693 research outputs found
Understanding the price puzzle
No full textRecent developments in measuring the stance of monetary policy have highlighted an interesting puzzle--namely, that an unexpected tightening in monetary policy leads to an increase rather than a decrease in the price level. In this article, Nathan Balke and Kenneth Emery present evidence on the price puzzle and discuss possible explanations for it. ; Balke and Emery find that the most plausible explanation is that, during the 1960s and '70s, monetary policy was not implemented in a way that fully offset inflationary supply shocks. During this period, monetary policy would tighten in response to a supply shock but not by enough to prevent inflation from rising. In the data, therefore, contractionary policy is positively correlated with inflation. Since the early 1980s, however, the price puzzle has disappeared for either one, or both, of two reasons: the Federal Reserve has placed greater emphasis on achieving price stability, or there have been fewer inflationary supply shocks to the economy.Prices
The federal funds rate as an indicator of monetary policy: evidence from the 1980s
No full textRecently, several economists have argued that movements in the federal funds rate are a good proxy for changes in monetary policy. In this article, Nathan Balke and Kenneth Emery critically examine this view and the evidence supporting it. Using simple vector autoregressions, they find that before 1980 the correlations between the federal funds rate and other important macroeconomic variables are consistent with a traditional monetary policy interpretation of the federal funds rate. However, they show that after 1982 the relationships between the federal funds rate and other macroeconomic variables change significantly. Most important, the correlations between the federal funds rate and other macroeconomic variables observed during the 1980s are not as consistent with a traditional monetary policy view of the federal funds rate as they were before 1980. ; Balke and Emery's work highlights how relationships between important macroeconomic variables can change when institutions or policy regimes change. While the federal funds rate may still be a good indicator of monetary policy, its relationship with other important macroeconomic variables is now clearly different from what it was before 1980.Interest rates ; Economic indicators
Do wages help predict inflation?
No full textIn the financial press, productivity-related wages are often cited as an inflation indicator. For example, recently slow rates of wage growth have been noted as a factor that will keep inflation rates low in the future. While inflation and wage growth do appear to be highly correlated over longer time periods, it is not clear whether movements in wage growth precede movements in inflation, thereby providing predictive content for future inflation. In this article, Kenneth Emery and Chih-Ping Chang examine the usefulness of wage growth as a predictor of inflation, as well as carry out a stability analysis of the relationship underlying inflation and wages. The results caution against using wage growth as a signal of future inflation in that wage growth has no information content for future inflation. Furthermore, the bivariate relationship between inflation and wage growth is shown to be unstable.Inflation (Finance) ; Wages
New Caledonian Crows Learn the Functional Properties of Novel Tool Types
No full textPubMed ID: 22194779This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited
Nominal feedback rules for monetary policy: some comments
No full textMonetary policy - United States
Borrowing constraints, household debt, and racial discrimination in loan markets
No full textHousing - Finance ; Discrimination in mortgage loans
Rich in Good Works: Art Collector and Philnathropist - Mary M. Emery of Cincinnati
No full textAt the death of her husband in 1906, Mary Muhlenberg Emery (1844-1927) became one of the richest women in the United States. Recognizing her vast responsibility, as she wrote in a letter to the American author, Dorothy Canfield Fisher, she embarked on a philanthropic program that endowed or initiated children\u27s programs, hospitals and medical institutions, orphanages, colleges and universities, an art museum, a zoological park, various cultural agencies, and other causes that benefited humankind.
Mary Emery\u27s most costly benefactions were directed to the founding of Mariemont, Ohio, a planned community near Cincinnati, and to the formation of a major collection of paintings. Her paintings by such old masters as Titian, Mantegna, Van Dyck, Gainsborough, and Hals were bequeathed to the Cincinnati Art Museum. Although she was a member of Newport, Rhode Island, and Cincinnati society during the nineteenth century\u27s Gilded Age, she lived apart from the conspicuous consumption so characteristic of her times.
This well-illustrated biography explores her gifts and life from its beginnings in New York City through family tragedies to the legacy she left behind.
Rogers has used an impressive array of primary sources, including Mary Emery\u27s unpublished papers, records of the Cincinnati Art Museum, and the correspondence of Mary Emery\u27s advisor, Charles Livingood. -M. Christine Anderson, Xavier Universityhttps://ideaexchange.uakron.edu/uapress_publications/1058/thumbnail.jp
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