Details about Kenneth Neil Kuttner

Homepage:	http://econ.williams.edu/people/knk1
Workplace:	Economics Department, Williams College, (more information at EDIRC) National Bureau of Economic Research (NBER), (more information at EDIRC)

Access statistics for papers by Kenneth Neil Kuttner.

Last updated 2023-01-19. Update your information in the RePEc Author Service.

Short-id: pku75

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Working Papers

2022

1. Macroeconomic Research, Present and Past
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
   Also in Department of Economics Working Papers, Department of Economics, Williams College (2019)

2018

2. Outside the Box: Unconventional Monetary Policy in the Great Recession and Beyond
   Department of Economics Working Papers, Department of Economics, Williams College View citations (10)

2013

3. Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (129)
   Also in BIS Working Papers, Bank for International Settlements (2013) View citations (137)
   See also Journal Article Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies, Journal of Financial Stability, Elsevier (2016) View citations (220) (2016)

2012

4. Low Interest Rates and Housing Bubbles: Still No Smoking Gun
   Department of Economics Working Papers, Department of Economics, Williams College
   See also Chapter Low Interest Rates and Housing Bubbles: Still No Smoking Gun, World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd. (2013) View citations (2) (2013)

2011

5. How Flexible Can Inflation Targeting Be and Still Work?
   Working Paper Series, Peterson Institute for International Economics View citations (4)
   Also in Department of Economics Working Papers, Department of Economics, Williams College (2011)
   Discussion Papers, Monetary Policy Committee Unit, Bank of England (2011) View citations (4)
6. Monetary Policy and Asset Price Volatility: Should We Refill the Bernanke-Gertler Prescription?
   Department of Economics Working Papers, Department of Economics, Williams College

2010

7. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)
   Also in Department of Economics Working Papers, Department of Economics, Williams College (2010) View citations (2)
   See also Chapter Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?, Handbook of Monetary Economics, Elsevier (2010) View citations (47) (2010)

2008

8. Understanding the Flattening Phillips Curve
   RBA Research Discussion Papers, Reserve Bank of Australia View citations (18)
   Also in Department of Economics Working Papers, Department of Economics, Williams College (2008)
   See also Journal Article Understanding the flattening Phillips curve, The North American Journal of Economics and Finance, Elsevier (2010) View citations (79) (2010)

2007

9. Do Markets Care Who Chairs the Central Bank?
   Working Paper Series, Peterson Institute for International Economics View citations (6)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (6)
   Department of Economics Working Papers, Department of Economics, Williams College (2007)
   See also Journal Article Do Markets Care Who Chairs the Central Bank?, Journal of Money, Credit and Banking, Blackwell Publishing (2010) View citations (29) (2010)

2006

10. Can Central Banks Target Bond Prices?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)

2004

11. Lost Decade in Translation: Did the US Learn from Japan's Post-Bubble Mistakes?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
12. What Explains the Stock Market's Reaction to Federal Reserve Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (46)
    Also in Staff Reports, Federal Reserve Bank of New York (2003) View citations (39)
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations (36)
    See also Journal Article What Explains the Stock Market's Reaction to Federal Reserve Policy?, Journal of Finance, American Finance Association (2005) View citations (1385) (2005)

2003

13. The Difficulty of Discerning What's Too Tight: Taylor Rules and Japanese Monetary Policy
    Working Paper Series, Peterson Institute for International Economics View citations (7)
    See also Journal Article The difficulty of discerning what's too tight: Taylor rules and Japanese monetary policy, The North American Journal of Economics and Finance, Elsevier (2004) View citations (25) (2004)

2002

14. Passive Savers and Fiscal Policy Effectiveness in Japan
    Working Paper Series, Peterson Institute for International Economics View citations (43)

2001

15. Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks
    Working Paper Series, Peterson Institute for International Economics View citations (64)
    Also in Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) (2001) View citations (61)
    See also Journal Article Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks, International Journal of Finance & Economics, John Wiley & Sons, Ltd. (2001) View citations (64) (2001)

2000

16. Inflation, Monetary Transparency, and G3 Exchange Rate Volatility
    Working Paper Series, Peterson Institute for International Economics View citations (31)
17. Monetary policy surprises and interest rates: evidence from the Fed funds futures markets
    Staff Reports, Federal Reserve Bank of New York View citations (31)
    See also Journal Article Monetary policy surprises and interest rates: Evidence from the Fed funds futures market, Journal of Monetary Economics, Elsevier (2001) View citations (1584) (2001)

