LM Ball - 1999 - nber.org
... Page 2. 3 Policy Rules for Open Economies Laurence Ball 3.1 Introduction What policy rules
should central banks follow? ... 127 Page 3. 128 Laurence Ball final equation is a relation between
interest rates and exchange rates that cap- tures the behavior of asset markets. ...
LM Ball… - 1990 - nber.org
... Laurence Ball David Rower Working Paper No. 2476 ... demand arising front imperfect
information, and efficiency wages. Laurence Ball Department of Economics Graduate School
of Business Administration New York University New York, NY 10006 ...
L Ball,
N Mankiw… - NBER Working Paper No. R1111, 1989 - papers.ssrn.com
Abstract: The purpose of this paper is to provide evidence supporting new Keynesian
theories. We point out a simple prediction of Keynesian models that contradicts other
leading macroeconomic theories and show that it holds in actual economies. In doing so, ...
LM Ball… - 2004 - nber.org
... (Bernanke et al. 1999, 288). 6 Does Inflation Targeting Matter? Laurence Ball and Niamh
Sheridan Laurence Ball is professor of economics at Johns Hopkins University and a research
asso- ciate of the National Bureau of Economic Research (NBER). ...
L Ball - 1994 - nber.org
Disinflations are a major cause of recessions in modern economies-perhaps the dominant
cause. In the United States, for example, recessions occurred in the early 1970s, mid-l970s,
and early 1980s. Each of these downturns coincided with falling inflation caused by tight ...
L Ball… - 1994 - nber.org
This paper considers a possible explanation for asymmetric adjustment of nominal prices.
We present a menu-cost model in which positive trend inflation causes firms' relative prices
to decline automatically between price adjustments. In this environment, shocks that raise ...
L Ball - International Finance, 1999 - Wiley Online Library
2. Abstract This paper defines an efficient rule for monetary policy as one that minimizes a
weighted sum of output variance and inflation variance. It derives several results about the
efficiency of alternative rules in a simple macroeconomic model. First, efficient rules can ...
GA Akerlof, AK Rose, JL Yellen, L Ball… - Brookings papers on …, 1988 - JSTOR
SUCCESSFUL MACROECONOMIC THEORIES must explain important empirical
regularities. One indisputable regularity is the highly procyclic nature of quits: many more
people voluntarily leave their jobs when unemployment is low than when it is high. In this ...
L Ball… - The Quarterly Journal of Economics, 1995 - qje.oxfordjournals.org
Abstract This paper proposes a theory of supply shocks, or shifts in the short-run Phillips
curve, based on relative-price changes and frictions in nominal price adjustment. When
price adjustment is costly, firms adjust to large shocks but not to small shocks, and so ...
L Ball… - 2002 - nber.org
This paper discusses the NAIRU--the non-accelerating inflation rate of unemployment. It first
considers the role of the NAIRU concept in business cycle theory, arguing that this concept
is implicit in any model in which monetary policy influences both inflation and ...
L Ball - The American Economic Review, 1994 - JSTOR
Although most macroeconomists agree that disinflations reduce output, there is no
consensus about why. New classical economists argue that credibility problems are central-
that disinflation would be costless if the public believed policy announcements. Many new ...
L Ball - Journal of Monetary Economics, 1992 - Elsevier
Abstract This paper presents a model of monetary policy in which a rise in inflation raises
uncertainty about future inflation. When actual and expected inflation are low, there is a
consensus that the monetary authority will try to keep them low. When inflation is high, ...
L Ball, SG Cecchetti… - Brookings Papers on Economic Activity, 1990 - JSTOR
ALTHOUGH MOST ECONOMISTS agree that inflation is costly, there is no consensus about
why. Many traditionally cited costs, such as deadweight loss from the inflation" tax," seem too
small to justify concern about moderate inflation. One approach is to argue that inflation of ...
LM Ball - 1997 - nber.org
... Chapter pages in book: (p. 167 - 194) Page 2. 4 Disinflation and the NAIRU Laurence
Ball ... Laurence Ball is professor of economics at Johns Hopkins University and a research
associate of the National Bureau of Economic Research. ...
L Ball, NG Mankiw… - Brookings papers on economic activity, 1999 - JSTOR
WHAT DETERMINES the unemployment rate? In answering this question, mainstream
economics draws a sharp distinction between the short run and the long run. According to
the conventional view, short-run movements in unemployment are strongly influenced by ...
