Charles Freedman Contributing Authors 1757 Dunkirk Cres. Ottawa, ON K1H 5T3 Canada Stephen H. Axilrod 106 East 85th Street [email protected] Apartment 7N , NY 10028 Benjamin M. Friedman Department of Economics Littauer Center Laurence M. Ball Harvard University Department of Economics Cambridge, MA 02138 The John Hopkins University Baltimore, MD 21218 [email protected] Marvin Goodfriend Bank of Richmond P.O. Box 27622 Ben S. Bernanke Richmond, VA 23261 Board of Governors of the Federal Reserve [email protected] System 20th Street and Constitution, NW Charles A.E. Goodhart Washington, DC 20551 London School of Economics [email protected] Houghton Street London, WC2A 2AE Robert P. Black England 10 Dahlgren Road [email protected] Richmond, VA 23238-6104 Alan Greenspan Alan S. Blinder Board of Governors of the Federal Reserve 105 Fisher Hall System Department of Economics 20th Street and Constitution, NW Princeton University Washington, DC 20551 Princeton, NJ 08544 [email protected] Otmar Issing Executive Board of the Kaiserstr. 29 Philip E. Coldwell 3330 Southwestern Blvd. 60311 Frankfurt am Main Dallas, TX 75225 [email protected]

Joseph R. Coyne David E. Lindsey 4833 Western Avenue, NW 13017 Triple Crown Loop Washington, DC 20016 Gainesville, VA 20155 [email protected] Roger W. Ferguson Jr. Board of Governors of the Federal Reserve Bennett T. McCallum System Graduate School of Industrial Administration 20th Street and Constitution, NW Carnegie Mellon University Washington, DC 20551 , PA 15213 [email protected] [email protected]

FEDERAL RESERVE BANK OF ST. LOUIS REVIEW MARCH/APRIL, PART 2 2005 iii Allan H. Meltzer Christina D. Romer Tepper School of Business Department of Economics Carnegie Mellon University University of California, Berkeley Pittsburgh, PA 15213 Berkeley, CA 94720-3880 [email protected] [email protected]

Athanasios Orphanides Frederick H. Schultz Board of Governors of the Federal Reserve P.O. Box 1200 System Jacksonville, FL 32201 20th Street and Constitution, NW Washington, DC 20551 Anna J. Schwartz [email protected] National Bureau of Economic Research 365 Fifth Avenure, Suite 5318, 5th Floor William Poole New York, NY 10016-4309 Federal Reserve Bank of St. Louis [email protected] P.O. Box 442 St. Louis, MO 63166 John B. Taylor [email protected] Department of the Treasury 1500 Avenue, NW—Room 4448 Robert H. Rasche Washington, DC 20220 Federal Reserve Bank of St. Louis [email protected] P.O. Box 442 St. Louis, MO 63166 Edwin M. Truman [email protected] Institute for International Economics 1750 Massachusetts Avenue, NW Georg Rich Washington, DC 20036-1903 Parkweg 7 [email protected] CH-5000 Aarau [email protected]

iv MARCH/APRIL, PART 2 2005 FEDERAL RESERVE BANK OF ST. LOUIS REVIEW