Richard Ashley, Randal J. Verbrugge, Josh Gallin, Andy Levin, Athanasios Orphanides, Steve Reed, ...
All errors, misinterpretations and omissions are ours. All views expressed in this paper are those of the authors and do not reflect the views or policies of the Bureau of Labor Statistics or the...
No-Arbitrage Taylor Rules (2005)
Andrew Ang Columbia, Andrew Ang, Sen Dong, Monika Piazzesi, Sebastien Blais, ...
We estimate Taylor (1993) rules and identify monetary policy shocks using no-arbitrage pricing techniques. Long-term interest rates are risk-adjusted expected values of future short rates and thus...
Inflation Persistence in the Euro Area: Preliminary Summary of Findings (2004)
Ignazio Angeloni, Luc Aucremanne, Michael Ehrmann, Jordi Gali, Andy Levin, Frank Smets
This report presents results from a research project developed by the European Central Bank and the 12 National Central Banks of the Eurosystem on the persistence of inflation in the euro area and...
Spurious welfare reversals in international business cycle models (2003)
Jinill Kim, Sunghyun Henry Kim, Henning Bohn, Yongsung Chang, Jon Faust, ...
Several papers on international business cycles have documented spurious welfare reversals where incomplete markets produce higher welfare than complete markets. This paper demonstrates how...
Maria Soledad, Martinez Peria, Sergio L. Schmukler, Eduardo Fern, Aart Kraay, Andy Levin, ...
for excellent research assistance at different stages of the project. We received helpful comments from participants
Conditional Welfare Comparisons of Monetary Policy Rules
Various approaches to optimal monetary policy have been used to select time-invariant policy rules, including the timeless perspective approach by Woodford (1999) and the unconditional expected...
Conditional Welfare Comparisons of Monetary Policy Rules
Various approaches to optimal monetary policy have been used to select time-invariant policy rules, including the timeless perspective approach by Woodford (1999) and the unconditional expected...