Vol. 82, No. 2
Second Quarter 1997
History and Theory of the NAIRU: A Critical Review
Marco A. Espinosa-Vega and Steven Russell
This article attempts to provide some basic information about the NAIRU theory of the causes of inflation and the role of monetary policy.
Identifying Monetary Policy: A Primer
Tao Zha
This article argues that to assess the actual effect of monetary policy requires understanding the interaction among all players in the economy—the central bank, financial market participants, producers, and consumers.
International Settlements: A New Source of Systematic Risk?
Robert A. Eisenbeis
The author of this article observes that one of the more interesting developments in this evolution has been the push, for several reasons, toward real-time gross settlement systems with collateralization.