This paper examines whether monetary shocks can consistently generate stagflation in a dynamic, stochastic setting. I assume that the monetary authority can induce transitory shocks and longer-lasting monetary regime changes in its operating instrument. Firms cannot distinguish between these...

Remarks before the Center for the Study of American Business, Washington University, St. Louis - July 29, 1999

Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002

Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002

Remarks before the Center for the Study of American Business, Washington University, St. Louis - July 29, 1999