TY  - GEN
AU  - Trezzi, Riccardo
T1  - I AM IMMORTAL.
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 2017/04//
VL  - 55
IS  - 2
M3  - Other
SP  - 1161
EP  - 1166
SN  - 00952583
AB  - I suggest a model to forecast life expectancy based on the electrocardiogram signal. I show how the heart electrical activity can be decomposed in the state-space and that the suggested model has superior out-of-sample properties compared to a set of alternatives. When the model is used to forecast my own electrocardiogram, a striking result arises: the n-step ahead forecast remains bounded and positive even after one googol period. Therefore, my life expectancy tends to infinity implying that I am immortal. ( JEL I10, I19) [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Inquiry is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIFE expectancy
KW  - ELECTROCARDIOGRAPHY
KW  - IMMORTALITY of the body
KW  - CARDIOLOGY -- Research
KW  - ECONOMETRICS
N1  - Accession Number: 121659212; Trezzi, Riccardo 1; Affiliation:  1: Board of Governors of the Federal Reserve System; Source Info: Apr2017, Vol. 55 Issue 2, p1161; Subject Term: LIFE expectancy; Subject Term: ELECTROCARDIOGRAPHY; Subject Term: IMMORTALITY of the body; Subject Term: CARDIOLOGY -- Research; Subject Term: ECONOMETRICS; Number of Pages: 6p; Illustrations: 2 Charts, 2 Graphs; Document Type: Other
L3  - 10.1111/ecin.12419
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121659212&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Sarama, Robert F.
T1  - Why Mortgage Borrowers Persevere: An Explanation of First and Second Lien Performance Mismatch.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2017///Spring2017
VL  - 45
IS  - 1
M3  - Article
SP  - 28
EP  - 74
SN  - 10808620
AB  - Borrowers with a pair of mortgages collateralized by the same property sometimes continue to make payments on one while defaulting on the other. We articulate a framework for understanding this performance mismatch that emphasizes two types of borrowers: those with stable equity positions who perceive they are facing moderate or temporary liquidity shocks, and those facing severe financial stress in combination with negative equity. The former have an incentive to enter mismatch and subsequently cure, while the latter would default on both contracts. Our empirical analysis using newly available, national samples of matched first- and second-lien mortgages supports this view. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGES
KW  - LOANS
KW  - LIENS
KW  - PROPERTY
KW  - CONTRACTS
N1  - Accession Number: 120785775; Calem, Paul S. 1; Sarama, Robert F. 2; Affiliations: 1: Federal Reserve Bank of Philadelphia; 2: Board of Governors of the Federal Reserve System; Issue Info: Spring2017, Vol. 45 Issue 1, p28; Thesaurus Term: MORTGAGES; Thesaurus Term: LOANS; Thesaurus Term: LIENS; Thesaurus Term: PROPERTY; Thesaurus Term: CONTRACTS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 47p; Illustrations: 19 Charts, 5 Graphs; Document Type: Article
L3  - 10.1111/1540-6229.12139
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120785775&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dumas, Bernard
AU  - Lewis, Karen K.
AU  - Osambela, Emilio
T1  - Differences of Opinion and International Equity Markets.
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2017/03//
VL  - 30
IS  - 3
M3  - Article
SP  - 750
EP  - 800
SN  - 08939454
AB  - We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages of domestic investors in the interpretation of home public signals affect equity markets. We evaluate the ability of our model to generate four international-finance anomalies: (i) the co-movement of returns and capital flows, (ii) home-equity preference, (iii) the dependence of firm returns on home and foreign factors, and (iv) abnormal returns around foreign firm cross-listing in the home market. Their relationships with empirical differences-of-opinion proxies are consistent with the model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL finance
KW  - CAPITALISTS & financiers -- Attitudes
KW  - ACCESS to information
KW  - CAPITAL movements
KW  - FOREIGN investments
KW  - RATE of return
KW  - STOCK exchanges
N1  - Accession Number: 121490801; Dumas, Bernard 1; Lewis, Karen K. 2; Osambela, Emilio 3; Email Address: emilio.osambela@frb.gov; Affiliations: 1: INSEAD, University of Torino, NBER, and CEPR; 2: The Wharton School of the University of Pennsylvania and NBER; 3: Board of Governors of the Federal Reserve System; Issue Info: Mar2017, Vol. 30 Issue 3, p750; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: CAPITALISTS & financiers -- Attitudes; Thesaurus Term: ACCESS to information; Thesaurus Term: CAPITAL movements; Thesaurus Term: FOREIGN investments; Thesaurus Term: RATE of return; Thesaurus Term: STOCK exchanges; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 51p; Document Type: Article
L3  - 10.1093/rfs/hhw083
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121490801&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Constant focus: Engaging to measure wealth.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 13
EP  - 22
SN  - 18747655
AB  - This essay is intended to place the selection of my papers in this issue of the SJIAOS in the context of other research on wealth measurement and to provide an overview of their part in the history of the constant focus in the Survey of Consumer Finances to engage in measuring wealth more effectively. It also makes some recommendations for future work on that survey and possibly other systems of measurement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - MEASUREMENT
KW  - CONSUMERS
KW  - FINANCE
KW  - HOUSEHOLD surveys
KW  - SURVEYS -- Methodology
KW  - survey methodology
KW  - wealth distribution
KW  - Wealth measurement
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNIVERSITY of Chicago
N1  - Accession Number: 121705421; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p13; Subject Term: WEALTH; Subject Term: MEASUREMENT; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: HOUSEHOLD surveys; Subject Term: SURVEYS -- Methodology; Author-Supplied Keyword: survey methodology; Author-Supplied Keyword: wealth distribution; Author-Supplied Keyword: Wealth measurement; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) Company/Entity: UNIVERSITY of Chicago; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
L3  - 10.3233/SJI-170347
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705421&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Wealth measurement in the survey of consumer finances: Methodology and directions for future research.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 23
EP  - 39
SN  - 18747655
AB  - This paper summarizes, as of 2000, the history of the Survey of Consumer Finances (SCF) and the supporting structure for measuring household wealth with that survey. Surveys are the large scientific measurement devices of the social sciences. Each set of observations rests heavily on theories - statistical theories about sampling, missing data, inference, and other such formal issues, cognitive theories about how people perceive the data collection process and respond to it, behavioral theories that deal with the different incentives that operate on all parties in the data collection, and even social theories that address the ways that we interpret the process and its outcomes. Each aspect of these theories has a role in characterizing the "results" of the cumulation of processes that make up a survey. For the SCF, the most pressing issues are persuading respondents to participate and, given participation, to provide accurate data. Many measurement problems are amplified by the fact that the distribution of wealth is highly skewed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH management services
KW  - HOUSEHOLD surveys
KW  - INCOME
KW  - ACQUISITION of data
KW  - INTERVIEWING
KW  - SOCIAL theory
KW  - history
KW  - survey of consumer finances
KW  - Wealth measurement
N1  - Accession Number: 121705406; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p23; Subject Term: WEALTH management services; Subject Term: HOUSEHOLD surveys; Subject Term: INCOME; Subject Term: ACQUISITION of data; Subject Term: INTERVIEWING; Subject Term: SOCIAL theory; Author-Supplied Keyword: history; Author-Supplied Keyword: survey of consumer finances; Author-Supplied Keyword: Wealth measurement; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 17p; Document Type: Article
L3  - 10.3233/SJI-160274
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705406&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Using income data to predict wealth.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 41
EP  - 49
SN  - 18747655
AB  - This paper considers the relationship between income and wealth using data from three sources: the Survey of Consumer Finances (SCF), the IRS and Forbes Magazine. Because of the legal and ethical constraints on the use of some of these data, the focus of the paper is limited to a few issues that are relevant to improving the design of the SCF and understanding better the quality of the information collected. The most important goal of the paper is estimation of functional relationships between income and wealth. Work to this end results in model predictions that are more effective than using income alone as a proxy for wealth. However, it is clear that the relationship is not strong, and more work is needed, particularly to address the noise introduced into the relationship by year-to-year income variability. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH -- Mathematical models
KW  - CONSUMERS
KW  - FINANCE
KW  - SAMPLING (Statistics)
KW  - AFFLUENT consumers
KW  - HOUSEHOLDS
KW  - UNITED States
KW  - sampling
KW  - survey of consumer finances
KW  - Wealth modeling
N1  - Accession Number: 121705418; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p41; Subject Term: WEALTH -- Mathematical models; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: SAMPLING (Statistics); Subject Term: AFFLUENT consumers; Subject Term: HOUSEHOLDS; Subject Term: UNITED States; Author-Supplied Keyword: sampling; Author-Supplied Keyword: survey of consumer finances; Author-Supplied Keyword: Wealth modeling; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 9p; Document Type: Article
L3  - 10.3233/SJI-160312
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705418&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Modeling wealth with multiple observations of income: Redesign of the sample for the 2001 Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 51
EP  - 58
SN  - 18747655
AB  - This paper reports on the research that underlies the redesign of a key part of the sample for the Survey of Consumer Finances (SCF) for the 2001 wave of the survey, building on the history of sampling research for the survey dating back to the 1983 wave. The sample for the SCF includes an oversample of relatively wealthy families selected from statistical records derived from individual tax returns, using a stratified design based on a mapping from observations of components of income to an estimate of wealth. The mapping is imperfect, and three factors seem particularly important: First, at any given time, rates of return that connect assets with capital income may vary widely across individuals depending on luck, information, and local economic conditions. Second, some assets, such as 401(k) accounts and residences, do not generate returns that are observable on a regular basis. Finally, temporally transitory factors, such as the timing of income receipts or unusually good luck, may cause the income that is observed in a given period to have a noisy relationship to the underlying assets that generate those returns. It is very difficult to address the first two concerns directly. However, the third can be addressed by using multiple observations of income to model wealth; an effort to do so is the principal focus here. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - MEASUREMENT
KW  - CONSUMER surveys
KW  - CONSUMERS
KW  - FINANCE
KW  - INCOME
KW  - 401(K) plans
KW  - SAMPLING (Statistics)
KW  - administrative data
KW  - Sampling
KW  - wealth measurement
N1  - Accession Number: 121705407; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p51; Subject Term: WEALTH; Subject Term: MEASUREMENT; Subject Term: CONSUMER surveys; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: INCOME; Subject Term: 401(K) plans; Subject Term: SAMPLING (Statistics); Author-Supplied Keyword: administrative data; Author-Supplied Keyword: Sampling; Author-Supplied Keyword: wealth measurement; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 8p; Document Type: Article
L3  - 10.3233/SJI-160275
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705407&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Lining up: Survey and administrative data estimates of wealth concentration.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 59
EP  - 79
SN  - 18747655
AB  - The Survey of Consumer Finances (SCF) has a dual-frame sample design that supplements a standard area-probability frame with a sample of observations drawn from statistical records derived from tax returns. The tax-based frame is stratified on the basis of a "wealth index" constructed largely from observed income flows, with the intent of heavily oversampling wealthy households. Although the SCF is not specifically designed to estimate wealth concentration, the design arguably provides sufficient support to enable such analysis with a reasonable level of credibility. Similar estimates may also be made by using tax-based data directly, as in Saez and Zucman [1], by using a construct very close to a key part of the SCF wealth index. Such an approach has appeal as a way of tapping a much larger set of information to improve SCF estimates. Not surprisingly, there are differences in the two approaches, largely as a result of conceptual differences or complications in the survey implementation. This paper focuses on the top 1 percent of the wealth distribution, the group most intensively covered by the SCF list sample and it explores the stability of the relationship between the patterns of concentration in the survey data and parallel patterns in tax-based estimates and considers how those patterns differ across survey participants, the full sample and the entire survey frame. In addition, the paper makes as series of recommendation for further research on the technical support of the survey. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - MEASUREMENT
KW  - SAMPLING (Statistics)
KW  - NONRESPONSE (Statistics)
KW  - SKEWNESS (Probability theory)
KW  - TAX returns
KW  - CONSUMERS
KW  - FINANCE
KW  - nonresponse
KW  - oversampling
KW  - sampling
KW  - skewed distributions
KW  - Wealth measurement
N1  - Accession Number: 121705422; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p59; Subject Term: WEALTH; Subject Term: MEASUREMENT; Subject Term: SAMPLING (Statistics); Subject Term: NONRESPONSE (Statistics); Subject Term: SKEWNESS (Probability theory); Subject Term: TAX returns; Subject Term: CONSUMERS; Subject Term: FINANCE; Author-Supplied Keyword: nonresponse; Author-Supplied Keyword: oversampling; Author-Supplied Keyword: sampling; Author-Supplied Keyword: skewed distributions; Author-Supplied Keyword: Wealth measurement; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 21p; Document Type: Article
L3  - 10.3233/SJI-170349
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705422&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - What do the "late" cases tell us? Evidence from the 1998 Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 81
EP  - 92
SN  - 18747655
AB  - As is the case in most other government surveys, the Survey of Consumer Finances (SCF) makes strenuous efforts to maintain response rates. These efforts are quite costly. The argument for pursuing the relatively difficult "late" cases is twofold: First, sample size is important for more efficient estimation. Second, there is an implicit assumption that higher response rates lessen the possibilities of bias. The former argument is straightforward, but the latter is less so. This paper investigates the information contained in the later observations of the SCF. The data presented here suggest that there are differences in some of the economic and other characteristics of respondents and nonrespondents, and that these differences are present in a weaker form in the contrast between the cases that are early and those that are late. However, for general purposes, the differences between the early and late cases are not dependably strong. Because nonresponse is affected both by respondent-specific characteristics and management decisions about the deployment of interviewers, it unlikely that we can make substantial progress without separating these effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NONRESPONSE (Statistics)
KW  - SURVEYS
KW  - PROBABILITY theory
KW  - CONSUMERS
KW  - FINANCE
KW  - AFFLUENT consumers
KW  - paradata
KW  - Unit nonresponse
N1  - Accession Number: 121705417; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p81; Subject Term: NONRESPONSE (Statistics); Subject Term: SURVEYS; Subject Term: PROBABILITY theory; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: AFFLUENT consumers; Author-Supplied Keyword: paradata; Author-Supplied Keyword: Unit nonresponse; Number of Pages: 12p; Document Type: Article
L3  - 10.3233/SJI-160302
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705417&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - The bitter end? The close of the 2007 SCF field period.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 93
EP  - 99
SN  - 18747655
AB  - Typically, the end of a survey field period is a point when a survey struggles to achieve what is seen as an acceptable response rate. Response is shaped by the decisions of field staff to continue applying effort and respondents to be open to persuasion. The situation is an uncomfortable one in that it is quite difficult to apply measurable standards to the process in a way that can be mapped with any precision into response probabilities. The Survey of Consumer Finances (SCF) has long gone to the bitter end of the field period where the remaining possibilities of completed interviews are very slim, and in doing so has held response rates approximately constant over time. The hope is that this operational approach will allow as much constancy across time as possible in any response biases. Yet this is a costly approach that could not be justified easily if the last cases are not sufficiently different from cases collected earlier. This paper examines the set of the last cases collected for the 2007 SCF and describes the ways in which they differ from ones collected earlier in the field period. Some limited comparisons are also made with the nonrespondents. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - HOUSEHOLD surveys -- Response rate
KW  - STATISTICAL bias
KW  - CONSUMER surveys
KW  - PROBABILITY theory
KW  - field work
KW  - late cases
KW  - response bias
KW  - response rates
KW  - Survey of consumer finances
KW  - unit nonresponse
N1  - Accession Number: 121705413; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Main Stop 153, Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p93; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: HOUSEHOLD surveys -- Response rate; Subject Term: STATISTICAL bias; Subject Term: CONSUMER surveys; Subject Term: PROBABILITY theory; Author-Supplied Keyword: field work; Author-Supplied Keyword: late cases; Author-Supplied Keyword: response bias; Author-Supplied Keyword: response rates; Author-Supplied Keyword: Survey of consumer finances; Author-Supplied Keyword: unit nonresponse; Number of Pages: 7p; Document Type: Article
L3  - 10.3233/SJI-160296
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705413&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Darkness made visible: Field management and nonresponse in the 2004 SCF.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 101
EP  - 111
SN  - 18747655
AB  - Nonresponse in field surveys is the joint outcome of the decision of survey staff to apply effort to inform and persuade respondents, and the evaluation of such inputs by respondents. In most such surveys, the field staff are under great pressure to produce completed interviews. Thus, they have an incentive to apply effort to cases that are most likely, in their view, to be completed with least effort. To the extent that interviewers' perceptions are unbiased, such behavior would tend to amplify latent patterns of nonresponse. When the characteristics of respondents that affect the likelihood of participation are correlated with variables of analytical interest in the survey, bias results, unless a means can be found of discovering and adjusting for the underlying behavioral structures. But, absent constraints on the behavior of interviewers, the observed outcomes are contaminated by the endogeneity of effort, and only strong a priori assumptions could disentangle the interviewer effects from the respondent effects. To address the problem of endogenous effort, the 2004 Survey of Consumer Finances introduced a phased plan of sample management to make effort more nearly exogenous through the first two of three phases of field work. Thus, nonresponse in these controlled stages should largely reflect respondent characteristics, not a mixture of respondent and interviewer characteristics. The dual frame design of the SCF offers two classes of sample cases for modeling nonresponse. For the area-probability sample, tract-level data are available from the 2000 Census of Population. For the list sample, case-specific data based on statistical records derived from tax returns are available. For both set of cases, some interviewer observations are also available. This paper presents estimates of nonresponse models based on these data. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER surveys
KW  - CONSUMERS
KW  - FINANCE
KW  - NONRESPONSE (Statistics)
KW  - CENSUS
KW  - INTERVIEWERS
KW  - interviewers
KW  - Nonresponse
KW  - paradata
N1  - Accession Number: 121705408; Kennickell, Arthur B. 1; Email Address: akennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p101; Subject Term: CONSUMER surveys; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: NONRESPONSE (Statistics); Subject Term: CENSUS; Subject Term: INTERVIEWERS; Author-Supplied Keyword: interviewers; Author-Supplied Keyword: Nonresponse; Author-Supplied Keyword: paradata; Number of Pages: 11p; Document Type: Article
L3  - 10.3233/SJI-160277
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705408&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Getting to the top: Reaching wealthy respondents in the SCF.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 113
EP  - 123
SN  - 18747655
AB  - This paper examines the effort devoted to securing interviews with a very wealthy part of the sample for the 2007 Survey of Consumer Finances (SCF). Only about a quarter of the group completed an interview. At the close of the field period, more than a third of this part of the sample was judged by the field staff to be still workable - that is, those cases were neither complete nor final refusals. The evolution of the field work was driven both by the behavior of respondents and the behavior of the field staff. The paper uses the formal data coded in the call records for each case to describe the work. But that information is inconclusive about the factors that drove the work. However, informal notes in the call records do provide a clear picture of the points of resistance among respondents. Although it was difficult to locate, contact, and convince respondents of the legitimacy and value of the survey, it appears that the ultimate constraint in a large proportion of cases was the length of the interview - potentially several hours for these respondents. Examination of the available auxiliary data provides little evidence of nonresponse bias. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - RESPONDENTS
KW  - WEALTH
KW  - HOUSEHOLD surveys -- Response rate
KW  - STATISTICAL bias
KW  - HOUSEHOLDS
KW  - ATTITUDES
KW  - UNITED States
KW  - nonresponse bias
KW  - paradata
KW  - Survey field operations
N1  - Accession Number: 121705412; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p113; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: CONSUMER surveys; Subject Term: RESPONDENTS; Subject Term: WEALTH; Subject Term: HOUSEHOLD surveys -- Response rate; Subject Term: STATISTICAL bias; Subject Term: HOUSEHOLDS; Subject Term: ATTITUDES; Subject Term: UNITED States; Author-Supplied Keyword: nonresponse bias; Author-Supplied Keyword: paradata; Author-Supplied Keyword: Survey field operations; Number of Pages: 11p; Document Type: Article
L3  - 10.3233/SJI-160295
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705412&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - What's the chance? Interviewers' expectations of response in the 2010 SCF.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 125
EP  - 129
SN  - 18747655
AB  - Many household surveys collect and maintain process paradata. Such information has particular appeal, because variations in the level or particular patterns of effort might bear on understanding unit nonresponse or other aspects of survey participation. But for such information to be useful, it is necessary to understand the process that generates them. For surveys that lack a highly structured contact protocol, choices of survey managers or interviewers determine whether and when a record is generated; if that choice is not neutral with respect to characteristics of respondents, then the process data may not be directly usable to study such topics as response propensity, unless there is some means of controlling for choice. For such surveys, one a priori plausible control is the subjective likelihood that a given case can be successfully completed. Effort might be thought to be most likely to be applied to cases that are most likely to be completed. This paper examines data from the 2010 Survey of Consumer Finances (SCF), on the subjective evaluation of the likelihood of case completion that interviewers were required to complete for each effort on each case. In general, the data suggest that interviewers cannot predict the outcome of cases sufficiently reliably or precisely to be systematically useful. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERVIEWERS
KW  - EXPECTATION (Psychology)
KW  - NONRESPONSE (Statistics)
KW  - HOUSEHOLD surveys
KW  - CONSUMERS
KW  - FINANCE
KW  - expectations
KW  - interviewers
KW  - nonresponse
KW  - Paradata
N1  - Accession Number: 121705419; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p125; Subject Term: INTERVIEWERS; Subject Term: EXPECTATION (Psychology); Subject Term: NONRESPONSE (Statistics); Subject Term: HOUSEHOLD surveys; Subject Term: CONSUMERS; Subject Term: FINANCE; Author-Supplied Keyword: expectations; Author-Supplied Keyword: interviewers; Author-Supplied Keyword: nonresponse; Author-Supplied Keyword: Paradata; Number of Pages: 5p; Document Type: Article
L3  - 10.3233/SJI-160313
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705419&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Using range techniques with CAPI in the 1995 Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 131
EP  - 141
SN  - 18747655
AB  - The Survey of Consumer Finances (SCF) collects dollar amounts for a wide variety of assets, liabilities, payments, incomes, and other items. Non-negligible problems with item nonresponse for these variables in the past has been mitigated by the collection of range information. However, reports from interviewers suggested that probing for ranges was sometimes awkward. The redesign of the 1995 SCF for computer-assisted personal interviewing (CAPI) allowed the collection of range data to be incorporated more formally into the interview process than was feasible with a paper questionnaire and to capture more detailed information about the nature of probing. The results from the use of the new approach suggest that many responses that would previously have been recorded as "don't know" were instead collected as range information, and that ranges may have displaced some point estimates made by the respondent. In addition, the data suggest there are complex interactions effects that determine the types of ranges that interviewers and respondents negotiate. One justification for imposing this additional burden on interviewers and respondents is the potential for addressing nonignorable item nonresponse more fully. Although the results presented here tend to support the collection of range data as an efficiency-improving measure, there is not strong evidence that imputations would otherwise be biased. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - MULTIPLE imputation (Statistics)
KW  - INTERVIEWING
KW  - QUESTIONNAIRES
KW  - imputation
KW  - Item nonresponse
N1  - Accession Number: 121705410; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p131; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: CONSUMER surveys; Subject Term: MULTIPLE imputation (Statistics); Subject Term: INTERVIEWING; Subject Term: QUESTIONNAIRES; Author-Supplied Keyword: imputation; Author-Supplied Keyword: Item nonresponse; Number of Pages: 11p; Document Type: Article
L3  - 10.3233/SJI-160283
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705410&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Multiple imputation in the Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 143
EP  - 151
SN  - 18747655
AB  - The Survey of Consumer Finances (SCF) focuses intensely on the details of households' finances. Owing to the perceived sensitivity of this topic to some people and the difficulty of answering some questions, unit and item nonresponse rates in the SCF are substantial. The FRITZ Multiple imputation (MI) routine developed for the SCF has provided a means of providing a public data set that is more informative overall than anything that could be constructed with the data available to the public while also providing a more honest picture of the limits of our knowledge about the missing data. MI also plays a key role in the SCF in disclosure limitation as a tool for a limited form of data simulation in the public version of the data. This paper reviews the implementation of MI for the SCF and provides some empirical evidence on the performance of the FRITZ system. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - MULTIPLE imputation (Statistics)
KW  - ASSETS (Accounting)
KW  - HOUSEHOLDS
KW  - Item nonresponse
KW  - multiple imputation
N1  - Accession Number: 121705409; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p143; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: CONSUMER surveys; Subject Term: MULTIPLE imputation (Statistics); Subject Term: ASSETS (Accounting); Subject Term: HOUSEHOLDS; Author-Supplied Keyword: Item nonresponse; Author-Supplied Keyword: multiple imputation; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 9p; Document Type: Article
L3  - 10.3233/SJI-160278
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705409&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Interviewers and data quality: Evidence from the 2001 survey of consumer finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 153
EP  - 163
SN  - 18747655
AB  - The most obvious pressure on field interviewers during a survey is to complete interviews. Comparable efforts to enforce data quality standards are hampered because many of the most important indicators of quality are embedded in the data in ways that are typically very difficult to extract quickly enough to be useful during a survey field period. This paper examines a number of important indicators of data quality based on the data in the 2001 Survey of Consumer Finances and uses that information to assess variations over interviewers. Of particular interest is the low correlation across interviewers between some measures of the quality of the data they collected and the rate at which they completed cases. The paper argues for three things: (1) development of feedback systems to monitor and enforce data quality, (2) reexamination of the role of interviewers with particular attention to the possibility of dividing their tasks, and (3) investigation of the labor market for interviewers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DATA quality
KW  - INTERVIEWERS
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - LABOR market
KW  - EDITING
KW  - Data quality
KW  - editing
KW  - interviewers
N1  - Accession Number: 121705420; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p153; Subject Term: DATA quality; Subject Term: INTERVIEWERS; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: CONSUMER surveys; Subject Term: LABOR market; Subject Term: EDITING; Author-Supplied Keyword: Data quality; Author-Supplied Keyword: editing; Author-Supplied Keyword: interviewers; Number of Pages: 11p; Document Type: Article
L3  - 10.3233/SJI-160314
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705420&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Bricker, Jesse
AU  - Kennickell, Arthur B.
T1  - Shared understanding and data quality in the SCF.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 165
EP  - 174
SN  - 18747655
AB  - In a survey, data quality is most vulnerable is at the point of data collection. Because the Survey of Consumer Finances (SCF) queries respondents on topics that are particularly technical and private, the role of the interviewer as facilitator is crucial; to be an effective facilitator, the interviewer must be well informed and motivated. To this end, SCF interviewers participate in trainings with NORC staff, and historically Federal Reserve Board (FRB) staff has reviewed completed cases for data quality issues. Although the review is partly driven by software that is used to identify many classes of potential systematic problems, the focus on reviewing individual cases has made larger data quality patterns less salient. Moreover, because the review usually proceeds with a considerable lag, it has often been difficult to get to the roots of problems, to educate interviewers where necessary and to change other procedures where appropriate. Understanding and well-conceived change rest on effective communication, but despite the best efforts of all involved, communication between the FRB staff and the field staff has been inefficient. This paper focuses on advances in the communication channel in the 2013 SCF. The work builds on the recognition that goals are easier to reach when everyone involved in the data collection process has a common understanding of them. To move closer to this ideal, some detailed elements of data quality review have been diffused through NORC staff. By engaging with the actual data, all players in the data creation process have developed a stronger common understanding of emergent issues and communicate more clearly about elements of data quality. This progress will serve as a basis for subsequent improvement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DATA quality
KW  - CONSUMERS
KW  - FINANCE
KW  - COMMUNICATION
KW  - ACQUISITION of data
KW  - communication
KW  - Data quality
KW  - survey methods
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 121705416; Bricker, Jesse 1 Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p165; Subject Term: DATA quality; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: COMMUNICATION; Subject Term: ACQUISITION of data; Author-Supplied Keyword: communication; Author-Supplied Keyword: Data quality; Author-Supplied Keyword: survey methods; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
L3  - 10.3233/SJI-160300
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705416&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - The other, other half: Changes in the finances of the least wealthy 50 percent, 2007-2009.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 185
EP  - 193
SN  - 18747655
AB  - In discussions of household wealth, it is not surprising that discussion often tends to focus on the upper half of the wealth distribution: According to the 2007 Survey of Consumer Finances (SCF), that group held 97.5 percent of all directly owned household wealth. This paper investigates the wealth dynamics of the lower half of the distribution using data from the 2007-2009 SCF panel to examine the degree of distributional mobility among this group, the demographic characteristics associated with such change and the role of initial portfolio allocation. It also provides information from earlier SCFs and the 2010 SCF to put the results in perspective. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - CONSUMERS
KW  - FINANCE
KW  - HOUSEHOLDS
KW  - RECESSIONS -- 2008-2013
KW  - AFFLUENT consumers
KW  - UNITED States
KW  - Great Recession
KW  - Wealth distribution
N1  - Accession Number: 121705415; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p185; Subject Term: WEALTH; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: HOUSEHOLDS; Subject Term: RECESSIONS -- 2008-2013; Subject Term: AFFLUENT consumers; Subject Term: UNITED States; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Wealth distribution; Number of Pages: 9p; Document Type: Article
L3  - 10.3233/SJI-160298
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705415&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Try, try again: Response and nonresponse in the 2009 SCF panel.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 203
EP  - 209
SN  - 18747655
AB  - The 2007 SCF was designed as a continuation of a series of cross-sectional surveys on the financial condition of U.S. households. In light of the serious economic downturn that followed that survey, the Federal Reserve Board decided to pursue a second interview with the survey participants to understand how the aggregate changes played out across households. Great care was taken to prepare interviewers to deal with respondents, who would not have expected an additional contact and some of whom had earlier expressed a strong desire never to be bothered again. Ultimately, the survey achieved a re-interview rate of almost 89 percent and a relatively low item nonresponse rates for such a complex survey. This paper uses the formal and informal paradata to examine key factors in survey response. If the nonrespondents to the re-interview are representative of marginal respondents in both years, there is an advantage in studying the group, because so much is known about them from their earlier interview and the process of obtaining that interview. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSEHOLD surveys -- Response rate
KW  - HOUSEHOLDS
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - WEALTH
KW  - UNITED States
KW  - longitudinal response
KW  - Panel survey
KW  - wealth survey
N1  - Accession Number: 121705411; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Source Info: 2017, Vol. 33 Issue 1, p203; Subject Term: HOUSEHOLD surveys -- Response rate; Subject Term: HOUSEHOLDS; Subject Term: CONSUMERS; Subject Term: FINANCE; Subject Term: CONSUMER surveys; Subject Term: WEALTH; Subject Term: UNITED States; Author-Supplied Keyword: longitudinal response; Author-Supplied Keyword: Panel survey; Author-Supplied Keyword: wealth survey; Number of Pages: 7p; Document Type: Article
L3  - 10.3233/SJI-160294
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705411&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - An Afterword.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 263
EP  - 265
SN  - 18747655
AB  - An introduction is presented in which the editor discusses articles in the issue on topics including the relations between income and wealth, the use of interviews in conducting a survey, and the history of multiple imputation (MI).
KW  - WEALTH management services
KW  - INTERVIEWING
KW  - MULTIPLE imputation (Statistics)
N1  - Accession Number: 121705404; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliation:  1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC, USA; Source Info: 2017, Vol. 33 Issue 1, p263; Subject Term: WEALTH management services; Subject Term: INTERVIEWING; Subject Term: MULTIPLE imputation (Statistics); NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 3p; Document Type: Article
L3  - 10.3233/SJI-171059
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121705404&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - What do the "late" cases tell us? Evidence from the 1998 Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 81
EP  - 92
SN  - 18747655
AB  - As is the case in most other government surveys, the Survey of Consumer Finances (SCF) makes strenuous efforts to maintain response rates. These efforts are quite costly. The argument for pursuing the relatively difficult "late" cases is twofold: First, sample size is important for more efficient estimation. Second, there is an implicit assumption that higher response rates lessen the possibilities of bias. The former argument is straightforward, but the latter is less so. This paper investigates the information contained in the later observations of the SCF. The data presented here suggest that there are differences in some of the economic and other characteristics of respondents and nonrespondents, and that these differences are present in a weaker form in the contrast between the cases that are early and those that are late. However, for general purposes, the differences between the early and late cases are not dependably strong. Because nonresponse is affected both by respondent-specific characteristics and management decisions about the deployment of interviewers, it unlikely that we can make substantial progress without separating these effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PROBABILITY theory
KW  - CONSUMERS
KW  - FINANCE
KW  - AFFLUENT consumers
KW  - NONRESPONSE (Statistics)
KW  - SURVEYS
KW  - paradata
KW  - Unit nonresponse
N1  - Accession Number: 121705417; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p81; Thesaurus Term: PROBABILITY theory; Thesaurus Term: CONSUMERS; Thesaurus Term: FINANCE; Thesaurus Term: AFFLUENT consumers; Subject Term: NONRESPONSE (Statistics); Subject Term: SURVEYS; Author-Supplied Keyword: paradata; Author-Supplied Keyword: Unit nonresponse; Number of Pages: 12p; Document Type: Article
L3  - 10.3233/SJI-160302
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705417&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Using range techniques with CAPI in the 1995 Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 131
EP  - 141
SN  - 18747655
AB  - The Survey of Consumer Finances (SCF) collects dollar amounts for a wide variety of assets, liabilities, payments, incomes, and other items. Non-negligible problems with item nonresponse for these variables in the past has been mitigated by the collection of range information. However, reports from interviewers suggested that probing for ranges was sometimes awkward. The redesign of the 1995 SCF for computer-assisted personal interviewing (CAPI) allowed the collection of range data to be incorporated more formally into the interview process than was feasible with a paper questionnaire and to capture more detailed information about the nature of probing. The results from the use of the new approach suggest that many responses that would previously have been recorded as "don't know" were instead collected as range information, and that ranges may have displaced some point estimates made by the respondent. In addition, the data suggest there are complex interactions effects that determine the types of ranges that interviewers and respondents negotiate. One justification for imposing this additional burden on interviewers and respondents is the potential for addressing nonignorable item nonresponse more fully. Although the results presented here tend to support the collection of range data as an efficiency-improving measure, there is not strong evidence that imputations would otherwise be biased. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - INTERVIEWING
KW  - QUESTIONNAIRES
KW  - MULTIPLE imputation (Statistics)
KW  - imputation
KW  - Item nonresponse
N1  - Accession Number: 121705410; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p131; Thesaurus Term: CONSUMERS; Thesaurus Term: FINANCE; Thesaurus Term: CONSUMER surveys; Thesaurus Term: INTERVIEWING; Thesaurus Term: QUESTIONNAIRES; Subject Term: MULTIPLE imputation (Statistics); Author-Supplied Keyword: imputation; Author-Supplied Keyword: Item nonresponse; Number of Pages: 11p; Document Type: Article
L3  - 10.3233/SJI-160283
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705410&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Multiple imputation in the Survey of Consumer Finances.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 143
EP  - 151
SN  - 18747655
AB  - The Survey of Consumer Finances (SCF) focuses intensely on the details of households' finances. Owing to the perceived sensitivity of this topic to some people and the difficulty of answering some questions, unit and item nonresponse rates in the SCF are substantial. The FRITZ Multiple imputation (MI) routine developed for the SCF has provided a means of providing a public data set that is more informative overall than anything that could be constructed with the data available to the public while also providing a more honest picture of the limits of our knowledge about the missing data. MI also plays a key role in the SCF in disclosure limitation as a tool for a limited form of data simulation in the public version of the data. This paper reviews the implementation of MI for the SCF and provides some empirical evidence on the performance of the FRITZ system. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - ASSETS (Accounting)
KW  - MULTIPLE imputation (Statistics)
KW  - HOUSEHOLDS
KW  - Item nonresponse
KW  - multiple imputation
N1  - Accession Number: 121705409; Kennickell, Arthur B. 1; Email Address: arthur.kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p143; Thesaurus Term: CONSUMERS; Thesaurus Term: FINANCE; Thesaurus Term: CONSUMER surveys; Thesaurus Term: ASSETS (Accounting); Subject Term: MULTIPLE imputation (Statistics); Subject Term: HOUSEHOLDS; Author-Supplied Keyword: Item nonresponse; Author-Supplied Keyword: multiple imputation; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 9p; Document Type: Article
L3  - 10.3233/SJI-160278
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705409&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Tossed and turned: Wealth dynamics of U.S. households 2007-2009.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 175
EP  - 183
SN  - 18747655
AB  - For many years, the cross-sectional Survey of Consumer Finances has shown relatively weak or inconsistent changes in the shape of the distribution of net worth, despite many shifts in income and other economic factors. In 2009, households that had taken part in the 2007 SCF were re-interviewed to obtain information on the changes in their financial condition over the period of the intervening financial crisis. Looked at as a second cross section, the 2009 data show a pattern of wealth distribution very similar in shape to what had been seen in the earlier cross sections. Between the two years, however, there was considerable variation in the relative positions of households within the wealth distribution. This paper presents data on the changed situation of households and it decomposes the observed wealth changes in terms of underlying portfolio shifts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCOME distribution
KW  - RECESSIONS -- 2008-2013
KW  - HOUSEHOLD surveys
KW  - HOUSEHOLDS -- United States
KW  - UNITED States -- Economic conditions -- 2017-
KW  - Great Recession
KW  - Wealth distribution
N1  - Accession Number: 121705414; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.) , Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p175; Thesaurus Term: INCOME distribution; Thesaurus Term: RECESSIONS -- 2008-2013; Subject Term: HOUSEHOLD surveys; Subject Term: HOUSEHOLDS -- United States; Subject Term: UNITED States -- Economic conditions -- 2017-; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Wealth distribution; Number of Pages: 9p; Document Type: Article
L3  - 10.3233/SJI-160297
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705414&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Look again: Editing and imputation of SCF panel data.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 195
EP  - 202
SN  - 18747655
AB  - In 2009, a re-interview with participants in the 2007 Survey of Consumer Finances (SCF) was undertaken to provide information on the effects of the financial crisis on households. The panel questionnaire was designed to maximize comparability with the earlier data. The subject matter of the survey, wealth and related issues, is often considered sensitive or conceptually difficult. Consequently, editing and imputation of the data are very important considerations. Although the baseline data had already been edited and imputed cross sectionally, they were re-edited along with the new panel data. Similarly, the data for both waves of the survey were imputed jointly. This paper has two goals: to discuss the importance of the re-editing of the baseline data and to gauge the effects of the joint imputation of data from the two waves. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERVIEWING
KW  - FINANCIAL crises
KW  - MULTIPLE imputation (Statistics)
KW  - HOUSEHOLD surveys
KW  - BUDGET baselines
KW  - CROSS-sectional method
KW  - Editing
KW  - imputation
KW  - panel data
N1  - Accession Number: 121705405; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p195; Thesaurus Term: INTERVIEWING; Thesaurus Term: FINANCIAL crises; Subject Term: MULTIPLE imputation (Statistics); Subject Term: HOUSEHOLD surveys; Subject Term: BUDGET baselines; Subject Term: CROSS-sectional method; Author-Supplied Keyword: Editing; Author-Supplied Keyword: imputation; Author-Supplied Keyword: panel data; Number of Pages: 8p; Document Type: Article
L3  - 10.3233/SJI-160268
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705405&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Try, try again: Response and nonresponse in the 2009 SCF panel.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2017/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 203
EP  - 209
SN  - 18747655
AB  - The 2007 SCF was designed as a continuation of a series of cross-sectional surveys on the financial condition of U.S. households. In light of the serious economic downturn that followed that survey, the Federal Reserve Board decided to pursue a second interview with the survey participants to understand how the aggregate changes played out across households. Great care was taken to prepare interviewers to deal with respondents, who would not have expected an additional contact and some of whom had earlier expressed a strong desire never to be bothered again. Ultimately, the survey achieved a re-interview rate of almost 89 percent and a relatively low item nonresponse rates for such a complex survey. This paper uses the formal and informal paradata to examine key factors in survey response. If the nonrespondents to the re-interview are representative of marginal respondents in both years, there is an advantage in studying the group, because so much is known about them from their earlier interview and the process of obtaining that interview. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - FINANCE
KW  - CONSUMER surveys
KW  - WEALTH
KW  - HOUSEHOLD surveys -- Response rate
KW  - HOUSEHOLDS -- United States
KW  - longitudinal response
KW  - Panel survey
KW  - wealth survey
N1  - Accession Number: 121705411; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System (Ret.), Washington, DC 20551, USA; Issue Info: 2017, Vol. 33 Issue 1, p203; Thesaurus Term: CONSUMERS; Thesaurus Term: FINANCE; Thesaurus Term: CONSUMER surveys; Thesaurus Term: WEALTH; Subject Term: HOUSEHOLD surveys -- Response rate; Subject Term: HOUSEHOLDS -- United States; Author-Supplied Keyword: longitudinal response; Author-Supplied Keyword: Panel survey; Author-Supplied Keyword: wealth survey; Number of Pages: 7p; Document Type: Article
L3  - 10.3233/SJI-160294
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121705411&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Byrne, David
AU  - Fernald, John G.
