The lags in the transmission mechanism of monetary policy mean that policymakers must forecast the future path of the economy. Accurate forecasts are only possible with a clear understanding of the structure of the economy and the shocks affecting it. This two-week seminar aims to improve...

Financial regulation is usually justified by pointing to market imperfections that the regulation seeks to address. Yet all real-world markets are imperfect and the welfare costs arising from these imperfections create strong incentives for market participants to devise their own solutions....