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Page 1. NBER WORKING PAPER SERIES CLOSING SMALL OPEN ECONOMY
MODELS Stephanie Schmitt-Grohé Martín Uribe Working Paper 9270
http://www.nber.org/papers/w9270 NATIONAL BUREAU OF ECONOMIC ...
S Schmitt-Grohe… - Journal of Economic Dynamics and Control, 2004 - Elsevier
This paper derives a second-order approximation to the solution of a general class of
discrete-time rational expectations models. The main theoretical contribution is to show that
for any model belonging to that class, the coefficients on the terms linear and quadratic in ...
This paper characterizes conditions under which interest-rate feedback rules that set the
nominal interest rate as an increasing function of the inflation rate induce aggregate
instability by generating multiple equilibria. It shows that these conditions depend not only ...
Page 1. NBER WORKING PAPER SERIES OPTIMAL FISCAL AND MONETARY POLICY
UNDER STICKY PRICES Stephanie Schmitt-Grohé Martín Uribe Working Paper 9220
http://www.nber.org/papers/w9220 NATIONAL BUREAU ...
Page 1. NBER WORKING PAPER SERIES OPTIMAL SIMPLE AND IMPLEMENTABLE
MONETARY AND FISCAL RULES: EXPANDED VERSION Stephanie Schmitt-Grohé Martín
Uribe Working Paper 12402 http://www.nber.org/papers/w12402 ...
A traditional argument against a balanced-budget fiscal policy rule is that it amplifies
business cycles by stimulating aggregate demand during booms via tax cuts and higher
public expenditures and by reducing demand during recessions through a corresponding ...
M Ravn,
S SCHMITT‐GROHÉ… - Review of Economic …, 2006 - Wiley Online Library
Skip to Main Content. Wiley Online Library will be disrupted
3 Sep from 10-12 BST for monthly maintenance. ...
STEPHANIE SCHMITT-GROHE MARTÍN URIBE Stabilization Policy and the Costs of Dollarization
This paper compares the welfare costs of business cycles in a dol- larized economy to those
arising in economies in which monetary policy takes the form of inflation targeting ...
This paper addresses a classic question in macroeconomics, namely: How should a
benevolent government conduct stabilization policy? A central characteristic of all existing
studies is that optimal policy is derived in highly stylized environments. Typically, optimal ...
In this paper, we perform a structural Bayesian estimation of the contribution of anticipated
shocks to business cycles in the postwar United States. Our theoretical framework is a real-
business-cycle model augmented with four real rigidities: investment adjustment costs, ...
This paper suggests that for a wide class of international real-business-cycle models,
including models with imperfect competition, the traditional channels of international
transmission of business cycles through world-interest-rate and terms-of-trade variations ...
... of Output, Hours, and Consumption By STEPHANIE SCHMITT-GROHE* This paper studies
the business-cycle fluctuations predicted by a two-sector endogenous-business-cycle
model with sector-specific external increasing returns to scale. ...
This paper compares four models that allow for endogenous equilibrium fluctuations due to
self-fulfilling expectations. First, it compares the parameter values required by each model
for such equilibria to exist and discusses their empirical plausibility. Second, it analyzes ...
This paper studies optimal fiscal and monetary policy under imperfect competition in a
stochastic, flexible-price, production economy without capital. It shows analytically that in this
economy the nominal interest rate acts as an indirect tax on monopoly profits. Unless the ...
Page 1. NBER WORKING PAPER SERIES OPTIMAL OPERATIONAL MONETARY POLICY IN
THE CHRISTIANO-EICHENBAUM-EVANS MODEL OF THE US BUSINESS CYCLE Stephanie
Schmitt-Grohé Martín Uribe Working Paper 10724 http://www.nber.org/papers/w10724 ...
Page 1. NBER WORKING PAPER SERIES EXPLAINING THE EFFECTS OF
GOVERNMENT SPENDING SHOCKS ON CONSUMPTION AND THE REAL
EXCHANGE RATE Morten O. Ravn Stephanie Schmitt-Grohé Martín Uribe ...
