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 54, issue Supplement 1, 2007

Investment spikes: New facts and a general equilibrium exploration pp. 1-22

Francois Gourio and Anil Kashyap

Lumpy investment, sticky prices, and the monetary transmission mechanism pp. 23-36

Tommy Sveen and Lutz Weinke

Aggregate shocks or aggregate information? Costly information and business cycle comovement pp. 37-55

Laura Veldkamp and Justin Wolfers

Search frictions: Matching aggregate and establishment observations pp. 56-78

Russell Cooper, John Haltiwanger and Jonathan Willis

Sticky information and sticky prices pp. 79-99

Pete Klenow and Jonathan Willis

Price stickiness in Ss models: New interpretations of old results pp. 100-121

Ricardo Caballero and Eduardo Engel

Volume 54, issue 8, 2007

Understanding European unemployment with matching and search-island models pp. 2139-2179

Lars Ljungqvist and Thomas Sargent

Understanding European unemployment with a representative family model pp. 2180-2204

Lars Ljungqvist and Thomas Sargent

Risk and wealth in a model of self-fulfilling currency attacks pp. 2205-2230

Bernardo Guimaraes and Stephen Morris

International price dispersion in state-dependent pricing models pp. 2231-2250

Virgiliu Midrigan

Intergenerational risksharing and equilibrium asset prices pp. 2251-2268

John Campbell and Yves Nosbusch

A generalized volatility bound for dynamic economies pp. 2269-2290

Christopher Otrok, B Ravikumar and Charles Whiteman

The U.S. Treasury yield curve: 1961 to the present pp. 2291-2304

Refet Gürkaynak, Brian Sack and Jonathan Wright

A leisurely reading of the life-cycle consumption data pp. 2305-2320

James Bullard and James Feigenbaum

The Phillips curve under state-dependent pricing pp. 2321-2345

Hasan Bakhshi, Hashmat Khan and Barbara Rudolf

Expenditure switching versus real exchange rate stabilization: Competing objectives for exchange rate policy pp. 2346-2374

Michael Devereux and Charles Engel

Transfer problem dynamics: Macroeconomics of the Franco-Prussian war indemnity pp. 2375-2398

Michael Devereux and Gregor W. Smith

On the need for fiscal constraints in a monetary union pp. 2399-2408

Varadarajan Chari and Patrick Kehoe

Financial crises and political crises pp. 2409-2420

Roberto Chang

Learning and shifts in long-run productivity growth pp. 2421-2438

Rochelle M. Edge, Thomas Laubach and John Williams

Identifying the influences of nominal and real rigidities in aggregate price-setting behavior pp. 2439-2466

Günter Coenen, Andrew Levin and Kai Christoffel

Trend breaks, long-run restrictions, and contractionary technology improvements pp. 2467-2485

John Fernald

Optimal learning and new technology bubbles pp. 2486-2511

Timothy C. Johnson

External shocks, U.S. monetary policy and macroeconomic fluctuations in emerging markets pp. 2512-2520

Bartosz Maćkowiak

Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries pp. 2521-2533

Shu Lin and Haichun Ye

Technology shocks and labor market dynamics: Some evidence and theory pp. 2534-2553

Zheng Liu and Louis Phaneuf

Taxation and the Taylor principle pp. 2554-2567

Rochelle M. Edge and Jeremy B. Rudd

Optimal monetary policy under low trend inflation pp. 2568-2583

Guido Ascari and Tiziano Ropele

Bank capital, firm liquidity, and project quality pp. 2584-2594

Raoul Minetti

The price and quantity of residential land in the United States pp. 2595-2620

Morris Davis and Jonathan Heathcote

Incomplete markets, labor supply and capital accumulation pp. 2621-2635

Albert Marcet, Francesc Obiols-Homs and Philippe Weil

Bargaining and the value of money pp. 2636-2655

S. Boragan Aruoba, Guillaume Rocheteau and Christopher Waller

New or used? Investment with credit constraints pp. 2656-2681

Andrea Eisfeldt and Adriano Rampini

Volume 54, issue 7, 2007

Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint? pp. 1837-1847

Henning Bohn

Growth and volatility pp. 1848-1862

Jean Imbs

Euler equations and money market interest rates: A challenge for monetary policy models pp. 1863-1881