AU  - Reinsdorf, Marshall
T1  - Does Growing Mismeasurement Explain Disappointing Growth?
JO  - FRBSF Economic Letter
JF  - FRBSF Economic Letter
Y1  - 2017/02/13/
VL  - 2017
IS  - 4
M3  - Article
SP  - 1
EP  - 5
PB  - Federal Reserve Bank of San Francisco
SN  - 0890927X
AB  - The article offers information on the economic conditions in the U.S. as of 2017. Topics include the slowing growth in the country's productivity due to measurement problems, importance of innovation for economic growth, and information technology (IT)-related production. Also mentioned are the labor productivity, gross domestic product (GDP), and computer prices.
KW  - ECONOMIC development
KW  - INNOVATION management
KW  - LABOR productivity
KW  - COMPUTERS
KW  - GROSS domestic product
KW  - INFORMATION technology industry
KW  - UNITED States
KW  - SALES & prices
N1  - Accession Number: 121364356; Byrne, David 1 Fernald, John G. 2 Reinsdorf, Marshall 3; Affiliation:  1: Principal economist at the Board of Governors of the Federal Reserve System  2: Senior research advisor in the Economic Research Department of the Federal Reserve Bank of San Francisco  3: Senior economist at the International Monetary Fund; Source Info: 2/13/2017, Vol. 2017 Issue 4, p1; Subject Term: ECONOMIC development; Subject Term: INNOVATION management; Subject Term: LABOR productivity; Subject Term: COMPUTERS; Subject Term: GROSS domestic product; Subject Term: INFORMATION technology industry; Subject Term: UNITED States; Subject Term: SALES & prices; NAICS/Industry Codes: 417310 Computer, computer peripheral and pre-packaged software merchant wholesalers; NAICS/Industry Codes: 423430 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers; NAICS/Industry Codes: 443142 Electronics Stores; NAICS/Industry Codes: 334111 Electronic Computer Manufacturing; NAICS/Industry Codes: 334110 Computer and peripheral equipment manufacturing; NAICS/Industry Codes: 443144 Computer and software stores; Number of Pages: 5p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121364356&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Pool, Veronika K.
AU  - Sialm, Clemens
AU  - Stefanescu, Irina
T1  - CFA Digest: It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans.
JO  - CFA Digest
JF  - CFA Digest
Y1  - 2017/02//
VL  - 47
IS  - 2
M3  - Article
SP  - 1
EP  - 2
SN  - 00469777
AB  - Mutual fund management companies that provide services to sponsors of 401(k) savings plans exhibit favoritism toward their own affiliated funds. Underperforming affiliated funds are less likely to be removed from the menu of available investment options compared with similarly underperforming non-affiliated funds. The investment choices of plan participants tend to suggest that they are unaware of the potential conflicts of interest involved and continue to invest in underperforming investment options. [ABSTRACT FROM AUTHOR]
AB  - Copyright of CFA Digest is the property of CFA Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
N1  - Accession Number: 121499955; Pool, Veronika K. 1; Sialm, Clemens 2; Stefanescu, Irina 3; Affiliations: 1: Kelley School of Business, Indiana University; 2: McCombs School of Business, University of Texas at Austin, and at the National Bureau of Economic Research; 3: Board of Governors of the Federal Reserve System; Issue Info: Feb2017, Vol. 47 Issue 2, p1; Number of Pages: 2p; Document Type: Article
L3  - 10.2469/dig.v47.n2.8
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121499955&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Borochin, Paul
AU  - Yang, Jie
T1  - Options, equity risks, and the value of capital structure adjustments.
JO  - Journal of Corporate Finance
JF  - Journal of Corporate Finance
Y1  - 2017/02//
VL  - 42
M3  - Article
SP  - 150
EP  - 178
SN  - 09291199
AB  - We use exchange-traded options to identify risks relevant to capital structure adjustments in firms. These forward-looking market-based risk measures provide significant explanatory power in predicting net leverage changes in excess of accounting data. They matter most during contractionary periods and for growth firms. We form market-based indices that capture firms' magnitudes of, and propensity for, net leverage increases. Firms with larger predicted leverage increases outperform firms with lower predicted increases by 3.1% to 3.9% per year in buy-and-hold abnormal returns. Finally, consistent with the quality, leverage, and distress risk puzzles, firms with lower predicted leverage increases are riskier but earn lower abnormal returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - OPTIONS (Finance)
KW  - CAPITAL structure
KW  - FINANCIAL risk management
KW  - FINANCIAL leverage
KW  - EQUITY
KW  - Capital structure
KW  - Financial leverage
KW  - G12
KW  - G14
KW  - G30
KW  - G32
KW  - Implied volatility
KW  - Options
N1  - Accession Number: 121173930; Borochin, Paul 1; Email Address: paul.borochin@uconn.edu; Yang, Jie 2; Email Address: jie.yang@frb.gov; Affiliations: 1: School of Business University of Connecticut, Storrs, CT06269,United States; 2: Board of Governors of the Federal Reserve System, Washington, D.C.20551,United States; Issue Info: Feb2017, Vol. 42, p150; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: CAPITAL structure; Thesaurus Term: FINANCIAL risk management; Thesaurus Term: FINANCIAL leverage; Subject Term: EQUITY; Author-Supplied Keyword: Capital structure; Author-Supplied Keyword: Financial leverage; Author-Supplied Keyword: G12; Author-Supplied Keyword: G14; Author-Supplied Keyword: G30; Author-Supplied Keyword: G32; Author-Supplied Keyword: Implied volatility; Author-Supplied Keyword: Options; Number of Pages: 29p; Document Type: Article
L3  - 10.1016/j.jcorpfin.2016.11.010
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121173930&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dew-Becker, Ian
AU  - Giglio, Stefano
AU  - Le, Anh
AU  - Rodriguez, Marius
T1  - The price of variance risk.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2017/02//
VL  - 123
IS  - 2
M3  - Article
SP  - 225
EP  - 250
SN  - 0304405X
AB  - Between 1996 and 2014, it was costless on average to hedge news about future variance at horizons ranging from 1 quarter to 14 years. Only unexpected, transitory realized variance was significantly priced. These results present a challenge to many structural models of the variance risk premium, such as the intertemporal CAPM and recent models with Epstein–Zin preferences and long-run risks. The results are also difficult to reconcile with macro models in which volatility affects investment decisions. At the same time, the data allows us to distinguish between different disaster models; a model in which the stock market has a time-varying exposure to disasters and investors have power utility fits the major features of the variance term structure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL assets pricing model
KW  - HEDGE funds
KW  - CAPITALISTS & financiers
KW  - VOLATILITY (Finance)
KW  - DECISION making
KW  - Disasters
KW  - G12
KW  - G13
KW  - Recursive preferences
KW  - Variance risk premium
N1  - Accession Number: 121050406; Dew-Becker, Ian 1,2; Giglio, Stefano 3,4; Email Address: Stefano.giglio@chicagobooth.edu; Le, Anh 5; Rodriguez, Marius 6; Affiliations: 1: Kellogg School of Management, Northwestern University, USA; 2: National Bureau of Economic Research; 3: Booth School of Business, University of Chicago, USA; 4: National Bureau of Economic Research and the Centre for Economic Policy Research; 5: Smeal College of Business, Pennsylvania State University, USA; 6: Board of Governors of the Federal Reserve System, USA; Issue Info: Feb2017, Vol. 123 Issue 2, p225; Thesaurus Term: CAPITAL assets pricing model; Thesaurus Term: HEDGE funds; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: DECISION making; Author-Supplied Keyword: Disasters; Author-Supplied Keyword: G12; Author-Supplied Keyword: G13; Author-Supplied Keyword: Recursive preferences; Author-Supplied Keyword: Variance risk premium; NAICS/Industry Codes: 525910 Open-End Investment Funds; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/j.jfineco.2016.04.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121050406&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ecer, Sencer1, ecer@itu.edu.tr
AU  - Magro, Mark2
AU  - Sarpça, Sinan3
T1  - The Relationship Between Nonprofits' Revenue Composition and Their Economic-Financial Efficiency.
JO  - Nonprofit & Voluntary Sector Quarterly
JF  - Nonprofit & Voluntary Sector Quarterly
J1  - Nonprofit & Voluntary Sector Quarterly
PY  - 2017/02//
Y1  - 2017/02//
VL  - 46
IS  - 1
CP  - 1
M3  - Article
SP  - 141
EP  - 155
SN  - 08997640
AB  - We study financial efficiency in the nonprofit sector and document that organizations that rely mainly on commercial revenues are more efficient in managing their overhead and administrative expenses compared with nonprofits that rely mainly on donations. We also record a positive relationship between the extent of a nonprofit's reliance on donations and its efficiency in generating them. Our findings suggest economies of scale in the nonprofit sector and also a positive (negative) relationship between receiving government grants (membership income) and overall efficiency. We discuss what our findings imply for social enterprises and traditional nonprofits. [ABSTRACT FROM AUTHOR]
KW  - Grants (Money)
KW  - Nonprofit organizations
KW  - Charitable giving
N1  - Accession Number: 120615672; Authors:Ecer, Sencer 1 Email Address: ecer@itu.edu.tr; Magro, Mark 2; Sarpça, Sinan 3; Affiliations:  1: Istanbul Technical University, Istanbul, Turkey;  2: Board of Governors of the Federal Reserve System, Washington, DC, USA;  3: Koç University, Istanbul, Turkey; Subject: Nonprofit organizations; Subject: Charitable giving; Subject: Grants (Money); Author-Supplied Keyword: earned income; Author-Supplied Keyword: financial ratios; Author-Supplied Keyword: not-for-profit institutions; Author-Supplied Keyword: social enterprises; Number of Pages: 15p; Record Type: Article; Full Text Word Count: 6194
L3  - 10.1177/0899764016649693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eft&AN=120615672&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eft
ER  - 

TY  - JOUR
AU  - Anbil, Sriya
T1  - Managing Stigma during a Financial Crisis.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 57
AB  - How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? I explore this question using data from an unexpected disclosure of partial lists of banks that secretly borrowed from the lender of last resort during the Great Depression. I find evidence of stigma in that depositors withdrew more deposits from banks included on the lists in comparison with banks left of the lists. However, stigma dissipated for banks that were revealed earlier after subsequent banks were revealed. Overall, the results suggest that an emergency lending facility that never reveals bank identities would mitigate stigma. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - BANK deposits
KW  - BANK runs
KW  - INTERBANK market
KW  - DEPRESSIONS (Economics)
KW  - STIGMA (Social psychology)
N1  - Accession Number: 121537376; Anbil, Sriya 1; Email Address: sriya.l.anbil@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, 20th St. and Constitution Ave., NW, Washington, DC 20551, USA; Issue Info: Feb2017, p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BANK deposits; Thesaurus Term: BANK runs; Thesaurus Term: INTERBANK market; Thesaurus Term: DEPRESSIONS (Economics); Subject Term: STIGMA (Social psychology); Number of Pages: 58p; Document Type: Article
L3  - 10.17016/FEDS.2017.007
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537376&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Buhui Qiu
AU  - Teng Wang
T1  - Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 54
AB  - This paper studies whether knowledge protection affects shareholder value and firms' investment in knowledge assets using the staggered adoptions and rejections of the inevitable disclosure doctrine (IDD) by U.S. state courts as exogenous changes in the level of knowledge protection. We find positive (negative) abnormal stock returns around the IDD adoption (rejection) day for firms headquartered in the state and uncover a positive IDD treatment effect on firms' investment in knowledge assets. Moreover, the effects on stock returns and knowledge assets investment are stronger in more knowledge-oriented industries and firms. Finally, enhancing knowledge protection does not discourage local entrepreneurial activity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKHOLDERS
KW  - STOCK exchanges
KW  - STOCKHOLDER wealth
KW  - KNOWLEDGE management
KW  - STOCKS (Finance) -- Rate of return
KW  - ECONOMIC aspects
KW  - Inevitable Disclosure Doctrine
KW  - Investment in Knowledge Assets
KW  - Knowledge Protection
KW  - Shareholder Value
N1  - Accession Number: 121537381; Buhui Qiu 1; Email Address: buhui.qiu@sydney.edu.au; Teng Wang 2; Email Address: teng.wang@frb.gov; Affiliations: 1: University of Sydney, NSW 2006, Australia; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave NW, Washington, DC 20551, USA; Issue Info: Feb2017, preceding p1; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: STOCK exchanges; Thesaurus Term: STOCKHOLDER wealth; Thesaurus Term: KNOWLEDGE management; Thesaurus Term: STOCKS (Finance) -- Rate of return; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Inevitable Disclosure Doctrine; Author-Supplied Keyword: Investment in Knowledge Assets; Author-Supplied Keyword: Knowledge Protection; Author-Supplied Keyword: Shareholder Value; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 57p; Document Type: Article
L3  - 10.17016/FEDS.2017.012
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537381&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Byrne, David
AU  - Corrado, Carol
T1  - ICT Prices and ICT Services: What do they tell us about Productivity and Technology?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 40
AB  - This paper reassesses the link between ICT prices, technology, and productivity. To understand how the ICT sector could come to the rescue of a whole economy, we introduce a simple model that sets out the steady-state contribution of the sector to the growth in U.S. labor productivity. The model extends Oulton (2012) to include ICT services (e.g., cloud computing) which has implications for the relationship between prices for ICT services and prices for the capital stocks (i.e., ICT assets) used to supply them. ICT asset prices are then put under a microscope, and official prices are found to substantially understate ICT price declines. And because ICT use continues to diffuse through the economy--increasingly via cloud and related services which are not fully accounted for in the standard narrative on ICT's contribution to economic growth--the contribution of ICT to growth in output per hour going forward is calibrated to be substantially larger than thought in the past. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFORMATION & communication technologies
KW  - PRODUCTION (Economic theory)
KW  - EFFECT of technological innovations on industrial productivity
KW  - LABOR productivity
KW  - ECONOMIC aspects
KW  - CLOUD computing -- Economic aspects
KW  - UNITED States
KW  - Cloud services
KW  - High-performance computing
KW  - Information and Communication Technology (ICT)
KW  - Price measurement
KW  - Productivity
KW  - Technology
N1  - Accession Number: 121537384; Byrne, David 1; Corrado, Carol 2; Email Address: carol.corrado@tcb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C.; 2: The Conference Board and Center for Business and Public Policy, McDonough School or Business, Georgetown University; Issue Info: Feb2017, preceding p1; Thesaurus Term: INFORMATION & communication technologies; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: EFFECT of technological innovations on industrial productivity; Thesaurus Term: LABOR productivity; Subject Term: ECONOMIC aspects; Subject Term: CLOUD computing -- Economic aspects; Subject Term: UNITED States; Author-Supplied Keyword: Cloud services; Author-Supplied Keyword: High-performance computing; Author-Supplied Keyword: Information and Communication Technology (ICT); Author-Supplied Keyword: Price measurement; Author-Supplied Keyword: Productivity; Author-Supplied Keyword: Technology; Number of Pages: 43p; Document Type: Article
L3  - 10.17016/FEDS.2017.015
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537384&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Byrne, David
AU  - Corrado, Carol
T1  - ICT Asset Prices: Marshaling Evidence into New Measures.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 26
AB  - This paper is a companion to our recent paper, "ICT Prices and ICT Services: What do they tell us about Productivity and Technology?" It provides the sources and methods used to construct national accounts-style price deators for the major components of ICT investment--communications equipment, computer equipment, and software--that were presented and analyzed in that paper. The ICT equipment measures described herein were also used in Byrne, Fernald, and Reinsdorf (2016). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFORMATION & communication technologies
KW  - ASSETS (Accounting)
KW  - INDUSTRIAL productivity
KW  - EFFECT of technological innovations on industrial productivity
KW  - DEFLATION (Finance)
KW  - ECONOMIC aspects
KW  - ICT asset prices
KW  - Information and Communication Technology (ICT)
KW  - Price measurement
N1  - Accession Number: 121537385; Byrne, David 1; Corrado, Carol 2; Email Address: carol.corrado@tcb.org; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: The Conference Board and Center for Business and Public Policy, McDonough School, Georgetown University; Issue Info: Feb2017, preceding p1; Thesaurus Term: INFORMATION & communication technologies; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: EFFECT of technological innovations on industrial productivity; Thesaurus Term: DEFLATION (Finance); Subject Term: ECONOMIC aspects; Author-Supplied Keyword: ICT asset prices; Author-Supplied Keyword: Information and Communication Technology (ICT); Author-Supplied Keyword: Price measurement; Number of Pages: 30p; Document Type: Article
L3  - 10.17016/FEDS.2017.016
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537385&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Decker, Ryan A.