... uribe. The views expressed herein are those of the authors and not necessarily
those of the National Bureau of Economic Research. ©2003 by Jess Benhabib,
Stephanie Schmitt-Grohe, and Martin Uribe. All rights reserved. ...
S Schmitt-Grohe… - Monetary Policy Under Inflation Targeting, 2007 - nber.org
Abstract This paper characterizes Ramsey-optimal monetary policy in a medium-scale
macroeconomic model that has been estimated to fit well postwar US business cycles. We
find that mild deflation is Ramsey optimal in the long run. However, the optimal inflation ...
Page 1. Chaotic Interest Rate Rules∗ Jess Benhabib † New York University
Stephanie Schmitt-Grohé ‡ Rutgers University and CEPR Mart´ın Uribe § University
of Pennsylvania August 15, 2001 Abstract A growing empirical ...
Page 1. NBER WORKING PAPER SERIES OPTIMAL INFLATION STABILIZATION IN
A MEDIUM-SCALE MACROECONOMIC MODEL Stephanie Schmitt-Grohé Martin Uribe
Working Paper 11854 http://www.nber.org/papers/w11854 ...
... THE OPTIMAL RATE OF INFLATION Stephanie Schmitt-Grohe Martin Uribe ... The views expressed
herein are those of the authors and do not necessarily reflect the views of the National Bureau
of Economic Research. © 2010 by Stephanie Schmitt-Grohe and Martin Uribe. ...
We compare two ways of modeling Calvo-type wage stickiness. One in which each
household is the monopolistic supplier of a differentiated type of labor input (as in Erceg, et
al., 2000) and one in which households supply a homogenous labor input that is ...
Page 1. Dollarization and Seignorage: How Much Is at Stake? ∗ Stephanie
Schmitt-Grohé† Rutgers University Martın Uribe‡ University of Pennsylvania July
9, 1999 When a country decides to replace its domestic currency with ...
We introduce deep habits into a sticky-price sticky-wage economy and examine the resulting
models ability to account for the impact of monetary policy shocks. The deep habits
mechanism gives rise to countercyclical markup movements even when prices are flexible ...
Page 1. NBER WORKING PAPER SERIES ANTICIPATED RAMSEY REFORMS AND THE
UNIFORM TAXATION PRINCIPLE: THE ROLE OF INTERNATIONAL FINANCIAL MARKETS
Stephanie Schmitt-Grohé Martín Uribe Working Paper 9862 http://www.nber.org/papers/w9862 ...
[CITATION] Whatms news in business cycles
S Schmitt&Grohe… - 2008 - working paper
Page 1. DISCUSSION PAPER SERIES www.cepr.org Available online at: www.cepr.org/
pubs/dps/DP2969.asp and http://papers.ssrn.com/abstract=285945 www.ssrn.com/xxx/xxx/
xxx No. 2969 LIQUIDITY TRAPS WITH GLOBAL TAYLOR RULES ...
A number of empirical studies document that marginal cost shocks are not fully passed
through to prices at the firm level and that prices are substantially less volatile than costs. We
show that in the relative-deep-habits model of Ravn, Schmitt-Grohé, and Uribe [Ravn, M., ...
... PRICING TO HABITS AND THE LAW OF ONE PRICE Morten Ravn Stephanie Schmitt-Grohe
Martin Uribe Working Paper 12731 http://www.nber.org/papers/w12731 ... 2006 by Morten Ravn,
Stephanie Schmitt-Grohe, and Martin Uribe. All rights reserved. ...
Abstract This paper explores the macroeconomic consequences of preferences displaying a
subsistence point. It departs from the existing related literature by assuming that subsistence
points are specific to each variety of goods rather than to the composite consumption good ...
J Benhabib,
S Schmitt-Grohé… - Manuscript, University of …, 2000 - econ.duke.edu
Page 1. Appendix to 'Monetary Policy and Multiple Equilibria' Not for publication Jess
Benhabib Stephanie Schmitt-Grohé Martın Uribe∗ March 13, 2000 AA model with
Calvo-Yun-type price staggering In this appendix, we develop ...
