References

Adams, Gwyn, Lewis Alexander, and Joseph Gagnon. (1991). German Unification
and the European Monetary System: A Quantitative Analysis. Washington, D.C.:
Federal Reserve Working Paper.
Anderson, Theodore W. (1971). The Statistical Analysis of Time Series. New York: Wiley.
Ball, Lawrence. (1990). Credible Disinflation with Staggered Price Setting. Cam-
bridge, Mass.: National Bureau of Economic Research Working Paper #3555.
Barro, Robert J., and David B. Gordon. (1983). Rules, Discretion and Reputation
in a Model of Monetary Policy. Journal of Monetary Economics 12: 10122.
Baumol, William J. (1970). Economic Dynamics. New York: MacMillan.
Blanchard, Olivier, and Stanley Fischer. (1989). Lectures in Macroeconomics. Cam-
bridge, Mass.: MIT Press.
Bray, Margaret. (1983). Convergence to Rational Expectations Equilibrium. In
Individual Forecasting and Aggregate Outcomes, edited by R. Frydman and E. S.
Phelps. Cambridge, Eng.: Cambridge University Press.
Brayton, Flint, and Jaime Marquez. (1990). The Behavior of Monetary Sectors and
Monetary Policy: Evidence from Multicountry Models. In Financial Sectors in
Open Economies: Empirical Analysis and Policy Issues, edited by Peter Hooper, et al.
Washington, D.C.: Board of Governors of the Federal Reserve Board.
Bryant, Ralph, David Currie, Jacob Frenkel, Paul Masson, and Richard Portes, eds.
(1989). Macroeconomic Policies in an Interdependent World. Washington, D.C.: The
Brookings Institution.
Bryant, Ralph, Dale Henderson, Gerald Holtham, Peter Hooper, and Steven Syman-
sky, eds. (1988a). Empirical Macroeconomics for Interdependent Economies. Washing-
ton, D.C.: The Brookings Institution.
Bryant, Ralph, Gerald Holtham, and Peter Hooper, eds. (1988b). External Deficits
and the Dollar. Washington, D.C.: The Brookings Institution.
Bryant, Ralph, Peter Hooper, and Catherine Mann, eds. (1992). Evaluating Policy
Regimes: New Research in Empirical Macroeconomics. Washington, D.C.: The Brook-
ings Institution.
314 References

Calvo, Guillermo. (1978). On the Time Inconsistency of Optimal Policy in a Mon-

etary Economy. Econometrica 46: 141128.
Carlozzi, Nicholas, and John B. Taylor. (1985). International Capital Mobility and
the Coordination of Monetary Rules. In Exchange Rate Dynamics under Uncertainty,
edited by J. Bhandari. Cambridge, Mass.: MIT Press.
Chow, Gregory C. (1975). Analysis and Control of Dynamic Economic Systems. New York:
Wiley.
Cooper, J. P., and Stanley Fischer. (1974). Monetary and Fiscal Policy in a Fully
Stochastic St. Louis Econometric Model. Journal of Money Credit and Banking
6: 122.
Crocket, Andrew. (1989). The Role of International Institutions in Surveillance and
Policy Coordination. In Macroeconomic Policies in an Interdependent World, edited
by Ralph Bryant, et al. Washington, D.C.: The Brookings Institution.
Dagli, C. Ates, and John B. Taylor. (1984). Estimation and Solution of Linear
Rational Expectations Models Using a Polynomial Matrix Factorization. Journal
of Economic Dynamics and Control 8: 34148.
Davidon, W. C. (1959). Variable Metric Method for Minimization. A.E.C. Research
and Development Report ANL 5990.
Dobson, Wendy. (1991). Economic Policy Coordination: Requiem or Prologue. Washington,
D.C.: Institute for International Economics.
Dornbusch, Rudiger. (1976). Expectations and Exchange Rate Dynamics. Journal
of Political Economy 84: 116171.
Economic Report of the President, 1990, Washington, D.C.: U.S. Government Printing
Office.
Economic Report of the President, 1991, Washington, D.C.: U.S. Government Printing
Office.
Fadeeva, V. N. (1959). Computational Methods of Linear Algebra. New York: Dover
Publications.
Fair, Ray C. (1984). Specification, Estimation, and Analysis of Macroeconometric Models.
Cambridge, Mass.: Harvard University Press.
Fair, Ray C., and John B. Taylor. (1983). Solution and Maximum Likelihood Esti-
mation of Dynamic Nonlinear Rational Expectations Models. Econometrica 51:
116985.
Fair, Ray C., and John B. Taylor. (1990). Full Information Estimation and Stochastic
Simulation of Models with Rational Expectations. Journal of Applied Econometrics
5: 38192.
Fischer, Stanley. (1977). Long-Term Contracts, Rational Expectations, and the Op-
timal Money Supply Rule. Journal of Political Economy 85: 191206.
Fischer, Stanley. (1990). Rules versus Discretion in Monetary Policy. In Handbook
of Monetary Economics, edited by B. Friedman and F. Hahn. Amsterdam: North-
Holland.
 References 315

Fleming, J. Marcus. (1962). Domestic Financial Policies under Fixed and under
Flexible Exchange Rates. IMF Staff Papers 9: 36979.
Fletcher, R., and M. J. D. Powell. (1963). A Rapidly Converging Decent Method for
Minimization. Computer Journal 6: 16368.
Frenkel, Jacob A., Morris Goldstein, and Paul Masson. (1989). Simulating the
Effects of Some Simple Coordinated versus Uncoordinated Policy Rules. In
Macroeconomic Policies in an Interdependent World, edited by Ralph Bryant, et al.
Washington, D.C.: The Brookings Institution.
Friedman, Milton. (1948). A Monetary and Fiscal Framework for Economic Stabil-
ity. American Economic Review 38: 24564.
Frydman, Roman. (1983). A Distinction between the Unconditional Expectational
Equilibrium and the Rational Expectations Equilibrium. In Individual Forecast-
ing and Aggregate Outcomes, edited by Roman Frydman and Edmund S. Phelps.
Cambridge, Eng.: Cambridge University Press.
Fukuda, Shin-Ichi, and Koichi Hamada. (1987). Toward the Implementation of
Desirable Rules of Monetary Coordination and Intervention. In Toward a World
of Economic Stability, edited by Y. Suzuki and M. Okabe. Tokyo: University of Tokyo
Press.
Gagnon, Joseph. (1991). A Forward-Looking Multicountry Model for Policy Analy-
sis: MX3. Economic and Financial Computing, forthcoming.
Goldfeld, Stephen M., and Richard Quandt. (1972). Nonlinear Methods in Econometrics.
Amsterdam: North-Holland.
Hall, Robert E. (1978). Stochastic Implications of the Life CyclePermanent Income
Hypothesis: Theory and Evidence. Journal of Political Economy 86: 97188.
Hall, Robert E., and John B. Taylor. (1993). Macroeconomics: Theory, Performance, and
Policy. 4th Ed. New York: Norton.
Hansen, Lars Peter. (1982). Large Sample Properties of Generalized Methods of
Moments Estimators. Econometrica 50: 102954.
Hansen, Lars Peter, Dennis Epple, and W. Roberds. (1985). Linear Quadratic Meth-
ods of Resource Depletion. In Energy, Foresight and Strategy, edited by Thomas J.
Sargent. Washington, D.C.: Resources for the Future.
Hansen, Lars Peter, and Thomas J. Sargent. (1980). Formulating and Estimating
Dynamic Linear Rational Expectations Models. Journal of Economic Dynamics and
Control 2: 746.
Heller, Walter W. (1966). New Dimensions in Political Economy. New York: Norton
Helliwell, John F., Jon Cockerline, and Robert Lafrance. (1990). Multicountry Mod-
eling of Financial Markets. In Financial Sectors in Open Economies: Empirical Anal-
ysis and Policy Issues, edited by Peter Hooper, et al. Washington, D.C.: Board of
Governors of the Federal Reserve Board.
Hickman, Bert. (1988). The U.S. Economy and the International Transmission
Mechanism. In Empirical Macroeconomics for Interdependent Economies, edited by
Ralph Bryant, et al. Washington, D.C.: The Brookings Institution.
316 References

Keynes, John Maynard. (1936). The General Theory of Employment, Interest and Money.
London: MacMillan.
Klein, Lawrence, ed. (1991). Comparative Performance of U.S. Econometric Models. Ox-
ford, Eng.: Oxford University Press.
Kydland, Finn, and E. C. Prescott. (1977). Rules Rather than Discretion: The In-
consistency of Optimal Plans. Journal of Political Economy 85: 47392.
Laidler, David. (1991). Price Stability and the Monetary Order. Fifth Bank of Japan
Conference Proceedings. Tokyo: University of Tokyo.
Lucas, Robert E., Jr. (1976). Econometric Policy Evaluation: A Critique. Carnegie
Rochester Conference Series on Public Policy 1. Amsterdam: North-Holland.
Lucas, Robert E., Jr. (1980). Rules, Discretion and the Role of the Economic
Advisor. In Rational Expectations and Economic Policy, edited by Stanley Fischer.
Chicago: Chicago University Press.
Lucas, Robert E., Jr. (1981). Tobin and Monetarism: A Review Article. Journal of
Economic Literature 19: 55867.
Lucas, Robert E., Jr., and Thomas J. Sargent, eds. (1981). Rational Expectations and
Econometric Practice. Minneapolis: University of Minnesota Press.
McCallum, Bennett. (1983). On Non-Uniqueness in Rational Expectations: An
Attempt at Perspective. Journal of Monetary Economics 11: 13968.
McCallum, Bennett. (1988). Robustness Properties of a Rule for Monetary Policy.
Carnegie Rochester Conference Series on Public Policy 29: 173203. Amsterdam: North-
Holland.
McCallum, Bennett. (1989). Real Business Cycle Models. In Modern Business Cycle
Theory, edited by R. J. Barro. Cambridge, Mass.: Harvard University Press.
McKibbin, Warrick, and Jeffrey Sachs. (1989). Implications of Policy Rules for the
World Economy. In Macroeconomic Policies in an Interdependent World, edited by
Ralph Bryant, et al. Washington, D.C.: The Brookings Institution.
McKinnon, Ronald. (1988). Monetary and Exchange Rate Policies for International
Financial Stability. Journal of Economic Perspectives 2: 83103.
McKinnon, Ronald. (1991). The Order of Economic Liberalization. Baltimore: The Johns
Hopkins University Press.
Mankiw, N. Gregory, and David Romer, eds. (1991). New Keynesian Economics. Cam-
bridge, Mass.: MIT Press.
Marcet, Albert, and Thomas J. Sargent. (1989). Convergence of Least Squares
Learning Mechanisms in Self Referential Stochastic Models. Journal of Economic
Theory 48: 33768.
Marschak, Jacob. (1953). Economic Measurements for Policy and Prediction. Stud-
ies in Econometric Method, Cowles Foundation Monograph 14. New Haven, Conn.:
Yale University Press.
Miller, Marcus, and John Williamson. (1988). The International Monetary System:
An Analysis of Alternative Regimes. European Economic Review 32: 103148.
 References 317

