supported by the research fellowships of the Japan Society for the Promotion of. Science for young scientists. ... Kyoto University, Japan, Email: [email protected] 1 .... examples of two different banking systems, those of the United States.
Jul 5, 2003 - increases in food and energy prices, similar impulses from import prices, ... might be said to "work," in the sense that it can always rationalize the facts. .... (My alternative model allows a fairly wide range of neutral rates.
An alternative strategy could therefore be for monetary policy to target a .... measure of core inflation which excludes food and energy from the CPI is ...... Reserve Bank of New Zealand (1999), 'Minor Technical Change to Inflation Target', News.
Annual Meeting of the International Banking and Finance Association. The information and ... rate implied by the Taylor rule is well above the actual federal funds rate, starting from ..... taking into account the elasticity of demand for their varie