Details about Timothy S. Fuerst

This author is deceased (2017-02-21).

Access statistics for papers by Timothy S. Fuerst.

Last updated 2023-03-10. Update your information in the RePEc Author Service.

Short-id: pfu6

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Working Papers

2016

1. Term Premium Variability and Monetary Policy
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)

2015

2. Macro Credit Policy and the Financial Accelerator
   Working Papers (Old Series), Federal Reserve Bank of Cleveland
   See also Journal Article Macro Credit Policy and the Financial Accelerator, Journal of Money, Credit and Banking, Blackwell Publishing (2016) (2016)

2014

3. Optimal Contracts, Aggregate Risk, and the Financial Accelerator
   Working Papers (Old Series), Federal Reserve Bank of Cleveland
   Also in Bank of England working papers, Bank of England (2014) View citations (5)
   See also Journal Article Optimal Contracts, Aggregate Risk, and the Financial Accelerator, American Economic Journal: Macroeconomics, American Economic Association (2016) View citations (23) (2016)
4. Targeting Long Rates in a Model with Segmented Markets
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)
   See also Journal Article Targeting Long Rates in a Model with Segmented Markets, American Economic Journal: Macroeconomics, American Economic Association (2017) View citations (95) (2017)

2013

5. Estimating Contract Indexation in a Financial Accelerator Model
   Documentos de Investigación - Research Papers, CEMLA View citations (11)
   Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2013) View citations (1)
   See also Journal Article Estimating contract indexation in a Financial Accelerator Model, Journal of Economic Dynamics and Control, Elsevier (2014) View citations (22) (2014)
6. Policy multipliers under an interest rate peg of deterministic versus stochastic duration
   Bank of England working papers, Bank of England View citations (2)
7. Privately optimal contracts and suboptimal outcomes in a model of agency costs
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)
   Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) View citations (1)

2012

8. Fiscal multipliers under an interest rate peg of deterministic vs. stochastic duration
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (6)
   Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) View citations (6)
9. How inflationary is an extended period of low interest rates?
   Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (11)
10. Inflation and output in New Keynesian models with a transient interest rate peg
    Bank of England working papers, Bank of England View citations (47)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2012) View citations (19)
    See also Journal Article Inflation and output in New Keynesian models with a transient interest rate peg, Journal of Monetary Economics, Elsevier (2015) View citations (173) (2015)

2011

11. Indexed debt contracts and the financial accelerator
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)

2009

12. Optimal monetary policy in a model with agency costs
    2009 Meeting Papers, Society for Economic Dynamics View citations (7)
    See also Journal Article Optimal Monetary Policy in a Model with Agency Costs, Journal of Money, Credit and Banking, Blackwell Publishing (2010) View citations (87) (2010)

2007

13. Inflation persistence, inflation targeting and the Great Moderation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)

2006

14. Central bank independence and inflation: a note
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
    See also Journal Article CENTRAL BANK INDEPENDENCE AND INFLATION: A NOTE, Economic Inquiry, Western Economic Association International (2009) View citations (34) (2009)
15. Co-movement in sticky price models with durable goods
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (30)

2005

16. Oil prices, monetary policy, and counterfactual experiments
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (7)
    See also Journal Article Oil Prices, Monetary Policy, and Counterfactual Experiments, Journal of Money, Credit and Banking, Blackwell Publishing (2006) View citations (62) (2006)

2004

17. Asset prices, nominal rigidities, and monetary policy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)
    See also Journal Article Asset Prices, Nominal Rigidities, and Monetary Policy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2007) View citations (87) (2007)
18. Thinking about monetary policy without money: a review of three books: Inflation Targeting, Monetary Theory and Policy, and Interest and Prices
    Working Papers (Old Series), Federal Reserve Bank of Cleveland

