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Past Issues 2005

JANUARY/FEBRUARY 2005 Vol. 87, No. 1

Complete Issue (PDF 926k)

FOMC Transparency pp. 1-10 (PDF 139k)
by William Poole

The Diffusion of Electronic Business in the United States pp. 11-34 (PDF 177k)
by Emin M. Dinlersoz and Rubén Hernández-Murillo

Stock Return and Interest Rate Risk at Fannie Mae and Freddie Mac pp. 35-48 (PDF 378k)
by Frank A. Schmid
Program (.prg)

Controlling for Heterogeneity in Gravity Models of Trade and Integration pp. 49-64 (PDF 403k)
by I-Hui Cheng and Howard J. Wall
Program (.txt)
Data (.xls)

MARCH/APRIL 2005 Vol. 87, No. 2, Part 1

Complete Issue (PDF 5.1M)

Communication, Transparency, Accountability: Monetary Policy in the Twenty-First Century pp. 65-83 (PDF 278k)
by Otmar Issing

GSE Risks pp. 85-91 (PDF 183k)
by William Poole

The FOMC: Preferences, Voting, and Consensus pp. 93-101 (PDF 204k)
by Ellen E. Meade
Data (.xls)

Social Security versus Private Retirement Accounts: A Historical Analysis pp. 103-121 (PDF 311k)
by Thomas A. Garrett and Russell M. Rhine
Data (.xls)

Does Consumer Sentiment Predict Regional Consumption? pp. 123-135 (PDF 468k)
by Thomas A. Garrett, Rubén Hernández-Murillo, and Michael T. Owyang
Data and Programs (.zip)

MARCH/APRIL 2005 Vol. 87, No. 2, Part 2

Reflections on Monetary Policy 25 Years After October 1979

Complete Issue (PDF 1.4M)

Contributing Authors pp. iii-iv (PDF 68k)

Chairman's Remarks pp. 137-138 (PDF 116k)
by Alan Greenspan

Editors' Introduction pp. 139-144 (PDF 146k)
by Athanasios Orphanides and Daniel L. Thornton

Origins of the Great Inflation pp. 145-176 (PDF 250k)
by Allan H. Meltzer

Commentary pp. 177-186 (PDF 232k)
by Christina D. Romer
Commentary on "Origins of the Great Inflation"

The Reform of October 1979: How It Happened and Why pp. 187-236 (PDF 516k)
by David E. Lindsey, Athanasios Orphanides, and Robert H. Rasche

Commentary pp. 237-242 (PDF 129k)
by Stephen H. Axilrod
Commentary on "The Reform of October 1979: How It Happened and Why"

The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice pp. 243-262 (PDF 171k)
by Marvin Goodfriend

Commentary pp. 263-268 (PDF 191k)
by Laurence M. Ball
Commentary on "The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice"

The International Implications of October 1979: Toward a Long Boom on a Global Scale pp. 269-276 (PDF 157k)
by John B. Taylor

Panel Discussion I: What Have We Learned Since October 1979? pp. 277-292 (PDF 203k)
by Ben S. Bernanke, Alan S. Blinder, and Bennett T. McCallum

Panel Discussion II: Safeguarding Good Policy Practice pp. 293-306 (PDF 180k)
by Roger W. Ferguson Jr., Charles A. E. Goodhart, and William Poole

Reflections

The following reflections for this conference issue, which appear without editorial changes to content, are essays and historical overviews, as well as personal accounts written by policymakers and Federal Reserve officials who were in office around the time of the October 6, 1979, monetary policy action.

Reflections on the October 6, 1979, Meeting of the FOMC pp. 307-310 (PDF 120k)
by Robert P. Black

Personal Recollections pp. 311-312 (PDF 133k)
by Philip E. Coldwell

Reflection on the FOMC Meeting of October 6, 1979 pp. 313-316 (PDF 138k)
by Joseph H. Coyne

Reflections on October 6, 1979, and Its Aftermath pp. 317-222 (PDF 150k)
by Charles Freedman

What Remains from the Volcker Experiment? pp. 323-328 (PDF 146k)
by Benjamin M. Friedman

Why Did the Great Inflation Not Happen in Germany? pp. 329-336 (PDF 210k)
by Otmar Issing

The International Consequences of the 1979 U.S. Monetary Policy Switch: The Case of Switzerland pp. 337-342 (PDF 197k)
by Georg Rich

The Changing Role of the Federal Reserve pp. 343-348 (PDF 128k)
by Frederick H. Schultz

Aftermath of the Monetarist Clash with the Federal Reserve Before and During the Volcker Era pp. 349-352 (PDF 138k)
by Anna J. Schwartz

