, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period … prospects. And, rather than seeing the real wage per unit of human capital fall, the West and Japan see it rise by one fifth by …

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative … performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient …, with both higher inflation and output variability. This is true even with a deterministic money demand formulation. In this …

This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which … is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core …

-time estimates of GDP, inflation, unemployment or any other macroeconomic variable of interest. In this paper I focus on the problem …

main conclusion is that varying parameter techniques appear promising for the estimation of econometric models. They are …

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the …