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Working Paper
Designing monetary policy under rational expectations: analysis and practical implications
An investigation of the ways in which rational expectations theory fundamentally changes monetary policy analysis and an attempt to generalize the implications of such analysis.
Journal Article
Procyclical real wages under nominal-wage contracts with productivity variations
A modification of existing sticky-wage models to account for the observed cyclical behavior of real wages by means of a model that introduces productivity factors into nominal-wage contracts.
Working Paper
Interest rate rules are infeasible and fail to complete macroeconomic models
A discussion of the circumstances under which interest rate rules are consistent with nominal determinacy in macroeconomic models.
Working Paper
Monetary policy under rational expectations with multiperiod wage stickiness and an economy-wide credit market
A reconsideration of the role of monetary policy in a multiperiod sticky-wage model that incorporates rational expectations and displays the natural rate property.
Working Paper
Monetary policy regimes: a synthesis of the monetary control and rational expectations literatures
The monetary control literature has attempted to explore the effects of alternative policies without succeeding in incorporating rational expectations or in integrating analysis of the money supply sector into a complete macroeconomic framework. the rational expectations approach, while reserving a place for the monetary control issues under the concepts of instrument (Sargent and Wallace 1975), automatic stabilizers (McCallum and Whitaker 1979), and structural reforms (Dotsey and King 1983), has not provided the needed integration. Extending earlier work by Hoehn (1979, 1983b) and McCallum ...
Journal Article
The Ohio economy: a time series analysis
A time series methodology is used to understand the Ohio economy by assessing various indicators of economic activity in Ohio. These can be identified and quantified through simple methods applicable to other regional economies, as well.
Journal Article
Monetary policy debates reflect theoretical issues
A review of some of the important developments in economic theory that have altered our understanding of the real-nominal interaction, and a discussion of the implications for monetary policy.
Working Paper
A regional economic forecasting procedure applied to Texas
The presentation of a method for building a time series regional forecasting model for Texas that requires only ordinary least squares regressions to forecast the variables.