Journal Article
Okun's law revisited: should we worry about low unemployment?
Fitzgerald, Terry J.; Altig, David E.; Rupert, Peter (1997-05)
A review of the connection between labor resource utilization and the growth/unemployment correlation summarized by Okun's law, showing that the instability of that relationship, particularly over short time horizons, has important implications for monetary policy.
Economic Commentary , Issue May

Journal Article
From market failure to market-based solution: policy lessons from clean air legislation
Pelz, Eduard A.; Fitzgerald, Terry J. (2001-08)
How can the United States balance its need for increased energy production with national and global environmental concerns? This Commentary argues that competitive markets can be used in unique and surprising ways to address environmental needs without placing an excessive burden on citizens.
Economic Commentary , Issue Aug

Journal Article
Reducing working hours: American workers' salvation?
Fitzgerald, Terry J. (1996-09)
An examination of the basic rationale behind policies intended to reduce the standard workweek, and an explanation of why these policies are likely to be less effective at boosting employment than proponents claim.
Economic Commentary , Issue Sep

Journal Article
What happened to the inventory overhang?
Ransom, Jennifer K.; Fitzgerald, Terry J. (1998-03)
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.
Economic Commentary , Issue Mar

Journal Article
Money growth and inflation: how long is the long run?
Fitzgerald, Terry J. (1999-08)
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?
Economic Commentary , Issue Aug

Journal Article
Price stability: is a tough central bank enough?
Fitzgerald, Terry J.; Christiano, Lawrence J. (2000-08)
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.
Economic Commentary , Issue Aug

Journal Article
Is noninflationary growth an oxymoron?
Fitzgerald, Terry J.; Altig, David E.; Rupert, Peter (1997-05)
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.
Economic Commentary , Issue May

Journal Article
Reducing working hours
Fitzgerald, Terry J. (1996-10)
Economic Review , Issue Q IV , Pages 13-22

Journal Article
Inventories and the business cycle: an overview
Fitzgerald, Terry J. (1997-07)
A review of research on the relationship between inventory investment and business cycle fluctuations, focusing on the developments of the last 15 years. A central issue in the literature, the relative importance of demand and supply shocks as sources of fluctuations, continues to be debated.
Economic Review , Issue Q III , Pages 11-22

Journal Article
An introduction to the search theory of unemployment
Fitzgerald, Terry J. (1998-07)
The author presents a model of job search that focuses on an unemployed person's decision to accept an offered job or to continue looking for a new one.
Economic Review , Volume 34 , Issue Q III , Pages 2-15