B. References
u_f=0;
v_d=0;
v_f=0;
e_ad=0;
e_af=0;
e_ud=0;
e_uf=0;
e_vd=0;
e_vf=0;
end;
steady;
check;
shocks;
var e_ad=.4;
var e_af=.4;
var e_ud=.4;
var e_uf=.4;
var e_vd=.4;
var e_vf=.4;
end;
stoch_simul(periods=2100);
B. References
Benigno, G. and P. Benigno (2006): Designing targeting rules for international monetary policy cooperation. Journal of
Monetary Economics, Vol. 53, pp. 473—506.
Board of Governors of the Federal Reserve System (1977, 2000): Federal Reserve Act, Section 2a. 12 USC 225a. As added
by act of November 16, 1977 (91 Stat. 1387) and amended by acts of October 27, 1978 (92 Stat. 1897); Aug. 23,
1988 (102 Stat. 1375); and Dec. 27, 2000 (114 Stat. 3028).
Brock, W. A. (1974): Money and Growth: The Case of Long Run Perfect Foresight. International Economic Review, Vol.
15, pp. 750-777.
Bullard, J. and K. Mitra (2002): Learning about monetary policy rules. Journal of Monetary Economics, Vol. 49, pp.
1105-1129.
Calvo, G. A. (1983): Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, Vol. 12, pp.
383-398.
Clarida, R., J. Gali, and M. Gertler (1999):
Economic Perspectives, Vol. 37, pp.
The Science of Monetary Policy: A New Keynesian Perspective. Journal of
1661-1707.
Clarida, R., J. Gali, and M. Gertler (2001): Optimal Monetary Policy in Open versus Closed Economies: An Integrated
Approach. American Economic Review, Vol. 91, pp. 248-252.
Clarida, R., J. Gali, and M. Gertler (2002): Asimpleframeworkforinternationalmonetarypolicyanalysis. JournalofMon-
etary Economics, Vol. 49, pp. 879-904.
Corsetti, C. and P. Pesenti (2001): Welfare and Macroeconomic Interdependence. Quarterly Journal of Economics, Vol.
36