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Working Paper
Selecting an intermediate target variable for monetary policy when the goal is price stability
Conventional investigations of the "best" intermediate target variable for monetary policy have used a single criterion: the best fit between the behavior of an aggregate and that of some goal variable such as nominal spending or the aggregate price level. Ignored in this type of study, however, is the ability of the central bank to control the behavior of the aggregate which has the best fit relative to the goal variable. This paper treats the issue of monetary control explicitly and selects an intermediate target variable on the basis of a joint criterion of monetary control and ...
Journal Article
Cash flow or present value: what's lurking behind that hedge?
Journal Article
Are economic forecasts by government agencies biased? Accurate?
Working Paper
An admissible monetary aggregate for the United Kingdom
Journal Article
Money growth variability and GNP
Journal Article
Why do food prices increase?
Journal Article
The farm credit crisis: will it hurt the whole economy?