M. D. Hayford

Learn More
This paper reexamines the ‘‘cost of business cycle’’ calculations made by Lucas ̇ Ž . ‘‘Models of Business Cycles,’’ Basil Blackwell, New York, 1987 and Imrohoroglǔ Ž Ž . . J. Polit. Econ. 97 1989 , 1364]1383 under alternative specifications of individuals’ risk preferences and using alternative specifications of the stochastic process for per capita(More)
How did the Federal Reserve Bank react to the stock market bubble of the late 1990s? At a Symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming on August 30, 2002, Chairman Alan Greenspan remarked that economists do not currently have a way to measure a stock market bubble convincingly. He also argued that in the absence of(More)
  • 1