monetary policy in a world with a dollar standard, defined here as a environment in which all traded goods prices are set in US … particular, the US is essentially indifferent to exchange rate volatility in setting monetary policy, while the rest of the world … the US and the rest of the world, the preferences of the US dominate. That is, the equilibrium is identical to one where …

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank …

This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central … banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is … also suggests that a purely passive “cleaning up the mess” stance toward the buildup of bubbles is, in many cases, costly …

, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of …). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to …

pronounced increase of aggregate US producer price inflation. …

stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …

corrects the average debt bias, inflation, which is attuned to the Union-average debt level, is more stable. …

We use evidence from the term structure of inflation expectations implicit in the nominal yields and survey forecasts … of inflation to address the question of whether or not monetary policy is effective. We construct a model that …-neutral, subjective, and objective probability measures. We extract private sector expectations of inflation from this model and establish …