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The annual Tsinghua Workshop in International Finance and Monetary Policy (TWIFM) will be held on May 25-26, 2017 in Beijing, which is jointly sponsored and organized by the National Institute for Fis...
Implementation of monetary policy assumes that monetary policy instruments stabilize O/N interest rates to the proximity of main policy rate to archive monetary targets. The function of stabilizing me...
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
We study optimal fiscal and monetary policy in an environment where explicit frictions giverise to valued money, making money essential in the sense that it expands the set of feasible trades. The two...
Monetary Policy During a Transition to Rational Expectations     Monetary Policy  Rational Expectations       font style='font-size:12px;'> 2015/8/5
In standard macroeconomic models incorporating the natural rate hypothesis and rational expectations, monetary policy has no effect on real variables. But the rational expectations assumption that e...
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitabili...
The Role of Expectations in the Choice of Monetary Policy     Expectations  Monetary Policy       font style='font-size:12px;'> 2015/8/5
There has probably never been a consensus among economists about the role of expectations in formulating monetary policy. Today two widely different views seem to dominate policy research and practi...
Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
Comments on ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by R.J. Barro and D.B. Gordon.
Wage Determination and Monetary Policy     Wage Determination  Monetary Policy       font style='font-size:12px;'> 2015/8/4
Wage Determination and Monetary Policy.
After nearly a quarter century of large budget deficits—causing the public debt to double from 20 percent to 42 percent as a share of GDP in the industrialized countries—the need for greater fiscal ...
This paper takes as given the principle that long-run price stability should be the central goal of monetary policy. The purpose of the paper is to discuss conceptual issues pertinent to the task of...
Policy Rules as a Means to a More Effective Monetary Policy     Policy Rules  Monetary Policy       font style='font-size:12px;'> 2015/8/4
Policy Rules as a Means to a More Effective Monetary Policy.
This paper gives an excellent overview of the way that econometric models are used to help formulate monetary policy at the Federal Reserve Board. David Reifschneider, David Stockman, and David Wilc...
Comments on ‘Does Monetary Policy Affect Real Economic Activity: Why Do We Still Ask This Question?’ by Benjamin Friedman.

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