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Journal of Money, Credit and Banking
1969 - 2012
Edited by Robert deYoung , Paul Evans , Pok-Sang Lam and Kenneth D. West
from Blackwell Publishing
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Volume 44, issue 03 , 2012
Product Replacement Bias in Inflation and Its Consequences for Monetary Policy pp. 255-299 Henning Weber Real Exchange Rates and Productivity: Evidence from Asia pp. 301-322 Vikas Kakkar and Isabel Yan Central Bank Communication and the Perception of Monetary Policy by Financial Market Experts pp. 323-340 Sandra Schmidt and Dieter Nautz Uncertainty Over Models and Data: The Rise and Fall of American Inflation pp. 341-365 Seth Pruitt Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market pp. 367-384 Giovanni Dell’ariccia , Deniz Igan and Luc Laeven The Political Business Cycle: New Evidence from the Nixon Tapes pp. 385-399 Burton A. Abrams and James L. Butkiewicz One for Some or One for All? Taylor Rules and Interregional Heterogeneity pp. 401-431 Olivier Coibion and Daniel Goldstein The Effect of Bank Failures on Economic Activity: Evidence from U.S. States in the Early 20th Century pp. 433-455 Carlos Ramírez and Philip A. Shively Sacrifice Ratio in a Medium‐Scale New Keynesian Model pp. 457-467 Guido Ascari and Tiziano Ropele What Does the Yield Curve Tell Us about the Federal Reserve’s Implicit Inflation Target? pp. 469-486 Taeyoung Doh Understanding Expectation‐Driven Fluctuations: A Labor‐Market Approach pp. 487-506 Pengfei Wang Government Spending Shocks in Quarterly and Annual Time Series pp. 507-517 Benjamin Born and Gernot J. Müller How Payday Credit Access Affects Overdrafts and Other Outcomes pp. 519-531 Donald P. Morgan , Michael R. Strain and Ihab Seblani Return on Commodity Money, Small Change Problems, and Fiat Money pp. 533-549 Young Sik Kim and Manjong Lee Volume 44, issue 02 , 2012
Aggregate Implications of Heterogeneous Households in a Sticky‐Price Model pp. 1-22 Jae Won Lee Editor's Introduction October 2011 pp. 1-1 Kenneth D. West The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment pp. 3-46 James D. Hamilton and Jing Cynthia Wu Estimating the Evolution of Money’s Role in the U.S. Monetary Business Cycle pp. 23-52 Efrem Castelnuovo Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? pp. 47-82 Hess Chung , Jean‐philippe Laforte , David Reifschneider and John C. Williams Monetary Policy Response to Oil Price Shocks pp. 53-101 Jean‐marc Natal Inflation Dynamics When Inflation Is Near Zero pp. 83-122 Jeffrey C. Fuhrer , Giovanni P. Olivei and Geoffrey M. B. Tootell The Taylor Rule and Forecast Intervals for Exchange Rates pp. 103-144 Jian Wang and Jason J. Wu What Has—and Has Not—Been Learned about Monetary Policy in a Low‐Inflation Environment? A Review of the 2000s pp. 123-140 Richard H. Clarida Revisiting Monetary Policy in a Low‐Inflation and Low‐Utilization Environment pp. 141-146 Alan S. Blinder Effective Use of Survey Information in Estimating the Evolution of Expected Inflation pp. 145-169 Sharon Kozicki and Peter Tinsley Monetary Policy in a Low‐Inflation Environment: Developing a State‐Contingent Price‐Level Target pp. 147-155 Charles L. Evans Monetary Policies and Exchange Rates at the Zero Lower Bound pp. 157-163 Richard Portes Revisiting Monetary Policy in a Low‐Inflation Environment: Remarks at the Federal Reserve Bank of Boston's 55th Economic Conference pp. 165-174 Eric S. Rosengren Do Large Banks Have Lower Costs? New Estimates of Returns to Scale for U.S. Banks pp. 171-199 David C Wheelock and Paul W. Wilson Japan's Deflation and the Bank of Japan's Experience with Nontraditional Monetary Policy pp. 175-190 Kazuo Ueda Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent pp. 201-219 Fabio Castiglionesi and Wolf Wagner Flexible Prices and the Business Cycle pp. 221-233 Fabrice Collard and Harris Dellas Estimating Probabilities of Recession in Real Time Using GDP and GDI pp. 235-253 Jeremy J. Nalewaik Volume 43, issue 12 , 2011
