Journal of Monetary Economics

1975 - 2025

Continuation of Carnegie-Rochester Conference Series on Public Policy.

Current editor(s): R. G. King and C. I. Plosser

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Volume 58, issue 6, 2011

Are central banks' projections meaningful? pp. 537-550

Jordi Galí

Credit reallocation pp. 551-563

Ana María Herrera, Marek Kolar and Raoul Minetti

General-equilibrium effects of investment tax incentives pp. 564-577

Rochelle M. Edge and Jeremy B. Rudd

Nominal shocks in monopolistically competitive markets: An experiment pp. 578-589

Douglas Davis and Oleg Korenok

Relationship lending and the transmission of monetary policy pp. 590-600

Kinda Hachem

Financial crises and labor market turbulence pp. 601-615

Sangeeta Pratap and Erwan Quintin

Emerging market business cycles: Learning about the trend pp. 616-631

Emine Boz, Christian Daude and C. Bora Durdu

Which workers get insurance within the firm? pp. 632-645

David Lagakos and Guillermo Ordonez

Distributional dynamics under smoothly state-dependent pricing pp. 646-665

James Costain and Anton Nakov

Productivity growth, on-the-job search, and unemployment pp. 666-680

Hiroaki Miyamoto and Yuya Takahashi

Volume 58, issue 5, 2011

The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market pp. 415-431

Morten Bech and Elizabeth Klee

A model of liquidity hoarding and term premia in inter-bank markets pp. 436-447

Viral Acharya and David Skeie

Complexity, concentration and contagion pp. 453-470

Prasanna Gai, Andrew Haldane and Sujit Kapadia

Monetary policy and corporate default pp. 480-494

Harjoat Bhamra, Adlai Fisher and Lars-Alexander Kuehn

Did the Federal Reserve's MBS purchase program lower mortgage rates? pp. 498-514

Diana Hancock and Wayne Passmore

Securitization markets and central banking: An evaluation of the term asset-backed securities loan facility pp. 518-531

Sean Campbell, Daniel Covitz, William Nelson and Karen Pence

Volume 58, issue 4, 2011

The Laffer curve revisited pp. 305-327

Mathias Trabandt and Harald Uhlig

Sectoral Phillips curves and the aggregate Phillips curve pp. 328-344

Jean Imbs, Eric Jondeau and Florian Pelgrin

Business cycle measurement with some theory pp. 345-361

Fabio Canova and Matthias Paustian

Business cycle co-movement: Evidence from the Great Depression pp. 362-372

Gabriel Mathy and Christopher Meissner

Imperfect information, multiple shocks, and policy's signaling role pp. 373-386

Leon Berkelmans

Resources, innovation and growth in the global economy pp. 387-399

Pietro Peretto and Simone Valente

Plant-level nonconvex output adjustment and aggregate fluctuations pp. 400-414

Roman Šustek

Volume 58, issue 3, 2011

Payments and liquidity under adverse selection pp. 191-205

Guillaume Rocheteau

Customer markets and the welfare effects of monetary policy pp. 206-219

Johan Söderberg

Price setting in forward-looking customer markets pp. 220-233

Emi Nakamura and Jón Steinsson

Dynamic monetary–fiscal interactions and the role of monetary conservatism pp. 234-247

Stefan Niemann

Optimal disinflation in new Keynesian models pp. 248-261

Marcus Hagedorn

Did gold-standard adherence reduce sovereign capital costs? pp. 262-272

Ron Alquist and Benjamin Chabot

News shocks and business cycles pp. 273-289

Robert Barsky and Eric R. Sims

Aggregate real exchange rate persistence through the lens of sectoral data pp. 290-304

Laura Mayoral and María Gadea

Volume 58, issue 2, 2011

Gold rush fever in business cycles pp. 84-97

Paul Beaudry, Fabrice Collard and Franck Portier

Money and capital pp. 98-116

S. Boragan Aruoba, Christopher Waller and Randall Wright

Putty-clay technology and stock market volatility pp. 117-131

Francois Gourio

On the joint determination of fiscal and monetary policy pp. 132-145

Fernando Martin

Inattention, wealth inequality and equilibrium asset prices pp. 146-155

Daria Finocchiaro

Cointegrated TFP processes and international business cycles pp. 156-171

Pau Rabanal, Juan F Rubio-Ramirez and Vicente Tuesta

Production, hidden action, and the payment system pp. 172-182

Chao Gu, Mark Guzman and Joseph Haslag

Review of Allan H. Meltzer's A history of the Federal Reserve, Volume 2, University of Chicago Press, 2009 pp. 183-189

John Taylor

Volume 58, issue 1, 2011

Central banking in the credit turmoil: An assessment of Federal Reserve practice pp. 1-12

Marvin Goodfriend

Discussion of goodfriend pp. 13-16

Lee Ohanian

A model of unconventional monetary policy pp. 17-34

Mark Gertler and Peter Karadi

Discussion of Gertler and Karadi: A model of unconventional monetary policy pp. 35-38

