This paper provides a survey of some of the recent developments in the field of econometric modeling with cointegrated time series. In particular, they authors describe the testing and estimation procedures which have become increasingly popular in the recent applied literature. In addition to...

We survey recent empirical evidence on monetary policy rules, and find that the emphasis in the political economy literature on institutional design (e.g. central bank independence and inflation targeting) is exaggerated. Formal institutional reform seems neither a necessary nor a sufficient...