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- Publications
- Influence
Habit Formation in Consumption and Its Implications for Monetary Policy Models
- J. Fuhrer
- Economics
- 1 June 2000
This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests… Expand
The [un]importance of forward-looking behavior in price specifications
The seminal work of Edmund S. Phelps (1978), John B. Taylor (1980), and Guillermo A. Calvo (1983) developed forward-looking models of price determination that imparted inertia to the price level.… Expand
Inflation Persistence
- J. Fuhrer
- 2009
This chapter examines the concept of inflation persistence in macroeconomic theory. It begins with a definition of persistence, emphasizing the difference between reduced-form and structural… Expand
Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output
- J. Fuhrer, G. R. Moore
- Economics
- 1995
The authors present a structural model of the U.S. economy that combines their price-contracting specification with a term-structure relationship, an aggregate demand curve, and a monetary-policy… Expand
- 373
- 33
Inflation/Output Variance Trade-Offs and Optimal Monetary Policy
The author estimates the inflation/output-gap variance trade-off faced by monetary policymakers in the United States. For policymakers who care about deviations of inflation around target and output… Expand
Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational-Expectations Models
- A. Estrella, J. Fuhrer
- Economics
- 1 August 2002
A number of recent papers have developed dynamic macroeconomic models that incorporate rational expectations and optimizing foundations. While the theoretical motivation behind these models is sound,… Expand
Monetary Policy Shifts and Long-Term Interest Rates
- J. Fuhrer
- Economics
- 1 November 1996
The Pure Expectations Hypothesis (PEH) serves as the benchmark model for the relationship between yields on bonds of different maturities. When coupled with rational expectations, however, empirical… Expand
Intrinsic and Inherited Inflation Persistence
- J. Fuhrer
- Economics
- 1 May 2005
In the conventional view of inflation, the New Keynesian Phillips curve (NKPC) captures most of the persistence in inflation. The sources of persistence are twofold. First, the "driving process" for… Expand
Monetary Policy Shifts and the Stability of Monetary Policy Models
- A. Estrella, J. Fuhrer
- Economics
- Review of Economics and Statistics
- 1 February 2003
Since the publication (1976) of the classic Lucas critique, researchers in empirical macroeconomics have endeavored to specify models that capture the underlying dynamic decision-making behavior of… Expand
New data on worker flows during business cycles
- Hoyt Bleakley, Ann E. Ferris, J. Fuhrer
- Economics
- 1 July 1999
The most obvious economic cost of recessions is that workers become involuntarily unemployed. During the average business cycle contraction, total employment declines by about 1.5 percent, the… Expand
- 97
- 15
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