The position taken by William Barnett in this panel discussion is that federal government agencies, including the Bureau of Labor Statistics, view researchers as being among those who comprise the audience for produced data, but not necessarily the most important members of that...

The sensitivity of bond rates to macro variables appears to vary both over time and over forecast horizons. The latter may be due to differences in forward rate term premiums and in bond trader perceptions of anticipated policy responses at different forecast horizons. Determinacy of policy...

Long-term economic development involves four fundamental processes: the exploitation of increasing returns to specialization, the transition from household to market production, knowledge and human capital accumulation, and industrialization. In this paper, we integrate these processes into a...

This Article examines the process by which overlapping interests between private bankers and government translates into influence and power mediated through the use of bank loans as instruments of foreign policy. The article suggests the market transactions often act as a matter of U.S....

Few ideas have had as much of an effect on the science of economics as the concept of rational expectations. This elementary notion, first formulated by the economist John Muth, ultimately upended four decades of Keynesian macroeconomics and monetary policy. Despite the impact of Muth's idea,...

This paper studies the relationship between economic growth and financial development in China during the post-1978 reform period. Recent studies, based on cross-country data, have found a positive association between these two variables. We find that while a positive correlation between growth...

This paper explores the relationship between external debt and poverty. A number of observers have argued that high external indebtedness is a major cause of poverty, Using the first-differenced general method of moments (GMM) estimator, the paper models the impact of external debt on poverty,...

We hypothesize that financial disintermediation during and after the Great Depression arose from the slow liquidation of failed-bank deposits in the years following financial crises. We construct a data series containing the stock of failed national bank deposits for the period 1921-1940. Our...

This article analyzes Keynes's Economic Possibilities for our Grandchildren an essay presenting Keynes's views about economic growth into the 21st century from the perspective of modern growth theory. I find that the implicit theoretical framework used by Keynes to form his expectations about...

This paper examines the meaning and usefulness of the concept of a New Economy. This construct, which first began to appear in the media in the mid-1990s, is utilised today with a variety of definitions and intentions. Having identified three possible denotations or orientations relating to its...