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Conference Paper
Can the central bank achieve price stability?
Journal Article
The case for price stability
The testimony of Cleveland Federal Reserve Bank President W. Lee Hoskins before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, supporting House Joint Resolution 409, which would establish achievement of price stability as the primary policy goal of the central bank.
Journal Article
Can the central bank achieve price stability? (commentary)
Journal Article
Can the central bank achieve price stability?
Journal Article
Farmers face Phase IV
Journal Article
Pricing federal irrigation water: a California case study
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Working Paper
Price ceilings as focal points for tacit collusion: evidence from credit cards
We test whether a non-binding price ceiling may serve as a focal point for tacit collusion. Our sample contains data from the credit card market during the 1980s; in the sample, most credit card issuers face a state-level interest rate ceiling, and well over half match their ceiling. Our empirical model explicitly allows for the possibility that ceilings may have been binding. The model yields evidence in favor of tacit collusion: a statistically significant proportion of issuers match their ceiling even though it is not binding. Within a state, tacit collusion is less likely as the ceiling ...
Journal Article
Conflicting goals