Monetary Policy in a World of Uncertain Productivity Growth

– March 25, 2010

“This paper considers inflation forecasts for 2001 under two different assumptions about productivity growth. One assumption, the optimistic one, is that productivity growth has risen above its long-run historical average and that 2001 will see near pr …


“Something Besides Money Growth Causes Inflation?”

– March 17, 2010

“Some economic phenomena can result from a variety of causes. A temporary increase in unemployment, for example, might be caused by a sudden, disruptive change in production technology, or in trade patterns, or in labor or tax laws; or it could be caus …