This paper reviews empirical evidence about the effects of changes in U.S. monetary policy and fiscal policy that has been accumulated during recent years in a series of collaborative research projects involving a variety of global macroeconometric models. The paper also considers, in...

How the government arrives at its official economic statistics deeply influences the lives of every American. Social Security payments and even some wages are linked to import prices through official inflation rates; special measures of national product are necessary for valid comparisons of...