We propose a model of economic growth in which technological progress is modelled as an expanding random network of ideas. New ideas are created by combining successful old ideas. Old ideas are chosen according to their visibility as ideas, success as generators of innovations and age but the...

A monetary policy rule is a function mapping any given output level of the economy to a corresponding rate of inflation. Such a rule is time-consistent if the central bank has no incentive to deviate from it. Within a simple dynamic model combining an output-inflation trade-off with rational...

In the framework of a standard overlapping generations model, it is shown that active inflation forecast targeting reinforces mechanisms that lead to indeterminacy of the monetary steady state and to countercyclical behavior of young-age consumption. The inflation forecast targeting rule which...