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.

In this paper we model the contribution of monetary growth shocks to aggregate fluctuations. Our innovation is to combine persistent money growth shocks with taxes on nominal capital gains in a model in which the central bank operates policy using an interest rate rule. All three features are...

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...