Our Research Focus

Inflation and Monetary Policy

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We examine the causes and consequences of inflation and the monetary policy levers available to central bankers. Recent papers have looked at the structural relationship between inflation and real economic activity, rules-based approaches to monetary policy, and the importance of credibility to maintaining price stability.

To learn why monetary policymakers place so much importance on maintaining stable prices, read the Richmond Fed's essay on price stability and monetary policy in the "Our Perspective" series.

 
Issue Title Author(s)
Second Quarter 2011 Should Central Banks Raise Their Inflation Targets? Some Relevant Issues Bennett T. McCallum
Fourth Quarter 2010 Monetary Policy and Global Equilibria in a Production Economy Tim Hursey
Alexander L. Wolman
Second Quarter 2010 Inflation Measure, Taylor Rules, and the Greenspan-Bernanke Years Yash P. Mehra
Bansi Sawhney
Second Quarter 2010 Monetary Policy with Interest on Reserves Andreas Hornstein
Second Quarter 2010 Changes in Monetary Policy and the Variation in Interest Rate Changes Across Credit Markets Devin Reilly
Pierre-Daniel G. Sarte
First Quarter 2010 Introduction to the Special Issue on the Diamond-Dybvig Model Edward S. Prescott
First Quarter 2010 Bailouts Edward J. Green
First Quarter 2010 On the Fundamental Reasons for Bank Fragility Huberto M. Ennis
Todd Keister
First Quarter 2010 Inside-Money Theory after Diamond and Dybvig Ricardo de O. Cavalcanti
First Quarter 2010 Monetary Theory and Electronic Money: Reflections on the Kenyan Experience William Jack
Tavneet Suri
Robert Townsend
Summer 2009 Short-Term Headline-Core Inflation Dynamics Yash P. Mehra
Devin Reilly
Winter 2009 Indeterminacy from Inflation Forecast Targeting: Problem or Pseudo-Problem? Bennett T. McCallum
Fall 2008 Introduction to the New Keynesian Phillips Curve Andreas Hornstein
Fall 2008 The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996 Robert G. King
Fall 2008 The New Keynesian Phillips Curve: Lessons From Single-Equation Econometric Estimation James M. Nason
Gregor W. Smith
Fall 2007 Evolving Inflation Dynamics and the New Keynesian Phillips Curve Andreas Hornstein
Fall 2007 Non-Stationarity and Instability in Small Open Economy Models Thomas A. Lubik
Spring 2006 Implementation of Optimal Monetary Policy Michael Dotsey
Andreas Hornstein
Fall 2005 Monetary Policy and the Term Structure of Interest Rates Bennett T. McCallum
Fall 2005 Trend Inflation, Firm-Specific Capital, and Sticky Prices Andreas Hornstein
Alexander L. Wolman
Spring 2005 Limited Participation and the Neutrality of Money Stephen D. Williamson
Spring 2005 What Difference Would an Inflation Target Make? Robert L. Hetzel
Fall 2002 The Phases of U.S. Monetary Policy: 1987 to 2001 Marvin Goodfriend
Fall 2002 Expectations and the Term Structure of Interest Rates: Evidence and Implications Robert G. King
André Kurmann
Summer 2002 Survey Measures of Expected Inflation: Revisiting the Issues of Predictive Content and Rationality Yash P. Mehra
Fall 2001 A Primer on Optimal Monetary Policy with Staggered Price-Setting Alexander L. Wolman
Fall 2001 International Pricing in New Open-Economy Models Margarida Duarte
Summer 2001 Transparency in the Practice of Monetary Policy J. Alfred Broaddus, Jr.
Spring 2001 Using the Federal Funds Futures Market to Predict Monetary Policy Actions Raymond E. Owens
Roy H. Webb
Fall 2000 The Frequency and Costs of Individual Price Adjustment Alexander L. Wolman
Fall 2000 Is Money Useful in the Conduct of Monetary Policy? Lawrence Santucci
Michael Dotsey
Carl D. Lantz
Spring 2000 The Taylor Rule: Is It a Useful Guide to Understanding Monetary Policy? Robert L. Hetzel
Winter 2000 Current Challenges for U.S. Monetary Policy J. Alfred Broaddus, Jr.
Winter 2000 The Role of a Regional Bank in a System of Central Banks Marvin Goodfriend
Winter 2000 Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan Bennett T. McCallum
Summer 1999 The Importance of Systematic Monetary Policy for Economic Activity Michael Dotsey
Spring 1999 A Forward-Looking Monetary Policy Reaction Function Yash P. Mehra
Winter 1999 Japanese Monetary Policy: A Quantity Theory Perspective Robert L. Hetzel
Summer 1998 Using the Term Structure of Interest Rates for Monetary Policy Marvin Goodfriend
Summer 1998 The Predictive Content of the Interest Rate Term Spread for Future Economic Growth Michael Dotsey
