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Journal Article
The FOMC in 1988: uncertainty's effects on monetary policy
Journal Article
The causes and consequences of leveraged buyouts
Journal Article
The link between M1 and the monetary base in the 198O's
Working Paper
Strategic discipline in monetary policy with private information: optimal targeting periods
This paper analyzes the optimal choice of the length of time over which the monetary authority targets money growth, in a setting where the monetary authority?s lack of credibility potentially gives rise to an inflationary bias. When the monetary authority has some private information-e.g. a private forecast-that obscures the relevance of reputational considerations and the effectiveness of legislation to enforce the efficient policy, the targeting procedure serves as a device to diminish the inflationary bias while providing the monetary authority limited flexibility to react to its private ...
Journal Article
The FOMC in 1989: walking a tightrope