Journal Article
Has Middle America stagnated?
Fitzgerald, Terry J. (2007-09)
A closer look at hourly wages.
The Region , Volume 21 , Issue Sep , Pages 14-17, 56-59

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
The Wal-Mart effect: Poison or antidote for local communities?
Fitzgerald, Terry J.; Wirtz, Ronald A. (2008-01)
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?
Fedgazette , Volume 20 , Issue Jan , Pages 1-5

Journal Article
A simple way to estimate current-quarter GNP
Miller, Preston J.; Fitzgerald, Terry J. (1989-10)
This paper describes a method developed to predict the advance (first) estimate of inflation-adjusted gross national product (real GNP) using hours-worked data. Besides generating fairly accurate forecasts of advance GNP, the method has two implications. First, the Commerce Department seems to weigh the hours-worked data most heavily in its early estimates of real GNP but less and less so in its revised estimates. Second, analysts attempting to predict current-quarter outcomes in real time need to consider the availability and reliability of data at the time the forecasts are made.
Quarterly Review , Volume 13 , Issue Fall , Pages 27-31

Discussion Paper
The magnitude of the speculative motive for holding inventories in a real business cycle model
Fitzgerald, Terry J.; Christiano, Lawrence J. (1989)
The motive to hold inventories purely in the hope of profiting from a price increase is called the speculative motive. This motive has received considerable attention in the literature. However, existing studies do not have a clear implication for how large it is quantitatively. This paper incorporates the speculative motive for holding inventories into an otherwise standard real business cycle model and finds that empirically plausible parameterizations of the model result in an average inventory stock to output ratio that is virtually zero. For this reason, we conclude that the quantitative ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 10

Journal Article
Understanding the fiscal theory of the price level
Fitzgerald, Terry J.; Christiano, Lawrence J. (2000-04)
Price stability is an important goal of public policy. To reach this goal, two key questions must be addressed: How can price stability be achieved? And, how much price stability is desirable? The authors review the fiscal theory of the price level, with special emphasis on its implications for the feasibility and desirability of price stability.
Economic Review , Issue Q II , Pages 2-38

Journal Article
From market failure to market-based solution: policy lessons from clean air legislation
Fitzgerald, Terry J.; Pelz, Eduard A. (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
County employment: shocks and rebounds
Ball, Elizabeth; Holland, Mark; Fitzgerald, Terry J. (2005-11)
Lots of counties experience major job loss, but why they do and how well they recover is more of a mystery
Fedgazette , Volume 17 , Issue Nov , Pages 2, 4-5

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

Report
Banking in computable general equilibrium economies
Prescott, Edward C.; Fitzgerald, Terry J.; Alvarez, Fernando; Diaz-Gimenez, Javier (1992)
In this paper we develop a computable general equilibrium economy that models the banking sector explicitly. Banks intermediate between households and between the household sector and the government sector. Households borrow from banks to finance their purchases of houses and they lend to banks to save for retirement. Banks pool households? savings and they purchase interest-bearing government debt and non-interest bearing reserves. We use this structure to answer two sets of questions: one normative in nature that evaluates the welfare costs of alternative monetary and tax policies, and one ...
Staff Report , Paper 153