RDP 9812: An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help? References

Bernanke, B.S. and Blinder, A.S. (1992), ‘The Federal Funds Rate and the Channels of Monetary Transmission’, American Economic Review, 82(4), pp. 901–921.

Campbell, J.Y. and Mankiw, N.G. (1989), ‘Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence’, NBER Macroeconomics Annual, pp. 185–216.

Campbell, J.Y. and Mankiw, N.G. (1990), ‘Permanent Income, Current Income, and Consumption’, Journal of Business and Economic Statistics, 8(3), pp. 265–279.

Campbell, J.Y. and Mankiw, N.G. (1991), ‘The Response of Consumption to Income: a Cross-country Investigation’, European Economic Review, 35(4), pp. 723–767.

Carroll, C.D., Overland, J. and Weil, D.N. (1995), ‘Saving and Growth with Habit Formation’, Federal Reserve System Finance and Economics Discussion Series No. 95–42.

Christiano, L.J. and Eichenbaum, M. (1990), ‘Current Real Business Cycle Theories and Aggregate Labor Market Fluctuations’, Institute for Empirical Macroeconomics Discussion Paper No. 24.

Christiano, L.J., Eichenbaum, M. and Evans, C. (1994), ‘Identification and the Effects of Monetary Policy Shocks’, Federal Reserve Bank of Chicago Working Paper Series WP 94–7.

Duesenberry, J.S. (1967), Income, Saving, and the Theory of Consumer Behavior, Oxford University Press, New York.

Ermini, L. (1989), ‘Some New Evidence on the Timing of Consumption Decisions and on their Generating Process’, Review of Economics and Statistics, 71(4), pp. 643–650.

Fair, R.C. (1992), ‘The Cowles Commission Approach, Real Business Cycle Theories, and New Keynesian Economics’, NBER Working Paper No. 3990.

Fuhrer, J.C. (1997a), ‘Towards a Compact, Empirically-Verified Rational Expectations Model for Monetary Policy Analysis’, Carnegie-Rochester Conference Series on Public Policy, 47, pp. 197–230.

Fuhrer, J.C. (1997b), ‘An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy, Comment’, NBER Macroeconomics Annual, pp. 346–355.

Fuhrer, J.C. and Moore, G.R. (1992), ‘Monetary Policy Rules and the Indicator Properties of Asset Prices’, Journal of Monetary Economics, 2(2), pp. 303–336.

Fuhrer, J.C. and Moore, G.R. (1995a), ‘Inflation Persistence’, Quarterly Journal of Economics, 110 (1), pp. 127–159.

Fuhrer, J.C. and Moore, G.R. (1995b), ‘Monetary Policy Trade-offs and the Correlation Between Nominal Interest Rates and Real Output’, American Economic Review, 85(1), pp. 219–239.

Fuhrer, J.C. and Moore, G. R. and Schuh, S.D. (1995), ‘Estimating the Linear-quadratic Inventory Model: Maximum Likelihood Versus Generalized Methods of Moments’, Journal of Monetary Economics, 35(1), pp. 115–157.

King, R.G. and Plosser, C.I. (1984), ‘Money, Credit and Prices in a Real Business Cycle’, American Economic Review, 74(3), pp. 363–380.

King, R.G., Plosser, C.I. and Rebelo, S.T. (1988), ‘Production, Growth and Business Cycles I. The Basic Neoclassical Model’, Journal of Monetary Economics, 21(2/3), pp. 195–232.

King, R.G. and Wolman, A. (1996), ‘Inflation Targeting in a St. Louis Model of the 21st Century’, NBER Working Paper No. 5507.

Leeper, E., Sims, C. and Zha, T. (1996), ‘What Does Monetary Policy Do?’, Brookings Papers on Economic Activity, 2, pp. 1–78.

Lucas, R.E. (Jr) (1976), ‘Econometric Policy Evaluation: A Critique’, Carnegie-Rochester Conference Series on Public Policy, 1, pp. 7–33.

Mankiw, N.G. (1982), ‘Hall's Consumption Hypothesis and Durable Goods’, Journal of Monetary Economics, 10(3), pp. 417–426.

McCallum, B.T. and Nelson, E. (1997), ‘An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis’, NBER Working Paper No. 5875.

McCallum, B.T. and Nelson, E. (1998), ‘Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model’, NBER Working Paper No. 6599.

Roberts, J.M. (1997), ‘Is Inflation Sticky?’, Journal of Monetary Economics, 39(2), pp. 173–196.

Romer, C. and Romer, D. (1989), ‘Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz’, NBER Macroeconomics Annual, pp. 121–170.

Rotemberg, J.R. and Woodford, M. (1997), ‘An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy’, NBER Macroeconomics Annual, pp. 297–346.

Taylor, J.B. (1993), ‘Discretion Versus Policy Rules in Practice’, Carnegie-Rochester Conference Series on Public Policy', 39, pp. 195–214.

West, K.D. and Wilcox, D.W. (1993), ‘Some Evidence on Finite Sample Behavior of an Instrumental Variables Estimator of the Linear Quadratic Inventory Model’, Federal Reserve System Finance and Economics Discussion Series No. 93–29.