This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments, we examine the properties of a small, estimated U.S. monetary model...

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the...

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy...

This study examines the financial reforms undertaken by nine Asian countries in the 1980s (Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Singapore, Sri Lanka, and Thailand) and their implications for money demand and monetary policy

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses: these outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these policies and the economy's...