Working Papers From 1989 - Federal Reserve Bank of Richmond

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1989 Working Papers

The Credibility of THE WALL STREET JOURNAL in Reporting the Timing and Details of Monetary Policy Events

By Thomas K. Hahn & Timothy Q. Cook
Working Paper 89-5
Released: December 1989

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Money, Credit, Banking, and Payments System Policy

By Marvin Goodfriend
Working Paper 89-3
Released: August 1989

A version of this work was published in the Federal Reserve Bank of Richmond's Economic Review, 1991 Vol. 77, No. 1

The evolution and structure of the payments...

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Cointegration and a Test of the Quantity Theory of Money

By Yash P. Mehra
Working Paper 89-2
Released: April 1989

The main implication of the Quantity Theory of Money is that long-run movements in the price level are determined primarily by long-run movements in the excess of money over real output. This implication is related to the concept of cointegration...

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Wage Growth and the Inflation Process: An Empirical Note

By Yash P. Mehra
Working Paper 89-1
Released: April 1989

A central proposition in the Phillips curve view of the inflation process is that prices are marked up over productivity-adjusted labor costs. If that is true, then long-run movements in prices and labor costs must be correlated. If long-run movements in...

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