Over the course of one semester, six empirical assignments that utilize FRED are used to introduce students of money and banking courses to the economic analysis required for the conduct of monetary policy. The first five assignments cover the following topics: inflation, bonds and stocks, monetary aggregates, the Taylor rule, and employment.…

The nation continues to recover from one of the worst recessions since the Great Depression. States were hit hard, incurred significant losses, and many are only just now showing signs of meaningful recovery. Whether it is efforts to bring investments in pre-K back to pre-recession levels or creating new investments, states have indicated, for the…

The author presents a geometrical framework in which the inability of discretionary policy (consistent policy in the sense of Kydland and Prescott) to be socially optimal is demonstrated. Policy based on a rule results in a higher level of utility. The author extends the model to demonstrate that policy of a Rogoff conservative central banker…

The authors review the graphical approach to teaching the real business cycle model introduced in Barro. They then look at where this approach cuts corners and suggest refinements. Finally, they compare graphical and exact models by means of impulse-response functions. The graphical models yield reliable qualitative results. Sizable quantitative…

Reconsiders Uriel Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve. Extends this to include similar utility functions that yield inferiority. Discusses the earlier work of related theorists including Liebhafsky, Vandermeulen, and Wold and Jureen. (MJP)

Reexamines Spiegel's analysis of the Giffen phenomenon, a utility function that yields an inferior good with an upward-sloping demand curve and incorporates Christian Weber's criticism into the model. Disagrees with Weber on some points but agrees that as income decreases the likelihood of the Giffen product decreases. (MJP)

As part of an effort to identify ways in which Midland College (Texas) and local businesses can respond to the economic needs of the community, these three papers by the Midland's Business and Economic Development Center offer various perspectives on the economic climate and labor market of the Permian Basis. The first report, "Midland's…

Shows how the Cournot-Nash and Stackelberg equilibria can be represented in the familiar supply-demand graphical framework, allowing a direct comparison with the monopoly, competitive, and industrial organization models. This graphical analysis is represented throughout the article. (MJP)

Explores the consequences of textbook authors' failure to recognize that producers can acquire the good in which they lack a comparative advantage through either trade or internal production. Examines variations in the construction and graphical depiction of consumption possibility frontiers in principles of economics textbooks. (MJP)

Utilizes two-dimensional price and output graphs to demonstrate the way that the price-level elasticity of aggregate demand affects alternative monetary policy rules designed to cope with random aggregate supply shocks. Includes graphs illustrating price-level, real Gross Domestic Product (GDP), nominal GDP, and nominal money supply targeting.…

The dominant driving force of past movements in West German output and prices is investigated and a review of government policy undertaken to stabilize these movements is presented. Three alternative impulse hypotheses are tested: the monetary, the fiscal, and the foreign impulse hypothesis. The major results of the tests are that: (1) monetary…

American economic analysts will better understand current economic trends if they investigate economic problems in light of the expanding global economy. Reasons for the failure of economists to explain the simultaneous existence of rapid inflation and high unemployment include preoccupation with economic indicators, short-term forecasts, and…