Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.

Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.

Includes bibliographical references (p. 17).

This paper investigates the relationship between money growth, inflation, and productive activity in a general equilibrium model of search. The use of a multiple-matching technique, where trade frictions are captured by limited consumption variety, allows us to study price determination in a...

Recent research showing negative correlations between detrended output and prices during the postwar period has brought into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to the sample period considered. This paper examines the...

This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial distress. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a...

A discussion of six papers presented at the Federal Reserve Bank of Cleveland's Conference on Price Stability in November 1990, focusing on how recent developments in macroeconomic research have changed perceptions about optimal inflation policy.