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Journal Article
The U.S. economy: a brighter outlook after a bumpy ride
Journal Article
Reserve requirements, the monetary base, and economic activity
Journal Article
A look at long-term developments in the distribution of income
Developments in the distribution of income have received much attention over the past decade. Several analysts have argued that income gains have gone almost exclusively to the highest paid 20 percent of the population, leaving no gains to the remaining 80 percent. ; Joseph H. Haslag and Lori L. Taylor examine developments in income inequality over the past forty years and estimate which factors account for these changes over time. While some researchers have found that income distribution became more equal during the 1950s and 1960s and then less equal after the mid-1970s, Haslag and Taylor ...
Working Paper
Evaluating monetary base targeting rules
Journal Article
Monetary aggregates and the rate of inflation
Some economists advocate focusing less emphasis on monetary aggregates because the relationship of monetary aggregates to the ultimate goals of monetary policy is less reliable now than in the past. But the stability of the relationship between money growth and inflation is a testable hypothesis. Joseph Haslag investigates whether money growth is currently as useful a predictor of inflation as it previously has been. He tests three different measures of money growth: the monetary base, M1 and M2. Haslag finds that the relationship remains stable over time. ; Haslag also finds that both the ...
Working Paper
Government debt, output, and asymmetric information
Recent explanation of monetary policy and its effect have centered upon a non-cooperative game involving the monetary authority and the private sector. Notably absent from the discussion of asymmetric information and its impact on decision making is fiscal policy. This note examines a simple model where the fiscal authority determines the optimal ratio of permanent to total government debt based on explicit optimizing behavior. Deficit financing can have short-run effects because of uncertainty concerning future fiscal policy. However, in the long run, changes in net private sector wealth due ...
Journal Article
The haves and have-nots: a study of income inequality
Journal Article
Measuring the policy effects of changes in reserve requirement ratios
The monetary base is the sum of high-powered money and an adjustment factor that measures changes in reserve requirement ratios. This adjustment factor is calculated so that it responds to changes in deposit levels in addition to changes in reserve requirements. Consequently, researchers and policymakers using the monetary base are seeing a mixture of changes implemented through open market operations, discount window borrowings, and reserve requirements, together with nonpolicy actions acting on deposit flows. ; Joseph Haslag and Scott Hein calculate the reserve step index (RSI) to separate ...