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Recent progress in the practical application of research on monetary policy rules in the United States during the 1990s is examined. The paper focuses on how simple policy rules that describe how the central bank's interest rate responds to the economy have provided a useful framework for actual decision making. It is argued that the process by which economic research is put into practice—called translational economics—is fascinating and worthy of careful study in general; several recent examples from research on monetary policy rules are offered to show why.

American political history is often conceived as a series of stable eras, controlled by dominant party coalitions and demarcated by realigning elections, most often identified as those of 1828, 1860, 1896, and 1932. Since there is a lag in the corresponding reconstitution of the Supreme Court, it is often deemed a countermajoritarian drag on the workings of electoral democracy. An examination of judicial review in relation to political eras shows that view to be correct only in the New Deal era. Judicial review most commonly occurs within eras rather than across them, with a Court reconstituted by the prevailing coalition negating legislation passed by that coalition. This reality significantly alters the normative question of the Court's role in a democracy, and it raises questions about the concept of stable eras. The current trend of political party dealignment calls into question the continuing validity of the critical-elections approach.

Impact of the dominant political party on the US Supreme Court, 1828-1990.