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Panel Discussion II: Safeguarding Good Policy Practice - Review

Roger W. Ferguson Jr. focuses on two issues: (i) what constitutes good monetary policy practice, with a review of the Federal Reserve’s record in satisfying its mandates in recent decades, and (ii) how good policy outcomes come about. Charles A.E. Goodhart discusses ...

research.stlouisfed.org/.../2005/04/15/panel-discussion-ii-safeguarding-good-policy-practice

The Changing Role of the Federal Reserve - Review

The author discusses how the almost universal agreement developed that the U.S. budget should be in surplus and that the Federal Reserve that should be flexible in monetary policy in order to respond to changes in the economy.

research.stlouisfed.org/.../review/2005/04/15/the-changing-role-of-the-federal-reserve

Discrete Monetary Policy Changes and Changing Inflation Targets in Estimated Dynamic Stochastic General Equilibrium Models - Review

Many estimated macroeconomic models assume interest rate smoothing in the monetary policy equation. In practice, monetary policymakers adjust a target level for the federal funds rate by discrete increments. One often-neglected consequence of using a quarterly average of the daily federal funds rate in empirical work is that any change in the target federal funds rate will affect the quarterly average in the current quarter and the subsequent quarter. 

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What's Real About the Business Cycle? - Review

This article argues that a linear statistical model with homoskedastic errors cannot capture the nineteenth-century notion of a recurring cyclical pattern in key economic aggregates. A simple nonlinear alternative is proposed and used to illustrate that the dynamic behavior of unemployment seems to change over the business cycle, with the unemployment rate rising more quickly than it falls.

research.stlouisfed.org/publications/review/2005/07/01/whats-real-about-the-business-cycle

The Diffusion of Electronic Business in the United States - Review

The authors provide a recent account of the diffusion of electronic business in the U.S. economy using new data from the U.S. Bureau of the Census. 

research.stlouisfed.org/.../2005/01/01/the-diffusion-of-electronic-business-in-the-united-states

Evidence on Wage Inequality, Worker Education and Technology - Review

This article looks at a sample of 230 U.S. industries between 1983 and 2002 to see how a worker's education level and on-the-job use of "skill-based" technology (i.e., computers) relates to wages. 

research.stlouisfed.org/.../2005/05/01/evidence-on-wage-inequality-worker-education-and-technology

Using Implied Volatility to Measure Uncertainty About Interest Rates - Review

This article explains implied volatility (IV) and how it can differ from the market's true expectation of uncertainty. It also estimates IV of 3-month eurodollar interest rates from 1985 to 2001 and evaluates its ability to predict realized volatility. 

research.stlouisfed.org/.../using-implied-volatility-to-measure-uncertainty-about-interest-rates

Origins of the Great Inflation - Review

The Great Inflation from 1965 to1984 is the climactic monetary event of the last part of the 20th century. The author analyzes why it started and why it continued for many years. Like others,he attributes the start of inflation to analytic errors, particularly thewidespread acceptance of the simple Keynesian model with its implication thatmonetary and fiscal policy should be coordinated.

research.stlouisfed.org/publications/review/2005/04/15/origins-of-the-great-inflation

Complete Issue - Review

March/April Part 2 issue of Review marks historic Fed policy changeThis Review contains analysis and discussion presented at a Bank conference last October that marked the 25th anniversary of a major monetary policy reform: On October 6, 1979, under the Chairmanship of Paul Volcker, the Federal Reserve implemented policy to end the "Great Inflation" that had taken hold of the economy at the time. The Fed reaffirmed its commitment to maintain price stability and restored the public’s confidence, setting the stage for the nation's economic prosperity over the past two and a half decades. The issue contains presentations by leading economists and current members of the Board of Governors, as well as personal reflections by the policymakers and Fed officials who were in office at the time of this reform.

research.stlouisfed.org/publications/review/2005/04/15/complete-issue/

Complete Issue - Review

The July/August issue of Review includes the proceedings from the 29th economic policy conference of the Federal Reserve Bank of St. Louis, "Productivity, labor, and the Business Cycle." with six papers and discussions that range from a statistical representation of the business cycle, to an econometric analysis of its driving forces, to a measurement of key indicators, to theoretical models of its causes and effects.

research.stlouisfed.org/publications/review/2005/07/01/complete-issue/