Recent research has clarified the nature of measurement errors in U.S. price indexes. Changes in the quality of goods create severe problems. Laspeyres-type indexes suffer from substitution bias from one good to another and from one type of outlet to another. Available evidence suggests that the...

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Truman State University, Kirksville, Mo., Feb. 20, 2008

Remarks prepared for 16th Annual Monetary Conference, Cato Institute, Washington, D.C. - Oct. 22, 1998

A speech at the Global Interdependence Center (GIC) Abroad in Chile Conference, Universidad Adolfo Ibanez, Santiago, Chile, March 5, 2007

Speech before the New York Chapter, National Association for Business Economics (NABE), New York, April 2, 2007

Inflation, as measured by the Consumer Price Index, seems to have settled at an annual rate of about 2 percent. Is that rate too low? In this article, William Poole, the president of the Federal Reserve Bank of St. Louis, states his belief that the Federal Reserve's target should be zero...