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Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras
monetary policy rules discretion
2015/8/3
This lecture examines monetary policy during the past three decades. It
documents two contrasting eras: first a Rules-Based Era from 1985 to 2003
and second an Ad Hoc Era from 2003 to the present. D...
The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford’s ‘Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice
Policy Rules Practice
2015/8/3
Michael Woodford’s chapter is fi lled with fascinating ideas and insights,
each carefully explained. Most importantly, he proposes an ambitious
future research program with the specifi c practical p...
Monetary Policy During the Past 30 Years With Lessons for the Next 30 Years
Monetary Policy Lessons
2015/8/3
Considering the overall performance of the American economy,
the past 30 years divide naturally into two parts. During the first
part—roughly the first two-thirds—economic performance was quite
goo...
Measuring the competitiveness benefits of a transmission investment policy: The case of the Alberta electricity market
Wholesale Electricity Markets Valuing Transmission Expansions
2015/7/31
Transmission expansions can increase the extent of competition faced by wholesale electricity
suppliers with the ability to exercise unilateral market power. This can cause them to submit offer
curv...
Beyond the Freedom of the Seas: Ocean Policy for the Third Millennium
Ocean Policy Third Millennium
2015/7/30
My general thesis in this talk is that it is time to "enclose" the world ocean. I use the term "ocean" in the singular to emphasize the connectedness of all of the world's major saltwater bodies, with...
We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth
that ask consumers how much of an unexpected transitory income change they would consume. We
find tha...
Futures prices as risk-adjusted forecasts of monetary policy
Federal funds futures Monetary policy
2015/7/23
Many researchers have used federal funds futures rates as measures of financial markets’
expectations of future monetary policy. However, to the extent that federal funds futures
reflect...
This paper studies monetary-policy shocks,
deŽ ned from federal funds target movements
relative to daily interest-rate data. These shocks are nearly ideal measures of unexpected movements in mo...
Should the Monetary Policy Rule Be Different in a Financial Crisis?
Financial Crisis Monetary Policy Rule
2015/7/23
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then
discuss some of the is...
Reset Price Inflation and the Impact of Monetary Policy Shocks
Reset prices inflation monetary policy
2015/7/20
Reset Price Inflation and the Impact of Monetary Policy Shocks.
Costs of alternative environmental policy instruments in the presence of industry compensation requirements
Environmental instrument choice Pollution control Compensation requirements Emissions abatement costs
2015/7/17
This paper explores how the costs of meeting given aggregate targets for pollution emissions change with the imposition of the requirement that key pollution-related industries be compensated for pote...
The choice of pollution control instrument is a crucial environmental policy decision. With growing momentum for federal legislation to control greenhouse gases, interest among policy makers in the is...
THE CHOICE OF DISCOUNT RATE FOR CLIMATE CHANGE POLICY EVALUATION
Discounting discount rate climate change
2015/7/17
Nearly all discussions about the appropriate consumption discount rate for climate-change policy evaluation assume that a single discount rate concept applies. We argue that two distinct concepts and ...
Climate change policy's interactions with the tax system
Climate change policy Carbon tax Cap and trade Revenue-neutral Tax-interactions General equilibrium impacts
2015/7/17
This paper presents a range of insights from recent literature on how climate-change policies and other environmental policies interact with the fiscal system. It explores four issues associated with ...
We consider two classes of explanations for the rise in policy-related economic uncertainty in the United States since 1960. The first stresses growth in government spending, taxes,and regulation. A s...