1999

18. Are there "bank effects" in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks
    Staff Reports, Federal Reserve Bank of New York View citations (18)
    See also Journal Article Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks, The Journal of Business, University of Chicago Press (2002) View citations (173) (2002)
19. Does Talk Matter After All? Inflation Targeting and Central Bank Behavior
    Working Paper Series, Peterson Institute for International Economics View citations (114)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (1999) View citations (105)
    Staff Reports, Federal Reserve Bank of New York (1999) View citations (85)

1998

20. Can VAR's describe monetary policy?
    Working Paper Series, Federal Reserve Bank of Chicago View citations (40)
    Also in Research Paper, Federal Reserve Bank of New York (1998) View citations (38)
21. Indicator Properties of the Paper—Bill Spread: Lessons from Recent Experience
    Scholarly Articles, Harvard University Department of Economics View citations (88)

1996

22. A price target for U.S. monetary policy? Lessons from the experience with money growth targets
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (55)
    See also Journal Article A Price Target for U.S. Monetary Policy? Lessons from the Experience with Money Growth Targets, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (1996) View citations (113) (1996)
23. Macroeconomic Effects of Employment Reallocation
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (36)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1996) View citations (18)
    See also Journal Article Macroeconomic effects of employment reallocation, Carnegie-Rochester Conference Series on Public Policy, Elsevier (1996) View citations (36) (1996)

1995

24. The Fed funds futures rate as a predictor of Federal Reserve policy
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (53)
    See also Journal Article The Fed funds futures rate as a predictor of federal reserve policy, Journal of Futures Markets, John Wiley & Sons, Ltd. (1996) View citations (108) (1996)

1994

25. Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1994) View citations (1)
    See also Journal Article Indicator Properties Of The Paper-Bill Spread: Lessons From Recent Experience, The Review of Economics and Statistics, MIT Press (1998) View citations (86) (1998)

1993

26. An unobserved-components model of constant-inflation potential output
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (2)
27. Economic activity and the short-term credit markets: an analysis of prices and quantities
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (120)
    See also Journal Article Economic Activity and the Short-term Credit Markets: An Analysis of Prices and Quantities, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (1993) View citations (124) (1993)

1992

28. Estimating monthly regional value added by combining regional input with national production data
    Working Paper Series, Regional Economic Issues, Federal Reserve Bank of Chicago
29. Monetary policy and external finance: interpreting the behavior of financial flows and interest rate spreads
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (1)

1991

30. Another Look at the Evidence on Money-Income Causality
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Another look at the evidence on money-income causality, Journal of Econometrics, Elsevier (1993) View citations (67) (1993)
31. Using noisy indicators to measure potential output
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (5)
32. Why Does the Paper-Bill Spread Predict Real Economic Activity?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    Also in Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago (1991) View citations (29)
    See also Chapter Why Does the Paper-Bill Spread Predict Real Economic Activity?, NBER Chapters, National Bureau of Economic Research, Inc (1993) View citations (57) (1993)

1990

33. Another look at the evidence on money-income casualty
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (2)
34. Money, income, prices and interest rates after the 1980s
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (2)
35. Money, output, and inflation: testing the P-star restrictions
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago

1989

36. Monetary and non-monetary sources of inflation: an error correction analysis
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (4)
37. Money, Income and Prices After the 1980s
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)

1988

38. Imperfect information and the permanent income hypothesis
    Staff Memoranda, Federal Reserve Bank of Chicago View citations (1)
39. Time-Varying Risk Perceptions and the Pricing of Risky Assets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Journal Article Time-Varying Risk Perceptions and the Pricing of Risky Assets, Oxford Economic Papers, Oxford University Press (1992) View citations (12) (1992)

Journal Articles

2016

1. Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies
   Journal of Financial Stability, 2016, 26, (C), 31-44 View citations (220)
   See also Working Paper Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies, NBER Working Papers (2013) View citations (129) (2013)

2015

2. Discussion of Cesa‐Bianchi, Cespedes, and Rebucci
   Journal of Money, Credit and Banking, 2015, 47, (S1), 337-342

2011

3. Pierre L. Siklos, Martin T. Bohl and Mark E. Wohar, Challenges in central banking: the current institutional environment and forces affecting monetary policy, Cambridge University Press (2010)
   Journal of International Economics, 2011, 83, (1), 93-94 View citations (2)

