Tending the Vineyard: Maritime Religion on Martha's Vineyard from 1824-1978

The first part of this paper will give a brief introduction to maritime missiology, the second section will trace the beginnings of the Boston Seaman’s Friend Society in the nineteenth century and the third will focus on the Vineyard Haven branch of that work well into the twentieth century. Using source material from the American Seamen’s Friend Society - there is a 5,000 document collection of the ASFS papers in the G.W. Blunt White Library at Mystic Seaport, the Boston Seaman’s Friend Society - whose papers are mostly in the Congregational House on Beacon Hill in Boston, and other secondary works from the nineteenth and twentieth century. I am especially indebted to George Wiseman’s book, They Kept the Lower Lights Burning, Wiseman was the pastor of Trinity Methodist Episcopal Church in Oak Bluff during WWII and the son-in-law of Austin Tower. This presentation will look at the many facets that made up religious work among seafarers.

Does the Federal Reserve Follow a Non-Linear Taylor Rule?

The Taylor rule has become one of the most studied strategies for monetary policy. Yet, little is known whether the Federal Reserve follows a non-linear Taylor rule. This paper employs the smooth transition regression model and asks the question: does the Federal Reserve change its policy-rule according to the level of inflation and/or the output gap? I find that the Federal Reserve does follow a non-linear Taylor rule and, more importantly, that the Federal Reserve followed a non-linear Taylor rule during the golden era of monetary policy, 1985-2005, and a linear Taylor rule throughout the dark age of monetary policy, 1960-1979. Thus, good monetary policy is associated with a non-linear Taylor rule: once inflation approaches a certain threshold, the Federal Reserve adjusts its policy-rule and begins to respond more forcefully to inflation.