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Recently there has been a signi"cant decline in the degree to which "rms &pass through' changes in costs to prices, a decline that is frequently characterized as a reduction in the &pricing power' o...
This paper by David Reifschneider and John Williams is a useful and innovative analysis of monetary policy problems caused by the lower bound of zero on the nominal interest rate. The authors provid...
The effects of three different inflationary environments—high inflation, low inflation, and negative inflationon real output stability are examined by looking at the experiences of Japan and the U...
In theory, monetary policies that target the price level, as opposed to the inflation rate, should be highly effective at stabilizing the economy and avoiding deflation in the presence of the zero low...

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