Daniel L. Thornton examines the role that income velocity plays in monetary policy decisions and evaluates the problems that arise when monetary policymakers attempt to offset short-run fluctuations in velocity in order to stabilize the short-run growth of nominal income.
G. J. Santoni compares the economic performance of the Eighth Federal Reserve District with that of the nation since 1970 to assess whether economic conditions in the District typically follow those of the nation or whether there is a unique pattern to local economic fluctuations.
Joel Fried examines the economic effects of government direct loans and loan guarantee programs. He concludes that, although both government direct loans and loan guarantees tend to increase aggregate demand, direct loans have a more stimulatory effect.
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