Search Results
Working Paper
The algebra of I (1)
Working Paper
Cointegration and transformed series
An explanation of how to use nonparametric techniques to search for and test possible cointegrating transformations of time series.
Journal Article
Has the long-run velocity of M2 shifted? Evidence from the P* model
An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.
Discussion Paper
M2 per unit of potential GNP as an anchor for the price level
Journal Article
Commodity prices and P-star
An illustration of how the P-star indicator of future inflation can be modified to include information about the recent behavior of commodity prices. This approach yields more accurate short-run inflation forecasts while still retaining the property that, over the long run, only money matters.
Journal Article
Uncertain inflation and price-level rules
An analysis of the sources and costs of unpredictable inflation, finding that the uncertainty stems from a lack of appropriate constraints on the monetary policy process, and that the costs could be sharply reduced by adopting a policy that targets a long-run path for the price level.
Journal Article
Integrating business and personal income taxes
An examination of the problems surrounding the current corporate tax system, including a detailed look at several reform proposals from the Treasury Department.