Is the Fed Too Timid? Monetary Policy in an Uncertain World

By Glenn D. Rudebusch. Review of Economics and Statistics, 2001

423 citations recorded by the source corpus.

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Citations in the corpus

Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy (2005, neutral): “output gap and inflation measurements may lead to a significant deterioration in the performance of such interest rate rules; see Orphanides (1998), Orphanides et al. (2000) and Rudebusch (2000) .”
Robust Monetary Policy with Competing Reference Models (2003, background): “(6)Rudebusch and Svensson (1999) have previously identified the dynamic instability of super-inertial rules in their model.”
Estimating Equilibrium Real Interest Rates in Real-Time (2005, methodology): “Mise, Kim, and Newbold show that the end–of– sample imprecision of estimates of cycle components generated with the Hodrick and Prescott (1997) filter can be reduced by extending the available data with simple, AR model–based forecasts of the data, and then constructing two–sided filter estimates at”
Monetary Policy Rules, Asset Prices, and Exchange Rates (2003, methodology): “It has become commonplace to characterize monetary policy as the minimization of inefficient economic fluctuations via the implementation of an interest rate rule (see Taylor, 1993, 1999, 2001).”
Money Growth Monitoring and the Taylor Rule (2001, background): “For additional analysis of monetary policy when the central bank is uncertain of model parameters, see Rudebusch (2001).”
Pitfalls of a Minimax Approach to Model Uncertainty (2001, background): “Rudebusch (1998) takes a straightforward computational approach to evaluating the implications of several kinds of model uncertainty using a probabilistic approach.”
Term structure evidence on interest rate smoothing and monetary policy inertia (2002, background): “At one extreme, the model with µπ, µy, and µr set equal to zero matches the completely adaptive expectations model of Rudebusch and Svensson (1999) and Rudebusch (2001), which has had some success in approximating the time series data in the manner of a small estimated VAR (see Fuhrer, 1997, and…”
Assessing the Lucas Critique in Monetary Policy Models (2002, methodology): “A completely backward-looking model with µπ µy µr 0 has had some success in approximating the U.S. data, as shown in Rudebusch and Svensson (1999), Rudebusch (2001), and Estrella and Fuhrer (2002).”
ROBUST MONETARY POLICY UNDER MODEL UNCERTAINTY IN A SMALL MODEL OF THE U.S. ECONOMY (2002, background): “…to uncertainty: Model uncertainty often leads to less aggressive policies, as discussed by Brainard (1967) and, in the context of monetary policy, Rudebusch (2001) and Wieland (1998) [although, as the latter authors note, this tendency to conservatism is not generally true in the static case,…”