Search Results
Journal Article
Whither the unemployment rate?
Journal Article
Monetary policy and velocity
Journal Article
The saving shortfall
Working Paper
The demand for money: where do we stand?
Journal Article
Risk, insurance and central banking
Journal Article
Consumption, oil prices and the dollar
Journal Article
Consumption, saving and asset accumulation
Journal Article
Controlling inflation with an interest rate instrument
In this paper we examine the effectiveness in controlling long-run inflation of feedback rules for monetary policy that link changes in a short-term interest rate to an intermediate target for either nominal GDP or M2. We conclude that a rule aimed at controlling the growth rate of nominal GDP with an interest rate instrument could be an improvement over a purely discretionary policy. Our results suggest that the rule could provide better long-run control of inflation without increasing the volatility of real GDP or interest rates. Moreover, such a rule could assist policymakers even if it ...
Journal Article
Bias in the CPI: "roughly right or precisely wrong"