Klaus Adam

University of Mannheim

Professor of Economics

Department of Economics

L7 ,3-5

Mannheim, 68131

Germany

http://adam.vwl.uni-mannheim.de/1528.0.html

European Central Bank (ECB) - Department of Research

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

Centre for Economic Policy Research (CEPR)

Research Affiliate

London

United Kingdom

SCHOLARLY PAPERS

37

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691

CROSSREF CITATIONS

545

Scholarly Papers (37)

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Number of pages: 55 Posted: 09 Dec 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 250 (169,067)

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Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

FRB of Kansas City Working Paper No. 05-07
Number of pages: 41 Posted: 24 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 154 (262,401)
Citation 71

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Nonlinear Optimal Policy, Zero Interest Rate Bound, Commitment, Liquidity Trap, New Keynesian

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Number of pages: 36 Posted: 18 Dec 2003
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 13 (779,392)
Citation 49
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Non-linear optimal policy, zero interest rate bound, commitment, liquidity trap, new Keynesian

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Journal of Money Credit and Banking, Forthcoming
Posted: 27 Oct 2005
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank

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Nonlinear optimal policy, zero interest rate bound, commitment, liquidity trap, New Keynesian

2.
Downloads 349 (120,108)
Citation 49

Stock Market Volatility and Learning

ECB Working Paper No. 862
Number of pages: 55 Posted: 26 Feb 2008
University of Mannheim, Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC and Universitat Pompeu Fabra
Downloads 347 (120,088)

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Asset pricing, learning, near-rational price forecasts

Stock Market Volatility and Learning

CEPR Discussion Paper No. DP6518
Number of pages: 50 Posted: 06 Jun 2008
University of Mannheim, Universitat Pompeu Fabra and Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC
Downloads 2 (898,262)
Citation 26
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asset pricing puzzles, consumption-based asset pricing, learning

3.
Downloads 236 (179,328)
Citation 7

Stock Price Cycles and Business Cycles

Number of pages: 82 Posted: 18 Sep 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
Downloads 161 (252,903)

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booms and busts, business cycles, financial accelerator, stock market volatility

Stock Price Cycles and Business Cycles

Number of pages: 68 Posted: 16 Feb 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
Downloads 75 (431,569)
Citation 10

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Stock Price Cycles and Business Cycles

CEPR Discussion Paper No. DP13866
Number of pages: 82 Posted: 02 Aug 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
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4.

Stock Price Booms and Expected Capital Gains

Number of pages: 69 Posted: 23 Jul 2015
Klaus Adam, Albert Marcet and Johannes Beutel
University of Mannheim, Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC and University of Mannheim Graduate School of Economic and Social Sciences, Students
Downloads 157 (257,755)
Citation 64

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stock pricing

Inflation Dynamics and Subjective Expectations in the United States

Number of pages: 40 Posted: 06 Aug 2003
Klaus Adam and Mario Padula
University of Mannheim and University "Ca' Foscari" of Venice
Downloads 150 (268,135)

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Inflation, Phillips curve, Subjective Expectations

Inflation Dynamics and Subjective Expectations in the United States

Economic Inquiry, Vol. 49, Issue 1, pp. 13-25, 2010
Number of pages: 13 Posted: 12 Jan 2011
Klaus Adam and Mario Padula
University of Mannheim and University "Ca' Foscari" of Venice
Downloads 3 (884,285)
Citation 7

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6.
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Citation 14

Optimal Trend Inflation

CESifo Working Paper Series No. 7028
Number of pages: 66 Posted: 15 Jul 2018
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 57 (498,013)
Citation 1

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

CFS Working Paper, No. 579
Number of pages: 78 Posted: 27 Sep 2017 Last Revised: 28 Feb 2018
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 34 (613,753)
Citation 3

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

Bundesbank Discussion Paper No. 25/2017
Posted: 07 Sep 2017
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 33 (620,152)

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

American Economic Review , Vol. 109(2), pp. 702-737, 2019
Number of pages: 36 Posted: 17 Feb 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 27 (660,955)
Citation 8

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Optimal Trend Inflation

CEPR Discussion Paper No. DP12160
Number of pages: 78 Posted: 25 Jul 2017
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
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Firm Heterogeneity, optimal inflation

7.
Downloads 131 (297,082)
Citation 22

Monetary Conservatism and Fiscal Policy

ECB Working Paper No. 663
Number of pages: 48 Posted: 02 Aug 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 67 (459,116)

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sequential non-cooperative policy games, discretionary policy, time consistent policy, conservative monetary policy

