0.5yt yt where it denotes the Fed’s operating target for the federal funds rate, t is the inflation
rate (measured by the GDP deflator), yt is the log of real GDP, and yt is the log of potential …

… Michael Woodford has been a major contributor in each of these areas, … of Woodford’s
results are now well known, thanks to the working paper versions of the book’s chapters, Woodford…

This paper considers a simple quantitative model of output, interest rate and inflation
determination in the United States, and uses it to evaluate alternative rules by which the Fed may …

This paper argues that maintaining price stability requires not only commitment to an
appropriate monetary policy rule, but an appropriate fiscal policy rule as well. 'Ricardian …

Because inputs are scarce, marginal cost is an increasing function of output. Diminishing
returns, costs of increasing employment as well as the increasing marginal disutility of working …

The paper considers the determinacy of the equilibrium price level in the cash-in-advance
monetary economy of Lucas and Stokey (1983, 1987), in the case of deterministic “…

This paper surveys current developments in dynamic general equilibrium theory concerned
with conditions under which endogenous fluctuations are possible. Existing contributions are …

We consider the desirability of modifying a standard Taylor rule for interest rate policy to
incorporate adjustments for measures of financial conditions. We consider the consequences of …

The article presents a temporary equilibrium framework for macroeconomic analysis that allows
for a wide range of possible specifications of expectations but reduces to a standard new …

It is shown that the price level remains determinate even in the case of two kinds of radical
money supply endogeneity - an interest rate peg by the central bank, and a “free banking” …