L Ball… - The American Economic Review, 1991 - JSTOR
This paper links the" coordination failure" and" menu cost" approaches to the microeconomic
foundations of Keynesian macroeconomics. If a firm's desired price is increasing in others'
prices, then the gain from price adjustment after a nominal shock is greater if others adjust. ...
L Ball… - 2001 - nber.org
We present a model in which workers' aspirations for wage increases adjust slowly to shifts
in productivity growth. The model yields a Phillips curve with a new variable: the gap
between productivity growth and an average of past wage growth. Empirically, this ...
L Ball… - Carnegie-Rochester Conference Series on Public …, 1994 - Elsevier
Abstract Macroeconomists are divided on the best way to explain short-run economic
fluctuations. This paper presents the case for traditional theories based on short-run price
stickiness. It discusses the fundamental basis for believing in this class of macroeconomic ...
This paper is a contribution to the analysis of optimal monetary policy. It begins with a critical
assessment of the existing literature, arguing that most work is based on implausible models
of inflation-output dynamics. It then suggests that this problem may be solved with some ...
L Ball - 2000 - nber.org
Sticky-price models with rational expectations fail to capture the inertia in US inflation.
Models with backward-looking expectations capture current inflation behavior, but are
unlikely to fit other monetary regimes. This paper seeks to overcome these problems with ...
LM Ball - 2006 - nber.org
Page 1. NBER WORKING PAPER SERIES HAS GLOBALIZATION CHANGED
INFLATION? Laurence M. Ball Working Paper 12687 http://www.nber.org/papers/
w12687 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 ...
L Ball - 2000 - nber.org
This essay discusses rules for monetary policy in open economies. If policymakers seek to
stabilize output and inflation, optimal rules in open economies differ considerably from
optimal rules in closed economies. In open economies, stability is best achieved by ...
LM Ball… - 1989 - nber.org
... ARE PRICES TOO STICKY? Laurence Ball David Romer ... The externality can be arbitrarily large
relative to the private costs of rigidity. Laurence Ball Department of Economics Graduate School
of Business Administration New York University New York, NY 10006 ...
L Ball - Journal of Monetary Economics, 2001 - Elsevier
This paper investigates the long-run demand for M1 in the postwar United States. Previous
studies, based on data ending in the late 1980s, are inconclusive about the parameters of
postwar money demand. This paper obtains precise estimates of these parameters by ...
L Ball… - 1996 - nber.org
This paper discusses the effects of budget deficits on the economy in four steps. First, it
reviews standard theory about how budget deficits influence saving, investment, the trade
balance, interest rates, exchange rates, and long-term growth. Second, it offers a rough ...
L Ball - Journal of Monetary Economics, 1995 - Elsevier
This paper presents a theory of the real effects of disinflation. As in New Keynesian models,
price adjustment iis staggered across firms. As in New Classical models, credibility is
imperfect: the monetary authority may not complete a promised disinflation. The ...
LM Ball… - 1989 - nber.org
... THE EQUILIBRIUM AND OPTIMAL TIMING OF PRICE CHANGES Laurence Ball David Romer
Working Paper No. ... with synchronized price-setting. Laurence Ball Department of Economics
Graduate School of Business Administration New York University New York, NY 10006 ...
LM Ball… - 1987 - nber.org
... IMPERFECT INFORMATION AND STAGGERED PRICE SETTINGS Laurence Ball Stephen G.
Cecchetti ... socially optimal even thougi it increases aggregate fluctuations. Laurence Ball Graduate
School of Business New York University New York, New York 10006 ...
L Ball, DW Elmendorf… - 1995 - nber.org
The historical behavior of interest rates and growth rates in US data suggests that the
government can, with a high probability, run temporary budget deficits and then roll over the
resulting government debt forever. The purpose of this paper is to document this finding ...
L Ball - The American Economic Review, 1987 - JSTOR
An increase in the length of a firm's labor contract contributes to rigidity in the aggregate
price level. This increases the variance of aggregate demand but decreases the variance of
other firms' real wages. Under certain conditions, the net effect is to increase the variance ...
L Ball… - 2002 - nber.org
This paper seeks to understand the behavior of Greenspan's Federal Reserve in the late
1990s. Some authors suggest that the Fed followed a simple'Taylor rule,'while others argue
that it deviated from such a rule because it recognized that the'New Economy'permitted an ...
L Ball - The Quarterly Journal of Economics, 1988 - qje.oxfordjournals.org
Abstract This paper investigates the welfare properties of equilibrium indexation in a
decentralized economy. If indexation is costless, so all firms index, then the equilibrium
degree of indexation is efficient. But if indexation is costly and this leads some firms not to ...
