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Since its founding in 1913, the central bank of the United States has enjoyed a reputation as an erudite institution. Rigorous, well-resourced, and expansive research has become a hallmark of the Federal Reserve System. Indeed, research is itself a core function of the Fed: it both underpins Fed...
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Technocracy has come to be increasingly regarded as a threat to representative democracy. Significant attention has thus been recently devoted to exploring public preferences towards technocratic institutions. Elected policymakers’ attitudes have instead not been investigated as...
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A constant price level facilitates cooperation among firms whereas steady inflation and deflation rates lower firms …' ability to cooperate. In an experimental market with price competition we show that both inflation and deflation signicantly … welfare: depending on the market structure, inflation and deflation lead to significantly lower real prices and higher welfare. …
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