[CITATION] Habit persistence
S Schmitt-Grohé… - The New Palgrave Dictionary of Economics, second …, 2007
[CITATION] Comparing four models of fluctuations due to self-fulfilling expectations
S Schmitt-Grohé - Board of Governors of the Federal Reserve System …, 1994
[CITATION] 2oo7. Optimal simple and implementable monetary and fiscal rules
S Schmitt Grohé… - Journal of Monetary Economics
[CITATION] Designing Monetary Policy: Backward-Looking Interest-Rate Rules and Interest Rate Smoothing
J Benhabib, S Schmitt-Grohé… - 2002 - Mimeo, Rutgers University, October
... THE MACROECONOMICS OF SUBSISTENCE POINTS Morten O. Ravn Stephanie Schmitt-Grohe
Martin Uribe Working Paper 11012 http://www.nber.org/papers/w11012 ... 2004 by Morten O. Ravn,
Stephanie Schmitt-Grohe, and Martin Uribe. All rights reserved. ...
Page 1. NBER WORKING PAPER SERIES A MODEL-BASED EVALUATION OF THE DEBATE
ON THE SIZE OF THE TAX MULTIPLIER Ryan Chahrour Stephanie Schmitt-Grohé Martín
Uribe Working Paper 16169 http://www.nber.org/papers/w16169 ...
[CITATION] forthcoming, Optimal simple and implementable monetary and fiscal rules
S Schmitt-Grohé… - Journal of Monetary Economics
[CITATION] Optimal Fiscal and Monetary Policy in Open Economy
S Schmitt-Grohe… - 2002 - mimeo, Rutgers University and …
[CITATION] Optimal Operational Interest-Rate Rules in the Christiano-Eichenbaum-Evans Model of the US Business Cycle
S Schmitt-Grohé… - Duke University, August, 2004
Page 1. NBER WORKING PAPER SERIES FOREIGN DEMAND FOR DOMESTIC
CURRENCY AND THE OPTIMAL RATE OF INFLATION Stephanie Schmitt-Grohé Martín
Uribe Working Paper 15494 http://www.nber.org/papers/w15494 ...
S Schmitt‐Grohé… - International Journal of Economic …, 2009 - Wiley Online Library
Skip to Main Content. ...
[CITATION] Martin Uribe (2007). Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate
M Ravn… - Mimeo
A growing empirical and theoretical literature argues in favor of specifying monetary policy in
the form of Taylor-type interest rate feedback rules. That is, rules whereby the nominal
interest rate is set as an increasing function of inflation with a slope greater than one ...
[CITATION] Martin Uribe,(2007)
M Ravn… - Pricing of habits and the law
S Schmitt-Grohé… - Federal Reserve Bank of Richmond …, 2008 - econ.duke.edu
Page 1. Policy Implications of the New Keynesian Phillips Curve Stephanie
Schmitt-Grohé∗ Mart´ın Uribe† August 13, 2008 The theoretical framework within
which optimal monetary policy was studied before the arrival of the ...
Much of our recent research has been devoted to developing and applying tools for the
evaluation of macroeconomic stabilization policy. This choice of topic is motivated by the fact
that by the late 1990s empirical research using macroeconomic data from industrialized ...
M Uribe… - Proceedings, 2001 - ideas.repec.org
This paper studies optimal fiscal and monetary policy under sticky product prices. The
theoretical framework is a stochastic production economy without capital. The government
finances an exogenous stream of purchases by levying distortionary income taxes, ...
[CITATION] 2006/Comparing Two Variants of Calvo-Type Wage Stickiness
S Schmitt-Grohe… - Duke University
[CITATION] and Martín Uribe,“Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate,”
M Ravn… - 2007 - CEPR Discussion Paper 6541
Page 1. Discussion of 'Limits to Inflation Targeting,' by Christopher A. Sims Stephanie
Schmitt-Grohé∗ May 6, 2003 When I was invited to discuss Chris Sims' contribution
to the Inflation Targeting Con- ference, one of the reasons ...
