This paper is an empirical examination of why some industries are far more cyclical than others. Using highly disaggregate panel data, the authors examine which elements of technology and market structure appear to be most closely associated with differences in cyclicality across industries....

This paper investigates the reason why innovations in money-supply announcements cause interest rates to change. The paper empirically discriminates between the liquidity premium and the expected inflation hypotheses by directly taking into account investors expectations regarding the Federal...

Replaces Working paper 91-24.

Revision of Working Paper 91-19