This article describes and defends the authors' corrections to the federal government's flawed measure of its cost of funds. Further, it examines how the maturity structure of the debt influences the way inflation risk and interest rate risk are shared by the government and its creditors.

In this paper we examine the effectiveness in controlling long-run inflation of feedback rules for monetary policy that link changes in a short-term interest rate to an intermediate target for either nominal GDP or M2. We conclude that a rule aimed at controlling the growth rate of nominal GDP...

Remarks at New York University's Stern School of Business, New York City.

Remarks at New York University's Stern School of Business, New York City.

Several articles published in the 1990s have identified empirical relationships between the term structure of real and nominal interest rates, on one hand, and future real output and inflation, on the other. Among these are Mishkin (1990a), Estrella and Hardouvelis (1991), Bernanke and Blinder...

Straipsnyje analizuojami BVP ir infliacijos kitimo tempai bei jų įtaka vykdant bendrą pinigų politiką. Nustatyti BVP ir infliacijos tempų skirtumai parodė, kad Ekonominėje ir pinigų sąjungoje (EPS) egzistuoja asimetriniai paklausos bei pasiūlos šokai, kurie lemia tai, kad pinigų...