Harold Cole

Politics and the Fed pp. 39-48

Allan Meltzer

Comment on: "Politics and the Fed" by Allan H. Meltzer pp. 49-53

Gregory D. Hess

The central-bank balance sheet as an instrument of monetarypolicy pp. 54-79

Vasco Cúrdia and Michael Woodford

Comment on: "The central-bank balance sheet as an instrument of monetary policy" pp. 80-82

Harris Dellas

Volume 57, issue 8, 2010

Asset prices and liquidity in an exchange economy pp. 913-930

Ricardo Lagos

Redistributive shocks and productivity shocks pp. 931-948

José-Víctor Ríos-Rull and Raül Santaeulàlia-Llopis

Taxes, transfers and employment in an incomplete markets model pp. 949-958

Jorge Alonso-Ortiz and Richard Rogerson

Labor-dependent capital income taxation pp. 959-974

Sagiri Kitao

House prices and risk sharing pp. 975-987

Dmytro Hryshko, Maria Luengo-Prado and Bent E. Sørensen

Measuring consumption smoothing in CEX data pp. 988-999

Martin Gervais and Paul Klein

Government investment and fiscal stimulus pp. 1000-1012

Eric Leeper, Todd Walker and Shu-Chun Yang

Productivity and unemployment over the business cycle pp. 1013-1025

Régis Barnichon

The paradox of interest rates of the Greenback Era: A reexamination pp. 1026-1037

Oleksandr Zhylyevskyy

Endogenous nominal rigidities and monetary policy pp. 1038-1048

Takeshi Kimura and Takushi Kurozumi

Intrinsic inflation persistence pp. 1049-1061

Kevin D. Sheedy

Volume 57, issue 7, 2010

Understanding gross worker flows across U.S. states pp. 769-784

Daniele Coen-Pirani

Wage-setting patterns and monetary policy: International evidence pp. 785-802

Giovanni Olivei and Silvana Tenreyro

Why do forecasters disagree? Lessons from the term structure of cross-sectional dispersion pp. 803-820

Andrew Patton and Allan Timmermann

In search of a theory of debt management pp. 821-836

Elisa Faraglia, Albert Marcet and Andrew Scott

The business cycle implications of reciprocity in labor relations pp. 837-850

Jean-Pierre Danthine and André Kurmann

Labor market search, the Taylor principle, and indeterminacy pp. 851-858

Takushi Kurozumi and Willem Van Zandweghe

Diseases, infection dynamics, and development pp. 859-872

Shankha Chakraborty, Chris Papageorgiou and Fidel Perez Sebastian

Non-performing loans, prospective bailouts, and Japan's slowdown pp. 873-890

Levon Barseghyan

How much do economists agree on financial reform? pp. 891-891

Robert G. King

The Squam Lake Report: Fifteen economists in search of financial reform pp. 892-902

Alan Blinder

The Squam Lake Report: Observations from two policy professionals pp. 903-912

Ron J. Feldman and Gary H. Stern

Volume 57, issue 6, 2010

Worker replacement pp. 623-636

Guido Menzio and Espen Moen

Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting pp. 637-652

Cesaire Meh, José-Víctor Ríos-Rull and Yaz Terajima

How robustness can lower the cost of discretion pp. 653-667

Richard Dennis

Uncertainty and currency crises: Evidence from survey data pp. 668-681

Alessandro Prati and Massimo Sbracia

The signaling role of policy actions pp. 682-695

Romain Baeriswyl and Camille Cornand

When do firms adjust prices? Evidence from micro panel data pp. 696-715

Sarah Lein

Micro and macro price dynamics in daily data pp. 716-728

Naohito Abe and Akiyuki Tonogi

Human capital risk in life-cycle economies pp. 729-738

Aarti Singh

The spirit of capitalism and expectation-driven business cycles pp. 739-752

Lilia Karnizova

The anatomy of growth in the OECD since 1870 pp. 753-767

Jakob Madsen

Volume 57, issue 5, 2010

Global effects of fiscal stimulus during the crisis pp. 506-526

Charles Freedman, Michael Kumhof, Douglas Laxton, Dirk Muir and Susanna Mursula

Comment on: "Global effects of fiscal stimulus during the crisis" by Charles Freedman, Michael Kumhof, Douglas Laxton, Dick Muir, Susanna Mursula pp. 527-530

John Taylor

Unemployment fiscal multipliers pp. 531-553

Tommaso Monacelli, Roberto Perotti and Antonella Trigari

Comment to "Unemployment Fiscal Multiplier" by Tommaso Monacelli, Roberto Perotti, and Antonella Trigari pp. 554-556

Monika Merz

How to reduce unemployment: A new policy proposal pp. 557-572

Roger Farmer

Discussion of "How to reduce unemployment: A new policy proposal" pp. 573-575

Richard Rogerson

Tax buyouts pp. 576-595

Marco Del Negro, Fabrizio Perri and Fabiano Schivardi

Discussion of "Tax buyouts" by M. Del Negro, F. Perri and F. Schivardi pp. 596-599

Christopher Sleet

"Unfunded liabilities" and uncertain fiscal financing pp. 600-619

Troy Davig, Eric Leeper and Todd Walker

Comment on: "Unfunded liabilities and uncertain fiscal financing" by Troy Davig, Eric M. Leeper, Todd B. Walker pp. 620-621

Kent Smetters

Volume 57, issue 4, 2010

The intertemporal capital asset pricing model with dynamic conditional correlations pp. 377-390

Turan G. Bali and Robert Engle

The great moderation in micro labor earnings pp. 391-403

John Sabelhaus and Jae Song

Banking panics and policy responses pp. 404-419

Huberto Ennis and Todd Keister

Could making banks hold only liquid assets induce bank runs? pp. 420-427

James Peck and Karl Shell

Liquidity, redistribution, and the welfare cost of inflation pp. 428-438

Jonathan Chiu and Miguel Molico

One or two monies? pp. 439-450

Mei Dong and Janet Hua Jiang

Monetary aggregates and the business cycle pp. 451-465

Roman Sustek

Real price and wage rigidities with matching frictions pp. 466-477

Keith Kuester

A structural decomposition of the U.S. trade balance: Productivity, demographics and fiscal policy pp. 478-490

Andrea Ferrero

The effect of low-wage import competition on U.S. inflationary pressure pp. 491-503

Raphael Auer and Andreas Fischer

Volume 57, issue 3, 2010

Volatility and growth: Credit constraints and the composition of investment pp. 246-265

Philippe Aghion, George-Marios Angeletos, Abhijit Banerjee and Kalina Manova

When is discretion superior to timeless perspective policymaking? pp. 266-277

Richard Dennis

Inflation and the stock market: Understanding the "Fed Model" pp. 278-294

Geert Bekaert and Eric Engstrom

Stickiness, synchronization, and passthrough in intrafirm trade prices pp. 295-308

Brent Neiman

Trade integration, competition, and the decline in exchange-rate pass-through pp. 309-324

Christopher Gust, Sylvain Leduc and Robert Vigfusson

Estimation of DSGE models when the data are persistent pp. 325-340

Yuriy Gorodnichenko and Serena Ng

Inference in models with adaptive learning pp. 341-351

Guillaume Chevillon, Michael Massmann and Sophocles Mavroeidis

Which bank is the "central" bank? pp. 352-363

Morten Bech, James Chapman and Rodney Garratt

Quantifying the risk-sharing welfare gains of social security pp. 364-375

Conny Olovsson

Volume 57, issue 2, 2010

Perfectly competitive bilateral exchange without discounting pp. 121-131

Edward Green and Ruilin Zhou

Investment shocks and business cycles pp. 132-145

Alejandro Justiniano, Giorgio Primiceri and Andrea Tambalotti

Production-based measures of risk for asset pricing pp. 146-163

Frederico Belo

Information, heterogeneity and market incompleteness pp. 164-174

Liam Graham and Stephen Wright

Import substitution and economic growth pp. 175-188

Mauro Rodrigues

Local identification in DSGE models pp. 189-202

Nikolay Iskrev

The dynamic effects of monetary policy: A structural factor model approach pp. 203-216

Mario Forni and Luca Gambetti

Credit frictions and the comovement between durable and non-durable consumption pp. 217-225

Vincent Sterk

Testing the transparency benefits of inflation targeting: Evidence from private sector forecasts pp. 226-232

Christopher Crowe

Unemployment as excess supply of labor: Implications for wage and price inflation pp. 233-243

Miguel Casares

Volume 57, issue 1, 2010

Credit crises, money and contractions: An historical view pp. 1-18

Michael Bordo and Joseph G. Haubrich

Comment on: "Bordo and Haubrich" pp. 19-23

Harold Cole

Financial globalization, financial crises and contagion pp. 24-39

Enrique Mendoza and Vincenzo Quadrini

Comment on: "Financial globalization, financial crises, and contagion" by Enrique G. Mendoza and Vincenzo Quadrini pp. 40-44

Gian Luca Clementi

Deposit insurance and money market freezes pp. 45-61

Max Bruche and Javier Suarez

Comment on "The Macroeconomics of Money Market Freezes" by Max Bruche and Javier Suarez pp. 62-63

Viral Acharya

Is mark-to-market accounting destabilizing? Analysis and implications for policy pp. 64-75

John C. Heaton, Deborah Lucas and Robert L. McDonald

Comment on: "Is mark-to-market accounting destablizing? Analysis and implications for policy" by John Heaton, Deborah Lucas and Robert McDonald pp. 76-77

Konstantin Milbradt

A model of a systemic bank run pp. 78-96

Harald Uhlig

Comment on: "A model of a systemic bank run" by Harald Uhlig pp. 97-100

Todd Keister

Optimal taxation in the presence of bailouts pp. 101-116

Stavros Panageas

Comment on: "Optimal taxation in the presence of bailouts" pp. 117-119

Rui Albuquerque