Michael T. Kiley

Board of Governors of the Federal Reserve System

Deputy Director - Financial Stability

20th and C Streets, NW

Washington, DC 20551

United States

SCHOLARLY PAPERS

40

DOWNLOADS
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Top 13,379

in Total Papers Downloads

3,342

CITATIONS
Rank 2,784

SSRN RANKINGS

Top 2,784

in Total Papers Citations

201

Scholarly Papers (40)

1.

Monetary Policy Under Neoclassical and New-Keynesian Phillips Curves, with an Application to Price Level and Inflation Targeting

Federal Reserve Board FEDS Paper No. 98-27
Number of pages: 17 Posted: 27 Dec 1998
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 549 (46,072)
Citation 13

Abstract:

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2.

Stock Prices and Fundamentals in a Production Economy

FEDS Working Paper No. 2000-05
Number of pages: 33 Posted: 17 Jul 2000
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 245 (117,367)
Citation 8

Abstract:

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asset pricing, investment

3.

Computers and Growth with Costs of Adjustment: Will the Future Look Like the Past?

FEDS Working Paper No. 99-36
Number of pages: 30 Posted: 14 Dec 1999
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 177 (160,642)
Citation 12

Abstract:

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How Has the Monetary Transmission Mechanism Evolved Over Time?

FEDS Working Paper No. 26
Number of pages: 96 Posted: 14 Mar 2011
Jean Boivin, Michael T. Kiley and Frederic S. Mishkin
HEC Montreal, Board of Governors of the Federal Reserve System and Columbia Business School - Finance and Economics
Downloads 115 (227,954)
Citation 19

Abstract:

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Monetary transmission, stability, monetary policy

How Has the Monetary Transmission Mechanism Evolved Over Time?

NBER Working Paper No. w15879
Number of pages: 90 Posted: 12 Apr 2010
Jean Boivin, Michael T. Kiley and Frederic S. Mishkin
HEC Montreal, Board of Governors of the Federal Reserve System and Columbia Business School - Finance and Economics
Downloads 60 (341,504)
Citation 19

Abstract:

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5.

What Can the Data Tell Us About the Equilibrium Real Interest Rate?

FEDS Working Paper No. 2015-077, http://dx.doi.org/10.17016/FEDS.2015.077
Number of pages: 32 Posted: 27 Sep 2015
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 152 (182,218)

Abstract:

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Bayesian Methods, Equilibrium real interest rate, Potential Output

6.

Staggered Price Setting and Real Rigidities

FEDS No. 97-46
Number of pages: 30 Posted: 30 Apr 1998
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 115 (226,870)
Citation 12

Abstract:

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7.

An Analytical Approach to the Welfare Cost of Business Cycles and the Benefit from Activist Monetary Policy

FEDS Working Paper No. 2001-41
Number of pages: 32 Posted: 11 Dec 2001
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 113 (229,727)
Citation 6

Abstract:

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Non-expected utility, business cycles, stabilization policy, asset pricing

8.

Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy

FEDS Working Paper No. 2007-08
Number of pages: 29 Posted: 25 Apr 2007
Rochelle M. Edge, Michael T. Kiley and Jean-Philippe Laforte
Federal Reserve Board - Division of Financial Stability, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 111 (232,728)
Citation 23

Abstract:

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Potential output, Natural rate of interest, Two-sector growth model, Bayesian estimation

9.

Mapping Heat in the U.S. Financial System

FEDS Working Paper No. 2015-059, http://dx.doi.org/10.17016/FEDS.2015.059
Number of pages: 72 Posted: 14 Aug 2015
Bank of England - Monetary Assessment and Strategy Division, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve - Flow of Funds Section and Board of Governors of the Federal Reserve System
Downloads 107 (238,813)

Abstract:

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Early warning system, Financial crisis, Financial stability and risk, Financial vulnerabilities, Heat maps, Macroprudential policy, Systemic risk

10.

The Supply of Skilled Labor and Skill-Biased Technological Progress

Board of Governors of the Federal Reserve System Finance and Econ. Disc. Series 97-45
Number of pages: 18 Posted: 16 Dec 1997
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 107 (238,813)
Citation 27

Abstract:

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11.

Documentation of the Research and Statistics Divisions Estimated DSGE Model of the U.S. Economy: 2006 Version

FEDS Working Paper No. 2007-53
Number of pages: 64 Posted: 05 Dec 2007
Rochelle M. Edge, Michael T. Kiley and Jean-Philippe Laforte
Federal Reserve Board - Division of Financial Stability, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 104 (243,611)
Citation 7

Abstract:

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two-sector growth model, sticky-prices, sticky-wages, habit-persistence, investment adjustment costs, variable utilization, Bayesian estimation

12.

Habit Persistence, Non-Separability between Consumption and Leisure, or Rule-of-Thumb Consumers: Which Accounts for the Predictability of Consumption Growth?

