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NOTE : In the case of publications that are not open-access, downloading, copying or printing for, or on behalf of, any for-profit commercial firm or other commercial purpose should not be done without the explicit permission of the corresponding publisher., vol. 91 (2), 2001, 248-252 European Inflation Dynamics(with M. Monetary Policy Rules in Practice: Some International Evidence (with R. Gertler) European Economic Review, 42, 1998, 1033-1067 Unemployment in Dynamic General Equilibrium Economies European Economic Review, vol.

1 (1), 2009, 26-57 Optimal Monetary and Fiscal Policy in a Currency Union (with T. 40, 1996, 839-845 Multiple Equilibria in a Growth Model with Monopolistic Competition, Economic Theory, vol.

Urge and urge and urge, Always the procreant urge of the world.

Out of the dimness opposite equals advance, always substance and increase, always sex, Always a knit of identity, always distinction, always a breed of life.

1 I celebrate myself, and sing myself, And what I assume you shall assume, For every atom belonging to me as good belongs to you.

I loafe and invite my soul, I lean and loafe at my ease observing a spear of summer grass.

My tongue, every atom of my blood, form'd from this soil, this air, Born here of parents born here from parents the same, and their parents the same, I, now thirty-seven years old in perfect health begin, Hoping to cease not till death.

The novel feature of our model is to identify liquidity risk directly from individual TIPS prices by accounting for the tendency that TIPS, like most fixed-income securities, go into buy-and-hold investors’ portfolios as time passes.5 (1), 2007, 227-270 Real Wage Rigidities and the New Keynesian Model (with O. 4 (2-3), 2006, 562-574 Fluctuating Macro Policies and the Fiscal Theory of the Price Level: Comment, by Davig and Leeper, NBER Macroeconomics Annual 2006, MIT Press, Cambridge MA, 299-305 Modern Perspectives on Fiscal Stabilization Policies, CESifo Economic Studies, Vol. 36 (1), 1995, 39-64 On growth and Indeterminacy: some Theory and Evidence (with Jess Benhabib) Carnegie-Rochester Conference Series on Public Policy, 43, 1995, 163-211 Expectations-Driven Spatial Fluctuations, Regional Science and Urban Economics, vol.Blanchard) Journal of Money, Credit, and Banking, supplement to vol. López-Salido), Review of Economics and Statistics, February, vol. 51, 4/2005, 587-599 Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve,with Mark Gertler and J. 49 (5), 2002, 879-904 The Conduct of Monetary Policy in the Face of Technological Change: Theory and Postwar U. 25, 1995, 1-19 Endogenous Growth and Poverty Traps in a Cournotian Model, (with F.Governments and central banks responded with fiscal and monetary policies to stimulate national economies and reduce financial system risks. During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence.The recession has renewed interest in Keynesian economic ideas on how to combat recessionary conditions. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system.This paper estimates the time-varying responses of stock and house prices to changes in monetary policy in the United States.

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