Journal of Money, Credit and Banking

2007 - 2025

Continuation of Journal of Money, Credit and Banking.

Current editor(s): Robert deYoung, Paul Evans, Pok-Sang Lam and Kenneth D. West

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Volume 39, issue s1, 2007

Editor's Introduction pp. 1-1

Kenneth West

Why Has U.S. Inflation Become Harder to Forecast? pp. 3-33

James H. Stock and Mark W. Watson

Real Wage Rigidities and the New Keynesian Model pp. 35-65

Olivier Blanchard and Jordi Galí

Benefits from U.S. Monetary Policy Experimentation in the Days of Samuelson and Solow and Lucas pp. 67-99

Timothy Cogley, Riccardo Colacito and Thomas Sargent

A Quantitative Comparison of Sticky‐Price and Sticky‐Information Models of Price Setting pp. 101-125

Michael Kiley

Pricing Models: A Bayesian DSGE Approach for the U.S. Economy pp. 127-154

Jean‐philippe Laforte

Modeling Inflation Dynamics: A Critical Review of Recent Research pp. 155-170

Jeremy Rudd and Karl Whelan

The Econometrics of Price Determination, Thirty‐Five Years Later pp. 171-179

Stanley Fischer

Inflation Modeling: A Policymaker's Perspective pp. 181-186

Donald L. Kohn

Comments Presented at Federal Reserve Conference Price Dynamics: Three Open Questions pp. 187-192

N. Gregory Mankiw

Thirty‐Five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a Renaissance pp. 193-201

John Taylor

Interpreting Inflation Persistence: Comments on the Conference on “Quantitative Evidence on Price Determination” pp. 203-210

Michael Woodford

Volume 39, issue 8, 2007

Changes in the Federal Reserve's Inflation Target: Causes and Consequences pp. 1851-1882

Peter Ireland

Credit Reporting, Relationship Banking, and Loan Repayment pp. 1883-1918

Martin Brown and Christian Zehnder

Unemployment and Inflation Consequences of Unexpected Election Results pp. 1919-1945

Michael Berlemann and Gunther Markwardt

Monetary Policy and Stock Prices in an Open Economy pp. 1947-1985

Giorgio Di Giorgio and Salvatore Nisticò

Yesterday's Bad Times Are Today's Good Old Times: Retail Price Changes Are More Frequent Today Than in the 1890s pp. 1987-2020

Alan Kackmeister

A Test of the Law of One Price in Retail Banking pp. 2021-2040

Alfredo Martín‐oliver, Vicente Salas‐fumás and Jesús Saurina

The Value of Interest Rate Stabilization Policies When Agents Are Learning pp. 2041-2056

John Duffy and Wei Xiao

Structural Error Correction Models: A System Method for Linear Rational Expectations Models and an Application to an Exchange Rate Model pp. 2057-2075

Jaebeom Kim, Masao Ogaki and Minseok Yang

The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data pp. 2077-2096

Charles Horioka and Junmin Wan

Why Inside Money Matters pp. 2097-2105

Carolyn Sissoko

Volume 39, issue 7, 2007

Real‐Time Model Uncertainty in the United States: The Fed, 1996–2003 pp. 1533-1561

Robert Tetlow and Brian Ironside

The Cost of Nominal Rigidity in NNS Models pp. 1563-1586

Matthew Canzoneri, Robert E. Cumby and Behzad Diba

Pricing Behavior and the Response of Hours to Productivity Shocks pp. 1587-1611

Domenico J. Marchetti and Francesco Nucci

A Generalized Extreme Value Approach to Financial Risk Measurement pp. 1613-1649

Turan G. Bali

Wealth and Risk Effects of Adopting Deposit Insurance in Canada: Evidence of Risk Shifting by Banks and Trust Companies pp. 1651-1681

John D. Wagster

Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking pp. 1683-1710

Juin‐jen Chang, Wen‐ya Chang, Ching-chong Lai and Ping Wang

Imperfect Common Knowledge, Staggered Price Setting, and the Effects of Monetary Policy pp. 1711-1739

Ichiro Fukunaga

Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation pp. 1741-1758

Joseph H. Haslag and Antoine Martin

Optimal Fiscal Policy Rules in a Monetary Union pp. 1759-1784

Tatiana Kirsanova, Mathan Satchi, David Vines and Simon Wren‐lewis

The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences pp. 1785-1819

Dieter Gerdesmeier, Francesco Mongelli and Barbara Roffia

The Macroeconomic Effects of Nonzero Trend Inflation pp. 1821-1838

Robert Amano, Steve Ambler and Nooman Rebei

Certainty Equivalence and the Excess Sensitivity of Private Consumption pp. 1839-1848

