WorldCat Identities

Gertler, Mark

Works: 97 works in 751 publications in 2 languages and 6,767 library holdings
Genres: Conference papers and proceedings  Periodicals 
Roles: Author, Editor, Other, Instrumentalist, Honoree
Classifications: HB1, 338.060973
Publication Timeline
Most widely held works by Mark Gertler
The impact of inflation on U.S. productivity and international competitiveness by Michael J Boskin( Book )

7 editions published in 1980 in English and held by 211 WorldCat member libraries worldwide

International dimensions of monetary policy( Book )

13 editions published between 2009 and 2010 in English and held by 208 WorldCat member libraries worldwide

"United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy." "In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes - even inflation - suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies."--Jacket
Markups, gaps, and the welfare costs of business fluctuations by Jordi Galí( Book )

37 editions published between 2002 and 2005 in English and held by 118 WorldCat member libraries worldwide

Abstract: In this paper we present a simple, theory-based measure of the variations in aggregate economic efficiency associated with business fluctuations. We decompose this indicator, which we refer to as 'the gap', into two constituent parts: a price markup and a wage markup, and show that the latter accounts for the bulk of the fluctuations in our gap measure. Finally, we derive a measure of the welfare costs of business cycles that is directly related to our gap variable, and which takes into account explicitly the existence of a varying aggregate inefficiency. When applied to postwar U.S. data, for plausible parametrizations, our measure suggests welfare losses of fluctuations that are of a higher order of magnitude than those derived by Lucas (1987). It also suggests that the major postwar recessions involved substantial efficiency costs
Monetary policy rules in practice : some international evidence by Richard H Clarida( Book )

27 editions published in 1997 in English and Undetermined and held by 114 WorldCat member libraries worldwide

Abstract: This paper reports estimates of monetary policy reaction functions for two sets of" countries: the G3 (Germany, Japan, and the U.S.) and the E3 (UK, France that since 1979 each of the G3 central banks has pursued an implicit form of inflation targeting which may account for the broad success of monetary policy in those countries over this time" period. The evidence also suggests that these central banks have been forward looking: they" respond to anticipated inflation as opposed to lagged inflation. As for the E3 emergence of the influenced by German" monetary policy. Further, using the Bundesbank's policy rule as a benchmark time of the EMS collapse, interest rates in each of the E3 countries were much higher than" domestic macroeconomic conditions warranted. Taken all together, the results lend support to" the view that some form of inflation targeting may under certain circumstances be superior to" fixing exchange rates, as a means to gain a nominal anchor for monetary policy."
Asset prices and monetary policy : four views( Book )

10 editions published in 1998 in English and held by 112 WorldCat member libraries worldwide

Monetary policy rules and macroeconomic stability : evidence and some theory by Richard H Clarida( Book )

24 editions published between 1998 and 1999 in English and German and held by 109 WorldCat member libraries worldwide

We estimate a forward-looking monetary policy reaction function for the postwar US economy, pre- and post-October 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for equilibrium properties of inflation and output, using a simple macroeconomic model. The pre-Volcker rule is shown to be consistent with the possibility of persistent, self-fulfilling fluctuations in inflation and output. In contrast, the Volcker-Greenspan rule is stabilizing
European inflation dynamics by Jordi Galí( Book )

28 editions published between 2000 and 2001 in English and held by 100 WorldCat member libraries worldwide

We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe
The science of monetary policy : a new Keynesian perspective by Richard H Clarida( Book )

24 editions published in 1999 in English and held by 97 WorldCat member libraries worldwide

This paper reviews the recent literature on monetary policy rules. We exploit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making a credible commitment to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even if the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information
Inflation dynamics : a structural econometric analysis by Jordi Galí( Book )

23 editions published between 1998 and 2000 in English and held by 89 WorldCat member libraries worldwide

We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward looking rule to set prices. The model nests the purely forward looking New Keynesian Phillips curve as a particular case. We use measures of arginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad-hoc output gap. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward looking price setting, while statistically significant, is not quantitatively important. Thus, we conclude that the New Keynesian Phillips curve provides a good first approximation to the dynamics of inflation
The financial accelerator and the flight to quality by Ben Bernanke( Book )

19 editions published between 1994 and 1995 in English and held by 86 WorldCat member libraries worldwide

Adverse shocks to the economy may be amplified by worsening credit-market conditions-- the financial 'accelerator'. Theoretically, we interpret the financial accelerator as resulting from endogenous changes over the business cycle in the agency costs of lending. An implication of the theory is that, at the onset of a recession, borrowers facing high agency costs should receive a relatively lower share of credit extended (the flight to quality) and hence should account for a proportionally greater part of the decline in economic activity. We review the evidence for these predictions and present new evidence drawn from a panel of large and small manufacturing firms
The financial accelerator in a quantitative business cycle framework by Ben Bernanke( Book )

14 editions published in 1998 in English and held by 82 WorldCat member libraries worldwide

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a financial accelerator, ' in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy. In addition, we add several features to the model that are designed to enhance the empirical relevance. First, we incorporate money and price stickiness, which allows us to study how credit market frictions may influence the transmission of monetary policy. In addition, we allow for lags in investment which enables the model to generate both hump-shaped output dynamics and a lead-lag relation between asset prices and investment, as is consistent with the data. Finally, we allow for heterogeneity among firms to capture the fact that borrowers have differential access to capital markets. Under reasonable parametrizations of the model, the financial accelerator has a significant influence on business cycle dynamics
How the Bundesbank conducts monetary policy by Richard H Clarida( Book )

15 editions published in 1996 in English and held by 78 WorldCat member libraries worldwide

This paper analyzes German monetary policy in the post-Bretton Woods era. Despite the public focus on monetary targeting, in practice, German monetary policy involves the management of short term interest rates, as it does in the United States. Except during the mid to late 1970s, the Bundesbank has aggressively adjusted interest rates to achieve and maintain low inflation. The performance of the real economy, however, also influences its decision-making. Our formal analysis suggests that the Bundesbank has adjusted short term interest rates according to a modified version of the feedback rule that Taylor (1994) has used to characterize the behavior of the Federal Reserve Board under Alan Greenspan
Government debt and social security in a life-cycle economy by Mark Gertler( Book )

19 editions published in 1997 in English and Undetermined and held by 78 WorldCat member libraries worldwide

This paper develops a tractable overlapping generations model that is useful for analyzing both the short and long run impact of fiscal policy and social security. It modifies the Blanchard (1985)/Weil (1987) framework to allow for life/cycle behavior. This is accomplished by introducing random transition from work to retirement, and then from retirement to death. The transition probabilities may be picked to allow for realistic average lengths of life, work and retirement. The resulting framework is not appreciably more difficult to analyze than the standard Cass/Koopmans one sector growth model: Besides the capital stock, there is only one additional state variable: the distribution of wealth between workers and retirees. Under reasonable parameter values, government debt and social security have significant effects on capital intensity
External constraints on monetary policy and the financial accelerator by Mark Gertler( Book )

22 editions published in 2003 in English and held by 77 WorldCat member libraries worldwide

We develop a small open economy macroeconomic model where financial conditions influence aggregate behavior. We use this model to explore the connection between the exchange rate regime and financial distress. Fixed exchange rates are shown to exacerbate financial crises. Quantitative exercises calibrated to match the Korean experience during the recent Asian crisis are able to replicate key macroeconomic outcomes including the sharp increase in lending rates and the observed drop in output, investment and productivity during the 1997-1998 episode. These exercises imply that welfare losses following a financial crisis are significantly larger under fixed exchange rates relative to flexible exchange rates. On 28-29 March 2003, the BIS held a conference on 'Monetary stability, financial stability and the business cycle'. This event brought together central bankers, academics and market participants to exchange views on this issue (see the conference programme and list of participants in this document). This paper was presented at the conference. Also included in this publication are the comments by the discussants. The views expressed are those of the author(s) and not those of the BIS. The opening speech at the conference by the BIS General Manager and the prepared remarks of the four participants on the policy panel are being published in a single volume in the BIS Papers series
"Overreaction" of asset prices in general equilibrium by S. Rao Aiyagari( Book )

