 | Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility Author/Editor: Peter Isard, Douglas Laxton, Ann-Charlotte Eliasson. Release Date:January, 2001 Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about more...
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| Possible Effects of European Monetary Union on Switzerland : A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor Author/Editor: Douglas Laxton, Eswar Prasad. Release Date:March, 1997 This paper examines the possible effects on Switzerland of asset preference shifts in favor of Swiss-franc-denominated assets that could result from EMU. Alternative policy responses to temporary and more...
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| Phillips Curves, Phillips Lines and the Unemplyment Costs of Overheating Author/Editor: Douglas Laxton, Peter B Clark. Release Date:February, 1997 Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to more...
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| Government Debt, Life-Cycle Income and Liquidity Constrains : Beyond Approximate Ricardian Equivalence Author/Editor: Steven A Symansky, Douglas Laxton, Hamid Faruqee. Release Date:December, 1996 Evans (1991) has demonstrated that Blanchard’s (1985) finite-horizon model obeys approximate Ricardian equivalence. We show that this result is determined largely by an unrealistic more...
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| Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States Author/Editor: Douglas Laxton, Guy Debelle. Release Date:October, 1996 Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence more...
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| A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models Author/Editor: Michel Juillard, Douglas Laxton. Release Date:September, 1996 The development and use of forward-looking macro models in policymaking institutions has proceeded at a pace much slower than predicted in the early 1980s. An important reason is that researchers more...
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| Capacity Constraints, Inflation and the Transmission Mechanism : Forward-Looking Versus Myopic Policy Rules Author/Editor: Peter B Clark, Douglas Laxton, David Rose. Release Date:August, 1995 This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy more...
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| Asymmetry in the U.S. Output-Inflation Nexus : Issues and Evidence Author/Editor: Douglas Laxton, Peter B Clark, David Rose. Release Date:August, 1995 This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process, which implies that excess demand conditions are much more more...
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| World Public Debt and Real Interest Rates Author/Editor: Robert Ford, Douglas Laxton. Release Date:March, 1995 Real interest rates appear to have risen in virtually all industrialized countries relative to levels that prevailed in the 1960s and 1970s. There is increasing concern that this may reflect higher more...
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| Asymmetric Effects of Economic Activityon Inflation : Evidence and Policy Implications Author/Editor: Douglas Laxton, Guy Meredith, David Rose. Release Date:November, 1994 This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is more...
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