Content
November 2024, Volume 44, Issue 3
- 99083 Recalculating Sargent and Wallace’s “Some Unpleasant Monetarist Arithmetic”
by Ivan Werning - 99084 Argentina at a Crossroads
by Tobias Martinez Gonzalez & Juan Pablo Nicolini
July 2024, Volume 44, Issue 2
- 98599 On the Mechanics of Fiscal Inflations
by Marco Bassetto & Luca Benzoni & Jason Hall - 98600 The Recent Rise in US Inflation: Policy Lessons from the Quantity Theory
by Han Gao & Juan Pablo Nicolini
June 2020, Volume 42, Issue 1
- 1-14 Trading Off Consumption and COVID-19 Deaths
by Robert E. Hall & Charles I. Jones & Peter J. Klenow
June 2020, Volume 41, Issue 01
- 1-35 On Using SIR Models to Model Disease Scenarios for COVID-19
by Andrew Atkeson
May 2020, Volume 40, Issue 01
- 1-31 Pandemic Recession: L- or V-Shaped?
by Victoria Gregory & Guido Menzio & David Wiczer
2019, Issue September
- 2-21 Collaboration and Female Representation in Academic Fields
by Soohyung Lee & Benjamin A. Malin
2017, Issue October
- 2-15 Top Income Inequality in the 21st Century: Some Cautionary Notes
by Fatih Guvenen & Greg Kaplan
2016, Issue April
- 1-75 2013 Update on the U.S. Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomics
by Moritz Kuhn & José-Víctor Ríos-Rull
2014, Issue March
2012, Volume 35, Issue Oct
- y:2012:i:oct:n:v.35no.2 Aggregate labor supply
by Edward C. Prescott & Johanna Wallenius
2012, Issue Feb
- 1-17 Negative equity does not reduce homeowners’ mobility
by Sam Schulhofer-Wohl
2011
- v. 34, No. 1 Facts on the distributions of earnings, income, and wealth in the United States: 2007 update
by Javier Diaz-Gimenez & Andrew Glover & José-Víctor Ríos-Rull
2010, Issue July
- 2-13 Measurement with minimal theory
by Ellen R. McGrattan - 14-20 Asset prices, liquidity, and monetary policy in the search theory of money
by Ricardo Lagos
2008, Issue Jul
- 2-9 If exchange rates are random walks, then almost everything we say about monetary policy is wrong
by Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe - 10-16 Back to the future with Keynes
by Lee E. Ohanian
2007, Volume 31, Issue Nov
- 2-15 On the needed quantity of government debt
by Kathryn Birkeland & Edward C. Prescott - 16-44 Modeling great depressions: the depression in Finland in the 1990s
by Juan Carlos Conesa & Timothy J. Kehoe & Kim J. Ruhl
2006, Volume 30, Issue Sep
- 28-40 Early state banks in the United States: how many were there and where did they exist?
by Warren E. Weber - y:2006:i:sep:n:v.30no.1 Latin America in the rearview mirror
by Harold L. Cole & Lee E. Ohanian & Álvaro José Riascos & James A. Schmitz
2005, Volume 29, Issue Oct
- 2-9 Introduction to \\"Models of Monetary Economies II: The Next Generation\\"
by Randall Wright - 10-19 Optimal monetary policy: what we know and what we don’t know
by Narayana R. Kocherlakota
2004, Volume 28, Issue Jul
- 2-13 Why do Americans work so much more than Europeans?
by Edward C. Prescott - 14-33 Changes in hours worked, 1950?2000
by Ellen R. McGrattan & Richard Rogerson
2004, Volume 28, Issue Dec
- 2-9 Avoiding significant monetary policy mistakes
by Preston J. Miller & Gary H. Stern - 10-29 The evolution of U.S. earnings inequality: 1961?2002
by Zvi Eckstein & Eva Nagypal
2003, Volume 27, Issue Win
- 2-9 Sticky prices and monetary policy shocks
by Mark Bils & Peter J. Klenow & Oleksiy Kryvtsov - 10-23 Measuring consumption growth: the impact of new and better products
by Peter J. Klenow
2003, Volume 27, Issue Sum
- 2-16 Interbank payments relationships in the antebellum United States: evidence from Pennsylvania
by Warren E. Weber - 17-33 How severe is the time-inconsistency problem in monetary policy?
