Normalizing Monetary Policy When the Neutral Interest Rate Is Low: a speech at the Stanford Institute for Economic Policy Research, Stanford, California, December 1, 2015
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- John B. Taylor, 1999. "Introduction to "Monetary Policy Rules"," NBER Chapters, in: Monetary Policy Rules, pages 1-14, National Bureau of Economic Research, Inc.
- John B. Taylor, 1999.
"A Historical Analysis of Monetary Policy Rules,"
NBER Chapters, in: Monetary Policy Rules, pages 319-348,
National Bureau of Economic Research, Inc.
- John B. Taylor, 1998. "An Historical Analysis of Monetary Policy Rules," NBER Working Papers 6768, National Bureau of Economic Research, Inc.
- Francois Gourio & Jonas Fisher, 2015. "Risk Management for Monetary Policy at the Zero Lower Bound," 2015 Meeting Papers 665, Society for Economic Dynamics.
- repec:aei:rpaper:650501 is not listed on IDEAS
- James D. Hamilton & Ethan S. Harris & Jan Hatzius & Kenneth D. West, 2016.
"The Equilibrium Real Funds Rate: Past, Present, and Future,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 660-707, November.
- James D. Hamilton & Ethan S. Harris & Jan Hatzius & Kenneth D. West, 2015. "The Equilibrium Real Funds Rate: Past, Present and Future," NBER Working Papers 21476, National Bureau of Economic Research, Inc.
- David M. Byrne & Stephen D. Oliner & Daniel E. Sichel, 2018.
"How Fast are Semiconductor Prices Falling?,"
Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(3), pages 679-702, September.
- David M. Byrne & Stephen D. Oliner & Daniel E. Sichel, 2015. "How Fast are Semiconductor Prices Falling?," NBER Working Papers 21074, National Bureau of Economic Research, Inc.
- David M. Byrne & Stephen D. Oliner & Daniel E. Sichel, 2017. "How Fast are Semiconductor Prices Falling?," Finance and Economics Discussion Series 2017-005, Board of Governors of the Federal Reserve System (U.S.).
- Charles Evans & Jonas Fisher & Francois Gourio & Spencer Krane, 2015.
"Risk Management for Monetary Policy Near the Zero Lower Bound,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(1 (Spring), pages 141-219.
- Charles L. Evans & Jonas D. M. Fisher & François Gourio & Spencer D. Krane, 2015. "Risk Management for Monetary Policy Near the Zero Lower Bound," Working Paper Series WP-2015-3, Federal Reserve Bank of Chicago.
- John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1.
- Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
- David M. Byrne & Carol Corrado, 2015. "Recent Trends in Communications Equipment Prices," FEDS Notes 2015-09-29, Board of Governors of the Federal Reserve System (U.S.).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Christopher J. Gust & Benjamin K. Johannsen & J. David López-Salido, 2015. "Monetary Policy, Incomplete Information, and the Zero Lower Bound," Finance and Economics Discussion Series 2015-99, Board of Governors of the Federal Reserve System (U.S.).
- Lansing, Kevin J., 2021.
"Endogenous forecast switching near the zero lower bound,"
Journal of Monetary Economics, Elsevier, vol. 117(C), pages 153-169.
- Kevin J. Lansing, 2019. "Endogenous Forecast Switching Near the Zero Lower Bound," Working Paper Series 2017-24, Federal Reserve Bank of San Francisco.
- Levrero, Enrico Sergio, 2022. "The Taylor Rule and its Aftermath: Elements for an Interpretation along Classical-Keynesian lines," Centro Sraffa Working Papers CSWP59, Centro di Ricerche e Documentazione "Piero Sraffa".
- Enrico Sergio Levrero, 2021.
"Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment,"
International Journal of Political Economy, Taylor & Francis Journals, vol. 50(1), pages 5-27, February.
- Enrico S. Levrero, 2019. "Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment," Working Papers Series 88, Institute for New Economic Thinking.
- Yulei Luo & Jun Nie & Eric Young, 2015.
"Robust permanent income in general equilibrium,"
Research Working Paper
RWP 15-14, Federal Reserve Bank of Kansas City.
- Luo, Yulei & Nie, Jun & Young, Eric, 2015. "Robust Permanent Income in General Equilibrium," MPRA Paper 63985, University Library of Munich, Germany.
- James D. Hamilton & Ethan S. Harris & Jan Hatzius & Kenneth D. West, 2016.
