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 53, issue 8, 2006

Consumption, the persistence of shocks, and asset price volatility pp. 1741-1760

Juan Rodríguez

Inattentive consumers pp. 1761-1800

Ricardo Reis

The case for inflation stability pp. 1801-1814

Fabrice Collard and Harris Dellas

Monetary policy signaling and movements in the term structure of interest rates pp. 1815-1855

Malin Andersson, Hans Dillen and Peter Sellin

A fiscal theory of sovereign risk pp. 1857-1875

Martín Uribe

A quantitative exploration of the opportunistic approach to disinflation pp. 1877-1893

Yunus Aksoy, Athanasios Orphanides, David Small, Volker Wieland and David Wilcox

The learning cost of interest rate reversals pp. 1895-1907

Martin Ellison

Investment dynamics with fixed capital adjustment cost and capital market imperfections pp. 1909-1947

Christian Bayer

Estimation of a forward-looking monetary policy rule: A time-varying parameter model using ex post data pp. 1949-1966

Chang-Jin Kim and Charles Nelson

Revenue maximizing inflation pp. 1967-1978

Kent P. Kimbrough

Target zones in theory and history: Credibility, efficiency, and policy autonomy pp. 1979-1995

Marc Flandreau and John Komlos

The effect of macroeconomic news on beliefs and preferences: Evidence from the options market pp. 1997-2039

Alessandro Beber and Michael W. Brandt

Productivity, tradability, and the long-run price puzzle pp. 2041-2066

Paul Bergin, Reuven Glick and Alan Taylor

Banks, private money, and government regulation pp. 2067-2083

Yiting Li

Currency competition: A partial vindication of Hayek pp. 2085-2111

Antoine Martin and Stacey L. Schreft

A bottleneck capital model of development pp. 2113-2129

Jordan Rappaport

Bank supervision and corruption in lending pp. 2131-2163

Thorsten Beck, Asli Demirguc-Kunt and Ross Levine

Skills, search and the persistence of high unemployment pp. 2165-2178

Salvador Ortigueira

Costs of business cycles for unskilled workers pp. 2179-2193

Toshihiko Mukoyama and Aysegul Sahin

Financial constraints and entrepreneurial investment pp. 2195-2212

Radim Bohacek

Endogenous capacity utilization and macroeconomic persistence pp. 2213-2237

Pedro P. Alvarez-Lois

Current consumption and future income growth: Synthetic panel evidence pp. 2239-2266

Jeremy J. Nalewaik

International business cycles with domestic and foreign lenders pp. 2267-2282

Matteo Iacoviello and Raoul Minetti

Risk-based pricing of interest rates for consumer loans pp. 2283-2298

Wendy Edelberg

Volume 53, issue 7, 2006

Inflation and output dynamics with state-dependent pricing decisions pp. 1235-1257

Ariel Burstein

Cross-border trading as a mechanism for implicit capital flight: ADRs and the Argentine crisis pp. 1259-1295

Sebastian Auguste, Kathryn Dominguez, Herman Kamil and Linda Tesar

U.S. real exchange rate fluctuations and relative price fluctuations pp. 1297-1326

Caroline Betts and Timothy Kehoe

Did sunspot forces cause the Great Depression? pp. 1327-1339

Sharon G. Harrison and Mark Weder

Optimal monetary policy with durable consumption goods pp. 1341-1359

Christopher Erceg and Andrew Levin

Price-level versus inflation targeting pp. 1361-1376

David Vestin

Taylor rules and the term structure pp. 1377-1393

Carlo Favero

Estimating monetary policy effects when interest rates are close to zero pp. 1395-1408

Shigeru Iwata and Shu Wu

The expectations hypothesis of the term structure when interest rates are close to zero pp. 1409-1424

Francisco Ruge-Murcia

On the optimal progressivity of the income tax code pp. 1425-1450

Juan Carlos Conesa and Dirk Krueger

Reconciling conflicting evidence on the elasticity of intertemporal substitution: A macroeconomic perspective pp. 1451-1472

