It's proven fairly difficult to fine-tune the relationship between changes in inflation and changes in the path of real activity.

Building on the view that financial systems from contract and trading structures through regulation are artifacts of law and politics, this paper analyzes the fundamental reasons for the observed hierarchy in all financial systems. Why are financial systems hierarchical? The answer offered here...

Contribution to the panel session at the Hoover Institution conference on “Frameworks for Monetary Policy for the Next Century,” May 30, 2014.

The notion of rule surrounded the gold standard system. For instance, it is not seldom to present the gold standard system under the 1925 Keynesian expression as the rules of the game. However, it is nowadays quite crystal clear that gold standard system was not such a self regulating system in...

El objeto de la presente ponencia es profundizar en el análisis de la iniciativa monetaria más relevante que el gobierno de San Martín desarrolla durante la guerra de Independencia, El Banco Auxiliar de Papel Moneda. El estudio centra la investigación en el análisis comparativo entre el...

University of California, Berkeley, economic historians on the evolution of economic understanding, FOMC forecasting and more.

An abstract for this article is not available.

An abstract for this article is not available.

In this paper, we show that the monetary rule followed by a number of key countries before 1914 represented a commitment technology preventing the monetary authorities from changing planned future policy. The experiences of these major countries suggest that the gold standard was intended as a...