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Working Paper
Co-integration: is it a property of the real world?
Discussion Paper
Some partial equilibrium of tax reform on corporate policy
Working Paper
Robustifying learnability
In recent years, the learnability of rational expectations equilibria (REE) and determinacy of economic structures have rightfully joined the usual performance criteria among the sought-after goals of policy design. Some contributions to the literature, including Bullard and Mitra (2001) and Evans and Honkapohja (2002), have made significant headway in establishing certain features of monetary policy rules that facilitate learning. However a treatment of policy design for learnability in worlds where agents have potentially misspecified their learning models has yet to surface. This paper ...
Discussion Paper
Optimal bands in short-run monetary policy
Working Paper
On a problem in identifying linear parametric models
Discussion Paper
The foundations of econometrics: are there any?
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
The short-run volatility of money stock targeting
Discussion Paper
On the rationality of discontinuous monetary policy