Spring 1998 The Bond Rate and Actual Future Inflation Yash P. Mehra
Summer 1997 Testing Long-Run Neutrality Mark W. Watson
Robert G. King
Spring 1997 The Case for a Monetary Rule in a Constitutional Democracy Robert L. Hetzel
Summer 1996 Monetary Policy and Long-Term Interest Rates Yash P. Mehra
Winter 1996 Foreign Exchange Operations and the Federal Reserve Marvin Goodfriend
J. Alfred Broaddus, Jr.
Winter 1996 Long-Term Interest Rates and Inflation: A Fisherian Approach Peter N. Ireland
Summer 1995 Some Key Empirical Determinants of Short-Term Nominal Interest Rates Yash P. Mehra
Spring 1995 Reflections on Monetary Policy J. Alfred Broaddus, Jr.
Spring 1995 An Index of Leading Indicators for Inflation Roy H. Webb
Tazewell S. Rowe
Winter 1995 An Empirical Measure of the Real Rate of Interest Robert M. Darin
Robert L. Hetzel
Winter 1995 The Rational Expectations Hypothesis of the Term Structure, Monetary Policy, and Time-Varying Term Premia Michael Dotsey
Christopher Otrok
Summer 1994 A Shift-Adjusted M2 Indicator for Monetary Policy Robert M. Darin
Robert L. Hetzel
Winter 1994 M2 and Monetary Policy: A Critical Review of the Recent Debate Michael Dotsey
Summer 1993 Economic Quarterly: A Quantity Theory Framework for Monetary Policy Robert L. Hetzel
Winter 1993 Economic Quarterly: Interest Rate Policy and the Inflation Scare Problem: 1979-1992 Marvin Goodfriend
Issue Title Author(s)
1992 A Simple Model of Irving Fisher's Price-Level Stabilization Rule Thomas M. Humphrey
1992 How Useful Is M2 Today? Robert L. Hetzel
1992 Has M2 Demand Become Unstable? Yash P. Mehra
1992 Oil Shocks, Monetary Policy, and Economic Activity Michael Dotsey
Max Reid
1992 In Search of a Stable, Short-Run M1 Demand Function Yash P. Mehra
1992 Indexed Bonds as an Aid to Monetary Policy Robert L. Hetzel
1989 Some Further Results on the Source of Shift in M1 Demand in the 1980s Yash P. Mehra
1986 Japanese Monetary Policy, A Comparative Analysis Michael Dotsey
1986 Federal Funds: Instrument of Federal Reserve Policy Marvin Goodfriend
1986 The Discount Window David L. Mengle
1986 Monetary Policy in the Early 1980s Robert L. Hetzel
1986 Real Budget Deficit Implications of Gramm-Rudman-Hollings William G. Dewald
1985 The Monetary Control Act and the Role of the Federal Reserve in the Interbank Clearing Market Anatoli Kuprianov
1983 Empirical Comparisons of Credit and Monetary Aggregates Using Vector Autoregressive Methods Edward K. Offenbacher
Richard D. Porter
1983 Money, Credit, and Federal Reserve Policy: Reply to Porter and Offenbacher Benjamin M. Friedman
1983 Response to Friedman Edward K. Offenbacher
Richard D. Porter
1983 The Relationship between Money and Expenditure in 1982 Robert L. Hetzel
1981 A Prescription for Monetary Policy 1981 Marvin Goodfriend
1981 Inflation and Monetary Growth: Experience in Fourteen Countries of Europe and North America Since 1958 Richard T. Selden
1981 Monetary Policy - The Possible and the Impossible Robert P. Black
1981 Monetary Policy and Economic Performance, Summer 1976-November 1980: An Overview Robert E. Weintraub
1981 Keynes on Inflation Thomas M. Humphrey
1981 The Quantity Theory Tradition and the Role of Monetary Policy Robert L. Hetzel
1980 Eliminating Runaway Inflation: Lessons from the German Hyperinflation Thomas M. Humphrey
1980 Current Issues in Monetary Control William Poole
1980 Depression or Price Controls: A Fictitious Dilemma for Anti-Inflation Policy Roy H. Webb
1980 Bank Profits and Inflation Henry C. Wallich
1979 The Persistence of Inflation Thomas M. Humphrey
1979 The Interest Cost-Push Controversy Thomas M. Humphrey
1977 Two Views of Monetary Policy: The Attwood-Mill Debate Revisited Thomas M. Humphrey
1977 On Cost-Push Theories of Inflation in the Pre-War Monetary Literature Thomas M. Humphrey
1976 A Monetarist Model of World Inflation and the Balance of Payments Thomas M. Humphrey
1976 Federal Deficits, Inflation, and Monetary Growth: Can They Predict Interest Rates? William D. Jackson
1976 Some Current Controversies in the Theory of Inflation Thomas M. Humphrey
1976 Predicting the Rate of Inflation in 1976 Robert L. Hetzel
1975 A Monetarist Model of the Inflationary Process Thomas M. Humphrey
1975 The Strategy of Monetary Policy Raymond E. Lombra
Raymond G. Torto
1975 The Classical Concept of the Lender of Last Resort Thomas M. Humphrey
1974 Indexation as a Response to Inflation: An Examination James F. Tucker
1974 Factors Behind Rising Food Costs Sada L. Clarke
1974 Letter on Monetary Policy Milton Friedman