110 records from EconBiz based on author Name

1. Should the Fed regularly evaluate its monetary policy framework?

abstract

Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions, while others were considered and implemented only gradually as a response to long-standing problems with the framework. But the process for evaluating and changing frameworks to date has not always been transparent, and changes have not always been timely. Could a more formal, and open, review improve how well we adhere to our current framework? Could transitions to a new framework be made more effectively? We conclude that such a review might indeed be beneficial, and outline one possible review process.

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

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2. Does Fed policy reveal a ternary mandate?

abstract

This paper examines the role of financial instability in setting monetary policy. The paper begins with a model that examines the interaction of monetary and regulatory policy. It then empirically tests whether financial instability has affected monetary policy. One important innovation is to construct a measure of financial instability directly related to the FOMC financial instability concerns expressed in FOMC meeting transcripts. We find that, even after controlling for forecasts of inflation and unemployment, the word counts of terms related to financial instability do correlate with monetary policy decisions. Thus, the FOMC not only "talks the talk" about financial stability, but it "walks the walk."

Peek, Joe; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2016
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

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3. Should the Fed Regularly Evaluate its Monetary Policy Framework?

abstract

Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions, while others were considered and implemented only gradually as a response to long-standing problems with the framework. But the process for evaluating and changing frameworks to date has not always been transparent, and changes have not always been timely. Could a more formal, and open, review improve how well we adhere to our current framework? Could transitions to a new framework be made more effectively? We conclude that such a review might indeed be beneficial, and outline one possible review process

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2019
Availability: Link

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4. Should the Fed regularly evaluate its monetary policy framework?

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2018
Type: Working Paper;
Availability:

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5. Should the Federal Reserve regularly evaluate its monetary policy framework?

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2018
Type: Aufsatz in Zeitschrift; Article in journal;

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6. Inflation dynamics when inflation is near zero

abstract

This paper discusses the likely evolution of U.S. inflation in the near and medium term on the basis of (1) past U.S. experience with very low levels of inflation, (2) the most recent Japanese experience with deflation, and (3) recent U.S. micro evidence on downward nominal wage rigidity. Our findings question the view that stable long-run inflation expectations and downward nominal wage rigidity will provide sufficient support to prices such that deflation can be avoided. We show that an inflation model fitted on Japanese data over the past 20 years, which accounts for both short- and long-run inflation expectations, matches the recent U.S. inflation experience quite well. While the model indicates that U.S. inflation might be subject to a lower bound, it does not rule out a prolonged period of mild deflation going forward. In addition, our micro evidence on wages suggests no obvious downward rigidity in the firm's wage costs, downward rigidity in individual wages notwithstanding. As a consequence, downward nominal wage rigidity may provide little offset to deflationary pressures in the current U.S. situation, despite some circumstantial evidence that this channel might have been at work in the past. -- inflation ; anchored expectations ; survey expectations ; downward nominal wage rigidity ; Phillips curve

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Tootell, Geoffrey M. B.;
2011
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

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7. Does Fed Policy Reveal a Ternary Mandate?

abstract

This paper examines the role of financial instability in setting monetary policy. The paper begins with a model that examines the interaction of monetary and regulatory policy. It then empirically tests whether financial instability has affected monetary policy. One important innovation is to construct a measure of financial instability directly related to the FOMC financial instability concerns expressed in FOMC meeting transcripts. We find that, even after controlling for forecasts of inflation and unemployment, the word counts of terms related to financial instability do correlate with monetary policy decisions. Thus, the FOMC not only “talks the talk” about financial stability, but it “walks the walk.”

Peek, Joe; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2016
Availability: Link

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8. Does Fed policy reveal a ternary mandate?

Peek, Joe; Rosengren, Eric S.; Tootell, Geoffrey M. B.;
2016
Type: Working Paper;
Availability:

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9. Empirical estimates of changing inflation dynamics

abstract

This paper provides an array of empirical evidence bearing on potentially important changes in the dynamics of U.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with which the Federal Reserve’s Greenbook forecasts of inflation use real activity information, and shifts in the key determinants of the reduced-form triangle modelʺ of inflation. We develop a structural model-based interpretation of observed reduced-form shifts and conduct a reduced-form assessment of the relationship between core and headline measures of inflation, centering on the persistent pass-throughʺ of relative price changes into core and headline inflation measures, and a parallel exercise that examines the pass-through of key relative price changes into wage and compensation measures.

Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Tootell, Geoffrey M. B.;
2009
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link

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10. Understanding the 'Job-Loss Recovery'

abstract

This Public Policy Brief presents analysis of the labor market by economic research staff at the Federal Reserve Bank of Boston. It is based on materials originally presented to the Board of Directors of the Boston Fed on April 8, 2004, with selective updates incorporating data reported in early June. Contributors to this brief include David DeRemer, Jeffrey C. Fuhrer, Kristina Johnson, Jane Sneddon Little, Radoslav Raykov, Scott Schuh, Geoffrey M.B. Tootell, Robert Triest, and Anne van Grondelle. Views expressed in this brief do not necessarily reflect the views of the Federal Reserve System

DeRemer, David; Fuhrer, Jeffrey C.; Sneddon-Little, Jane; Raykov, Radoslav; Schuh, Scott D.; Tootell, Geoffrey M. B.; Triest, Robert K.; Johnson, Kristina; van Grondelle, Anne;
2013
Availability: Link Link

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