Type of publication: Book / Working Paper
Language: English
We have benefited from presentations of earlier drafts at meetings of the Econometric Society, the European Economic Association, the Society of Economic Dynamics, the System Committee Meeting on Macro-economics, the NBER, and seminars at the University of Michigan, Rutgers University, University of Frankfurt, University of Cologne, University of St.Gallen, the European Central Bank and the Canadian Department of Finance. We would also like to thank Todd Clark, Bill English, Andrew Haldane, David Lindsey, Yvan Lengwiler, Brian Madigan, Allan Meltzer, Richard Porter, John Williams and Alex Wolman for useful comments. The opinions expressed here are those of the authors and do not necessarily reflect views of the European Central Bank or the Federal Reserve Board. Number 2003/13 28 pages
Classification: E31 - Price Level; Inflation; Deflation ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination