Rogoff, K. (2014), “Costs and benefits to phasing out paper currency”, NBER Macroeconomics Annual 2014 (29). Schmidt, S. (2011), “The cost channel, indeterminacy, and price‐level versus inflation stabilization”, The B.E. Journal of Macroeconomics, 11(1). Schmitt‐Grohé, S. and M. Uribe (2014), “Liquidity Traps: An Interest‐Rate‐Based Exit Strategy”, The Manchester School, 82, S1, 1‐14.
The framework for assessing and communicating the risks to price stability Another important aspect related to the recent transformation in monetary policy concerns the ability of the central bank to present and explain to the public at large the analytical framework used by policymakers to continuously assess the flow of data, reach policy decisions and communicate them to the public.