by Stefania Albanesi & V. V. Chari & Lawrence J. Christiano
2003, Volume 27, Issue Spr
- 2-8 Accounting for the Great Depression
by V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan - 9-23 Competitive pressure and labor productivity: world iron ore markets in the 1980s
by Jose E. Galdon Sanchez & James A. Schmitz
2002, Volume 26, Issue Win
- 3-30 Decades lost and found: Mexico and Chile since 1980
by Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto
2002, Volume 26, Issue Sum
- 2-35 Updated facts on the U.S. distributions of earnings, income, and wealth
by Javier Diaz-Gimenez & Vincenzo Quadrini & José-Víctor Ríos-Rull & Santiago Budria Rodriguez
2002, Volume 26, Issue Spr
- y:2002:i:spr:n:v.26no.2:x:1 Inequality and fairness
by Christopher Phelan - y:2002:i:spr:n:v.26no.2 Why did productivity fall so much during the Great Depression?
by Lee E. Ohanian
2002, Volume 26, Issue Fall
- 43-52 The published work of Bruce D. Smith (bibliography)
by anonymous
2001, Volume 25, Issue Win
- 2-11 Are Phillips curves useful for forecasting inflation?
by Andrew Atkeson & Lee E. Ohanian - 12-27 Thoughts on the Fed's role in the payment system
by Edward J. Green & Richard M. Todd
2001, Volume 25, Issue Sum
- 3-12 Dollarization and the conquest of hyperinflation in divided societies
by Russell W. Cooper & Hubert Kempf - 13-24 Looking for evidence of time-inconsistent preferences in asset market data
by Narayana R. Kocherlakota
2001, Volume 25, Issue Spr
- 3-29 Competition at work : railroads vs. monopoly in the U.S. shipping industry
by Thomas J. Holmes & James A. Schmitz
2001, Volume 25, Issue Fall
- 2-13 Money and interest rates
by Cyril Monnet & Warren E. Weber
2000, Volume 24, Issue Win
- 3-13 Diamond and Dybvig's classic theory of financial intermediation : what's missing?
by Edward J. Green & Ping Lin - 14-23 Bank runs, deposit insurance, and liquidity
by Douglas W. Diamond & Philip H. Dybvig
2000, Volume 24, Issue Sum
- 2-10 Creating business cycles through credit constraints
by Narayana R. Kocherlakota - 11-21 Knowledge of individual histories and optimal payment arrangements
by Neil Wallace
2000, Volume 24, Issue Spr
- 3-13 The Suffolk Bank and the Panic of 1837
by Arthur J. Rolnick & Bruce Smith & Warren E. Weber - 14-20 Learning to be unpredictable : an experimental study
by Arijit Mukherji & David E. Runkle
2000, Volume 24, Issue Fall
- 3-19 The declining U.S. equity premium
by Ravi Jagannathan & Ellen R. McGrattan & Anna Scherbina - 20-40 Is the stock market overvalued?
