Do countries that inhibit the quick integration of new technologies pay a price in slower economic growth? This commentary suggests they do. Focusing on the level of Internet use to indicate the absorption rate of emerging computer technologies, the authors argue that faster technology...

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...

The large inventory buildup in the first half of 1997 led to media warnings of a substantially weaker economy by year's end. The authors examine the rationale for these warnings, and argue that inventory accumulation is an unreliable predictor of future economic strength.

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 author presents a model of job search that focuses on an unemployed person's decision to accept an offered job or to continue looking for a new one.

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...

The business cycle is characterized by contractions and expansions in economic activity that are synchronized across a broad range of sectors. The authors provide evidence to document this, and survey some of the theories that have been proposed to explain it. Although much progress has been...