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Persistent link: https://www.econbiz.de/10005502064
A summation of the forecasts of 27 economists made at the January 26, 1990 meeting of the Fourth District Economists' Roundtable, with major emphasis on the inflation outlook, GNP growth, and capital spending.
Persistent link: https://www.econbiz.de/10005512813
The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the long run, the FOMC can achieve its two objectives by...
Persistent link: https://www.econbiz.de/10005512859
A review of the theoretical and empirical case for disinflationary economic growth, showing that, contrary to popular wisdom, it is quite possible to have a booming economy without an acceleration in the price level.
Persistent link: https://www.econbiz.de/10005512906
Persistent link: https://www.econbiz.de/10005538034
We study the welfare cost of inflation in a general equilibrium life cycle model with growth, costly financial intermediation, and taxes on nominal quantities. We find a stationary equilibrium of the model matches a wide variety of facts about the postwar U.S. economy. We then calculate that the...
Persistent link: https://www.econbiz.de/10005490871
The popular new economy theory argues that the U.S. economy can now grow at rates much greater than in the past without igniting higher levels of price inflation. At the core of the new economy paradigm is the belief that the U.S. Economy experienced an innovation in the 1990s that raised its...
Persistent link: https://www.econbiz.de/10005419976
Address before AAIM Management Association, St. Louis, Mo., Feb. 20, 2004
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Presentation to the AAIM Management Association, St. Louis, Mo. May 11, 2005
Persistent link: https://www.econbiz.de/10005420440
The U.S. economy turned in an exceptional performance in 1999, combining strong real output growth with moderate inflation. Real GDP, a broad measure of the nation's output of goods and services, grew 4.6 percent from the fourth quarter of 1998 to the fourth quarter of 1999. Employment also rose...
Persistent link: https://www.econbiz.de/10005379659