by Ellen R. McGrattan & Edward C. Prescott
1999, Volume 23, Issue Win
- 2-24 The Great Depression in the United States from a neoclassical perspective
by Harold L. Cole & Lee E. Ohanian - 25-29 Some observations on the Great Depression
by Edward C. Prescott
1999, Volume 23, Issue Sum
- 3-17 Taxing capital income: a bad idea
by Andrew Atkeson & V. V. Chari & Patrick J. Kehoe - 19-28 Aggregate returns to scale: why measurement is imprecise
by Harold L. Cole & Lee E. Ohanian
1999, Volume 23, Issue Spr
- 2-12 Nobel laureate Robert E. Lucas, Jr.; architect of modern macroeconomics
by V. V. Chari - 13-29 Money and debt in the structure of payments
by Edward J. Green
1999, Volume 23, Issue Fall
- 2-13 Maintenance and repair: too big to ignore
by Ellen R. McGrattan & James A. Schmitz - 14-23 Explaining the fiscal theory of the price level
by Narayana R. Kocherlakota & Christopher Phelan
1998, Volume 22, Issue Win
- 2-19 Changes in hours worked since 1950
by Ellen R. McGrattan & Richard Rogerson - 20-26 A dictum for monetary theory
by Neil Wallace
1998, Volume 22, Issue Sum
- 11-21 Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)
by Arthur J. Rolnick & Bruce Smith & Warren E. Weber - y:1998:i:sum:n:v.22no.3 Technological role of fiat money
by anonymous
1998, Volume 22, Issue Spr
- 2-10 Zero nominal interest rates: why they're good and how to get them
by Harold L. Cole & Narayana R. Kocherlakota - 11-17 Money, inflation, and output under fiat and commodity standards
by Arthur J. Rolnick & Warren E. Weber
1998, Volume 22, Issue Fall
- 3-12 Revisionist history: how data revisions distort economic policy research
by David E. Runkle - 13-27 A defense of AK growth models
by Ellen R. McGrattan
1997, Volume 21, Issue Win
- 2-20 Absence-of-double-coincidence models of money: a progress report
by Neil Wallace - 21-30 Reviving reputation models of international debt
by Harold L. Cole & Patrick J. Kehoe
1997, Volume 21, Issue Sum
- 2-4 S. Rao Aiyagari: my student and my teacher
by Neil Wallace - y:1997:i:sum:n:v.21no.3 The published work of S. Rao Aiyagari (bibliography)
by anonymous
1997, Volume 21, Issue Spr
- 3-21 Dimensions of inequality: facts on the U.S. distributions of earnings, income, and wealth
by Javier Diaz-Gimenez & Vincenzo Quadrini & José-Víctor Ríos-Rull - 22-36 Understanding the U.S. distribution of wealth
by Vincenzo Quadrini & José-Víctor Ríos-Rull
1997, Volume 21, Issue Fall
- 3-7 Money
by James Madison - 8-20 The debasement puzzle: an essay on medieval monetary history
by Arthur J. Rolnick & Francois R. Velde & Warren E. Weber
1996, Volume 20, Issue Win
- 3-13 Narrow banking meets the Diamond-Dybvig model
by Neil Wallace - 14-27 Time to plan and aggregate fluctuations
by Lawrence J. Christiano & Richard M. Todd
1996, Volume 20, Issue Sum
- 3-10 Will the new $100 bill decrease counterfeiting?
by Edward J. Green & Warren E. Weber - 11-23 Why should older people invest less in stock than younger people?
by Ravi Jagannathan & Narayana R. Kocherlakota
1996, Volume 20, Issue Spr
- 2-15 The role played by public enterprises: how much does it differ across countries?
by James A. Schmitz - 16-33 Using monthly data to improve quarterly model forecasts
by Daniel M. Chin & Preston J. Miller
1996, Volume 20, Issue Fall
- 2-12 Are checks overused?
by Kirstin E. Wells - 13-21 Delayed financial disclosure: Mexico's recent experience
by R. Anton Braun & Arijit Mukherji & David E. Runkle
1995, Volume 19, Issue Win
- 2-17 Resistance to new technology and trade between areas
by Thomas J. Holmes & James A. Schmitz - 18-31 A fine time for monetary policy?
by John Geweke & David E. Runkle
1995, Volume 19, Issue Sum
- 2-11 Some monetary facts
by George T. McCandless & Warren E. Weber - 12-21 Incorporating concern for relative wealth into economic models
by Harold L. Cole & George J. Mailath & Andrew Postlewaite
1995, Volume 19, Issue Spr
- 2-28 A new idea for welfare reform
by Michael P. Keane - 29-39 Analyzing a proposal to ban state tax breaks to businesses
by Thomas J. Holmes
1995, Volume 19, Issue Fall
- 2-17 The CAPM debate
by Ravi Jagannathan & Ellen R. McGrattan - 18-32 The growth effects of monetary policy
by V. V. Chari & Larry E. Jones & Rodolfo E. Manuelli
1994, Volume 18, Issue Win
- 2-21 The role of large banks in the recent U.S. banking crisis
by John H. Boyd & Mark Gertler - 22-34 On the contribution of technology shocks to business cycles
by S. Rao Aiyagari
1994, Volume 18, Issue Sum
- 2-23 Are banks dead? Or are the reports greatly exaggerated?
