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Central Bank Design in General Equilibrium
We study the effects of alternative institutional arrangements for the determination of monetary policy in the context of a capital-theoretic, general equilibrium economy. We consider threeExpand
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Phillips relations in a nutshell
Trading trade-offs?
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CONVENTIONAL WISDOM UPSET The Thinking Pre-2007 In a 1992 paper
The author discusses the effectiveness of fiscal approaches to stabilization policy. The conventional wisdom before 2007 was that fiscal policy intervention as a stabilization tool had little toExpand
Inflation and labor cost
Energy prices: In the mix or swept under the rug?
Views expressed do not necessarily reflect official positions of the Federal Reserve System. The Federal Open Market Committee (FOMC) has responsibility for the long-run inflation rate for the U.S.Expand
Twist and shout, or back to the sixties
Views expressed do not necessarily reflect official positions of the Federal Reserve System. The Federal Open Market Committee (FOMC) has increased the target federal funds rate at each meeting sinceExpand
The Role of Potential Output in Policymaking
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