Abstract:The analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an "effective monetary policy," monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.JEL Codes: E520

No abstract

The concepts and history of the measurement of aggregate economic activity are reviewed in the inserts "An Overview of the Concepts of National Output and Income" and "A Brief History of National Income and Product Accounts." 2 Our use of the terms prewar , interwar, and postwar follows Romer (1986, 1989, 1999). 3 Kuznets' estimates of U.S. GNP for the years after 1918 are based on a broad database that includes output of the industrial, agricultural, government, and service sectors. His estimates for the years prior to 1919, however, are obtained largely from commodity output data via multiplication by a scale factor; see Kuznets (1941, 1946), Romer (1989), and Balke and Gordon (1989). 4 See the insert "The Development of U.S. National Income Accounting" and Bureau of Economic Analysis (2000).

No abstract

The concepts and history of the measurement of aggregate economic activity are reviewed in the inserts "An Overview of the Concepts of National Output and Income" and "A Brief History of National Income and Product Accounts." 2 Our use of the terms prewar , interwar, and postwar follows Romer (1986, 1989, 1999). 3 Kuznets' estimates of U.S. GNP for the years after 1918 are based on a broad database that includes output of the industrial, agricultural, government, and service sectors. His estimates for the years prior to 1919, however, are obtained largely from commodity output data via multiplication by a scale factor; see Kuznets (1941, 1946), Romer (1989), and Balke and Gordon (1989). 4 See the insert "The Development of U.S. National Income Accounting" and Bureau of Economic Analysis (2000).