AU  - Haltiwanger, John
AU  - Jarmin, Ron S.
AU  - Miranda, Javier
T1  - Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 12
AB  - A large literature documents declining measures of business dynamism including high-growth young firm activity and job reallocation. A distinct literature describes a slowdown in the pace of aggregate labor productivity growth. We relate these patterns by studying changes in productivity growth from the late 1990s to the mid 2000s using firm-level data. We find that diminished allocative efficiency gains can account for the productivity slowdown in a manner that interacts with the within-firm productivity growth distribution. The evidence suggests that the decline in dynamism is reason for concern and sheds light on debates about the causes of slowing productivity growth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR productivity
KW  - INDUSTRIAL productivity
KW  - ALLOCATIVE efficiency (Economics)
KW  - BUSINESS enterprises
KW  - ECONOMIC development
KW  - ECONOMIC aspects
N1  - Accession Number: 121537388; Decker, Ryan A. 1; Haltiwanger, John 2; Jarmin, Ron S. 3; Miranda, Javier 3; Affiliations: 1: Board of Governors of the Federal Reserve System, University of Maryland; 2: NBER; 3: U.S. Census Bureau; Issue Info: Feb2017, preceding p1; Thesaurus Term: LABOR productivity; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: ALLOCATIVE efficiency (Economics); Thesaurus Term: BUSINESS enterprises; Thesaurus Term: ECONOMIC development; Subject Term: ECONOMIC aspects; Number of Pages: 14p; Document Type: Article
L3  - 10.17016/FEDS.2017.019
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537388&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CONF
AU  - Kennickell, Arthur B.
T1  - Lining Up: Survey and Administrative Data Estimates of Wealth Concentration.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Conference Paper
SP  - 1
EP  - 72
AB  - The Survey of Consumer Finances (SCF) has a dual-frame sample design that supplements a standard area-probability frame with a sample of observations drawn from statistical records derived from tax returns. The tax-based frame is stratified on the basis of a "wealth index" constructed largely from observed income flows, with the intent of heavily oversampling wealthy households. Although the SCF is not specifically designed to estimate wealth concentration, the design arguably provides sufficient support to enable such analysis with a reasonable level of credibility. Similar estimates may also be made by using tax-based data directly, as in [1], by using a construct very close to a key part of the SCF wealth index. Such an approach has appeal as a way of tapping a much larger set of information to improve SCF estimates. Not surprisingly, there are differences in the two approaches, largely as a result of conceptual differences or complications in the survey implementation. This paper focuses on the top 1 percent of the wealth distribution, the group most intensively covered by the SCF list sample and it explores the stability of the relationship between the patterns of concentration in the survey data and parallel patterns in tax-based estimates and considers how those patterns differ across survey participants, the full sample and the entire survey frame. In addition, the paper makes as series of recommendation for further research on the technical support of the survey. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - PERSONAL finance surveys
KW  - CONSUMER credit
KW  - FAMILIES -- Economic aspects
KW  - CREDIT -- Statistics
KW  - UNITED States
KW  - MEASUREMENT
N1  - Accession Number: 121537386; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Feb2017, preceding p1; Thesaurus Term: WEALTH; Thesaurus Term: PERSONAL finance surveys; Thesaurus Term: CONSUMER credit; Thesaurus Term: FAMILIES -- Economic aspects; Thesaurus Term: CREDIT -- Statistics; Subject Term: UNITED States; Subject Term: MEASUREMENT; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 74p; Document Type: Conference Paper
L3  - 10.17016/FEDS.2017.017
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537386&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AU  - von Hafften, Alexander H.
T1  - Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 30
AB  - The Basel Committee promulgates bank regulatory standards that many major economies enact to a significant extent. One element of the Basel III capital standards is a system of capital surcharges for global systemically important banks (G-SIBs). If the purpose of the surcharges is to ensure the survival of G-SIBs through serious crises (like the 2007-09 financial crisis) without extraordinary public assistance, our analysis suggests that current surcharges are too low because of three shortcomings: (1) the Basel system underestimates the probability that a GSIB can fail, (2) the Basel system fails to account for short-term funding, and (3) the Basel system excludes too many banks from current surcharges. Our best estimate suggests that the current surcharges should be between 225 and 525 basis points higher for G-SIBs that are not reliant on short-term funding; G-SIBs that are reliant on short-term funding should have even higher surcharges. Furthermore, we find that, even with significant confidence in the effectiveness of other Basel III reforms, modest increases in surcharges appear needed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SURCHARGES
KW  - BANKING law & legislation
KW  - BANK capital
KW  - FINANCIAL crises
KW  - UNITED States
KW  - bank capital
KW  - bank equity
KW  - bank regulation
KW  - banks
KW  - Basel capital
KW  - BASLER Ausschuss fur Bankenaufsicht
KW  - BASEL III (Proposed)
N1  - Accession Number: 121537390; Passmore, Wayne 1; von Hafften, Alexander H. 2; Email Address: alex.vonhafften@frb.gov; Affiliations: 1: Senior Adviser, Division of Research and Statistics at the Board of Governors of the Federal Reserve System; 2: Senior Research Assistant, Division of Research and Statistics at the Board of Governors of the Federal Reserve System; Issue Info: Feb2017, preceding p1; Thesaurus Term: SURCHARGES; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANK capital; Thesaurus Term: FINANCIAL crises; Subject Term: UNITED States; Author-Supplied Keyword: bank capital; Author-Supplied Keyword: bank equity; Author-Supplied Keyword: bank regulation; Author-Supplied Keyword: banks; Author-Supplied Keyword: Basel capital ; Company/Entity: BASLER Ausschuss fur Bankenaufsicht; Reviews & Products: BASEL III (Proposed); Number of Pages: 58p; Document Type: Article
L3  - 10.17016/FEDS.2017.021
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537390&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ramírez, Carlos
T1  - Inter-firm Relationships and Asset Prices.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 65
AB  - This paper proposes a novel link between the propagation of shocks within production networks and asset prices. It develops a dynamic network model in which the propagation of firm cash-flow shocks via inter-firm relationships affects the economy's equilibrium asset prices. When calibrated to match key features of customer-supplier networks in the United States, the model generates long-run risks, high and volatile risk premia, and a low and stable risk-free rate. Consistent with data from firms in manufacturing and service industries, the model predicts that central firms in the network command lower risk premiums than peripheral firms, and that firm-level return volatilities exhibit a high degree of co-movement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - GLOBAL production networks
KW  - ASSETS (Accounting)
KW  - ASSET management
KW  - CASH flow
KW  - Equilibrium Asset Prices
KW  - Inter-firm Relationships
KW  - Networks
KW  - Shock Propagation
N1  - Accession Number: 121537383; Ramírez, Carlos 1; Email Address: carlos.ramirez@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Feb2017, p1; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: GLOBAL production networks; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: ASSET management; Thesaurus Term: CASH flow; Author-Supplied Keyword: Equilibrium Asset Prices; Author-Supplied Keyword: Inter-firm Relationships; Author-Supplied Keyword: Networks; Author-Supplied Keyword: Shock Propagation; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 66p; Document Type: Article
L3  - 10.17016/FEDS.2017.014
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537383&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reifschneider, David
AU  - Tulip, Peter
T1  - Gauging the Uncertainty of the Economic Outlook Using Historical Forecasting Errors: The Federal Reserve's Approach.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 46
AB  - Since November 2007, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve has regularly published participants' qualitative assessments of the uncertainty attending their individual forecasts of real activity and inflation, expressed relative to that seen on average in the past. The benchmarks used for these historical comparisons are the average root mean squared forecast errors (RMSEs) made by various private and government forecasters over the past twenty years. This paper documents how these benchmarks are constructed and discusses some of their properties. We draw several conclusions. First, if past performance is a reasonable guide to future accuracy, considerable uncertainty surrounds all macroeconomic projections, including those of FOMC participants. Second, different forecasters have similar accuracy. Third, estimates of uncertainty about future real activity and interest rates are now considerably greater than prior to the financial crisis; in contrast, estimates of inflation accuracy have changed little. Finally, fan charts--constructed as plus-or-minus one RMSE intervals about the median FOMC forecast, under the expectation that future projection errors will be unbiased and symmetrically distributed, and that the intervals cover about 70 percent of possible outcomes--provide a reasonable approximation to future uncertainty, especially when viewed in conjunction with the FOMC's qualitative assessments. That said, an assumption of symmetry about the interest rate outlook is problematic if the expected path of the federal funds rate is expected to remain low. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - FEDERAL funds market (U.S.)
KW  - FINANCIAL crises
KW  - STANDARD deviations
KW  - UNITED States
KW  - UNCERTAINTY -- Economic aspects
KW  - ECONOMIC aspects
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 121537389; Reifschneider, David 1; Email Address: davidreifschneider@frb.gov; Tulip, Peter 2; Email Address: tulipp@rba.gov.au; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Reserve Bank of Australia; Issue Info: Feb2017, preceding p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: FINANCIAL crises; Thesaurus Term: STANDARD deviations; Subject Term: UNITED States; Subject Term: UNCERTAINTY -- Economic aspects; Subject Term: ECONOMIC aspects ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 48p; Document Type: Article
L3  - 10.17016/FEDS.2017.020
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537389&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Teng Wang
T1  - To Build or to Buy? The Role of Local Information in Credit Market Development.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2017/02//
M3  - Article
SP  - 1
EP  - 40
AB  - Exploiting the heterogeneity in legal constraints on local bank employees' mobility, I show that access to local information influences banks' modes of expansion. Banks entering a new market typically establish new branches directly when interbank labor mobility is less restrictive but acquire incumbent branches otherwise. The treatment effect is strengthened when information asymmetries between local and entrants are severe. Furthermore, I find a surge in the total amount of local small business and mortgage loans granted, a higher mortgage approval rate, and a reduction of mortgage rates by surrounding incumbent branches, precisely around the period of entrants establishing new branches, which indicate intensified competition among banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BOND market
KW  - LABOR mobility
KW  - SAVINGS banks
KW  - BANK employees
KW  - MORTGAGE loans
KW  - Credit market development
KW  - Labor mobility
KW  - Local information
N1  - Accession Number: 121537382; Teng Wang 1; Email Address: teng.wang@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System. Constitution Ave NW, Washington, DC 20551; Issue Info: Feb2017, p1; Thesaurus Term: BOND market; Thesaurus Term: LABOR mobility; Thesaurus Term: SAVINGS banks; Thesaurus Term: BANK employees; Thesaurus Term: MORTGAGE loans; Author-Supplied Keyword: Credit market development; Author-Supplied Keyword: Labor mobility; Author-Supplied Keyword: Local information; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 41p; Document Type: Article
L3  - 10.17016/FEDS.2017.013
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121537382&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bastos, Paulo
AU  - Diasz, Daniel A.
AU  - Timoshenko, Olga A.
T1  - Learning, Prices, and Firm Dynamics.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2017/02//
IS  - 1191-1199
M3  - Article
SP  - 1
EP  - 53
AB  - We document new facts about the evolution of firm performance and prices in international markets, and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns. Using data from the Portuguese manufacturing sector, we find that: (1) firms with longer spells of activity in export destinations tend to ship larger quantities at lower prices; (2) older exporters tend to use more expensive inputs; (3) revenue growth within destinations (conditional on initial size) tends to decline with market experience; and (4) input prices and quantities tend to increase with revenue growth within firms. We develop a model of endogenous input and output quality choices in a learning environment that is able to account for these patterns. Counterfactual simulations reveal that minimum quality standards on traded goods reduce welfare by lowering entry in export markets and reallocating resources from old and large towards young and small firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS education
KW  - INTERNATIONAL markets
KW  - ORGANIZATIONAL performance
KW  - DEMAND (Economic theory)
KW  - REVENUE management
KW  - firm dynamics
KW  - Learning about demand
KW  - prices
KW  - product quality
KW  - quality standards
N1  - Accession Number: 121423958; Bastos, Paulo 1; Email Address: pbastos@worldbank.org; Diasz, Daniel A. 2; Email Address: daniel.dias@frb.gov; Timoshenko, Olga A. 3; Email Address: timoshenko@gwu.edu; Affiliations: 1: Development Research Group, The World Bank, 1818 18th Street NW, Washington DC, United States; 2: Board of Governors of the Federal Reserve System, International Finance Division, Washington DC, United States and CEMAPRE, Portugal; 3: The George Washington University, Department of Economics and The Elliott School of International Affairs, 2115 G St., NW, Washington DC, 20052, United States; Issue Info: Feb2017, Issue 1191-1199, preceding p1; Thesaurus Term: BUSINESS education; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: ORGANIZATIONAL performance; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: REVENUE management; Author-Supplied Keyword: firm dynamics; Author-Supplied Keyword: Learning about demand; Author-Supplied Keyword: prices; Author-Supplied Keyword: product quality; Author-Supplied Keyword: quality standards; NAICS/Industry Codes: 611410 Business and Secretarial Schools; NAICS/Industry Codes: 611310 Colleges, Universities, and Professional Schools; Number of Pages: 54p; Document Type: Article
L3  - 10.17016/IFDP.2017.1193
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121423958&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Caines, Colin
AU  - Hoffmanny, Florian
AU  - Kambourov, Gueorgui
T1  - Complex-Task Biased Technological Change and the Labor Market.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2017/02//
IS  - 1191-1199
M3  - Article
SP  - 1
EP  - 65
AB  - In this paper we study the relationship between task complexity and the occupational wage- and employment structure. Complex tasks are defined as those requiring higher-order skills, such as the ability to abstract, solve problems, make decisions, or communicate effectively. We measure the task complexity of an occupation by performing Principal Component Analysis on a broad set of occupational descriptors in the Occupational Information Network (O*NET) data. We establish four main empirical facts for the U.S. over the 1980-2005 time period that are robust to the inclusion of a detailed set of controls, subsamples, and levels of aggregation: (1) There is a positive relationship across occupations between task complexity and wages and wage growth; (2) Conditional on task complexity, routine-intensity of an occupation is not a significant predictor of wage growth and wage levels; (3) Labor has reallocated from less complex to more complex occupations over time; (4) Within groups of occupations with similar task complexity labor has reallocated to non-routine occupations over time. We then formulate a model of Complex-Task Biased Technological Change with heterogeneous skills and show analytically that it can rationalize these facts. We conclude that workers in non-routine occupations with low ability of solving complex tasks are not shielded from the labor market effects of automatization. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR market
KW  - EMPLOYMENT (Economic theory)
KW  - MULTIPLE correspondence analysis (Statistics)
KW  - DECISION making in business
KW  - TASK performance
KW  - Complex Tasks
KW  - Occupational Task Content
KW  - Skills
KW  - Wage Polarization
N1  - Accession Number: 121423957; Caines, Colin 1; Email Address: colin.c.caines@frb.gov; Hoffmanny, Florian 2; Email Address: Florian.Hoffmann@ubc.ca; Kambourov, Gueorgui 3; Email Address: g.kambourov@utoronto.ca; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; 2: Assistant Professor in the Department of Economics, University of British Columbia; 3: Associate Professor in the Department of Economics, University of Toronto, 150 St. George; Issue Info: Feb2017, Issue 1191-1199, preceding p1; Thesaurus Term: LABOR market; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: MULTIPLE correspondence analysis (Statistics); Thesaurus Term: DECISION making in business; Thesaurus Term: TASK performance; Author-Supplied Keyword: Complex Tasks; Author-Supplied Keyword: Occupational Task Content; Author-Supplied Keyword: Skills; Author-Supplied Keyword: Wage Polarization; Number of Pages: 66p; Document Type: Article
L3  - 10.17016/IFDP.2017.1192
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121423957&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seung Jung Leey
AU  - Posenau, Kelly E.
