An examination of the compositional changes in the monetary aggregates M1 and M1A, with a discussion of their behavior in the 1980s and some issues relevant to the possibility of replacing M1 with M1A in the monetary targeting framework.

A review of the history of the lagged reserve requirements- contemporaneous reserve requirements controversy and a discussion of the relative importance of reserve timing under various operating procedures.

Our perspective on the U.S. economy's recent performance has been challenged recently by changes in the methodology used to adjust the National Income and Product Accounts for inflation. Michael R. Pakko surveys the changes embodied in the revised data, examining the question of whether or not...

In January 2007, an ordinance took effect in Columbia, Missouri, banning smoking in all bars, restaurants, and workplaces. This paper analyzes data for sales tax collections at eating and drinking establishments from January 2001 through December 2007, including the first twelve months of the...

In the immediate aftermath of Hurricane Katrina, speculation arose that the Federal Reserve might respond by easing monetary policy. This paper uses a dynamic stochastic general equilibrium (DSGE) model to investigate the appropriate monetary policy response to a natural disaster. We show that...