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Journal Article
Reducing working hours
Journal Article
Where has all the income gone?
Middle American incomes rise substantially even while inequality increases
Report
Banking in computable general equilibrium economies: technical appendices I and II
Following are the technical appendixes for ?Banking in Computable Equilibrium Economies? by Javier Daz-Gimnez, Edward C. Prescott, Terry Fitzgerald, and Fernando Alvarez, in Journal of Economic Dynamics and Control 16 (1992), 533?59. Technical Appendix I, by Fernando Alvarez, describes the procedures used to construct the balance sheets reported in Tables 1 and 2 in page 536 and 537 of the paper. Technical Appendix II, by Terry Fitzgerald, describes the computational procedures used in this paper.
Journal Article
Is noninflationary growth an oxymoron?
A review of the theoretical and empirical case for disinflationary economic growth, showing that, contrary to popular wisdom, it is quite possible to have a booming economy without an acceleration in the price level.
Journal Article
Price stability: is a tough central bank enough?
What is the best way to achieve price stability? Conventional wisdom says that a tough, independent central bank is all that is necessary. However, a new view?the fiscal theory of the price level?argues that an appropriate fiscal policy is also required, no matter how tough the central bank may be. The choice of the fiscal theory versus the conventional view has significant implications for the way central banks do business.
Journal Article
Money growth and inflation: how long is the long run?
In their efforts to maintain low inflation, policymakers pay little attention to the growth rate of the money supply. Yet many studies have found that money growth and inflation a closely related, at least in the long run. But how long must money growth remain strong before it begins to concern policymakers? That is, what is the shortest period over which money growth seems to be reliably associated with inflation?
Working Paper
Work schedules, wages, and employment in a general equilibrium model with team production
An analysis of working hours, wages, and employment when production requires coordinating the work schedules of heterogeneous workers. The author shows that this coordination aspect of production can have important policy implications.
Journal Article
The Wal-Mart effect: Poison or antidote for local communities?
The debate over Wal-Mart is a heated one. How can you tell whether the world?s largest retailer is good or bad for your community?
Journal Article
What happened to the inventory overhang?
The large inventory buildup in the first half of 1997 led to media warnings of a substantially weaker economy by year's end. The authors examine the rationale for these warnings, and argue that inventory accumulation is an unreliable predictor of future economic strength.
Journal Article
Has Middle America stagnated?
A closer look at hourly wages.