This paper examines the phenomenon of "Fed watching" within the context of a macroeconomic policy game. Following A. Cukierman and A. H. Meltzer's 1986 article, the policymaker's preferences are private information and noisy monetary control causes past observations of money growth to be a noisy...

This paper develops new methodology for the estimation of prewar gross national product (GNP), taps previously unused data sources, an d develops new estimates for the periods 1869-1908 and 1869-1928. Primary among the new data sources are direct measures of output in the transportation,...

We analyse fifteen post-World War II US macroeconomic time series using a modified outlier identification procedure based on Tsay (1988a). "Large shocks" appear to be present in all the series we examined. Furthermore, there are three basic outlier patterns: (1) outliers seem to be associated...

A multidimensional approach to measuring the quality of life across countries is introduced. The author operationalizes A. Sen's concept that other factors besides gross domestic product and mortality rates should be incorporated into any quality of life analysis. This paper examines twenty...

This paper utilizes the generalized Fechner-Thurstone direct utility function to see if relative price changes in neighboring countries affect the preference structure of the host country. The authors analyze the case of Canada, Mexico, and the United States. They utilize the generalized...