In the vast majority of specifications of the policy feedback rule, money growth is a better policy indicator than a short-term …

To properly aggregate the quantity of safe assets given the imperfect substitution among safe assets in different durations.

Adding variables to a VAR model may not solve the price puzzle but changing the policy indicator does.

The federal reserve claims independence from political influence. The Fed’s economic forecast errors tell a different story.

The unstable money demand function can be a result of erroneous measure of money.

The risk-taking channel of monetary transmission is a matter of the uncertainty of long-term interest rate and the term premium.