An argument that what is essential in any arbitrary measure--including measures of value--is that they can be counted on to convey accurate and consistent information. When a central bank tolerates inflation, it reduces an economy's ability to make decisions based on value.
Report of the Fourth District Economists' Roundtable
A summary of the 1994 forecasts for real output and inflation presented by 15 members of the Fourth District Economists' Roundtable at their January 1994 meeting, highlighting the measurement of service sector prices and the role of small businesses in creating jobs.
On a small group of islands in the South Pacific, the people use a money so astonishing it often gets mentioned in classroom discussions on the subject. This Commentary takes a closer look at the stone money of Yap and asks what such an odd form of money can teach us about our own.
Anatomy of a price-fix
An analysis of a price-fixing scheme among retail food chains in the Cleveland, Ohio area that resulted in criminal charges and a $4.2 million fine against the perpetrators, plus a discussion of consumer damages involved in the case.
The outlook for inflation
A look at whether we can have an economic recovery without reaccelerating inflation. The authors consider past behavior of prices, wages, capacity utilization, and productivity growth in their analysis.
Midyear report of the Fourth District Economists' Roundtable
A summation of the May 20, 1994 meeting of the Fourth District Economists' Roundtable, at which participants offered their views on the current and prospective state of the economy and discussed the limitations of describing the U.S. business cycle.
Testing near-rationality using detailed survey data
This paper considers the evidence of ?near-rationality,? as described by Akerlof, Dickens, and Perry (2000). Using detailed surveys of household inflation expectations for the United States and Sweden, we find that the data are generally unsupportive of the near-rationality hypothesis. However, we document that household inflation expectations tend to settle around discrete and largely fixed ?focal points,? suggesting that both U.S. and Swedish households gauge inflation prospects in rather broad, qualitative terms. Moreover, the combination of a low-inflation environment and an inflation ...
Views from the Ohio manufacturing index
An introduction to the experimental Ohio Manufacturing Index and a brief examination of the recent patterns of manufacturing growth occurring in the state.
Who is that guy on the $10 bill?
Alexander Hamilton is the least known and most misunderstood of our nation's founders. His contributions include creating a monetary standard, establishing our banking system, and ensuring the young nation's creditworthiness. This Economic Commentary explains how much of our financial strength we owe to Hamilton.
The costs of a protectionist cure
A discussion of the price and quantity effects on the U.S. consumer of the Japanese auto industry's voluntary export restraint program.