Adam, K. and R. M. Billi (2006) âOptimal monetary policy under commitment with a zero bound on nominal interest rates,â Journal of Money, Credit and Banking 38, 1877â1905.
Adam, K. and R. M. Billi (2007) âDiscretionary monetary policy and the zero lower bound on nominal interest rates,â Journal of Monetary Economics 54, 728â752.
Ball, L. (1999) âEfficient rules for monetary policy,â International Finance 2, 63â83.
Bernanke, B. S. (1983) âIrreversibility, uncertainty, and cyclical investment,â Quarterly Journal of Economics 98, 85â106.
Bilbiie, F. O. (2014) âDelegating optimal monetary policy inertia,â Journal of Economic Dynamics and Control 48, 63â78.
Billi, R. M. (2011) âOptimal inflation for the US economy,â American Economic Journal: Macroeconomics 3, 29â52.
Blanchard, O. and J. Galà (2007) âReal wage rigidities and the New Keynesian model,â Journal of Money, Credit and Banking 39, 35â65.
Blinder, A. S. (2006) âMonetary policy today: Sixteen questions and about twelve answers,â Working Papers 73, Princeton University, Department of Economics, Center for Economic Policy Studies.
Bodenstein, M., J. Hebden, and R. Nunes (2012) âImperfect credibility and the zero lower bound,â Journal of Monetary Economics 59, 135â149.
Boneva, L., R. Harrison, and M. Waldron (2018) âThreshold-based forward guidance,â Journal of Economic Dynamics and Control 90, 138â155.
Calvo, G. A. (1983) âStaggered prices in a utility-maximizing framework,â Journal of Monetary Economics 12, 383â398.
Carlstrom, C. T., T. S. Fuerst, and M. Paustian (2015) âInflation and output in New Keynesian models with a transient interest rate peg,â Journal of Monetary Economics 76, 230â243.
- Chen, H., V. Cúrdia, and A. Ferrero (2012) âThe macroeconomic effects of large-scale asset purchase programmes,â Economic Journal 122, 289â315.
Paper not yet in RePEc: Add citation now
Christiano, L., M. Eichenbaum, and S. Rebelo (2011) âWhen is the government spending multiplier large?â Journal of Political Economy 119, 78â121.
Coibion, O. and Y. Gorodnichenko (2012) âWhy are target interest rate changes so persistent?â American Economic Journal: Macroeconomics 4, 126â162.
Coibion, O., Y. Gorodnichenko, and J. Wieland (2012) âThe optimal inflation rate in New Keynesian models: Should central banks raise their inflation targets in light of the zero lower bound?â Review of Economic Studies 79, 1371â1406.
Consolo, A. and C. A. Favero (2009) âMonetary policy inertia: More a fiction than a fact?â Journal of Monetary Economics 56, 900â906.
Debortoli, D., J. Kim, J. Lindé, and R. Nunes (2019) âDesigning a simple loss function for central banks: Does a dual mandate make sense?â Economic Journal 129, 2010â2038.
Del Negro, Marco., D. Giannone, M. P. Giannoni, and A. Tambalotti (2017) âSafety, liquidity, and the natural rate of interest,â Brookings Papers on Economic Activity 48, 235â316.
Dixit, A. K. and R. S. Pindyck (1994) Investment under Uncertainty, Princeton University Press.
Eggertsson, G. B. and M. Woodford (2003) âZero bound on interest rates and optimal monetary policy,â Brookings Papers on Economic Activity 34, 139â233.
English, W. B., J. D. López-Salido, and R. J. Tetlow (2015) âThe Federal Reserveâs framework for monetary policy: Recent changes and new questions,â IMF Economic Review 63, 22â70.
English, W. B., W. R. Nelson, and B. P. Sack (2003) âInterpreting the significance of the lagged interest rate in estimated monetary policy rules,â Contributions in Macroeconomics 3.
Evans, C., J. Fisher, F. Gourio, and S. Krane (2015) âRisk management for monetary policy near the zero lower bound,â Brookings Papers on Economic Activity 46, 141â219.
Fujiwara, I., T. Nakajima, N. Sudo, and Y. Teranishi (2013) âGlobal liquidity trap,â Journal of Monetary Economics 60, 936â949.
Gertler, M. and P. Karadi (2013) âQE 1 vs. 2 vs. 3. . . : A framework for analyzing large-scale asset purchases as a monetary policy tool,â International Journal of Central Banking 9, 5â53.
Hills, T. S., Nakata, T. and S. Schmidt (2019) âEffective lower bound risk,â European Economic Review 120, 103321.
Holston, K., T. Laubach, and J. C. Williams (2017) âMeasuring the natural rate of interest: international trends and determinants,â Journal of International Economics 108, S39-S75.
Jeanne, O. and L. E. O. Svensson (2007) âCredible commitment to optimal escape from a liquidity trap: The role of the balance sheet of an independent central bank,â American Economic Review 97, 474â490.
