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Journal Article
Alternative monetary constitutions and the quest for price stability
Wynne, Mark A.; Kydland, Finn E. (2002)
This article reviews the various means through which governments and central banks have sought to guarantee long-run price stability. Finn Kydland and Mark Wynne argue that monetary regimes or standards can all be viewed as more or less successful attempts to overcome the well-known time-consistency problem in monetary policy. The classical gold standard, which prevailed in the late nineteenth and early twentieth centuries, can be interpreted as a monetary policy rule that delivered long-run price stability. The fiat monetary standard adopted by countries following the abandonment of gold ...
Economic and Financial Policy Review , Volume 1 , Issue 1

Working Paper
The relative price effects of monetary shocks
Wynne, Mark A.; Balke, Nathan S. (2003)
We document the response of the individual components of the Producer Price Index (PPI) to commonly used measures of monetary shocks, and show that these responses are at variance with many widely-used ?macro? models of monetary non-neutrality. Monetary shocks are shown to have large relative price effects, resulting in an increase in the dispersion of the cross-section distribution of prices. Furthermore, in response to a contractionary (expansionary) monetary shock, a substantial number of prices tend to rise (fall). Most of the existing models of monetary nonneutrality are not capable of ...
Working Papers , Paper 0306

Will AI replace your job? Perhaps not in the next decade
Wynne, Mark A.; Derr, Lillian (2025-06-03)
Recent rapid improvements in the capabilities of artificial intelligence have raised concerns about these technologies' impact on employment. The ultimate effects of AI on the workforce will depend on the extent to which AI augments (or complements) rather than automates (or substitutes for) workers' tasks. Will this new technology aid workers or replace them?
Dallas Fed Economics

Working Paper
An estimate of the measurement bias in the HICP
Wynne, Mark A. (2005)
This paper provides an estimate of the measurement bias in the Harmonised Index of Consumer Prices (HICP) that the European Central Bank uses to define price stability in the euro area. The estimate is based on a comparison of the rate of increase in consumer prices as measured by the HICP and the responses to a question about recent changes in the cost of living on the European Commission?s monthly Harmonised Consumer Survey (HCS). I find that the HICP may overstate the true rate of inflation by about 1.0 to 1.5 percentage points a year.
Working Papers , Paper 0509

Global Perspectives: Claudia Aguirre on Community Development, High School Dropouts and Immigration
Wynne, Mark A. (2021-05-25)
Aguirre and Dallas Fed President Rob Kaplan discussed the origins of BakerRipley, its mission, the problem of high school dropouts and the contributions of immigrants.
Dallas Fed Economics

Working Paper
The output effects of government consumption: a note
Wynne, Mark A. (1993)
Working Papers , Paper 9320

Discussion Paper
The global slack hypothesis
Wynne, Mark A.; Martinez-Garcia, Enrique (2010-09)
We illustrate the analytical content of the global slack hypothesis in the context of a variant of the widely used New Open-Economy Macro model of Clarida, Gal, and Gertler (2002) under the assumptions of both producer currency pricing and local currency pricing. The model predicts that the Phillips curve for domestic CPI inflation will be flatter under most plausible parameterizations, the more important international trade is to the domestic economy. The model also predicts that foreign output gaps will matter for inflation dynamics, along with the domestic output gap. We also show that the ...
Staff Papers , Issue Sep

Journal Article
The world's newest currency
Wynne, Mark A. (1999-09)
Southwest Economy , Issue Sep , Pages 10

Global Perspectives: Donald Kohn on Greenspan and Bernanke, the Global Financial Crisis and the COVID-19 Challenge
Wynne, Mark A. (2020-06-02)
Kohn and Dallas Fed President Rob Kaplan discussed Kohn’s career at the Fed, his experience during the Global Financial Crisis and his thoughts on the Fed’s reaction to the current crisis.
Dallas Fed Economics

As population trends shift, where will future workers come from?
Wynne, Mark A.; Derr, Lillian (2025-01-07)
Population is a fundamental determinant of a country’s productive capacity. More specifically, labor, along with capital and the efficiency with which the two can be combined (total factor productivity) determine how much a country can produce at any point in time.
Dallas Fed Economics

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