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 55, issue Supplement 1, 2008

Central bank misperceptions and the role of money in interest-rate rules pp. S1-S17

Guenter Beck and Volker Wieland

Optimal monetary policy with distinct core and headline inflation rates pp. S18-S33

Martin Bodenstein, Christopher Erceg and Luca Guerrieri

Worldwide macroeconomic stability and monetary policy rules pp. S34-S47

James Bullard and Aarti Singh

Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy pp. S48-S62

Andrew Levin, David Lopez-Salido, Edward Nelson and Tack Yun

Taylor rules with real-time data: A tale of two countries and one exchange rate pp. S63-S79

Tanya Molodtsova, Alex Nikolsko-Rzhevskyy and David Papell

Learning, expectations formation, and the pitfalls of optimal control monetary policy pp. S80-S96

Athanasios Orphanides and John Williams

Minimally altruistic wages and unemployment in a matching model with monopsony pp. S97-S110

Julio Rotemberg

Examining the bond premium puzzle with a DSGE model pp. S111-S126

Glenn Rudebusch and Eric Swanson

Volume 55, issue 8, 2008

Are structural VARs with long-run restrictions useful in developing business cycle theory? pp. 1337-1352

Varadarajan Chari, Patrick Kehoe and Ellen McGrattan

Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004 pp. 1353-1362

Lee Ohanian, Andrea Raffo and Richard Rogerson

Financial globalization and monetary policy pp. 1363-1375

Michael Devereux and Alan Sutherland

Monetary conservatism and fiscal policy pp. 1376-1388

Klaus Adam and Roberto Billi

Monetary policy with signal extraction from the bond market pp. 1389-1400

Kristoffer Nimark

Optimal fiscal and monetary policy with costly wage bargaining pp. 1401-1414

David Arseneau and Sanjay Chugh

Bias in Federal Reserve inflation forecasts: Is the Federal Reserve irrational or just cautious? pp. 1415-1427

Carlos Capistrán

Optimal pricing of payment services pp. 1428-1440

Cyril Monnet and William Roberds

Consumer durables and risky borrowing: The effects of bankruptcy protection pp. 1441-1456

Marina Pavan

Volume 55, issue 7, 2008

Daily monetary policy shocks and new home sales pp. 1171-1190

James Hamilton

Forming priors for DSGE models (and how it affects the assessment of nominal rigidities) pp. 1191-1208

Marco Del Negro and Frank Schorfheide

Consumption and expected asset returns without assumptions about unobservables pp. 1209-1221

Karl Whelan

The extensive margin and monetary policy pp. 1222-1237

Paul Bergin and Giancarlo Corsetti

Firm dynamics, markup variations, and the business cycle pp. 1238-1252

Nir Jaimovich and Max Floetotto

Quantifying and sustaining welfare gains from monetary commitment pp. 1253-1276

Paul Levine, Peter McAdam and Joseph Pearlman

Optimal sustainable monetary policy pp. 1277-1289

Takushi Kurozumi

Deposit rate ceilings and monetary transmission in the US pp. 1290-1302

Karel Mertens

Convenient prices, currency, and nominal rigidity: Theory with evidence from newspaper prices pp. 1303-1316

Edward Knotek

Structural change, Engel's consumption cycles and Kaldor's facts of economic growth pp. 1317-1328

Reto Foellmi and Josef Zweimüller

Changes in risk and the demand for saving pp. 1329-1336

Louis Eeckhoudt and Harris Schlesinger

Volume 55, issue 6, 2008

Money, banking, and monetary policy pp. 1013-1024

Ping He, Lixin Huang and Randall Wright

Efficiency improvement from restricting the liquidity of nominal bonds pp. 1025-1037

Shouyong Shi

Monetary policy and distribution pp. 1038-1053

Stephen Williamson

A model of money with multilateral matching pp. 1054-1066

Manolis Galenianos and Philipp Kircher

Monetary policy in a channel system pp. 1067-1080

Aleksander Berentsen and Cyril Monnet

International evidence on fiscal solvency: Is fiscal policy "responsible"? pp. 1081-1093

Enrique Mendoza and Jonathan Ostry

The fiscal role of conscription in the U.S. World War II effort pp. 1094-1112

Henry Siu

High exchange-rate volatility and low pass-through pp. 1113-1128

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

Nontraded goods, market segmentation, and exchange rates pp. 1129-1142

Michael Dotsey and Margarida Duarte

On the cyclical behavior of employment, unemployment and labor force participation pp. 1143-1157