AU  - Stebunovs, Viktors
T1  - The Anatomy of Financial Vulnerabilities and Crises.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2017/02//
IS  - 1191-1199
M3  - Article
SP  - 1
EP  - 85
AB  - We extend the framework used in Aikman, Kiley, Lee, Palumbo, and Warusawitharana (2015) that maps vulnerabilities in the U.S. financial system to a broader set of advanced and emerging economies. Our extension tracks a broader set of vulnerabilities and, therefore, captures signs of different types of crises. The typical anatomy of the evolution of vulnerabilities before and after a financial crisis is as follows. Pressures in asset valuations materialize, and a build-up of imbalances in the external, financial, and nonfinancial sectors follows. A financial crisis is typically followed by a build-up of sovereign debt imbalances as the government tries to deal with the consequences of the crisis. Our early warnings indicators which aggregate these vulnerabilities predict banking crises better than the Credit-to-GDP gap at long horizons. Our indicators also predict the severity of banking crises and the duration of recessions, as they take into account possible spill-over and amplification channels of financial stress from one sector to another in the economy. Our indicators are of relevance for macroprudential and crisis management, in part, because they perform better than the Credit-to-GDP gap and do not suffer from the gap's econometric aws. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - ECONOMETRICS
KW  - GROSS domestic product
KW  - UNITED States
KW  - MATERIALIZATION
KW  - PREDICTION models
KW  - banking crises
KW  - credit-to-GDP gap
KW  - crisis management
KW  - currency crises
KW  - early warning system
KW  - financial crises
KW  - financial vulnerabilities
KW  - macroprudential policy
N1  - Accession Number: 121423956; Seung Jung Leey 1; Email Address: seung.j.lee@frb.gov; Posenau, Kelly E. 2; Email Address: kposenau@chicagobooth.edu; Stebunovs, Viktors 1; Email Address: viktors.stebunovs@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, U.S.A.; 2: The University of Chicago Booth School of Business, 5807 South Woodlawn Ave., Chicago, IL 60637, U.S.A.; Issue Info: Feb2017, Issue 1191-1199, preceding p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ECONOMETRICS; Thesaurus Term: GROSS domestic product; Subject Term: UNITED States; Subject Term: MATERIALIZATION; Subject Term: PREDICTION models; Author-Supplied Keyword: banking crises; Author-Supplied Keyword: credit-to-GDP gap; Author-Supplied Keyword: crisis management; Author-Supplied Keyword: currency crises; Author-Supplied Keyword: early warning system; Author-Supplied Keyword: financial crises; Author-Supplied Keyword: financial vulnerabilities; Author-Supplied Keyword: macroprudential policy; Number of Pages: 86p; Document Type: Article
L3  - 10.17016/IFDP.2017.1191
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121423956&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
T1  - Banking consolidation and small firm financing for research and development.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 2017/01//
VL  - 49
IS  - 1
M3  - Article
SP  - 51
EP  - 65
SN  - 00036846
AB  - This article examines the effect of increased market concentration of the banking industry caused by the Riegle–Neal Interstate Banking and Branching Efficiency Act (IBBEA) on the availability of finance for small firms engaged in research and development (R&D). I measure the financing decisions of these small firms using a balanced panel of Small Business Innovation Research (SBIR) applications. Using difference-in-differences, I find IBBEA decreased the supply of finance for small R&D firms. This effect is larger for late adopters of IBBEA, which tended to be states with stronger small banking sectors pre-IBBEA. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERSTATE banking
KW  - INNOVATIONS in business
KW  - SMALL business
KW  - BANKING industry -- United States
KW  - RESEARCH & development
KW  - Banking deregulation
KW  - G21
KW  - G28
KW  - G39
KW  - IBBEA
KW  - interstate bank branching deregulation
KW  - market concentration
KW  - O30
KW  - R&D
KW  - research and development
KW  - Riegle–Neal
KW  - SBIR
KW  - small business innovation research
N1  - Accession Number: 118989503; Chang, Andrew C. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Jan2017, Vol. 49 Issue 1, p51; Thesaurus Term: INTERSTATE banking; Thesaurus Term: INNOVATIONS in business; Thesaurus Term: SMALL business; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: RESEARCH & development; Author-Supplied Keyword: Banking deregulation; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: G39; Author-Supplied Keyword: IBBEA; Author-Supplied Keyword: interstate bank branching deregulation; Author-Supplied Keyword: market concentration; Author-Supplied Keyword: O30; Author-Supplied Keyword: R&D; Author-Supplied Keyword: research and development; Author-Supplied Keyword: Riegle–Neal; Author-Supplied Keyword: SBIR; Author-Supplied Keyword: small business innovation research; NAICS/Industry Codes: 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology); NAICS/Industry Codes: 541711 Research and Development in Biotechnology; Number of Pages: 15p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
L3  - 10.1080/00036846.2016.1192271
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118989503&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Favara, Giovanni
AU  - Morellec, Erwan
AU  - Schroth, Enrique
AU  - Valta, Philip
T1  - Debt enforcement, investment, and risk taking across countries.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2017/01//
VL  - 123
IS  - 1
M3  - Article
SP  - 22
EP  - 41
SN  - 0304405X
AB  - We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41 countries with heterogeneous debt enforcement characteristics. Consistent with our model, we find that the relation between debt enforcement and firms' investment and risk depends on the firm-specific probability of default. A differences-indifferences analysis of firms' investment and risk taking in response to bankruptcy reforms that make debt more renegotiable confirms the cross-country evidence. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBT
KW  - INVESTMENTS
KW  - RISK management in business
KW  - ASSETS (Accounting)
KW  - RISK-taking (Psychology)
KW  - LAW & legislation
KW  - Asset sales
KW  - Debt enforcement
KW  - Default
KW  - Investment
KW  - Risk-taking
N1  - Accession Number: 119971992; Favara, Giovanni 1; Morellec, Erwan 2,3,4; Email Address: erwan.morellec@epfl.ch; Schroth, Enrique 5; Valta, Philip 3,6,7; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Ecole Polytechnique Fédérale de Lausanne, Extranef 210, Lausanne, Switzerland; 3: Swiss Finance Institute, Boulevard du Pont d'Arve, Geneva, Switzerland; 4: CEPR, London EC1V 0DX, United Kingdom; 5: Finance Faculty, Cass Business School, City University London, 106 Bunhill Row, London EC1Y 8TZ, UK; 6: University of Bern, Engehaldenstrasse 4, Bern 3012, Switzerland; 7: University of Geneva, 1211 Geneva, Switzerland; Issue Info: Jan2017, Vol. 123 Issue 1, p22; Thesaurus Term: DEBT; Thesaurus Term: INVESTMENTS; Thesaurus Term: RISK management in business; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: RISK-taking (Psychology); Subject Term: LAW & legislation; Author-Supplied Keyword: Asset sales; Author-Supplied Keyword: Debt enforcement; Author-Supplied Keyword: Default; Author-Supplied Keyword: Investment; Author-Supplied Keyword: Risk-taking; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.jfineco.2016.09.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119971992&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Campbell, Angelyque
T1  - Why Does Wealth Vary Among College Graduates?
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2017///2017 1st Quarter
VL  - 99
IS  - 1
M3  - Article
SP  - 41
EP  - 43
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
KW  - COLLEGE graduates
KW  - FINANCIAL crises
KW  - ECONOMIC trends
KW  - HOME ownership
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 121364433; Campbell, Angelyque 1; Affiliation:  1: Manager of the policy analysis and communications units in the Division of Consumer and Community Affairs (DCCA) at the Board of Governors of the Federal Reserve System; Source Info: 2017 1st Quarter, Vol. 99 Issue 1, p41; Subject Term: COLLEGE graduates; Subject Term: FINANCIAL crises; Subject Term: ECONOMIC trends; Subject Term: HOME ownership; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 3p; Document Type: Article
L3  - 10.20955/r.2017.41-43
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=121364433&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Seung Jung Lee
AU  - Lucy Qian Liu
AU  - Stebunovs, Viktors
T1  - Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2017/01//
IS  - 1188
M3  - Article
SP  - 1
EP  - 38
AB  - We study how low interest rates in the United States affect risk taking in the market for cross-border corporate loans. Because banks tend to originate these loans with intent to sell to nonbank investors, we examine risk taking by the broad financial system. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of cross-border spillover effects of U.S. monetary policy and highlights the global lending and risk-taking channels. We find that movements in the U.S. interest rates have an important effect on ex-ante credit risk of cross-border corporate loans, though the channels are different in the pre- and post-crisis periods. Before the crisis, banks made ex-ante riskier loans to non-U.S. borrowers in response to a decline in U.S. short-term interest rates, and, after it, banks and nonbanks originated such loans in response to a decline in U.S. longer-term interest rates. Economic uncertainty, risk appetite, and the U.S. dollar exchange rate appear to play a limited role in explaining ex-ante credit risk. Our results highlight the potential policy challenges faced by central banks in affecting credit risk cycles in their own jurisdictions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rate risk
KW  - RISK-taking (Psychology)
KW  - SYNDICATED loans
KW  - CORPORATIONS -- Finance
KW  - CENTRAL banking industry
KW  - UNITED States
KW  - international spillovers
KW  - monetary policy
KW  - risk taking
KW  - Syndicated loans
N1  - Accession Number: 120836675; Seung Jung Lee 1; Email Address: seung.j.lee@frb.gov; Lucy Qian Liu 2; Email Address: qliu3@imf.org; Stebunovs, Viktors 1; Email Address: viktors.stebunovs@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, U.S.A; 2: International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, U.S.A.; Issue Info: Jan2017, Issue 1188, preceding p1; Thesaurus Term: INTEREST rate risk; Thesaurus Term: RISK-taking (Psychology); Thesaurus Term: SYNDICATED loans; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CENTRAL banking industry; Subject Term: UNITED States; Author-Supplied Keyword: international spillovers; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: risk taking; Author-Supplied Keyword: Syndicated loans; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 41p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Krolikowski, Pawel M.
AU  - McCallum, Andrew H.
T1  - Goods-Market Frictions and International Trade.
JO  - Working Paper Series (Federal Reserve Bank of Cleveland)
JF  - Working Paper Series (Federal Reserve Bank of Cleveland)
Y1  - 2016/12/23/
VL  - 16
IS  - 34-37
M3  - Article
SP  - 1
EP  - 95
AB  - We present a tractable framework that embeds goods-market frictions in a general equilibrium dynamic model with heterogeneous exporters and identical importers. These frictions arise because it takes time and expense for exporters and importers to meet. We show that search frictions lead to an endogenous fraction of unmatched exporters, alter the gains from trade, endogenize entry costs, and imply that the competitive equilibrium does not generally result in the socially optimal number of searching firms. Finally, ignoring search frictions results in biased estimates of the effect of tariffs on trade flows. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Cleveland) is the property of Federal Reserve Bank of Cleveland and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TRADE goods
KW  - FOREIGN exchange intervention (Monetary policy)
KW  - INTERNATIONAL division of labor
KW  - EFFECT of wage differentials on international trade
KW  - INTERNATIONAL trade
KW  - ECONOMETRIC models
KW  - frictions
KW  - goods
KW  - information
KW  - Search
KW  - trade
N1  - Accession Number: 120812628; Krolikowski, Pawel M. 1; Email Address: pawel.krolikowski@clev.frb.org; McCallum, Andrew H. 2; Email Address: andrew.h.mccallum@frb.gov; Affiliations: 1: Federal Reserve Bank of Cleveland; 2: Board of Governors of the Federal Reserve System; Issue Info: 12/23/2016, Vol. 16 Issue 34-37, p1; Thesaurus Term: TRADE goods; Thesaurus Term: FOREIGN exchange intervention (Monetary policy); Thesaurus Term: INTERNATIONAL division of labor; Thesaurus Term: EFFECT of wage differentials on international trade; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: ECONOMETRIC models; Author-Supplied Keyword: frictions; Author-Supplied Keyword: goods; Author-Supplied Keyword: information; Author-Supplied Keyword: Search; Author-Supplied Keyword: trade; Number of Pages: 95p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wright, Mary Thorson
T1  - Rating Redo?
JO  - Independent Banker
JF  - Independent Banker
Y1  - 2016/12//
VL  - 66
IS  - 12
M3  - Article
SP  - 60
EP  - 61
SN  - 00193674
AB  - The article reports on the possibility to revise the Consumer Compliance Rating System (CCRS), a rating system for consumer, which has been considered by the Federal Financial Institutions Examination Council (FFIEC). It mentions the three assessment categories and applicable assessment factors such as board and management oversight, compliance program, and law violations.
KW  - CONSUMER behavior
KW  - RATING agencies (Finance)
KW  - BANKING industry
KW  - TRANSACTION systems (Computer systems)
KW  - FEDERAL Financial Institutions Examination Council (U.S.)
N1  - Accession Number: 120174597; Wright, Mary Thorson 1; Affiliations: 1: Former Federal Reserve System managing examiner; Issue Info: Dec2016, Vol. 66 Issue 12, p60; Thesaurus Term: CONSUMER behavior; Thesaurus Term: RATING agencies (Finance); Thesaurus Term: BANKING industry; Thesaurus Term: TRANSACTION systems (Computer systems) ; Company/Entity: FEDERAL Financial Institutions Examination Council (U.S.); NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 518210 Data Processing, Hosting, and Related Services; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Caglio, Cecilia
AU  - Hanley, Kathleen Weiss
AU  - Marietta-Westberg, Jennifer
T1  - Going public abroad.
JO  - Journal of Corporate Finance
JF  - Journal of Corporate Finance
Y1  - 2016/12//
VL  - 41
M3  - Article
SP  - 103
EP  - 122
SN  - 09291199
AB  - We examine the decision of a firm to go public abroad and list securities outside their country of origin. Foreign IPO issuers are more likely to choose a global underwriter but only if the home country is less financially integrated. We find that the probability of conducting a foreign IPO is higher if the home country has a less developed stock market, its disclosure regime is weaker and is less financially integrated. Using a matched sample, we show that foreign IPOs raise more capital than their domestic counterparts. Finally, the determinants of the choice of a US listing are unique. Our results suggest that the rise of global underwriters facilitates the movement of capital across nations and contributes to world financial globalization. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOING public (Securities)
KW  - DECISION making in economics
KW  - PUBLIC sector
KW  - STOCK exchanges
KW  - GLOBALIZATION
KW  - Financial Integration
KW  - G1
KW  - G15
KW  - G24
KW  - Globalization
KW  - IPOs
KW  - Listing
KW  - Underwriter
N1  - Accession Number: 119510020; Caglio, Cecilia 1; Email Address: cecilia.r.caglio@frb.gov; Hanley, Kathleen Weiss 2; Email Address: kwh315@lehigh.edu; Marietta-Westberg, Jennifer 3; Email Address: westbergj@sec.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington DC 20551, United States; 2: Lehigh University, College of Business and Economics, Bethlehem, PA18015, United States; 3: U.S. Securities Exchange and Commission, 100 F St NE, Washington DC 20549, United States; Issue Info: Dec2016, Vol. 41, p103; Thesaurus Term: GOING public (Securities); Thesaurus Term: DECISION making in economics; Thesaurus Term: PUBLIC sector; Thesaurus Term: STOCK exchanges; Thesaurus Term: GLOBALIZATION; Author-Supplied Keyword: Financial Integration; Author-Supplied Keyword: G1; Author-Supplied Keyword: G15; Author-Supplied Keyword: G24; Author-Supplied Keyword: Globalization; Author-Supplied Keyword: IPOs; Author-Supplied Keyword: Listing; Author-Supplied Keyword: Underwriter; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.jcorpfin.2016.07.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119510020&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
AU  - Spader, Jonathan
AU  - Cortes, Alvaro
T1  - Have distressed neighborhoods recovered? Evidence from the neighborhood stabilization program.
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2016/12//
VL  - 34
M3  - Article
SP  - 30
EP  - 48
SN  - 10511377
AB  - During the 2007–2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacant properties, and tracts that had previously received other housing subsidies. The median NSP tract received quite sparse investment, relative to the overall housing stock and the initial levels of distress. Analysis of housing market outcomes indicates the recovery has been uneven across counties and neighborhoods. In a few counties, there is some evidence that NSP2 activity is correlated with improved housing outcomes, primarily increased sales volume. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NEIGHBORHOODS
KW  - REHABILITATION
KW  - HOUSING market
KW  - INVESTMENTS
KW  - ECONOMIC recovery
KW  - ECONOMIC aspects
KW  - Economic recovery
KW  - Federal housing policy
KW  - Foreclosures
KW  - H4
KW  - H7
KW  - Housing markets
KW  - Neighborhood revitalization
KW  - R1
KW  - R3
KW  - NEIGHBORHOOD Stabilization Program (U.S.)
