A quantitative exploration of the opportunistic approach to disinflation

Anderson, G.S., 1997. A reliable and computationally efficient algorithm for imposing the saddle point property in dynamic models, Manuscript, Board of Governors of the Federal Reserve System, Washington, DC. Anderson, 1985, A linear algebraic procedure for solving linear perfect foresight models, Economics Letters, 17, 247, 10.1016/0165-1765(85)90211-3 Blanchard, 1980, The solution of linear difference models under rational expectations, Econometrica, 48, 1305, 10.2307/1912186 Blinder, 1997, What central bankers could learn from academics—and vice versa, Journal of Economic Perspectives, 11, 3, 10.1257/jep.11.2.3 Boucekkine, 1995, An alternative methodology for solving nonlinear forward-looking models, Journal of Economic Dynamics and Control, 19, 734, 10.1016/0165-1889(94)00800-W Congressional Budget Office, 2000. The Economic and Budget Outlook. United States Government Printing Office, Washington, DC. Estrella, 2002, Dynamic inconsistencies: Counterfactual implications of a class of rational expectations models, American Economic Review, 92, 1013, 10.1257/00028280260344579 Fair, 1983, Solution and maximum likelihood estimation of dynamic nonlinear rational expectations models, Econometrica, 51, 1169, 10.2307/1912057 Federal Reserve Board, 1995, 1996, 1997. Transcripts of the Federal Open Market Committee. Available at 〈http://federalreserve.gov/fomc/transcripts〉. Fuhrer, 1997, Towards a compact, empirically verified rational expectations model for monetary policy analysis, Carnegie–Rochester Conference Series on Public Policy,, vol. 47, 197, 10.1016/S0167-2231(98)00010-4 Fuhrer, 1997, Monetary policy when interest rates are bounded at zero, Review of Economics and Statistics, 79, 573, 10.1162/003465397557150 Fuhrer, 1995, Inflation persistence, Quarterly Journal of Economics, 110, 127, 10.2307/2118513 Fuhrer, 1995, Monetary policy trade-offs and the correlation between nominal interest rates and real output, American Economic Review, 85, 219 Goodfriend, 1997, The new neo-classical synthesis and the role of monetary policy, NBER Macroeconomics Annual, 12, 231, 10.2307/3585232 Hansen, L.P., Sargent, T.J., 1997. Recursive linear models of dynamic economies. Manuscript, University of Chicago. Juillard, M., 1994. DYNARE—a program for the resolution of non-linear models with forward-looking variables, Release 1.1. Mimeo, CEPREMAP. Kohn, D.L., 1996. Commentary: What operating procedures should be adopted to maintain price stability?—Practical issues. In: Achieving Price Stability. Federal Reserve Bank of Kansas City. Laffargue, 1990, Résolution d’un modèle macroéconomique avec anticipations rationnelles, Annales d’Economie et de Statistique, 17, 97, 10.2307/20075774 Levin, A., Wieland, V., Williams, J.C., 1999. Robustness of simple policy rules under model uncertainty. In: Taylor, J.B. (Ed.), Monetary Policy Rules, University of Chicago Press, Chicago Levin, 2003, The performance of forecast-based monetary policy rules under model uncertainty, American Economic Review, 93, 622, 10.1257/000282803322157016 Madigan, B.F., 1998. User's Guide to Resolver: An Implementation of Nonlinear AIM. Manuscript, Washington, DC, Board of Governors of the Federal Reserve System. Meyer, L.H., 1996. Prepared Statement. In: Nominations of Alan Greenspan, Alice M. Rivlin, Laurence H. Meyer. Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate. U.S. Government Printing Office. Washington, D.C. Orphanides, A., Wieland, V., 1998. Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero. Finance and Economics Discussion Series, 98–35. Board of Governors of the Federal Reserve System, June. Orphanides, 2002, The opportunistic approach to disinflation, International Finance, 5, 47, 10.1111/1468-2362.00087 Orphanides, A., Small, D., Wilcox, D., Wieland, V., 1997. A quantitative exploration of the opportunistic approach to disinflation. Finance and Economics Discussion Series, 97–36. Board of Governors of the Federal Reserve System, June. Rotemberg, 1997, An optimization-based econometric framework for the evolution of monetary policy, NBER Macroeconomics Annual, 12, 297, 10.2307/3585236 Rotemberg, 1999, Interest-rate rules in an estimated sticky-price model Taylor, 1980, Aggregate dynamics and staggered contracts, Journal of Political Economy, 88, 1, 10.1086/260845 Taylor, 1993, Discretion versus policy rules in practice, Carnegie-Rochester Conference Series on Public Policy, 39, 195, 10.1016/0167-2231(93)90009-L Taylor, 1993 Taylor, J.B., (Ed.), 1999. Monetary Policy Rules, University of Chicago Press, Chicago.