2003

19. Capital trading, stock trading, and the inflation tax on equity: a note
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (2)
    See also Journal Article Capital Trading, Stock Trading, and the Inflation Tax on Equity: A Note, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2003) View citations (1) (2003)
20. Comments on backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (2)
21. Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?
    Boston College Working Papers in Economics, Boston College Department of Economics View citations (10)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2002) View citations (9)
    See also Journal Article Does it matter (for equilibrium determinacy) what price index the central bank targets?, Journal of Economic Theory, Elsevier (2006) View citations (40) (2006)
22. Investment and interest rate policy: a discrete time analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (16)
    See also Journal Article Investment and interest rate policy: a discrete time analysis, Journal of Economic Theory, Elsevier (2005) View citations (121) (2005)

2002

23. Imperfect capital markets and nominal wage rigidities
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)

2001

24. Learning and the central bank
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (11)
    See also Journal Article Learning and the central bank, Journal of Monetary Economics, Elsevier (2004) View citations (28) (2004)
25. Monetary policy in a world without perfect capital markets
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
26. Real indeterminacy in monetary models with nominal interest rate distortions: the problem with inflation targets
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)
    See also Journal Article Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2001) View citations (42) (2001)
27. Taylor rules in a model that satisfies the natural rate hypothesis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (7)
    See also Journal Article Taylor Rules in a Model that Satisfies the Natural-Rate Hypothesis, American Economic Review, American Economic Association (2002) View citations (10) (2002)
28. Timing and real indeterminacy in monetary models
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (180)
    See also Journal Article Timing and real indeterminacy in monetary models, Journal of Monetary Economics, Elsevier (2001) View citations (179) (2001)

2000

29. Forward-looking versus backward-looking Taylor rules
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (62)
30. Monetary shocks, agency costs, and business cycles
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (9)
    See also Journal Article Monetary shocks, agency costs, and business cycles, Carnegie-Rochester Conference Series on Public Policy, Elsevier (2001) View citations (46) (2001)
31. Money growth rules and price level determinacy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (3)
    See also Journal Article Money Growth Rules and Price Level Determinacy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2003) View citations (31) (2003)
32. Optimal Monetary Policy in a Small Open Economy: A General Equilibrium Analysis
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (4)
    Also in Working Papers, London School of Economics - Centre for Labour Economics (1999) View citations (4)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999) View citations (10)
    See also Chapter Optimal Monetary Policy in a Small, Open Economy: A General Equilibrium Analysis, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2002) View citations (3) (2002)

1998

33. Price-level and interest-rate targeting in a model with sticky prices
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (10)

1996

34. Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (10)
    See also Journal Article Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis, American Economic Review, American Economic Association (1997) View citations (1055) (1997)

1995

35. Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (64)
    See also Journal Article Interest rate rules vs. money growth rules a welfare comparison in a cash-in-advance economy, Journal of Monetary Economics, Elsevier (1995) View citations (74) (1995)

1990

36. Liquidity
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science

Journal Articles

2017

1. Targeting Long Rates in a Model with Segmented Markets
   American Economic Journal: Macroeconomics, 2017, 9, (1), 205-42 View citations (95)
   See also Working Paper Targeting Long Rates in a Model with Segmented Markets, Working Papers (Old Series) (2014) View citations (5) (2014)

2016

2. Current Federal Reserve Policy Under the Lens of Economic History. By Owen F. Humpage editor. Cambridge: Cambridge University Press, 2015. Pp. xxi, 386. $110.00, cloth
   The Journal of Economic History, 2016, 76, (1), 272-273
3. Macro Credit Policy and the Financial Accelerator
   Journal of Money, Credit and Banking, 2016, 48, (8), 1725-1751
   See also Working Paper Macro Credit Policy and the Financial Accelerator, Working Papers (Old Series) (2015) (2015)
4. Optimal Contracts, Aggregate Risk, and the Financial Accelerator
   American Economic Journal: Macroeconomics, 2016, 8, (1), 119-47 View citations (23)
   See also Working Paper Optimal Contracts, Aggregate Risk, and the Financial Accelerator, Working Papers (Old Series) (2014) (2014)
5. The Natural Rate of Interest in Taylor Rules
   Economic Commentary, 2016, (March) View citations (8)

