This paper discusses central banking and the operation of monetary policy from a post-Keynesian perspective. It examines some current propositions concerning the conduct of monetary policy - such as inflation targets, contingent rules, and central bank independence - under the assumption that...

This paper examines the empirical relationship between the movement of the slope factor in term structure of nominal interest rates and exogenous monetary-policy shocks in the U.S. after 1982. Using first a six-variable VAR model and then a GMM estimation model of the "Taylor rule," I estimate...

This paper investigates the validity of the Fisher effect hypothesis that it is the interest rate which moves to adjust to the anticipated changes in the rate of inflation. The analysis is carried out with monthly data for the period 1980-97 for three countries with recent histories of chronic...

The objective of this article is to do a critical evaluation of the governance of monetary policy in Brazil, arguing that the actual governance structure of monetary policy is not adequate for the operation of the inflation targeting regime. This occurs because: (i) there is not a clear...

This paper examines if taking into account changes in the number of producers, or equivalently changes in the product variety space over the business cycle, helps to understand and replicate international business cycle facts. To this end, we develop a two-country model in which the economy is...

This paper examines if taking into account changes in the number of producers, or equivalently changes in the product variety space over the business cycle, helps to understand and replicate international business cycle facts. To this end, we develop a two-country model in which the economy is...