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Optimal stabilization policy when wages and prices are sticky: the case of a distorted steady state Author info | Abstract | Publisher info | Download info | Related research | Statistics Pierpaolo Benigno
Michael Woodford
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Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Proceedings .
Volume (Year): (2005)
Issue (Month): ()
Pages: 127-180
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Keywords: Monetary policy ; Econometric models ; Inflation (Finance) ; Other versions of this item:
Paper Benigno, Pierpaolo & Woodford, Michael, 2004.
"Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State ,"
CEPR Discussion Papers
4740, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2004.
"Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State ,"
NBER Working Papers
10839, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2004.
"Optimal stabilization policy when wages and prices are sticky: The case of a distorted steady state ,"
Discussion Papers
0405-03, Columbia University, Department of Economics.
[Downloadable!] References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Michael Woodford & Pierpaolo Benigno, 2004.
"Inflation Stabilization and Welfare: The Case of a Distorted Steady State ,"
2004 Meeting Papers
481, Society for Economic Dynamics.
Other versions:
Pierpaolo Benigno & Michael Woodford, 2004.
"Inflation Stabilization and Welfare: The Case of a Distorted Steady State ,"
NBER Working Papers
10838, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2004.
"Inflation stabilization and welfare: The case of a distorted steady state ,"
Discussion Papers
0405-04, Columbia University, Department of Economics.
[Downloadable!] Pierpaolo Benigno & Michael Woodford, 2005.
"Inflation Stabilization And Welfare: The Case Of A Distorted Steady State ,"
Journal of the European Economic Association ,
MIT Press, vol. 3(6), pages 1185-1236, December.
[Downloadable!] (restricted) Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Journal of Economic Literature ,
American Economic Association, vol. 37(4), pages 1661-1707, December.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
CEPR Discussion Papers
2139, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, R. & Gali, J. & Gertler, M., 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Working Papers
99-13, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
[Downloadable!] Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Michael Woodford, 1999.
"Commentary : how should monetary policy be conducted in an era of price stability? ,"
Proceedings ,
Federal Reserve Bank of Kansas City, pages 277-316.
[Downloadable!]
Marc P. Giannoni & Michael Woodford, 2003.
"Optimal Interest-Rate Rules: I. General Theory ,"
Levine's Bibliography
506439000000000384, UCLA Department of Economics.
[Downloadable!]
Other versions: Kim, Jinill & Henderson, Dale W., 2005.
"Inflation targeting and nominal-income-growth targeting: When and why are they suboptimal? ,"
Journal of Monetary Economics ,
Elsevier, vol. 52(8), pages 1463-1495, November.
[Downloadable!] (restricted)
Other versions: Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000.
"Optimal monetary policy with staggered wage and price contracts ,"
Journal of Monetary Economics ,
Elsevier, vol. 46(2), pages 281-313, October.
[Downloadable!] (restricted)
Other versions: Marc P. Giannoni & Michael Woodford, 2003.
"Optimal Inflation Targeting Rules ,"
NBER Working Papers
9939, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Calvo, Guillermo A., 1983.
"Staggered prices in a utility-maximizing framework ,"
Journal of Monetary Economics ,
Elsevier, vol. 12(3), pages 383-398, September.
[Downloadable!] (restricted)
Julio Rotemberg & Michael Woodford, 1997.
"An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy ,"
NBER Chapters ,
in: NBER Macroeconomics Annual 1997, Volume 12, pages 297-361
National Bureau of Economic Research, Inc.
[Downloadable!]
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Pierpaolo Benigno & Michael Woodford, 2008.
"Linear-Quadratic Approximation of Optimal Policy Problems ,"
Discussion Papers
0809-01, Columbia University, Department of Economics.
[Downloadable!]
Other versions:
Benigno, Pierpaolo & Woodford, Michael, 2006.
"Linear-Quadratic Approximation of Optimal Policy Problems ,"
CEPR Discussion Papers
5964, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2006.
"Linear-Quadratic Approximation of Optimal Policy Problems ,"
NBER Working Papers
12672, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2006.
"Linear-quadratic approximation of optimal policy problems ,"
Discussion Papers
0607-02, Columbia University, Department of Economics.
[Downloadable!] Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005.
"Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models ,"
NBER Working Papers
11523, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005.
"Monetary policy under uncertainty in micro-founded macroeconometric models ,"
Working Papers in Applied Economic Theory
2005-15, Federal Reserve Bank of San Francisco.
