This paper uses stochastic simulation and my U.S. econometric model to examine the optimal choice of monetary policy instruments. Are the variances, covariances, and parameters in the model such as to favor one instrument over the other, in particular the interest rate over the money supply? The...

This paper uses stochastic simulation and my U.S. econometric model to examine the optimal choice of monetary policy instruments. Are the variances, covariances, and parameters in the model such as to favor one instrument over the other, in particular the interest rate over the money supply? The...

Pay for Performance -- Copyright -- Contents -- Preface -- Executive Summary -- THE CHARGE -- THE NATURE OF THE EVIDENCE -- PERFORMANCE APPRAISAL -- The Measurement Tradition: Findings -- The Applied Tradition: Findings -- Conclusions -- PERFORMANCE-BASED PAY SYSTEMS -- Finding -- Conclusion --...