FEDS Working Paper No. 2007-48
Number of pages: 20 Posted: 29 Nov 2007
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 101 (248,635)
Citation 4

Abstract:

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Habit persistence, inattention, excess sensitivity, excess smoothness

13.

The Aggregate Demand Effects of Short- and Long-Term Interest Rates

FEDS Working Paper No. 2012-54
Number of pages: 31 Posted: 26 Dec 2012
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 94 (260,655)
Citation 3

Abstract:

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IS curve, long-term interest rates

14.

Efficiency Wages, Nominal Rigidities, and the Cyclical Behavior of Real Wages and Marginal Cost

FRB Finance and Econ. Disc. Series #97-24
Number of pages: 11 Posted: 07 Nov 1997
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 87 (273,734)
Citation 3

Abstract:

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15.

Financial Capital and the Macroeconomy: A Quantitative Framework

FEDS Working Paper No. 2011-27
Number of pages: 41 Posted: 20 May 2011
Michael T. Kiley and Jae Sim
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 82 (283,831)
Citation 2

Abstract:

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Capital market friction, financial intermediary, capital constraint, liquidity based asset pricing, credit provision, uncertainty, aggregate fluctuation

16.

How Should Unemployment Benefits Respond to the Business Cycle?

FEDS Working Paper No. 2003-01
Number of pages: 30 Posted: 15 May 2003
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 81 (285,934)
Citation 9

Abstract:

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Unemployment insurance, time-varying benefits

17.

The Response of Equity Prices to Movements in Long-Term Interest Rates Associated with Monetary Policy Statements: Before and after the Zero Lower Bound

FEDS Working Paper No. 2013-15
Number of pages: 25 Posted: 09 Apr 2013
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 76 (296,916)

Abstract:

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Monetary policy, stock market

18.

Is Moderate-to-High Inflation Inherently Unstable?

FEDS Working Paper No. 2004-43
Number of pages: 33 Posted: 20 Dec 2004
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 76 (296,916)
Citation 12

Abstract:

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Monetary policy, equilibrium determinacy, Taylor rule, sunspot fluctuations

19.

Exchange Rates, Monetary Policy Statements, and Uncovered Interest Parity: Before and after the Zero Lower Bound

FEDS Working Paper No. 2013-17
Number of pages: 28 Posted: 09 Apr 2013
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 74 (301,549)

Abstract:

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Monetary policy, exchange rates

Macroeconomic Effects of Banking Sector Losses Across Structural Models

BIS Working Paper No. 507
Number of pages: 53 Posted: 03 Aug 2015
Federal Reserve Board - Trade and Financial Studies, Federal Reserve Board - Trade and Financial Studies, Board of Governors of the Federal Reserve System, Federal Reserve Board, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Board - Trade and Financial Studies Section and Board of Governors of the Federal Reserve System
Downloads 47 (383,254)

Abstract:

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Banks, DSGE Models, Capital Requirements, Bank Losses

Macroeconomic Effects of Banking Sector Losses Across Structural Models

FEDS Working Paper No. 2015-044, http://dx.doi.org/10.17016/FEDS.2015.044
Number of pages: 52 Posted: 10 Jul 2015
Federal Reserve Board - Trade and Financial Studies, Federal Reserve Board - Trade and Financial Studies, Board of Governors of the Federal Reserve System, Federal Reserve Board, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Board - Trade and Financial Studies Section and Board of Governors of the Federal Reserve System
Downloads 19 (516,061)

Abstract:

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Bank losses, Banks, Capital requirements, DSGE models

21.

Monetary Policy Actions and Long-Run Inflation Expectations

FEDS Working Paper No. 2008-03
Number of pages: 37 Posted: 15 Jan 2009
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 66 (320,918)
Citation 4

Abstract:

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Inflation objective, learning

22.

Policy Paradoxes in the New Keynesian Model

FEDS Working Paper No. 2014-29
Number of pages: 41 Posted: 19 Apr 2014
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 64 (326,148)

Abstract:

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forward guidance, fiscal multiplier, sticky prices, sticky information

23.

An Evaluation of the Inflationary Pressure Associated with Short- and Long-Term Unemployment

FEDS Working Paper No. 2014-28
Number of pages: 22 Posted: 19 Apr 2014
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 61 (334,209)

Abstract:

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short-term unemployment, phillips curve

24.

A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting

FEDS Working Paper No. 2006-45
Number of pages: 41 Posted: 14 Dec 2006
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 61 (334,209)
Citation 20

Abstract:

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Phillips curve, new-keynesian model, inflation persistence

25.

Monetary Policy Statements, Treasury Yields, and Private Yields: Before and after the Zero Lower Bound

FEDS Working Paper No. 2013-16
Number of pages: 20 Posted: 09 Apr 2013
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 59 (339,648)

Abstract:

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Monetary policy, Treasury yields, private yields

26.

What Macroeconomic Conditions Lead Financial Crises?