Fatih Guvenen

Buffer stock saving in retirement accounts pp. 1473-1492

David Love

Risk sharing across generations without publicly owned equities pp. 1493-1508

Kent Smetters

Durables, nondurables, down payments and consumption excesses pp. 1509-1539

Maria Luengo-Prado

A competitive model of the informal sector pp. 1541-1553

Pedro Amaral and Erwan Quintin

Organizational capital, technology adoption and the productivity slowdown pp. 1555-1569

Roberto M. Samaniego

Information, learning, and the stability of fiat money pp. 1571-1591

Luis Araujo and Braz Camargo

Alternative central bank credit policies for liquidity provision in a model of payments pp. 1593-1611

David Mills

Bank panics and the endogeneity of central banking pp. 1613-1629

Gary Gorton and Lixin Huang

Does the Basle Capital Accord reduce bank fragility? An assessment of the value-at-risk approach pp. 1631-1660

Gordon Alexander and Alexandre Baptista

Competitive risk sharing contracts with one-sided commitment pp. 1661-1691

Dirk Krueger and Harald Uhlig

Efficient monetary allocations and the illiquidity of bonds pp. 1693-1715

Paola Boel and Gabriele Camera

Time series decomposition and measurement of business cycles, trends and growth cycles pp. 1717-1739

Victor Zarnowitz and Ataman Ozyildirim

Volume 53, issue 6, 2006

Idiosyncratic production risk, growth and the business cycle pp. 1095-1115

George-Marios Angeletos and Laurent Calvet

Adverse selection and the financial accelerator pp. 1117-1134

Christopher L. House

Data revisions and the identification of monetary policy shocks pp. 1135-1160

Dean Croushore and Charles Evans

Time-to-build, monetary shocks, and aggregate fluctuations pp. 1161-1176

Miguel Casares

Interest rate corridors and reserves pp. 1177-1195

William Whitesell

Price dispersion, information and learning pp. 1197-1223

Luis Araujo and Andrei Shevchenko

Forward-looking information in VAR models and the price puzzle pp. 1225-1234

Sophocles Brissimis and Nicholas S. Magginas

Volume 53, issue 5, 2006

Globalization, returns to accumulation and the world distribution of output pp. 879-909

Paul Beaudry and Fabrice Collard

Comment on: "Globalization, returns to accumulation and the world distribution of output" pp. 911-916

Jonathan Eaton

Trade costs, firms and productivity pp. 917-937

Andrew Bernard, J. Jensen and Peter K. Schott

Comments on: "Trade costs, firms and productivity" by Bernard, Jensen and Schott pp. 939-942

James Tybout

Neither a borrower nor a lender: Does China's zero net foreign asset position make economic sense? pp. 943-971

David Dollar and Aart Kraay

Comments on: David Dollar and Aart Kraay, Neither a borrower nor a lender: Does China's zero net foreign asset position make economic sense?" pp. 973-979

Shang-Jin Wei

India's pattern of development: What happened, what follows? pp. 981-1019

Kalpana Kochhar, Utsav Kumar, Raghuram Rajan, Arvind Subramanian and Ioannis Tokatlidis

The paradox of Indian growth: A comment on Kochhar et al pp. 1021-1026

Abhijit Banerjee

The politics and economics of offshore outsourcing pp. 1027-1056

N. Gregory Mankiw and Phillip Swagel

Comment on Mankiw and Swagel, "The politics and economics of offshore outsourcing" pp. 1057-1061

Alan Deardorff

The U.S. current account deficit and the expected share of world output pp. 1063-1093

Charles Engel and John Rogers

Volume 53, issue 4, 2006

One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation pp. 659-669

Rasmus Fatum

International risk sharing is better than you think, or exchange rates are too smooth pp. 671-698

Michael W. Brandt, John Cochrane and Pedro Santa-Clara

Determining underlying macroeconomic fundamentals during emerging market crises: Are conditions as bad as they seem? pp. 699-724

Mark Aguiar and Fernando Broner

Estimating the long-run user cost elasticity pp. 725-736

Huntley Schaller

Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption pp. 737-752

Neng Wang

Learning asymmetries in real business cycles pp. 753-772

Stijn Van Nieuwerburgh and Laura Veldkamp

A quantitative analysis of inflation as a tax on the underground economy pp. 773-796