Mundell, Robert. (1962). Capital Mobility and Stabilization Policy under Fixed and
Flexible Exchange Rates. Canadian Journal of Economics and Political Science 29:
47587.
Muth, J. F. (1961). Rational Expectations and the Theory of Price Movements.
Econometrica 29: 31535.
Newey, Whitney M., and Kenneth West. (1987). A Simple Positive Definite, Het-
eroscedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica
55: 7038.
Okun, Arthur M. (1978). Efficient Disinflationary Policies. American Economic Re-
view 68: 34852.
Phelps, Edmund S. (1978). Disinflation without Recession: Adaptive Guideposts
and Monetary Policy. Weltwirtschaftliches Archiv 100: 783809.
Phelps, Edmund S. (1990). Seven Schools of Thought in Macroeconomics. Oxford, Eng.:
Oxford University Press.
Phelps, Edmund S., and John B. Taylor. (1977). Stabilizing Powers of Monetary
Policy under Rational Expectations. Journal of Political Economy 85: 16390.
Phillips, A. W. (1954). Stabilization Policies in a Closed Economy. Economic Journal
64: 290323.
Poole, William. (1970). The Optimal Choice of Instruments in a Simple Stochastic
Macro Model. Quarterly Journal of Economics 84: 197216.
Rehm, Dawn. (1982). Staggered Contracts, Capital Flows and Macroeconomic Stability in
the United States. Ph.D. dissertation. Columbia University.
Sargent, Thomas J. (1987a). Macroeconomic Theory. 2nd ed. New York: Academic
Press.
Sargent, Thomas J. (1987b). Dynamic Macroeconomic Theory. Cambridge, Mass.: Har-
vard University Press.
Shiller, Robert J. (1979). The Volatility of Long-Term Interest Rates and Expecta-
tions Models of the Term Structure. Journal of Political Economy 87: 11901219.
Shiller, Robert J. (1991). Comment. In Comparative Performance of U.S. Econometric
Models, edited by Lawrence R. Klein. Oxford, Eng.: Oxford University Press.
Sims, Christopher. (1982). Policy Analysis with Econometric Models. Brookings
Papers on Economic Activity 1: 10764.
Stiglitz, Joseph E. (1984). Price Rigidities and Market Structure. American Economic
Review 74: 35055.
Taylor, John B. (1975). Monetary Policy During a Transition to Rational Expecta-
tions. Journal of Political Economy 83: 100921.
Taylor, John B. (1977). Conditions for the Unique Solutions in Stochastic Macro-
economic Models with Rational Expectations. Econometrica 45: 137785.
Taylor, John B. (1979). Estimation and Control of a Macroeconomic Model with
Rational Expectations. Econometrica 47: 126786.
318 References

Taylor, John B. (1980). Aggregate Dynamics and Staggered Contracts. Journal of

Political Economy 88: 124.
Taylor, John B. (1981). Stabilization, Accommodation, and Monetary Rules. Amer-
ican Economic Review, Papers and Proceedings 71: 14549.
Taylor, John B. (1982). The Role of Expectations in the Choice of Monetary Policy.
In Monetary Policy Issues for the 1980s. Kansas City: Federal Reserve Bank of Kansas
City.
Taylor, John B. (1983a). Comments on Rules Discretion and Reputation in a Model
of Monetary Policy by R. J. Barro and D. B. Gordon. Journal of Monetary Economics
12: 12325.
Taylor, John B. (1983b). Union Wage Settlements During a Disinflation. American
Economic Review 73: 98193.
Taylor, John B. (1985). International Coordination in the Design of Macroeconomic
Policy Rules. European Economic Review 28: 5381.
Taylor, John B. (1986). New Econometric Approaches to Stabilization Policy in
Stochastic Models of Macroeconomic Fluctuations. In Handbook of Econometrics,
edited by M. Intriligator and Z. Griliches. Amsterdam: North-Holland.
Taylor, John B. (1988). The Current Account and Macroeconomic Policy: An Econo-
metric Analysis. In The U.S. Trade Deficit: Causes, Consequences, and Cures, edited by
Albert E. Burger. 12th Annual Economic Policy Conference Proceedings, Federal
Reserve Bank of St. Louis. Boston, Mass.: Kluwer Academic Publishing.
Taylor, John B. (1989a). Monetary Policy and the Stability of Macroeconomic Rela-
tionships. Journal of Applied Econometrics 4: S16178.
Taylor, John B. (1989b). Policy Analysis with a Multicountry Model. In Macro-
economic Policies in an Interdependent World, edited by Ralph Bryant, et al., pp.
12241. Washington, D.C.: The Brookings Institution.
Visco, Ignazio. (1991). A New Round of U.S. Model Comparisons: A Limited
Appraisal. In Comparative Performance of U.S. Econometric Models, edited by
Lawrence R. Klein. Oxford, Eng.: Oxford University Press.
Wallis, K. (1980). Econometric Implications of the Rational Expectations Hypoth-
esis. Econometrica 48: 4973.
Whiteman, Charles H. (1983). Linear Rational Expectations Models: A Users Guide.
Minneapolis: University of Minnesota Press.