The purpose of the paper is to survey and discuss in‡ation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of in‡ation targeting, compares in‡ation targeting to other monetary policy rules, and draws some conclusions for the monetary policy of the European System of ...

The biological functions of poly(ADP-ribosyl)ation of heterogeneous nuclear ribonucleoproteins (hnRNPs) are not well understood. However, it is known that hnRNPs are involved in the regulation of alternative splicing for many genes, including the Ddc gene in Drosophila. Therefore, we first confirmed that poly(ADP-ribose) (pADPr) interacts with two Drosophila hnRNPs, Squid/hrp40 and Hrb98DE/hrp3...

Using a micro-founded model and a likelihood based inference method, we address three questions in this paper. First, what monetary and scal policy regimes characterized post-war U.S. data? Second, was equilibrium indeterminacy a feature of the economy before Paul Volcker's chairmanship at the Federal Reserve? Third, what were the effects of shifts in monetary and scal policy on the aggregate e...

Forecasting in ation is fundamental to UK monetary policy, both for policy-makers and private agents. However, forecast failure is prevalent with naive devices often outperforming the dominant congruent in-sample model in forecasting competitions. This paper assesses evidence for UK annual and quarterly in ation using the theoretical framework developed by Clements and Hendry (1998, 1999) to ex...

This paper proposes theory and evidence on the relationship between in°ation and the bank's portfolio allocation. The proposed idea rationalized what Rodriguez (1992) pointed out with respect to the Central Bank of Argentina, behaving as a "borrower of ̄rst resort", where banks reallocated their investment from the private sector to government bonds. A main component of in°ation costs is the mi...

Poly(ADP-ribosyl)ation is a post-translational modification of proteins. During this process, molecules of ADP-ribose are added successively on to acceptor proteins to form branched polymers. This modification is transient but very extensive in vivo, as polymer chains can reach more than 200 units on protein acceptors. The existence of the poly(ADP-ribose) polymer was first reported nearly 40 y...

We study interactions between monetary policy, which sets nominal interest rates, and …scal policy, which levies distortionary income taxes to …nance public goods, in a standard, stickyprice economy with monopolistic competition. Policymakers’inability to commit in advance to future policies gives rise to excessive in‡ation and excessive public spending, resulting in welfare losses equivalent t...