A review of the theoretical and empirical case for disinflationary economic growth, showing that, contrary to popular wisdom, it is quite possible to have a booming economy without an acceleration in the price level.

What is the best way to achieve price stability? Conventional wisdom says that a tough, independent central bank is all that is necessary. However, a new view—the fiscal theory of the price level—argues that an appropriate fiscal policy is also required, no matter how tough the central bank...

How can the United States balance its need for increased energy production with national and global environmental concerns? This Commentary argues that competitive markets can be used in unique and surprising ways to address environmental needs without placing an excessive burden on citizens.

Anxiety over middle class living is complex, but probably not as warranted as the hand-wringing might suggest.

The motive to hold inventories purely in the hope of profiting from a price increase is called the speculative motive. This motive has received considerable attention in the literature. However, existing studies do not have a clear implication for how large it is quantitatively. This paper...

An examination of the basic rationale behind policies intended to reduce the standard workweek, and an explanation of why these policies are likely to be less effective at boosting employment than proponents claim.

The debate over Wal-Mart is a heated one. How can you tell whether the world’s largest retailer is good or bad for your community?

The Phillips curve refers to a negative (or inverse) relationship between unemployment and inflation in an economy—when unemployment is high, inflation tends to be low, and vice versa. This inflation-unemployment link has been observed in many countries during many times, most famously by...

This paper makes two straightforward points that we argue are central to understanding the literature and debate surrounding the stability of the Phillips curve. First, the endogeneity of monetary policy implies that aggregate data are largely uninformative as to the existence of a stable...