Marcelo Veracierto

Endogenous TFP and cross-country income differences pp. 1158-1170

Juan Cordoba and Marla Ripoll

Volume 55, issue 5, 2008

Resuscitating the wage channel in models with unemployment fluctuations pp. 865-887

Kai Christoffel and Keith Kuester

The determination of weekly hours of work: A comment on Christoffel and Kuester's "Resuscitating the wage channel in models with unemployment fluctuations" pp. 888-891

Julio Rotemberg

Inflation dynamics with search frictions: A structural econometric analysis pp. 892-916

Michael Krause, David Lopez-Salido and Thomas Lubik

Comment on: "Inflation dynamics with search frictions: A structural econometric analysis" by Krause, Lopez-Salido and Lubik pp. 917-920

Miguel Casares

New Keynesian perspectives on labor market dynamics pp. 921-930

Tommy Sveen and Lutz Weinke

Comment on: "New Keynesian perspectives on labor market dynamics" by Tommy Sveen and Lutz Weinke pp. 931-935

Robert Shimer

Search and matching frictions and optimal monetary policy pp. 936-956

Carlos Thomas

Comments on: "Search and matching frictions and optimal monetary policy" pp. 957-960

Ester Faia

Aggregate implications of indivisible labor, incomplete markets, and labor market frictions pp. 961-979

Per Krusell, Toshihiko Mukoyama, Richard Rogerson and Aysegul Sahin

Discussion of "Aggregate implications of indivisible labor, incomplete markets, and labor-market frictions" by Per Krusell, Toshihiko Mukoyama, Richard Rogerson, and Aysegul Sahin pp. 980-982

Robert Hall

Monetary policy under uncertainty in an estimated model with labor market frictions pp. 983-1006

Luca Sala, Ulf Söderström and Antonella Trigari

Comment on: "Monetary policy under uncertainty in an estimated model with labor market frictions" by Luca Sala, Ulf Söderström, and Antonella Trigari pp. 1007-1010

Frank Schorfheide

Volume 55, issue 4, 2008

Nowcasting: The real-time informational content of macroeconomic data pp. 665-676

Domenico Giannone, Lucrezia Reichlin and David Small

Futures prices as risk-adjusted forecasts of monetary policy pp. 677-691

Monika Piazzesi and Eric Swanson

On the optimal timing of capital taxes pp. 692-709

John Hassler, Per Krusell, Kjetil Storesletten and Fabrizio Zilibotti

Fiscal hedging with nominal assets pp. 710-727

Hanno Lustig, Christopher Sleet and Sevin Yeltekin

Asymmetric price adjustment in the small pp. 728-737

Haipeng (Allan) Chen, Daniel Levy, Sourav Ray and Mark Bergen

The brevity and violence of contractions and expansions pp. 738-751

Alisdair McKay and Ricardo Reis

Default, insurance, and debt over the life-cycle pp. 752-774

Kartik Athreya

Trade, production sharing, and the international transmission of business cycles pp. 775-795

Ariel Burstein, Christopher Kurz and Linda Tesar

Eyes on the prize: How did the fed respond to the stock market? pp. 796-805

Jeffrey Fuhrer and Geoffrey Tootell

Using private forecasts to estimate the effects of monetary policy pp. 806-824

Aditi Thapar

Federal reserve policy viewed through a money supply lens pp. 825-834

Ibrahim Chowdhury and Andreas Schabert

The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's "Who was Milton Friedman?" pp. 835-856

Edward Nelson and Anna Schwartz

Response to Nelson and Schwartz pp. 857-860

Paul Krugman

Rejoinder to Paul Krugman pp. 861-862

Edward Nelson and Anna Schwartz

Volume 55, issue 3, 2008

Perfectly competitive innovation pp. 435-453

Michele Boldrin and David Levine

The market price of risk and the equity premium: A legacy of the Great Depression? pp. 454-476

