "Optimal Policy Under Model Uncertainty: A Structural-Bayesian Estimation Approach," SFB 649 Discussion Papers SFB649DP2007-040, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
    17. Marcus Hagedorn, 2007. "Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models," IEW - Working Papers iewwp352, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    18. Michel Juillard & Florian Pelgrin, 2007. "Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy," Working Papers 07-32, Bank of Canada. [Downloadable!]

  4. Pierpaolo Benigno & Michael Woodford, 2006. "Optimal Inflation Targeting under Alternative Fiscal Regimes," NBER Working Papers 12158, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Cited by:

    1. Christopher Adam & Stephen O'Connell & Edward Buffie, 2008. "Aid volatility, monetary policy rules and the capital account in African economies," WEF Working Papers 0037, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
    2. Javier Gómez Pineda, . "Capital Flows and Monetary Policy," Borradores de Economia 395, Banco de la Republica de Colombia. [Downloadable!]
    3. Svan Jari Stehn & David Vines, 2007. "Debt Stabilisation Bias And The Taylor Principle: Optimal Policy In A New Keynesian Model With Government Debt And Inflation Persistence," CAMA Working Papers 2007-22, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
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    4. Michael Kumhof & Ricardo Nunes & Irina Yakadina, 2008. "Simple monetary rules under fiscal dominance," International Finance Discussion Papers 937, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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    5. Javier Guillermo Gómez, 2006. "Capital Flows and Monetary Policy," BORRADORES DE ECONOMIA 002097, BANCO DE LA REPÚBLICA. [Downloadable!]
    6. Pierpaolo Benigno, 2006. "Are Valuation Effects Desirable from a Global Perspective?," NBER Working Papers 12219, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    7. Vasco Cúrdia, 2008. "Optimal monetary policy under sudden stops," Staff Reports 323, Federal Reserve Bank of New York. [Downloadable!]

  5. Michael Woodford, 2006. "How Important is Money in the Conduct of Monetary Policy?," Working Papers 1104, Queen's University, Department of Economics. [Downloadable!]
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    Cited by:

    1. Carlos Esteban Posada & Camilo Morales J., . "La inflación y la política monetaria colombianas del período 1996-2006: una interpretación," Borradores de Economia 465, Banco de la Republica de Colombia. [Downloadable!]
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    2. Woodford, Michael, 2007. "Does a 'Two-Pillar Phillips Curve' Justify a Two-Pillar Monetary Policy Strategy?," CEPR Discussion Papers 6447, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    3. Javier Andrés & J. David López-Salido & Edward Nelson, 2007. "Money and the natural rate of interest: structural estimates for the United States and the Euro area," Working Papers 2007-005, Federal Reserve Bank of St. Louis. [Downloadable!]
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    4. Jordi Galí & Mark Gertler, 2007. "Macroeconomic Modeling for Monetary Policy Evaluation," NBER Working Papers 13542, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    5. Kai Carstensen, 2007. "Is core money growth a good and stable inflation predictor in the euro area?," Kiel Working Papers 1318, Kiel Institute for the World Economy. [Downloadable!]
    6. Jose De Gregorio, 2007. "Defining Inflation Targets, the Policy Horizon and the Output-Inflation Tradeoff," Working Papers Central Bank of Chile 415, Central Bank of Chile. [Downloadable!]
    7. Edward Nelson, 2008. "Why money growth determines inflation in the long run: answering the Woodford critique," Working Papers 2008-013, Federal Reserve Bank of St. Louis. [Downloadable!]
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    8. Edward Nelson & Anna J. Schwartz, 2007. "The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?"," NBER Working Papers 13546, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    9. Marzo, Massimiliano & Zagaglia, Paolo, 2008. "Determinacy of Interest Rate Rules with Bond Transaction Services in a Cashless Economy," Research Papers in Economics 2008:7, Stockholm University, Department of Economics. [Downloadable!]
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    10. Argov, Eyal & Elkayam, David, 2007. "An Estimated New Keynesian Model for Israel," MPRA Paper 9412, University Library of Munich, Germany. [Downloadable!]
    11. Daniel L. Thornton, 2008. "Monetary policy: why money matters and interest rates don't," Working Papers 2008-011, Federal Reserve Bank of St. Louis. [Downloadable!]
    12. Berger, Helge & Österholm, Pär, 2007. "Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs," Working Paper Series 2007:30, Uppsala University, Department of Economics. [Downloadable!]
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    13. Helge Berger & Emil Stavrev, 2008. "The Information Content of Money in Forecasting Euro Area Inflation," IMF Working Papers 08/166, International Monetary Fund. [Downloadable!]
    14. Argov, Eyal & Binyamini, Alon & Elkayam, David & Rozenshtrom, Irit, 2007. "A Small Macroeconomic Model to Support Inflation Targeting in Israel," MPRA Paper 4784, University Library of Munich, Germany. [Downloadable!]

