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hinted at an acceleration. Some FOMC members feared an overheating economy and higher inflation; others, including the … rapid quality change, the large magnitude of subsequent data revisions during the 1990s, and, from FOMC transcripts, the … contemporary monetary policy debate within the FOMC as the decade's data evolved"--Federal Reserve Bank of St. Louis web site …
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"When monetary policies are endogenous, the conventional VAR approach for detecting the effect of monetary policies is powerless. This paper proposes to test the implication of monetary policies along a different dimension. That implication is to exploit the policy induced exogeneity of...
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"We analyze optimal monetary policy in an endogenous sticky price model. Similar models with exogenous sticky prices can deliver multiplicity of equilibria. Multiplicity of equilibria is a necessary condition for expectation traps to explain the variation across time and countries of inflation...
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