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Author:Rolnick, Arthur J. 

Journal Article
Explaining the demand for free bank notes

Quarterly Review , Volume 12 , Issue Spr , Pages 21-35

Working Paper
Suspension and the financing of the Civil War: a critique of Newcomb and Mitchell

Working Papers , Paper 265

Report
Gresham's law or Gresham's fallacy?

The claim that bad money drives out good is one of the oldest and most cited in economics. Economists refer to this claim as Gresham?s law. Yet despite its seemingly universal acceptance, this claim does not warrant its status as a law. We find it has no convincing explanations and many overlooked exceptions. We propose an alternative hypothesis based on the costs of using a medium of exchange at a nonpar price: small-denomination currency undervalued at the mint tends to disappear from circulation while large-denomination currency usually circulates at premium. Examining a variety of ...
Staff Report , Paper 88

Conference Paper
Credit availability in the Minneapolis-St. Paul Hmong community

Proceedings , Paper 899

Journal Article
Winning battles, rather than the war, on economic development subsidies

The Region , Volume 12 , Issue Jul , Pages 14-15

Report
The CBO's policy analysis: an unquestionable misuse of a questionable theory

The analyses of fiscal and monetary policies that the Congressional Budget Office (CBO) provides Congress tend to be biased, encouraging the use of activist stabilization policies. The CBO?s virtual neglect of economic uncertainties and its emphasis on very short time horizons make active policies appear much more attractive than its own model implies. Moreover, the CBO?s adoption of the macroeconometric approach fundamentally biases its analyses. Macroeconometric models do not remain invariant to changes in policy rules and are mute on the implications of alternative policies for efficiency ...
Staff Report , Paper 49

Journal Article
Early childhood development on a large scale

The Region , Volume 19 , Issue Jun , Pages 12-17

Working Paper
The influence of regulation on competition in the United States banking industry

Working Papers , Paper 85

Working Paper
Stabilization policy: a framework for analysis

Working Papers , Paper 45

Working Paper
After Penn Square: the insurance dilemma

Working Papers , Paper 222

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