Economic Theory, Vol. 21, No. 2/3, Symposium in Honor of Mordecai Kurz (Mar., 2003), pp. 347-397 (51 pages) We build a one-period general equilibrium model with money. Equilibrium exists, and fiat ...

From our perspective, "neutral" Fed policy going forward is a Funds Rate that hovers around 2% (perhaps in a range of 1.5% to 2.5%) alongside healthy liquidity provisioning. It's fair to ask, if 1.5% ...

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those ...

Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, ...

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those ...

This week on the podcast, I had a great time talking about the monetary disequilibrium view of business cycles with Steve Horwitz. This perspective sees the deviation between desired and actual money ...

Although it is generally recognized that the equilibrium real interest rate (ERR) varies over time, most recent work on policy analysis has been carried out under the assumption that this rate is ...

Over the past several years, the Federal Open Market Committee’s longer-run forecasts of the short-term interest rate and unemployment rate have steadily declined. These forecasts reflect the ...

THE international gold standard worked reasonably well before the World War -- so well, indeed, that with hardly a dissenting voice it was reëstablished at the earliest possible moment after peace had ...