Monetary Conservatism and Fiscal Policy

Number of pages: 43 Posted: 12 Feb 2007
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 50 (528,739)
Citation 3

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sequential non-cooperative policy games, discretionary policy, time consistent policy, conservative monetary policy

Monetary Conservatism and Fiscal Policy

CEPR Discussion Paper No. 5740
Number of pages: 42 Posted: 16 Aug 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 14 (769,661)
Citation 3
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Discretionary policy, sequential non-cooperative policy games, time consistent policy, conservative monetary policy

Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates

FRB of Kansas City Working Paper No. 05-08
Number of pages: 41 Posted: 24 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 69 (451,892)
Citation 34

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Nonlinear Optimal Policy, Occasionally Binding Constraint, Sequential Policy, Markov Perfect Equilibrium, Liquidity Trap

Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates

Journal of Monetary Economics, Forthcoming
Number of pages: 41 Posted: 03 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 59 (489,834)

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nonlinear optimal policy, occasionally binding constraint, sequential policy, Markov perfect equilibrium, liquidity trap

Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates

Number of pages: 46 Posted: 09 Dec 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 95 (373,725)

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nonlinear policy, zero lower bound, liquidit y trap

Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates

Number of pages: 43 Posted: 19 Oct 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 10 (808,803)
Citation 3
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Nonlinear policy, zero lower bound, liquidity trap

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CFS Working Paper, No. 600, 2018
Number of pages: 38 Posted: 19 Nov 2018
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 58 (493,931)

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Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CESifo Working Paper No. 7285
Number of pages: 37 Posted: 21 Feb 2019
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 35 (607,901)
Citation 2

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survey expectations, expected stock returns

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

NBER Working Paper No. w25122
Number of pages: 36 Posted: 08 Oct 2018 Last Revised: 21 Feb 2022
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 9 (818,821)
Citation 12

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Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CEPR Discussion Paper No. DP13213
Number of pages: 38 Posted: 08 Oct 2018
Klaus Adam, Stefan Nagel and Dmitry Maatvev
University of Mannheim, University of Chicago - Booth School of Business and Government of Canada - Bank of Canada
Downloads 1 (914,453)
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11.

Learning to Forecast and Cyclical Behavior of Output And Inflation

European University Institute Working Paper No. ECO 2000/25, University of Frankfurt Mimeo, CFS Working Paper No. 2003/02
Number of pages: 46 Posted: 02 Oct 2001
Klaus Adam
University of Mannheim
Downloads 93 (375,837)
Citation 12

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Learning, Business Cycles, Rational Expectations, Inefficient Forecasts, Output and Inflation Persistence

On the Relation between Robust and Bayesian Decision Making

Number of pages: 17 Posted: 24 Feb 2003
Klaus Adam
University of Mannheim
Downloads 90 (386,834)
Citation 4

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robust decision theory, uncertainty aversion, risk aversion

On the Relation Between Robust and Bayesian Decision Making

Posted: 18 Aug 2004
Klaus Adam
University of Mannheim

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Robust decision theory, uncertainty aversion, risk aversion

Optimal Monetary Policy with Imperfect Common Knowledge

Number of pages: 28 Posted: 05 May 2003
Klaus Adam
University of Mannheim
Downloads 76 (428,346)

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optimal policy, information frictions, imperfect common knowledge, higher order beliefs, Shannon capacity

Optimal Monetary Policy with Imperfect Common Knowledge

Number of pages: 35 Posted: 22 Oct 2004
Klaus Adam
University of Mannheim
Downloads 12 (789,140)
Citation 8
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Private information, rational inattention, Shannon capacity, nominal demand management, information imperfections

Optimal Monetary Policy with Imperfect Common Knowledge

Journal of Monetary Economics, Forthcoming
Posted: 27 Oct 2005
Klaus Adam
University of Mannheim

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Private information, rational inattention, Shannon capacity, nominal demand management, information imperfections

Distortionary Fiscal Policy and Monetary Policy Goals

Number of pages: 40 Posted: 24 Mar 2010
Roberto M. Billi and Klaus Adam
Sveriges Riksbank and University of Mannheim
Downloads 44 (557,969)
Citation 5

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discretion, Nash and Stackelberg equilibria, policy biases, sequential non-cooperative policy games

Distortionary Fiscal Policy and Monetary Policy Goals

Riksbank Research Paper Series No. 109, Sveriges Riksbank Working Paper Series No. 278
Number of pages: 18 Posted: 18 Dec 2013
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 33 (620,152)

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optimal policy, lack of commitment, conservative monetary policy

15.

Are Stationary Hyperinflation Paths Learnable?

