• Publications
  • Influence
Inflation Targeting: Lessons from the International Experience
How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply orExpand
  • 1,442
  • 134
  • PDF
Measuring the Natural Rate of Interest
The natural rate of interestthe real interest rate consistent with output equaling its natural rate and stable inflationplays a central role in macroeconomic theory and monetary policy. Estimation ofExpand
  • 423
  • 83
  • PDF
New Evidence on the Interest Rate Effects of Budget Deficits and Debt
Estimating the effects of government debt and deficits on Treasury yields is complicated by the need to isolate the effects of fiscal policy from other influences. To control for the effects of theExpand
  • 625
  • 47
  • PDF
Measuring the natural rate of interest
A key variable for the conduct of monetary policy is the natural rate of interest -- the real interest rate consistent with output equaling potential and stable inflation. Economic theory impliesExpand
  • 245
  • 47
Measuring the natural rate of interest: International trends and determinants
U.S. estimates of the natural rate of interest – the real short-term interest rate that would prevail absent transitory disturbances – have declined dramatically since the start of the globalExpand
  • 263
  • 36
  • PDF
Measuring the NAIRU: Evidence from Seven Economies
  • T. Laubach
  • Economics
  • Review of Economics and Statistics
  • 1 May 2001
Several specifications of state-space models are used to obtain estimates of the NAIRU for the G7 except Japan, plus Australia, over the past 28 years. A Phillips curve-type regression is shown toExpand
  • 221
  • 36
Implications of Habit Formation for Optimal Monetary Policy
We study the implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices. Habit formation affects the model's endogenousExpand
  • 157
  • 35
  • PDF
Rule-of-thumb behaviour and monetary policy
We investigate the implications of rule-of-thumb behaviour on the part of consumers or price setters for optimal monetary policy and simple interest rate rules. The existence of such behaviour leadsExpand
  • 131
  • 34
  • PDF
Estimation and control of an optimization-based model with sticky prices and wages
Abstract This paper provides estimates of an optimization-based equilibrium model with sticky prices and wages. The estimated model is used to analyse the welfare properties of various interest rateExpand
  • 138
  • 33
Measuring the Natural Rate of Interest
  • T. Laubach, John C. Williams
  • Economics
  • 1 November 2001
The natural rate of interest-the real interest rate consistent with output equaling its natural rate and stable inflation-plays a central role in macroeconomic theory and monetary policy. EstimationExpand
  • 316
  • 31
...
1
2
3
4
5
...