[CITATION] Forthcoming.—Stabilization Policy and the Cost of Dollarization.“
S Schmitt-Grohe… - Journal of Money, Credit, and Banking
[CITATION] Martín Uribe (2001b),“Monetary Policy and Multiple Equilibria,”
J Benhabib… - American Economic Review
[CITATION] Forthcoming.“Optimal Fiscal and Monetary Policy under Sticky Prices.”
S Schmitt-Grohé… - Journal of Economic Theory
[CITATION] Government Transfers and the Friedman Rule
S Schmitt-Grohé… - manuscript, Duke University, 2005
[CITATION] Uribe Martín,“
J Benhabib… - Monetary Policy and Multiple Equilibria,” forthcoming …, 2000
[CITATION] Computing Ramsey Equilibria in Medium-Scale Macroeconomic Models
[CITATION] Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model: Technical Appendix
S Schmitt-Grohé… - manuscript, Duke University, 2005
[CITATION] Optimal Fiscal and Monetary Policy Under
S Schmitt-Grohe… - 2004
[CITATION] Liquidity traps with global Taylor Rules
SG Stephanie… - International Journal of Economic Theory, 2009
This paper studies, within a general equilibrium model, the dynamics of Year Ž. 2000 Y2K-
type shocks: anticipated, permanent losses in output whose magnitude can be lessened by
investing resources in advance. The implied dynamics replicate Ž. three observed ...
Page 1. NBER WORKING PAPER SERIES LIQUIDITY TRAPS: AN INTEREST-RATE-
BASED EXIT STRATEGY Stephanie Schmitt-Grohé Martín Uribe Working Paper 16514
http://www.nber.org/papers/w16514 NATIONAL BUREAU ...
[CITATION] Optimal Fiscal and Monetary Policy in a Medium-Scale
Page 1. Why the monopolist does not deviate from the symmetric equilibrium in a
Model with Good-Specific Subsistence Points Stephanie Schmitt-Grohé∗ Mart´ın
Uribe† August 8, 2007 In this note, we investigate whether the ...
Page 1. Designing Monetary Policy: Backward-Looking Interest-Rate Rules∗ Jess
Benhabib New York University Stephanie Schmitt-Grohé Rutgers University, CEPR,
and NBER Martın Uribe University of Pennsylvania and NBER ...
Page 1. Managing Currency Pegs Stephanie Schmitt-Grohé∗ Mart´ın Uribe† January
11, 2012 Abstract The combination of a fixed exchange rate and downward nominal
wage rigidity creates a real rigidity. In turn, this real rigidity ...
A policy issue central banks are confronted with is whether inflation targets should be
adjusted to account for the systematic upward bias in measured inflation due to quality
improvements in consumption goods. We show that in the context of a Ramsey ...
Page 1. Prudential Policy For Peggers Stephanie Schmitt-Grohé∗ Mart´ın Uribe† January 3,
2012 Abstract This paper shows that in a small open economy model with downward nominal
wage rigidity pegging the nominal exchange rate creates a negative pecuniary externality. ...
Page 1. Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial
Structure Stephanie Schmitt-Grohé∗ Mart´ın Uribe† November 7, 2011 Abstract We
study how financial structure affects the welfare consequences ...
Page 1. Discussion of 'Inflation Targeting and Optimal Monetary Policy,' by Michael
Woodford Stephanie Schmitt-Grohé∗ Duke University January 13, 2004 Woodford
concludes his review of what the theoretical literature on ...
S Schmitt-Grohe… - EconomicDynamics Newsletter, 2004 - econpapers.repec.org
Abstract: Stephanie Schmitt-Grohé and Martín Uribe are Professors of Economics at Duke
University. Their main line of interest lies in monetary macroeconomics, in particular issues of
optimal stabilisation policy. ... Related works: This item may be available elsewhere in ...
Page 1. Paul Beaudry and Bernd Lucke: “Letting Different Views about Business Cycles Compete”
Discussion prepared by Stephanie Schmitt-Grohé Columbia University∗ June 17, 2009 This
paper is a contribution to the empirical literature on the estimation of the sources of ...