  6. Michael Woodford, 2005. "Firm-Specific Capital and the New-Keynesian Phillips Curve," NBER Working Papers 11149, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Published as:

    Cited by:

    1. Carlos Thomas, 2007. "Search Frictions, Real Rigidities and Inflation Dynamics," CEP Discussion Papers dp0822, Centre for Economic Performance, LSE. [Downloadable!]
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    2. Timothy Cogley & Argia M. Sbordone, 2006. "Trend inflation and inflation persistence in the New Keynesian Phillips Curve," Staff Reports 270, Federal Reserve Bank of New York. [Downloadable!]
    3. Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005. "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models," NBER Working Papers 11523, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    4. BOUAKEZ, Hafed & CARDIA Emanuela & RUGE-MURCIA, Francisco, 2005. "The Transmission of Monetary Policy in a Multi-Sector Economy," Cahiers de recherche 2005-16, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
    5. Kuralbayeva, Karlygash & Vines, David, 2006. "Terms of Trade Shocks in an Intertemporal Model: Should We Worry about the Dutch Disease or Excessive Borrowing?," CEPR Discussion Papers 5857, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    6. Adam Hale Shapiro, 2006. "Estimating the New Keynesian Phillips Curve: a vertical production chain approach," Working Papers 06-11, Federal Reserve Bank of Boston. [Downloadable!]
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    7. Maarten Dossche & Freddy Heylen & Dirk Van den Poel, 2006. "The kinked demand curve and price rigidity : evidence from scanner data," Research series 200610-11, National Bank of Belgium. [Downloadable!]
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    8. Yongseung Jung & Tack Yun, 2005. "Monetary policy shocks, inventory dynamics, and price-setting behavior," Working Paper Series 2006-02, Federal Reserve Bank of San Francisco. [Downloadable!]
    9. Philippe Jeanfils, 2008. "Imperfect exchange rate pass-through : the role of distribution services and variable demand elasticity," Research series 200808-19, National Bank of Belgium. [Downloadable!]
    10. Merkl, Christian & Snower, Dennis J., 2006. "Monetary Persistence, Imperfect Competition and Staggering Complementarities," CEPR Discussion Papers 5658, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    11. Marcela Meirelles Aurelio, 2006. "Targeting inflation and the fiscal balance : what is the optimal policy mix?," Research Working Paper RWP 06-07, Federal Reserve Bank of Kansas City. [Downloadable!]
    12. Andreas Hornstein & Alexander L. Wolman, 2005. "Trend inflation, firm-specific capital, and sticky prices," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 57-83. [Downloadable!]
    13. Carlos Thomas, 2006. "Search and Matching Frictions and Optimal Monetary Policy," CEP Discussion Papers dp0743, Centre for Economic Performance, LSE. [Downloadable!]
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    14. John Duffy & Wei Xiao, 2007. "Investment and Monetary Policy: Learning and Determinacy of Equilibrium," Working Papers 324, University of Pittsburgh, Department of Economics, revised Aug 2008. [Downloadable!]
    15. Andrew T. Levin & J. David López-Salido & Edward Nelson & Tack Yun, 2008. "Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy," Working Papers 2008-035, Federal Reserve Bank of St. Louis. [Downloadable!]
    16. Francesco FURLANETTO, 2007. "Fiscal Shocks and the Consumption Response when Wages are Sticky," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 07.11, Université de Lausanne, Faculté des HEC, DEEP. [Downloadable!]
    17. Robert S. Chirinko & Debdulal Mallick, 2008. "The Marginal Product of Capital: A Persistent International Puzzle," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    18. Tommy Sveen & Lutz Weinke, 2007. "Inflation Dynamics and Labor Market Dynamics Revisited," Kiel Working Papers 1368, Kiel Institute for the World Economy. [Downloadable!]