Taxation and Income Distribution Dynamics in a Neoclassical Growth Model pp. 1543-1577 Cecilia García‐peñalosa and Stephen J. Turnovsky Analyzing U.S. Output and the Great Moderation by Simultaneous Unobserved Components pp. 1579-1597 Enzo Weber Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set pp. 1599-1624 Menzie Chinn and Michael J. Moore Dynamic Prudential Regulation: Is Prompt Corrective Action Optimal? pp. 1625-1661 Ilhyock Shim Does Inflation Adjust Faster to Aggregate Technology Shocks than to Monetary Policy Shocks? pp. 1663-1684 Luigi Paciello Learning about the Term Structure and Optimal Rules for Inflation Targeting pp. 1685-1706 Mewael F. Tesfaselassie , Eric Schaling and Sylvester Eijffinger Monetary Policy Inclinations pp. 1707-1717 Hans Gersbach and Volker Hahn The Welfare Effect of Foreign Monetary Conservatism with Nonatomistic Wage Setters pp. 1719-1734 Vincenzo Cuciniello International Spillover Effects and Monetary Policy Activism pp. 1735-1748 Anna Lipinska , Morten Spange and Misa Tanaka Volume 43, issue 10 , 2011
Liquidity in Frictional Asset Markets pp. 261-282 Guillaume Rocheteau and Pierre-Olivier Weill Trading Frictions and House Price Dynamics pp. 283-303 Andrew Caplin and John Leahy Discussion of “Trading Frictions and House Price Dynamics” pp. 305-309 François Ortalo‐magné Precautionary Reserves and the Interbank Market pp. 311-348 Adam B. Ashcraft , James Joseph McAndrews and David R. Skeie Discussion of “Precautionary Reserves and the Interbank Market” pp. 349-353 Arvind Krishnamurthy Information and Liquidity pp. 355-377 Benjamin R. Lester , Andrew Postlewaite and Randall Wright Discussion of “Information and Liquidity” pp. 379-384 Guillaume Rocheteau From Search to Match: When Loan Contracts Are Too Long pp. 385-411 Christophe Chamley and Céline Rochon Discussion of “From Search to Match: When Loan Contracts Are Too Long” pp. 413-417 Adriano A. Rampini Money, Bargaining, and Risk Sharing pp. 419-442 Nicolas L. Jacquet and Serene Tan Discussion of “Money, Bargaining, and Risk Sharing” pp. 443-448 Manolis Galenianos Banking in a Matching Model of Money and Capital pp. 449-476 Valerie R. Bencivenga and Gabriele Camera Discussion of “Banking in a Matching Model of Money and Capital” pp. 477-485 Todd Keister Uncertainty, Inflation, and Welfare pp. 487-512 Jonathan Chiu and Miguel Molico Discussion of “Uncertainty, Inflation, and Welfare” pp. 513-519 Scott J. Dressler Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy pp. 521-552 Ricardo Lagos Discussion of “Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy” pp. 553-558 Tan Wang Price‐Level Targeting and Stabilization Policy pp. 559-580 Aleksander Berentsen and Christopher Waller Discussion of “Price‐Level Targeting and Stabilization Policy” pp. 581-588 Gauti B. Eggertsson Precautionary Demand and Liquidity in Payment Systems pp. 589-619 Gara Afonso and Hyun Song Shin Discussion of “Precautionary Demand and Liquidity in Payment Systems” pp. 621-623 Charles Milton Kahn Counterfeiting as Private Money in Mechanism Design pp. 625-636 Ricardo Cavalcanti and Ed Nosal Discussion of “Counterfeiting as Private Money in Mechanism Design” pp. 637-643 Cyril Monnet Optimal Monetary Policy in an Operational Medium‐Sized DSGE Model pp. 1287-1331 Malin Adolfson , Stefan Laséen , Jesper Lindé and Lars E.O. Svensson Differences in Hours Worked in the OECD: Institutions or Fiscal Policies? pp. 1333-1369 Tino Berger and Freddy Heylen Safety‐Net Losses from Abandoning Glass–Steagall Restrictions pp. 1371-1398 Kenneth A. Carow , Edward J. Kane and Rajesh P. Narayanan Bank Finance versus Bond Finance pp. 1399-1421 Fiorella De Fiore and Harald Uhlig Fundamentals, Misvaluation, and