Learning rationality, the stability of equilibrium and macroeconomics

A review of the literature concerning how individuals learn to form rational expectations and a discussion of the meaning of rationality in a macroeconomy characterized by highly decentralized markets.Macroeconomics ; Rational expectations (Economic theory)

Why the optimism?

In spite of the recent recession, hopes for the New Economy have been little daunted. Surprisingly robust productivity growth during the recent downturn provides compelling new evidence that something truly fundamental is going on. This Commentary argues that advances in information technology, and their diffusion through the economy, justify our optimism. Higher productivity growth is not an ephemeral phenomenon but one likely to persist for some time into the future, perhaps even accelerating further.Economic conditions - United States ; Labor productivity

A Hypergeometric Mean Value

Generalization of hypergeometric mean value from hypergeometric function without loss of homogeneity - derivation and properties of hypergeometric mean valu

Deregulation, money, and the economy

An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.Bank deposits ; Interest ; Money supply

Rules versus discretion: making a monetary rule operational

A history and analysis of the debate about whether monetary policy should be conducted by rules known in advance to all or by policymaker discretion.Monetary policy - United States ; Monetary policy

Assessing progress toward price stability: looking forward and looking backward

An examination of how to assess the inflationary effects of current monetary policy, reviewing the behavior of a selected measure of core inflation over the past decade and contrasting this pattern with the inflation expectations of both households and professional forecasters, concluding that such expectations are formed rationally.Inflation (Finance)

Library Materials For Children

Library materials for children cannot be considered alone, because the term library has long implied more than a collection of books. It is fitting that this topic follows papers discussing goals, facilities, staff, services, and children themselves. A collection of materials is a means, not an end. There is evidence that the isolation of materials from the concept of service is not a new problem. Jesse Shera notes that the development in the nineteenth century of the American public library began with collections of books donated by successful businessmen and philanthropists to uplift the minds of the young. When the Boston Public Library opened its doors in 1854, however, those under eighteen were not admitted. The mere fact that collections of materials for youth existed and had encouraged library development did not mean that children were actually given service. 1 This paper will attempt to raise questions about materials for children in today's public library, their characteristics and availability; and to discuss the relation of materials to other elements of library service.published or submitted for publicatio

Measures of corporate earnings: what number is best?

Revelations of corporate fraud in 2002 shook the public's confidence in financial reporting and led to calls for reform. Without credible, transparent, and comparable financial information, investors, auditors, and others cannot make decisions that are essential to the efficient functioning of the economy. But while rules can be improved, it is not possible to achieve a rigid standard that applies uniformly to every company. This Economic Commentary explains why.Corporate profits