A review of Federal Reserve Chairman Paul A. Volcker's testimony before Congress about the System's monetary targets for 1985, with an analysis of some current monetary policy issues.

An examination of the compositional changes in the monetary aggregates M1 and M1A, with a discussion of their behavior in the 1980s and some issues relevant to the possibility of replacing M1 with M1A in the monetary targeting framework.

A review of the history of the lagged reserve requirements- contemporaneous reserve requirements controversy and a discussion of the relative importance of reserve timing under various operating procedures.

General equilibrium models of international fluctuations that assume complete asset markets predict that consumption will be highly correlated across countries, while the data display correlations that are rather low. It has become common to characterize this empirical regularity by noting that...

In the immediate aftermath of Hurricane Katrina, speculation arose that the Federal Reserve might respond by easing monetary policy. This article uses a dynamic stochastic general equilibrium (DSGE) model to investigate the appropriate monetary policy response to a natural disaster. We show that...

The goal of the National Animal Identification System is to trace the origin of a diseased animal within 48 hours. But would an optional, voluntary system accomplish this goal without unduly hurting small farmers?