Number of pages: 31 Posted: 13 May 2003
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 76 (423,554)
Citation 1

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Indeterminacy, Inflation, Stability of Equilibria, Seigniorage

Distributional Consequences of Asset Price Inflation in the Euro Area

Bundesbank Discussion Paper No. 27/2015
Number of pages: 22 Posted: 21 Jun 2016
Klaus Adam and Panagiota Tzamourani
University of Mannheim and Deutsche Bundesbank
Downloads 74 (434,885)

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monetary policy, asset prices, net wealth distribution, inequality, household survey

Distributional Consequences of Asset Price Inflation in the Euro Area

CEPR Discussion Paper No. DP10897
Number of pages: 28 Posted: 28 Oct 2015
Klaus Adam and Panagiota Tzamourani
University of Mannheim and Deutsche Bundesbank
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Citation 15
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asset price inflation, wealth redistribution

Experimental Evidence on the Persistence of Output and Inflation

Number of pages: 62 Posted: 21 Jun 2005
Klaus Adam
University of Mannheim
Downloads 58 (493,931)

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Experiments, Output and Inflation Dynamics, Restricted Perceptions Equilibrium, Rational Expectations

Experimental Evidence on the Persistence of Output and Inflation

Number of pages: 56 Posted: 25 May 2005
Klaus Adam
University of Mannheim
Downloads 14 (769,661)
Citation 6
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Experiments, output and inflation dynamics, restricted perceptions equilibrium, rational expectations

Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices

CFS Working Paper No. 2003/03
Number of pages: 42 Posted: 02 Oct 2001
Klaus Adam
University of Mannheim
Downloads 62 (477,871)
Citation 1

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adaptive learning, sticky prices, temporary equilibrium, equilibrium selection

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adaptive learning, sticky prices, temporary equilibrium, equilibrium selection

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CESifo Working Paper Series No. 7071
Number of pages: 66 Posted: 21 Jul 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 25 (675,993)

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asset price bubbles, leaning against the wind, inflation targeting

Leaning Against Housing Prices As Robustly Optimal Monetary Policy

CFS Working Paper, No. 601, 2018
Number of pages: 67 Posted: 19 Nov 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 21 (708,158)
Citation 1

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

NBER Working Paper No. w24629
Number of pages: 64 Posted: 25 May 2018 Last Revised: 18 Apr 2022
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 9 (818,821)

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CEPR Discussion Paper No. DP12937
Number of pages: 67 Posted: 21 May 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Asset price bubbles, Inflation targeting, leaning against the wind, optimal target criterion

20.

Optimal Sovereign Default

Bundesbank Discussion Paper No. 09/2013
Number of pages: 52 Posted: 21 Jun 2016
Klaus Adam and Michael Grill
University of Mannheim and European Central Bank (ECB)
Downloads 52 (510,776)
Citation 3

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Fiscal Policy, Sovereign Risk

Estimating the Optimal Inflation Target from Trends in Relative Prices

Number of pages: 85 Posted: 03 Feb 2020
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 51 (524,121)

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micro price data, optimal inflation, U.K. inflation target

Estimating the Optimal Inflation Target from Trends in Relative Prices

CEPR Discussion Paper No. DP14335
Number of pages: 85 Posted: 29 Jan 2020
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 0
Citation 1
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Micro price data, optimal inflation, U.K. inflation target

22.
Downloads 47 (532,894)

Expectations Data in Asset Pricing

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-59
Number of pages: 45 Posted: 06 May 2022
Klaus Adam and Stefan Nagel
University of Mannheim and University of Chicago - Booth School of Business
Downloads 38 (590,186)

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Expectations Data in Asset Pricing

NBER Working Paper No. w29977
Number of pages: 44 Posted: 02 May 2022 Last Revised: 07 May 2022
Klaus Adam and Stefan Nagel
University of Mannheim and University of Chicago - Booth School of Business
Downloads 9 (818,821)
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23.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Bank of Italy Temi di Discussione (Working Paper) No. 1344
Number of pages: 51 Posted: 19 Nov 2021
University of Mannheim, Banque de France - Centre de Recherche, Bank of Italy and Deutsche Bundesbank
Downloads 42 (561,986)

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optimal inflation target, micro price trends, welfare

Price Trends Over the Product Life Cycle and the Optimal Inflation Target

Deutsche Bundesbank Discussion Paper No. 32/2019
Number of pages: 82 Posted: 11 Nov 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 32 (626,440)

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Optimal Inflation Rate, Product Life Cycle, U.K. Micro Price Data

Price Trends Over the Product Life Cycle and the Optimal Inflation Target

CESifo Working Paper No. 7889
Number of pages: 77 Posted: 23 Oct 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 10 (808,803)

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optimal inflation rate, product life cycle, U.K. micro price data

25.

