Saturday, November 29, 2014

Frameworks for Central Banking in the Next Century

The special issue of the JEDC containing papers from the conference "Frameworks for Central Banking in the Next Century" is available until Jan 18 online for free. My "monetary policy with interest on reserves" is here.  Alas, Elsevier doesn't allow me to post a pdf and only allows free access until Jan 18, so if you want pdfs grab them now. 

The lineup is pretty impressive. Of those I have read, I highly recommend Sargent, Prescott, Ohanian, Ferguson and Plosser to blog readers. In particular, if you thought Friedman was always and everywhere MV=PY and 4%, read Sargent.

The lineup:

Michael D. Bordo, John B. Taylor, Introduction to frameworks for central banking in the next century.

Alex Nikolsko-Rzhevskyy, David H. Papell, Ruxandra Prodan, Deviations from rules-based policy and their effects.

Monika Piazzesi, Should the monetary policy rule be different in a financial crisis?

Richard H. Clarida, Monetary policy in open economies: Practical perspectives for pragmatic central bankers.

Maurice Obstfeld, On the use of open economy new Keynesian models to evaluate policy rules.

Lee E. Ohanian, The impact of monetary policy in the midst of big shocks.

Martin Schneider, Redistribution effects of inflation.

Andrew T. Levin, The design and communication of systematic monetary policy strategies.

Otmar Issing, Communication and transparency – The example of the ECB.

John H. Cochrane, Monetary policy with interest on reserves.

Edward C. Prescott, Interest on reserves, policy rules and quantitative easing.

Marvin Goodfriend, Lessons from a century of FED policy: Why monetary and credit policies need rules and boundaries.

Athanasios Orphanides, Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe.

Michael D. Bordo, Rules for a lender of last resort: An historical perspective.

Jeffrey M. Lacker, Fed Credit Policy: What is a Lender of Last Resort?

Esther L. George, Supervisory frameworks and monetary policy.

George P. Shultz, The importance of rules-based monetary policy in practice.

Charles I. Plosser, Monetary rules: Theory and practice.

Thomas J. Sargent, The evolution of monetary policy rules.

John C. Williams, Policy rules in practice.

Barry Eichengreen, Methodology of economic history as an approach to assessing monetary policy.

Niall Ferguson, Central bank rules in historical perspective.

Allan H. Meltzer, Federal reserve independence.


  1. Only the link to your paper is free... :(

  2. Did anyone figure out how to view the articles for free? Using the link to JEDC, you're asked to pay to download.

  3. Nope -- it looks like they're actually not free from Elsevier

  4. I haven't, and I tried, same problem. And they ain't cheap...!

    1. I have a query in to Elsevier on this


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