#1998-005A "Inflation, Real Interest Tax Wedges, and Capital Formation"
by William G. Dewald
February 1998

Inflation magnifies the distorting effects of taxation when the tax treatment of interest income and expense is not fully indexed to inflation. The distortion involves a real interest tax wedge which is the difference between the real before tax interest rate than influences fully taxed investors and the real after tax interest rate than influences savers More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, January/February 1998, 80(1), pp. 29-36

#1994-030A "U.S. Official Forecasts of Group of Seven Economic Performance, 1976-90"
by Michael Ulan, William G. Dewald, and James B. Bullard


In this paper, we evaluate the accuracy of the U.S. Treasury Department forecasts of real growth and inflation from 1976 to 1990 for the Group of Seven (G-7) economies. The accuracy of these forecasts is measured against the standard of actual real world growth and inflation as subsequently published in the Treasury's World Economic Outlook (WEO). More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, March/April 1995, 72(2)

#1994-007C "Replication and Scientific Standards in Economics a Decade Later: The Impact of the JMCB Project"
by Richard G. Anderson, and William G. Dewald
March 1994
Revised June 1994

Scientific inquiry embodies skepticism. Researchers are trained to scrutinize every result, doubting not only the truth but also the tests of every hypothesis. Research papers in professional journals typically present only summaries of results, however, providing neither the programs nor data that a reader requires fully understanding -- and questioning -- the authors' tests. More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, November/December 1994, 76(6)