Stabilization Policy and Private Economic Behavior

Optimal Economic Stabilization Policy: An Extended Framework

Economic Insecurity, Individual Behavior and Social Policy

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Michael Bruno on Heterodox Policy and Economic Stabilization

Output Persistence, Economic Structure, and the Choice of Stabilization Policy

A STRIKING change in empirical macroeconomics in the 1980s has been the development of an alternative way to think about aggregate trends and cycles. Traditionally, aggregate series such as gross national product have been modeled as stationary processes about a deterministic trend. All aggregate fluctuations were thus short-run phenomena with no bearing on the long-run behavior of the economy....

Monetary Policy and Real Stabilization

During the past two decades, maintenance of low inflation, “price stability,” has become the principal focus of central banks around the world. At the same time, the view has emerged that monetary policy is better suited than fiscal policy for short-run stabilization purposes. This paper examines to what extent monetary policy can be directed at both “monetary stabilization,” stabilizing inflat...