Implications for models in monetary policy

References

• Adrian, T., and Shin, H.S. (2009), ‘Financial Intermediaries and Monetary Economics’, Federal Reserve Bank of New York Staff Report No. 398
   Google Scholar
• Ahrend, R., Cournède, B., and Price, R. (2008), ‘Monetary Policy, Market Excesses and Financial Turmoil’, OECD Economics Department Working Paper No. 597, Paris
   Google Scholar
• Aikman, D., Alessandri, P., Eklund, B., Gai, P., Kapadia, S., Martin, E., Mora, N., Sterne, G., and Willison, M. (2009), ‘Funding Liquidity Risk in a Quantitative Model of Systemic Stability’, Bank of England Working Paper No. 372, London
   Google Scholar
• Almunia, M., Bénétrix, A.S., Eichengreen, B., O'Rourke, K.H., and Rua, G. (2009), ‘From Great Depression to Great Credit Crisis: Similarities, Differences and Lesson’, Paper presented at the 50th Economic Policy Panel Meeting, Tilburg, 23–24 October
   Google Scholar
• Bank of England (2002), ‘Inflation Report’, May, Bank of England, London
   Google Scholar
• Bårdsen, G., Lindquist, K.-G., and Tsomocos, D.P. (2006), ‘Evaluation of Macroeconomic Models for Financial Stability Analysis’, Norges Bank Working Paper No. 2006/01, Oslo
   Google Scholar
• BernankeB. (2010), ‘Monetary Policy and the Housing Bubble’, Paper presented at the Annual Meeting of the American Economic Association, Atlanta, Georgia, 3 January
   Google Scholar
• Bernanke , B. and Gertler , M. 1999 . Monetary Policy and Asset Price Volatility . Economic Review , Q(V), 17–51
   Google Scholar
• Bindseil , U. 2004 . Monetary Policy Implementation , Oxford : Oxford University Press .
   Google Scholar
• Blanchard, O.J. (2009), ‘The Crisis: Basic Mechanisms, and Appropriate Policies’, IMF Working Paper WP/09/80, Washington, DC
   Google Scholar
• Blinder, A.S. (2005), ‘Understanding the Greenspan Standard’, Paper presented at the Federal Reserve Bank of Kansan City Symposium on The Greenspan Era: Lessons for the Future, Jackson Hole, Wyoming, 25–27 August
   Google Scholar
• Blinder , A.S. 2008 . Two Bubbles, Two Paths . New York Times , : B6 15 June
   Google Scholar
• Board of Governors of the Federal Reserve System (2003), ‘Minutes of the Federal Open Market Committee’, 24–25 June, Washington, DC. http://www.federalreserve.gov/fomc/minutes/20030625.htm
   Google Scholar
• Boivin, J., Kiley, M.T., and Mishkin, F.S. (2010), ‘How Has the Monetary Transmission Mechanism Evolved Over Time?’, NBER Working Paper 15879, Cambridge, MA
   Google Scholar
• Boland , L.A. 2001 . Towards a Useful Methodology Discipline . Journal of Economic Methodology , 8 ( 1 ) : 3 – 10 .
   Google Scholar
• Borio, C., and Disyatat, P. (2009), ‘Unconventional Monetary Policies: An Appraisal’, BIC Working Paper No. 292, Basel
   Google Scholar
• Borio, C., and Zhu, H. (2008), ‘Capital Regulation, Risk-Taking and Monetary Policy: A Missing Link in the Transmission Mechanism’, BIS Working Paper No. 268, Basel
   Google Scholar
• Buiter, W.H. (2009), ‘The Unfortunate Uselessness of Most “State of the Art” Academic Monetary Economics’, VoxEU. http://www.voxeu.org/index.php?q = node/3210 (http://www.voxeu.org/index.php?q=node/3210)
   Google Scholar
• Catte, P., Girouard, N., Price, R., and André, C. (2004), ‘Housing Markets, Wealth and the Business Cycle’, OECD Economics Department Working Paper No. 394, Paris
   Google Scholar
• Clarida , R. , Gali , J. and Gertler , M. 1999 . The Science of Monetary Policy: A New Keynesian Perspective . Journal of Economic Literature , 37 ( 4 ) : 1661 – 1707 .
   Web of Science ®Google Scholar
• Crockett, A. (1997), ‘Why Is Financial Stability a Goal of Public Policy?’, Paper presented at the Federal Reserve Bank of Kansas City's 1997 Jackson Hole Symposium on Maintaining Financial Stability in a Global Economy, Jackson Hole, Wyoming, 28–30 August
   Google Scholar
• Dubey, P., Geanakopolis, J., and Shubik, M. (2000), ‘Default in a General Equilibrium Model With Incomplete Markets’, Cowles Foundation Discussion Paper No. 1247, New Haven
   Google Scholar
• Fernández-Villaverde, J., Guerrón-Quintana, P.A., and Rubio-Ramírez, J.F. (2010), ‘Reading the Recent Monetary History of the US, 1959–2007’, NBER Working Paper 15929, Cambridge, MA
   Google Scholar
• Friedman , M. 1947 . Lerner on the Economics of Control . Journal of Political Economy , 55 ( 5 ) : 405 – 416 .
