Monetary targeting and monetary indicators

“What Have Economists Learned about Monetary Policy over the past 50 Years?,” in Herrman, Heinz, ed., Monetary Policy Over Fifty Years: Experiences and Lessons, Routledge, 2009. PDFPress release, September 2008.
The line: A personal view about the research on monetary policy that is most relevant to practical monetary policy, starting with Milton Friedman’s Presidential Address in December 1967.

“Comment on Edward Nelson, ‘The Future of Monetary Aggregates in Monetary Policy Analysis’,” Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002, Journal of Monetary Economics 50 (2003) 1061-1070, PDF (149 KB).

“Liquidity Traps, Policy Rules for Inflation Targeting, and Eurosystem Monetary-Policy Strategy,” research summary,  NBER Reporter, Winter 2002/2003PDF (119 KB). Previous research summary for NBER Reporter, Winter 97/98.

Discussion of Alvarez, Lucas and Weber, “Interest Rates and Inflation,” American Economic Association Annual Meeting, January 5, 2001, overhead slides (PDF, 49 KB).

“Money and Inflation in the Euro Area: A Case for Monetary Indicators?” (with Stefan GerlachHong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672, PDF (384 KB). AbstractData (Excel file 22 KB).

“Eurosystem Monetary Targeting: Lessons from U.S. Data,” (with Glenn Rudebusch, Federal Reserve Bank of San Francisco), European Economic Review 46 (2002) 417-442, PDF (324 KB). Abstract.

“Does the P* Model Provide Any Rationale for Monetary Targeting?” German Economic Review 1 (February 2000) 69-81. (IIES Seminar Paper No. 671, June 1999, CEPR Discussion Paper No. 2198, NBER Working Paper No. 7178), PDF (156 KB). Abstract.

  • “Response to Seitz and Tödter, ‘How the P* Model Rationalises Monetary Targeting – A Comment on Svensson’,” German Economic Review  2 (2001) 309-312, PDF (63 KB). Abstract.
  • Franz Seitz and Karl-Heinz Tödter, “How the P* Model Rationalises Monetary Targeting – A Comment on Svensson,” German Economic Review  2 (2001) 303-308, PDF (110 KB).

“Monetary Policy Issues for the Eurosystem,” Carnegie-Rochester Conferences Series on Public Policy 51(1) (1999) 79-136.

“Inflation Targeting as a Monetary Policy Rule,” Journal of Monetary Economics 43 (1999) 607-654.

  • Working Paper version, presented at the Sveriges Riksbank-IIES Conference on Monetary Policy Rules, Stockholm, June 12-13, 1998. IIES Seminar Paper No. 646, August 1998 (CEPR Discussion Paper No. 1998, NBER Working Paper No. 6790), PDF (0.4 MB). Abstract.
  • Revised and shortened Journal version, December 1998, PDF (0.4 MB). Abstract
  • Corrections.

“Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets,” European Economic Review 41 (1997) 1111-1146,  PDF (320 KB). Abstract.