Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves.
This new research will be of special interest to central bankers and academic economists.
Introduction by N. Gregory Mankiw
1: The Use of a Monetary Aggregate to Target Nominal GDP
Martin Feldstein, James H. Stock.
2: Nominal Income Targeting
Robert E. Hall, N. Gregory Mankiw.
3: Nonstandard Indicators for Monetary Policy: Can Their Usefulness Be Judged from Forecasting Regressions?
4: On Sticky Prices: Academic Theories Meet the Real World
Alan S. Blinder
5: What Determines the Sacrifice Ratio?
6: Measuring Core Inflation
Michael F. Bryan, Stephen G. Cecchetti.
7: Monetary Policy and Bank Lending
Anil K. Kashyap, Jeremy C. Stein.
8: Historical Perspectives on the Monetary Transmission Mechanism
Jeffrey A. Miron, Christina D. Romer, David N. Weil.
9: Federal Reserve Policy: Cause and Effect
Matthew D. Shapiro