This book, edited by J.B. Zulu, Ian S. McCarthy, Susana Almuiña, and Gabriel Sensenbrenner, presents the proceedings of the special Joint Meetings on Central Banking Technical Assistance held in St. Petersburg, Russia in 1994, and provides detailed information on important issues in central...

We introduce subsistence requirements in food consumption into a simple new-Keynesianmodel with flexible food and sticky non-food prices. We study how the endogenous structuraltransformation that results from subsistence affects the dynamics of the economy, the design ofmonetary policy, and the...