2015

6. Inflation and output in New Keynesian models with a transient interest rate peg
   Journal of Monetary Economics, 2015, 76, (C), 230-243 View citations (173)
   See also Working Paper Inflation and output in New Keynesian models with a transient interest rate peg, Bank of England working papers (2012) View citations (47) (2012)
7. Monetary policy and the term premium
   Journal of Economic Dynamics and Control, 2015, 52, (C), A1-A10 View citations (5)

2014

8. Adding Double Inertia to Taylor Rules to Improve Accuracy
   Economic Commentary, 2014, (May) View citations (2)
9. Editors' Introduction
   Journal of Money, Credit and Banking, 2014, 46, (S2), 1-1
10. Estimating contract indexation in a Financial Accelerator Model
    Journal of Economic Dynamics and Control, 2014, 46, (C), 130-149 View citations (22)
    See also Working Paper Estimating Contract Indexation in a Financial Accelerator Model, Documentos de Investigación - Research Papers (2013) View citations (11) (2013)
11. Fiscal Multipliers under an Interest Rate Peg of Deterministic versus Stochastic Duration
    Journal of Money, Credit and Banking, 2014, 46, (6), 1293-1312 View citations (38)

2012

12. Gaps versus growth rates in the Taylor Rule
    Economic Commentary, 2012, 2012, (17), 4 View citations (2)

2010

13. Monetary policy in a world with interest on reserves
    Economic Commentary, 2010, (Jun) View citations (1)
14. NOMINAL RIGIDITIES, RESIDENTIAL INVESTMENT, AND ADJUSTMENT COSTS
    Macroeconomic Dynamics, 2010, 14, (1), 136-148 View citations (34)
15. Optimal Monetary Policy in a Model with Agency Costs
    Journal of Money, Credit and Banking, 2010, 42, (s1), 37-70 View citations (87)
    Also in Journal of Money, Credit and Banking, 2010, 42, (s1), 37-70 (2010) View citations (12)
    See also Working Paper Optimal monetary policy in a model with agency costs, 2009 Meeting Papers (2009) View citations (7) (2009)

2009

16. CENTRAL BANK INDEPENDENCE AND INFLATION: A NOTE
    Economic Inquiry, 2009, 47, (1), 182-186 View citations (34)
    See also Working Paper Central bank independence and inflation: a note, Working Papers (Old Series) (2006) View citations (4) (2006)
17. Inflation Persistence, Monetary Policy, and the Great Moderation
    Journal of Money, Credit and Banking, 2009, 41, (4), 767-786 View citations (32)
    Also in Journal of Money, Credit and Banking, 2009, 41, (4), 767-786 (2009) View citations (7)
18. Monetary policy shocks, Choleski identification, and DNK models
    Journal of Monetary Economics, 2009, 56, (7), 1014-1021 View citations (56)

2008

19. Explaining apparent changes in the Phillips curve: the Great Moderation and monetary policy
    Economic Commentary, 2008, (Feb) View citations (11)
20. Explaining apparent changes in the Phillips curve: trend inflation isn't constant
    Economic Commentary, 2008, (Jan) View citations (3)
21. Inertial Taylor rules: the benefit of signaling future policy
    Review, 2008, 90, (May), 193-203 View citations (4)
    Also in Policy Discussion Papers, 2007, (Apr) (2007) View citations (3)

2007

22. Asset Prices, Nominal Rigidities, and Monetary Policy
    Review of Economic Dynamics, 2007, 10, (2), 256-275 View citations (87)
    See also Working Paper Asset prices, nominal rigidities, and monetary policy, Working Papers (Old Series) (2004) View citations (3) (2004)