L Ball… - 2001 - nber.org
This paper examines the optimal allocation of risk in an overlapping-generations economy. It
compares the allocation of risk the economy reaches naturally to the allocation that would be
reached if generations behind a Rawlsian'veil of ignorance'could share risk with one ...
L Ball - Journal of Monetary Economics, 1995 - Elsevier
This paper presents a model of dynamically consistent monetary policy that explains
changes in inflation over time. In the model—as in the postwar United States—adverse
supply shocks trigger increases in inflation. High inflation persists until a tough ...
L Ball - Economic Inquiry, 1990 - Wiley Online Library
This paper tests an intertemporal labor supply model for workers who say they face quantity
constraints on their hours and for workers who say they do not. The data reject the model for
the first group but not for the second. I conclude from this evidence that employment ...
L Ball… - The American Economic Review, 1991 - JSTOR
Since the early 1970's, both academic researchers and policymakers have devoted
considerable attention to the macroeconomic effects of wage indexation. However, these
two groups have focused on different effects. Starting with Jo Anna Gray (1976) and ...
L Ball… - 1995 - nber.org
This paper examines the predictive power of shifts in monetary policy, as measured by
changes in the federal funds rate, for output, inflation, and survey expectations of these
variables. We find that policy shifts have larger effects on actual output than on expected ...
[CITATION] A proposal for the next macroeconomic reform
LM Ball… - 1996 - Victoria University of Wellington …
LM Ball - 2009 - nber.org
Page 1. NBER WORKING PAPER SERIES HYSTERESIS IN UNEMPLOYMENT:
OLD AND NEW EVIDENCE Laurence M. Ball Working Paper 14818 http://www.nber.
org/papers/w14818 NATIONAL BUREAU OF ECONOMIC ...
L Ball - 1998 - nber.org
This paper investigates the long-run demand for M1 in the postwar United States. Previous
studies, based on data ending in the late 1980's, are inconclusive about the parameters of
postwar money demand. This paper obtains precise estimates of these parameters by ...
L Ball… - 1993 - nber.org
This paper studies the welfare effects of the relative price variability arising from inflation.
When agents interact in anonymous markets, with customers buying from new suppliers
each period, relative price variability benefits customers and cannot harm suppliers ...
L Ball… - Journal of Money, Credit and Banking, 2003 - JSTOR
This paper studies the welfare effects of the relative-price variability arising from inflation. If
customers and suppliers form long-term relationships, prices have an informational role: a
potential customer uses current prices as signals of future prices. Inflation reduces the ...
L Ball - 1990 - nber.org
This paper determines the real effects of credible disinflation when price setting is
staggered. The results are surprising: a fairly quick disinflation causes a boom. This finding
suggests that nominal price rigidity alone does not explain why disinflation is costly in ...
L Ball… - Journal of Money, Credit and Banking, 2003 - JSTOR
This paper examines the predictive power of shifts in monetary policy, as measured by
changes in the real federal funds rate, for output, inflation, and survey expectations of these
variables. We find that policy shifts have larger effects on actual output than on expected ...
L Ball - 2002 - nber.org
The paper estimates a long-run demand function for M1, using US data for 1959-1993. This
paper interprets deviations from this long-run relation with Goldfeld's partial adjustment
model. A key innovation is the choice of the interest rate in the money demand function. ...
L Ball… - Review of Economics and Statistics, 1999 - MIT Press
ALARGE literature in macroeconomics has examined how the inflation rate is related to the
distribution of relative-price changes. This work has established a striking fact: there is a
strong correlation between inflation and the skewness of this distribution. When inflation is ...
L Ball - Business Review, 1993 - phil.frb.org
JL\-central goal of monetary authorities such as the Federal Reserve is to reduce inflation
and ultimately to achieve stable prices in the belief that doing so will contribute to higher
long-run growth. The Fed and central banks in other countries can reduce inflation by ...
L Ball - 1991 - nber.org
This essay asks how high inflation arises and why it is costly to eliminate. Specifically, the
paper discusses the roles of price rigidity and credibility problems in explaining the costs of
disinflation; the puzzle of persistent inflation triggered by onetime macroeconomic shocks; ...
LM Ball… - 1987 - nber.org
Page 1. NBER WORKING PAPER SERIES STICKY PRICES AS COORDINATION
FAILURE Laurence Ball David Romer Working Paper No. 2327 NATIONAL BUREAU
OF ECONOMIC RESEARCH 1050 Massachusetts Avenue ...
