Evaluating Policy Regimes New Research in Empirical Macroeconomics

by Bryant, Ralph; Hooper, Peter; Mann, Catherine L.

• ISBN13: 9780815711490
• ISBN10: 0815711492
• Format: Paperback
• Copyright: 1993-08-01
• Publisher: Brookings Institution Press

Summary

This volume brings together individuals and groups doing pioneer research on macroeconomic interaction, it explores what approach to monetary policy would lead to superior performance by individual national economies and the world economy as a whole.

Table of Contents

Foreword	p. vii
Evaluating Policy Regimes and Analytical Models: Background and Project Summary	p. 3
An Assessment of Some Basic Monetary-Policy Regime Pairs: Analytical and Simulation Results from Simple Multiregion Macroeconomic Models	p. 45
Design and Implementation of the Empirical Simulations	p. 219
Deterministic Simulations with Simple Policy Regimes	p. 261
Stochastic Simulations with Simple Policy Regimes	p. 373
Invited Contributors: Selected Comments and Reflections	p. 416
John B. Taylor	p. 426
Christopher A. Sims	p. 430
Bennett T. Mccallum	p. 444
Ray C. Fair	p. 449
Donald L. Kohn	p. 452
Evaluating Policy Regimes Under Imperfect Credibility	p. 461
The Importance of Federal Reserve Credibility: Evidence from the Taylor Model	p. 475
Stochastic Behavior of the World Economy Under Alternative Policy Regimes	p. 494
Stochastic Simulations of Alternative Monetary Regimes Using the Mckibbin-Sachs Global (Msg2) Model	p. 519
Policy Analysis and Model Reduction Techniques with the Global Economic Model	p. 535
Simulating the Oecd Interlink Model Under Alternative Monetary- Policy Regimes	p. 561
The European Monetary System: Achievements and Survival	p. 617
Evaluating Forecasts of the U. S. Trade Balance	p. 671
Modeling and Policy Use of Auction Price Expectations	p. 733
Using External Sustainability to Forecast the Dollar	p. 769
Reference Tables for Deterministic Simulations	p. 793
Reference Tables for Stochastic Simulations	p. 927
Contributors	p. 979
Index	p. 981
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