This talk emphasizes the connection between inflation targeting and monetary policy rules.
Inflation targeting is not enough. You need to have a policy procedure–a policy rule–to …

Even though macroeconomic theories developed since the late 1980s have de-emphasized
the role of monetary aggregates in the transmission of monetary policy, considerable …

This paper assesses the links between money, credit, house prices, and economic activity in
industrialized countries over the last three decades. The analysis is based on a fixed-effects …

We argue that in order to achieve price stability in a sustainable way, central banks should
consider paying greater attention to credit in their monetary policy strategies than is …

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 …

Over the last two centuries, the coherence between either narrow or broad money growth
and inflation at zero has exhibited little variation-being, most of the time, close to one-in the …

Das erfolgreiche Lehrbuch, das sich auch als Nachschlagewerk für die Praxis bewährt hat,
liegt nun in 5. Auflage vor. Es wurde ua durch eine Diskussion der institutionellen …

This paper provides evidence on monetary policy transmission for five key emerging market
economies: Brazil, Russia, India, China, and South Africa. Monetary policy (interest rate) …

This paper contributes to the analysis on the properties of money and credit indicators for
detecting asset price misalignments. After a literature review, the paper discusses several …

This paper examines the role of the natural rate of interest in the conduct of monetary policy.
The natural rate figures prominently in many theories of the business cycle and of inflation …