   Google Scholar
• Fukuyama , F. 1992 . The End of History and the Last Man , New York : The Free Press .
   Google Scholar
• Gambacorta , L. 2009 . Monetary Policy and the Risk-Taking Channel . BIS Quarterly Review , December, 43–53
   Google Scholar
• Genberg , H. , Lipsky , J., , Cecchetti , S. and Wadhwani , S. 2000 . Asset Prices and Central Bank Policy , Washington, DC : Brookings Institution Press .
   Google Scholar
• Goodfriend, M. (2005), ‘The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice’, Federal Reserve Bank of St Louis Economic Review, 87 (2, part 2) 243–261
   Google Scholar
• Goodfriend , M. 2007 . How the World Achieved Consensus on Monetary Policy . Journal of Economic Perspectives , 21 ( 4 ) : 47 – 68 .
   Web of Science ®Google Scholar
• Goodhart, C.A.E. (2005), ‘The Future of Central Banking’, LSE Financial Markets Group Special Paper No. 62, London
   Google Scholar
• Goodhart , C.A.E. , Osorio , C. and Tsomocos , D. 2010 . “ The Optimal Monetary Policy Instrument, Inflation Versus Asset Price Targeting, and Financial Stability ” . In Inflation Targeting Twenty Years On , Edited by: Cobham , D. , Eitrheim , Ø. , Gerlach , S. and Qvigstad , J.F. 192 – 231 . Cambridge : Cambridge University Press .
   Google Scholar
• Goodhart , C.A.E. , Sunirand , P. and Tsomocos , D. 2004 . A Model to Analyse Financial Fragility: Applications . Journal of Financial Stability , 1 : 1 – 30 .
   Google Scholar
• Goodhart , C.A.E. , Sunirand , P. and Tsomocos , D. 2006 . A Model to Analyse Financial Fragility . Economic Theory , 27 : 107 – 142 .
   Web of Science ®Google Scholar
• Grenville , S. 2001 . Monetary Policy: The End of History? . Reserve Bank of Australia Bulletin , August, 61–65
   Google Scholar
• Hoover, K.D. (2008), ‘Idealizing Reduction: The Microfoundations of Macroeconomics’, Mimeograph, Duke University, Durham, NC
   Google Scholar
• Hoover , K.D. 2009 . “ Microfoundations and the Ontology of Macroeconomics ” . In The Oxford Handbook of Philosophy and Economics , Edited by: Kincaid , H. and Ross , D. 386 – 409 . Oxford : Oxford University Press .
   Google Scholar
• HooverK.D. (2010), ‘Microfoundations Programs’, Paper prepared for the First International Symposium on the History of Economic Thought, The Integration of Micro and Macroeconomics From a Historical Perspective, University of Sāo Paulo, Brazil, 3–5 August
   Google Scholar
• Kaufman , H. 2009 . How Libertarian Dogma Led the Fed Astray . Financial Times , 27 April, p. 1
   Google Scholar
• Leamer, E.E. (2007), ‘Housing Is the Business Cycle’, Paper presented at the Federal Reserve Bank of Kansas City's 2007 Jackson Hole Symposium on Housing, Housing Finance, Monetary Policy, Jackson Hole, Wyoming, 30 August–1 September
   Google Scholar
• McCallum , B.T. 1994 . Specification of Policy Rules and Performance Measures in Multicountry Stimulation Studies . Journal of International Money and Finance , 13 ( 3 ) : 259 – 275 .
   Google Scholar
• Meltzer , A.H. 1987 . Limits of Short-Run Stabilization Policy . Economic Inquiry , 25 : 1 – 14 .
   Web of Science ®Google Scholar
• Mishkin , F.S. 1994 . Global Financial Instability: Framework, Events, Issues . Journal of Economic Perspectives , 13 ( 4 ) : 3 – 20 .
   Google Scholar
• Mishkin , F.S. 2007 . Monetary Policy Strategy , The MIT Press : Cambridge, MA .
   Google Scholar
• MishkinF.S. (2008), ‘How Should We Respond to Asset Price Bubbles?’, Speech at the Wharton Financial Institutions Center and Oliver Wyman Institute's Annual Financial Risk Roundtable, Philadelphia, Pennsylvania, 15 May
   Google Scholar
• Morgan , J. 2009 . The Limits of Central Bank Policy: Economic Crisis and the Challenge of Effective Solutions . Cambridge Journal of Economics , 33 : 581 – 608 .
   Web of Science ®Google Scholar
• Muellbauer, J. (2007), ‘Housing, Credit and Consumer Expenditure’, Paper presented at the Federal Reserve Bank of Kansas City's 2007 Jackson Hole Symposium on Housing, Housing Finance, Monetary Policy, Jackson Hole, Wyoming, 30 August–1 September
   Google Scholar
• MuellbauerJ. (2008), ‘The Folly of the Central Banks of Europe’, VoxEU, 27 October. http://www.voxeu.org/index.php?q = node/2488 (http://www.voxeu.org/index.php?q=node/2488)
   Google Scholar
• MuellbauerJ. (2009), ‘Household Decisions, Credit Markets and the Macroeconomy: Implications for the Design of Central Bank Models’, Paper prepared for the Eighth Annual Conference of the Bank for International Settlements on Financial System and Macroeconomic Resilience: Revisited, Basel, Switzerland, 25–26 June
   Google Scholar
• Orphanides , A. 2002 . Monetary Policy Evaluation with Noisy Information . Journal of Monetary Economics , 50 : 605 – 631 .
   Google Scholar
• Orphanides , A. and Williams , J.C. 2008 . Learning, Expectations Formation, and Pitfalls of Optimal Control Monetary Policy . Journal of Monetary Economics , 55 : S80 – S86 .
   Google Scholar
• Poole, W. (2007), ‘Understanding the Fed’, Federal Reserve Bank of St Louis Economic Review, 89(1), 3–13
   Google Scholar
• Roberts, R. (2010), ‘Gambling With Other People's Money: How Perverted Incentives Caused the Financial Crisis’, Research Paper, Mercatus Centre at George Mason University, Arlington, VA
   Google Scholar
• Sachs , J.D. 2009 . Rethinking Macroeconomicsm . Capitalism and Society , 4 ( 3 ) : 1 – 8 .
   Google Scholar
• Shubik , M. and Wilson , C. 1977 . The Optimal Bankruptcy Rule in a Trading Economy Using Fiat Money . Journal of Economics , 37 : 337 – 354 .
   Google Scholar
• Sims , C.A. 2002 . The Role of Models and Probabilities in the Monetary Policy Process . Brookings Papers on Economic Activity , 2 : 1 – 40 .
   Google Scholar
• Sims , C.A. 2006 . “ Comments on Blinder's “The Case Against the Case Against Discretionary Fiscal Policy ” . In The Macroeconomics of Fiscal Policy , Edited by: Kopcke , R.W. , Tootell , G.M.B. and Triest , R.K. Cambridge, MA : MIT Press .
   Google Scholar
• Smal, D., Pretorius, C.J., and Ehlers, N. (2007), ‘The Core Forecasting Model of the South African Reserve Bank’, SARB Working Paper WP/07/02, Pretoria
   Google Scholar
• Svensson, L.E.O. (2006), ‘The Role of Science in Best-Practice Monetary Policy: In Honor of Otmar Issing’, Paper presented at the ECB Colloqium held in honour of Otmar Issing, Monetary Policy: A Journey From Theory to Practice, Frankfurt, 16–17 March
   Google Scholar
• SvenssonL.E.O. (2009a), ‘Evaluating Monetary Policy’, Address given at Upsala University, 13 March
   Google Scholar
• SvenssonL.E.O. (2009b), ‘Flexible Inflation Targeting: Lessons From the Financial Crisis. Amsterdam’, Speech given at the Workshop, Towards a New Framework for Monetary Policy? Lessons From the Crisis, De Nederlandsche Bank, Amsterdam, 21 September
   Google Scholar
• Taylor, J.B. (2007), ‘Housing and Monetary Policy’, Paper presented at the Federal Reserve Bank of Kansas City's 2007 Jackson Hole Symposium on Housing, Housing Finance, Monetary Policy, Jackson Hole, Wyoming, 30 August–1 September
   Google Scholar
• Svensson , L.E.O. 2009 . Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis , Stanford : Hoover Institution Press .
   Google Scholar
• Tsomocos , D.P. 2003a . Equilibrium Analysis, Banking and Financial Instability . Journal of Mathematical Economics , 39 : 619 – 655 .
   Google Scholar
• TsomocosD.P. (2003b), ‘Equilibrium Analysis, Banking, Contagion and Financial Fragility’, Bank of England Working Paper No. 175, London
   Google Scholar
• Vickers, J. (1999), ‘Economic Models and Monetary Policy’, Speech to the Governors of the National Institute of Economic and Social Research, London, 18 May
   Google Scholar
• Williamson, S., and Wright, R. (2010), ‘New Monetarist Economics: Models’, Federal Reserve Bank of Minneapolis Research Department Staff Report 443
   Google Scholar
• Zhu, F. (2006), ‘Macroeconomic Modelling and Central Banking: A Progress Report’, Draft mimeograph, Bank for International Settlements, Basel
   Google Scholar