FOMC learning and productivity growth (1985-2003): a reading of the record

The increasingly rapid productivity growth that began in the 1990s was the defining economic event of the decade and a major topic of debate among Federal Reserve policymakers. A key aspect of the debate was the contrast between information contained in aggregate data, which initially suggested little productivity gain, and anecdotal firm-level evidence, which hinted at the productivity acceleration. The authors revisit this debate from the actual FOMC transcripts. Their study illustrates the process by which policymakers filter incoming data to identify changes in underlying fundamental trends.Monetary policy

The 1990s acceleration in labor productivity: causes and measurement

The acceleration of labor productivity growth that began during the mid-1990s is the defining economic event of the past decade. A consensus has arisen among economists that the acceleration was caused by technological innovations that decreased the quality-adjusted prices of semiconductors and related information and communications technology (ICT) products, including digital computers. In sharp contrast to the previous 20 years, services-producing sectors-heavy users of ICT products-led the productivity increase, besting even a robust manufacturing sector. In this article, the authors survey the performance of the services-producing and goods-producing sectors and examine revisions to aggregate labor productivity data of the type commonly discussed by policymakers. The revisions, at times, were large enough to reverse preliminary conclusions regarding productivity growth slowdowns and accelerations. The unanticipated acceleration in the services sector and the large size of revisions to aggregate data combine to shed light on why economists were slow to recognize the productivity acceleration.Labor productivity

How does the FOMC learn about economic revolutions? evidence from the New Economy Era, 1994-2001

Forecasting is a daunting challenge for business economists and policymakers, often made more difficult by pervasive uncertainty. No such uncertainty is more difficult than projecting the reaction of policymakers to major shifts in the economy. We explore the process by which the FOMC came to recognize, and react to, the productivity acceleration of the 1990s. Initial impressions were formed importantly by anecdotal evidence. Then, policymakers—and chiefly Alan Greenspan—came to mistrust the data and the forecasts. Eventually, revisions to published data confirmed initial impressions. Our main conclusion is that the productivity-driven positive supply side shocks of the 1990s were initially viewed favorably. However, over time they came to be viewed as posing a threat to the economy, chiefly through unsustainable increases in aggregate demand growth that threatened to increase inflation pressures. Perhaps nothing so complicates business planning and forecasting as policymakers who initially embrace an unanticipated shift and, later, come to abhor the same shift.Federal Open Market Committee ; Financial crises ; Productivity

Productivity measurement and monetary policymaking during the 1990s

The acceleration of productivity growth during the latter half of the 1990s was both the defining economic event of the decade and a major topic of debate among Federal Reserve policymakers. A key aspect of the debate was the conflict between incoming aggregate data, which initially suggested little productivity gain, and anecdotal firm-level evidence which hinted at an acceleration. Some FOMC members feared an overheating economy and higher inflation; others, including the Chairman, argued that revolutionary increases in productivity were occurring and the Committee should not prematurely forgo significant future gains in real income by tightening policy. We review the difficulty of measuring productivity during periods of rapid quality change, the large magnitude of subsequent data revisions during the 1990s, and, from FOMC transcripts, the contemporary monetary policy debate within the FOMC as the decade*s data evolved.Monetary policy ; Production (Economic theory)

NT 500 Concise Greek

(1) Black, David Alan Black. Learn to Read New Testament Greek. Expanded edition; Nashville: Broadman & Holman, 1994. Learn. This is our primary text and must be studied with great care. (2) Black, David Alan. It’s Still Greek to Me: An Easy-to-Understand Guide to Intermediate Greek. Grand Rapids: Baker Books, 1998. ISGM. This is our secondary text. It is actually designed as a first-semester, second year grammar. It will be especially important at the beginning and end of the course. Still (191 pages) is concise, easy to use, and has two helpful introductory chapters for those who need a refresher or introduction to basic grammar (English, that is!). (3) Aland, Barbara et al., eds. Novum Testamentum Graece. 27th ed.; Stuttgart: Deutsche Bibelgesellschaft, 1993. NA27. This is your Greek New Testament. (4) Bauer, W., F. W. Danker, W. F. Arndt, and F. W. Gingrich, eds. A Greek- English Lexicon of New Testament and Other Early Christian Literature. 3rd ed.; Chicago and London: University of Chicago Press, 2000. (BDAG). If you already own the second edition (BAGD), this is acceptable; but you are strongly encouraged to buy BDAG as soon as you can, since it is the state of the art in Greek lexicography and is vastly improved over the second edition. (5) Greek Flash Pro 2 (Portland, Ore.: Paradigm Software Development, 1996- 98). GFP. A flexible and powerful Greek flash card vocabulary program. The strength of this program is its audio option that will help distance learners drill cards orally. (6) [This book is only required if you want to learn Greek accents. The learning of accents is not required for this course!] Carson, D. A. Greek Accents: A Student’s Manuel. GAhttps://place.asburyseminary.edu/syllabi/2419/thumbnail.jp

NT 520 New Testament Introduction

“Core” Texts Wenham, David and Steve Walton, Exploring the New Testament, vol. 1: A Guide to the Gospels and Acts (Downers Grove, Ill.: InterVarsity, 2001). I. Howard Marshall, Stephen Travis, and Ian Paul, Exploring the New Testament, vol. 2: A Guide to the Letters and Revelation (Downers Grove, Ill.: InterVarsity, 2002). Remaining Texts Arthur G. Patzia, The Emergence of the Church: Context, Growth, Leadership, and Worship (Downers Grove, Ill.: InterVarsity, 2001). David A. deSilva, New Testament Themes (St. Louis: Chalice, 2001). Jerry Camery-Hoggatt, Speaking of God: Reading and Preaching the Word of God (Peabody, Mass.: Hendrickson, 1995). Students who can work with the Greek text of the New Testament may choose to use the following text in place of Camery-Hoggatt: Mary H. Schertz and Perry B. Yoder, Seeing the Text: Exegesis for Students of Greek and Hebrew (Nashville: Abingdon, 2001).https://place.asburyseminary.edu/syllabi/3372/thumbnail.jp

NT 520 Introduction to the New Testament

Required Texts First of all, each student should read the New Testament in a credible translation, such as the New Revised Standard (NRSV), New American Bible (with revised NT: RNAB), Revised English Bible (REB), or the New English Translation (NET Bible). There are other translations that are acceptable but not as highly recommended by the professor: NASB, NIV, TNIV, and NLT. Required Texts (1) David A. deSilva, An Introduction to the New Testament: Contexts, Methods & Ministry Formation (Downers Grove, Ill.: InterVarsity, 2004). This will be our “main text.” (2) Michael J. Gorman, Elements of Biblical Exegesis: A Basic Guide for Students and Ministers (Peabody, Mass.: Hendrickson, 2001). On the basis of the focus of your final exegetical paper (i.e., whether you would prefer to interpret a passage from the Gospels, Paul, or one of the other NT documents), select one of the following texts to purchase: (A) Green, Joel B., Scot McKnight, and I. Howard Marshall, eds. Dictionary of Jesus and the Gospels. Downers Grove, Ill.: InterVarsity Press, 1992. (DJG) (B) Hawthorne, Gerald F., Ralph P. Martin, and Daniel G. Reid, eds. Dictionary of Paul and His Letters. Downers Grove, Ill.: InterVarsity Press, 1993. (DPL) (C) Martin, Ralph P. and Peter H. Davids, eds. Dictionary of the Later New Testament and Its Developments. Downers Grove, Ill.: InterVarsity Press, 1997. (DLNTD) Alternatively—and preferably if you can afford it—you may wish to purchase the entire IVP New Testament Dictionary set (including several other helpful reference works) available on CD-ROM: The Essential IVP Reference Collection. You will also need to purchase one of the following titles in order to complete your critical review: (a) Robert Banks, Paul’s Idea of Community: The Early House Churches in Their Cultural Setting (rev. ed.; Peabody, Mass.: Hendrickson, 1994). (b) Jerry Camery-Hoggatt, Speaking of God: Reading and Preaching the Word of God (Peabody, Mass.: Hendrickson, 1995). (c) David A. deSilva, Honor, Patronage, Kinship & Purity: Unlocking New Testament Culture (Downers Grove, Ill.: InterVarsity, 2000). (d) Justo L. González, Santa Biblia: The Bible through Hispanic Eyes (Nashville: Abindgon, 1996). (e) Bruce W. Longenecker, The Lost Letters of Pergamum: A Story from the New Testament World (Grand Rapids: Baker, 2002). (f) Gerd Theissen, The Shadow of the Galilean: The Quest of the Historical Jesus in Narrative Form (Philadelphia: Fortress, 1987).https://place.asburyseminary.edu/syllabi/2867/thumbnail.jp

NT 502 Comprehensive Greek II

(1) David Alan Black, Learn to Read New Testament Greek (expanded edition; Nashville: Broadman & Holman, 1994). Learn. This is our primary text and must be studied with great care. (2) David Alan Black, It’s Still Greek to Me: An Easy-to-Understand Guide to Intermediate Greek (Grand Rapids: Baker Books, 1998). Still Greek. This is a supplemental text that will become increasing important this semester. You will find this book helpful when you are doing research for your Translation Notebook. (3) Barbara Aland, et al., eds. Novum Testamentum Graece (27th ed.; Stuttgart: Deutsche Bibelgesellschaft, 1993). NA27. (4) W. Bauer, F. W. Danker, W. F. Arndt, and F. W. Gingrich, eds. A Greek- English Lexicon of New Testament and Other Early Christian Literature (3d ed.; Chicago and London: University of Chicago Press, 2000. BDAG. (5) GreekFlash Pro 2 (Portland, Ore.: Paradigm Software Development, 1996- 98). GFP. (6) Daniel B. Wallace, The Basics of Greek Syntax: An Intermediate Greek Grammar. Grand Rapids: Zondervan, 2000. Basics. Daniel B. Wallace, Greek Grammar Beyond the Basics (Grand Rapids: Zondervan, 1997). Beyond.https://place.asburyseminary.edu/syllabi/2421/thumbnail.jp

NT 620 The Acts of the Apostles

Cadbury, Henry Joel. The Making of Luke-Acts. 2d ed. With a New Introduction by Paul N. Anderson. Peabody, Mass.: Hendrickson, 1999. Penney, John Michael. The Missionary Emphasis of Lukan Pneumatology. Journal of Pentecostal Studies Supplement 12. Sheffield: Sheffield Academic Press, 1994. Seim, Turid Karlsen. The Double Message: Patterns of Gender in Luke and Acts. Nashville: Abingdon, 1994.https://place.asburyseminary.edu/syllabi/2193/thumbnail.jp

NT 502 Comprehensive Greek II

(1) David Alan Black, Learn to Read New Testament Greek (expanded edition; Nashville: Broadman & Holman, 1994). Learn. This is our primary text and must be studied with great care. (2) David Alan Black, It’s Still Greek to Me: An Easy-to-Understand Guide to Intermediate Greek (Grand Rapids: Baker Books, 1998). Still Greek. This is a supplemental text. You will find this book helpful when you are doing research for your Translation Notebook. (3) Barbara Aland, et al., eds. Novum Testamentum Graece (27th ed.; Stuttgart: Deutsche Bibelgesellschaft, 1993). NA27. (4) W. Bauer, F. W. Danker, W. F. Arndt, and F. W. Gingrich, eds. A Greek- English Lexicon of New Testament and Other Early Christian Literature (3d ed.; Chicago and London: University of Chicago Press, 2000. BDAG. If you already own the second edition (BAGD), this is acceptable; but you are strongly encouraged to buy BDAG as soon as you can, since it is the state of the art in Greek lexicography. You are also strongly encouraged to purchase the Shorter Lexicon (see under Reader’s Lexica in the Greek Resource List below). You will find this to be a helpful resource that you can use in any situation where you would not normally want to carry around a larger lexicon like BDAG. (5) GreekFlash Pro 2 (Portland, Ore.: Paradigm Software Development, 1996- 98). GFP. A flexible and powerful Greek flash card vocabulary program. The strength of this program is its audio option that will help distance learners drill cards orally. (6) Daniel B. Wallace, Greek Grammar Beyond the Basics (Grand Rapids: Zondervan, 1997). Beyond. This is an intermediate grammar that you can use as a resource for understanding grammatical constructions you encounter while working on your Translation Notebook. You are also encouraged to purchase Brooks and Winbery’s Syntax of New Testament Greek (see under Intermediate to Advanced Grammars in the Greek Resource List below). It is a more portable alternative to Wallace’s grammar.https://place.asburyseminary.edu/syllabi/3369/thumbnail.jp