An analysis of the impact of the baby-boom generation's inrush into the work force on consumer spending, debt, and foreign investment, finding evidence that age demographics are a strong determinant of aggregate household consumption.

An examination of the extraordinary growth of domestic nonfinancial debt since 1982 and a discussion of policy issues raised by its relation to the stability of the financial system.

An examination of the federal deficit and of the possible effects of persistently high levels of federal debt on real interest rates, private investment, and the economy's real growth.

A description of cash management methods, covering collection, disbursement, and investment techniques. Topics include lock boxes, wire transfers, depository transfer checks, controlled disbursement, zero balancing, money-market instruments, and sweeping arrangements.

An explanation of P-Star, evaluating its usefulness both as an indicator of potential inflation and as a method of assessing the Federal Reserve's long-term goal of price stability.

The average annual return of the S&P 500 since 1994 has exceeded 25 percent. Confidence is high and investors are looking forward to continued above-average returns. The authors of this Economic Commentary attempt to reconcile investors' expectations with a decline in the equity premium, using a...

A description of the Federal Reserve monetary policy framework, with a suggestion that a multiyear nominal income target be viewed as a practical extension of current policy procedures.

An essay on the effect that seasonal money supply fluctations have on the measurement of M1 and on Federal Reserve money supply management, with a discussion of the X-11 adjustment method and suggestions for improving it.