A number of recent papers have explored monetary policy options, including inflation targeting and inflation forecast targeting (notably Svensson (1998, 1999, 2000)) and price level targeting (Wolman 1999, Batini and Yates 1999, Blinder 1999). Most papers explore ``optimal'' monetary policy in...

For years, the problems associated with the Lucas critique have loomed over empirical macroeconomics. However, relatively little effort has been devoted to testing the empirical importance of this critique. This paper develops a set of tests for small macroeconometric models, especially those...