Lorenzo Pozzi and Griet Malengier

Erratum to “Why Has U.S. Inflation Become Harder to Forecast?” pp. 1849-1849

James H. Stock and Mark W. Watson

Volume 39, issue 6, 2007

The Role of Insider Influence in Mutual‐to‐Stock Conversions pp. 1285-1304

Kenneth A. Carow, Steven R. Cox and Dianne M. Roden

The Great Capitol Hill Baby Sitting Co‐op: Anecdote or Evidence for the Optimum Quantity of Money? pp. 1305-1333

Thorsten Hens, Klaus Reiner Schenk‐hoppé and Bodo Vogt

Optimal Constrained Interest‐Rate Rules pp. 1335-1356

George Evans and Bruce McGough

Non‐stationary Hours in a DSGE Model pp. 1357-1373

Yongsung Chang, Taeyoung Doh and Frank Schorfheide

The Life‐Cycle Effects of House Price Changes pp. 1375-1409

Wenli Li and Rui Yao

Is There a Dead Spot? New Evidence on FOMC Decisions Before Elections pp. 1411-1427

Rebecca Hellerstein

Credit Markets and the Propagation of Monetary Policy Shocks pp. 1429-1455

Radim Boháček and Hugo Rodriguez Mendizabal

Dynamics of Persistence in International Inflation Rates pp. 1457-1479

Manmohan S. Kumar and Tatsuyoshi Okimoto

How Sticky Is Sticky Enough? A Distributional and Impulse Response Analysis of New Keynesian DSGE Models pp. 1481-1508

Oleg Korenok and Norman Swanson

Technology Shocks and the Labor‐Input Response: Evidence from Firm‐Level Data pp. 1509-1520

Mikael Carlsson and Jon Smedsaas

On the Relationship between Inflation Persistence and Temporal Aggregation pp. 1521-1531

Ivan Paya, Agustin Duarte and Ken Holden

Volume 39, issue 5, 2007

Capital Controls and the International Transmission of U.S. Money Shocks pp. 1003-1035

Jacques Miniane and John Rogers

Money Market Pressure and the Determinants of Banking Crises pp. 1037-1066

Juergen von Hagen and Tai‐kuang Ho

Bank Mergers, Competition, and Liquidity pp. 1067-1105

Elena Carletti, Philipp Hartmann and Giancarlo Spagnolo

Forbearance and Prompt Corrective Action pp. 1107-1129

Narayana Kocherlakota and Ilhyock Shim

Heterogeneous Market‐Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions pp. 1131-1162

Anusha Chari

Quantitative Goals for Monetary Policy pp. 1163-1176

Antonio Fatas, Ilian Mihov and Andrew Rose

Determinacy, Learnability, and Monetary Policy Inertia pp. 1177-1212

James Bullard and Kaushik Mitra

The Effects of Bank Lending in an Open Economy pp. 1213-1243

Iris Claus

Exchange Rates and FOMC Days pp. 1245-1266

Seung Chan Ahn and Michael Melvin

Measuring Financial Integration via Idiosyncratic Risk: What Effects Are We Really Picking Up? pp. 1267-1273

David Parsley and Christian Schlag

The Time‐Varying Phillips Correlation pp. 1275-1283

Luca Benati

Volume 39, issue 4, 2007

Accounting for Trends in Productivity and R&D: A Schumpeterian Critique of Semi‐Endogenous Growth Theory pp. 733-774

Joonkyung Ha and Peter Howitt

Entry into Banking Markets and the Early‐Mover Advantage pp. 775-807

Allen N. Berger and Astrid A. Dick

Monetary and Fiscal Policy Switching pp. 809-842

Hess Chung, Troy Davig and Eric Leeper

Precautionary Balances and the Velocity of Circulation of Money pp. 843-873

Miquel Faig and Belén Jerez

Monetary Policy Rules in a New Keynesian Euro Area Model pp. 875-900

Miguel Casares

Unique Symptoms of Japanese Stagnation: An Equity Market Perspective pp. 901-923

Yasushi Hamao, Jianping Mei and Yexiao Xu

Understanding the Large Negative Impact of Oil Shocks pp. 925-944

Luís Aguiar‐conraria and Yi Wen

Foreign Lenders and the Real Sector pp. 945-964

Leo Ferraris and Raoul Minetti

Uncertainty and Export Performance: Evidence from 18 Countries pp. 965-979

Kevin B. Grier and Aaron D. Smallwood

Escaping Volatile Inflation pp. 981-993

Martin Ellison and Tony Yates

Two Pitfalls of Linearization Methods pp. 995-1001

Jinill Kim and Sunghyun Henry Kim

Volume 39, issue 2‐3, 2007

Is Financial Globalization Beneficial? pp. 259-294

Frederic S. Mishkin

External Constraints on Monetary Policy and the Financial Accelerator pp. 295-330

