We study how fluctuations in money growth correlate with fluctuations in real output growth and inflation. Using band-pass filters, we extract cycles from each time series that last 2 to 8 (business cycles) and 8 to 40 (longer-term cycles) years. We employ annual data, 1880-2001 without gaps,...

Scientific inquiry embodies skepticism. Researchers are trained to scrutinize every result, doubting not only the truth but also the tests of every hypothesis. Research papers in professional journals typically present only summaries of results, however, providing neither the programs nor data...

We define the Fisherian Golden Rule measure of bond market inflation expectations as the difference between bond rates and trend real GDP growth rates. The concept is based on the Fisherian theory that an increase in longer-term inflation expectations would be reflected in longer-term interest...