There has been much recent discussion about the ultimate sources of macroeconomic variability. Shiller (1987) surveys this work, where he points out that a number of authors attribute most of output or unemployment variability to only a few sources, sometimes only one. The sources vary from...

Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national)...

This paper examines the distribution of output around capacity when money demand is a non-linear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of...

Little is known about the interaction among manufacturing subsystems in a factory. The output of one manufacturing subsystem is usually the input to one or more others in the plant. For example, a production line may provide input to another manufacturing stage, a shipping system, or an...