This paper focuses on the role of money in economic fluctuations. While money may play an important role in market economies, its role as an important impulse to business cycles remains a highly controversial hypothesis. For years economists have attempted to construct monetary theories of the...

For the past six months the Clinton Administration has been engaged in a steadily increasing war of words with the Japanese to pressure them to take concrete actions to reduce their "chronic" trade surplus with the U.S. by committing to quantitative targets for U.S. goods sold in Japanese...

In the past 3 1/2 years the U.S. has experienced strong economic growth, low inflation and productivity growth noticeably above the average of the previous two decades. In some corners there is a strong belief that this increase in productivity growth is the beginning of a resurgence in...

One of the consequences of slow economic growth in the troubled countries of Asia combined with a relatively robust economy at home is that the U.S. trade deficit has widened significantly. In the second quarter of 1998 the National Income and Product Accounts measure of real net exports was...

Over the past nine months there has been a growing number of articles written about the possibility of a serious deflation in the U.S. Articles have appeared in a wide range of respected business publications... What is extraordinary about virtually all the popular discussions of this topic is...

This paper focuses on the role of money in economic fluctuations. While money may play an important role in market economies, its role as an important impulse to business cycles remains a highly controversial hypothesis. For years economists have attempted to construct monetary theories of the...

Recent developments in macroeconomic theory emphasize that transient economic fluctuations can arise as responses to changes in long run factors -- in particular, technological improvements -- rather than short run factors. This contrasts with the view that short run fluctuations and shifts in...

This paper conducts a modern variant of the test proposed and carried out by Adelman and Adelman (1959). Using the methods developed by Burns and Mitchell (1946). we see if we can distinguish between the economic series generated by an actual economy and those analogous artificial series...

This paper analyzes the interaction of money and the price level with a business cycle that is fully real in origin, adopting a view which differs sharply from traditional theories that assign a significant causal influence to monetary movements. The theoretical analysis focuses on a banking...