FEDS Working Paper No. 2018-038
Number of pages: 31 Posted: 20 Jun 2018
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 50 (366,819)

Abstract:

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Current account, Debt, Equity prices, Financial crisis, House prices

27.

Quantitative Easing and the 'New Normal' in Monetary Policy

FEDS Working Paper No. 2018-004
Number of pages: 40 Posted: 22 Jan 2018
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 48 (373,270)

Abstract:

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Interest rates, Macroeconomic models, Monetary policy

28.

Monetary Policy in a Low Interest Rate World

FEDS Working Paper No. 2017-080
Number of pages: 55 Posted: 07 Sep 2017
Michael T. Kiley and John Roberts
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 44 (386,666)

Abstract:

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Interest rates, Model comparison, Monetary policy

29.

Documentation of the Estimated, Dynamic, Optimization-Based (EDO) Model of the U.S. Economy: 2010 Version

FEDS Working Paper No. 29
Number of pages: 67 Posted: 19 Mar 2011
Michael T. Kiley, Jean-Philippe Laforte and Hess T. Chung
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Government of the United States of America - Division of Research and Statistics
Downloads 40 (400,916)
Citation 3

Abstract:

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DSGE model, policy model

30.

Output Gaps

FEDS Working Paper No. 2010-27
Number of pages: 57 Posted: 14 Mar 2011
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 38 (408,421)
Citation 5

Abstract:

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Business Cycles, Potential Output

31.

Optimal Monetary and Macroprudential Policies: Gains and Pitfalls in a Model of Financial Intermediation

FEDS Working Paper No. 2015-078, http://dx.doi.org/10.17016/FEDS.2015.078
Number of pages: 56 Posted: 27 Sep 2015
Michael T. Kiley and Jae Sim
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 37 (412,452)

Abstract:

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Bayesian estimation, DSGE models, Macroprudential policy, Monetary policy

32.

Financial Capital and the Macroeconomy: Policy Considerations

FEDS Working Paper No. 2011-28
Number of pages: 41 Posted: 20 May 2011
Michael T. Kiley and Jae Sim
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 34 (424,449)
Citation 2

Abstract:

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Capital market friction, financial intermediary, capital constraint, Liquidity based asset pricing, asset purchase program, capital injection policy, regulatory capital standards

33.

Some Implications of Uncertainty and Misperception for Monetary Policy

FEDS Working Paper No. 2018-059
Number of pages: 40 Posted: 29 Aug 2018
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 24 (471,429)

Abstract:

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Stochastic simulation, Mismeasurement, Monetary policy, Policy analysis, Uncertainty

34.

Unemployment Risk

FEDS Working Paper No. 2018-067
Number of pages: 35 Posted: 05 Oct 2018
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 17 (509,618)

Abstract:

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Credit, GDP at risk, Risk management

35.

Effective Monetary Policy Strategies in New Keynesian Models: A Re-Examination

NBER Working Paper No. w20611
Number of pages: 50 Posted: 27 Oct 2014
Hess T. Chung, Edward Herbst and Michael T. Kiley
Government of the United States of America - Division of Research and Statistics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 3 (588,021)

Abstract:

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36.

Monetary Policy and the Global Housing Bubble

Economic Policy, Vol. 26, No. 66, pp. 233-283, 2011
Number of pages: 51 Posted: 04 Apr 2011
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Korea University, Federal Reserve Board of Governors, Board of Governors of the Federal Reserve System and Federal Reserve Board
Downloads 3 (588,021)
Citation 7
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37.

Quantitative Easing and the ‘New Normal’ in Monetary Policy

The Manchester School, Vol. 86, pp. 21-49, 2018
Number of pages: 29 Posted: 26 Sep 2018
Michael T. Kiley
Board of Governors of the Federal Reserve System
Downloads 1 (608,508)
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38.

Partial Adjustment and Staggered Price Setting

Journal of Money, Credit, and Banking, Forthcoming
Posted: 06 Nov 2001
Michael T. Kiley
Board of Governors of the Federal Reserve System

Abstract:

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staggered price setting, Calvo price setting

39.

Endogenous Price Stickiness and Business Cycle Persistence

Board of Governors of the Federal Reserve System Finance and Econ. Disc. Series 96-23
Posted: 21 Oct 1996
Michael T. Kiley
Board of Governors of the Federal Reserve System

Abstract:

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The Lead of Output Over Inflation in Sticky Price Models

Board of Governors of the Federal Reserve System Finance and Econ. Disc. Papers 96-33
Posted: 14 Oct 1996
Michael T. Kiley
Board of Governors of the Federal Reserve System

Abstract:

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The Lead of Output Over Inflation in Sticky Price Models

Economics Bulletin, Vol. 5, No. 5, pp. 1-7, August 2002
Posted: 08 Sep 2003
Michael T. Kiley
Board of Governors of the Federal Reserve System

Abstract:

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P-bar Model, Output/Inflation Correlation, Partial Adjustment (Calvo Model), Phase Shift, Staggered Price Setting