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1987 Working Papers

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Aggregate Fluctuations and Economic Growth: A Case of Random-Walk Hypothesis
By Ching-Sheng Mao
Working Paper 87-6
Released: October 1987

This paper presents a model economy in which the 'balanced' growth is determined endogenously. The growth process in this economy does not depend on exogenous specifications such as human capital accumulation or technological progress. Rather, it is...

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Monetary Control under Alternative Operating Procedures
By Michael Dotsey
Working Paper 87-5
Released: October 1987

>Read More (PDF 967KB)


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The Economic Effects of Corporate Taxes in a Stochastic Growth Model
By Michael Dotsey
Working Paper 87-4
Released: October 1987

>Read More (PDF 643KB)


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Interest Rate Smoothing and Price Level Trend-Stationary (Same as Working Paper #1986-4)
By Marvin Goodfriend
Working Paper 87-3
Released: July 1986

>Read More (PDF 18.1MB)


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Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated
By Yash P. Mehra
Working Paper 87-2
Released: August 1987

Hall and Nobel (1987) use the Granger-causality test to show that volatility influences velocity, leading them to conclude that the recent decline in the velocity of Ml is due to increased volatility of money growth which is alleged to be caused by the...

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On Predicting the Stage of the Business Cycle
By Roy H. Webb
Working Paper 87-1
Released: June 1987


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