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2002 Working Papers

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Should Optimal Discretionary Monetary Policy Look at Money?
By Michael Dotsey & Andreas Hornstein
Working Paper 02-4
Released: November 2002

This paper examines whether monetary indicators are useful in implementing optimal discretionary monetary policy when the policy maker has incomplete information about the environment. We find that money does not contain useful information for the ...

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The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s
By Yash P. Mehra
Working Paper 02-3
Released: December 2002

Using real time estimates of output gaps or Greenbook forecasts of the unemployment rate, this article estimates Taylor-type policy rules that predict the actual behavior of the funds rate during two sample periods, 1968Q1 to 1979Q2 and 1979Q3 to 1994Q4...

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Vintage Capital as an Origin of Inequalities
By Giovanni L. Violante, Per Krusell & Andreas Hornstein
Working Paper 02-2
Released: August 2002

Does capital-embodied technological change play an important role in shaping labor market inequalities? This paper addresses the question in a model with vintage capital and search/matching frictions where costly capital investment leads to large...

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The Macoeconomics of U.S. Consumer Bankruptcy Choice: Chapter 7 or Chapter 13?
By Pierre-Daniel G. Sarte & Wenli Li
Working Paper 02-1
Released: September 2002

Because of the recent surge in U.S. personal defaults, Congress is currently debating bankruptcy reform legislation requiring a means test for Chapter 7 filers. This paper explores the effects of such a reform in a model where, in contrast to previous...

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