Showing papers in "Carnegie-Rochester Conference Series on Public Policy in 1980"

TL;DR: In this paper, the authors show that monetary shocks cause workers to make inappropriate intertemporal shifts in labor supply, because they lack complete information about the source of aggregate shocks and are forced to respond in the same way to real and nominal disturbances.

TL;DR: The Carnegie-Rochester Conference as mentioned in this paper considered the role of new and long-standing institutional arrangements in the policy process and suggested that, in the short run, institutional arrangements and established practices and procedures drive a large wedge between actual and optimal policy.