{"id":"https://openalex.org/W2114014154","doi":"https://doi.org/10.17016/feds.2000.34","title":"A Quantitative Defense of Stabilization Policy","display_name":"A Quantitative Defense of Stabilization Policy","publication_year":2000,"publication_date":"2000-06-01","ids":{"openalex":"https://openalex.org/W2114014154","doi":"https://doi.org/10.17016/feds.2000.34","mag":"2114014154"},"language":"en","primary_location":{"id":"doi:10.17016/feds.2000.34","doi":"https://doi.org/10.17016/feds.2000.34","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2000.34","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.17016/feds.2000.34","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5070407099","display_name":"Darrel S. Cohen","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Darrel Cohen","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)","Federal Reserve Board; Division of Research and Statistics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]},{"raw_affiliation_string":"Federal Reserve Board; Division of Research and Statistics","institution_ids":["https://openalex.org/I2802905149"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5070407099"],"corresponding_institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"],"apc_list":null,"apc_paid":null,"fwci":0.8216,"has_fulltext":false,"cited_by_count":14,"citation_normalized_percentile":{"value":0.87427626,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":"2000.0","issue":"34","first_page":"1","last_page":"17"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9437999725341797,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9437999725341797,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.027699999511241913,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.010900000110268593,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/economic-stabilization","display_name":"economic stabilization","score":0.9350000023841858},{"id":"https://openalex.org/keywords/consumption-growth","display_name":"consumption growth","score":0.9179999828338623},{"id":"https://openalex.org/keywords/consumption-variability","display_name":"consumption variability","score":0.7940000295639038},{"id":"https://openalex.org/keywords/welfare-cost-of-business-cycles","display_name":"welfare cost of business cycles","score":0.36800000071525574}],"concepts":[{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.7856737971305847},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7423688173294067},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.7191176414489746},{"id":"https://openalex.org/C2776878452","wikidata":"https://www.wikidata.org/wiki/Q1781726","display_name":"Stabilization policy","level":3,"score":0.6208252310752869},{"id":"https://openalex.org/C196083921","wikidata":"https://www.wikidata.org/wiki/Q7915758","display_name":"Variance (accounting)","level":2,"score":0.5725342035293579},{"id":"https://openalex.org/C28719098","wikidata":"https://www.wikidata.org/wiki/Q44946","display_name":"Point (geometry)","level":2,"score":0.4472561180591583},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.44424617290496826},{"id":"https://openalex.org/C136815107","wikidata":"https://www.wikidata.org/wiki/Q154242","display_name":"Nothing","level":2,"score":0.4349325895309448},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.4100983738899231},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.23976370692253113},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.22376874089241028},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.204496830701828},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.18641161918640137},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.11656993627548218},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.06738385558128357},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.0},{"id":"https://openalex.org/C107038049","wikidata":"https://www.wikidata.org/wiki/Q35986","display_name":"Aesthetics","level":1,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.17016/feds.2000.34","doi":"https://doi.org/10.17016/feds.2000.34","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2000.34","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.236399","doi":"https://doi.org/10.2139/ssrn.236399","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.236399","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.548.499","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.548.499","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.federalreserve.gov/pubs/feds/2000/200034/200034pap.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:fip:fedgfe:2000-34","doi":null,"is_oa":false,"landing_page_url":"http://www.federalreserve.gov/pubs/feds/2000/200034/200034abs.html","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.17016/feds.2000.34","doi":"https://doi.org/10.17016/feds.2000.34","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2000.34","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":18,"referenced_works":["https://openalex.org/W70985584","https://openalex.org/W1602300812","https://openalex.org/W1966839091","https://openalex.org/W1991063012","https://openalex.org/W2026253233","https://openalex.org/W2049283082","https://openalex.org/W2061044658","https://openalex.org/W2067259647","https://openalex.org/W2075948081","https://openalex.org/W2107958788","https://openalex.org/W2122223141","https://openalex.org/W2246946887","https://openalex.org/W2330990140","https://openalex.org/W2334869595","https://openalex.org/W3122524090","https://openalex.org/W3124896389","https://openalex.org/W3124906991","https://openalex.org/W6667217426"],"related_works":["https://openalex.org/W2301582783","https://openalex.org/W4408668128","https://openalex.org/W4402290623","https://openalex.org/W1965496850","https://openalex.org/W2152734043","https://openalex.org/W3123571529","https://openalex.org/W1529706328","https://openalex.org/W4225257302","https://openalex.org/W622682303","https://openalex.org/W8459152"],"abstract_inverted_index":{"In":[0],"an":[1],"analysis":[2],"of":[3,6,10,18,29,31,50,59,90,103,111,122,130,136,167],"the":[4,26,56,66,76,88,99,128,134,145,164,179],"value":[5,129,135],"growth":[7,27,58,92,138,165],"and":[8,101,115],"stabilization":[9,105,131,177],"consumption,":[11],"Robert":[12],"Lucas":[13],"presents":[14],"a":[15,22,63,85,159,171],"stunning":[16],"set":[17],"calculations":[19],"implying":[20],"that":[21,127,157],"permanent":[23,161],"increase":[24,162],"in":[25,75,148,163,178],"rate":[28,166],"consumption":[30,51,60,168],"only":[32],"one-tenth":[33],"percentage":[34],"point":[35],"per":[36],"year":[37],"is":[38,54,61,69,139,169,176],"worth":[39,62,70,170],"nearly":[40],"50":[41],"times":[42,142],"as":[43,47],"much":[44],"to":[45,133],"consumers":[46],"complete":[48,109],"elimination":[49,110],"variability.":[52],"This":[53],"because":[55],"higher":[57,137],"lot":[64],"while":[65],"reduced":[67],"variability":[68],"virtually":[71],"nothing":[72],"(at":[73],"least":[74],"post-war":[77],"United":[78],"States).":[79],"Taken":[80],"at":[81],"face":[82],"value,":[83],"such":[84],"result":[86],"supports":[87],"pursuit":[89],"feasible":[91,114],"policies":[93],"but":[94,173],"calls":[95],"into":[96],"serious":[97],"question":[98],"study":[100],"practice":[102],"macroeconomic":[104],"policy":[106],"even":[107,158],"if":[108],"variance":[112],"were":[113],"costless.":[116],"Primarily":[117],"by":[118],"considering":[119],"alternative":[120,180],"meanings":[121],"stabilization,":[123],"this":[124],"paper":[125],"establishes":[126],"relative":[132],"about":[140],"100":[141],"larger":[143],"than":[144],"corresponding":[146],"figure":[147],"Lucas.":[149],"The":[150],"new":[151],"quantitative":[152],"estimates":[153],"suggest,":[154],"assuming":[155],"feasibility,":[156],"small":[160],"lot,":[172],"so":[174],"too":[175],"senses":[181],"considered":[182],"here.":[183]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}