Matthew Canzoneri, Robert Cumby and Behzad Diba

An equilibrium model of wealth distribution pp. 1882-1904

Neng Wang

Anonymous markets and monetary trading pp. 1905-1928

C. D. Aliprantis, Gabriele Camera and Daniela Puzzello

Aggregate uncertainty, money and banking pp. 1929-1948

Hongfei Sun

Inflation and productive activity in a multiple-matching model of money pp. 1949-1961

Derek Laing, Victor E. Li and Ping Wang

99 Luftballons: Monetary policy and the house price boom across U.S. states pp. 1962-1985

Marco Del Negro and Christopher Otrok

Economic determinants of the nominal treasury yield curve pp. 1986-2003

Charles Evans and David Marshall

Inflation dynamics: A cross-country investigation pp. 2004-2031

Pengfei Wang and Yi Wen

Estimating the frequency of price re-optimization in Calvo-style models pp. 2032-2047

Martin Eichenbaum and Jonas Fisher

Vector autoregressions and reduced form representations of DSGE models pp. 2048-2064

Federico Ravenna

Expectations, learning and macroeconomic persistence pp. 2065-2082

Fabio Milani

Monetary policy under model and data-parameter uncertainty pp. 2083-2101

Gino Cateau

Financing constraints, irreversibility, and investment dynamics pp. 2102-2130

Andrea Caggese

Consumption-leisure nonseparabilities in asset market participants' preferences pp. 2131-2138

Kris Jacobs

Volume 54, issue 6, 2007

Firm balance sheets and monetary policy transmission pp. 1515-1528

Adam Ashcraft and Murillo Campello

On the aggregate welfare cost of Great Depression unemployment pp. 1529-1544

Satyajit Chatterjee and P. Dean Corbae

Why does capital structure choice vary with macroeconomic conditions? pp. 1545-1564

Amnon Levy and Christopher Hennessy

Managing the maturity structure of government debt pp. 1565-1571

Yongseok Shin

Smoothing with liquid and illiquid assets pp. 1572-1586

Andrea Eisfeldt

Monetary policy, taxes, and the business cycle pp. 1587-1611

William Gavin, Finn Kydland and Michael Pakko

On optimal unemployment compensation pp. 1612-1630

Nicola Pavoni

The expectations theory works for monetary policy shocks pp. 1631-1643

Jennifer E. Roush

Time-to-build, time-to-plan, habit-persistence, and the liquidity effect pp. 1644-1669

Rochelle M. Edge

Tracking the new economy: Using growth theory to detect changes in trend productivity pp. 1670-1701

James Kahn and Robert Rich

Optimal simple and implementable monetary and fiscal rules pp. 1702-1725

Stephanie Schmitt-Grohe and Martín Uribe

General equilibrium analysis of the Eaton-Kortum model of international trade pp. 1726-1768

Fernando Alvarez and Robert Lucas

Interest rate derivatives at commercial banks: An empirical investigation pp. 1769-1808

Amiyatosh Purnanandam

Optimal inflation persistence: Ramsey taxation with capital and habits pp. 1809-1836

Sanjay Chugh

Volume 54, issue 5, 2007

Inflation persistence: Alternative interpretations and policy implications pp. 1311-1339

Argia M. Sbordone

Comment on Argia M. Sbordone "Inflation persistence: Alternative interpretations and policy implications" pp. 1340-1343

Kenneth West

Reconsidering the natural rate hypothesis in a New Keynesian framework pp. 1344-1365

Andrew Levin and Tack Yun

Comment on: "Reconsidering the natural rate hypothesis in a new Keynesian framework," by Andrew Levin and Tack Yun pp. 1366-1371

