1 - 7 of 7 articles
Abstract Over the past 20 years, the use of monetary policy rules has become pervasive in analyzing and prescribing monetary policy. This paper traces the development of such rules and their use in the analysis, prediction, and stabilization of national economies. In particular, rules provide...
Abstract To some, the tumultuous events in the credit markets in the summer of 2007 came on suddenly and without context. While the extent and magnitude of the dislocations were certainly unexpected, the author argues that the groundwork for such events was gradually formed over the past...
Abstract We present new evidence that existing, but long-ignored, measures of consumer sentiment can reduce errors in forecasting total consumption expenditures and its components. The component questions of the aggregate Index of Consumer sentiment improve forecasts, not only of consumer...
Abstract This paper estimates a simple model of innovation in the U.S. manufacturing sector and derives summary indicators of product and process innovation. Our empirical work reveals that the drivers of innovation extend well beyond business research and development (R&D) spending. Capital...
Abstract This paper offers insight into the “jobless recovery” phenomenon recently experienced in the U.S. economy by examining industry-sector employment responsiveness to the long-term real GDP expansion occurring during 1991-2001. Two employment models are specified—one using real GDP as the...
Abstract Three methodologies have been developed to measure the aggregate price of housing. This article provides an overview of these three methodologies for pricing housing as well as a detailed guide to the major house price indexes based on them.
Abstract A look at the global demand and supply for agricultural machinery.
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