Jung, T., Y. Teranishi, and T. Watanabe (2005) âOptimal monetary policy at the zero-interestrate bound,â Journal of Money, Credit, and Banking 37, 813â835.
Kobayashi, T. (2008) âIncomplete interest rate pass-through and optimal monetary policy,â International Journal of Central Banking 4, 77â118.
Kobayashi, T. (2009) âAnnouncements and the effectiveness of monetary policy: A view from the US prime rate,â Journal of Banking & Finance 33, 2253â2266.
Kobayashi, T. (2010) âPolicy irreversibility and interest rate smoothing,â The B.E. Journal of Macroeconomics 10, 1â29.
Laubach, T. and J. C. Williams (2003) âMeasuring the natural rate of interest,â Review of Economics and Statistics 85, 1063-1073.
- Lei, X. and M. C. Tseng (2019) ââWait-and-Seeâ monetary policy,â Macroeconomic Dynamics 23, 1793-1814.
Paper not yet in RePEc: Add citation now
Lowe, P. and L. Ellis (1997) âThe smoothing of official interest rates,â in Monetary Policy and Inflation Targeting, ed. by P. Lowe, Reserve Bank of Australia, RBA Annual Conference Volume.
Luenberger, D. G. and Y. Ye (2016) Linear and Nonlinear Programming, Springer, 3rd ed.
Mendes, R., S. Murchison, and C. A. Wilkins (2017) âMonetary policy under uncertainty: Practice versus theory,â Discussion Papers 2017-13, Bank of Canada.
Miranda, M. J. and P. L. Fackler (2004) Applied Computational Economics and Finance, MIT Press.
- Nakata, T. (2015) âCredibility of optimal forward guidance at the interest rate lower bound,â Feds notes, Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
- Nakata, T. and S. Schmidt (2019a) âConservatism and liquidity traps,â Journal of Monetary Economics 104, 37â47.
Paper not yet in RePEc: Add citation now
- Nakata, T. and S. Schmidt (2019b) âGradualism and liquidity traps,â Review of Economic Dynamics 31, 182-199.
Paper not yet in RePEc: Add citation now
Nakata, T., R. Ogaki, S. Schmidt, and P. Yoo (2019) âAttenuating the forward guidance puzzle: Implications for optimal monetary policy,â Journal of Economic Dynamics and Control 105, 90-106.
Nakov, A. (2008) âOptimal and simple monetary policy rules with zero floor on the nominal interest rate,â International Journal of Central Banking 4, 73â127.
Rogoff, K. (1985) âThe optimal degree of commitment to an intermediate monetary target,â Quarterly Journal of Economics 100, 1169â1189.
Rotemberg, J. J. and M. Woodford (1998) âAn optimization-based econometric framework for the evaluation of monetary policy: expanded version,â NBER Technical Working Papers 0233, National Bureau of Economic Research.
Rudebusch, G. D. (2002) âTerm structure evidence on interest rate smoothing and monetary policy inertia,â Journal of Monetary Mconomics 49, 1161â1187.
Rudebusch, G. D. (2006) âMonetary policy inertia: Fact or fiction?â International Journal of Central Banking 2, 85â135.
Sack, B. and V. Wieland (2000) âInterest-rate smoothing and optimal monetary policy: a review of recent empirical evidence,â Journal of Economics and Business 52, 205â228.
Svensson, L. E. O. (1997) âInflation forecast targeting: Implementing and monitoring inflation targets,â European Economic Review 41, 1111â1146.
- Swanson, E. T. (2020) âMeasuring the effects of Federal Reserve forward guidance and asset purchases on financial markets,â Journal of Monetary Economics, in press.
Paper not yet in RePEc: Add citation now
Teranishi, Y. (2015) âSmoothed interest rate setting by central banks and staggered loan contracts, â Economic Journal 125, 162â183.
- Thornton, D. L. (2006) âWhen did the FOMC begin targeting the federal funds rate? What the verbatim transcripts tell us,â Journal of Money, Credit and Banking 38, 2039â2071.
Paper not yet in RePEc: Add citation now
Trehan, B. and T. Wu (2007) âTime-varying equilibrium real rates and monetary policy analysis, â Journal of Economic Dynamics and Control 31, 1584â1609.
Walsh, C. (2003) âSpeed limit policies: the output gap and optimal monetary policy,â American Economic Review 93, 265â278.
- Walsh, C. E. (2017) Monetary Theory and Policy, MIT Press, 4th ed.
Paper not yet in RePEc: Add citation now
- Woodford, M. (2003) Interest and Prices: Foundation of a Theory of Monetary Policy, Princeton University Press.
Paper not yet in RePEc: Add citation now
Yun, T. (1996) âNominal price rigidity, money supply endogeneity, and business cycles,â Journal of Monetary Economics 37, 345â370.
Yun, T. (2005) âOptimal monetary policy with relative price distortions,â American Economic Review 95, 89â109. Supplementary Information âOptimal irreversible monetary policyâ Kohei Hasui, Teruyoshi Kobayashi, Tomohiro Sugo (a) (b)