Alexander Wolman

Simple versus optimal rules as guides to policy pp. 1372-1396

William Brock, Steven Durlauf, James Nason and Giacomo Rondina

On the robustness of simple and optimal monetary policy rules pp. 1397-1405

Robert Tetlow

Robust monetary policy with imperfect knowledge pp. 1406-1435

Athanasios Orphanides and John Williams

Comments on Orphanides and Williams' "Robust monetary policy" pp. 1436-1440

James Bullard

Maintaining low inflation: Money, interest rates, and policy stance pp. 1441-1471

Samuel Reynard

Comment on: Samuel Reynard, "Maintaining low inflation: Money, interest rates, and policy stance" pp. 1472-1479

Edward Nelson

Banking and interest rates in monetary policy analysis: A quantitative exploration pp. 1480-1507

Marvin Goodfriend and Bennett McCallum

Comment on: Banking and interest rates in monetary policy analysis: A quantitative exploration pp. 1508-1514

Simon Gilchrist

Volume 54, issue 4, 2007

Transferability, finality, and debt settlement pp. 955-978

Charles Kahn and William Roberds

Money with partially directed search pp. 979-993

Dror Goldberg

A model of (the threat of) counterfeiting pp. 994-1001

Ed Nosal and Neil Wallace

Why do financial systems differ? History matters pp. 1002-1017

Cyril Monnet and Erwan Quintin

Finance and international business cycles pp. 1018-1034

Ester Faia

Do self-control preferences help explain the puzzling behavior of asset prices? pp. 1035-1050

David DeJong and Marla Ripoll

The high-frequency response of exchange rates and interest rates to macroeconomic announcements pp. 1051-1068

Jon Faust, John Rogers, Shing-Yi Wang and Jonathan Wright

Do central banks respond to exchange rate movements? A structural investigation pp. 1069-1087

Thomas Lubik and Frank Schorfheide

Inflation and inequality pp. 1088-1114

Stefania Albanesi

Learnability and monetary policy: A global perspective pp. 1115-1131

Stefano Eusepi

Monetary policy when potential output is uncertain: Understanding the growth gamble of the 1990s pp. 1132-1162

Yuriy Gorodnichenko and Matthew D. Shapiro

Do macro variables, asset markets, or surveys forecast inflation better? pp. 1163-1212

Andrew Ang, Geert Bekaert and Min Wei

On the short-run effects of labor market reforms pp. 1213-1229

Marcelo Veracierto

The food problem and the evolution of international income levels pp. 1230-1255

Douglas Gollin, Stephen Parente and Richard Rogerson

Information variables for monetary policy in an estimated structural model of the euro area pp. 1256-1270

Francesco Lippi and Stefano Neri

Business cycles with staggered prices and international trade in intermediate inputs pp. 1271-1289

Kevin X.D. Huang and Zheng Liu

Investment-specific technological change and growth accounting pp. 1290-1299

Nicholas Oulton

Growth accounting with investment-specific technological progress: A discussion of two approaches pp. 1300-1310

Jeremy Greenwood and Per Krusell

Volume 54, issue 3, 2007

How do house prices affect consumption? Evidence from micro data pp. 591-621

John Campbell and Joao F. Cocco

Risk aversion, intertemporal substitution, and the aggregate investment-uncertainty relationship pp. 622-648

Enrico Saltari and Davide Ticchi

Vested interests and technology adoption pp. 649-666

Benjamin Bridgman, Igor Livshits and James (Jim) MacGee

Progressive taxation in a dynastic model of human capital pp. 667-685

Andres Erosa and Tatyana Koreshkova

On the time-consistency of optimal capital taxes pp. 686-705

Begoña Domínguez

The (ir)relevance of real wage rigidity in the New Keynesian model with search frictions pp. 706-727

Michael Krause and Thomas Lubik

Discretionary monetary policy and the zero lower bound on nominal interest rates pp. 728-752

Klaus Adam and Roberto Billi

Menu costs and Markov inflation: A theoretical revision with new evidence pp. 753-784

Christian Ahlin and Mototsugu Shintani

Monetary union, price level convergence, and inflation: How close is Europe to the USA? pp. 785-796

John Rogers

Structural identification of high and low investment regimes pp. 797-819

Wilko Letterie and Gerard Pfann

Testing the cross-section implications of Friedman's permanent income hypothesis pp. 820-849

