Details about Thomas Laubach

This author is deceased (2020-09-02).

Access statistics for papers by Thomas Laubach.

Last updated 2025-07-22. Update your information in the RePEc Author Service.

Short-id: pla255

Working Papers

2023

1. Measuring the Natural Rate of Interest after COVID-19
   Staff Reports, Federal Reserve Bank of New York View citations (11)

2020

2. Macroeconomic Effects of Large-Scale Asset Purchases: New Evidence
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (10)
3. The Federal Reserve’s Review of Its Monetary Policy Framework: A Roadmap
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) View citations (6)

2016

4. Financial Stability and Optimal Interest-Rate Policy
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (86)
   See also Journal Article Financial Stability and Optimal Interest Rate Policy, International Journal of Central Banking, International Journal of Central Banking (2019) View citations (36) (2019)
5. Measuring the Natural Rate of Interest Redux
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (109)
   Also in Working Paper Series, Federal Reserve Bank of San Francisco (2015) View citations (40)
6. Measuring the Natural Rate of Interest: International Trends and Determinants
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (124)
   Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2016) View citations (99)
   See also Journal Article Measuring the natural rate of interest: International trends and determinants, Journal of International Economics, Elsevier (2017) View citations (575) (2017)
   Chapter Measuring the Natural Rate of Interest: International Trends and Determinants, NBER Chapters, National Bureau of Economic Research, Inc (2016) View citations (185) (2016)

2015

7. The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (43)

2014

8. Optimal-Control Monetary Policy in the FRB/US Model
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) View citations (6)
9. The FRB/US Model: A Tool for Macroeconomic Policy Analysis
   FEDS Notes, Board of Governors of the Federal Reserve System (U.S.) View citations (39)

2013

10. The Expectations-Driven U.S. Current Account
    VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order, Verein für Socialpolitik / German Economic Association View citations (1)
    Also in Discussion Papers, Deutsche Bundesbank (2013) View citations (5)
    See also Journal Article The Expectations-driven US Current Account, The Economic Journal, Royal Economic Society (2019) View citations (4) (2019)

2012

11. Trend growth expectations and US house prices before and after the crisis
    Discussion Papers, Deutsche Bundesbank View citations (18)
    See also Journal Article Trend growth expectations and U.S. house prices before and after the crisis, Journal of Economic Behavior & Organization, Elsevier (2012) View citations (15) (2012)

2011

12. Fiscal Sustainability, Default Risk and Euro Area Sovereign Bond Spreads Markets
    Working papers, Banque de France View citations (67)
13. Long-run growth expectations and "global imbalances"
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (7)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2011) View citations (5)

2008

14. WELFARE-MAXIMIZING MONETARY POLICY UNDER PARAMETER UNCERTAINTY
    CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University View citations (4)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2007) View citations (2)
    2007 Meeting Papers, Society for Economic Dynamics (2007) View citations (2)
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2007) View citations (2)
    See also Journal Article Welfare-maximizing monetary policy under parameter uncertainty, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2010) View citations (19) (2010)

2007

15. Learning and the Role of Macroeconomic Factors in the Term Structure of Interest Rates
    2007 Meeting Papers, Society for Economic Dynamics View citations (19)

2006

16. Macroeconomic factors in the term structure of interest rates when agents learn
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (1)

2005

17. Fiscal Relations Across Levels of Government in the United States
    OECD Economics Department Working Papers, OECD Publishing View citations (5)
18. Product Market Competition and Economic Performance in Iceland
    OECD Economics Department Working Papers, OECD Publishing View citations (2)

2004

19. Learning and Shifts in Long-Run Growth
    Computing in Economics and Finance 2004, Society for Computational Economics View citations (27)
20. Learning and Shifts in Trend Growth
    2004 Meeting Papers, Society for Economic Dynamics
21. Learning and shifts in long-run productivity growth
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations (84)
    See also Journal Article Learning and shifts in long-run productivity growth, Journal of Monetary Economics, Elsevier (2007) View citations (89) (2007)

