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Rational Ambiguity and Monitoring the Central Bank
(Vanderbilt University. Dept. of Economics, 2004-02)
In this paper we examine the consequences of having a Central Bank whose preferences are state contingent. This has variously been identified in the literature as a Central Bank that is "rationally inattentive", "risk ...
Quantifying Inflation Pressure and Monetary Policy Response in the United States
(Vanderbilt University, 2004)
We propose a methodology for constructing operational indices of inflation pressure, the monetary authority's effort to reduce this pressure, and the degree to which inflation pressure is alleviated. We begin with model ...