[CITATION] Efficient Monetary Policy Rules
L Ball - NBER working paper, 1997
L Ball - Journal of Monetary Economics, 1990 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Insiders
and outsiders: A review essay. Laurence Ball (). Journal of Monetary Economics, 1990, vol. 26,
issue 3, pages 459-469. Date: 1990 Track citations by RSS feed. ...
LM Ball - 1990 - nber.org
Page 1. NBER WORKING PAPERS SERIES TIME-CONSISTENT POLICY AND
PERSISTENT CHANGES IN INFLATION Laurence Ball Working Paper No. ... Laurence
Ball NBER 1050 Massachusetts Avenue Cambridge, MA 0213 8 Page 3. ...
LM Ball - 2010 - nber.org
Page 1. NBER WORKING PAPER SERIES THE PERFORMANCE OF ALTERNATIVE
MONETARY REGIMES Laurence M. Ball Working Paper 16124 http://www.nber.
org/papers/w16124 NATIONAL BUREAU OF ECONOMIC ...
L Ball - Business Review, 1993 - philadelphiafed.org
i inflation is universally unpopular; everyone from ordinary consumers to top government
officials bemoans the perpetual process of rising prices. Frequently, discussions of inflation
have an air of resignation. Inflation is like bad weather: we can complain about it, but it ...
LM Ball - 2008 - books.google.com
... worthpublishers.com Page 9. Laurence Ball is Professor of Economics at Johns Hopkins
University. He holds a Ph.D. in economics from the Massachusetts Institute of Technology
and a BA in econom- ics from Amherst College. Professor ...
L Ball - This Page Intentionally Left Blank, 2001 - books.google.com
What policy rules should central banks follow? A growing number of economists and
policymakers advocate targets for the level of inflation. Many also argue that inflation
targeting should be implemented through a" Taylor rule" in which interest rates are ...
[CITATION] Monetary policy rules for open economies
L Ball - NBER Working Paper, 1998
LM Ball - 2006 - nber.org
... Monetization of the debt 279 7 Fiscal Remedies for Japan's Slump Laurence Ball
Laurence Ball is a professor of economics at Johns Hopkins University, and a research
as- sociate of the National Bureau of Economic Research. Page 3. ...
[CITATION] Productivity Growth and the Philips Curve
L Ball… - NBER WORKING PAPER …, 2001 - NATIONAL BUREAU OF …
LM Ball - 2008 - msk.socionet.ru
... and Japan's Liquidity Trap Laurence Ball This paper examines the effects of a money-financed
fiscal expansion— a helicopter drop—when an economy is in a liquidity trap. It uses a
textbook-style model calibrated to fit Japan's economic slump and de- flation as of 2003. ...
LM Ball - 2009 - nber.org
Page 1. NBER WORKING PAPER SERIES POLICY RESPONSES TO EXCHANGE-
RATE MOVEMENTS Laurence M. Ball Working Paper 15173 http://www.nber.org/papers/
w15173 NATIONAL BUREAU OF ECONOMIC RESEARCH ...
[CITATION] What do Deficits do
L Ball… - Proceedings of the Federal Reserve, 1995
[CITATION] Monetary Policy
L Ball, NG Mankiw… - Monetary Policy, 1994 - The University of Chicago Press …
LM Ball, N De Roux… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES UNEMPLOYMENT IN LATIN AMERICA
AND THE CARIBBEAN Laurence M. Ball Nicolás De Roux Marc Hofstetter Working
Paper 17274 http://www.nber.org/papers/w17274 NATIONAL ...
LM Ball… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES INFLATION DYNAMICS AND THE GREAT
RECESSION Laurence M. Ball Sandeep Mazumder Working Paper 17044
http://www.nber.org/papers/w17044 NATIONAL BUREAU OF ...
L Ball… - 1989 - nber.org
This paper investigates the effects of wage indexation on the time-consistent level of
inflation. Departing from previous work on time-consistent policy, we study a structural model
of the economy. Indexation reduces the cost of inflation, which is inflationary, and ...
[CITATION] Disinflation with imperfect credibility
L Ball - Journal of Monetary, 1995
L Ball… - Harvard Institute of Economic Research …, 1992 - econpapers.repec.org
Related works: Working Paper: Relative-Price Changes as Aggregate Supply Shocks (1995)
Working Paper: Relative-price changes as aggregate supply shocks (1993) Journal Article:
Relative-Price Changes as Aggregate Supply Shocks (1995) This item may be available ...