Business Investment pp. 1423-1442 Bob Chirinko and Huntley Schaller Evolving Macroeconomic Dynamics in a Small Open Economy: An Estimated Markov Switching DSGE Model for the UK pp. 1443-1474 Philip Liu and Haroon Mumtaz Precautionary Saving and Endogenous Labor Supply with and without Intertemporal Expected Utility pp. 1475-1504 Diego Nocetti and William T. Smith Inflation Targeting as Constrained Discretion pp. 1505-1522 Junhan Kim Convergence of Real Capital Market Interest Rates—Evidence from Inflation Indexed Bonds pp. 1523-1541 Helmut Herwartz and Jan Roestel Volume 43, issue 09 , 2011
Subordinated Debt, Market Discipline, and Bank Risk pp. 1043-1072 Yehning Chen and Iftekhar Hasan The Incredible HOLC? Mortgage Relief during the Great Depression pp. 1073-1107 Jonathan D. Rose Monetary Policy and Banking Structure pp. 1109-1129 Tarishi Matsuoka Search Frictions, Real Rigidities, and Inflation Dynamics pp. 1131-1164 Carlos Thomas Why Don’t Oil Shocks Cause Inflation? Evidence from Disaggregate Inflation Data pp. 1165-1183 Lance J. Bachmeier and Inkyung Cha Replacing a “Disobedient” Central Bank Governor with a “Docile” One: A Novel Measure of Central Bank Independence and Its Effect on Inflation pp. 1185-1215 Guillermo Javier Vuletin and Ling Zhu Credit Rationing and Credit View: Empirical Evidence from an Ethical Bank in Italy pp. 1217-1245 Leonardo Becchetti , Maria Melody Garcia and Giovanni Trovato What Is the Importance of Monetary and Fiscal Shocks in Explaining U.S. Macroeconomic Fluctuations? pp. 1247-1270 Barbara Rossi and Sarah Zubairy Identifying Discretionary Fiscal Policy Reactions with Real‐Time Data pp. 1271-1285 Ulf von Kalckreuth and Guntram Wolff Volume 43, issue 08 , 2011
Special Issue Editors’ Introduction pp. 1-1 Harris Dellas , Pok‐sang Lam and Masao Ogaki A Dialogue between Micro‐ and Macroeconomics: Introduction pp. 3-6 Harris Dellas Individual and Aggregate Labor Supply with Coordinated Working Times pp. 7-37 Richard Rogerson Returns to Skills and the College Premium pp. 39-86 Flavio Cunha , Fatih Karahan and Ilton Soares A Survey of New Keynesian Theories of Aggregate Supply and Their Relation to Industrial Organization pp. 87-110 John Leahy Firm Microstructure and Aggregate Productivity pp. 111-145 Hugo A. Hopenhayn Optimal Taxation: Merging Micro and Macro Approaches pp. 147-174 Mikhail Golosov , Maxim Troshkin and Aleh Tsyvinski The Importance of Asymmetric Tax Policy and Dangers of Aggregation pp. 175-205 Kenneth L. Judd Social Preferences and Competition pp. 207-231 Klaus M. Schmidt Asset Bubbles and the Cost of Economic Fluctuations pp. 233-260 Kyle Chauvin , David Isaac Laibson and Johanna Mollerstrom Inflation and Welfare in Long‐Run Equilibrium with Firm Dynamics pp. 795-834 Alexandre Janiak and Paulo Santos Monteiro The Growth and Welfare Effects of Deficit‐Financed Dividend Tax Cuts pp. 835-869 Pietro F. Peretto Monetary Policy Estimation in Real Time: Forward‐Looking Taylor Rules without Forward‐Looking Data pp. 871-897 Alex Nikolsko‐rzhevskyy Technology and Financial Development pp. 899-921 Anna O. Ilyina and Roberto Mantaro Samaniego The Interbank Market after August 2007: What Has Changed, and Why? pp. 923-958 Paolo Angelini , Andrea Nobili and Cristina Picillo Investment and Monetary Policy: Learning and Determinacy of Equilibrium pp. 959-992 John Duffy and Wei Xiao Differential Interpretation in the Survey of Professional Forecasters pp. 993-1017 Sebastiano Manzan Determinacy under Inflation Targeting Interest Rate Policy in a Sticky Price Model with Investment (and Labor Bargaining) pp. 1019-1033 Takushi Kurozumi and Willem Van Zandweghe Central Bank Independence, Political Regimes, and the Sacrifice Ratio: A Replication Study of Caporale and Caporale (2008) pp. 1035-1042 Hajime Katayama , Natalia Ponomareva and Malvin Sharma Volume 43, issue 06 , 2011
