Beginning in the mid-1980s, the nature of U.S. business cycles changed in important ways, as made evident by distinctive shifts in the comovement and relative volatilities of key economic aggregates. These include labor productivity, hours, output, and inventories. Unlike the widely documented...

The exact nature of land price gradients, the surface describing how land prices change with location, can be difficult to uncover. This is particularly true for cities with few vacant lots or in more rural regions where the number of land sales in a given area is limited. This article outlines...

In this paper, we explore how informational frictions in credit markets directly affect U.S. manufacturing fluctuations. Within the context of a dynamic industry model, we propose a strategy for identifying intermediation costs related to informational asymmetries between lenders and borrowers....

It is well known that when inflation is stochastic, Fisher's theoretical equation, according to which the nominal interest rate is the sum of the real rate and the expected inflation rate, fails to hold. Under stochastic inflation, the Fisher equation must be amended to include a compensation...