[CITATION] GREGORY NMankiw, AND RICARDO REIS (2005), Monetary Policy for Inattentive Economies
L Ball - Journal of Monetary Economics
[CITATION] Policy rules for open economies
B Laurence - NBER working paper, 1998
[CITATION] oInflation and Uncertainty at Long and SHort Horizons
L Ball… - pBrookings Papers on Economic Activity, 1990
[CITATION] Efficient Rules for Monetary Policy
B Laurence - John Hopkins University, 1997
[CITATION] Monetary Policy for Inattentive Economies
G Mankiw, L Ball… - Journal of Monetary Economics, forthcoming, 2004
[CITATION] VNear% Rationality and Inflation in Two Monetary Regimes
B Laurence - NBER Working Paper, 2000
[CITATION] What do Budget Deficits Do
B Laurence… - Harward Institute of Economic Research Working …, 1995
[CITATION] Monetary policy rules in practice
L Ball… - American economic association papers and …, 2002
L Ball - Review, 2005 - econpapers.repec.org
... Please update your bookmarks. Commentary on "the monetary policy debate since October
1979: lessons for theory and practice". Laurence Ball (). Review, 2005, issue Mar, pages
263-268. Date: 2005 View list of references Track citations by RSS feed. ...
[CITATION] BOOK REVIEWS-Asking about Prices: A New Approach to Understanding Price Stickiness
AS Blinder… - Journal of Economic …, 1999 - Nashville [etc.]: American Economic …
[CITATION] Monetary policy rules in an open economy
L Ball - Monetary Policy Rules, University of Chicago Press, …, 1999
[CITATION] ÅAnother Look at LongMRun Money Demand
L Ball - 1998 - G NBER Working Paper
[CITATION] Policy rules for Open Economies in TAYLOR, John B. Mon! etary Policy rules
L BALL - 1999 - … The University of Chicago Press and …
[CITATION] lWhat determines the sacrifice ratio? mIn Mankiw, NG ed. Mone tary Policy, pp. 155&182
L Ball - 1994 - University of Chicago Press, …
[CITATION] Policy Analysis with Economic Models
L Ball, NG Mankiw… - Brookings Papers on Economic Activity, 1988
[CITATION] Inflation and Uncertainty at Long and Short Horizons
L Ball… - Broolcings Papers on Economic Activity
L Ball - 1991 - nber.org
This paper assumes that workers can move from a market with high unemployment to one
with low unemployment at a cost. In principle. equilibrium mobility can be greater or less
than the social optimum. For most plausible parameter values. however. mobility is too low ...
[CITATION] RAre Prices Too Sticky?"
L Ball… - Quarterly Journal of Economics, 1989
[CITATION] 0Productivity Growth and the Phillips Curve, 1 in AB Krueger and R
L Ball… - The Roaring Nineties: Can Full Employment be …, 2001
[CITATION] Has globalization changed inflation?, NBER working paper no. 12687, November
L Ball - 2006
[CITATION] 0Policy Rules for Open Economies, 1 in JB Taylor ed., Monetary Policy Rules
L Ball - 1999 - University of Chicago Press
[CITATION] Does inflation targeting matter., NBER Working Paper, No. 9577
L Ball… - 2003
[CITATION] AWhat Determines the Sacrifice Ratio,@ in Mankiw
L Ball - Monetary Policy, 1994
[CITATION] Efficient Monetary Policy Rul es
L Ball - 1997 - March
[CITATION] Inflation and the Informativeness of Prices
L BALL… - NBER Working Paper, 1993
[CITATION] Robert Moffi tt. kProductivity Growth and the Phillips Curve. l The Roaring Nineties: Can Full Employment Be Sustained
L Ball - Alan Krueger and Robert Solow (editors), 2001
[CITATION] mDoes Inflation Targeting Matter? nen BS Bernanke y M. Woodford, eds., Inflation Targeting
L Ball… - 2005 - Chicago: University of Chicago …
[CITATION] Short-run Money Demand
B Laurence - Johns Hopkins University, 2002
[CITATION] mWhat Determines the Sacrifice Ratio? nEn: Gregory N. Mankiw, ed., Monetary Policy
L Ball - Chicago: The University of Chicago Press, 1994
[CITATION] On Taylor Rules and Monetary Policy: The Fed and the New Economy
L BALL… - American Economic Review, 2002
[CITATION] Efficient rules for monetary policy, Reserve Bank of New Zealand
L BALL - 1997 - Working Papers G97
[CITATION] Policy Rules for Open Economies.''In John B. Taylor (ed.), Monetary Policy Rules. Chicago: Chicago University Press
L Ball - 1998
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