Price Puzzle

Modeling Inflation Expectations in Forward-Looking Interest Rate and Money Growth Rules
In the vast majority of specifications of the foreward-looking policy feedback rule, money growth is a better policy indicator than a short-term interest rate.
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Monetary Transmission in Money Markets: The Not-So-Elusive Missing Piece of the Puzzle
Adding variables to a VAR model may not solve the price puzzle but changing the policy indicator does.
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