Will the Fed ever learn?
Optimal learning by a Central Bank that is doubtful about the natural rate of unemployment and the Phillips Curve slope is analyzed. To stabilize output and inflation, the Central Bank must balance the short-term gains of behaving optimally or initiating actions that are presently sub-optimal but which provide new information that improve future performance. Based on findings on dynamic programming from previous research however, the analysis has demonstrated that when a Central Bank must balance optimization and learning, there is no guarantee that it will find out the true nature of the data-generating processes of the economy.
Publication Name: Journal of Macroeconomics
The British presidency of 1998
United Kingdom's entry to the European Monetary Union remains ambivalent as legislators and high-ranking government officials express contradicting views on the matter. Despite Premier Tony Blair's efforts to promote the causes of EMU, some members of the Congress have maintained their stand against the policy. The issue has become a controversial media topic and may eventually alter the political landscape of the country.
Publication Name: Journal of Common Market Studies
The Structure of the Banking and Monetary System
Theoretical and practical solutions to Russia's banking and monetary problems are examined. Issues concerning currency-boards, loan financing, and continuing use of a central bank are discussed.
Publication Name: Problems of Economic Transition
- Abstracts: Where Have All the Soldiers Gone? The Buck Stops Where? Profits Are Up, But Not Yet Where They Belong
- Abstracts: Is the Chemistry Coming Right? The Opposition's Opposition
- Abstracts: On the convergence of genetic learning in a double auction market. Learning about variable demand in the long run
- Abstracts: Rationality and the LeChatelier principle. The spirit of capitalism and savings behavior
- Abstracts: Real business cycle: a critical review. India's economic policy reforms: a review. Moving average detrending and the analysis of business cycles