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In this paper, we investigate a number of issues that have not been completely addressed in previous studies regarding the possible asymmetric effects of monetary policy. Overall, we interpret our results as weak evidence in favor of sticky-wage and sticky-price theories and strong evidence...
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Federal Reserve Bank of Dallas, Dallas, Texas (via videoconference),
Persistent link: https://www.econbiz.de/10010725276
a speech at the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C.
Persistent link: https://www.econbiz.de/10010725502
a speech at the Banque de France International Symposium, Paris, France, March 4, 2011
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The value of a vast array of financial assets are functions of rates or prices determined in OTC, interbank, or other off-exchange markets. In order to price such derivative assets, underlying rate and price indexes are routinely sampled and estimated. To guard against misreporting, whether...
Persistent link: https://www.econbiz.de/10005393961
This paper demonstrates that money can play an important role as an information variable and may result in major improvements in current output estimates. However, the specific nature of this role depends on the magnitude of the output measurement error relative to the money demand shock. In...
Persistent link: https://www.econbiz.de/10005394197
staggered price setting that delivers familiar results on an inflationary bias and inflation contracts. However, the comparison … of price level and inflation targeting reveals an output/price stability tradeoff under the New-Keynesian model that does …
Persistent link: https://www.econbiz.de/10005513106
expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …
Persistent link: https://www.econbiz.de/10010787050