Does Money Matter in Shaping Domestic Business Cycles? An International Investigation pp. 577-607 Fabio Canova and Tobias Menz Deconstructing a Mortgage Meltdown: A Methodology for Decomposing Underwriting Quality pp. 609-631 Charles D. Anderson , Dennis R. Capozza and Robert van Order The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market pp. 633-655 Sumit Agarwal , Brent W. Ambrose , Souphala Chomsisengphet and Chunlin Liu Fixed‐ and Variable‐Rate Mortgages, Business Cycles, and Monetary Policy pp. 657-688 Margarita Rubio Monetary Policy in the Media pp. 689-709 Helge Berger , Michael Ehrmann and Marcel Fratzscher The Bank Lending Channel Revisited pp. 711-734 Piti Disyatat Regulations and Productivity Growth in Banking: Evidence from Transition Economies pp. 735-764 Manthos D. Delis , Philip Molyneux and Fotios Pasiouras Central Bank Transparency and the Crowding Out of Private Information in Financial Markets pp. 765-774 Clemens J.M. Kool , Menno Hugo Middeldorp and Stephanie Rosenkranz The Roles of Nominal Exchange Rate and Relative Price Adjustments in PPP Reversion pp. 775-785 Deokwoo Nam The Keynesian Multiplier Effect Reconsidered pp. 787-794 Yoshiyasu Ono Volume 43, issue 03 , 2011
Winners and Losers in Housing Markets pp. 255-296 Nobuhiro Kiyotaki , Alexander Michaelides and Kalin Ognianov Nikolov Did the Financial Crisis in Japan Affect Household Welfare Seriously? pp. 297-324 Yasuyuki Sawada , Kazumitsu Nawata , Masako Ii and Mark J. Lee Rule‐of‐Thumb Consumers Meet Sticky Wages pp. 325-353 Andrea Colciago The Optimal Rate of Inflation with Trending Relative Prices pp. 355-384 Alexander L. Wolman Price Adjustments in a General Model of State‐Dependent Pricing pp. 385-406 James S. Costain and Anton A. Nakov Credit and the Natural Rate of Interest pp. 407-440 Fiorella De Fiore and Oreste Tristani Competitive Lending with Partial Knowledge of Loan Repayment: Some Positive and Normative Analysis pp. 441-459 William A. Brock and Charles F. Manski Small and Medium‐Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital pp. 461-490 Allen N. Berger and Klaus Schaeck Household Borrowing after Personal Bankruptcy pp. 491-517 Song Han and Geng Li Dynamic Limited Dependent Variable Modeling and U.S. Monetary Policy pp. 519-534 George Monokroussos Taylor Rules and the Euro pp. 535-552 Tanya Molodtsova , Alex Nikolsko‐rzhevskyy and David H. Papell The Failure of Woodford's Model of the Channel System in the Cashless Economy pp. 553-563 Colin Rogers Two Who Called the Great Depression: An Initial Formulation of the Monetary‐Origins View pp. 565-574 George S. Tavlas Volume 43, issue 02 , 2011
Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach pp. 1-29 Ippei Fujiwara , Yasuo Hirose and Mototsugu Shintani A New Keynesian Perspective on the Great Recession pp. 31-54 Peter N. Ireland How Large Are Housing and Financial Wealth Effects? A New Approach pp. 55-79 Christopher Carroll , Misuzu Otsuka and Jiri Slacalek Minimal Settlement Assets in Economies with Interconnected Financial Obligations pp. 81-108 Julio J. Rotemberg The Effects of Formal and Informal Contracting in Credit Availability pp. 109-132 Gabriel Jiménez , Vicente Salas‐fumás and Jesús Saurina Credit Crunch Caused by Bank Failures and Self‐Selection Behavior in Lending Markets pp. 133-161 Naoaki Minamihashi Nonoptimality of the Friedman Rule with Capital Income Taxation pp. 163-183 Alberto Rodolfo Petrucci The Credibility of Hong Kong's Link from the Perspective of Modern Financial Theory pp. 185-206 Hans Genberg and Cho‐hoi Hui An Empirical Investigation of the Effects of Rounding on the SPF Probabilities of Decline and Output Growth Histograms pp. 207-220 Michael Peter Clements Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle pp. 221-251 Florin O. Bilbiie
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