Assessing the Lucas Critique in Monetary Policy Models

By Glenn D. Rudebusch. 2002

165 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/afb9cb75cfaaa0e73748c39f0071194292738fe7

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

Monetary Policy Inertia: Fact or Fiction? (2006, unknown): “However, Rudebusch (2002a) argues that the monetary policy rule estimates are misleading and provide only the illusion of monetary policy inertia.”
Monetary Policy, the Financial Cycle and Ultralow Interest Rates (2016, methodology): “Some of those closest in spirit to the analysis performed here include, for instance, Reinhart and Rogoff (2009), Claessens et al (2009), Schularick and Taylor (2012), Mian and Sufi (2014), Mian et al (2016) and Jordà et al (2013)).”
The Impact of a Product-Harm Crisis on Marketing Effectiveness (2007, background): “Recent research by Rudebusch (2005) refutes this concern, stating that “it is unlikely that the inability to detect structural shifts in the reduced form stems from the low power of the statistical test” (p. 270).”
Understanding the flattening Phillips curve (2010, background): “13 Interestingly, as noted by Lawless and Whelan (2007), a comparable downward trend in labour’s share is also observed in Euro area countries, with a similarly small drop in inflation.”
A MACRO-FINANCE MODEL OF THE TERM STRUCTURE, MONETARY POLICY AND THE ECONOMY* (2003, unknown): “A positive shock to Lt raises the 1 For example, see Fuhrer (1996), Judd and Rudebusch (1998), Clarida et al. (2000) and Rudebusch (2005).”
Measuring Inflation Persistence: A Structural Time Series Approach (2005, unknown): “Rudebusch (2005), however, shows that in that case the reduced form representation of a simple forward looking monetary policy model would be subject to the Lucas critique.”