Schmitt-Grohé, Stephanie; Uribe, Martín - 2000 - This draft: June 27, 2000
rate rules, inflation targeting, and money growth rate rules. The analysis is conducted within an optimizing model of a …: terms of trade, world interest rate, and import-price inflation. We show econometrically that these shocks explain at a … of key macroeconomic indicators such as output, consumption, inflation, and the real exchange rate. The welfare …