The Case for Price Stability

By Marvin Goodfriend, Robert G. King. 2001

113 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/11107aa1553bdd7df1be3fbb6add459454fa12b9

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In Economics and Econometrics

Citations in the corpus

Background studies for the ECB's evaluation of its monetary policy strategy (2003, background): “Taking a more general perspective, Goodfriend and King (2001) argue that, in a New Neo-classical Synthesis setting characterised by imperfect competition and price and wage nominal rigidities, in which inflation introduces a number of distortions, price stability would provide a good approximation…”
Monetary policy and welfare in a small open economy (2009, background): “PF � � fC� + G�g ( 11 ) From equations (10) and (11) we can see that external changes in consumption will a¤ect our small open economy, but the reverse is not true.”
Inflation targeting: what inflation rate to target? (2004, unknown): “This result stands in contrast to that obtained in a standard one-sector model, which predicts that the Pareto optimal allocation can be attained by complete stabilization of CPI inflation, since it also leads to complete stabilization of the output gap (e.g., Clarida et al., 1999; Goodfriend and Ki”
Optimal Monetary Policy in a Small Open Economy with Home Bias (2008, background): “In particular, and recalling equation ( 31 ), this corresponds to determining whether the planner problem can sustain the term �t � U”
Search and matching frictions and optimal monetary policy (2008, background): “Therefore, the relevant resource constraint is given by A t f (n t h t ; k) = 1 + v t n t 1+ n t + c t : Using the two constraints to substitute for c t and n t+1 in the Bellman equation, the social planner is left with the choice of hours per worker, h t , and vacancies, v t .”
Price Stability in Open Economies (2003, background): “Goodfriend and King (2001) analyse a closed-economy case within this class of preferences.”
A Search for a Structural Phillips Curve (2005, background): “15 The factorization in (24) and the log speci…cation in ( 25 ) guarantee that Vt is positive de…nite, while the free parameters in B allow for correlation among the V AR innovations "xt.”
Technology Shocks and Monetary Policy: Assessing the Fed's Performance (2003, unknown): “, Rotemberg and Woodford (1999), among others.”