Our Research Focus

Inflation & Monetary Policy

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 2013 The Monetarist-Keynesian Debate and the Phillips Curve: Lessons from the Great Inflation Robert L. Hetzel
Third Quarter 2012 Housing Services Price Inflation Marianna Kudlyak
Second Quarter 2012 Does Monetarism Retain Relevance? Robert L. Hetzel
Fourth Quarter 2011 K-Core Inflation Alexander L. Wolman
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
Winter 1993 Economic Quarterly: Interest Rate Policy and the Inflation Scare Problem: 1979-1992 Marvin Goodfriend
Issue Title Author(s)
1989 Some Further Results on the Source of Shift in M1 Demand in the 1980s Yash P. Mehra
1985 The Monetary Control Act and the Role of the Federal Reserve in the Interbank Clearing Market Anatoli Kuprianov
1981 Keynes on Inflation Thomas M. Humphrey
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
1980 Bullionists' Exchange Rate Doctrines and Current Policy Debates Thomas M. Humphrey
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
Paper Title Author(s)
May 2015
A Comparison of Greece and Germany: Lessons for the Eurozone? Robert L. Hetzel
March 2015
Discussion on "Scarcity of Safe Assets, Inflation, and the Policy Trap" by Andolfatto and Williamson Huberto M. Ennis
October 2014
Price Dynamics with Customer Markets Luigi Paciello
Andrea Pozzi
Nicholas Trachter
July 2014
A Simple General Equilibrium Model of Large Excess Reserves Huberto M. Ennis
April 2014
Drifts, Volatilities, and Impulse Responses Over the Last Century Pooyan Amir-Ahmadi
Christian Matthes
Mu-Chun Wang
March 2014
Optimized Taylor Rules for Disinflation When Agents are Learning Timothy Cogley
Christian Matthes
Argia M. Sbordone
February 2014
Indeterminacy and Learning: An Analysis of Monetary Policy in the Great Inflation Thomas A. Lubik
Christian Matthes
October 2013
State Dependent Monetary Policy Nicholas Trachter
Francesco Lippi
Stefania Ragni
July 2013
A Monetarist Critique of ECB Monetary Policy in the Great Recession (Revised February 2015) Robert L. Hetzel
December 2012
Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models (Revised May 2015) Carlos Carvalho
Felipe Schwartzman
August 2012
Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks Huberto M. Ennis
Alexander L. Wolman
November 2011
Deep Habits in the New Keynesian Phillips Curve Thomas A. Lubik
Wing Leong Teo
June 2011
Discretionary Monetary Policy in the Calvo Model Willem Van Zandweghe
Alexander L. Wolman
March 2009
The Optimal Rate of Inflation with Trending Relative Prices Alexander L. Wolman
September 1981
Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure Marvin Goodfriend
January 1981
Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure Marvin Goodfriend