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ABSTRACT. According to Bordo, many monetary economists have come to regard the monetary aggregates as obsolete measures of the monetary policy stance. Orphanides examines the performance and robustness of monetary policy rules when the central bank and the public have imperfect knowledge of the economy and continuously update their estimates of model parameters. Gaspar et al. show that, when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks. Leith and Wren-Lewis show that fiscal shocks have limited impact on output and inflation provided the fiscal authorities meet the (weak) requirements of fiscal solvency.

 

DORIN DOBRISAN
 
 
 

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