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Bank:Federal Reserve Bank of Chicago  Series:Working Paper Series, Macroeconomic Issues 

Working Paper
An examination of change in energy dependence and efficiency in the six largest energy using countries - 1970-1988

Working Paper Series, Macroeconomic Issues , Paper 92-2

Working Paper
Using noisy indicators to measure potential output

Working Paper Series, Macroeconomic Issues , Paper 91-14

Working Paper
The evolution of small change

Western Europe was plagued with currency shortages from the 14th to the 19th century, at which time a `standard formula' had been devised to cure the problem. We document the evolution of mon- etary theory, policy experiments and minting tech- nology over the course of six hundred years. In a companion paper, we use a cash-in-advance model of commodity money to provide an analytical frame- work for the problem of small change.
Working Paper Series, Macroeconomic Issues , Paper WP-97-13

Working Paper
Money, output, and inflation: testing the P-star restrictions

Working Paper Series, Macroeconomic Issues , Paper 90-8

Working Paper
Back of the G-7 pack: public investment and productivity growth in the Group of Seven

Working Paper Series, Macroeconomic Issues , Paper 89-13

Working Paper
Excess volatility and the smoothing of interest rates: an application using money announcements

Working Paper Series, Macroeconomic Issues , Paper 92-25

Working Paper
Price pass-through and minimum wages

A textbook consequence of competitive markets is that an industry-wide increase in the price of inputs will be passed on to consumers through an increase in prices. This fundamental implication has been explored by researchers interested in who bears the burden of taxation and exchange rate fluctuations. However, little attention has focused on the price implications of minimum wage hikes. From a policy perspective, this is an oversight. Welfare analysis of minimum wage laws should not ignore consumers. Furthermore, estimates of price shifting can have important implications for wage-push ...
Working Paper Series, Macroeconomic Issues , Paper WP-97-03

Working Paper
Algorithms for solving dynamic models with occasionally binding constraints

Working Paper Series, Macroeconomic Issues , Paper 94-6

Working Paper
Sticky price and limited participation models of money: a comparison

We provide new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. After a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline by a modest amount, and profits fall. We compare the ability of sticky price and limited participation models with frictionless labor markets to account for these facts. The key failing of the sticky price model lies in its conterfactual implications for profits. The limited participation model can ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-28

Working Paper
Small sample properties of generalized method of moments based Wald tests

Working Paper Series, Macroeconomic Issues , Paper 94-12

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