by John H. Boyd & Mark Gertler - 24-40 Macroeconomics with frictions
by S. Rao Aiyagari
1994, Volume 18, Issue Spr
- 2-16 A primer on static applied general equilibrium models
by Patrick J. Kehoe & Timothy J. Kehoe - 17-34 Capturing NAFTA's impact with applied general equilibrium models
by Patrick J. Kehoe & Timothy J. Kehoe
1994, Volume 18, Issue Fall
- 2-16 A progress report on business cycle models
by Ellen R. McGrattan - 17-25 Another attempt to quantify the benefits of reducing inflation
by R. Anton Braun
1993, Volume 17, Issue Win
- 2-16 On the emergence of parliamentary government: the role of private information
by Edward J. Green - 17-31 Explaining financial market facts: the importance of incomplete markets and transaction costs
by S. Rao Aiyagari
1993, Volume 17, Issue Sum
- 2-11 Putting home economics into macroeconomics
by Jeremy Greenwood & Richard Rogerson & Randall Wright - 12-21 The macroeconomic effects of world trade in financial assets
by Harold L. Cole
1993, Volume 17, Issue Spr
- 3-16 Changes in the wealth of nations
by Stephen L. Parente & Edward C. Prescott - 17-35 Early progress on the \\"problem of economic development\\"
by James A. Schmitz
1993, Volume 17, Issue Fall
- 2-13 In order to form a more perfect monetary union
by Arthur J. Rolnick & Bruce Smith & Warren E. Weber - 14-29 International business cycles: theory vs. evidence
by David K. Backus & Patrick J. Kehoe & Finn E. Kydland
1992, Volume 16, Issue Win
- 2-11 How little we know about deficit policy effects
by Preston J. Miller & William Roberds - 12-22 Direct investment: a doubtful alternative to international debt
by Harold L. Cole & William B. English
1992, Volume 16, Issue Sum
- 2-17 SPDAs and GICs: like money in the bank?
by Richard M. Todd & Neil Wallace - 18-21 Acceptability, means of payment, and media of exchange
by Nobuhiro Kiyotaki & Randall Wright
1992, Volume 16, Issue Spr
- 2-12 The labor market in real business cycle theory
by Gary D. Hansen & Randall Wright - 13-21 Resolving the national bank note paradox
by Bruce A. Champ & Neil Wallace & Warren E. Weber
1992, Volume 16, Issue Fall
- 3-12 How the U.S. Treasury should auction its debt
by V. V. Chari & Robert J. Weber - 13-20 No relief in sight for the U.S. economy
by David E. Runkle
1991, Volume 15, Issue Win
- 3-34 Modeling the liquidity effect of a money shock
by Lawrence J. Christiano
1991, Volume 15, Issue Sum
- 3-10 Evaluating the welfare effects of alternative monetary arrangements
by Ayse Imrohoroglu & Edward C. Prescott - 11-19 The labor market implications of unemployment insurance and short-term compensation
by Randall Wright
1991, Volume 15, Issue Spr
- 3-15 Investigating the banking consolidation trend
by John H. Boyd & Stanley L. Graham - 16-20 Defending zero inflation: all for naught
by W. Lee Hoskins - 21-24 Response to a defense of zero inflation
by S. Rao Aiyagari - 25-28 Procyclical prices: a demi-myth?
by Holger C. Wolf
1991, Volume 15, Issue Fall
- 3-17 Can a \\"credit crunch\\" be efficient?
by Edward J. Green & Soo-Nam Oh - 18-25 A bleak outlook for the U.S. economy
by David E. Runkle
1990, Volume 14, Issue Win
- 3-11 Deposit insurance reform; or, deregulation is the cart, not the horse
by John H. Kareken - 12-18 Why markets in foreign exchange are different from other markets
by Neil Wallace - 19-26 A suggestion for oversimplifying the theory of money
by Neil Wallace
1990, Volume 14, Issue Sum
- 2-11 Deflating the case for zero inflation
by S. Rao Aiyagari
1990, Volume 14, Issue Spr
- 3-18 Business cycles: real facts and a monetary myth
by Finn E. Kydland & Edward C. Prescott - 19-37 Vector autoregression evidence on monetarism: another look at the robustness debate
by Richard M. Todd
1990, Volume 14, Issue Fall
- 2-10 Bad news from a forecasting model of the U.S. economy
by David E. Runkle - 11-23 A banking model in which partial suspension is best
by Neil Wallace
1990, Volume 4, Issue Sum
- 12-24 The simple analytics of commodity futures markets: do they stabilize prices? Do they raise welfare?
