This paper uses wavelets to produce an orthogonal decomposition of some economic variables by time scale over six different time scales. The relationships of interest are the permanent income hypothesis and velocity.

Sellers are typically better about product quality and sales practices than are purchasers, and might be tempted to exploit their superior knowledge to deceive buyers. Firms themselves, buyers, and third-parties attempt to level the playing field with a variety of confidence-building measures,...

We estimate a forward-looking monetary policy reaction function for the postwar U.S. economy, pre- and post-October 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been...