This paper critically examines a number of maintained hypotheses that are necessarily being tested along with the basic notion derived from the rational expectations (RE) formulation of Lucas (1972) (19 73) that "only unanticipated money matters." The trend stationary representation of secular...

This note attempts to reconcile contradictory findings regarding the impact of money surprises on short term interest rates. Expectations effects regarding anticipated monetary policy and anticipated inflation suggest a positive relationship. Liquidity and output effects of monetary surprises...

The three major findings of this paper are the following: (1) Programs of monetary restraint tend to result in higher real interest rates because when they are initially implemented, they result in surprise monetary stringency. The magnitude of negative money surprises in the second quarter of...

Policymakers and observers address taxation, spending, the budget deficit, and policy formation and implementation.

Economists, trade policy experts, and legislators express their views on the competitive position of the United States in world trade.

Is consumption the key to fostering economic growth and labor productivity?

Contributors review the collapse of the Bretton Woods system of fixed exchange rates and the historic 1985 agreement by the Group of Five.

The author offers recommendations for improving developing country debt.

The author concludes that fiscal policy is a more potent countercyclival tool than monetary policy under flexible exchange rates.