Changes in the Federal Reserve's Inflation Target: Causes and Consequences

By Peter N. Ireland. 2007

465 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/04438521865ca05a175f2ffb2994b86d7e1c82d6

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Olivier Coibion
2. Y. Gorodnichenko
3. G. Ascari
4. Argia M. Sbordone
5. Giorgio E. Primiceri
6. Alejandro Justiniano
7. Peter N. Ireland
8. Martin Uribe

In Finance

1. Argia M. Sbordone
2. Taisuke Nakata
3. Olivier Coibion
4. Giorgio E. Primiceri
5. Y. Gorodnichenko
6. Peter N. Ireland
7. G. Ascari
8. Timothy Cogley

Citations in the corpus

• A New Keynesian Perspective on the Great Recession (2011, methodology): “The particular variant of the New Keynesian model used here takes its basic features from those developed by Ireland (2004, 2007).”
• Inflation Dynamics with Search Frictions: A Structural Econometric Analysis (2008, background): “…rm 1We follow a literature that has adopted the labor market model by Pissarides (2000) into dynamic general equilibrium frameworks, such as Merz (1995), Andolfatto (1996), and Den Haan et al. (2000) in real models, and Walsh (2005), Trigari (2006), and Krause and Lubik (2007a) for monetary models.”
• Inflation-Gap Persistence in the U.S. (2008, methodology): “Following Peter N. Ireland (2007), we model the inflation target π∗t as an exogenous random process, log π∗t = (1 − ρ∗) log π + ρ∗ log π∗t + ε∗,t. (21) There are many reasons that the Central Bank’s inflation target might vary over time.”
• Why are Target Interest Rate Changes so Persistent (2012, methodology): “Yet, as discussed above, determining whether the persistence of interest rates reflects interest rate smoothing or persistent shocks is a crucial determinant in a variety of macroeconomic analyses.”
• Has U.S. Monetary Policy Tracked the Efficient Interest Rate (2014, unknown): “This is a common feature in the recent empirical DSGE literature, which helps capture the low-338 frequency movements in inflation and the nominal interest rate that are evident even in our relatively short339 sample (Ireland, 2007; Del Negro and Eusepi, 2011).”
• Uncertainty at the zero lower bound (2017, methodology): “Following Ireland (2007), I modify the price adjustment cost function to penalize firms for deviating from the lagged aggregate inflation as follows.”
• The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models (2018, background): “For example, Ireland (2007) estimates a new-Keynesian model with a time-varying inflation target and shows that, possibly as a consequence of the Fed’s attempt to accommodate supply-side shocks, the inflation target increased significantly during the 1960s and 1970s and fell sharply in the early…”
• Is there a trade-off between inflation and output stabilization? (2013, background): “with " ;t i:i:d:N(0; 2 ): The primary role of this in‡ation target is to account for the very low frequency behavior of in‡ation (Ireland (2007)).”
• Innocent Bystanders? Monetary Policy and Inequality in the U.S. (2012, unknown): “To investigate this, we consider a more specific kind of monetary policy shock, namely changes in the Federal Reserve’s inflation target, identified either as in Coibion and Gorodnichenko (2011) or as in Ireland (2006).”