Studying the level of economic growth remains a topic of discussion among economists and
policymakers. As economic growth further impacts the socioeconomic development of the …

I consider some of the leading arguments for assigning an important role to tracking the
growth of monetary aggregates when making decisions about monetary policy. First, I …

This paper considers the role of monetary aggregates in modern macroeconomic models of
the New Keynesian type. The focus is on future model developments that are suggested by …

This paper provides a summary of current knowledge on inflation persistence and price
stickiness in the euro area, based on research findings that have been produced in the …

The transmission of monetary policy to the economy is generally thought to have long and
variable lags. In this paper we quantitatively review the modern literature on monetary …

Abstract DOES IT CHANGE? Inflation has been low in many countries for at least a decade.
But have inflation processes changed in ways that would help make low inflation …

This paper revisits the issue of what factors produced the macroeconomic policies that led to
the Great Inflation of the 1970s. I emphasize that a satisfactory explanation should satisfy …

This paper presents evidence on the lag between monetary policy actions and the response
of inflation in the euro area as a whole as well as in some of its core countries, notably …

Recent sociological work shows that pro-market neoliberal policies across advanced
capitalist countries are due to distributional struggle between classes in the 1970s and …

More than 50 years ago, Friedman and Schwartz examined historical data for the United
States and found evidence of procyclical movements in the money stock, which led …