Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate,...

Introduction Preclinical data is required to select among various posterior dynamic stabilization devices on the market today. Unfortunately, very little is available. The purpose of this biomechanical study was to compare the kinematics, foraminal areas, and disc heights in cadaveric lumbar spines treated with three types of posterior dynamic stabilization devices: PercuDyn (Interventional Spi...

When countries attempt to stabilize annual inflation rates that are greater than 40 percent, the domestic stock market appreciates by 24 percent on average. The present value of the long-run benefits to shareholders of reducing high inflation outweighs the present value of the short-run costs. In contrast, the average market response is economically weak and statistically insignificant if the p...