2003

22. New evidence on the interest rate effects of budget deficits and debt
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (108)
    See also Journal Article New Evidence on the Interest Rate Effects of Budget Deficits and Debt, Journal of the European Economic Association, MIT Press (2009) View citations (358) (2009)
23. The Optimal Monetary Policy Response to Shifts in Trend MFP Growth: A DGE Analysis
    Computing in Economics and Finance 2003, Society for Computational Economics View citations (1)
24. The responses of wages and prices to technology shocks
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (9)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2003) View citations (47)

2002

25. Implications of habit formation for optimal monetary policy
    BIS Working Papers, Bank for International Settlements View citations (5)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2001) View citations (18)
    See also Journal Article Implications of habit formation for optimal monetary policy, Journal of Monetary Economics, Elsevier (2004) View citations (123) (2004)
26. Rule-of-thumb behaviour and monetary policy
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (6)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2001) View citations (3)
    See also Journal Article Rule-of-thumb behaviour and monetary policy, European Economic Review, Elsevier (2003) View citations (153) (2003)

2001

27. Measuring the Natural Rate of Interest
    Computing in Economics and Finance 2001, Society for Computational Economics View citations (55)
    Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2001) View citations (47)
    See also Journal Article Measuring the Natural Rate of Interest, The Review of Economics and Statistics, MIT Press (2003) View citations (781) (2003)

2000

28. Forecast-based monetary policy
    BIS Working Papers, Bank for International Settlements View citations (1)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (1999) View citations (9)
29. MONETARY POLICY IN AN ESTIMATED OPTIMIZATION-BASED MODEL WITH STICKY PRICES AND WAGES
    Computing in Economics and Finance 2000, Society for Computational Economics View citations (3)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (1999) View citations (10)
    BIS Working Papers, Bank for International Settlements (2000) View citations (8)

1997

30. Disciplined Discretion: Monetary Targeting in Germany and Switzerland
    Princeton Essays in International Economics, International Economics Section, Departement of Economics Princeton University, View citations (34)
31. Disciplined discretion: the German and Swiss monetary targeting frameworks in operation
    Research Paper, Federal Reserve Bank of New York View citations (18)
32. Measuring the NAIRU: evidence from seven economies
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (14)
    See also Journal Article Measuring The NAIRU: Evidence From Seven Economies, The Review of Economics and Statistics, MIT Press (2001) View citations (157) (2001)
33. Some comparative evidence on the effectiveness of inflation targeting
    Research Paper, Federal Reserve Bank of New York View citations (26)

Journal Articles

2019

1. Financial Stability and Optimal Interest Rate Policy
   International Journal of Central Banking, 2019, 15, (1), 279-326 View citations (36)
   See also Working Paper Financial Stability and Optimal Interest-Rate Policy, Finance and Economics Discussion Series (2016) View citations (86) (2016)
2. The Expectations-driven US Current Account
   The Economic Journal, 2019, 129, (618), 897-924 View citations (4)
   See also Working Paper The Expectations-Driven U.S. Current Account, VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order (2013) View citations (1) (2013)

2017

3. Measuring the natural rate of interest: International trends and determinants
   Journal of International Economics, 2017, 108, (S1), S59-S75 View citations (575)
   See also Working Paper Measuring the Natural Rate of Interest: International Trends and Determinants, Working Paper Series (2016) View citations (124) (2016)
   Chapter Measuring the Natural Rate of Interest: International Trends and Determinants, NBER Chapters, 2016 (2016) View citations (185) (2016)

2012

4. Trend growth expectations and U.S. house prices before and after the crisis
   Journal of Economic Behavior & Organization, 2012, 83, (3), 394-409 View citations (15)
   See also Working Paper Trend growth expectations and US house prices before and after the crisis, Discussion Papers (2012) View citations (18) (2012)

