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A neutral federal funds rate?
Revisions to user costs for the Federal Reserve Bank of St. Louis monetary services indices
This analysis discusses recent changes to the user cost figures that are computed as part of the Federal Reserve Bank of St. Louis monetary services indices (MSI). The authors first introduce an alternative splicing procedure, robust to differences in scale between series, for those price subindices which, individually, have a time span shorter than the overall MSI but are spliced to span the entire period. They then correct an error in the calculation of user costs for money market mutual funds that caused these funds' user costs to be based, for a considerable period of time, on the ...
What is driving oil prices?
Besides supply and demand, speculation is drawing a lot of attention these days as a cause of higher oil prices.
Rules vs. discretion: the wrong choice could open the floodgates
Anyone who sets any kind of policy can appreciate the dilemma that faces those trying to prevent construction in floodplains: Is it better to stick to the rules-no matter how harsh-or to exercise discretion under certain circumstances?