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 56, issue S, 2009

Monetary policy and aggregate volatility pp. S1-S18

Klaus Adam

Incomplete information, higher-order beliefs and price inertia pp. S19-S37

George-Marios Angeletos and La’O, Jennifer

Imperfect information and the business cycle pp. S38-S56

Fabrice Collard, Harris Dellas and Frank Smets

Setting the right prices for the wrong reasons pp. S57-S77

Christian Hellwig and Venky Venkateswaran

Sectoral price data and models of price setting pp. S78-S99

Bartosz Maćkowiak, Emanuel Moench and Mirko Wiederholt

Information-constrained state-dependent pricing pp. S100-S124

Michael Woodford

Volume 56, issue 8, 2009

A theory of growth and volatility at the aggregate and firm level pp. 1023-1042

Diego Comin and Sunil Mulani

Reevaluating the modernization hypothesis pp. 1043-1058

Daron Acemoglu, Simon Johnson, James Robinson and Pierre Yared

Productivity differences and the dynamic effects of labor movements pp. 1059-1073

Paul Klein and Gustavo Ventura

Employment protection, firm selection, and growth pp. 1074-1085

Markus Poschke

Endogenous tradability and some macroeconomic implications pp. 1086-1095

Paul Bergin and Reuven Glick

Inflation and labor market dynamics revisited pp. 1096-1100

Tommy Sveen and Lutz Weinke

Inflation determination with Taylor rules: Is new-Keynesian analysis critically flawed? pp. 1101-1108

Bennett McCallum

Can learnability save new-Keynesian models? pp. 1109-1113

John Cochrane

Rejoinder to Cochrane pp. 1114-1115

Bennett McCallum

Housing policy and the progressivity of income taxation pp. 1116-1134

Matthew Chambers, Carlos Garriga and Don E. Schlagenhauf

A quantitative assessment of the decline in the U.S. current account pp. 1135-1147

Kaiji Chen, Ayse Imrohoroglu and Selahattin Imrohoroglu

Volume 56, issue 7, 2009

The term structure of policy rules pp. 907-917

Josephine M. Smith and John Taylor

Data breaches and identity theft pp. 918-929

William Roberds and Stacey L. Schreft

Anticipated fiscal policy and adaptive learning pp. 930-953

George Evans, Seppo Honkapohja and Kaushik Mitra

Unemployment insurance with a hidden labor market pp. 954-967

Fernando Alvarez-Parra and Juan M. Sánchez

Financial sophistication and the distribution of the welfare cost of inflation pp. 968-978

Paola Boel and Gabriele Camera

Persistence of dollarization after price stabilization pp. 979-989

Veronica Rappoport

Macroeconomic interdependence and the international role of the dollar pp. 990-1003

Linda Goldberg and Cédric Tille

The welfare costs of expected and unexpected inflation pp. 1004-1013

Miquel Faig and Zhe Li

Monetary policy shocks, Choleski identification, and DNK models pp. 1014-1021

Charles Carlstrom, Timothy Fuerst and Matthias Paustian

Volume 56, issue 6, 2009

Let's take a break: Trends and cycles in US real GDP pp. 749-765

Pierre Perron and Tatsuma Wada

How sensitive are consumer expenditures to retail energy prices? pp. 766-779

Paul Edelstein and Lutz Kilian

Precautionary saving and the marginal propensity to consume out of permanent income pp. 780-790

Christopher Carroll

Income dispersion and counter-cyclical markups pp. 791-804

Chris Edmond and Laura Veldkamp

Intergenerational risk sharing and fiscal policy pp. 805-816

Henning Bohn

Bonds versus stocks: Investors' age and risk taking pp. 817-830

Turan G. Bali, K. Ozgur Demirtas, Haim Levy and Avner Wolf

The Great Inflation and the Greenbook pp. 831-841

Giacomo Carboni and Martin Ellison

Perhaps the 1970s FOMC did what it said it did pp. 842-855

Sharon Kozicki and Peter Tinsley

The great moderation of the term structure of UK interest rates pp. 856-871

Francesco Bianchi, Haroon Mumtaz and Paolo Surico

Macroeconomic releases and the interest rate term structure pp. 872-884

Biao Lu and Liuren Wu

Labor market reform and price stability: An application to the Euro Area pp. 885-899

Carlos Thomas and Francesco Zanetti

Monetary policy inertia: More a fiction than a fact? pp. 900-906

Agostino Consolo and Carlo Favero

Volume 56, issue 5, 2009

The alchemy of CDO credit ratings pp. 617-634

Efraim Benmelech and Jennifer Dlugosz

Discussion of Alchemy of CDO Ratings pp. 635-638

Adam Ashcraft

Interbank market liquidity and central bank intervention pp. 639-652

Franklin Allen, Elena Carletti and Douglas Gale

Comment on: "Interbank market liquidity and central bank intervention" pp. 653-656

Nobuhiro Kiyotaki

Rating the raters: Are reputation concerns powerful enough to discipline rating agencies? pp. 657-674

Jérôme Mathis, James McAndrews and Jean Rochet

Comment on "Rating the Raters" by Jérôme Mathis, James McAndrews, and Jean-Charles Rochet pp. 675-677

Dwight M. Jaffee

Ratings shopping and asset complexity: A theory of ratings inflation pp. 678-695

Vasiliki Skreta and Laura Veldkamp

Discussion of "Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation" pp. 696-699

Chester Spatt

Financial regulation and securitization: Evidence from subprime loans pp. 700-720

Benjamin Keys, Tanmoy Mukherjee, Amit Seru and Vikrant Vig

Comment on "Financial regulation and securitization: Evidence from subprime loans" by Benjamin Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig pp. 721-724

Skander Van den Heuvel

Moral hazard and adverse selection in the originate-to-distribute model of bank credit pp. 725-743

Antje Berndt and Anurag Gupta

Moral hazard and adverse selection in the originate-to-distribute model of bank credit pp. 744-747

Greg Duffee

Volume 56, issue 4, 2009

Back to square one: Identification issues in DSGE models pp. 431-449

Fabio Canova and Luca Sala

Measuring our ignorance, one book at a time: New indicators of technological change, 1909-1949 pp. 450-470

Michelle Alexopoulos and Jon Cohen

Credit market shocks and economic fluctuations: Evidence from corporate bond and stock markets pp. 471-493

Simon Gilchrist, Vladimir Yankov and Egon Zakrajšek

Exchange rate volatility and productivity growth: The role of financial development pp. 494-513

Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff

Has the CDS market lowered the cost of corporate debt? pp. 514-523

Adam Ashcraft and João A.C. Santos

Optimal consumption and asset allocation with unknown income growth pp. 524-534

Neng Wang

The high-frequency impact of news on long-term yields and forward rates: Is it real? pp. 535-544

Meredith Beechey and Jonathan Wright

A structural decomposition of the US yield curve pp. 545-559

Ferre De Graeve, Marina Emiris and Raf Wouters

What do technology shocks tell us about the New Keynesian paradigm? pp. 560-569

Bill Dupor, Jing Han and Yi-Chan Tsai

Ramsey monetary policy with labor market frictions pp. 570-581

Ester Faia

Optimal monetary policy in a [`]sudden stop' pp. 582-595

Fabio Braggion, Lawrence Christiano and Jorge Roldos

Financial shocks and the US business cycle pp. 596-604

Charles Nolan and Christoph Thoenissen

How strong is the macroeconomic case for downward real wage rigidity? pp. 605-615

Steinar Holden and Fredrik Wulfsberg

Volume 56, issue 3, 2009

A model in which monetary policy is about money pp. 283-288

Alexei Deviatov and Neil Wallace

Money, intermediation, and banking pp. 289-294

David Andolfatto and Ed Nosal

Secondary currency: An empirical analysis pp. 295-308

Mariana Colacelli and David J.H. Blackburn

Anticipated growth and business cycles in matching models pp. 309-327

Wouter J. Den Haan and Georg Kaltenbrunner

On the employment effects of productivity shocks: The role of inventories, demand elasticity, and sticky prices pp. 328-343