Timothy Cogley and Thomas Sargent

Can perpetual learning explain the forward-premium puzzle? pp. 477-490

Avik Chakraborty and George Evans

Unconditionally optimal monetary policy pp. 491-500

Tatiana Damjanovic, Vladislav Damjanovic and Charles Nolan

Insurance and opportunities: A welfare analysis of labor market risk pp. 501-525

Jonathan Heathcote, Kjetil Storesletten and Giovanni Violante

How people pay: Evidence from grocery store data pp. 526-541

Elizabeth Klee

Risk and concentration in payment and securities settlement systems pp. 542-553

David Mills and Travis Nesmith

Liquidity-saving mechanisms pp. 554-567

Antoine Martin and James McAndrews

Financial constraints on investment in an emerging market crisis pp. 568-591

Garrick Blalock, Paul J. Gertler and David Levine

Discrete devaluations and multiple equilibria in a first generation model of currency crises pp. 592-605

Fernando Broner

Can trade costs explain why exchange rate volatility does not feed into consumer prices? pp. 606-628

Doireann Fitzgerald

Persistence in law of one price deviations: Evidence from micro-data pp. 629-644

Mario Crucini and Mototsugu Shintani

Real exchange rate fluctuations, endogenous tradability and exchange rate regimes pp. 645-663

Kanda Naknoi

Volume 55, issue 2, 2008

The future of social security pp. 197-218

Martin Gonzalez-Eiras and Dirk Niepelt

Nobody's business but my own: Self-employment and small enterprise in economic development pp. 219-233

Douglas Gollin

Agriculture and aggregate productivity: A quantitative cross-country analysis pp. 234-250

Diego Restuccia, Dennis Yang and Xiaodong Zhu

Credit and identity theft pp. 251-264

Charles Kahn and William Roberds

Commitment, banks and markets pp. 265-277

Gaetano Antinolfi and Suraj Prasad

The effect of financial repression and enforcement on entrepreneurship and economic development pp. 278-297

António Antunes, Tiago Cavalcanti and Anne Villamil

The welfare cost of bank capital requirements pp. 298-320

Skander Van den Heuvel

Banks and markets in a monetary economy pp. 321-334

Gaetano Antinolfi and Enrique Kawamura

The pricing effect of certification on syndicated loans pp. 335-349

Dario Focarelli, Alberto Pozzolo and Luca Casolaro

U.S. inequality: Debt constraints or incomplete asset markets? pp. 350-364

Juan Cordoba

Dynamic pricing and imperfect common knowledge pp. 365-382

Kristoffer Nimark

Steady-state equilibrium with state-dependent pricing pp. 383-405

Andrew John and Alexander Wolman

Are inflation expectations rational? pp. 406-422

David Andolfatto, Scott Hendry and Kevin Moran

Volatile and persistent real exchange rates with or without sticky prices pp. 423-433

Michael Moore and Maurice Roche

Volume 55, issue 1, 2008

Optimal human capital policies pp. 1-16

Radim Bohacek and Marek Kapicka

Comment on: "Optimal human capital policies" by Bohacek and Kapicka pp. 17-20

Borys Grochulski

Optimal savings distortions with recursive preferences pp. 21-42

Emmanuel Farhi and Iván Werning

Comment on: "Optimal saving distortions with recursive preferences" by Emmanuel Fahri and Iván Werning pp. 43-47

Fabrizio Perri

Taxes and the global allocation of capital pp. 48-61

David Backus, Espen Henriksen and Kjetil Storesletten

Comment on: "Taxes and the global allocation of capital" by Backus, Henriksen and Storesletten pp. 62-64

Peter Rupert

Altruism, incomplete markets, and tax reform pp. 65-90

Luisa Fuster, Ayse Imrohoroglu and Selahattin Imrohoroglu

Comment on: "Altruism, incomplete markets, and tax reform" by Fuster, Imrohoroglu and Imrohoroglu pp. 91-97

Arpad Abraham

Taxes, benefits, and careers: Complete versus incomplete markets pp. 98-125

Lars Ljungqvist and Thomas Sargent

Comment on: "Taxes, benefits, careers, and markets" by Lars Ljungqvist and Thomas J. Sargent pp. 126-128

Ri­os-Rull, José-Vi­ctor

Politically credible social insurance pp. 129-151

Christopher Sleet and Sevin Yeltekin

Comment on: "Politically sustainable social insurance" by C. Sleet and S. Yeltekin pp. 152-158

Marina Azzimonti

Markets versus governments pp. 159-189

Daron Acemoglu, Mikhail Golosov and Aleh Tsyvinski

Comment on: "Markets versus Governments" by Acemoglu, Golosov and Tsyvinski pp. 190-195

Stefania Albanesi