Monetary Policy Models
I have written several papers for BPEA (2002; 1996; 1982) looking at the relation of multiple equation quantitative economic models to the process of monetary policy making. When the first of these papers was written, the impact of the rational expectations critique in undermining academic interest in quantitative modeling for monetary policy was apparent. Many, maybe most, economists took the Lucas critique to imply that the month-to-month business of choosing monetary policy actions in the light of current information was trivial or irrelevant. Economists were thought to have nothing useful to say about it. Economists were supposed to contemplate only the choice of policy rules, which were modeled as functions mapping the state of the economy into policy actions.
(This abstract was borrowed from another version of this item.)
Volume (Year): 38 (2007)
Issue (Month): 2 ()
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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.:
- Frank Smets & Raf Wouters, 2003.
"An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area,"
Journal of the European Economic Association,
MIT Press, vol. 1(5), pages 1123-1175, 09.
- Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
- Christopher A. Sims, 1982. "Policy Analysis with Econometric Models," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(1), pages 107-164.
- Ingram, Beth F. & Whiteman, Charles H., 1994. "Supplanting the 'Minnesota' prior: Forecasting macroeconomic time series using real business cycle model priors," Journal of Monetary Economics, Elsevier, vol. 34(3), pages 497-510, December.
- Hau, Harald & Rey, Hélène, 2003.
"Exchange Rates, Equity Prices and Capital Flows,"
CEPR Discussion Papers
3735, C.E.P.R. Discussion Papers.
- Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
- Pedro Alvarez-Lois & Richard Harrison & Laura Piscitelli & Alasdair Scott, 2005. "Taking DSGE models to the policy environment," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages -.
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