  7. Michael Woodford, 2005. "Central Bank Communication and Policy Effectiveness," NBER Working Papers 11898, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Cited by:

    1. Michael Lamla & Sarah M. Rupprecht, 2006. "The Impact of ECB Communication on Financial Market Expectations," Working papers 06-135, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
    2. Menno Middeldorp & Clemens Kool & Stephanie Rosenkranz, 2007. "Listening Without Understanding," Working Papers 07-19, Utrecht School of Economics. [Downloadable!]
    3. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob de Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," DNB Working Papers 170, Netherlands Central Bank, Research Department. [Downloadable!]
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    4. Lavan Mahadeva, . "A model of market surprises," Bank of England working papers 327, Bank of England. [Downloadable!]
    5. Kateřina Šmídková & Aleš Bulíř, 2007. "Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 540-557, December. [Downloadable!]
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    6. Michael Ehrmann & Marcel Fratzscher, 2005. "How should central banks communicate?," Working Paper Series 557, European Central Bank. [Downloadable!]
    7. Pär Österholm & Spencer Dale & Athanasios Orphanides, 2008. "Imperfect Central Bank Communication - Information versus Distraction," IMF Working Papers 08/60, International Monetary Fund. [Downloadable!]
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    8. Robert L. Hetzel, 2006. "Making the systematic part of monetary policy transparent," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 255-290. [Downloadable!]
    9. Stephen Morris & Hyun Song Shin, 2007. "Common Belief Foundations of Global Games," Levine's Bibliography 122247000000001638, UCLA Department of Economics. [Downloadable!]
    10. Michael Ehrmann & Marcel Fratzscher, 2007. "Transparency, Disclosure, and the Federal Reserve," International Journal of Central Banking, International Journal of Central Banking, vol. 3(1), pages 179-225, March. [Downloadable!]
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    11. Helge Berger & Michael Ehrmann & Marcel Fratzscher, 2006. "Geography or skills - What explains Fed watchers’ forecast accuracy of US monetary policy?," Working Paper Series 695, European Central Bank. [Downloadable!]
    12. Baeriswyl, Romain, 2007. "Central Bank's Action and Communication," Discussion Papers in Economics 1381, University of Munich, Department of Economics. [Downloadable!]
    13. Andrew Bauer & Robert A. Eisenbeis & Daniel F. Waggoner & Tao Zha, 2006. "Transparency, expectations, and forecasts," Working Paper 2006-03, Federal Reserve Bank of Atlanta. [Downloadable!]
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    14. George-Marios Angeletos & Alessandro Pavan, 2005. "Efficiency and Welfare with Complementarities and Asymmetric Information," NBER Working Papers 11826, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    15. Michael Woodford, 2007. "Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice," NBER Working Papers 13716, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    16. Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility," Working Papers 08-3, Bank of Canada. [Downloadable!]
    17. Silvio Colarossi & Andrea Zaghini, 2007. "Gradualism, Transparency and Improved Operational Framework: A Look at the Overnight Volatility Transmission," CFS Working Paper Series 2007/16, Center for Financial Studies. [Downloadable!]
    18. Camille Cornand & Frank Heinemann, 2006. "Optimal Degree of Public Information Dissemination," Discussion Papers 158, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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    19. Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," NBER Working Papers 13580, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    20. Carlo Rosa & Giovanni Verga, 2008. "The Impact of Central Bank Announcements on Asset Prices in Real Time," International Journal of Central Banking, International Journal of Central Banking, vol. 4(2), pages 175-217, June. [Downloadable!]
    21. Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility: An Update," Working Papers 08-37, Bank of Canada. [Downloadable!]
    22. John B. Taylor, 2005. "Commentary : understanding the Greenspan standard," Proceedings, Federal Reserve Bank of Kansas City, issue Aug, pages 107-118. [Downloadable!]
    23. Michael Ehrmann & Marcel Fratzscher, 2008. "Purdah - on the rationale for central bank silence around policy meetings," Working Paper Series 868, European Central Bank. [Downloadable!]
    24. Marcel Peter & Geoffrey Heenan & Scott Roger, 2006. "Implementing Inflation Targeting: Institutional Arrangements, Target Design, and Communications," IMF Working Papers 06/278, International Monetary Fund. [Downloadable!]
    25. George-Marios Angeletos & Alessandro Pavan, 2007. "Policy with Dispersed Information," NBER Working Papers 13590, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    26. Helge Berger & Michael Ehrmann & Marcel Fratzscher, 2006. "Monetary policy in the media," Working Paper Series 679, European Central Bank. [Downloadable!]
    27. Michael Ehrmann & Marcel Fratzscher, 2005. "The timing of central bank communication," Working Paper Series 565, European Central Bank. [Downloadable!]
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  8. Pierpaolo Benigno & Michael Woodford, 2005. "Optimal Taxation in an RBC Model: A Linear-Quadratic Approach," NBER Working Papers 11029, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Published as:

