Our case study of the 1995 economic slowdown reveals that part of the widespread deterioration in economic indicators was predictable in light of 1994 monetary policy actions. But it was also partly unanticipated due to a modest adverse supply shock in the first quarter of 1995.

In 2009, Medicaid spent over $75 billion on 5.3 million elderly beneficiaries. This article describes the Medicaid rules for the elderly and discusses their economic implications.

The authors find that prolonged deployments overseas account for much of the difference in unemployment rates between recent veterans and nonveterans during the Great Recession.

The authors present a model in which anticipated future tax cuts, like those promised during the 2000 U.S. presidential campaign, generate a contraction in economic activity with some of the atypical features observed during the 2001 recession (such as its relatively strong consumption and home...

The authors find that prolonged deployments overseas account for much of the difference in unemployment rates between recent veterans and nonveterans during the Great Recession.

This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New Deal's industrial policies, fails to account for the full extent of the downturn and for the...

This article documents the Great Trade Collapse of 2008–09, as well as the dramatic recovery in trade of 2009–10. The authors consider how three distinct policy actions — fiscal stimulus, funding for trade finance and a commitment to refrain from increasing trade barriers — might have...