2010

4. Do Markets Care Who Chairs the Central Bank?
   Journal of Money, Credit and Banking, 2010, 42, (2-3), 347-371 View citations (29)
   See also Working Paper Do Markets Care Who Chairs the Central Bank?, Working Paper Series (2007) View citations (6) (2007)
5. Introduction
   The North American Journal of Economics and Finance, 2010, 21, (2), 107-109
6. Reinventing the Lender of Last Resort
   Japanese Economy, 2010, 37, (2), 3-22
7. The Fed's response to the financial crisis: Pages from the BOJ playbook, or a whole new ball game?
   Public Policy Review, 2010, 6, (3), 407-430 View citations (5)
8. Understanding the flattening Phillips curve
   The North American Journal of Economics and Finance, 2010, 21, (2), 110-125 View citations (79)
   See also Working Paper Understanding the Flattening Phillips Curve, RBA Research Discussion Papers (2008) View citations (18) (2008)
9. Victorian Financial Crises and their Implications for the Future
   Business Economics, 2010, 45, (2), 102-109 View citations (3)

2008

10. Commentary on \\"Assessing monetary policy effects using daily federal funds futures contracts\\"
    Review, 2008, 90, (Jul), 399-404

2005

11. Edwin M. Truman, Inflation Targeting in the World Economy, Institute for International Economics (2003)
    Journal of International Economics, 2005, 67, (1), 259-262 View citations (1)
12. What Explains the Stock Market's Reaction to Federal Reserve Policy?
    Journal of Finance, 2005, 60, (3), 1221-1257 View citations (1385)
    Also in Proceedings, 2003, (Mar) (2003) View citations (17)
    See also Working Paper What Explains the Stock Market's Reaction to Federal Reserve Policy?, NBER Working Papers (2004) View citations (46) (2004)

2004

13. Comments on "Price Stability and Japanese Monetary Policy."
    Monetary and Economic Studies, 2004, 22, (3), 37-46 View citations (3)
14. The difficulty of discerning what's too tight: Taylor rules and Japanese monetary policy
    The North American Journal of Economics and Finance, 2004, 15, (1), 53-74 View citations (25)
    See also Working Paper The Difficulty of Discerning What's Too Tight: Taylor Rules and Japanese Monetary Policy, Working Paper Series (2003) View citations (7) (2003)
15. The role of policy rules in inflation targeting
    Review, 2004, 86, (Jul), 89-112 View citations (34)

2002

16. Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks
    The Journal of Business, 2002, 75, (4), 559-81 View citations (173)
    See also Working Paper Are there "bank effects" in borrowers' costs of funds? Evidence from a matched sample of borrowers and banks, Staff Reports (1999) View citations (18) (1999)
17. Fiscal Policy Effectiveness in Japan
    Journal of the Japanese and International Economies, 2002, 16, (4), 536-558 View citations (51)
18. The monetary transmission mechanism: some answers and further questions
    Economic Policy Review, 2002, 8, (May), 15-26 View citations (70)

2001

19. Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks
    International Journal of Finance & Economics, 2001, 6, (4), 369-87 View citations (64)
    See also Working Paper Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks, Working Paper Series (2001) View citations (64) (2001)
20. Monetary policy surprises and interest rates: Evidence from the Fed funds futures market
    Journal of Monetary Economics, 2001, 47, (3), 523-544 View citations (1584)
    See also Working Paper Monetary policy surprises and interest rates: evidence from the Fed funds futures markets, Staff Reports (2000) View citations (31) (2000)
21. Personal on-line payments
    Economic Policy Review, 2001, (Dec), 35-50 View citations (8)
22. The Great Recession: Lessons for Macroeconomic Policy from Japan
    Brookings Papers on Economic Activity, 2001, 32, (2), 93-186 View citations (90)

1998

23. Indicator Properties Of The Paper-Bill Spread: Lessons From Recent Experience
    The Review of Economics and Statistics, 1998, 80, (1), 34-44 View citations (86)
    See also Working Paper Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences, NBER Working Papers (1994) View citations (1) (1994)

1997

24. Sources of New York employment fluctuations
    Economic Policy Review, 1997, 3, (Feb), 21-35 View citations (6)

1996

25. A Price Target for U.S. Monetary Policy? Lessons from the Experience with Money Growth Targets
    Brookings Papers on Economic Activity, 1996, 27, (1), 77-146 View citations (113)
    See also Working Paper A price target for U.S. monetary policy? Lessons from the experience with money growth targets, Working Paper Series, Macroeconomic Issues (1996) View citations (55) (1996)
26. Macroeconomic effects of employment reallocation
    Carnegie-Rochester Conference Series on Public Policy, 1996, 44, (1), 87-116 View citations (36)
    See also Working Paper Macroeconomic Effects of Employment Reallocation, RCER Working Papers (1996) View citations (36) (1996)
27. The Fed funds futures rate as a predictor of federal reserve policy
    Journal of Futures Markets, 1996, 16, (8), 865-879 View citations (108)
    See also Working Paper The Fed funds futures rate as a predictor of Federal Reserve policy, Working Paper Series, Macroeconomic Issues (1995) View citations (53) (1995)

