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Keynote Speech: Federal Reserve Policy in the Post-Crisis Period
In: The International trade journal, Band 29, Heft 5, S. 346-360
ISSN: 1521-0545
Estimating the Natural Rate of Interest in an Open Economy
In: Globalization and Monetary Policy Institute Working Paper No. 316
SSRN
Working paper
Business Cycles under Monetary Union: A Comparison of the EU and US
In: Economica, Band 67, Heft 267, S. 347-374
ISSN: 1468-0335
This paper documents business cycle similarities and differences among the12 Federal Reserve districts in the USA and the 15 countries that make upthe EU. The comparison is suggestive of what might be expected to emerge inthe way of business cycle synchronization from a monetary union between themember states of the EU.
The Federal Reserve's role in the global economy: a historical perspective
In: Studies in macroeconomic history
"The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past 100 years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers"--Provided by publisher
Measurement bias in the HICP: what do we know, and what do we need to know?
In: Working paper 131
Shock-Dependent Exchange Rate Pass-Through: Evidence Based on a Narrative Sign Approach
In: Globalization and Monetary Policy Institute Working Paper No. 379
SSRN
Working paper
Measurement bias in the HICP: what do we know, and what do we need to know?
The Harmonized Index Of Consumer Prices (HICP) is the primary measure of inflation in the euro area, and plays a central role in the policy deliberations of the European Central Bank (ECB). Among the rationales given for defining price stability as prevailing at some positive measured inflation rate is the possibility that the HICP as published incorporates measurement errors of one sort or another that may cause it to systematically overstate the true rate of inflation in the euro area. The purpose of this paper is to review what is known about the scope of measurement error in the HICP. We conclude that given the scant research on price measurement issues in the EU and the ongoing improvements in the HICP, there is almost no scientific basis at this time for a point (or even an interval) estimate of a positive bias in the HICP.
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An equilibrium analysis of relative price changes and aggregate inflation
In: Journal of Monetary Economics, Band 45, Heft 2, S. 269-292
The role of intratemporal adjustment costs in a multisector economy
In: Journal of Monetary Economics, Band 43, Heft 2, S. 317-350
An evaluation of some measures of core inflation for the euro area
In: Working paper 53
The Heterogeneous Effects of Global and National Business Cycles on Employment in U.S. States and Metropolitan Areas
In: Globalization and Monetary Policy Institute Working Paper No. 343
SSRN
Working paper
Global, National Business Cycles and Energy Explain Texas Metro Growth
In: Economic Letter, Band 13, Heft 4, S. 1-4
SSRN
Costly intermediation, the big push and the big crash
In: Journal of development economics, Band 59, Heft 2, S. 275-293
ISSN: 0304-3878
Bayesian Estimation of Noem Models: Identification and Inference in Small Samples
In: Globalization and Monetary Policy Institute Working Paper No. 105
SSRN