N1  - Accession Number: 119340988; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov Spader, Jonathan 2 Cortes, Alvaro 3; Affiliation:  1: Board of Governors of the Federal Reserve System  2: Harvard University  3: Abt Associates Inc.; Source Info: Dec2016, Vol. 34, p30; Subject Term: NEIGHBORHOODS; Subject Term: REHABILITATION; Subject Term: HOUSING market; Subject Term: INVESTMENTS; Subject Term: ECONOMIC recovery; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Economic recovery; Author-Supplied Keyword: Federal housing policy; Author-Supplied Keyword: Foreclosures; Author-Supplied Keyword: H4; Author-Supplied Keyword: H7; Author-Supplied Keyword: Housing markets; Author-Supplied Keyword: Neighborhood revitalization; Author-Supplied Keyword: R1; Author-Supplied Keyword: R3; Company/Entity: NEIGHBORHOOD Stabilization Program (U.S.); NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jhe.2016.07.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=119340988&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Miller, David S.
T1  - Commitment versus discretion in a political economy model of fiscal and monetary policy interaction.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2016/12//
VL  - 84
M3  - Article
SP  - 17
EP  - 29
SN  - 03043932
AB  - Does price commitment result in lower welfare? I pair an independent monetary authority controlling nominal bonds with a fiscal authority microfounded by the political economy model of Battaglini and Coate (2008) . Without price commitment, time inconsistency is alleviated by interaction between the benevolent monetary authority and the politically distorted fiscal authority. With price commitment, nominal bonds will be used for wasteful spending by the politically distorted fiscal authority. Price commitment results in lower welfare because it eliminates monetary control over fiscal decisions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - FISCAL policy
KW  - GOVERNMENT spending policy
KW  - ECONOMICS -- Mathematical models
KW  - INTERACTION (Philosophy)
KW  - Monetary fiscal policy interaction
KW  - Monetary policy
KW  - Price commitment
KW  - Time inconsistency
N1  - Accession Number: 120148313; Miller, David S. 1; Email Address: david.s.miller@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave. N.W., Washington, D.C. 20551, United States; Issue Info: Dec2016, Vol. 84, p17; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Thesaurus Term: GOVERNMENT spending policy; Thesaurus Term: ECONOMICS -- Mathematical models; Subject Term: INTERACTION (Philosophy); Author-Supplied Keyword: Monetary fiscal policy interaction; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Price commitment; Author-Supplied Keyword: Time inconsistency; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jmoneco.2016.09.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120148313&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Borochin, Paul
AU  - Jie Yang
T1  - Options, Equity Risks, and the Value of Capital Structure Adjustments.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/12//
M3  - Article
SP  - 1
EP  - 61
AB  - We use exchange-traded options to identify risks relevant to capital structure adjustments in firms. These forward-looking market-based risk measures provide significant explanatory power in predicting net leverage changes in excess of accounting data. They matter most during contractionary periods and for growth firms. We form market-based indices that capture firms' magnitudes of, and propensity for, net leverage increases. Firms with larger predicted leverage increases outperform firms with lower predicted increases by 3.1% to 3.9% per year in buy-and-hold abnormal returns. Finally, consistent with the quality, leverage, and distress risk puzzles, firms with lower predicted leverage increases are riskier but earn lower abnormal returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL structure
KW  - FINANCIAL leverage
KW  - VOLATILITY (Finance)
KW  - FINANCIAL risk
KW  - RATE of return
KW  - Capital Structure
KW  - Financial Leverage
KW  - Implied Volatility
KW  - Options
N1  - Accession Number: 120634512; Borochin, Paul 1; Email Address: paul.borochin@uconn.edu; Jie Yang 2; Email Address: jie.yang@frb.gov; Affiliations: 1: School of Business University of Connecticut, Storrs, CT 06269; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Dec2016, preceding p1; Thesaurus Term: CAPITAL structure; Thesaurus Term: FINANCIAL leverage; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: FINANCIAL risk; Thesaurus Term: RATE of return; Author-Supplied Keyword: Capital Structure; Author-Supplied Keyword: Financial Leverage; Author-Supplied Keyword: Implied Volatility; Author-Supplied Keyword: Options; Number of Pages: 64p; Document Type: Article
L3  - 10.17016/FEDS.2016.097
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120634512&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Identity, Identification and Identifiers: The Global Legal Entity Identifier System.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/12//
M3  - Article
SP  - 1
EP  - 27
AB  - The article focuses on Global Legal Entity Identifier System (GLEIS), a framework for defining economic actors, which was developed to create a greater transparency in financial transactions, financial markets and its participants. It offers information on the conceptual issues related to the concept of identity, the process of identification and the inherent physical reality of a person.
KW  - IDENTITY management systems
KW  - TRANSPARENCY in organizations
KW  - SECURITIES markets
KW  - FINANCIAL disclosure
KW  - ECONOMIC activity
N1  - Accession Number: 120634518; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@frb.gov; Affiliations: 1: Advisor, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Dec2016, preceding p1; Thesaurus Term: IDENTITY management systems; Thesaurus Term: TRANSPARENCY in organizations; Thesaurus Term: SECURITIES markets; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: ECONOMIC activity; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 29p; Document Type: Article
L3  - 10.17016/FEDS.2016.103
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120634518&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laufer, Steven
AU  - Paciorek, Andrew
T1  - THE EFFECTS OF MORTGAGE CREDIT AVAILABILITY: EVIDENCE FROM MINIMUM CREDIT SCORE LENDING RULES.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/12//
M3  - Article
SP  - 1
EP  - 53
AB  - Since the housing bust and financial crisis, mortgage lenders have introduced progressively higher minimum thresholds for acceptable credit scores. Using loan-level data, we document the introduction of these thresholds, as well as their effects on the distribution of newly originated mortgages. We then use the timing and nonlinearity of these supply-side changes to credibly identify their shortand medium-run effects on various individual outcomes. Using a large panel of consumer credit data, we show that the credit score thresholds have very large negative effects on borrowing in the short run, and that these effects attenuate over time but remain sizable up to four years later. The effects are particularly concentrated among younger adults and those living in middleincome or moderately black census tracts. In aggregate, we estimate that lenders' use of minimum credit scores reduced the total number of newly originated mortgages by about 2 percent in the years following the financial crisis. We also find that, among individuals who already had mortgages, retaining access to mortgage credit reduced delinquency on both mortgage and non-mortgage debt and increased their propensity to take out auto loans, but had little effect on migration across metropolitan areas. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - MORTGAGE banks
KW  - CREDIT ratings
KW  - CONSUMER credit
KW  - FINANCIAL crises
KW  - UNITED States
N1  - Accession Number: 120634513; Laufer, Steven 1; Email Address: steven.m.laufer@frb.gov; Paciorek, Andrew 1; Email Address: andrew.d.paciorek@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Dec2016, preceding p1; Thesaurus Term: MORTGAGE loans; Thesaurus Term: MORTGAGE banks; Thesaurus Term: CREDIT ratings; Thesaurus Term: CONSUMER credit; Thesaurus Term: FINANCIAL crises; Subject Term: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 55p; Document Type: Article
L3  - 10.17016/FEDS.2016.098
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120634513&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph
AU  - Kamin, Steven
T1  - The Corporate Saving Glut and Falloff of Investment Spending in OECD Economies.
JO  - IMF Economic Review
JF  - IMF Economic Review
Y1  - 2016/11//
VL  - 64
IS  - 4
M3  - Article
SP  - 777
EP  - 799
PB  - Macmillan Publishers Ltd.
SN  - 20414161
AB  - We explore the increase in the net lending of non-financial corporations across the OECD following the global financial crisis. We document that this rise reflects both increases in saving and declines in investment. Panel regressions reveal that the fall in investment across OECD economies was generally in line with fundamentals-GDP growth, interest rates, and profits-though in some countries the weakness was more pronounced. We find little evidence that firms were reducing investment to strengthen their balance sheets, as payments to shareholders remained strong and were uncorrelated with investment. We conclude that, at least from the investment side, the rise in corporate net lending probably does not reflect a shift in corporate behavior relative to past norms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of IMF Economic Review is the property of Macmillan Publishers Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - FINANCIAL crises
KW  - INVESTMENTS
KW  - GROSS domestic product
KW  - INTEREST rates
KW  - OECD countries
N1  - Accession Number: 120281314; Gruber, Joseph 1; Email Address: joseph.w.gruber@frb.gov Kamin, Steven 1; Email Address: steven.kamin@frb.gov; Affiliation:  1: Board of Governors of the Federal Reserve System , Washington 20551 USA; Source Info: Nov2016, Vol. 64 Issue 4, p777; Subject Term: GLOBAL Financial Crisis, 2008-2009; Subject Term: FINANCIAL crises; Subject Term: INVESTMENTS; Subject Term: GROSS domestic product; Subject Term: INTEREST rates; Subject Term: OECD countries; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 23p; Illustrations: 2 Charts, 11 Graphs; Document Type: Article
L3  - 10.1057/s41308-016-0018-9
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=120281314&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Nakata, Taisuke
AU  - Schmidt, Sebastian
T1  - Gradualism and Liquidity Traps.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/11//
M3  - Article
SP  - 1
EP  - 29
AB  - Modifying the objective function of a discretionary central bank to include an interest-rate smoothing objective increases the welfare of an economy in which large contractionary shocks occasionally force the central bank to lower the policy rate to its effective lower bound. The central bank with an interest-rate smoothing objective credibly keeps the policy rate low for longer than the central bank with the standard objective function. Through expectations, the temporary overheating of the economy associated with such a low-for-long interest rate policy mitigates the declines in ination and output when the lower bound constraint is binding. In a calibrated model, we find that the introduction of an interest-rate smoothing objective can reduce the welfare costs associated with the lower bound constraint by more than one-half. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIQUIDITY (Economics)
KW  - SHOCK (Economics)
KW  - CENTRAL banking industry
KW  - INTEREST rates
KW  - GRADUALISM
KW  - Gradualism
KW  - Inflation Targeting
KW  - Interest-Rate Smoothing
KW  - Liquidity Traps
N1  - Accession Number: 120151766; Nakata, Taisuke 1; Email Address: taisuke.nakata@frb.gov; Schmidt, Sebastian 2; Email Address: sebastian.schmidt@ecb.int; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, 20th Street and Constitution Avenue N.W. Washington, D.C. 20551; 2: European Central Bank, Monetary Policy Research Division, 60640 Frankfurt, Germany; Issue Info: Nov2016, Special section p1; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: SHOCK (Economics); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: INTEREST rates; Subject Term: GRADUALISM; Author-Supplied Keyword: Gradualism; Author-Supplied Keyword: Inflation Targeting; Author-Supplied Keyword: Interest-Rate Smoothing; Author-Supplied Keyword: Liquidity Traps; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 30p; Document Type: Article
L3  - 10.17016/FEDS.2016.092
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120151766&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, Justin R.
AU  - Schott, Peter K.
T1  - Trade Liberalization and Mortality: Evidence from U.S. Counties.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/11//
M3  - Article
SP  - 1
EP  - 66
AB  - We investigate the impact of a large economic shock on mortality. We find that counties more exposed to a plausibly exogenous trade liberalization exhibit higher rates of suicide and related causes of death, concentrated among whites, especially white males. These trends are consistent with our finding that more-exposed counties experience relative declines in manufacturing employment, a sector in which whites and males are disproportionately employed. We also examine other causes of death that might be related to labor market disruption and find both positive and negative relationships. More-exposed counties, for example, exhibit lower rates of fatal heart attacks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FREE trade
KW  - SHOCK (Economics)
KW  - MANUFACTURING industries
KW  - STATISTICS
KW  - EMPLOYMENT statistics
KW  - MORTALITY
KW  - MORTALITY -- United States
N1  - Accession Number: 120151768; Pierce, Justin R. 1; Email Address: justin.r.pierce@frb.gov; Schott, Peter K. 2; Email Address: peter.schott@yale.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th & C Streets NW, Washington, DC 20551; 2: Yale School of Management & NBER, 165 Whitney Avenue, New Haven, CT 06511; Issue Info: Nov2016, preceding p1; Thesaurus Term: FREE trade; Thesaurus Term: SHOCK (Economics); Thesaurus Term: MANUFACTURING industries; Thesaurus Term: STATISTICS; Subject Term: EMPLOYMENT statistics; Subject Term: MORTALITY; Subject Term: MORTALITY -- United States; Number of Pages: 67p; Document Type: Article
L3  - 10.17016/FEDS.2016.094
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120151768&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
T1  - Economic Forecasting in Theory and Practice: An Interview with David F. Hendry.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2016/11//
IS  - 1184
M3  - Article
SP  - 1
EP  - 40
AB  - David Hendry has made major contributions to many areas of economic forecasting. He has developed a taxonomy of forecast errors and a theory of unpredictability that have yielded valuable insights into the nature of forecasting. He has also provided new perspectives on many existing forecast techniques, including mean square forecast errors, add factors, leading indicators, pooling of forecasts, and multi-step estimation. In addition, David has developed new forecast tools, such as forecast encompassing; and he has improved existing ones, such as nowcasting and robustification to breaks. This interview for the International Journal of Forecasting explores David Hendry's research on forecasting. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - STRUCTURAL break (Economics)
KW  - SAMPLING error (Statistics)
KW  - PREDICTION models
KW  - encompassing
KW  - equilibrium correction models
KW  - error correction
KW  - evaluation
KW  - exogeneity
KW  - forecasting
KW  - modeling
KW  - nowcasting
KW  - parameter constancy
KW  - robustification
KW  - structural breaks
KW  - HENDRY, David F.
N1  - Accession Number: 119718307; Ericsson, Neil R. 1,2; Affiliations: 1: Principal economist, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551 USA; 2: Research Professor, Economics Department, The George Washington University, Washington, DC 20052 USA; Issue Info: Nov2016, Issue 1184, preceding p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: STRUCTURAL break (Economics); Subject Term: SAMPLING error (Statistics); Subject Term: PREDICTION models; Author-Supplied Keyword: encompassing; Author-Supplied Keyword: equilibrium correction models; Author-Supplied Keyword: error correction; Author-Supplied Keyword: evaluation; Author-Supplied Keyword: exogeneity; Author-Supplied Keyword: forecasting; Author-Supplied Keyword: modeling; Author-Supplied Keyword: nowcasting; Author-Supplied Keyword: parameter constancy; Author-Supplied Keyword: robustification; Author-Supplied Keyword: structural breaks; People: HENDRY, David F.; Number of Pages: 43p; Document Type: Article
L3  - 10.17016/IFDP.2016.1184
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119718307&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jalil, Andrew J.
AU  - Rua, Gisela
T1  - Inflation expectations and recovery in spring 1933.
JO  - Explorations in Economic History
JF  - Explorations in Economic History
Y1  - 2016/10//
VL  - 62
M3  - Article
SP  - 26
EP  - 50
SN  - 00144983
AB  - This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second, using an event-study approach, we identify the effect of the key events that shifted inflation expectations on financial markets. Third, we gather new evidence—both quantitative and narrative—that indicates that the shift in inflation expectations played a causal role in stimulating the recovery. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Explorations in Economic History is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - HISTORY
KW  - DEPRESSIONS (Economics) -- 1929
KW  - SECURITIES markets
KW  - E12
KW  - E31
KW  - E32
KW  - Great Depression
KW  - Inflation expectations
KW  - Liquidity trap
KW  - N42
KW  - Narrative evidence
KW  - Regime change
N1  - Accession Number: 119779125; Jalil, Andrew J. 1 Rua, Gisela 2; Affiliation:  1: Department of Economics, Occidental College, 1600 Campus Road, Los Angeles, CA 90041, United States  2: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Mail Stop 82, 20th St. and Constitution Ave. NW, Washington, DC 20551, United States; Source Info: Oct2016, Vol. 62, p26; Subject Term: INFLATION (Finance); Subject Term: HISTORY; Subject Term: DEPRESSIONS (Economics) -- 1929; Subject Term: SECURITIES markets; Author-Supplied Keyword: E12; Author-Supplied Keyword: E31; Author-Supplied Keyword: E32; Author-Supplied Keyword: Great Depression; Author-Supplied Keyword: Inflation expectations; Author-Supplied Keyword: Liquidity trap; Author-Supplied Keyword: N42; Author-Supplied Keyword: Narrative evidence; Author-Supplied Keyword: Regime change; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.eeh.2016.07.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=119779125&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Modugno, Michele
AU  - Soybilgen, Barış
AU  - Yazgan, Ege
T1  - Nowcasting Turkish GDP and news decomposition.
