This article reexamines the view that monetary policy affects real (inflation-adjusted) economic variables in the short run but that its powers fade quickly in the long run (that is, that money is long-run superneutral). This view relies on the assumption that monetary policy can have real...

Since the third quarter of 2000, the U.S. economy began to experience a slowdown in its rate of growth. This slowdown serves as a reminder that the business cycle is still alive and raises the following questions: What do we know about the driving forces behind the business cycle? What should...