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Journal Article
Measuring consumption growth: the impact of new and better products
Klenow, Peter J. (2003-01)
This study describes how the U.S. government measures real consumption growth and how it tries to take account of a complicating factor: that the goods and services offered to consumers change over time; new products are introduced and old products are improved. The 1996 Boskin Commission critique of this government methodology is described, along with the changes made in response to that critique. Also described is recent research related to how real consumption growth should be measured in the presence of new and better products.
Quarterly Review , Volume 27 , Issue Win , Pages 10-23

Journal Article
Gresham's law or Gresham's fallacy?
Weber, Warren E.; Rolnick, Arthur J. (1986-01)
In this article, the authors argue the answer to their title depends on whether a qualifier is added to the standard version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the market). Rolnick and Weber next explain why the common qualifier to this law, which requires the mint to fix the rate of exchange at face value, does not reinstate the law. The common qualifier fails to give plausible reasons for how ...
Quarterly Review , Volume 10 , Issue Win , Pages 17-24

Journal Article
Money and the U.S. economy in the 1980s: a break from the past?
Christiano, Lawrence J. (1986-07)
Quarterly Review , Volume 10 , Issue Sum , Pages 2-13

Journal Article
The Great Depression in the United States from a neoclassical perspective
Ohanian, Lee E.; Cole, Harold L. (1999-01)
Can neoclassical theory account for the Great Depression in the United States?both the downturn in output between 1929 and 1933 and the recovery between 1934 and 1939? Yes and no. Given the large real and monetary shocks to the U.S. economy during 1929?33, neoclassical theory does predict a long, deep downturn. However, theory predicts a much different recovery from this downturn than actually occurred. Given the period?s sharp increases in total factor productivity and the money supply and the elimination of deflation and bank failures, theory predicts an extremely rapid recovery that ...
Quarterly Review , Volume 23 , Issue Win , Pages 2-24

Journal Article
Forecasting and policy analysis with Bayesian vector autoregression models
Litterman, Robert B. (1984-10)
Quarterly Review , Volume 8 , Issue Fall

Journal Article
District conditions
anonymous (1982-04)
Quarterly Review , Volume 6 , Issue Spr / Sum

Journal Article
Measurement with minimal theory
McGrattan, Ellen R. (2010-07)
Applied macroeconomists interested in identifying the sources of business cycle fluctuations typically have no more than 40 or 50 years of data at a quarterly frequency. With sample sizes that small, identifi cation may not be possible even with correctly specifi ed representations of the data. In this article, I investigate whether small samples are indeed a problem for some commonly used statistical representations. I compare three?a vector autoregressive moving average (VARMA), an unrestricted state space, and a restricted state space?that are all consistent with the same prototype ...
Quarterly Review , Issue July , Pages 2-13

Journal Article
Modern business cycle analysis: a guide to the Prescott-Summers debate
Manuelli, Rodolfo E. (1986-10)
Quarterly Review , Volume 10 , Issue Fall , Pages 3-8

Journal Article
TIP: the wrong way to fight inflation
Miller, Preston J. (1978-04)
Quarterly Review , Volume 2 , Issue Spr

Journal Article
District conditions
anonymous (1977-07)
Quarterly Review , Volume 1 , Issue Sum

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