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Journal Article
An intersectoral analysis of the secular productivity slowdown
Journal Article
Bank stock performance since the 1970s
Journal Article
A perspective on liability management and bank risk
Journal Article
Accounting for financial futures
Journal Article
A net export-led downturn?
Journal Article
Float
Journal Article
The output-inflation trade-off in the United States: has it changed since the late 1970s?
In recent years, the Federal Reserve has become more explicit in stating a goal of gradually reducing inflation to near zero rtes. An important consideration in seeking lower inflation is the transition cost (lost output and employment) incurred in the process. In this paper we ask whether the output-inflation trade-off in the U.S. is any more favorable now than it was in the high-inflation environment of the late 1970s and early 1980s. Our empirical estimates suggest that this trade-off is about the same as it was in the earlier period. In light of these results, we consider ways in ...
Journal Article
The effect of Proposition 13 on California municipal debt
Journal Article
Will the funds be there?