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Past Issues 2004

JANUARY/FEBRUARY 2004 Vol. 86, No. 1

Complete Issue (PDF 816k)

A Perspective on U.S. International Capital Flows pp. 1-8 (PDF 132k)
by William Poole

Casino Gaming and Local Employment Trends pp. 9-22 (PDF 336k)
by Thomas A. Garrett
Program (.txt)
Data (.txt)

U.S. Regional Business Cycles and the Natural Rate of Unemployment pp. 23-32 (PDF 406k)
by Howard J. Wall and Gylfi Zoega
Program (.txt)
Data (.xls)

Subjective Probabilities: Psychological Theories and Economic Applications pp. 33-48 (PDF 292k)
by Abbigail Chiodo, Massimo Guidolin, Michael T. Owyang, and Makoto Shimoji

The Efficient Market Hypothesis and Identification in Structural VARs pp. 49-60 (PDF 282k)
by Lucio Sarno and Daniel L. Thornton
Data (.txt)

MARCH/APRIL 2004 Vol. 86, No. 2

Complete Issue (PDF 697k)

A Perspective on U.S. International Trade pp. 1-8 (PDF 135k)
by William Poole

State Government Finances: World War II to the Current Crises pp. 9-26 (PDF 316k)
by Thomas A. Garrett and Gary A. Wagner
Data (.txt)

The Federal Reserve Responds to Crises: September 11th Was Not the First pp. 27-42 (PDF 409k)
by Christopher J. Neely
Data (.xls)
Program (.prg)

Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models pp. 43-56 (PDF 315k)
by Bennett T. McCallum and Edward Nelson
To request copies of the programs used to generate Tables 1-8, please contact the authors at edward.nelson@stls.frb.org or bm05@andrew.cmu.edu. You may also visit Bennett McCallum's web page at http://www.gsia.cmu.edu/afs/andrew/gsia/workproc/roster/full-time/mccallum.html.

MAY/JUNE 2004 Vol. 86, No. 3

Complete Issue (PDF 701k)

Best Guesses and Surprises pp. 1-8 (PDF 158k)
by William Poole

Monetary Policy Actions, Macroeconomic Data Releases, and Inflation Expectations pp. 9-22 (PDF 294k)
by Kevin L. Kliesen and Frank A. Schmid
Data (.txt)
Program (.prg)

A Rational Pricing Explanation for the Failure of CAPM pp. 23-34 (PDF 292k)
by Hui Guo
Data (.xls)
Program (.txt)

How Costly is Sustained Low Inflation for the U.S. Economy? pp. 35-67 (PDF 523k)
by James B. Bullard and Steven H. Russell
Program (.prg)

JULY/AUGUST 2004 Vol. 86, No. 4

Inflation Targeting: Prospects and Problems

Proceedings of the Twenty-Eighth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis

Complete Issue (PDF 1.5M)

Contributing Authors pp. 1-2 (PDF 50k)

Editors' Introduction pp. 3-14 (PDF 209k)
by Jeremy M. Piger and Daniel L. Thornton

Inflation Targeting and Optimal Monetary Policy pp. 15-42 (PDF 358k)
by Michael Woodford

Commentary pp. 43-50 (PDF 533k)
by Stephanie Schmitt-Grohé
Commentary on "Inflation Targeting and Optimal Monetary Policy"

The Macroeconomic Effects of Inflation Targeting pp. 51-80 (PDF 406k)
by Andrew T. Levin, Fabio M. Natalucci, and Jeremy M. Piger

Commentary pp. 81-88 (PDF 167k)
by Harald Uhlig
Commentary on "The Macroeconomic Effects of Inflation Targeting"

The Role of Policy Rules in Inflation Targeting pp. 89-112 (PDF 414k)
by Kenneth N. Kuttner

Commentary pp. 113-116 (PDF 153k)
by Monika Piazzesi
Commentary on "The Role of Policy Rules in Inflation Targeting"

Is Inflation Targeting Best-Practice Monetary Policy? pp. 117-144 (PDF 375k)
by Jon Faust and Dale W. Henderson

Commentary pp. 145-150 (PDF 144k)
by Benjamin M. Friedman
Commentary on "Is Inflation Targeting Best-Practice Monetary Policy?"

Practical Problems and Obstacles to Inflation Targeting pp. 151-160 (PDF 227k)
by Laurence H. Meyer

Commentary pp. 161-164 (PDF 172k)
by Lars E.O. Svensson
Commentary on "Practical Problems and Obstacles to Inflation Targeting"

Panel Discussion: Inflation Targeting pp. 165-184 (PDF 210k)
by Ben S. Bernanke, Otmar Issing, and Donald L. Kohn

SEPTEMBER/OCTOBER 2004 Vol. 86, No. 5

Complete Issue (PDF 712k)

Free Trade: Why Are Economists and Noneconomists So Far Apart? pp. 1-6 (PDF 131k)
by William Poole

Trends in the Efficiency of Federal Reserve Check Processing Operations pp. 7-20 (PDF 335k)
by David C. Wheelock and Paul Wilson

Testing the Expectations Hypothesis: Some New Evidence for Japan pp. 21-40 (PDF 338k)
by Daniel L. Thornton
Program (.txt)

Asymmetric Effects of Monetary Policy in the United States pp. 41 (PDF 397k)
by Morten O. Ravn and Martin Sola

NOVEMBER/DECEMBER 2004 Vol. 86, No. 6

Complete Issue (PDF 1009k)

The Increasing Importance of Proximity for Exports from U.S. States pp. 1-19 (PDF 283k)
by Cletus C. Coughlin
Program (.txt)
Data (.exe)

Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms pp. 19-44 (PDF 526k)
by Michael D. Bordo and David C. Wheelock
Data (.xls)

What Does the Federal Reserve’s Economic Value Model Tell Us About Interest Rate Risk at U.S. Community Banks? pp. 45-60 (PDF 137k)
by Gregory E. Sierra and Timothy J. Yeager
Program (.sas)

Discrete Policy Changes and Empirical Models of the Federal Funds Rate pp. 61-72 (PDF 290k)
by Michael J. Dueker and Robert H. Rasche
Program (.txt)
Data (.txt)

Review Index 2004 pp. 73-74 (PDF 113k)

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