Numerical computation of real or complex elliptic integrals

Algorithms for numerical computation of symmetric elliptic integrals of all three kinds are improved in several ways and extended to complex values of the variables (with some restrictions in the case of the integral of the third kind). Numerical check values, consistency checks, and relations to Legendre's integrals and Bulirsch's integrals are included

Learning rationality, the stability of equilibrium and macroeconomics

A review of the literature concerning how individuals learn to form rational expectations and a discussion of the meaning of rationality in a macroeconomy characterized by highly decentralized markets.Macroeconomics ; Rational expectations (Economic theory)

Why the optimism?

In spite of the recent recession, hopes for the New Economy have been little daunted. Surprisingly robust productivity growth during the recent downturn provides compelling new evidence that something truly fundamental is going on. This Commentary argues that advances in information technology, and their diffusion through the economy, justify our optimism. Higher productivity growth is not an ephemeral phenomenon but one likely to persist for some time into the future, perhaps even accelerating further.Economic conditions - United States ; Labor productivity

Rules versus discretion: making a monetary rule operational

A history and analysis of the debate about whether monetary policy should be conducted by rules known in advance to all or by policymaker discretion.Monetary policy - United States ; Monetary policy

The stability of money demand, its interest sensitivity, and some implications for money as a policy guide

An examination of recent empirical research on money demand, which states that the interest elasticity of money demand is greater than most economists previously thought. The author discusses the policy implications of this research for both the M1 and M2 measures.Money ; Velocity of money ; Monetary policy

A Hypergeometric Mean Value

Generalization of hypergeometric mean value from hypergeometric function without loss of homogeneity - derivation and properties of hypergeometric mean valu

Deregulation, money, and the economy

An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.Bank deposits ; Interest ; Money supply

Assessing progress toward price stability: looking forward and looking backward

An examination of how to assess the inflationary effects of current monetary policy, reviewing the behavior of a selected measure of core inflation over the past decade and contrasting this pattern with the inflation expectations of both households and professional forecasters, concluding that such expectations are formed rationally.Inflation (Finance)

The recent ascent in stock prices: how exuberant are you?

Soaring stock prices continue to pit those who claim that investors are paying too much against those who believe stocks are worth even more. Prices of stocks are determined by people's perceptions of worth, which are themselves based on expectations for the future Although we cannot be sure whether the market is over- or undervalued, we can clarify the factors that determine stock prices and discover the assumptions underlying our expectations. Assessing the consistency of these assumptions may help keep our exuberance in check.Stock - Prices ; Economic conditions - United States