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Technology Shocks and Monetary policy: Assessing the Fed's Performance

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Author Info
Jordi Galí
David López-Salido
Javier Vallés

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Abstract

The purpose of the present paper is twofold. First, we characterize de Fed's systematic response to technology shocks and its implications for US output, hours and inflation. Second we evaluate the extent to which that responses can be accounted for by a simple monetary policy rule in the context of a standard business cycle model with sticky prices.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/00/Fic/dt0013e.pdf
File Format: application/pdf
File Function: First version, 2000
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Publisher Info
Paper provided by Banco de España in its series Banco de España Working Papers with number 0013.

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Length: 22 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:bde:wpaper:0013

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Related research
Keywords: MONETARY POLICY ; TECHNOLOGICAL CHANGE ; INFLATION;

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Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes

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.:

  1. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," CEPR Discussion Papers 1908, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Julio J. Rotemberg & Michael Woodford, 1999. "Interest Rate Rules in an Estimated Sticky Price Model," NBER Chapters, in: Monetary Policy Rules, pages 57-126 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  3. J. E. King, 1999. "Introduction," Review of Political Economy, Taylor and Francis Journals, vol. 11(3), pages 251-255, July. [Downloadable!] (restricted)
  4. Michael Woodford, 2001. "Inflation Stabilization and Welfare," NBER Working Papers 8071, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Marvin Goodfriend & Robert G. King, 2001. "The Case for Price Stability," NBER Working Papers 8423, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Ben S. Bernanke & Ilian Mihov, 1998. "Measuring Monetary Policy," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 869-902, August. [Downloadable!] (restricted)
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  7. Michael Woodford, 1996. "Control of the Public Debt: A Requirement for Price Stability?," NBER Working Papers 5684, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Ellen McGrattan, 2001. "Predicting the effects of Federal Reserve policy in a sticky price model: an analytical approach," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. [Downloadable!]
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  9. Bullard, James & Mitra, Kaushik, 2002. "Learning about monetary policy rules," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1105-1129, September. [Downloadable!] (restricted)
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  10. Javier Andrés & J. David López-Salido & Javier Vallés, 1999. "Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model," Banco de España Working Papers 9919, Banco de España.
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  11. Yun, Tack, 1996. "Nominal price rigidity, money supply endogeneity, and business cycles," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 345-370, April. [Downloadable!] (restricted)
  12. Susanto Basu & John Fernald & Miles Kimball, 2002. "Are Technology Improvements Contractionary?," Harvard Institute of Economic Research Working Papers 1986, Harvard - Institute of Economic Research. [Downloadable!]
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  13. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December. [Downloadable!] (restricted)
  14. J. Schuster, 1999. "Introduction," Journal of Cultural Economics, Springer, vol. 23(1), pages 1-2, March. [Downloadable!] (restricted)
  15. Javier Andrés & J. David López-Salido & Javier Vallés, 1999. "Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model," Banco de España Working Papers 9919, Banco de España.
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