Mark Gertler, Simon Gilchrist and Fabio M. Natalucci

Competition from Large, Multimarket Firms and the Performance of Small, Single‐Market Firms: Evidence from the Banking Industry pp. 331-368

Allen N. Berger, Astrid A. Dick, Lawrence G. Goldberg and Lawrence J. White

Growth, Income Inequality, and Fiscal Policy: What Are the Relevant Trade‐offs? pp. 369-394

Cecilia García‐peñalosa and Stephen J Turnovsky

Accounting for a Shift in Term Structure Behavior with No‐Arbitrage and Macro‐Finance Models pp. 395-422

Glenn Rudebusch and Tao Wu

Interest Rate Risk and the Forward Premium Anomaly in Foreign Exchange Markets pp. 423-442

Shu Wu

Temporal Patterns in Foreign Exchange Returns and Options pp. 443-470

Maxime Charlebois and Stephen Sapp

Technology Shocks and Monetary Policy: Revisiting the Fed's Performance pp. 471-507

Sanvi Avouyi‐dovi and Julien Matheron

Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness? pp. 509-541

Michael Ehrmann and Marcel Fratzscher

A Long‐Run Non‐Linear Approach to the Fisher Effect pp. 543-559

Dimitris Christopoulos and Miguel A. León‐ledesma

Quantifying the Risk of Deflation pp. 561-590

Lutz Kilian and Simone Manganelli

Inventory Dynamics and Business Cycles: What Has Changed? pp. 591-613

Jonathan McCarthy and Egon Zakrajšek

The Slow Adjustment of Aggregate Consumption to Permanent Income pp. 615-638

James Morley

Prudential Regulation and the “Credit Crunch”: Evidence from Japan pp. 639-665

Wako Watanabe

Does Monetary Policy Have Asymmetric Effects on Stock Returns? pp. 667-688

Shiu-Sheng Chen

Evidence on the Extent and Potential Sources of Long Memory in U.S. Treasury Security Returns and Yields pp. 689-702

Robert Connolly, Z. Nuray Güner and Kenneth N. Hightower

Heterogeneity and Lotteries in Monetary Search Models pp. 703-712

Sébastien Lotz, Andrei Shevchenko and Christopher Waller

The Great Inflation of the 1970s pp. 713-731

Fabrice Collard and Harris Dellas

Volume 39, issue 1, 2007

Is the Asymptotic Speed of Convergence a Good Proxy for the Transitional Growth Path? pp. 1-24

Chris Papageorgiou and Fidel Perez‐sebastian

Multiple BGPs in a Growth Model with Habit Persistence pp. 25-48

Been‐lon Chen

Market Size, Service Quality, and Competition in Banking pp. 49-81

Astrid A. Dick

Charter Value, Risk‐Taking Incentives, and Emerging Competition for Fannie Mae and Freddie Mac pp. 83-103

W Frame and Lawrence J. White

Inflation Taxation and Welfare with Externalities and Leisure pp. 105-131

Wai-Ming Ho, Jinli Zeng and Jie Zhang

Information Content of Wages and Monetary Policy pp. 133-149

Hans Gersbach and Volker Hahn

Financial Differences and Business Cycle Co‐Movements in a Currency Area pp. 151-185

Ester Faia

The Dynamic Relationship between Permanent and Transitory Components of U.S. Business Cycles pp. 187-204

Chang‐jin Kim, Jeremy Piger and Richard Startz

Macroeconomic Sources of Risk in the Term Structure pp. 205-236

Hiona Balfoussia and Mike Wickens

The Persistence of Inflation Versus That of Real Marginal Cost in the New Keynesian Model pp. 237-239

Julio Rotemberg

Why Commercial Banks Held Excess Reserves: The Japanese Experience of the Late 1990s pp. 241-257

Kazuo Ogawa