"The Equilibrium Real Funds Rate: Past, Present, and Future,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(4), pages 660-707, November.
- James D. Hamilton & Ethan S. Harris & Jan Hatzius & Kenneth D. West, 2015. "The Equilibrium Real Funds Rate: Past, Present and Future," NBER Working Papers 21476, National Bureau of Economic Research, Inc.
- Kevin J. Lansing, 2017. "R-star, Uncertainty, and Monetary Policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
- Zhang, Ren & Martínez-García, Enrique & Wynne, Mark A. & Grossman, Valerie, 2021.
"Ties that bind: Estimating the natural rate of interest for small open economies,"
Journal of International Money and Finance, Elsevier, vol. 113(C).
- Valerie Grossman & Enrique Martínez García & Mark A. Wynne & Ren Zhang, 2019. "Ties That Bind: Estimating the Natural Rate of Interest for Small Open Economies," Globalization Institute Working Papers 359, Federal Reserve Bank of Dallas, revised 05 Mar 2021.
- Martínez-García, Enrique, 2021.
"Get the lowdown: The international side of the fall in the U.S. natural rate of interest,"
Economic Modelling, Elsevier, vol. 100(C).
- Enrique Martínez García, 2020. "Get the Lowdown: The International Side of the Fall in the U.S. Natural Rate of Interest," Globalization Institute Working Papers 403, Federal Reserve Bank of Dallas, revised 20 Feb 2021.
- Ireland, Peter N., 2003.
"Endogenous money or sticky prices?,"
Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1623-1648, November.
- Peter N. Ireland, 2001. "Endogenous Money or Sticky Prices?," Boston College Working Papers in Economics 499, Boston College Department of Economics.
- Peter N. Ireland, 2002. "Endogenous Money or Sticky Prices?," NBER Working Papers 9390, National Bureau of Economic Research, Inc.
- Frederick H. Wallace & Gary L. Shelley & Luis F. Cabrera Castellanos, 2004.
"Pruebas de la neutralidad monetaria a largo plazo: el caso de Nicaragua,"
Monetaria, CEMLA, vol. 0(4), pages 407-418, octubre-d.
- Wallace, Frederick H. & Shelley, Gary L. & Cabrera Castellanos, Luis Fernando, 2004. "Pruebas de la neutralidad monetaria a largo plazo. El caso de Nicaragua," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(283), pages 613-624, julio-sep.
- repec:zbw:bofrdp:2007_032 is not listed on IDEAS
- Coenen, Gunter & Wieland, Volker, 2005.
"A small estimated euro area model with rational expectations and nominal rigidities,"
European Economic Review, Elsevier, vol. 49(5), pages 1081-1104, July.
- Gunter Coenen & Volker Wieland, 2000. "A Small Estimated Euro-Area Model with Rational Expectations and Nominal Rigidities," Econometric Society World Congress 2000 Contributed Papers 1284, Econometric Society.
- Wieland, Volker & Coenen, Günter, 2000. "A small estimated euro area model with rational expectations and nominal rigidities," Working Paper Series 30, European Central Bank.
- Coenen, Günter & Wieland, Volker, 2002. "A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities," CEPR Discussion Papers 3574, C.E.P.R. Discussion Papers.
- Coenen, Guenter & Wieland, Volker, 2003. "A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities," CFS Working Paper Series 2003/08, Center for Financial Studies (CFS).
- Pär Österholm, 2005.
"The Taylor Rule: A Spurious Regression?,"
Bulletin of Economic Research, Wiley Blackwell, vol. 57(3), pages 217-247, July.
- Österholm, Pär, 2003. "The Taylor Rule: A Spurious Regression?," Working Paper Series 2003:20, Uppsala University, Department of Economics.
- Galí, Jordi, 2010.
"Monetary Policy and Unemployment,"
Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 10, pages 487-546,
Elsevier.
- Jordi Galí, 2009. "Monetary policy and unemployment," Economics Working Papers 1198, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2010.
- Jordi GalÃ, 2015. "Monetary Policy and Unemployment," Working Papers 435, Barcelona School of Economics.
- Jordi Galí, 2010. "Monetary Policy and Unemployment," NBER Working Papers 15871, National Bureau of Economic Research, Inc.
- GalÃ, Jordi, 2010. "Monetary Policy and Unemployment," CEPR Discussion Papers 7771, C.E.P.R. Discussion Papers.
- Patrick Minford & Naveen Srinivasan, 2015.
