An analysis of how the money supply process can affect the cross-covariance structure of inflation and monetary growth, showing that the Federal Reserve's change in emphasis to monetary targeting in late 1979 could have made the apparently long lag from money growth to inflation virtually...

This paper considers the evidence of “near-rationality,” as described by Akerlof, Dickens, and Perry (2000). Using detailed surveys of household inflation expectations for the United States and Sweden, we find that the data are generally unsupportive of the near-rationality hypothesis....

An investigation of the use of trimmed means as high-frequency estimators of inflation.

A study of the effect of disinflation policies on monetary velocity, which shows a systematic relation between unexpected changes in the money-income relationship and changes in the trends of inflation rates, and which concludes that the failure to commit to a stable price policy tends to...

A demonstration of time series techniques used to forecast quarterly money supply levels. The results indicate that a bivariate model, including an interest rate and M1 predicts M1 better than the univariate model using M1 only, and as well as a 5-variable model which adds prices, output, and...

An empirical and theoretical analysis of how changes in the monetary policy function affect the covariance structure of macroeconomic data.

An investigation of the nature of the dynamic process implied by staggered-reserve accounting, using a simple reduced-form model of the money-supply process.

An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.

An argument supporting zero inflation as the sole objective of monetary policy, with particular emphasis on the Bank of Canada's commitment to an explicit, low inflation target.