Considerable research finds oil price shocks have had major effects on U.S. output and inflation. Several recent studies argue that the response of monetary policy-rather than the oil price shocks themselves-caused the fluctuations in economic activity. Stephen Brown and Mine Yucel show that an...

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

Remarks at Fordham University's Gabelli School of Business, Bronx, New York.

We use a version of the Fuhrer-Moore model to study the effects of expectations and central bank credibility on the economy's dynamic transition path during a disinflation. Simulations are compared under four different specifications of the model that vary according to the way that expectations...