Tatyana Koreshkova

Unsecured debt with public insurance: From bad to worse pp. 797-825

Kartik Athreya and Nicole B. Simpson

Determinacy and expectational stability of equilibrium in a monetary sticky-price model with Taylor rule pp. 827-846

Takushi Kurozumi

Dynamic credit relationships in general equilibrium pp. 847-877

Anthony Smith and Cheng Wang

Volume 53, issue 3, 2006

Capital reallocation and liquidity pp. 369-399

Andrea Eisfeldt and Adriano Rampini

Government finance in the wake of currency crises pp. 401-440

Craig Burnside, Martin Eichenbaum and Sergio Rebelo

International lending of last resort and moral hazard: A model of IMF's catalytic finance pp. 441-471

Giancarlo Corsetti, Bernardo Guimaraes and Nouriel Roubini

Designing targeting rules for international monetary policy cooperation pp. 473-506

Gianluca Benigno and Pierpaolo Benigno

Adaptive learning, forecast-based instrument rules and monetary policy pp. 507-535

Bruce Preston

The variability of velocity of money in a search model pp. 537-571

Weimin Wang and Shouyong Shi

A multisectorial matching model of unions pp. 573-596

Alain Delacroix

Do long swings in the business cycle lead to strong persistence in output? pp. 597-611

Mark Jensen and Ming Liu

U.S. consumer bankruptcy choice: The importance of general equilibrium effects pp. 613-631

Wenli Li and Pierre-Daniel Sarte

Review of A History of the Federal Reserve. Volume I (2003) by Allan H. Meltzer pp. 633-657

Michael Bordo

Volume 53, issue 2, 2006

U.S. domestic money, inflation and output pp. 183-197

Yunus Aksoy and Tomasz Piskorski

Optimal monetary policy with the cost channel pp. 199-216

Federico Ravenna and Carl Walsh

Bank runs and investment decisions revisited pp. 217-232

Huberto Ennis and Todd Keister

Interaction between economic and financial development pp. 233-248

Luca Deidda

Adaptive expectations, underparameterization and the Lucas critique pp. 249-264

George Evans and Garey Ramey

Human capital and earnings distribution dynamics pp. 265-290

Mark Huggett, Gustavo Ventura and Amir Yaron

Supply-side reforms and learning dynamics pp. 291-309

Chryssi Giannitsarou

Free entry and business cycles under the influence of animal spirits pp. 311-328

Rodolphe Dos Santos Ferreira and Frédéric Dufourt

Bank-based versus market-based financial systems: A growth-theoretic analysis pp. 329-350

Shankha Chakraborty and Tridip Ray

Birth of the Federal Reserve: Crisis in the womb pp. 351-368

William L. Silber

Volume 53, issue 1, 2006

Deposit insurance, bank regulation, and financial system risks pp. 1-30

George Pennacchi

Comment on: "Deposit insurance, bank regulation and financial system risks" pp. 31-34

Philip E. Strahan

Bubbles and capital flow volatility: Causes and risk management pp. 35-53

Ricardo Caballero and Arvind Krishnamurthy

Comment on "Bubbles and capital flow volatility: Causes and risk management" pp. 55-57

Douglas Diamond

A portfolio view of consumer credit pp. 59-84

David K. Musto and Nicholas S. Souleles

Comment on: "A portfolio view of consumer credit" pp. 85-88

Annamaria Lusardi

Credit risk transfer and contagion pp. 89-111

Franklin Allen and Elena Carletti

Comment on: Credit risk transfer and contagion pp. 113-121

Tano Santos

Can financial innovation help to explain the reduced volatility of economic activity? pp. 123-150

Karen E. Dynan, Douglas Elmendorf and Daniel E. Sichel

Comment on: "Can financial innovation help to explain the reduced volatility of economic activity?" pp. 151-154

Jessica Wachter

An options-based approach to evaluating the risk of Fannie Mae and Freddie Mac pp. 155-176

Deborah Lucas and Robert L. McDonald

Comment on: "An options-based approach to evaluating the risk of Fannie Mae and Freddie Mac" pp. 177-182

Andreas Lehnert and Wayne Passmore