scholarly journals Modern Monetary Policy Evaluation and the Lucas Critique

2016 ◽  
pp. 123 ◽  
Author(s):  
Karl-Friedrich Israel
Keyword(s):  
Monetary Policy ◽  
Policy Evaluation ◽  
Lucas Critique

scholarly journals Towards a Monetary Policy Evaluation Framework

2008 ◽  
Author(s):  
Stéphane A. Adjemian ◽  
Matthieu Darracq Paries ◽  
Stephane Moyen
Keyword(s):  
Monetary Policy ◽  
Policy Evaluation ◽  
Evaluation Framework

scholarly journals Macroeconomic Modeling for Monetary Policy Evaluation

2007 ◽  
Vol 21 (4) ◽  
pp. 25-45 ◽  
Author(s):  
Jordi Galsí ◽  
Mark Gertler
Keyword(s):  
Monetary Policy ◽  
Policy Evaluation ◽  
Transmission Mechanism ◽  
Monetary Transmission ◽  
Price Equilibrium ◽  
Macroeconomic Models ◽  
Macroeconomic Modeling ◽  
Future Policy ◽  
Key Aspects

We describe some of the main features of the recent vintage of macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models and highlight the insights for policy that these new frameworks have to offer. Our discussion emphasizes two key aspects of the new models: 1) the significant role of expectations of future policy actions in the monetary transmission mechanism and 2) the importance for the central bank of tracking the flexible price equilibrium values of the natural levels of output and the real interest rate. We argue that both features have important implications for the conduct of monetary policy.

scholarly journals Assessing the Lucas Critique in Monetary Policy Models

2002 ◽  
pp. 1.000-29.000 ◽  
Author(s):  
Glenn D. Rudebusch ◽  
Keyword(s):  
Monetary Policy ◽  
Lucas Critique ◽  
Policy Models
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