Transparency is one of the biggest innovations in central bank policy of the past quarter century. Modern central bankers believe that they should be as clear about their objectives and actions as possible. However, is greater transparency always beneficial? Recent work suggests that when...

The U.S. economy is currently experiencing a period of significant financial stress. This stress has contributed to the downturn in the economy by boosting the cost of credit and making businesses, households, and financial institutions highly cautious. To alleviate the financial stress and...

The dollar was the dominant international currency following World War II. However, as the international economy has changed in dramatic ways, the dollar's international role also has changed. Although the dollar's role has declined, it remains an important international currency. Furthermore,...

Social Security—and the solvency of its Trust Fund—have increasingly become a focus of discussion in the media and policy circles. The basic problem is that promised benefits will soon exceed program revenues. Without changes in benefits or funding, the Trustees of Social Security project...