This paper examines the effects of inflation targeting on inflation in both advanced and emerging economies. We do not detect significant effects in advanced economies and only find small benefits in emerging economies, in line with previous studies. However, when we differentiate the impact of...

The Japanese economy experienced a substantial increase and a subsequent crash in land and stock prices in the 1980s and 90s. I use a neoclassical growth model to determine how much of these asset price movements can be accounted for by the observed changes in fundamentals of the Japanese...

Utility modeled as a power function is commonly used in the literature despite the fact that it is unbounded and generates asset pricing puzzles. The unboundedness property leads to St. Petersburg paradox issues and indifference to compound gambles, but these problems have largely been ignored....

The market value of U.S. corporations was nearly halved following the oil crisis of October 1973. Real energy prices more than doubled by the end of the decade, increasing energy costs and spurring innovation in energy-saving technologies by corporations. This paper uses a neo-classical growth...

Political monetary cycles are less likely to occur in countries with independent central banks. Independent central banks can withstand political pressure to stimulate the economy before elections or finance election-related increases in government spending. Based on this logic and supporting...

We analyze the business cycle implications of firms having oligopsony power in labor markets, as well as oligopoly power in product markets, within the context of an estimated New Keynesian dynamic stochastic general equilibrium model with firm entry and exit. The strategic interaction between...

We analyze the business cycle implications of firms having oligopsony power in labor markets, as well as oligopoly power in product markets, within the context of an estimated New Keynesian dynamic stochastic general equilibrium model with firm entry and exit. The strategic interaction between...

We analyze the business cycle implications of firms having oligopsony power in labor markets, as well as oligopoly power in product markets, within the context of an estimated New Keynesian dynamic stochastic general equilibrium model with firm entry and exit. The strategic interaction between...