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area

ECB Working Paper No. 1853
Number of pages: 58 Posted: 30 Sep 2015
Klaus Adam and Junyi Zhu
University of Mannheim and Deutsche Bundesbank
Downloads 37 (582,609)
Citation 14

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price level, redistribution, Euro Area, household survey

26.

Should Macroeconomists Consider Restricted Perceptions Equilibria? Evidence from the Experimental Laboratory

Number of pages: 46 Posted: 19 Nov 2002
Klaus Adam
University of Mannheim
Downloads 36 (588,195)

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Experiments, Equilibrium Selection, Restricted Perceptions

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CESifo Working Paper No. 8127
Number of pages: 66 Posted: 04 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 26 (668,518)

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robust policy design, leaning against housing prices, distorted expectations

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

NBER Working Paper No. w26833
Number of pages: 65 Posted: 09 Mar 2020 Last Revised: 27 Apr 2022
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 3 (884,285)

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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CEPR Discussion Paper No. DP14445
Number of pages: 67 Posted: 03 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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28.

House Price Booms and the Current Account

NBER Working Paper No. w17224
Number of pages: 43 Posted: 19 Jul 2011
Klaus Adam, Pei Kuang and Albert Marcet
University of Mannheim, Goethe University Frankfurt - House of Finance and London School of Economics & Political Science (LSE)
Downloads 29 (629,624)
Citation 15

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The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

ECB Working Paper No. 2021/2575
Number of pages: 45 Posted: 28 Jul 2021
University of Mannheim, Banque de France - Centre de Recherche, Bank of Italy and Deutsche Bundesbank
Downloads 15 (760,251)

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The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Banque de France Working Paper No. 825
Number of pages: 43 Posted: 16 Aug 2021
affiliation not provided to SSRN, University of Mannheim, Banque de France - Centre de Recherche, Bank of Italy and Deutsche Bundesbank
Downloads 13 (789,140)

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Optimal Inflation Target, Micro Price Trends, Welfare

30.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Deutsche Bundesbank Discussion Paper No. 26/2021
Number of pages: 1 Posted: 09 Sep 2021
University of Mannheim, Banque de France, Bank of Italy and Deutsche Bundesbank
Downloads 19 (701,607)

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Optimal inflation target, micro price trends, welfare

31.

Government Debt and Optimal Monetary and Fiscal Policy

CEPR Discussion Paper No. DP8064
Number of pages: 37 Posted: 22 Nov 2010
Klaus Adam
University of Mannheim
Downloads 4 (837,846)
Citation 2
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non-contingent debt, Ramsey optimal policy, second-order approximation, sticky prices

32.

Internal Rationality and Asset Prices

CEPR Discussion Paper No. DP7498
Number of pages: 39 Posted: 17 Nov 2009
Klaus Adam and Albert Marcet
University of Mannheim and London School of Economics & Political Science (LSE)
Downloads 4 (837,846)
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learning, rationality

33.

Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model

CEPR Discussion Paper No. DP8826
Number of pages: 65 Posted: 01 Mar 2012
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 3 (848,889)
Citation 5
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belief distortions, near-rational expectations, robust control, target criterion

34.

Subjective Housing Price Expectations, Falling Natural Rates and the Optimal Inflation Target

CEPR Discussion Paper No. DP17187
Number of pages: 80 Posted: 27 May 2022
Klaus Adam, Oliver Pfäuti and Timo Reinelt
University of Mannheim, University of Mannheim and University of Mannheim
Downloads 0 (892,524)
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effective lower bound, housing booms, Keywords: Monetary Policy, Natural rate of interest, optimal inflation target, Subjective Housing Price Expectations

35.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

CEPR Discussion Paper No. DP16828
Number of pages: 42 Posted: 04 Feb 2022 Last Revised: 29 Mar 2022
University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 0 (892,524)
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micro price trends, optimal inflation target, Welfare

36.

Are Hyperinflation Paths Learnable?

Journal of Economic Dynamics and Control, Forthcoming
Posted: 27 Oct 2005
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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Indeterminacy, inflation, stability of equilibria, seigniorage

37.

Learning to Forecast and Cyclical Behavior of Output and Inflation

Posted: 19 Aug 2004
Klaus Adam
University of Mannheim

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Learning, Business Cycles, Rational Expectations, Inefficient Forecasts, Output and Inflation Persistence