Carnegie-Rochester Conference Series on Public Policy

Valerie A. Ramey · Matthew D. Shapiro

This paper argues that the composition of government spending across sectors, not just its aggregate size, matters for its macroeconomic effects, because reallocating capital across sectors is costly. …

John B. Taylor

This 1993 Carnegie-Rochester Conference paper by John Taylor introduces what became known as the "Taylor rule" — a simple guideline for setting the federal funds rate, r = p + 0.5y + 0.5(p - 2) + 2, …

Robert E. Lucas Jr.

This 1976 Carnegie-Rochester Conference Series paper by Robert Lucas argues that the standard "theory of economic policy" -- simulating a fixed, estimated econometric model under alternative …

Michael Woodford

Woodford shows that the price level remains determinate even under two forms of radical money-supply endogeneity long thought to destroy monetary control -- a central-bank interest-rate peg and …

John H. Cochrane

Surveying the evidence for monetary, technology, oil-price, and credit shocks as drivers of postwar U.S. business cycles, Cochrane finds that none of these popular observable candidates robustly …

Richard Clarida · Jordi Gali

This 1994 Carnegie-Rochester Conference Series paper by Richard Clarida and Jordi Galí asks how much of the variance of real exchange rates since the collapse of Bretton Woods is attributable to …