    Cited by:

    1. Schmitt-Grohé, Stephanie & Uribe, Martín, 2005. "Optimal Inflation Stabilization in a Medium-Scale Macroeonomic Model," CEPR Discussion Papers 5424, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    2. Andrea Colciago, 2007. "Distortionary Taxation, Rule of Thumb Consumers and the Effect of Fiscal Reforms," Working Papers 113, University of Milano-Bicocca, Department of Economics, revised 2007. [Downloadable!]
    3. Giovanni Di Bartolomeo & Marco Manzo & Francesco Giuli, 2008. "Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness," Working Papers 0802, University of Crete, Department of Economics. [Downloadable!]
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    4. Stephanie Schmitt-Grohe & Martin Uribe, 2005. "Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version," NBER Working Papers 11417, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    5. Jorge Soares, Marina Azzimonti, Pierre-Daniel Sarte & Pierre-Daniel Sarte & Jorge Soares, 2006. "Distortionary Taxes and Public Investment When Government Promises Are Not Enforceable," Working Papers 06-07, University of Delaware, Department of Economics. [Downloadable!]
    6. Jinill Kim & Sunghyun Henry Kim, 2007. "Two pitfalls of linearization methods," Finance and Economics Discussion Series 2007-64, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
      Other versions:
    7. Benigno, Pierpaolo & Woodford, Michael, 2006. "Linear-Quadratic Approximation of Optimal Policy Problems," CEPR Discussion Papers 5964, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
      Other versions:
    8. Debortoli, Davide & Nunes, Ricardo, 2006. "On Linear Quadratic Approximations," MPRA Paper 544, University Library of Munich, Germany, revised Jul 2006. [Downloadable!]
    9. Mauro Bambi & Aurélien Saïdi, 2008. "Increasing Returns to Scale and Welfare: Ranking the Multiple Deterministic Equilibria," Economics working paper series 08/99, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
    10. Carlos Thomas, 2006. "Search and Matching Frictions and Optimal Monetary Policy," CEP Discussion Papers dp0743, Centre for Economic Performance, LSE. [Downloadable!]
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    11. Aurélien Eyquem (CREM - CNRS), 2007. "Fiscal Policy in an Estimated Model of the European Monetary Union," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 200705, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS. [Downloadable!]
    12. Matthias Paustian, 2005. "The role of contracting schemes for the welfare costs of nominal rigidities," Computing in Economics and Finance 2005 196, Society for Computational Economics. [Downloadable!]
    13. Stephanie Schmitt-Grohe & Martin Uribe, 2005. "Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model," NBER Working Papers 11854, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    14. Alexander Kriwoluzky & Christian Stoltenberg, 2007. "Optimal Policy Under Model Uncertainty: A Structural-Bayesian Estimation Approach," SFB 649 Discussion Papers SFB649DP2007-040, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
    15. Stephanie Schmitt-Grohé & Martín Uribe, 2006. "Optimal fiscal and monetary policy in a medium-scale macroeconomic model," Working Paper Series 612, European Central Bank. [Downloadable!]
    16. Stephanie Schmitt-Grohé & Martín Uribe, 2006. "Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model," Working Papers Central Bank of Chile 410, Central Bank of Chile. [Downloadable!]
    17. Giovanni Di Bartolomeo & Marco Manzo, 2008. "Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective," Working Papers 0803, University of Crete, Department of Economics. [Downloadable!]

  9. Michael Woodford, 2005. "Robustly Optimal Monetary Policy with Near Rational Expectations," NBER Working Papers 11896, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Cited by:

    1. Richard Dennis, 2007. "Model uncertainty and monetary policy," Working Paper Series 2007-09, Federal Reserve Bank of San Francisco. [Downloadable!]
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    2. Evans , George W & Honkapohja, Seppo, 2007. "Expectations, learning and monetary policy: an overview of recent research," Research Discussion Papers 32/2007, Bank of Finland. [Downloadable!]
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  10. Michael Woodford & Pierpaolo Benigno, 2004. "Inflation Stabilization and Welfare: The Case of a Distorted Steady State," 2004 Meeting Papers 481, Society for Economic Dynamics.
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    Cited by:

    1. Jess Benhabib & Stefano Eusepi, 2005. "The design of monetary and fiscal policy: a global perspective," Proceedings, Federal Reserve Bank of San Francisco. [Downloadable!]
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    2. Kirsanova, Tatiana & Vines, David & Wren-Lewis, Simon, 2006. "Inflation Bias with Dynamic Phillips Curves," CEPR Discussion Papers 5534, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    3. Ozge Senay, 2007. " Interest Rate Rules and Welfare in Open Economies," CDMA Working Paper Series 0715, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
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    4. Anna Lipinska, 2008. "The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries," Working Paper Series 896, European Central Bank. [Downloadable!]
    5. Giovanni Di Bartolomeo & Marco Manzo & Francesco Giuli, 2008. "Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness," Working Papers 0802, University of Crete, Department of Economics. [Downloadable!]
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    6. Stéphane Auray & Aurélien Eyquem & Jean-Christophe Poutineau, 2008. "The Welfare Gains of Trade Integration in the European Monetary Union," Cahiers de recherche 08-10, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke. [Downloadable!]
    7. Pierpaolo Benigno & Michael Woodford, 2004. "Inflation stabilization and welfare: The case of a distorted steady state," Discussion Papers 0405-04, Columbia University, Department of Economics. [Downloadable!]
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    8. Solange Gouvea & Abhijit Sen Gupta, 2007. "Monetary Policy Design under Competing Models of Inflation Persistence," Working Papers Series 137, Central Bank of Brazil, Research Department. [Downloadable!]
    9. Michael Krause & Wolfgang Lemke, 2006. "Optimal Monetary Policy Response to Distortionary Tax Changes," Computing in Economics and Finance 2006 306, Society for Computational Economics. [Downloadable!]
    10. Jinill Kim & Sunghyun Henry Kim, 2007. "Two pitfalls of linearization methods," Finance and Economics Discussion Series 2007-64, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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    11. Stefano Gnocchi, 2006. "Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework," Working Paper Series 690, European Central Bank. [Downloadable!]
    12. Michael Dotsey & Andreas Hornstein, 2006. "Implementation of optimal monetary policy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 113-133. [Downloadable!]
    13. Montoro Carlos, 2007. "Oil Shocks and Optimal Monetary Policy," Working Papers 2007-010, Banco Central de Reserva del Perú. [Downloadable!]
    14. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal stabilization policy when wages and prices are sticky: The case of a distorted steady state," Discussion Papers 0405-03, Columbia University, Department of Economics. [Downloadable!]
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    15. Benigno, Pierpaolo & Woodford, Michael, 2006. "Linear-Quadratic Approximation of Optimal Policy Problems," CEPR Discussion Papers 5964, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    16. Paul Castillo & Carlos Montoro & Vicente Tuesta, 2005. "Inflation Premium and Oil Price Volatility," Macroeconomics 0512004, EconWPA, revised 31 Dec 2005. [Downloadable!]
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    17. Andrea Pescatori, 2007. "Incomplete markets and households’ exposure to interest rate and inflation risk: implications for the monetary policy maker," Working Paper 0709, Federal Reserve Bank of Cleveland. [Downloadable!]
    18. Levin, Andrew & López-Salido, J David & Yun, Tack, 2007. "Strategic Complementarities and Optimal Monetary Policy," CEPR Discussion Papers 6423, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    19. Paul Levine & Joseph Pearlman & Richard Pierse, 2006. "Linear-Quadratic Approximation, Efficiency and Target-Implementability," Computing in Economics and Finance 2006 441, Society for Computational Economics. [Downloadable!]
    20. Michal Horvath, 2007. " Optimal Monetary and Fiscal Policy in an Economy with Non-Ricardian Agents," CDMA Working Paper Series 0703, Centre for Dynamic Macroeconomic Analysis, revised May 2007. [Downloadable!]
    21. Ester Faia & Tommaso Monacelli, 2006. "Optimal Monetary Policy in a Small Open Economy with Home Bias," Computing in Economics and Finance 2006 521, Society for Computational Economics. [Downloadable!]
      Other versions:
    22. Alex Cukierman, 2007. "The limits of transparency," Proceedings, Federal Reserve Bank of San Francisco. [Downloadable!]
      Other versions:
    23. Michael Woodford, 2007. "Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice," NBER Working Papers 13716, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    24. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal taxation in an RBC model: A linear-quadratic approach," Discussion Papers 0405-16, Columbia University, Department of Economics. [Downloadable!]
      Other versions:
    25. Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility," Working Papers 08-3, Bank of Canada. [Downloadable!]
    26. Duval, Romain & Vogel, Lukas, 2007. "How do nominal and real rigidities interact? A tale of the second best," MPRA Paper 7282, University Library of Munich, Germany. [Downloadable!]
    27. Pierpaolo Benigno & Michael Woodford, 2006. "Optimal Inflation Targeting under Alternative Fiscal Regimes," NBER Working Papers 12158, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
      Other versions:
