the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic … outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived … and destabilized the economy. Had monetary policy reacted less aggressively to perceived unemployment gaps, inflation …

the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic … outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived … and destabilized the economy. Had monetary policy reacted less aggressively to perceived unemployment gaps, inflation …

the dynamics of the U.S. trade balance. Using sign restrictions based on robust predictions by standard theory, we … identify shocks that increase domestic labor productivity and output in manufacturing (our measure of U.S. tradables), relative … rest of the world, and deteriorate net exports; both the U.S. real exchange rate and the U.S. terms of trade appreciate in …

evidence on real and financial channels of their international propagation. Productivity gains in US manufacturing have … substantial macroeconomic effects, raising US consumption, investment and the terms of trade, relative to the rest of the world … demand shocks to US manufacturing also lead to real appreciation and raise investment, but have otherwise limited effects on …