Joseph DeJuan and John J. Seater

Similarities and convergence in G-7 cycles pp. 850-878

Fabio Canova, Matteo Ciccarelli and Eva Ortega

Instability of sunspot equilibria in real business cycle models under adaptive learning pp. 879-903

John Duffy and Wei Xiao

Bank loan portfolios and the monetary transmission mechanism pp. 904-924

Wouter J. den Haan, Steven W. Sumner and Guy M. Yamashiro

Optimal taxation and OECD labor taxes pp. 925-944

Andrew Scott

On money and output: Is money redundant? pp. 945-954

R.W. Hafer, Joseph H. Haslag and Garett Jones

Volume 54, issue 2, 2007

Float on a note pp. 229-246

Neil Wallace and Tao Zhu

Mitigating America's demographic dilemma by pre-funding social security pp. 247-266

Laurence Kotlikoff, Kent Smetters and Jan Walliser

Optimal monetary policy with imperfect common knowledge pp. 267-301

Klaus Adam

An investigation of the gains from commitment in monetary policy pp. 302-324

Ernst Schaumburg and Andrea Tambalotti

Exchange rate regimes, banking and the non-tradable sector pp. 325-345

Enrique Kawamura

Modeling exchange rate passthrough after large devaluations pp. 346-368

Ariel Burstein, Martin Eichenbaum and Sergio Rebelo

Testing heterogeneous-agent models: an alternative aggregation approach pp. 369-412

Pierluigi Balduzzi and Tong Yao

Stock market boom and the productivity gains of the 1990s pp. 413-432

Urban Jermann and Vincenzo Quadrini

Self-fulfilling expectations and the inflation of the 1970s: Evidence from the Livingston Survey pp. 433-459

Sylvain Leduc, Keith Sill and Tom Stark

Theory, measurement and calibration of macroeconomic models pp. 460-497

Paul Gomme and Peter Rupert

New measures of the output gap based on the forward-looking new Keynesian Phillips curve pp. 498-511

Arabinda Basistha and Charles Nelson

What does a technology shock do? A VAR analysis with model-based sign restrictions pp. 512-549

Luca Dedola and Stefano Neri

In search of the natural rate of unemployment pp. 550-564

Thomas King and James Morley

Suspension of payments, bank failures, and the nonbank public's losses pp. 565-580

Gerald Dwyer and Iftekhar Hasan

The Friedman rule: Old and new pp. 581-589

Firouz Gahvari

Volume 54, issue 1, 2007

The retirement wealth of the baby boom generation pp. 1-40

Edward Wolff

Considerations in the estimation of retirement wealth: Comments on "The retirement wealth of the baby boom generation" by Edward N. Wolff pp. 41-48

Arthur B. Kennickell

On the consequences of demographic change for rates of returns to capital, and the distribution of wealth and welfare pp. 49-87

Dirk Krueger and Alexander Ludwig

Consequences of demographic change for rates of returns to capital, and the distribution of wealth and welfare: A comment pp. 88-91

Ayse Imrohoroglu

Demographic change, social security systems, and savings pp. 92-114

David Bloom, David Canning, Richard Mansfield and Michael Moore

Comment on: David Bloom, David Canning, Rick Mansfield, and Michael Moore's "Demographic change, social security systems, and savings" pp. 115-117

John Laitner

Social security, life insurance and annuities for families pp. 118-140

Jay H. Hong and José-Víctor Ríos-Rull

Comments on: "Hong and Rios-Rull's `Social security, life insurance and annuities for families'" pp. 141-143

Kjetil Storesletten

Global demographic trends and social security reform pp. 144-198

Orazio Attanasio, Sagiri Kitao and Giovanni Violante

Comment on "Global demographic trends and social security reform" by Orazio Attanasio, Sagiri Kitao, and Giovanni Violante pp. 199-204

Deborah Lucas

Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth pp. 205-224

Annamaria Lusardi and Olivia Mitchell

Discussion of "Baby boomer retirement security" by Annamaria Lusardi and Olivia Mitchell pp. 225-228

John Leahy