by V. V. Chari & Ravi Jagannathan
1989, Volume 13, Issue Win
- 3-10 The U.S. economy in 1989 and 1990: walking a fine line
by Preston J. Miller & David E. Runkle - 11-21 Gramm-Rudman-Hollings' hold on budget policy: losing its grip?
by Preston J. Miller - 22-32 How should taxes be set?
by S. Rao Aiyagari
1989, Volume 13, Issue Sum
1989, Volume 13, Issue Spr
- 3-9 Is Japan's saving rate high?
by Fumio Hayashi - 10-25 Understanding Japan's saving rate: the reconstruction hypothesis
by Lawrence J. Christiano - 26-33 Are economic forecasts rational?
by Michael P. Keane & David E. Runkle
1989, Volume 13, Issue Fall
- 3-18 P*: not the inflation forecaster's holy grail
by Lawrence J. Christiano - 19-26 The U.S. economy in 1990 and 1991: continued expansion likely
by David E. Runkle - 27-31 A simple way to estimate current-quarter GNP
by Terry J. Fitzgerald & Preston J. Miller
1988, Volume 12, Issue Win
- 2-7 Why no crunch from the crash?
by David E. Runkle - 8-24 Economic fluctuations without shocks to fundamentals; or, does the stock market dance to its own music?
by S. Rao Aiyagari
1988, Volume 12, Issue Sum
- 2-17 Modeling the impact of an energy price shock on interregional income transfer
by Clarence W. Nelson - 18-32 The relationship between money and prices: some historical evidence reconsidered
by Bruce Smith
1988, Volume 12, Issue Spr
- 3-20 The profitability and risk effects of allowing bank holding companies to merge with other financial firms: a simulation study
by John H. Boyd & Stanley L. Graham - 21-35 Explaining the demand for free bank notes
by Arthur J. Rolnick & Warren E. Weber
1988, Volume 12, Issue Fall
1988, Issue Fall
- 17-31 Time consistency and optimal policy design
by V. V. Chari
1987, Volume 11, Issue Win
- 2-6 The federal budget's effects on intergenerational equity: undone or not undone?
by Gary H. Stern - 7-20 Forecasting and modeling the U.S. economy in 1986-88
by William Roberds & Richard M. Todd
1987, Volume 11, Issue Sum
- 2-18 The benefits of bank deposit rate ceilings: new evidence on bank rates and risk in the 1920's
by Arthur J. Rolnick - 19-29 Recent developments in modeling financial intermediation
by Stephen D. Williamson
1987, Volume 11, Issue Spr
- 2-13 Improving intergovernmental finance: a message from the northland
by Michael J. Stutzer - 14-23 Intergenerational linkages and government budget policies
by S. Rao Aiyagari
1987, Volume 11, Issue Fall
- 2-20 Why is consumption less volatile than income?
by Lawrence J. Christiano
1986, Volume 10, Issue Win
- 2-16 Are forecasting models usable for policy analysis?
by Christopher A. Sims - 17-24 Gresham's law or Gresham's fallacy?
by Arthur J. Rolnick & Warren E. Weber
1986, Volume 10, Issue Sum
- 2-13 Money and the U.S. economy in the 1980s: a break from the past?
by Lawrence J. Christiano - 14-23 Do sterilized interventions affect exchange rates?
