We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and...

We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and...

This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips)...

This is the tenth chapter of a forthcoming monograph entitled, ""On Implementing Full- Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" It describes the experiences of a number of countries with the introduction and implementation of inflation targeting regimes....

This is the tenth chapter of a forthcoming monograph entitled, ""On Implementing Full- Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" It describes the experiences of a number of countries with the introduction and implementation of inflation targeting regimes....