Yongsung Chang, Andreas Hornstein and Pierre-Daniel Sarte

Market share and price rigidity pp. 344-352

Isaac Kleshchelski and Nicolas Vincent

Trend inflation, wage and price rigidities, and productivity growth pp. 353-364

Robert Amano, Kevin Moran, Stephen Murchison and Andrew Rennison

How much inflation is necessary to grease the wheels? pp. 365-377

Jinill Kim and Francisco Ruge-Murcia

Is rising RTS a figment of poor data? pp. 378-389

Sten Hansen and Tomas Lindström

The irreversibility premium pp. 390-408

Bob Chirinko and Huntley Schaller

Crude substitution: The cyclical dynamics of oil prices and the skill premium pp. 409-418

Linnea Polgreen and Pedro Silos

Reconsidering the role of money for output, prices and interest rates pp. 419-430

Giovanni Favara and Paolo Giordani

Volume 56, issue 2, 2009

Revisiting the supply side effects of government spending pp. 137-153

George-Marios Angeletos and Vasia Panousi

Evaluating the economic significance of downward nominal wage rigidity pp. 154-169

Michael Elsby

Labor market dynamics under long-term wage contracting pp. 170-183

Leena Rudanko

The scarring effect of recessions pp. 184-199

Min Ouyang

Why did the average duration of unemployment become so much longer? pp. 200-209

Toshihiko Mukoyama and Aysegl Sahin

U.S. tax policy and health insurance demand: Can a regressive policy improve welfare? pp. 210-221

Karsten Jeske and Sagiri Kitao

Technological change and the households' demand for currency pp. 222-230

Francesco Lippi and Alessandro Secchi

Can aggregation explain the persistence of inflation? pp. 231-241

Filippo Altissimo, Benoit Mojon and Paolo Zaffaroni

New Keynesian models, durable goods, and collateral constraints pp. 242-254

Tommaso Monacelli

Money demand heterogeneity and the great moderation pp. 255-266

Pablo Guerron

Sovereign debt auctions: Uniform or discriminatory? pp. 267-274

Menachem Brenner, Dan Galai and Orly Sade

Identifying the interdependence between US monetary policy and the stock market pp. 275-282

Hilde Bjørnland and Kai Leitemo

Volume 56, issue 1, 2009

Welfare implications of the transition to high household debt pp. 1-16

Jeffrey Campbell and Zvi Hercowitz

Comment on: "Welfare implications of the transition to high household debt" by Campbell and Hercowitz pp. 17-19

Anthony A. Smith

Heterogeneous life-cycle profiles, income risk and consumption inequality pp. 20-39

Giorgio Primiceri and Thijs van Rens

Discussion of "Heterogeneous life-cycle profiles, income risk and consumption inequality" by Giorgio Primiceri and Thijs van Rens pp. 40-42

Jonathan Heathcote

Politico-economic consequences of rising wage inequality pp. 43-61

P. Dean Corbae, Pablo D'Erasmo and Burhanettin Kuruscu

Comment on: "Politico economic consequences of raising wage inequality" by Corbae, D'Erasmo and Kuruscu pp. 62-65

Vincenzo Quadrini

Measuring the distribution of material well-being: U.S. trends pp. 66-78

Clayne Pope

Discussion of Clayne Pope's "Measuring the distribution of material well-being: US trends" pp. 79-82

Mark Aguiar

Unsecured credit markets are not insurance markets pp. 83-103

Kartik Athreya, Xuan Tam and Eric Young

Comment on: "Unsecured credit markets are not insurance markets" by Kartik Athreya, Xuan S. Tam and Eric R. Young pp. 104-108

Fabrizio Perri

Turbulent firms, turbulent wages? pp. 109-133

Diego Comin, Erica Groshen and Bess Rabin

Comment on: "Turbulent firms, turbulent wages?" by Comin, Groshen, and Rabin pp. 134-136

Luigi Pistaferri