Reflections pp. 353-358 (PDF 126k)
by Edwin M. Truman

MAY/JUNE 2005 Vol. 87, No. 3

Complete Issue (PDF 4.3M)

An Introduction to Two-Rate Taxation of Land and Buildings pp. 359-374 (PDF 144k)
by Jeffrey P. Cohen and Cletus C. Coughlin

Evidence on Wage Inequality, Worker Education and Technology pp. 375-394 (PDF 166k)
by Christopher H. Wheeler
Data and Programs (.zip)

Monetary Policy and Commodity Futures pp. 395-406 (PDF 137k)
by Michelle T. Armesto and William T. Gavin
Program (.zip)
Appendix (.pdf)

Using Implied Volatility to Measure Uncertainty About Interest Rates pp. 407-426 (PDF 598k)
by Christopher J. Neely
Program (.txt)

JULY/AUGUST 2005 Vol. 87, No. 4

Productivity, Labor, and the Business Cycle

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

Complete Issue (PDF 8.8M)

Contributing Authors pp. iii-iv (PDF 34k)

President's Message pp. 427-428 (PDF 39k)
by William Poole

Editor's Introduction pp. 429-434 (PDF 56k)
by Michael T. Owyang

What's Real About the Business Cycle? pp. 435-452 (PDF 267k)
by James D. Hamilton

Commentary pp. 453-458 (PDF 107k)
by Mark W. Watson
Commentary on "What's Real About the Business Cycle?"

Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle pp. 459-486 (PDF 281k)
by Jordi Galí

Commentary pp. 487-492 (PDF 81k)
by Christopher A. Sims
Commentary on "Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle"

The Cyclicality of Hires, Separations, and Job-to-Job Transitions pp. 493-508 (PDF 237k)
by Robert Shimer

Commentary pp. 509-512 (PDF 67k)
by Randall Wright
Commentary on "The Cyclicality of Hires, Separations, and Job-to-Job Transitions"

Reexamining the Monetarist Critique of Interest Rate Rules pp. 513-530 (PDF 246k)
by Robert G. King and Mau-Ting Lin

Commentary pp. 531-536 (PDF 77k)
by Julio J. Rotemberg
Commentary on "Reexamining the Monetarist Critique of Interest Rate Rule"

Productivity and the Post-1990 U.S. Economy pp. 537-550 (PDF 188k)
by Ellen R. McGrattan and Edward C. Prescott

Commentary pp. 551-554 (PDF 75k)
by Ricardo J. Caballero
Commentary on "Productivity and the Post-1990 U.S. Economy"

Organizational Dynamics Over the Business Cycle: A View on Jobless Recoveries pp. 555-580 (PDF 284k)
by Kathryn Koenders and Richard Rogerson

Commentary pp. 581-588 (PDF 131k)
by Fernando Alvarez
Commentary on "Organizational Dynamics Over the Business Cycle: A View on Jobless Recoveries"

SEPTEMBER/OCTOBER 2005 Vol. 87, No. 5

Complete Issue (PDF 766k)

Understanding the Term Structure of Interest Rates pp. 589-596 (PDF 106k)
by William Poole

Targeting versus Instrument Rules for Monetary Policy pp. 597-612 (PDF 170k)
by Bennett T. McCallum and Edward Nelson

Targeting versus Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson? pp. 613-626 (PDF 141k)
by Lars E.O. Svensson

Commentary pp. 627-632 (PDF 72k)
by Bennett T. McCallum and Edward Nelson
Commentary on "Targeting versus Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?"

The Monetary Instrument Matters pp. 633-658 (PDF 376k)
by William T. Gavin, Benjamin D. Keen, and Michael R. Pakko

NOVEMBER/DECEMBER 2005 Vol. 87, No. 6

Complete Issue (PDF 922k)

How Predictable Is Fed Policy? pp. 659-68 (PDF 121k)
by William Poole

Oil Price Volatility and U.S. Macroeconomic Activity pp. 669-84 (PDF 193k)
by Hui Guo and Kevin L. Kliesen
Program (.tsp)
Data (.xls)

An Analysis of Recent Studies of the Effect of Foreign Exchange Intervention pp. 685-718 (PDF 320k)
by Christopher J. Neely
Data (.txt)

Discrete Monetary Policy Changes and Changing Inflation Targets in Estimated Dynamic Stochastic General Equilibrium Models pp. 719-34 (PDF 224k)
by Anatoliy Belaygorod and Michael J. Dueker
Data and Programs (.zip)

Revisions to User Costs for the Federal Reserve Bank of St. Louis Monetary Services Indices pp. 735-50 (PDF 230k)
by Richard G. Anderson and Jason J. Buol
For further information on the Monetary Services Index project, please click here.

Review Index 2005 pp. 757-8 (PDF 67k)

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