[Downloadable!] Noah Williams & Andrew Levin & Alexei Onatski, 2005.
"Monetary Policy under Uncertainty in Micro-Founded Macroeconometric Models ,"
Computing in Economics and Finance 2005
478, Society for Computational Economics.
Andrew T. Levin & Alexei Onatski & John Williams & Noah M. Williams, 2006.
"Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models ,"
NBER Chapters ,
in: NBER Macroeconomics Annual 2005, Volume 20, pages 229-312
National Bureau of Economic Research, Inc.
[Downloadable!] Alex Cukierman, 2006.
"Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future ,"
Working Papers Central Bank of Chile
360, Central Bank of Chile.
[Downloadable!]
Other versions:
Alex Cukierman, 2006.
"Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future ,"
Working Papers
200741, Faculty of economics, Department of Economics, revised Sep 2007.
[Downloadable!] Cukierman, Alex, 2007.
"Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future ,"
CEPR Discussion Papers
6441, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Cukierman, Alex, 2008.
"Central bank independence and monetary policymaking institutions -- Past, present and future ,"
European Journal of Political Economy ,
Elsevier, vol. 24(4), pages 722-736, December.
[Downloadable!] (restricted) Alex Cukierman, 2006.
"Central Bank Independence And Monetary Policy Making Institutions: Past, Present, And Future ,"
Journal Economía Chilena (The Chilean Economy) ,
Central Bank of Chile, vol. 9(1), pages 5-23, April.
[Downloadable!] Lars E.O. Svensson, 2005.
"Targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Sep, pages 613-626.
[Downloadable!]
Pierpaolo Benigno & Michael Woodford, 2004.
"Inflation stabilization and welfare: The case of a distorted steady state ,"
Discussion Papers
0405-04, Columbia University, Department of Economics.
[Downloadable!]
Other versions:
Michael Woodford & Pierpaolo Benigno, 2004.
"Inflation Stabilization and Welfare: The Case of a Distorted Steady State ,"
2004 Meeting Papers
481, Society for Economic Dynamics.
Pierpaolo Benigno & Michael Woodford, 2004.
"Inflation Stabilization and Welfare: The Case of a Distorted Steady State ,"
NBER Working Papers
10838, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Pierpaolo Benigno & Michael Woodford, 2005.
"Inflation Stabilization And Welfare: The Case Of A Distorted Steady State ,"
Journal of the European Economic Association ,
MIT Press, vol. 3(6), pages 1185-1236, December.
[Downloadable!] (restricted) Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2007.
"Two Reasons Why Money and Credit May be Useful in Monetary Policy ,"
NBER Working Papers
13502, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Montoro Carlos, 2007.
"Oil Shocks and Optimal Monetary Policy ,"
Working Papers
2007-010, Banco Central de Reserva del Perú.
[Downloadable!]
Lars E.O. Svensson, 2004.
"Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson? ,"
NBER Working Papers
10747, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Willem H. Buiter, 2006.
"The elusive welfare economics of price stability as a monetary policy objective - why New Keynesian central bankers should validate core inflation ,"
Working Paper Series
609, European Central Bank.
[Downloadable!]
Matthias Paustian, 2005.
"The role of contracting schemes for the welfare costs of nominal rigidities ,"
Computing in Economics and Finance 2005
196, Society for Computational Economics.
[Downloadable!]
Bianca De Paoli, 2004.
"Monetary Policy and Welfare in a Small Open Economy ,"
CEP Discussion Papers
dp0639, Centre for Economic Performance, LSE.
[Downloadable!]
Other versions: Giovanni Lombardo & Alan Sutherland, 2005.
" Computing Second-Order-Accurate Solutions for Rational Expectation Models Using Linear Solution Methods ,"
CDMA Conference Paper Series
0504, Centre for Dynamic Macroeconomic Analysis.
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Giovanni Lombardo & Alan Sutherland, 2005.
"Computing second-order-accurate solutions for rational expectation models using linear solution methods ,"
Working Paper Series
487, European Central Bank.
[Downloadable!] Lombardo, Giovanni & Sutherland, Alan, 2007.
"Computing second-order-accurate solutions for rational expectation models using linear solution methods ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 31(2), pages 515-530, February.
[Downloadable!] (restricted) Frederick van der Ploeg, 2005.
"Back to Keynes? ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!]
Other versions: Michel Juillard & Florian Pelgrin, 2007.
"Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy ,"
Working Papers
07-32, Bank of Canada.
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