Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices

By Bennett Mccallum, Edward Nelson. 2001

311 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/13b38f678ebdf9333d584b74c7a6c560345c7908

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Citations in the corpus

Investor Overconfidence and the Forward Premium Puzzle (2011, unknown): “Having done so, we need to modify the model to 23See, for example, Benigno and Benigno (2003), Clarida, Gáli and Gertler (2001), Gali and Monacelli (2005), and McCallum and Nelson (2000).”
Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles (2002, background): “…(2000), Dedola and Leduc (2001), Duarte and Stockman (2001), Erceg and Levin (2001), Faia (2001), Ghironi and Rebucci (2001), Hairault et al. (2001), Kollmann (2001a,b; 2002), McCallum and Nelson (1999, 2000), Monacelli (1999), Schmitt-Grohé and Uribe (2001a), and Smets and Wouters (2000, 2001).”
Monetary Policy in a Low Pass-Through Environment (2005, unknown): “Furthermore, one may wish to extend this setup, along the lines of McCallum and Nelson (2000), to include a role for imported inputs of production along with imported consumer goods, and allow for possibly different degrees of pass-through on different types of goods’ prices.”
Optimal Monetary Policy in a Small Open Economy with Home Bias (2008, background): “equation ( 40 ) identi…es two independent sources of optimal deviations from the constant markup”
Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect (2002, unknown): “Some studies ( McCallum and Nelson, 2000; Obstfeld, 2001) have allowed for a difference between import prices and consumer prices as we do, but posit that the distributors have a wide scope for substituting between imports and domestically produced alternatives when the exchange rate changes.”
THE REAL-INTEREST-RATE GAP AS AN INFLATION INDICATOR (2003, unknown): “More generally, the weight given to exchange rates in the index may implicitly assume a much closer and more mechanical link between exchange rate depreciations and inflation than can be justified empirically (see McCallum and Nelson (2000) and Stock and Watson (2000)).(3)”