14 editions published in 1998 in English and held by 75 WorldCat member libraries worldwide

We attempt to explain the overreaction of asset prices to movements in short-term interest rates, dividends, and asset supplies. The key element of our explanation is a margin constraint that traders face which limits their leverage to a fraction of the value of their assets. Traders may lever themselves further, either directly by borrowing short term or indirectly by engaging in futures and options trading, so that the scenario is relevant to contemporary financial markets. When some shock pushes asset prices to a low enough level at which the margin constraint binds, traders are forced to liquidate assets. This drives asset prices below what they would be with frictionless markets. Also, a shock which simply increases the likelihood that the margin constraint will bind can have a very similar effect on asset prices. We construct a general equilibrium model with margin constrained traders and derive some qualitative properties of asset prices. We present an analytical solution for a deterministic version of the model and a simple numerical computation of the stochastic version
A simple framework for international monetary policy analysis by Richard H Clarida( Book )

20 editions published in 2002 in English and held by 72 WorldCat member libraries worldwide

We study the international monetary policy design problem within an optimizing two-country sticky price model, where each country faces a short run tradeoff between output and inflation. The model is sufficiently tractable to solve analytically. We find that in the Nash equilibrium, the policy problem for each central bank is isomorphic to the one it would face if it were a closed economy. Gains from cooperation arise, however, that stem from the impact of foreign economic activity on the domestic marginal cost of production. While under Nash central banks need only adjust the interest rate in response to domestic inflation, under cooperation they should respond to foreign inflation as well. In either scenario, flexible exchange rates are desirable
Monetary policy, business cycles, and the behavior of small manufacturing firms by Mark Gertler( Book )

23 editions published between 1991 and 1993 in English and held by 69 WorldCat member libraries worldwide

We present evidence on the cyclical behavior of small versus large manufacturing firms, and on the response of the two classes of firms to monetary policy. Our goal is to take a step toward quantifying the role of credit market imperfections in the business cycle and in the monetary transmission mechanism. We find that, following tight money, small firms sales decline at a faster pace than large firm sales for a period of more than two years. Further, bank lending to small firms contracts, while it actually rises for large firms. Monetary policy indicators tied to the performance of banking, such as M2, have relatively greater predictive power for small firms than for large. Finally, small firms are more sensitive than are large to lagged movements in GNP. Considering that small firms overall are a non-trivial component of the economy, we interpret these results as suggestive of the macroeconomic relevance of credit market imperfections
The information in the high yield bond spread for the business cycle : evidence and some implications by Mark Gertler( Book )

13 editions published in 2000 in English and held by 61 WorldCat member libraries worldwide

The market for high yield (below investment-grade) corporate bonds developed in the middle 1980s. We show that, since this time, the high yield spread has had significant explanatory power for the business cycle. We interpret this finding as possibly symptomatic of financial factors at work in the business cycle, along the lines suggested by the financial accelerator. We also show that over this period the high yield spread outperforms other leading financial indicators, including the term spread, the paper-bill spread and the Federal Funds rate. We conjecture that changes in the conduct of monetary policy over time may account for the reduced informativeness of these alternative indicators, all of which are tied closely to monetary policy
NBER macroeconomics annual 2005 by Mark Gertler( Book )

8 editions published in 2006 in English and held by 30 WorldCat member libraries worldwide

NBER macroeconomics annual 2004 by National Bureau of Economic Research( Book )

4 editions published between 2001 and 2005 in English and held by 29 WorldCat member libraries worldwide

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International dimensions of monetary policy
Alternative Names
Gertler, M.

Gertler, Mark L.

Gertler, Mark Lionel

Mark Gertler Amerikaans econoom

Mark Gertler amerikansk ekonom

Mark Gertler amerikansk økonom

Mark Gertler economista estadounidense

Mark Gertler économiste américain

Mark Gertler US-amerikanischer Wirtschaftswissenschaftler und Hochschullehrer

Гертлер, Марк Лайонел


English (361)

German (1)

Asset prices and monetary policy : four viewsNBER macroeconomics annual 2005NBER macroeconomics annual 2004