We calibrate a standard New Keynesian model with three alternative representations of monetary policy - an optimal timeless rule, a Taylor rule and another with interest rate smoothing - with the aim of testing which if any can match the data according to the method of indirect inference. We...

This paper explores the implications of time varying volatility for optimal monetary policy and the measurement of welfare costs. We show how macroeconomic models with linear and quadratic state dependence in their variance structure can be used for the analysis of optimal policy within the...

Using indirect inference based on a VAR we confront US data from 1972 to 2007 with a standard New Keynesian model in which an optimal timeless policy is substituted for a Taylor rule. We find the model explains the data both for the Great Acceleration and the Great Moderation. The implication is...

Primitive and Non-metallic Money -- Monetary System of Ancient Asia: China -- Monetary System of the Ancient Regime -- Medieval Debasement and Seigniorage -- Gresham's Law -- Flows of Precious Metals and Prices in Europe -- Rise and Decline of the Global Silver Standard -- Money, Trade, and...

This handbook provides a comprehensive overview of the state-of-art research in the field of monetary history. The authors comprise a collection of leading academics from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical...