Publications

Is Low Unemployment Inflationary?
Roberto Chang
This article argues that the concept of the NAIRU is of very limited use for predicting inflation, understanding its causes, or forming policy.

Taking Note of the Deposit Insurance Fund: A Plan for the FDIC to Issue Capital Notes
Larry D. Wall
This article proposes a new way to monitor the deposit insurance fund by having the FDIC issue capital notes.

What's Really New about the New Forms of Retail Payment?
William Roberds
This article examines the question of whether, from the standpoint of economic theory, there is or will likely be anything new about these new forms of payment.

The Buck Stops Where? The Role of Limited Liability in Economics
Thomas H. Noe and Stephen D. Smith
Through a review of an extensive and growing literature, the authors of this article consider how limited liability affects investment, labor, and financing decisions made by individuals and corporations as well as government policies intended to promote economic growth or redistribute wealth.