The case for stock reduction in manufacturing has been argued by engineers who emphasise the productive benefits. Western management accounting does not provide an adequate indication of the costs of holding stock. This article constructs a framework for identifying and measuring the financial...

This Economic Letter summarizes the papers presented at a conference on "Fiscal and Monetary Policy" held at the Federal Reserve Bank of San Francisco on March 4 and 5, 2005.

We recently completed a study which demonstrated that the costs of health technology assessment (HTA) by randomised controlled trial (RCT) can be reduced by substituting routine datasets for data designed and collected specifically for a trial. This cost reduction, however, had the effect of...

In the past year, the staff of the Board of Governors of the Federal Reserve System began using a new macroeconomic model of the U.S. economy referred to as the FRB/US model. This system of mathematical equations, describing interactions among economic measures such as inflation, interest rates,...

In this paper, we embed the microeconomic decisions associated with investment under uncertainty, capacity utilization, and machine replacement in a general equilibrium model based on putty-clay technology. We show that the combination of log-normally distributed idiosyncratic productivity...

The costs of disinflation are explored using the Board's new sticky-price rational expectations macroeconometric model of the U.S. economy, FRB/US. The model nests both model consistent and `restricted-information rational' expectations. Monetary policy is governed by interest-rate reaction...

We contrast two measures of fuel poverty in New Zealand. The first is based on estimated expenditure of over 10% of household income on fuel. The second is self-reported deprivation of fuel because of an inability to afford it. Households denoted as fuel poor on the two measures are mostly...