Board of Governors of the Federal Reserve System (2007)
Antlio Bomfim, Robert Tetlow, John Williams
The macroeconomic costs of disinflation are considered for the United States in a rational expectations macroeconometric model with sticky prices and imperfect information regarding monetary policy...
Dale Henderson, Bennett Mccallum, Anders Vredin, ...
conferences at the Bank of England and Insead and in the NBER Summer Institute, and the editors and referees for specific comments on previous versions of this paper. I also thank Annika Andreasson...
Errors in the measurement of the output gap and the design of monetary policy (2000)
Athanasios Orphanides, Richard D. Porter, David Reifschneider, Robert Tetlow, Frederico Finan
We exploit data on historical revisions to real-time estimates of the output gap to examine the implications of measurement error for the design of monetary policy, using the Federal Reserve’s...
Robustness of simple monetary policy rules under model uncertainty (1999)
Andrew Levin, Volker Wiel, John C. Williams, Larry Christiano, David Lindsey, ...
Conference on Monetary Policy Rules. The views expressed here are solely the responsibility of the authors, and should not be interpreted as reflecting the views of the Board of Governors of the...
Optimal Control of Large, Forward-Looking Models: Efficient Solutions and Vol (1999)
Frederico S. Finan, Robert Tetlow
An optimal control tool is described that is particularly useful for computing rules of large-scale models where users might otherwise have difficulty determining the state vector a priori and where...
Expectations, Learning and the Costs of Disinflation: Experiments using the FRB/US Model (1997)
Antúlio Bomfim, Robert Tetlow, John Williams
The macroeconomic costs of disinflation are considered for the United States in a rational expectations macroeconometric model with sticky prices and imperfect information regarding monetary policy...
Avoiding Nash Inflation: Bayesian and Robus Responses to Model Uncertainty
We examine learning, model misspecification, and robust policy responses to misspecification in a quasi-real-time environment. The laboratory for the analysis is the Sargent (1999) explanation for...
Why is the Fed So Reluctant to React?
In the 2-1/2 years between March, 1996 and September, 1998 the civilian unemployment rate in the United States dropped a full percentage point, the 12-month CPI inflation rate fell nearly 1-1/2...
THE FED IS NOT AS IGNORANT AS YOU THINK
It has been noted that empirical monetary policy reaction functions show smaller impact coefficients and more persistence than reaction functions that are computed from policy optimization...
Expectations, learning and the costs of disinflation: experiments using the FRB/US model
Antulio Bomfim, Robert Tetlow, John Williams
The costs of disinflation are explored using the Board's new sticky-price rational expectations macroeconometric model of the U.S. economy, FRB/US. The model nests both model consistent and...
Errors in the measurement of the output gap and the design of monetary policy
Athanasios Orphanides, Richard D. Porter, David Reifschneider, Robert Tetlow, Frederico Finan
We exploit data on historical revisions to real-time estimates of the output gap to examine the implications of measurement error for the design of monetary policy, using the Federal Reserve's model...
Optimal control of large, forward-looking models efficient solutions and two examples
Frederico S. Finan, Robert Tetlow
An optimal control tool is described that is particularly useful for computing rules of large-scale models where users might otherwise have difficulty determining the state vector a priori and where...
The Bank of Canada's new Quarterly Projection Model (QPM): An introduction
Stephen Poloz, David Rose, Robert Tetlow
This article provides an overview of the Bank of Canada's new economic model, the Quarterly Projection Model (QPM), which has been under development at the Bank since 1989. The model has two roles....
GOVERNMENT DEBT AND DEFICITS IN CANADA: A Macro Simulation Analysis
Tiff Macklem, David Rose, Robert Tetlow
This paper examines the macroeconomic implications of rising government debt in Canada and the short-run costs and long-run benefits of stemming the rise. The discussion begins with an evaluation of...
Errors in the measurement of the output gap and the design of monetary policy
Orphanides, Athanasios, Porter, Richard D., Reifschneider, David, Tetlow, Robert, Finan, Frederico
GOVERNMENT DEBT AND DEFICITS IN CANADA: A Macro Simulation Analysis
Tiff Macklem, David Rose, Robert Tetlow
This paper examines the macroeconomic implications of rising government debt in Canada and the short-run costs and long-run benefits of stemming the rise. The discussion begins with an evaluation of...
Implementing price stability bands, boundaries and inflation targeting
Robert Tetlow, John C. Williams
Inflation (Finance) ; Monetary policy - United States ; Macroeconomics
Aggregate disturbances, monetary policy, and the macroeconomy: the FRB/US perspective
David Reifschneider, Robert Tetlow, John Williams
The FRB/US macroeconometric model of the U.S. economy was created at the Federal Reserve Board for use in policy analysis and forecasting. This article begins with an examination of the model's...