DP2942 Optimal Fiscal and Monetary Policy Under Sticky Prices. Author(s ...
S Schmitt-Grohe… - Review of Economic Dynamics, 2011 - econpapers.repec.org
Downloads: (external link) http://dx.doi.org/10.1016/j.red.2010.12.002 Access to full texts is restricted
to ScienceDirect subscribers and institutional members. See http://www.sciencedirect.com/ for
details. ... Related works: This item may be available elsewhere in EconPapers: Search ...
J Fernández-villaverde, JF Rubio-ramírez… - 2004 - citeseer.ist.psu.edu
CiteSeerX - Document Details (Isaac Councill, Lee Giles): for comments. Jonas Fisher provided
us with his investment deflator. Mark Fisher's help with coding was priceless. Beyond the usual
disclaimer, we must note that any views expressed herein are those of the authors and ...
DP7128 Deep Habits and the Dynamic Effects of Monetary Policy Shocks. ...
... Please update your bookmarks. Commentary on Inflation targeting and optimal
monetary policy. Stephanie Schmitt-Grohe (). Review, 2004, issue Jul, pages
43-50. Date: 2004 View list of references Track citations by RSS feed. ...
DP3438 Anticipated Ramsey Reforms and the Uniform Taxation Principle:
The Role of International Financial Markets. Author(s ...
DP7864 The Optimal Rate of Inflation. Author(s ...
DP2315 Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption.
Author(s): Stephanie Schmitt-Grohé. Publication Date: December 1999. Keyword(s ...
[CITATION] Chaotic Interest Rate Rules''DLIMNARY
SS Grohé…
J Benhabib, S Schmitt-Grohé… - 2001 - econ.nyu.edu
Page 1. Chaotic Interest Rate Rules∗ (PRELIMINARY) Jess Benhabib† New York
University Stephanie Schmitt-Grohé‡ Rutgers University and CEPR Martín Uribe§
University of Pennsylvania July 18, 2001 Abstract A growing ...
[CITATION] Essays in quantitative equilibrium business cycle theory
M Uribe, M Ravn… - Proceedings, 2008 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
DP7549 Foreign Demand for Domestic Currency and the Optimal Rate of Inflation. Author(s ...
DP2948 Avoiding Liquidity Traps. ...
DP6674 Incomplete Cost Pass-Through Under Deep Habits. ...
DP4654 Optimal Operational Monetary Policy in the Christiano-Eichenbaum-
Evans Model of the US Business Cycle. Author(s ...
Page 1. Rheinische Friedrich-Wilhelms-Universität Instructor: Stephanie Schmitt-Grohé
Bonn Graduate School of Economics http://www.econ.duke.edu/∼grohe Mini Course
on Monetary Theory and Policy June 26 - July 4, 2008 ...
S Schmitt-Grohe… - 2011 - papers.ssrn.com
This paper addresses a classic question in macroeconomics, namely: How should a
benevolent government conduct stabilization policy? A central characteristic of all existing
studies is that optimal policy is derived in highly stylized environments. Typically, optimal ...
DP6541 Explaining the Effects of Government Spending Shocks
on Consumption and the Real Exchange Rate. ...
S Schmitt-Grohe… - people.su.se
The second half of a second-year one-semester graduate course in the Spring 2002 Graduate
Program, Department of Economics, Princeton University. ... Part 1 was taught by Hélène
Rey. ... Announcements regarding Part 2 will be made on this page, and the page will be ...
Page 1. Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic
Instability∗ Jess Benhabib New York University Stephanie Schmitt-Grohé Rutgers University,
CEPR, and NBER Martın Uribe University of Pennsylvania and NBER ...
Page 1. ZEI - Summer School 2007 Instructor: Stephanie Schmitt-Grohé July 2-5, 2007
Email: grohe@duke.edu Four Lectures on Monetary Theory and Policy (1 lecture =
180 minutes) Description: This four-day course is dedicated ...
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