ABSTRACT. Bar-Ilan and Seidmann analyze the co-determination of monetary policy and the labor contracts chosen by members of the public, who can either fix or index their nominal wages. Mateut et al. investigate the role of trade credit in the transmission of monetary policy: most models of the transmission mechanism allow firms to access only financial markets or bank lending according to some net worth criterion. Gerlach-Kristen shows that it is preferable for monetary policy to be conducted by a committee instead of a single policy maker if there is uncertainty about potential output.



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