[...]... Implementation of Monetary Policy 67 HowPowerful Is Monetary Policy in the Long Run? Marco A Espinosa-Vega 829 68 Practical Issues in MonetaryPolicy Targeting Stephen G Cecchetti 857 69 NAIRU: It Useful for MonetaryPolicy? Is John P Judd 875 70 AnAlternative Strategy for MonetaryPolicy Brian Motley and John P Judd 879 71 WhatIs the OptimalRate of Inflation? Timothy Cogley 883 72 MonetaryPolicy and the... Primer on MonetaryPolicy, Part I: Goals and Instruments Carl E Walsh 299 24 A Primer on MonetaryPolicy, Part II: Targets and Indicators Carl E Walsh 303 25 U.S MonetaryPolicy: An Introduction Economic Research Department, Federal Reserve Bank of San Francisco 307 26 Against the Tide: Malcolm Bryan and the Introduction of Monetary Aggregate Targets R W Hafer 321 27 The Goals of U.S MonetaryPolicy John... Timothy Cogley 883 72 MonetaryPolicy and the Well-Being of the Poor Christina D Romer and David H Romer 887 73 What Are the Lags in MonetaryPolicy? Glenn Rudebusch 913 74 Monetary Policy and the Long Boom John B Taylor 917 Contents x Part E Monetary Policy and Interest Rates 75 927 76 Monetary Policy and Long-Term Interest Rates Yash P Mehra 931 77 MonetaryPolicy and Long-Term Real Interest Rates Timothy... role in causing many the reof cessionsof the past century, largely in the pursuit of its goal of long-runprice stability Thedegree to whichmonetary policy did or could moderatethe effects of cyclical downtums less was clear Many pointed to the apparent diminutionof the ampfitudeof business cycles in the postwarperiod as evidenceof the Fed’s ability to lessen the severity of contractions Interestingly,... 957 79 Index Interest Rates and MonetaryPolicy Glenn Rudebusch Taylor’s Rule and the Fed: 1970-1997 John P Judd and Glenn D Rudebusch 961 I-1 Contents of Companion Volume Handbook Fiscal Policy of UNIT III FISCAL POLICY Part A: Historical Perspectives 80 After Keynesian Macroeconomics Robert E Lucas, Jr., and Thomas Sargent ,I Formation of Fiscal Policy: The Experience of the Past Twenty-Five Years Alan... Rate Spreads as Indicators for MonetaryPolicy Chan Guk Huh 2O5 12 A DynamicMultivariate Modelfor Use in Formulating Policy Tao Zha 211 13 229 Recent U.S Intervention: Is Less More? Owen F Humpage 14 Forecasts, Indicators, and MonetaryPolicy Keith Sill 241 15 Inflation Targets: The Next Step for MonetaryPolicy Mark S Sniderman 253 Part D: Political Dimensions of EconomicPolicy 16 Central BankIndependence... 321 27 The Goals of U.S MonetaryPolicy John P Judd and Glenn D Rudebusch 343 28 Seigniorage Revenue and Monetary Policy Joseph H Haslag 347 29 Monetary Policy Comesof Age: A Twentieth Century Odyssey Marvin Goodfriend 363 30 Lessons on MonetaryPolicy from the 1980s Benjamin M Friedman 379 31 MonetaryPolicy in the 1990s Robert T Parry 399 32 Price Stability: Is a ToughCentral BankEnough? LawrenceJ Christiano... the ultimate cause of the recession, Romer wouldprefer a morepractical classification of monetarypolicy actions If the monetary policy action was the inevitable or highly likely result of a trigger, then we should consider the policy action endogenous therefore not a cause If, however,"a conscious and choice was made"or if "alternative policies were , discussed at the time," then the policy should be... about the role of monetary policy, Sims advocates examining the interactions among many economicvariables in order to obtain a clear picture of the role of any one of them in economicfluctuations Sims employsa methodology that allows each of six variables (industrial production, consumerprices, currency, a monetaryaggregate, the discount rate, and commodity priges ) to respond to lags of the other variables,... Christiano, is the characterization of the postwarmonetary policy rule Underthis rule, after all, the Fed wouldhave contracted the money supply by 30 percent in the 1930s Christiano cannot conceive of a sensible policymaker whowould pursue a contractionary monetarypolicy during a widely recognized, worldwidedepression So Christiano proposes instead to use a monetarypolicy equation that keeps money (M1) . Golembiewski 82. Handbook of Global Political Policy, edited by Stuart S. Nagel 83. Handbook of Global Technology Policy, edited by Stuart S. Nagel 84. Handbook of Cdminal. Steel 75. Handbook of State GovemmentAdministration, edited by John J. Gargan 76. Handbook of Global Legal Policy, edited by Stuart S. Nagel 77. Handbook of Public