2011

5. Fiscal Policy and Interest Rates: The Role of Sovereign Default Risk
   NBER International Seminar on Macroeconomics, 2011, 7, (1), 7 - 30 View citations (11)
   See also Chapter Fiscal Policy and Interest Rates: The Role of Sovereign Default Risk, NBER Chapters, 2010, 7-29 (2010) View citations (13) (2010)

2010

6. Welfare-maximizing monetary policy under parameter uncertainty
   Journal of Applied Econometrics, 2010, 25, (1), 129-143 View citations (19)
   Also in Proceedings, 2007 (2007) View citations (6)
   Journal of Applied Econometrics, 2010, 25, (1), 129-143 (2010) View citations (8)
   See also Working Paper WELFARE-MAXIMIZING MONETARY POLICY UNDER PARAMETER UNCERTAINTY, CAMA Working Papers (2008) View citations (4) (2008)

2009

7. New Evidence on the Interest Rate Effects of Budget Deficits and Debt
   Journal of the European Economic Association, 2009, 7, (4), 858-885 View citations (358)
   See also Working Paper New evidence on the interest rate effects of budget deficits and debt, Finance and Economics Discussion Series (2003) View citations (108) (2003)

2007

8. Learning and shifts in long-run productivity growth
   Journal of Monetary Economics, 2007, 54, (8), 2421-2438 View citations (89)
   See also Working Paper Learning and shifts in long-run productivity growth, Working Paper Series (2004) View citations (8) (2004)

2006

9. Wood, A history of central banking in Great Britain and the United States
   Journal of International Economics, 2006, 70, (2), 508-512

2004

10. Implications of habit formation for optimal monetary policy
    Journal of Monetary Economics, 2004, 51, (2), 305-325 View citations (123)
    See also Working Paper Implications of habit formation for optimal monetary policy, BIS Working Papers (2002) View citations (5) (2002)

2003

11. Estimation and control of an optimization-based model with sticky prices and wages
    Journal of Economic Dynamics and Control, 2003, 27, (7), 1181-1215 View citations (152)
12. Measuring the Natural Rate of Interest
    The Review of Economics and Statistics, 2003, 85, (4), 1063-1070 View citations (781)
    See also Working Paper Measuring the Natural Rate of Interest, Computing in Economics and Finance 2001 (2001) View citations (55) (2001)
13. Rule-of-thumb behaviour and monetary policy
    European Economic Review, 2003, 47, (5), 791-831 View citations (153)
    See also Working Paper Rule-of-thumb behaviour and monetary policy, Finance and Economics Discussion Series (2002) View citations (6) (2002)
14. Signalling commitment with monetary and inflation targets
    European Economic Review, 2003, 47, (6), 985-1009 View citations (12)

2001

15. Measuring The NAIRU: Evidence From Seven Economies
    The Review of Economics and Statistics, 2001, 83, (2), 218-231 View citations (157)
    See also Working Paper Measuring the NAIRU: evidence from seven economies, Research Working Paper (1997) View citations (14) (1997)

2000

16. The role of forecasts in monetary policy
    Economic Review, 2000, 85, (Q II), 21-32 View citations (1)

1999

17. The value of interest rate smoothing: how the private sector helps the Federal Reserve
    Economic Review, 1999, 84, (Q III), 47-64 View citations (56)

Chapters

2016

1. Measuring the Natural Rate of Interest: International Trends and Determinants
   A chapter in NBER International Seminar on Macroeconomics 2016, 2016 View citations (185)
   See also Working Paper Measuring the Natural Rate of Interest: International Trends and Determinants, Federal Reserve Bank of San Francisco (2016) View citations (124) (2016)
   Journal Article Measuring the natural rate of interest: International trends and determinants, Elsevier (2017) View citations (575) (2017)

2010

2. Fiscal Policy and Interest Rates: The Role of Sovereign Default Risk
   A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 7-29 View citations (13)
   See also Journal Article Fiscal Policy and Interest Rates: The Role of Sovereign Default Risk, University of Chicago Press (2011) View citations (11) (2011)