By David H. Romer, Justin Wolfers
Brookings Papers on monetary job (BPEA) presents educational and company economists, govt officers, and participants of the monetary and company groups with well timed examine on present financial issues.
Contents:
Editors' Summary
Heeding Daedalus: optimum Inflation and the 0 reduce sure by way of John C. Williams
The Age of cause: monetary judgements over the lifestyles Cycle and Implications for law through Sumit Agarwal, John C. Driscoll, and Xavier Gabaix
Interpreting the radical U.S. financial coverage of 2007-09 through Ricardo Reis
By How a lot Does GDP upward push If the govt. Buys extra Output? via Robert E. Hall
When the North final Headed South: Revisiting the 2930s via Carmen M. Reinhart and Vincent R. Reinhart
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Extra info for Brookings Papers on Economic Activity: Fall 2009
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Melick. 2005. ” Journal of Futures Markets 25, no. 12 (December): 1203–42. Christiano, Lawrence, Martin Eichenbaum, and Sergio Rebelo. 2009. : National Bureau of Economic Research (October). Clouse, James, Dale Henderson, Athanasios Orphanides, David H. Small, and P. A. Tinsley. 2003. ” Topics in Macroeconomics 3, no. 1, article 12. Coenen, Günter. 2003. ” In Background Studies for the ECB’s Evaluation of Its Monetary Policy Strategy, edited by Otmar Issing. Frankfurt: European Central Bank. Coenen, Günter, Athanasios Orphanides, and Volker Wieland.
Orphanides, Athanasios, and John C. Williams. 2002. ” BPEA, no. 2: 63–118. ———. 2007. ” Journal of Monetary Economics 54, no. 5 (July): 1406–35. Orphanides, Athanasios, Richard D. Porter, David Reifschneider, Robert Tetlow, and Frederico Finan. 2000. ” Journal of Economics and Business 52, no. 1–2: 117–41. , and John M. Roberts. 2006. ” Journal of the Japanese and International Economies 20, no. 3 (September): 314–37. , and John C. Williams. 2000. ” Journal of Money, Credit, and Banking 32, no.
Other factors that have contributed to a somewhat lower equilibrium real rate of return over the past decade, such as the remarkable accumulation of dollar assets by Asian central banks, may well prove temporary as well, leading to an equilibrium real rate of return more like that observed in past decades. Even under his worst-case assumptions, Williams’s results provide modest support at best for an inflation target higher than 2 percent. The main results that he emphasizes concern the stability of output and inflation under a “simple” Taylor rule with one implicit inflation target or another; Williams argues that the greater stability of real activity under an inflation target of 3 or even 4 percent is sufficient to offset the harm done by the COMMENT and DISCUSSION 41 higher average rate of inflation under such rules.