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 2016/10//
VL  - 32
IS  - 4
M3  - Article
SP  - 1369
EP  - 1384
SN  - 01692070
AB  - Real gross domestic product (GDP) data in Turkey are released with a very long delay relative those of to other economies, between 10 and 13 weeks after the end of the reference quarter. This means that policy makers, the media, and market practitioners have to infer the current state of the economy by examining data that are more timely and are released at higher frequencies than the GDP. This paper proposes an econometric model that allows us to read through these more current and higher-frequency data automatically, and translate them into nowcasts for the Turkish real GDP. Our model outperforms the nowcasts produced by the Central Bank of Turkey, the International Monetary Fund, and the Organisation for Economic Co-operation and Development. Moreover, our model allows us to quantify the importance of each variable in our dataset for nowcasting Turkish real GDP. In line with the findings for other economies, we find that real variables play the most important role; however, contrary to the findings for other economies, we find that financial variables are as important as surveys. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Forecasting is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - ECONOMIC policy
KW  - ECONOMETRIC models
KW  - ECONOMIC forecasting
KW  - TURKEY -- Economic aspects
KW  - Dynamic factor model
KW  - Gross domestic product
KW  - Nowcasting
KW  - ORGANISATION for Economic Co-operation & Development
N1  - Accession Number: 118073988; Modugno, Michele 1; Email Address: michele.modugno@frb.gov; Soybilgen, Barış 2; Email Address: baris.soybilgen@bilgi.edu.tr; Yazgan, Ege 2; Email Address: ege.yazgan@bilgi.edu.tr; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington DC, United States; 2: Istanbul Bilgi University, Turkey; Issue Info: Oct2016, Vol. 32 Issue 4, p1369; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMIC forecasting; Subject Term: TURKEY -- Economic aspects; Author-Supplied Keyword: Dynamic factor model; Author-Supplied Keyword: Gross domestic product; Author-Supplied Keyword: Nowcasting ; Company/Entity: ORGANISATION for Economic Co-operation & Development; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.ijforecast.2016.07.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118073988&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Shy, Oz
AU  - Stenbacka, Rune
AU  - Yankov, Vladimir
T1  - Limited deposit insurance coverage and bank competition.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2016/10//
VL  - 71
M3  - Article
SP  - 95
EP  - 108
SN  - 03784266
AB  - Deposit insurance designs in many countries place a limit on the coverage of deposits in each bank. However, no limits are placed on the number of accounts held with different banks. Therefore, under limited deposit insurance, some consumers open accounts with different banks to achieve higher or full deposit insurance coverage. We compare three regimes of deposit insurance: no deposit insurance, unlimited deposit insurance, and limited deposit insurance. We show that limited deposit insurance weakens competition among banks and reduces total welfare relative to no or unlimited deposit insurance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEPOSIT insurance
KW  - BANKING industry
KW  - COMPETITION (Economics)
KW  - BANK deposits
KW  - WELFARE economics
KW  - Bailout cost
KW  - Bank competition
KW  - Deposit rates
KW  - G21
KW  - Limited deposit insurance coverage
N1  - Accession Number: 119652735; Shy, Oz 1; Email Address: ozshy@ozshy.com; Stenbacka, Rune 2; Email Address: Rune.Stenbacka@hanken.fi; Yankov, Vladimir 3; Email Address: Vladimir.L.Yankov@frb.gov; Affiliations: 1: MIT Sloan School of Management, Cambridge, MA 02142, USA; 2: Hanken School of Economics, 00101 Helsinki, Finland; 3: Board of Governors of the Federal Reserve System, Washington, D.C. 20551, USA; Issue Info: Oct2016, Vol. 71, p95; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: BANKING industry; Thesaurus Term: COMPETITION (Economics); Thesaurus Term: BANK deposits; Thesaurus Term: WELFARE economics; Author-Supplied Keyword: Bailout cost; Author-Supplied Keyword: Bank competition; Author-Supplied Keyword: Deposit rates; Author-Supplied Keyword: G21; Author-Supplied Keyword: Limited deposit insurance coverage; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jbankfin.2016.05.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119652735&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kiser, Elizabeth
AU  - Prager, Robin
AU  - Scott, Jason
T1  - Supervisory Ratings and Bank Lending to Small Businesses During the Financial Crisis and Great Recession.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2016/10//
VL  - 50
IS  - 2
M3  - Article
SP  - 163
EP  - 186
SN  - 09208550
AB  - Bank lending to small firms in the U.S. fell substantially during the recent financial crisis and ensuing recession. Because small firms account for a disproportionate share of new job creation, lending to these firms could have important implications for the pace of economic recovery. This paper examines the extent to which changes in banks' supervisory ratings are associated with changes in the growth rate of their lending to small businesses. We estimate the relationship between changes in small banks' supervisory ratings and changes in their small commercial and industrial (C&I) or small commercial real estate (CRE) loans to businesses over 2007-2010. Controlling for a large set of other relevant factors, we find that small banks that experienced ratings downgrades during 2007-2010 exhibited significantly lower rates of growth in small C&I loans and small CRE loans outstanding compared with banks that maintained their ratings at healthy levels during the same period. We employ an innovative approach using the timing of bank exams to address the question of whether the slower growth in small business lending at downgraded banks is attributable mainly to aspects of the banks' financial health that are not fully reflected in balance sheet data or to the ratings downgrades themselves. Our results suggest that the downgrades themselves did not directly influence bank lending to small businesses during this period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business
KW  - FINANCE
KW  - BANK loans
KW  - FINANCIAL crises
KW  - RECESSIONS
KW  - ECONOMIC recovery
KW  - UNITED States
KW  - Bank lending
KW  - Banking
KW  - CAMELS ratings
KW  - Financial crisis
KW  - G01
KW  - G18
KW  - G21
KW  - Small business lending
KW  - Supervisory ratings
N1  - Accession Number: 118192245; Kiser, Elizabeth 1; Prager, Robin 1; Email Address: robin.prager@frb.gov; Scott, Jason; Affiliations: 1: Board of Governors of the Federal Reserve System , Washington 20551 USA; Issue Info: Oct2016, Vol. 50 Issue 2, p163; Thesaurus Term: SMALL business; Thesaurus Term: FINANCE; Thesaurus Term: BANK loans; Thesaurus Term: FINANCIAL crises; Thesaurus Term: RECESSIONS; Thesaurus Term: ECONOMIC recovery; Subject Term: UNITED States; Author-Supplied Keyword: Bank lending; Author-Supplied Keyword: Banking; Author-Supplied Keyword: CAMELS ratings; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: G01; Author-Supplied Keyword: G18; Author-Supplied Keyword: G21; Author-Supplied Keyword: Small business lending; Author-Supplied Keyword: Supervisory ratings; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 24p; Illustrations: 5 Charts, 3 Graphs; Document Type: Article
L3  - 10.1007/s10693-015-0226-x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118192245&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Firestone, Simon
AU  - Rezende, Marcelo
T1  - Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2016/10//
VL  - 50
IS  - 2
M3  - Article
SP  - 211
EP  - 242
SN  - 09208550
AB  - Syndicated loans provide an exceptional opportunity to study differences in banks' approaches to measuring risk because many of these loans are held by more than one bank. We study differences in banks' estimates of risk parameters used to calculate regulatory capital requirements for syndicated loans. Using internal data from nine large U.S. banks, we find significant dispersion in the probability of default (PD) and loss given default (LGD) assigned by different banks to the same loans. Banks' PDs differ substantially, but only a few systematically set PDs higher or lower than others in a statistically significant manner. However, many banks' estimates of LGD differ from others in a systemic manner that is statistically and economically significant, causing large differences in minimum regulatory capital. In addition, we find that banks assign lower PDs to loans of which they hold larger shares, suggesting that incentives affect risk parameters. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SYNDICATED loans
KW  - RISK assessment
KW  - BANKING industry -- United States
KW  - PROBABILITY theory
KW  - BANK capital
KW  - Bank capital
KW  - Loss given default
KW  - Probability of default
KW  - Syndicated loan
N1  - Accession Number: 118192247; Firestone, Simon 1; Email Address: simon.b.firestone@frb.gov; Rezende, Marcelo 1; Email Address: marcelo.rezende@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System , 20th Street and Constitution Avenue N.W. Washington 20551 USA; Issue Info: Oct2016, Vol. 50 Issue 2, p211; Thesaurus Term: SYNDICATED loans; Thesaurus Term: RISK assessment; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: PROBABILITY theory; Thesaurus Term: BANK capital; Author-Supplied Keyword: Bank capital; Author-Supplied Keyword: Loss given default; Author-Supplied Keyword: Probability of default; Author-Supplied Keyword: Syndicated loan; Number of Pages: 32p; Illustrations: 12 Charts, 3 Graphs; Document Type: Article
L3  - 10.1007/s10693-015-0224-z
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118192247&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Claessens, Stijn
AU  - Stracca, Livio
AU  - Warnock, Francis E.
T1  - International dimensions of conventional and unconventional monetary policy.
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2016/10//
VL  - 67
M3  - Article
SP  - 1
EP  - 7
SN  - 02615606
KW  - MONETARY policy
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - ECONOMIC development
KW  - PUBLIC debts
KW  - INFLATION (Finance)
KW  - FINANCIAL institutions
KW  - FEDERAL Reserve banks
KW  - ECONOMIC aspects
N1  - Accession Number: 117709662; Claessens, Stijn 1,2,3; Stracca, Livio 1,2,3; Warnock, Francis E. 1,2,3; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington DC, USA; 2: European Central Bank; 3: University of Virginia-Darden Business School.; Issue Info: Oct2016, Vol. 67, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: ECONOMIC development; Thesaurus Term: PUBLIC debts; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FEDERAL Reserve banks; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 7p; Document Type: Article
L3  - 10.1016/j.jimonfin.2015.06.006
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=117709662&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haurin, Donald
AU  - Ma, Chao
AU  - Moulton, Stephanie
AU  - Schmeiser, Maximilian
AU  - Seligman, Jason
AU  - Shi, Wei
T1  - Spatial Variation in Reverse Mortgages Usage: House Price Dynamics and Consumer Selection.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2016/10//
VL  - 53
IS  - 3
M3  - Article
SP  - 392
EP  - 417
SN  - 08955638
AB  - Reverse mortgages have been obtained by nearly one million senior households. In the future, the number of eligible households will grow substantially, about 80 % are homeowners, and many of them have substantial equity in their home. We study state-level variations in rate of originations of HUD's Home Equity Conversion Mortgage (HECM) product. Our focus is on the impact of house prices on the origination rate. We test the hypothesis that in states where real house prices are volatile and the current level is above the long term norm, seniors rationally anticipate future reductions in house prices and lock-in their housing equity gains by obtaining a reverse mortgage. We test alternative hypotheses, the first being that seniors living in states with high rates of house price appreciation increase their use of HECMs as a means to convert an illiquid wealth capital gain into a more liquid asset. A second alternative hypothesis is that the intertemporal changes in originations of HECMs were a result of changes in the supply of mortgage originators. Our empirical work supports the hypothesis that seniors used HECMs to insure against house price declines, but we find no evidence in support of the alternative hypotheses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REVERSE mortgage loans
KW  - HOME prices
KW  - CONSUMERS
KW  - ECONOMIC development
KW  - HOMEOWNERS
KW  - G21
KW  - J14
KW  - Mortgage choice
KW  - R21
KW  - R31
KW  - Reverse mortgages
KW  - Senior housing
N1  - Accession Number: 117761222; Haurin, Donald 1; Email Address: haurin.2@osu.edu; Ma, Chao 1; Moulton, Stephanie 2; Schmeiser, Maximilian 3; Seligman, Jason 2; Shi, Wei 1; Affiliations: 1: Department of Economics , The Ohio State University , 1945 N. High St. Columbus 43210 USA; 2: John Glenn School of Public Affairs , The Ohio State University , 1810 College Rd. Columbus 43210 USA; 3: Board of Governors of the Federal Reserve System , 20th & C Sts, NW Washington 20551 USA; Issue Info: Oct2016, Vol. 53 Issue 3, p392; Thesaurus Term: REVERSE mortgage loans; Thesaurus Term: HOME prices; Thesaurus Term: CONSUMERS; Thesaurus Term: ECONOMIC development; Subject Term: HOMEOWNERS; Author-Supplied Keyword: G21; Author-Supplied Keyword: J14; Author-Supplied Keyword: Mortgage choice; Author-Supplied Keyword: R21; Author-Supplied Keyword: R31; Author-Supplied Keyword: Reverse mortgages; Author-Supplied Keyword: Senior housing; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 26p; Illustrations: 4 Charts, 2 Graphs, 1 Map; Document Type: Article
L3  - 10.1007/s11146-014-9463-2
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=117761222&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GREANEY, BRIAN P.
AU  - KABOSKI, JOSEPH P.
AU  - VAN LEEMPUT, EVA
T1  - Can Self-Help Groups Really Be "Self-Help"?
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 2016/10//
VL  - 83
IS  - 4
M3  - Article
SP  - 1614
EP  - 1644
SN  - 00346527
AB  - We provide an experimental and theoretical evaluation of a cost-reducing innovation in the delivery of "self-help group" microfinance services, in which privatized agents earn payments through membership fees for providing services. Under the status quo, agents are paid by an outside donor and offer members free services. In our multi-country randomized control trial, we evaluate the change in this incentive scheme on agent behaviour and performance, and on overall village-level outcomes. We find that privatized agents start groups, attract members, mobilize savings, and intermediate loans at similar levels after a year but at much lower costs to the NGO. At the village level, we find higher levels of borrowing, business-related savings, and investment in business. Examining mechanisms, we find that self-help groups serve more business-oriented clientele when facilitated by agents who face strong financial incentives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INNOVATIONS in business
KW  - COST control
KW  - MICROFINANCE
KW  - FINANCIAL services industry
KW  - INVESTMENTS
KW  - Cost sharing
KW  - Microfinance
KW  - Privatized delivery
KW  - Self-help groups
N1  - Accession Number: 118369191; GREANEY, BRIAN P. 1; KABOSKI, JOSEPH P. 2; VAN LEEMPUT, EVA 3; Affiliations: 1: Yale University; 2: University of Notre Dame and NBER; 3: Board of Governors of the Federal Reserve System; Issue Info: Oct2016, Vol. 83 Issue 4, p1614; Thesaurus Term: INNOVATIONS in business; Thesaurus Term: COST control; Thesaurus Term: MICROFINANCE; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: INVESTMENTS; Author-Supplied Keyword: Cost sharing; Author-Supplied Keyword: Microfinance; Author-Supplied Keyword: Privatized delivery; Author-Supplied Keyword: Self-help groups; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 31p; Illustrations: 1 Diagram, 11 Charts; Document Type: Article
L3  - 10.1093/restud/rdw004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118369191&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goodman, Sarena
T1  - LEARNING FROM THE TEST: RAISING SELECTIVE COLLEGE ENROLLMENT BY PROVIDING INFORMATION.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2016/10//
VL  - 98
IS  - 4
M3  - Article
SP  - 671
EP  - 684
SN  - 00346535
AB  - Between 2000 and 2010, five U.S. states adopted mandates requiring high school juniors to take a college entrance exam. In the two earliest-adopting states, nearly half of all students were induced into testing, and 40% to 45% of them earned scores high enough to qualify for selective colleges. Selective enrollment rose by 20% following implementation of the mandates, reflecting substitution away from noncompetitive schools. I conclude that a large number of high-ability students appear to dramatically underestimate their candidacy for selective colleges. Policies aimed at reducing this information shortage are likely to increase human capital investment for a substantial number of students. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - UNIVERSITIES & colleges
KW  - INFORMATION theory
KW  - CAPITAL investments
KW  - ADMISSION
KW  - COLLEGE entrance examinations
KW  - HIGH school juniors
N1  - Accession Number: 118455276; Goodman, Sarena 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2016, Vol. 98 Issue 4, p671; Thesaurus Term: UNIVERSITIES & colleges; Thesaurus Term: INFORMATION theory; Thesaurus Term: CAPITAL investments; Subject Term: ADMISSION; Subject Term: COLLEGE entrance examinations; Subject Term: HIGH school juniors; NAICS/Industry Codes: 611310 Colleges, Universities, and Professional Schools; Number of Pages: 14p; Illustrations: 4 Charts, 4 Graphs; Document Type: Article
L3  - 10.1162/REST_a_00600
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118455276&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edge, Rochelle M.
AU  - Rudd, Jeremy B.
T1  - REAL-TIME PROPERTIES OF THE FEDERAL RESERVE'S OUTPUT GAP.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2016/10//
VL  - 98
IS  - 4
M3  - Article
SP  - 785
EP  - 791
SN  - 00346535
AB  - We consider the revision properties of Federal Reserve Board staff estimates of the output gap after the mid-1990s and examine the usefulness of these estimates for inflation forecasting. Over this period, we find that the Federal Reserve's output gap is more reliably estimated in real time than previous studies have documented for earlier periods and alternative estimation techniques. In contrast to previous work, we also find no deterioration in forecast performance when inflation projections are conditioned on real-time rather than on final estimates of the output gap. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION forecasting
KW  - FINANCIAL performance
KW  - ESTIMATION theory
KW  - ECONOMIC models
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 118455284; Edge, Rochelle M. 1; Rudd, Jeremy B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2016, Vol. 98 Issue 4, p785; Thesaurus Term: INFLATION forecasting; Thesaurus Term: FINANCIAL performance; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMIC models ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Illustrations: 3 Charts; Document Type: Article
L3  - 10.1162/REST_a_00555
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118455284&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Caines, Colin
T1  - Can Learning Explain Boom-Bust Cycles in Asset Prices? An Application to the US Housing Boom.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2016/10//
IS  - 1181
M3  - Article
SP  - 1
EP  - 43
AB  - Explaining asset price booms poses a diffcult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent variation in fundamentals? This paper argues that boom-bust behavior in asset prices can be explained by a model in which boundedly rational agents learn the process for prices. The key feature of the model is that learning operates in both the demand for assets and the supply of credit. Interactions between agents on either side of the market create complementarities in their respective beliefs, providing an additional source of propagation. In contrast, the paper shows why learning involving only one side on the market, which has been the focus of most of the literature, cannot plausibly explain persistent and large price booms. Quantitatively, the model explains recent experiences in US housing markets. A single unanticipated mortgage rate drop generates 20 quarters of price growth whilst capturing the full appreciation in US house prices in the early 2000s. The model is able to generate endogenous liberalizations in household lending conditions during price booms, consistent with US data, and replicates key volatilities of housing market variables at business cycle frequencies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - HOUSING market
KW  - BUSINESS cycles
KW  - DATA analysis
KW  - QUANTITATIVE research
KW  - boom-bust cycles
KW  - house prices
KW  - learning
KW  - non-rational expectations
N1  - Accession Number: 119718306; Caines, Colin 1; Affiliations: 1: Staff economist in the Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Oct2016, Issue 1181, preceding p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: HOUSING market; Thesaurus Term: BUSINESS cycles; Thesaurus Term: DATA analysis; Thesaurus Term: QUANTITATIVE research; Author-Supplied Keyword: boom-bust cycles; Author-Supplied Keyword: house prices; Author-Supplied Keyword: learning; Author-Supplied Keyword: non-rational expectations; Number of Pages: 46p; Document Type: Article
L3  - 10.17016/IFDP.2016.1181
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119718306&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Arias, Jonas E.
