An abstract for this article is not available.

An examination of the short- and long-term implications of an inflation policy on real output, using a method that allows structural interpretation of a simple VAR applied to a macroeconomic system that includes real output and inflation.

An analysis of how a rule for monetary policy specifying a stable price level may dominate a rule for zero inflation with price-level drift, even in the case where, for purely economic reasons, an inflation rule is preferred.

An analysis of the effect that monetary control arrangements have on the information content of the money stock announcements in the market for bank reserves.

Monetary policy analysts looking for a model on which to base decisions may consider two popular approaches-the New Keynesian (NK) and the identified vector autoregression (VAR) approaches. Choosing between the two can be difficult: NK models are stylized and have simple rules while structural...