DoCBInstitutionsMatter.pdf, section 8.5 of Monetary Theory and Policy, 2 ed., MIT Press, 2003.This material was eliminated from the third edition of Monetary Theory and Policy. See References2e.pdf for the bibliographic information on the literature cited in this document. Both the academic literature on discretionary policy and the policy discussions surrounding the design of new policy-making...

Employment creation has dropped off the direct agenda of most central banks. Th e so-called “global best practice” approach to central banking has not focused on economic growth or employment generation but rather on keeping infl ation in the low single digits. However, the policy record shows that employment generation and economic growth are often not by-products of infl ation focused central...

To appear in Theoretical Computer Science The Regular Viewpoint on PA-Pro esses D. Lugiez Lab. d'Informatique de Marseille, Univ. Aix-Marseille & CNRS URA 1787, 39, r. Joliot-Curie, 13453 Marseille Cedex 13, FRANCE and Ph. S hnoebelen Lab. Spe i ation and Veri ation, ENS de Ca han & CNRS UMR 8643, 61 av. Pdt Wilson, 94235 Ca han Cedex, FRANCE Abstra t PA is the pro ess algebra allowing non-dete...

This paper presents a political economy model of in‡ation as a result of social con‡ict. Agents are heterogeneous in terms of income. Agents’income levels determine their ability to hedge against the e¤ects of in‡ation. The interaction of heterogeneous cash holdings and preferences over …scal policy leads to con‡ict over how to …nance government expenditure. The model makes a number of predicti...

There have been large changes in the velocity of money which could be a potential source of in‡ation variability. This paper extends a Calvo style sticky price model to examine the role of the velocity of money in in‡ation dynamics from both a theoretical and empirical perspective. When money is introduced via transactions cost, the resultant Phillips curve becomes a function of velocity as wel...

We document that "persistent and lagged" in‡ation (with respect to output) is a worldwide phenomenon in that these short-run in‡ation dynamics are highly synchronized across countries. In particular, the average cross-country correlation of in‡ation is signi…cantly and systematically stronger than that of output, while the cross-country correlation of money growth is essentially zero. We invest...

Selective C-formyl-ation of 8,9,10,11-tetra-hydro-pyrido[2',3':4,5]pyrimido[1,2-a]-azepin-5(7H)-one has been studied for the first time. It was revealed that formyl-ation proceeds by the formation of an inter-mediate salt, which due to the re-amination process on treatment with aqueous ammonia transformed into the corresponding (E)-11-(amino-methyl-ene)-8,9,10,11-tetra-hydro-pyrido[2',3':4,5]-p...