1994

28. Does inflation reduce productivity?
    Economic Perspectives, 1994, 18, (Nov), 2-14 View citations (21)
29. Estimating Potential Output as a Latent Variable
    Journal of Business & Economic Statistics, 1994, 12, (3), 361-68 View citations (350)

1993

30. Another look at the evidence on money-income causality
    Journal of Econometrics, 1993, 57, (1-3), 189-203 View citations (67)
    See also Working Paper Another Look at the Evidence on Money-Income Causality, NBER Working Papers (1991) (1991)
31. Credit conditions and external finance: interpreting the behavior of financial flows and interest rate spreads
    Proceedings, 1993
32. Economic Activity and the Short-term Credit Markets: An Analysis of Prices and Quantities
    Brookings Papers on Economic Activity, 1993, 24, (2), 193-284 View citations (124)
    See also Working Paper Economic activity and the short-term credit markets: an analysis of prices and quantities, Working Paper Series, Macroeconomic Issues (1993) View citations (120) (1993)
33. Tracking Midwest manufacturing and productivity growth
    Economic Perspectives, 1993, 17, (Sep), 2-11

1992

34. Monetary policy with uncertain estimates of potential output
    Economic Perspectives, 1992, 16, (Jan), 2-15 View citations (38)
35. Money, Income, Prices, and Interest Rates
    American Economic Review, 1992, 82, (3), 472-92 View citations (362)
36. Time-Varying Risk Perceptions and the Pricing of Risky Assets
    Oxford Economic Papers, 1992, 44, (4), 566-98 View citations (12)
    See also Working Paper Time-Varying Risk Perceptions and the Pricing of Risky Assets, NBER Working Papers (1988) View citations (7) (1988)

1990

37. Inflation and the growth rate of money
    Economic Perspectives, 1990, 14, (Jan), 2-11 View citations (10)

Books

2014

1. Lessons from Decades Lost: Economic Challenges and Opportunities Facing Japan and the United States
   PIIE Briefings, Peterson Institute for International Economics View citations (2)

Chapters

2016

1. A comparison of liquidity management tools in seven Asian economies
   A chapter in Expanding the boundaries of monetary policy in Asia and the Pacific, 2016, vol. 88, pp 33-58 View citations (3)

2013

2. Low Interest Rates and Housing Bubbles: Still No Smoking Gun
   Chapter 8 in The Role of Central Banks in Financial Stability How Has It Changed?, 2013, pp 159-185 View citations (2)
   See also Working Paper Low Interest Rates and Housing Bubbles: Still No Smoking Gun, Department of Economics, Williams College (2012) (2012)

2012

3. Discussant remarks on Filipa Sá, Pascal Towbin and Tomasz Wieladek’s paper "Capital inflows,financial innovation and housing booms"
   A chapter in Property markets and financial stability, 2012, vol. 64, pp 76-82
4. Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit
   A chapter in Property Markets and Financial Stability, 2012 View citations (36)

2010

5. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
   Chapter 24 in Handbook of Monetary Economics, 2010, vol. 3, pp 1345-1438 View citations (47)
   See also Working Paper Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?, National Bureau of Economic Research, Inc (2010) View citations (30) (2010)

2008

6. Equity prices as leading indicators: the Asian experience
   A chapter in Financial market developments and their implications for monetary policy, 2008, vol. 39, pp 167-192

2004

7. A Snapshot of Inflation Targeting in its Adolescence
   A chapter in The Future of Inflation Targeting, 2004 View citations (38)

2002

8. The monetary transmission mechanism in the United States: some answers and further questions
   A chapter in Market functioning and central bank policy, 2002, vol. 12, pp 433-443 View citations (39)

1993

9. Why Does the Paper-Bill Spread Predict Real Economic Activity?
   A chapter in Business Cycles, Indicators, and Forecasting, 1993, pp 213-254 View citations (57)
   See also Working Paper Why Does the Paper-Bill Spread Predict Real Economic Activity?, National Bureau of Economic Research, Inc (1991) View citations (16) (1991)