Review

Mack Ott and Paul T.W.M. Veugelers investigate the extent to which errors in forward exchange rate predictions of future spot exchange rates have been influenced, on the one hand, by changes in interest and inflation rates and, on the other, by changes in the policy stance of the U.S. monetary authority.

John A. Tatom explains how transactions by the Commodity Credit Corporation (CCC) are treated in the National Income and Product Accounts (NIPA). Tatom shows that the volatile, quarter-to-quarter pattern of CCC payments to farmers affects measures of farm, business, government, and overall economic activity.