Embedding Rational Expectations in a Structural VAR: Internal and External Instruments for Set Identification
Rational expectations are now embedded in a structural VAR.
An Explicit Structural Model of Forward-Lookingness in Money Rules and Taylor Rules
In the vast majority of specifications of the policy feedback rule, money growth is a better policy indicator than a short-term …
Safety Premia, Treasury Duration and Safe Asset Aggregation
To properly aggregate the quantity of safe assets given the imperfect substitution among safe assets in different durations.
Monetary Transmission in Money Markets: The Not-So-Elusive Missing Piece of the Puzzle
Adding variables to a VAR model may not solve the price puzzle but changing the policy indicator does.
Political Influence in the Fed Policymaking: The Case of Economic Forecast Bias
The federal reserve claims independence from political influence. The Fed’s economic forecast errors tell a different story.
A Note on the Relative Stability of Money Demand
The unstable money demand function can be a result of erroneous measure of money.
The Long-term Rate and Interest Rate Volatility in Monetary Policy Transmission
The risk-taking channel of monetary transmission is a matter of the uncertainty of long-term interest rate and the term premium.
