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- John B. Carlson, Dennis L. Hoffman, Benjamin D. Keen, Robert H. Rasche
- 1999

We find strong evidence of a stable “money demand” relationship for MZM and M2M through the 1990s. Though the M2 relation breaks down somewhere around 1990, evidence has been accumulating that the… (More)

- John B. Carlson, Benjamin D. Keen, Robert Hetzel, Dennis R. Hoffman, Robert Willard Rasche
- 1996

The Humphrey–Hawkins Act of 1978 requires the Federal Open Market Committee (FOMC) to specify annual growth ranges for money and credit early each year. These ranges are reconsidered at midyear, and… (More)

- W. Gavin, Benjamin D. Keen, Alexander W. Richter, Nathaniel A. Throckmorton
- 2013

This article presents global solutions to standard New Keynesian models to show how economic dynamics change when the nominal interest rate is constrained at its zero lower bound (ZLB). We focus on… (More)

- Benjamin D. Keen
- 2004

This paper develops a dynamic stochastic general equilibrium (DSGE) model with sticky prices where agents have imperfect information on the stance and direction of monetary policy. Agents respond by… (More)

- W. Gavin, Benjamin D. Keen
- 2012

This article uses a DSGE framework to evaluate the role of monetary policy in determining the likelihood of encountering the zero lower bound. We find that the probability of experiencing episodes of… (More)

- W. Gavin, Benjamin D. Keen, Alexander W. Richter, Nathaniel A. Throckmorton
- 2014

This article examines monetary policy when it is constrained by the zero lower bound (ZLB) on the nominal interest rate. Our analysis uses a nonlinear New Keynesian model with technology and discount… (More)

In the immediate aftermath of Hurricane Katrina, speculation arose that the Federal Reserve might respond by easing monetary policy. This paper uses a dynamic stochastic general equilibrium (DSGE)… (More)

This paper shows that the optimal monetary policies recommended by New Keynesian models still imply a large amount of inflation risk. We calculate the term structure of inflation uncertainty in New… (More)

- Benjamin D. Keen, Alexander W. Richter, Nathaniel A. Throckmorton
- 2015

This paper examines the efficacy of forward guidance using a New Keynesian model with a zero lower bound (ZLB) constraint on the short-term nominal interest rate. Forward guidance is modeled with… (More)

- William Gavin, Benjamin D. Keen, Michael R. Pakko
- ECMS
- 2009

This paper uses simulation techniques to evaluate variants of the Taylor rule in a model where the underlying trend rate of growth is subject to permanent shifts. We show that the original Taylor… (More)