Monetary Policy Shifts and the Stability of Monetary Policy Models

By Arturo Estrella, Jeffrey C. Fuhrer. Review of Economics and Statistics, 2003

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The New Keynesian Phillips Curve: From Sticky Inflation to Sticky Prices (2008, background): “Earlier work by Fuhrer and Moore (1995), Fuhrer (1997), as well as recent empirical studies of Rudebusch (2002), Estrella and Fuhrer (2002, 2003), Adam and Padula (2003), Fuhrer and Olivei (2004), Fuhrer (2005), Linde (2005), and Zhang, Osborn and Kim (2006) provide generally consistent evidence…”
Has Euro-Area Inflation Persistence Changed Over Time? (2005, background): “Though less commonly used, the exp-F has been shown to have superior power in distinguishing the null hypothesis relative to local alternatives.(10) In what follows, we only report results for the GDP deflator, rather than testing for parameter stability with the non-seasonally-adjusted HICP data, w”
Why Does the Yield Curve Predict Output and Inflation (2005, unknown): “Estrella and Hardouvelis (1991) and Dotsey (1998) attribute at least some of the predictive power to the effects of countercyclical monetary policy.”