In this paper, we investigate the comparative properties of empirically estimated monetary models of the U.S. economy using a new database of models designed for such investigations. We focus on three representative models due to Christiano, Eichenbaum, and Evans (2005), Smets and Wouters...

The aim is to design and evaluate balanced budget policies that reallocate federal funds from investments in national defence to the education system. The research focuses on changes in income of the institutional sectors, on output changes at the commodity level and on the increase in the stock...

This article critiques John B. Taylor's proposal that the Fed use a reaction function to attempt to predict bank demand for reserves. I argue that the Fed does not need to predict the demand for reserves because all the information it requires for hitting its targets is contained in the federal...