    28. Jinill Kim & Andrew T. Levin & Tack Yun, 2007. "Diagnosing and treating bifurcations in perturbation analysis of dynamic macro models," Finance and Economics Discussion Series 2007-14, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    29. Buiter, Willem H, 2006. "How Robust is the New Conventional Wisdom? The Surprising Fragility of the Theoretical Foundations of Inflation Targeting and Central Bank Independence," CEPR Discussion Papers 5772, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    30. Carl E. Walsh, 2006. "Transparency, Flexibility, and Inflation Targeting," Working Papers Central Bank of Chile 401, Central Bank of Chile. [Downloadable!]
    31. Günter Coenen & Giovanni Lombardo & Frank Smets & Roland Straub, 2008. "International transmission and monetary policy cooperation," Working Paper Series 858, European Central Bank. [Downloadable!]
    32. Carlos Thomas, 2006. "Search and Matching Frictions and Optimal Monetary Policy," CEP Discussion Papers dp0743, Centre for Economic Performance, LSE. [Downloadable!]
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    33. Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility: An Update," Working Papers 08-37, Bank of Canada. [Downloadable!]
    34. Evi Pappa & Zheng Liu, 2005. "Gains from International Monetary Policy Coordination: Does It Pay to Be Different?," Computing in Economics and Finance 2005 457, Society for Computational Economics. [Downloadable!]
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    35. Tatiana Kirsonova & Campbell Leith & Simon Wren-Lewis, 2004. "Should the Exchange Rate be in the Monetary Policy Objective Function?," Working Papers 2004_7, Department of Economics, University of Glasgow. [Downloadable!]
    36. Anna Lipinska, 2007. "The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries," CEP Discussion Papers dp0808, Centre for Economic Performance, LSE. [Downloadable!]
    37. Lipinska, Anna, 2006. "The Maastricht convergence criteria and optimal monetary policy for the EMU accession countries," MPRA Paper 1795, University Library of Munich, Germany. [Downloadable!]
    38. Aurélien Eyquem (CREM - CNRS), 2007. "Fiscal Policy in an Estimated Model of the European Monetary Union," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 200705, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS. [Downloadable!]
    39. Andrea Ferrero, 2005. "Fiscal and monetary rules for a currency union," Working Paper Series 502, European Central Bank. [Downloadable!]
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    40. Zheng Liu & Evi Pappa, . "Gains from Coordination in a Multi-Sector Open Economy: Does it Pay to be Different?," Working Papers 296, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
      Other versions:
    41. Gomes, Orlando, 2006. "Nonlinear inflation expectations and endogenous fluctuations," MPRA Paper 2842, University Library of Munich, Germany. [Downloadable!]
    42. Pontiggia, Dario, 2007. "Inflation persistence and optimal positive long-run inflation," MPRA Paper 3274, University Library of Munich, Germany, revised 22 Jun 2007. [Downloadable!]
    43. Gianni Amisano & Oreste Tristani, 2007. "Euro area inflation persistence in an estimated nonlinear DSGE model," Working Paper Series 754, European Central Bank. [Downloadable!]
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    44. Matthias Paustian, 2004. "Can Wage and Price Stickiness Account for Sizeable Costs of Business Cycle Fluctuations?," Bonn Econ Discussion Papers bgse18_2004, University of Bonn, Germany. [Downloadable!]
    45. Boris Hofmann & Matthias Paustian, 2005. "The Persistence and Rigidity of wages and prices," Money Macro and Finance (MMF) Research Group Conference 2005 71, Money Macro and Finance Research Group. [Downloadable!]
    46. Jim Malley & Apostolis Philippopoulos & Ulrich Woitek, 2007. "To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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    47. Willem H. Buiter, 2006. "The elusive welfare economics of price stability as a monetary policy objective - why New Keynesian central bankers should validate core inflation," Working Paper Series 609, European Central Bank. [Downloadable!]
    48. Emi Nakamura & Jon Steinsson, 2005. "Price Setting in a Forward-Looking Customer Market," Macroeconomics 0509010, EconWPA. [Downloadable!]
    49. Michal Horvath, 2006. " Monetary-Fiscal Interactions when Public Debt is Stationary," CDMA Working Paper Series 0607, Centre for Dynamic Macroeconomic Analysis, revised Mar 2007. [Downloadable!]
    50. Vitor Gaspar & Anil K. Kashyap, 2006. "Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist," NBER Working Papers 12277, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    51. Bianca De Paoli, 2004. "Monetary Policy and Welfare in a Small Open Economy," CEP Discussion Papers dp0639, Centre for Economic Performance, LSE. [Downloadable!]
    52. Tommaso Monacelli, 2006. "Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints," NBER Working Papers 12470, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    53. Alexander Kriwoluzky & Christian Stoltenberg, 2007. "Optimal Policy Under Model Uncertainty: A Structural-Bayesian Estimation Approach," SFB 649 Discussion Papers SFB649DP2007-040, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
    54. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal monetary and fiscal policy: a linear-quadratic approach," International Finance Discussion Papers 806, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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    55. Michel Juillard & Florian Pelgrin, 2007. "Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy," Working Papers 07-32, Bank of Canada. [Downloadable!]
    56. Giovanni Di Bartolomeo & Marco Manzo, 2008. "Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective," Working Papers 0803, University of Crete, Department of Economics. [Downloadable!]

