Optimal Inflation Targeting Rules

By Marc P. Giannoni, Michael Woodford. 2003

324 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e5531aaba143a8a829db2a42c1ef36c3ae635aeb

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Citations in the corpus

Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve (2008, unknown): “MCt+j,t =MCt+j μ XΨtj Pt+j ¶−θω =MCt+jX −θω t Ψ −θω tj P θω t+j (29)”
The Price Puzzle Revisited: Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock? (2009, methodology): “Giannoni (2006). Instead of determining the policy rule parameters by a minimum distance estimation, we also tried to directly implement the policy rule implied by the estimated VAR model (see for example Christiano, Eichenbaum and Evans, 2005, and Giannoni and Woodford, 2005 ).”
Expectation Shocks and Learning as Drivers of the Business Cycle (2011, unknown): “Moreover, the model assumes that expectations are predetermined as in Giannoni and Woodford (2003): economic agents dispose only of information up to t − 1 when forming expectations about variables in t and t + 1 and when solving their maximization problems ( E t−1 hence replaces E t in the model).”
Optimal Monetary Stabilization Policy (2010, background): “34), the predicted values of π and x approach −∞, for fixed values of r and the other model parameters.(34) This may make it plausible that the Markov-perfect discretionary outcome is not in fact the best possible outcome achievable (under rational expectations) by an appropriate monetary policy.”
Has Monetary Policy Become More Effective? (2006, unknown): “31 Giannoni and Woodford (2003) characterize optimal interest-rate rules for models similar to the one presented here (but slightly simpler).”
A Search for a Structural Phillips Curve (2005, background): “15 The factorization in ( 24 ) and the log speci…cation in (25) guarantee that Vt is positive de…nite, while the free parameters in B allow for correlation among the V AR innovations "xt.”
Fleshing out the Monetary Transmission Mechanism: Output Composition and the Role of Financial Frictions (2006, methodology): “The model was subsequently extended by Amato and Laubach (2003), who also included wage inflation; Boivin and Giannoni (2003), who allowed for the indexation of prices; and Giannoni and Woodford (2003), who combined both assumptions.”
DSGE Models in a Data-Rich Environment (2006, unknown): “= φ h εt + αKt−1 + αψr k t + (1− α)Lt i (28)”