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.

Smoking was banned in all Illinois casinos in January 2008. We explore the effects that the smoking ban has had on Illinois casino revenue and attendance. Our empirical methodology extends and enhances that of previous literature in that we observe a natural experiment in comparing the...

A paper recently published in the journal Tobacco Control purports to show that the implementation of a smoking prohibition in Delaware had no statistically significant effect on the revenues of three gaming facilities in that state. After correcting for evident errors in that analysis, I find...

Conventional wisdom posits that high interest rates stem capital flight and currency depreciation. Some have argued, however that the standard prescription exacerbates the problems. This paper set out a framework for evaluating the conditions under which an increase in domestic interest rates...

A general-equilibrium shopping-time model of money demand is used to obtain estimates of some dynamic costs of inflation under alternative monetary policy rules. After examining the welfare implications of steady-state inflation, dynamic welfare costs are evaluated for inflation-targeting and...

As communities around the nation consider laws restricting smoking in public places, a key political and economic issue that often arises is the effect that such laws have on the sales and profits of particular sectors. The gaming industry has been active in opposition to such ordinances, citing...