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In this paper we rethink the NAIRU concept and examine whether it might have a useful role in monetary policy. We argue that it can, but success depends critically on defining NAIRU as a short-run concept and distinguishing it from a long-run concept like the natural rate of unemployment. We...
Persistent link: https://www.econbiz.de/10013231562
Recent theorizing with business cycle models which incorporate features of the Friedman-Phelps natural rate model along with rational expectations lead to the following policy conclusions. Anticipated changes in aggregate demand policy will have already been taken into account in economic agents...
Persistent link: https://www.econbiz.de/10013227072
We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...
Persistent link: https://www.econbiz.de/10012783973
besides the United states, using a newly constructed data set for 1 to 5 year interest rates from Britain, West Germany and …
Persistent link: https://www.econbiz.de/10013234377
Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....
Persistent link: https://www.econbiz.de/10013245111