  11. Pierpaolo Benigno & Michael Woodford, 2004. "Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State," NBER Working Papers 10839, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Cited by:

    1. Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005. "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models," NBER Working Papers 11523, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    2. Pierpaolo Benigno & Michael Woodford, 2004. "Inflation stabilization and welfare: The case of a distorted steady state," Discussion Papers 0405-04, Columbia University, Department of Economics. [Downloadable!]
      Other versions:
    3. Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2007. "Two Reasons Why Money and Credit May be Useful in Monetary Policy," NBER Working Papers 13502, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    4. Montoro Carlos, 2007. "Oil Shocks and Optimal Monetary Policy," Working Papers 2007-010, Banco Central de Reserva del Perú. [Downloadable!]
    5. Benigno, Pierpaolo & Woodford, Michael, 2006. "Linear-Quadratic Approximation of Optimal Policy Problems," CEPR Discussion Papers 5964, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    6. Alex Cukierman, 2006. "Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future," Working Papers Central Bank of Chile 360, Central Bank of Chile. [Downloadable!]
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    7. Lars E.O. Svensson, 2005. "Targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 613-626. [Downloadable!]
    8. Lars E.O. Svensson, 2004. "Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?," NBER Working Papers 10747, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    9. Willem H. Buiter, 2006. "The elusive welfare economics of price stability as a monetary policy objective - why New Keynesian central bankers should validate core inflation," Working Paper Series 609, European Central Bank. [Downloadable!]
    10. Matthias Paustian, 2005. "The role of contracting schemes for the welfare costs of nominal rigidities," Computing in Economics and Finance 2005 196, Society for Computational Economics. [Downloadable!]
    11. Bianca De Paoli, 2004. "Monetary Policy and Welfare in a Small Open Economy," CEP Discussion Papers dp0639, Centre for Economic Performance, LSE. [Downloadable!]
    12. Giovanni Lombardo & Alan Sutherland, 2005. " Computing Second-Order-Accurate Solutions for Rational Expectation Models Using Linear Solution Methods," CDMA Conference Paper Series 0504, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
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    13. Michel Juillard & Florian Pelgrin, 2007. "Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy," Working Papers 07-32, Bank of Canada. [Downloadable!]

  12. Gauti B. Eggertsson & Michael Woodford, 2004. "Optimal Monetary and Fiscal Policy in a Liquidity Trap," NBER Working Papers 10840, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Cited by:

    1. John C. Williams, 2006. "Monetary policy in a low inflation economy with learning," Working Paper Series 2006-30, Federal Reserve Bank of San Francisco. [Downloadable!]
    2. Gauti B. Eggertsson, 2006. "Was the New Deal contractionary?," Staff Reports 264, Federal Reserve Bank of New York. [Downloadable!]
    3. Hian Teck Hoon & Edmund S. Phelps, 2004. "Future fiscal and budgetary shocks," Discussion Papers 0405-01, Columbia University, Department of Economics. [Downloadable!]
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    4. Gauti B. Eggertsson, 2005. "Great expectations and the end of the depression," Staff Reports 234, Federal Reserve Bank of New York. [Downloadable!]
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    5. Jan Libich & Petr Stehlik, 2008. "Fiscal Rigidity In A Monetary Union: The Calvo Timing And Beyond," CAMA Working Papers 2008-22, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
    6. Douglas Laxton & Papa N'Diaye & Paolo Pesenti, 2006. "Deflationary shocks and monetary rules: an open-economy scenario analysis," Staff Reports 267, Federal Reserve Bank of New York. [Downloadable!]
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    7. Gauti Eggertsson & Michael Woodford, 2004. "Optimal monetary and fiscal policy in a liquidity trap," Discussion Papers 0405-02, Columbia University, Department of Economics. [Downloadable!]
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  13. Lars E. O. Svensson & Michael Woodford, 2003. "Implementing Optimal Policy through Inflation-Forecast Targeting," NBER Working Papers 9747, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    1. R. Kato & S. Nishiyama, 2002. "Optimal Monetary Policy When Interest Rates are Bounded at Zero," Computing in Economics and Finance 2002 8, Society for Computational Economics. [Downloadable!]
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    2. Svensson, Lars E O, 2000. "The First Year Of The Eurosystem: Inflation Targeting Or Not?," CEPR Discussion Papers 2380, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    3. Bruno Amable & Lilas Demmou & Donatella Gatti, 2006. "Institutions, unemployment and inactivity in the OECD countries," PSE Working Papers 2006-16, PSE (Ecole normale supérieure). [Downloadable!]
    4. Ibrahim Chowdhury & Andreas Schabert, . "Assessing Money Supply Rules," Working Papers 2003_9, Department of Economics, University of Glasgow, revised May 2003. [Downloadable!]
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    5. Jess Benhabib & Stefano Eusepi, 2005. "The design of monetary and fiscal policy: a global perspective," Proceedings, Federal Reserve Bank of San Francisco. [Downloadable!]
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    6. Arslan, M.Murat, 2007. "Dynamics of Sticky Information and Sticky Price Models in a New Keynesian DSGE Framework," MPRA Paper 5269, University Library of Munich, Germany. [Downloadable!]
    7. Svensson, Lars E.O. & Williams, Noah, 2005. "Monetary policy with model uncertainty: distribution forecast targeting," Discussion Paper Series 1: Economic Studies 2005,35, Deutsche Bundesbank, Research Centre. [Downloadable!]
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    8. Devereux, Michael B & Engel, Charles M, 2006. "Expectations and Exchange Rate Policy," CEPR Discussion Papers 5743, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    9. Timothy Kam, 2004. "Two-sided Learning and Optimal Monetary Policy in an Open Economy Model," Economics Discussion / Working Papers 04-07, The University of Western Australia, Department of Economics. [Downloadable!]
    10. James Bullard & Eric Schaling, 2006. "Monetary policy, determinacy, and learnability in the open economy," Working Paper Series 611, European Central Bank. [Downloadable!]
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    11. Jon Faust & Dale W. Henderson, 2004. "Is inflation targeting best-practice monetary policy?," International Finance Discussion Papers 807, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    12. Lars E.O. Svensson, 2002. "Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?," NBER Working Papers 8925, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    13. McCallum, Bennett T & Nelson, Edward, 2001. "Timeless Perspective Vs Discretionary Monetary Policy in Forward-Looking Models," CEPR Discussion Papers 2752, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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    14. Carl E. Walsh, 2005. "Labor Market Search, Sticky Prices, and Interest Rate Policies," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(4), pages 829-849, October. [Downloadable!] (restricted)
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    15. Willem H. Buiter, 2004. "The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?," NBER Working Papers 10848, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    16. Cleomar Gomes & Márcio Holland, 2003. "Regra de Taylor e Política Monetária em Condições de Endividamento Público no Brasil," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] b44, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
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    17. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo Pesenti, 2006. "Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis," NBER Working Papers 12704, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    18. Andrew T. Levin & Richhild Moessner, 2005. "Inflation persistence and monetary policy design - an overview," Working Paper Series 539, European Central Bank. [Downloadable!]
    19. Lars E.O Svensson, 2002. "Monetary policy and real stabilization," Proceedings, Federal Reserve Bank of Kansas City, pages 261-312. [Downloadable!]
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    20. Minford, Patrick & Nowell, Eric & Webb, Bruce, 2005. "Would price-level targeting destabilise the economy?," Cardiff Economics Working Papers E2005/12, Cardiff University, Cardiff Business School, Economics Section. [Downloadable!]
    21. Richard Dennis, 2001. "Optimal policy in rational-expectations models: new solution algorithms," Working Papers in Applied Economic Theory 2001-09, Federal Reserve Bank of San Francisco. [Downloadable!]
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    22. Schabert, Andreas & van Wijnbergen, Sweder, 2006. "Debt, Deficits and Destabilizing Monetary Policy in Open Economies," CEPR Discussion Pape