Search Results
Working Paper
Some problems with identification in parametric models
Working Paper
Activist vs. non-activist monetary policy: optimal rules under extreme uncertainty
This paper analyzes the optimality of reactive feedback rules advocated by neo-Keynesians, and constant money growth rules proposed by monetarists. The basis for this controversy is not merely a disagreement concerning sources and impacts of uncertainty in the economy, but also an apparent fundamental difference in the attitude toward uncertainty about models. To address these differences, this paper compares the relative reactiveness of a monetary policy instrument to conditioning information for two starkly differing versions of model uncertainty about the model and the data driving it: ...
Discussion Paper
Two papers on the volatility of money stock targeting
Discussion Paper
Monopolistic competition and sequential search
Discussion Paper
Forecasting money demand with econometric models
Working Paper
Co-integration: is it a property of the real world?
Discussion Paper
The short-run volatility of money stock targeting