We estimate the effects of oil price changes on inflation for the United States, United Kingdom, France, Germany, and Japan using an augmented Phillips curve framework. We supplement the traditional Phillips curve approach taking into account the growing body of evidence suggesting that oil...

This paper examines the relationship between spot and futures prices for energy commodities (crude oil, gasoline, heating oil markets and natural gas). In particular, we examine whether futures prices are (1) an unbiased and/or (2) accurate predictor of subsequent spot prices. We find that while...

The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) dramatically transformed and continues to transform the food assistance landscape in the United States. The Act cut more funds from the Food Stamp Program than it did from any other program, through reductions...

This report is an empirical inquiry into how poverty is changed by the macroeconomy. The analysis suggests low real wage rates and not the unemployment rate are the most important determinant of poverty in the long run. Changes in output and unemployment primarily affect cyclical or shortun...

Under the provisions of the Natural Gas Policy Act of 1978 (NGPA), about 50 percent of natural gas production will be decontrolled in 1985. Whether natural gas is decontrolled under the provisions of NGPA or new decontrol legislation is enacted, real natural gas prices are likely to increase...

The Tax Reform Act of 1986 significantly changed incentives for investing. This analysis specifically examines how changes in marginal tax rates, depreciation schedules, and the investment tax credit altered the cost of capital and net investment in agriculture. A stochastic coefficients...