Economic Review

Quarterly journal provides articles, index and abstracts on financial institutions and markets, economic forecasting, macroeconomics, monetary policy, payment systems and international and regional economics.

Articles from Vol. 78, No. 4, July/August

Oil Shocks, Monetary Policy, and Economic Activity
The U.S. economy has experienced nine recessions over the post-World War II period. Whether the causes of these recessions are primarily real or monetary has been widely debated. In this paper we examine two seemingly conflicting results regarding the...
The Case of the Reluctant Recovery
Two things are widely believed about the recession that began in 1990!: first, that it is more severe than others, and second, that is has weighed especially heavily on the middle class. The first proposition is false; the second cannot be known now....What...