The price puzzle is the association in a structural vector autoregression (SVAR) of a contractionary shock to monetary policy with persistent increases in the price level. Various explanations have been investigated separately in the framework of small SVARs without any common set of variables...

This paper is a substantially revised version of our earlier working paper, "Truth and Robustness in Cross-country Growth Regressions." The most important revisions concern the handling of missing observations in the cross-country data set. In the earlier paper, these had been handled through...

In this paper, the sufficiency of superexogeneity for control causality is exploited in the case of monetary policy and real output. The superexogeneity of the formulation of monetary policy for the real output gap is tested and found to be true implying a causal link from monetary policy to the...