Uncertainty plays a key role in the economics of climate change, and research on this topic has led to a substantial body of literature. However, the discussion on the policy implications of uncertainty is still far from being settled, partly because...

We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard and Gali (2010) New-Keynesian model of inflation and unemployment, where labor market frictions due to costs of hiring workers play...

Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New...

The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under alternative monetary policy rules. Under zero trend inflation we show the economic structure is isomorphic to that of Bullard and Mitra...

The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under alternative monetary policy rules. It shows that under a policy rule that responds to current period inflation and the output gap a...

We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard and Galí (2006, 2008) New-Keynesian model of inflation and unemployment, where labor market frictions due to costs of hiring...

The paper analyzes the contemporary organizational restructuring of production and work within firms. We emphasize the shift from a Tayloristic organization of work (characterized by significant specialization by tasks) to a holistic organization...

In this paper we analyze disinflation policy when a central bank has imperfect information about private sector inflation expectations but learns about them from economic outcomes, which are in part the result of the disinflation policy itself. The...

In this paper we incorporate the term structure of interest rates in a standard inflation forecast targeting framework. We find that under flexible inflation targeting and uncertainty in the degree of persistence in the economy, allowing for active...

Gains from productivity and knowledge transmission arising from the presence of foreign firms has received a good deal of empirical attention, but micro-foundations for this mechanism are weak . Here we focus on production by foreign experts who may...