Monetary Policy Rules and Macroeconomic Stability: Some New Evidence

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Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries (2016, background): “…of a second steady state (which requires that ψ1 > 1) when we are estimating 11This problem is well recognized in the literature; see, for instance, Cochrane (2011) for a theoretical appraisal and Mavroeidis (2010) for identification-robust inference in single-equation estimation settings.”
The macroeconomic effects of monetary policy: a new measure for the United Kingdom (2014, background): “35 In the US, this period of low aggregate volatility has been dubbed the Great Moderation in the literature (e.g. Benati and Surico, 2009; Boivin and Giannoni, 2006; Mavroeidis, 2010).”
Empirical Evidence on Inflation Expectations in the New Keynesian Phillips Curve (2014, methodology): “Only recently has the econometric literature begun to analyze the consequences of weak identification for estimators other than GMM. Magnusson and Mavroeidis (2010) introduce a robust MD test and apply it to the NKPC. Robust VAR-ML analysis of the NKPC has not been attempted yet in the literature,…”