by Warren E. Weber
1986, Volume 10, Issue Spr
- 2-17 Risk, regulation, and bank holding company expansion into nonbanking
by John H. Boyd & Stanley L. Graham - 18-29 A visible hand: the Fed's involvement in the check payments system
by James N. Duprey & Clarence W. Nelson
1986, Volume 10, Issue Fall
- 3-8 Modern business cycle analysis: a guide to the Prescott-Summers debate
by Rodolfo E. Manuelli - 9-22 Theory ahead of business cycle measurement
by Edward C. Prescott - 23-27 Some skeptical observations on real business cycle theory
by Lawrence H. Summers - 28-33 Response to a skeptic
by Edward C. Prescott
1985, Volume 9, Issue Win
- y:1985:i:win:n:v.9no.1 A shred of evidence on public acceptance of privately issued currency
by Martin S. Eichenbaum & Neil Wallace - y:1985:i:win:n:v.9no.1:x:1 Deficits, interest rates, and the tax distribution
by S. Rao Aiyagari
1985, Volume 9, Issue Sum
- y:1985:i:sum:n:v.9no.3 Banking instability and regulation in the U.S. free banking era
by Arthur J. Rolnick & Warren E. Weber - y:1985:i:sum:n:v.9no.3:x:1 Adjustable rate mortgages: increasing efficiency more than housing activity
by William Roberds & Michael J. Stutzer
1985, Volume 9, Issue Spr
- y:1985:i:spr:n:v.9no.2 The statewide economic impact of small-issue industrial revenue bonds
by Michael J. Stutzer - y:1985:i:spr:n:v.9no.2:x:1 International coordination of macroeconomic policies: a welfare analysis
by Preston J. Miller & Neil Wallace
1985, Volume 9, Issue Fall
- y:1985:i:fall:n:v.9no.4 How monetary policy in 1985 affects the outlook
by Robert B. Litterman - y:1985:i:fall:n:v.9no.4:x:1 Taking stock of the Farm Credit System: riskier for farm borrowers
by Richard M. Todd
1984, Volume 8, Issue Win
- y:1984:i:win:n:v.8no.1 Money and inflation in colonial Massachusetts
by Bruce Smith - y:1984:i:win:n:v.8no.1:x:1 Some of the choices for monetary policy
by Neil Wallace
1984, Volume 8, Issue Sum
- y:1984:i:sum:n:v.8no.3 Money market mutual funds are hardly money
by Danny Quah & Gary H. Stern & Thomas M. Supel - y:1984:i:sum:n:v.8no.3:x:1 Probable future competition in banking antitrust determination: research findings
by Michael J. Stutzer - y:1984:i:sum:n:v.8no.3:x:2 District conditions / a strong recovery
by anonymous
1984, Volume 8, Issue Spr
- y:1984:i:spr:n:v.8no.2 Should currency be priced like cars?
by Thomas M. Supel & Richard M. Todd - y:1984:i:spr:n:v.8no.2:x:1 Some pleasant monetarist arithmetic
by Michael R. Darby - y:1984:i:spr:n:v.8no.2:x:2 A reply to Darby
by Preston J. Miller & Thomas J. Sargent - y:1984:i:spr:n:v.8no.2:x:3 District conditions / urban strength, rural weakness
by anonymous
1984, Volume 8, Issue Fall
- y:1984:i:fall:n:v.8no.4 Above-average national growth in 1985 and 1986
by Robert B. Litterman - y:1984:i:fall:n:v.8no.4:x:1 Improving economic forecasting with Bayesian vector autoregression
by Richard M. Todd - y:1984:i:fall:n:v.8no.4:x:2 Forecasting and policy analysis with Bayesian vector autoregression models
by Robert B. Litterman - y:1984:i:fall:n:v.8no.4:x:3 More growth ahead for Ninth District states
by Hossain Amirizadeh & Richard M. Todd
1983, Volume 7, Issue Win
- y:1983:i:win:n:v.7no.1 A legal restrictions theory of the demand for \\"money\\" and the role of monetary policy
by Neil Wallace - y:1983:i:win:n:v.7no.1:x:1 Higher deficit policies lead to higher inflation
by Preston J. Miller - y:1983:i:win:n:v.7no.1:x:2 District conditions / recovery likely to be stronger than expected
by anonymous
1983, Volume 7, Issue Sum
- y:1983:i:sum:n:v.7no.3 Toward a more resilient international financial system
by Anthony M. Solomon - y:1983:i:sum:n:v.7no.3:x:1 A primer on the International Monetary Fund
by John H. Boyd & David S. Dahl & Carolyn P. Line
1983, Volume 7, Issue Spr
- y:1983:i:spr:n:v.7no.2 Deposit insurance reform or deregulation is the cart, not the horse
by John H. Kareken - y:1983:i:spr:n:v.7no.2:x:1 Using vector autoregressions to measure the uncertainty in Minnesota's revenue forecasts
by Robert B. Litterman & Thomas M. Supel