"Can the Learnability Criterion Ensure Determinacy in New Keynesian Models?,"
South Asian Journal of Macroeconomics and Public Finance, , vol. 4(1), pages 43-61, June.
- Minford, Patrick & Srinivasan, Naveen, 2012. "Can the learnability criterion ensure determinacy in New Keynesian Models?," CEPR Discussion Papers 9039, C.E.P.R. Discussion Papers.
- Patrick Minford & Naveen Srinivasan, 2014. "Can the Learnability Criterion Ensure Determinacy in New Keynesian Models?," Working Papers 2014-087, Madras School of Economics,Chennai,India.
- Minford, Patrick & Srinivasan, Naveen, 2012. "Can the learnability criterion ensure determinacy in New Keynesian Models?," Cardiff Economics Working Papers E2012/16, Cardiff University, Cardiff Business School, Economics Section.
- Bullard, James & Mitra, Kaushik, 2002.
"Learning about monetary policy rules,"
Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1105-1129, September.
- Kaushik Mitra & James Bullard, "undated". "Learning About Monetary Policy Rules," Discussion Papers 00/41, Department of Economics, University of York.
- James B. Bullard & Kaushik Mitra, 2002. "Learning about monetary policy rules," Working Papers 2000-001, Federal Reserve Bank of St. Louis.
- Jordi Galí & J. David López Salido & Javier Vallés, 2003.
"Rule-of-thumb consumers and the design of interest rate rules,"
Working Papers
0320, Banco de España.
- GalÃ, Jordi & Vallés Liberal, Javier & López-Salido, J David, 2004. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," CEPR Discussion Papers 4347, C.E.P.R. Discussion Papers.
- Jordi Gali & J. David Lopez-Salido & Javier Valles, 2004. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," NBER Working Papers 10392, National Bureau of Economic Research, Inc.
- J. David López-Salido & Jordi GalÃ, 2015. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," Working Papers 104, Barcelona School of Economics.
- Florin O. Bilbiie & Roland Straub, 2013.
"Asset Market Participation, Monetary Policy Rules, and the Great Inflation,"
The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 377-392, May.
- Florin Bilbiie & Mr. Roland Straub, 2006. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," IMF Working Papers 2006/200, International Monetary Fund.
- Florin Bilbiie & Roland Straub, 2013. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," PSE-Ecole d'économie de Paris (Postprint) hal-00622873, HAL.
- Florin Bilbiie & Roland Straub, 2013. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," Post-Print hal-00622873, HAL.
- Florin Bilbiie & Roland Straub, 2013. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622873, HAL.
- Straub, Roland & Bilbiie, Florin O., 2012. "Asset market participation, monetary policy rules and the great inflation," Working Paper Series 1438, European Central Bank.
- Bilbiie, Florin & Straub, Roland, 2011. "Asset Market Participation, Monetary Policy Rules and the Great Inflation," CEPR Discussion Papers 8555, C.E.P.R. Discussion Papers.
- Eric Swanson, 2015. "A Macroeconomic Model of Equities and Real, Nominal, and Defaultable Debt," 2015 Meeting Papers 273, Society for Economic Dynamics.
- Marco Del Negro & Frank Schorfheide, 2009.
"Monetary Policy Analysis with Potentially Misspecified Models,"
American Economic Review, American Economic Association, vol. 99(4), pages 1415-1450, September.
- Marco Del Negro & Frank Schorfheide, 2005. "Monetary policy analysis with potentially misspecified models," FRB Atlanta Working Paper 2005-26, Federal Reserve Bank of Atlanta.
- Marco Del Negro & Frank Schorfheide, 2005. "Monetary policy analysis with potentially misspecified models," Working Papers 06-4, Federal Reserve Bank of Philadelphia.
- Del Negro, Marco & Schorfheide, Frank, 2005. "Monetary policy analysis with potentially misspecified models," Working Paper Series 475, European Central Bank.
- Marco Del Negro & Frank Schorfheide, 2007. "Monetary Policy Analysis with Potentially Misspecified Models," NBER Working Papers 13099, National Bureau of Economic Research, Inc.
- Marco Del Negro & Frank Schorfheide, 2008. "Monetary policy analysis with potentially misspecified models," Staff Reports 321, Federal Reserve Bank of New York.
More about this item
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MON-2015-12-28 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgsq:882. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ryan Wolfslayer ; Keisha Fournillier (email available below). General contact details of provider: https://edirc.repec.org/data/frbgvus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.