Deconstructing the Art of Central Banking

Deconstructing the Art of Central Banking
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 distinguishing four monetary regimes employed since the late... READ MORE...

Publication date: October 2004
ISBN 9781451859942
$15.00

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