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Journal Article
The effectiveness of monetary policy
This analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an "effective monetary policy," monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.
Report
Many moving parts: a look inside the U.S. labor market
Essay from the 2010 Annual Report.
Journal Article
U.S. currency at home and abroad
Working Paper
The effectiveness of monetary policy
The analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an "effective monetary policy," monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.
Journal Article
Currency design in the United States and abroad: counterfeit deterrence and visual accessibility
Despite the increasing use of electronic payments, currency retains an important role in the payment system of every country. In this article, the authors compare and contrast trade-offs among currency design features, including those primarily intended to deter counterfeiting and those to improve usability by the visually impaired. The authors conclude that periodic changes in the design of currency are an important aspect of counterfeit deterrence and that currency designers worldwide generally have been successful in efforts to deter counterfeiting. At the same time, currency designers ...
Working Paper
Handicapping currency design: counterfeit deterrence and visual accessibility in the United States and abroad
Despite the increasing use of electronic payments, currency retains an important role in the payments system of every country. Two aspects of currency usage drive currency design worldwide: deterring counterfeiting and making paper currency accessible to the visually impaired. Further, among the world's currencies, only U.S. banknotes are widely owned and used in transactions outside their country of issue (although the euro also has some external circulation). In this article, we compare and contrast major currencies and their design features. We conclude that the designs of the two most ...
Journal Article
Many moving parts: the latest look inside the U.S. labor market
The U.S. economy has gained roughly 2.8 million jobs since early 2010. That may be cold comfort, considering that more than 8 million jobs have been lost since the recession began. The Federal Reserve has lowered its policy rate as far as it can go, and the economy is flush with liquidity. Yet the unemployment rate remains persistently high. From policymakers to private citizens, the debate continues over what to do to help the labor market adjust. Disagreements stem, in part, from the complicated nature of the labor market itself. There are many moving parts, and the authors examine several ...
Journal Article
Real output in Switzerland: new estimates for 1914-47
In this article, Felix A, Andrist, Richard G. Anderson, and Marcela Williams provide, for the first time, an estimate of the real gross domestic product of Switzerland between 1914 and 1947. The estimate is obtained from published data on three other measures of Swiss economic activity during this period: net national product, industrial production, and the transport volume of Swiss railroads. These underlying series closely represent the economic growth of Switzerland; but, they also seem unreasonably volatile as proxy measures of total production, and hence, are filtered by moving averages. ...