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Journal Article
The saving shortfall
Journal Article
Financing social security
Working Paper
Growth and inflation: a cross-country study
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
Should monetary policy focus on "core" inflation?
Journal Article
Interest rates and the Fed
Journal Article
Dynamic adjustment in money demand
Journal Article
Would a new monetary aggregate improve policy?
Journal Article
Nominal feedback rules for monetary policy
Journal Article
Should money be redefined?