Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to inflation signals.ʺ Rather, the Fed reacts to the very realʺ signal sent by unemployment, in a way that suggests that a baseless...

The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to "intergenerational accounting" - which purports to calculate the debt burden our generation will leave for future generations - and is soliciting comments on the recommendations of its...