2006

23. Central bank independence: the key to price stability?
    Economic Commentary, 2006, (Sep) View citations (2)
24. Does it matter (for equilibrium determinacy) what price index the central bank targets?
    Journal of Economic Theory, 2006, 128, (1), 214-231 View citations (40)
    See also Working Paper Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?, Boston College Working Papers in Economics (2003) View citations (10) (2003)
25. Milton Friedman, teacher, 1912-2006
    Economic Commentary, 2006, (Dec) View citations (1)
26. Oil Prices, Monetary Policy, and Counterfactual Experiments
    Journal of Money, Credit and Banking, 2006, 38, (7), 1945-1958 View citations (62)
    See also Working Paper Oil prices, monetary policy, and counterfactual experiments, Working Papers (Old Series) (2005) View citations (7) (2005)

2005

27. Considerable period of time: the case of signaling future policy
    Economic Commentary, 2005, (Nov) View citations (3)
28. Introduction to monetary policy and capital accumulation
    Journal of Economic Theory, 2005, 123, (1), 1-3 View citations (5)
29. Investment and interest rate policy: a discrete time analysis
    Journal of Economic Theory, 2005, 123, (1), 4-20 View citations (121)
    See also Working Paper Investment and interest rate policy: a discrete time analysis, Working Papers (Old Series) (2003) View citations (16) (2003)
30. Oil prices, monetary policy, and the macroeconomy
    Policy Discussion Papers, 2005, (Apr) View citations (7)
    Also in Economic Commentary, 2005, (Jul) (2005) View citations (5)

2004

31. Expected inflation and TIPS
    Economic Commentary, 2004, (Nov) View citations (7)
32. Hyperinflationary Equilibria and Timing: A Note
    Journal of Money, Credit and Banking, 2004, 36, (6), 1115-20
33. Learning and the central bank
    Journal of Monetary Economics, 2004, 51, (2), 327-338 View citations (28)
    See also Working Paper Learning and the central bank, Working Papers (Old Series) (2001) View citations (11) (2001)
34. Thinking about Monetary Policy without Money
    International Finance, 2004, 7, (2), 325-347 View citations (9)

2003

35. Capital Trading, Stock Trading, and the Inflation Tax on Equity: A Note
    Review of Economic Dynamics, 2003, 6, (4), 987-990 View citations (1)
    See also Working Paper Capital trading, stock trading, and the inflation tax on equity: a note, Working Papers (Old Series) (2003) View citations (2) (2003)
36. Money Growth Rules and Price Level Determinacy
    Review of Economic Dynamics, 2003, 6, (2), 263-275 View citations (31)
    See also Working Paper Money growth rules and price level determinacy, Working Papers (Old Series) (2000) View citations (3) (2000)
37. The Taylor rule: a guidepost for monetary policy?
    Economic Commentary, 2003, (Jul) View citations (7)

2002

38. Monetary policy rules and stability: inflation targeting versus price-level targeting
    Economic Commentary, 2002, (Feb) View citations (4)
39. Stock prices and output growth: an examination of the credit channel
    Economic Commentary, 2002, (Aug) View citations (7)
40. Taylor Rules in a Model that Satisfies the Natural-Rate Hypothesis
    American Economic Review, 2002, 92, (2), 79-84 View citations (10)
    See also Working Paper Taylor rules in a model that satisfies the natural rate hypothesis, Working Papers (Old Series) (2001) View citations (7) (2001)

2001

41. Monetary policy and asset prices with imperfect credit markets
    Economic Review, 2001, (Q IV), 51-59 View citations (4)
42. Monetary policy and self-fulfilling expectations: the danger of forecasts
    Economic Review, 2001, (Q I), 9-19 View citations (7)
43. Monetary shocks, agency costs, and business cycles
    Carnegie-Rochester Conference Series on Public Policy, 2001, 54, (1), 1-27 View citations (46)
    See also Working Paper Monetary shocks, agency costs, and business cycles, Working Papers (Old Series) (2000) View citations (9) (2000)
44. Perils of price deflations: an analysis of the Great Depression
    Economic Commentary, 2001, (Feb)
45. Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions
    Review of Economic Dynamics, 2001, 4, (4), 767-789 View citations (42)
    See also Working Paper Real indeterminacy in monetary models with nominal interest rate distortions: the problem with inflation targets, Working Papers (Old Series) (2001) View citations (5) (2001)
46. Timing and real indeterminacy in monetary models
    Journal of Monetary Economics, 2001, 47, (2), 285-298 View citations (179)
    See also Working Paper Timing and real indeterminacy in monetary models, Working Papers (Old Series) (2001) View citations (180) (2001)

2000

47. The fiscal theory of the price level
    Economic Review, 2000, (Q I), 22-32 View citations (34)

1999

48. Forecasts and sunspots: looking back for a better future
    Economic Commentary, 1999, (Nov) View citations (3)
49. Monetary Theory and Policy By Carl E. Walsh. Cambridge, MA: The MIT Press, 1998; Pp. xvi, 528. $55.00
    Southern Economic Journal, 1999, 66, (2), 489-491
50. Money growth and inflation: does fiscal policy matter?
    Economic Commentary, 1999, (Apr) View citations (11)

1998

51. A Note on the Role of Countercyclical Monetary Policy
    Journal of Political Economy, 1998, 106, (4), 860-889 View citations (16)
52. Agency costs and business cycles
    Economic Theory, 1998, 12, (3), 583-597 View citations (95)
53. Some models to guide monetary policymakers: A comment
    Carnegie-Rochester Conference Series on Public Policy, 1998, 48, (1), 43-50

1997

54. Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis
    American Economic Review, 1997, 87, (5), 893-910 View citations (1055)
    See also Working Paper Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis, Working Papers (Old Series) (1996) View citations (10) (1996)
55. Comment on "On the Fit of a Neoclassical Monetary Model in High Inflation: Israel 1972-1990."
    Journal of Money, Credit and Banking, 1997, 29, (4), 755-58
56. Two-Part Trade Policy under Imperfect Competition
    Review of International Economics, 1997, 5, (1), 63-71 View citations (1)

1996

57. Interest rate rules for seasonal and business cycles
    Economic Commentary, 1996, (Jul) View citations (1)
58. The benefits of interest rate targeting: a partial and a general equilibrium analysis
    Economic Review, 1996, (Q II), 2-14 View citations (1)

1995

59. Interest rate rules vs. money growth rules a welfare comparison in a cash-in-advance economy
    Journal of Monetary Economics, 1995, 36, (2), 247-267 View citations (74)
    See also Working Paper Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy, Working Papers (Old Series) (1995) View citations (64) (1995)
60. Monetary and Financial Interactions in the Business Cycle
    Journal of Money, Credit and Banking, 1995, 27, (4), 1321-38 View citations (68)
    Also in Proceedings, 1994, 1321-1353 (1994) View citations (3)

1994

61. Monetary Policy and Financial Intermediation
    Journal of Money, Credit and Banking, 1994, 26, (3), 362-76 View citations (3)
62. Optimal Monetary Policy in a Cash-in-Advance Economy
    Economic Inquiry, 1994, 32, (4), 582-96 View citations (5)
63. The availability doctrine
    Journal of Monetary Economics, 1994, 34, (3), 429-443 View citations (11)

1992

64. Liquidity, loanable funds, and real activity
    Journal of Monetary Economics, 1992, 29, (1), 3-24 View citations (344)

1991

65. The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation: Comment
    Journal of Money, Credit and Banking, 1991, 23, (3), 605-08

Chapters

2002

1. Optimal Monetary Policy in a Small, Open Economy: A General Equilibrium Analysis
   Chapter 10 in Monetary Policy: Rules and Transmission Mechanisms, 2002, vol. 4, pp 275-298 View citations (3)
   See also Working Paper Optimal Monetary Policy in a Small Open Economy: A General Equilibrium Analysis, Central Bank of Chile (2000) View citations (4) (2000)