AU  - Erceg, Christopher
AU  - Trabandt, Mathias
T1  - The macroeconomic risks of undesirably low inflation.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2016/09//
VL  - 88
M3  - Article
SP  - 88
EP  - 107
SN  - 00142921
AB  - This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New Keynesian model. We consider different causes of persistently low inflation, including a downward shift in long-run inflation expectations, a fall in nominal wage growth, and a favorable supply-side shock. We show that the macroeconomic effects of persistently low inflation depend crucially on its underlying cause, as well as on the extent to which monetary policy is constrained by the zero lower bound. Finally, we discuss policy options to mitigate these effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - FINANCIAL risk management
KW  - INFLATION (Finance)
KW  - KEYNESIAN economics
KW  - MONETARY policy
KW  - Disinflation
KW  - DSGE model
KW  - E52
KW  - E58
KW  - Liquidity trap
KW  - Monetary policy
N1  - Accession Number: 117895140; Arias, Jonas E. 1; Email Address: jonas.e.arias@frb.gov; Erceg, Christopher 2; Email Address: christopher.erceg@frb.gov; Trabandt, Mathias 3; Email Address: mathias.trabandt@gmail.com; Affiliations: 1: Federal Reserve Board, Board of Governors of the Federal Reserve System, Division of International Finance, Global Modeling Studies Section, 20th Street and Constitution Avenue N.W., Washington, DC 20551, USA; 2: Federal Reserve Board, Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue N.W., Washington, DC 20551, USA; 3: Freie Universität Berlin, School of Business and Economics, Boltzmannstraße 20, 14195 Berlin, Germany; Issue Info: Sep2016, Vol. 88, p88; Thesaurus Term: MACROECONOMICS; Thesaurus Term: FINANCIAL risk management; Thesaurus Term: INFLATION (Finance); Thesaurus Term: KEYNESIAN economics; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: Disinflation; Author-Supplied Keyword: DSGE model; Author-Supplied Keyword: E52; Author-Supplied Keyword: E58; Author-Supplied Keyword: Liquidity trap; Author-Supplied Keyword: Monetary policy; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.euroecorev.2016.03.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=117895140&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Croushore, Dean
AU  - Marsten, Katherine
T1  - Reassessing the Relative Power of the Yield Spread in Forecasting Recessions.
JO  - Journal of Applied Econometrics
JF  - Journal of Applied Econometrics
Y1  - 2016/09//Sep/Oct2016
VL  - 31
IS  - 6
M3  - Article
SP  - 1183
EP  - 1191
SN  - 08837252
AB  - In this paper, we replicate the main results of previous research showing that the use of the yield spread in a probit model can predict recessions better than the Survey of Professional Forecasters. We investigate the robustness of their results in several ways: extending the sample to include the 2007-09 recession, changing the starting date of the sample, using rolling windows of data instead of just an expanding sample, and using alternative measures of the 'actual' value of real output. Our results show that the Rudebusch-Williams findings are robust in all dimensions. Copyright © 2015 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Applied Econometrics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS -- Forecasting
KW  - YIELD stress
KW  - PROBIT analysis
KW  - ROBUST statistics
KW  - DATA
KW  - real-time data
KW  - recession forecasts
KW  - yield spread
N1  - Accession Number: 118479380; Croushore, Dean 1; Marsten, Katherine 2; Affiliations: 1: Robins School of Business, University of Richmond; 2: Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: Sep/Oct2016, Vol. 31 Issue 6, p1183; Thesaurus Term: RECESSIONS -- Forecasting; Subject Term: YIELD stress; Subject Term: PROBIT analysis; Subject Term: ROBUST statistics; Subject Term: DATA; Author-Supplied Keyword: real-time data; Author-Supplied Keyword: recession forecasts; Author-Supplied Keyword: yield spread; Number of Pages: 9p; Document Type: Article
L3  - 10.1002/jae.2485
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118479380&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Epstein, Brendan
AU  - Mukherjee, Rahul
AU  - Ramnath, Shanthi
T1  - Taxes and international risk sharing.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2016/09//
VL  - 102
M3  - Article
SP  - 310
EP  - 326
SN  - 00221996
AB  - We extend a standard model of international risk sharing to include an empirically plausible distortion: Taxes. The tax-inclusive theory implies, even under full risk sharing, a predictable relationship between consumption growth and the consumption and capital income tax rates, both within and across countries. We find strong empirical evidence in favor of this relationship. While idiosyncratic output fluctuations account for substantially more of cross-country consumption growth variability than do taxes, trends in tax differentials are found to be informative about the dynamic evolution of international risk sharing. In particular, adjusting for capital taxes reveals a marked improvement in risk sharing over the last three decades that is absent in baseline measures. This improvement has been driven by the convergence of average tax rates on capital income across OECD countries toward the United States average capital tax rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK sharing
KW  - CONSUMPTION (Economics)
KW  - ECONOMIC development
KW  - TAX rates & tables
KW  - OECD countries
KW  - Business cycle accounting
KW  - Capital taxes
KW  - F41
KW  - F44
KW  - H29
KW  - International risk sharing
KW  - Risk-sharing wedges
KW  - Tax convergence
N1  - Accession Number: 118180013; Epstein, Brendan 1; Email Address: brendan.epstein@frb.gov; Mukherjee, Rahul 2; Email Address: rahul.mukherjee@graduateinstitute.ch; Ramnath, Shanthi 3; Email Address: Shanthi.Ramnath@Treasury.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; 2: IHEID, Geneva, Switzerland; 3: U.S. Treasury Department, Office of Tax Analysis, United States; Issue Info: Sep2016, Vol. 102, p310; Thesaurus Term: RISK sharing; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ECONOMIC development; Thesaurus Term: TAX rates & tables; Subject: OECD countries; Author-Supplied Keyword: Business cycle accounting; Author-Supplied Keyword: Capital taxes; Author-Supplied Keyword: F41; Author-Supplied Keyword: F44; Author-Supplied Keyword: H29; Author-Supplied Keyword: International risk sharing; Author-Supplied Keyword: Risk-sharing wedges; Author-Supplied Keyword: Tax convergence; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jinteco.2016.08.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118180013&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dias, Daniel A.
AU  - Robalo Marques, Carlos
AU  - Richmond, Christine
T1  - Misallocation and productivity in the lead up to the Eurozone crisis.
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2016/09//
VL  - 49
M3  - Article
SP  - 46
EP  - 70
SN  - 01640704
AB  - We use Portuguese firm-level data to investigate whether changes in resource misallocation may have contributed to the poor economic performance of some southern and peripheral European countries leading up to the Eurozone crisis. We extend Hsieh and Klenow’s (2009) methodology to include intermediate inputs and consider all sectors of the economy (agriculture, manufacturing, and services). We find that within-industry misallocation almost doubled between 1996 and 2011. Equalizing total factor revenue productivity across firms within an industry could have boosted valued-added 48% and 79% above actual levels in 1996 and 2011, respectively. This implies that deteriorating allocative efficiency may have shaved around 1.3 percentage points off the annual GDP growth during the 1996–2011 period. Allocative efficiency deterioration, despite being a widespread phenomenon, is significantly higher in the service sector, with 5 industries accounting for 72% of the total variation. Capital distortions are the most important source of potential value-added efficiency gains, especially in the service sector, with a relative contribution increasing over time. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EUROZONE
KW  - FINANCIAL crises
KW  - INDUSTRIAL productivity
KW  - DATA analysis
KW  - ECONOMIC conditions
KW  - WEDGES
KW  - D24
KW  - Financial integration
KW  - Firm-level data
KW  - Misallocation
KW  - O11
KW  - O41
KW  - O47
KW  - Productivity
KW  - Wedges
N1  - Accession Number: 119418603; Dias, Daniel A. 1; Email Address: daniel.dias@frb.gov; Robalo Marques, Carlos 2; Email Address: cmrmarques@bportugal.pt; Richmond, Christine 3; Email Address: crichmond@imf.org; Affiliations: 1: Board of Governors of the Federal Reserve System and CEMAPRE, United States; 2: Banco de Portugal (Research Department), Portugal; 3: International Monetary Fund, United States; Issue Info: Sep2016, Vol. 49, p46; Thesaurus Term: EUROZONE; Thesaurus Term: FINANCIAL crises; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: DATA analysis; Subject Term: ECONOMIC conditions; Subject Term: WEDGES; Author-Supplied Keyword: D24; Author-Supplied Keyword: Financial integration; Author-Supplied Keyword: Firm-level data; Author-Supplied Keyword: Misallocation; Author-Supplied Keyword: O11; Author-Supplied Keyword: O41; Author-Supplied Keyword: O47; Author-Supplied Keyword: Productivity; Author-Supplied Keyword: Wedges; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jmacro.2016.04.009
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119418603&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spader, Jonathan
AU  - Schuetz, Jenny
AU  - Cortes, Alvaro
T1  - Fewer vacants, fewer crimes? Impacts of neighborhood revitalization policies on crime.
JO  - Regional Science & Urban Economics
JF  - Regional Science & Urban Economics
Y1  - 2016/09//
VL  - 60
M3  - Article
SP  - 73
EP  - 84
SN  - 01660462
AB  - The relationship between neighborhood physical environment and social disorder, particularly crime, is of critical interest to urban economists and sociologists, as well as local governments. Over the past 50 years, various policy interventions to improve physical conditions in distressed neighborhoods have also been heralded for their potential to reduce crime. Urban renewal programs in the mid-20th century and public housing redevelopment in the 1990s both subscribed to the idea that signs of physical disorder invite social disorder. More recently, the federal Neighborhood Stabilization Program (NSP) provided funding for local policymakers to rehabilitate or demolish foreclosed and vacant properties, in order to mitigate negative spillovers—including crime—on surrounding neighborhoods. In this paper, we investigate the impact of NSP investments on localized crime patterns in Cleveland, Chicago and Denver. Results suggest that demolition activity in Cleveland decreased burglary and theft, but do not find measurable impacts of property rehabilitation investments—although the precision of these estimates are limited by the number of rehabilitation activities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Regional Science & Urban Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Physical environment
KW  - Crime
KW  - Social disabilities
KW  - Sociologists
KW  - Public housing
KW  - Demolition
KW  - Foreclosures
KW  - Neighborhood revitalization
N1  - Accession Number: 118716304; Spader, Jonathan 1,2; Email Address: jonathan_spader@harvard.edu; Schuetz, Jenny 3; Cortes, Alvaro 1; Affiliations: 1: Abt Associates Inc., Bethesda, MD, United States; 2: Joint Center for Housing Studies of Harvard University, Cambridge, MA, United States; 3: Board of Governors of the Federal Reserve System, Washington, DC, United States; Issue Info: Sep2016, Vol. 60, p73; Subject Term: Physical environment; Subject Term: Crime; Subject Term: Social disabilities; Subject Term: Sociologists; Subject Term: Public housing; Subject Term: Demolition; Author-Supplied Keyword: Foreclosures; Author-Supplied Keyword: Neighborhood revitalization; NAICS/Industry Codes: 531112 Lessors of social housing projects; NAICS/Industry Codes: 238910 Site Preparation Contractors; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.regsciurbeco.2016.07.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eih&AN=118716304&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
T1  - Testing for and estimating structural breaks and other nonlinearities in a dynamic monetary sector.
JO  - Studies in Nonlinear Dynamics & Econometrics
JF  - Studies in Nonlinear Dynamics & Econometrics
Y1  - 2016/09//
VL  - 20
IS  - 4
M3  - Article
SP  - 377
EP  - 398
SN  - 10811826
AB  - Milton Friedman and Anna Schwartz constructed an important macroeconomic dataset for the United Kingdom that spans 1878-1970. Numerous authors have modeled the demand for broad money on that dataset. Model selection is central to assessing the merits of the resulting empirical models, so the current paper re-evaluates that issue with computer-automated model selection. Some models are robust to the model selection path, as characterized through variations in target size, pre-search testing, fixity of regressors, impulse indicator saturation, representation of the general model, and choice of dependent variable. Model improvement is also feasible, with historically interpretable nonlinearities and structural breaks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Studies in Nonlinear Dynamics & Econometrics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - MACROECONOMICS
KW  - ECONOMIC indicators
KW  - Autometrics
KW  - broad money
KW  - cointegration
KW  - conditional models
KW  - dynamic specification
KW  - error correction
KW  - Friedman and Schwartz
KW  - model design
KW  - model selection
KW  - money demand
KW  - nonlinearities
KW  - structural breaks
KW  - United Kingdom
KW  - FRIEDMAN, Milton, 1912-2006
KW  - SCHWARTZ, Anna Jacobson, 1915-2012
N1  - Accession Number: 118214480; Ericsson, Neil R. 1,2; Email Address: ericsson@frb.gov; Affiliations: 1: Principal Economist, Division of International Finance, Board of Governors of the Federal Reserve System, Stop K1-02, 2000 C Street, N.W., Washington, DC 20551, USA; 2: Research Professor of Economics, Department of Economics, The George Washington University, Washington, DC 20052, USA; Issue Info: Sep2016, Vol. 20 Issue 4, p377; Thesaurus Term: MONETARY policy; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: Autometrics; Author-Supplied Keyword: broad money; Author-Supplied Keyword: cointegration; Author-Supplied Keyword: conditional models; Author-Supplied Keyword: dynamic specification; Author-Supplied Keyword: error correction; Author-Supplied Keyword: Friedman and Schwartz; Author-Supplied Keyword: model design; Author-Supplied Keyword: model selection; Author-Supplied Keyword: money demand; Author-Supplied Keyword: nonlinearities; Author-Supplied Keyword: structural breaks; Author-Supplied Keyword: United Kingdom; People: FRIEDMAN, Milton, 1912-2006; People: SCHWARTZ, Anna Jacobson, 1915-2012; Number of Pages: 22p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
L3  - 10.1515/snde-2015-0104
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118214480&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - AJELLO, ANDREA
T1  - Financial Intermediation, Investment Dynamics, and Business Cycle Fluctuations.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/08//
VL  - 106
IS  - 8
M3  - Article
SP  - 2256
EP  - 2303
SN  - 00028282
AB  - I use micro data to quantify key features of US firm financing. In particular, I establish that a substantial 35 percent of firms' investment is funded using financial markets. I then construct a dynamic equilibrium model that matches these features and fit the model to business cycle data using Bayesian methods. In the model, financial intermediaries enable trades of financial assets, directing funds toward investment opportunities, and charge an intermediation spread to cover their costs. According to the model estimation, exogenous shocks to the intermediation spread explain 25 percent of GDP and 30 percent of investment volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises -- Finance
KW  - BUSINESS cycles
KW  - SECURITIES markets
KW  - FINANCIAL institutions
KW  - ASSETS (Accounting)
KW  - VOLATILITY (Finance)
KW  - FINANCIAL market reaction
N1  - Accession Number: 118089305; AJELLO, ANDREA 1; Email Address: andrea.ajello@frb.gov; Affiliations: 1 : Board of Governors of the Federal Reserve System, 20th and C Street NW Washington, DC 20551;  Source Info: Aug2016, Vol. 106 Issue 8, p2256; Historical Period: 1989 to 2008; Subject Term: BUSINESS enterprises -- Finance; Subject Term: BUSINESS cycles; Subject Term: SECURITIES markets; Subject Term: FINANCIAL institutions; Subject Term: ASSETS (Accounting); Subject Term: VOLATILITY (Finance); Subject Term: FINANCIAL market reaction; Number of Pages: 48p; Illustrations: 1 Diagram, 5 Charts, 11 Graphs; Document Type: Article
L3  - 10.1257/aer.20120079
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=118089305&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Pierce, Justin R.
AU  - Schott, Peter K.
T1  - The Surprisingly Swift Decline of US Manufacturing Employment†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/07//
VL  - 106
IS  - 7
M3  - Article
SP  - 1632
EP  - 1662
SN  - 00028282
AB  - This paper links the sharp drop in US manufacturing employment after 2000 to a change in US trade policy that eliminated potential tariff increases on Chinese imports. Industries more exposed to the change experience greater employment loss, increased imports from China, and higher entry by US importers and foreign-owned Chinese exporters. At the plant level, shifts toward less labor-intensive production and exposure to the policy via input-output linkages also contribute to the decline in employment. Results are robust to other potential explanations of employment loss, and there is no similar reaction in the European Union, where policy did not change. (JEL D72, E24, F13, F16, L24, L60, P33) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - RESEARCH
KW  - EXPORTERS
KW  - FOREIGN corporations
KW  - UNEMPLOYMENT
KW  - UNITED States -- Economic conditions -- 21st century
KW  - UNITED States
N1  - Accession Number: 116618492; Pierce, Justin R. 1; Schott, Peter K. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551 (e-mail: ); 2: Yale School of Management, 165 Whitney Avenue, New Haven, CT 06511, and NBER (e-mail: ); Issue Info: Jul2016, Vol. 106 Issue 7, p1632; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: RESEARCH; Thesaurus Term: EXPORTERS; Thesaurus Term: FOREIGN corporations; Thesaurus Term: UNEMPLOYMENT; Subject Term: UNITED States -- Economic conditions -- 21st century; Subject Term: UNITED States; Number of Pages: 31p; Illustrations: 9 Charts, 4 Graphs; Document Type: Article
L3  - 10.1257/aer.20131578
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116618492&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Decker, Ryan A.
AU  - Haltiwanger, John
AU  - Jarmin, Ron S.
AU  - Miranda, Javier
T1  - Where has all the skewness gone? The decline in high-growth (young) firms in the U.S.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2016/07//
VL  - 86
M3  - Article
SP  - 4
EP  - 23
SN  - 00142921
AB  - The pace of business dynamism and entrepreneurship in the U.S. has declined over recent decades. We show that the character of that decline changed around 2000. Since 2000 the decline in dynamism and entrepreneurship has been accompanied by a decline in high-growth young firms. Prior research has shown that the sustained contribution of business startups to job creation stems from a relatively small fraction of high-growth young firms. The presence of these high-growth young firms contributes to a highly (positively) skewed firm growth rate distribution. In 1999, a firm at the 90th percentile of the employment growth rate distribution grew about 31 percent faster than the median firm. Moreover, the 90−50 differential was 16 percent larger than the 50−10 differential reflecting the positive skewness of the employment growth rate distribution. We show that the shape of the firm employment growth distribution changes substantially in the post-2000 period. By 2007, the 90−50 differential was only 4 percent larger than the 50−10, and it continued to exhibit a trend decline through 2011. The overall decline reflects a sharp drop in the 90th percentile of the growth rate distribution accounted for by the declining share of young firms and the declining propensity for young firms to be high-growth firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - ENTREPRENEURSHIP
KW  - JOB creation
KW  - EMPLOYMENT (Economic theory)
KW  - SKEWNESS (Probability theory)
KW  - UNITED States
KW  - UNITED States -- Economic conditions
KW  - Entrepreneurship
KW  - High growth firms
KW  - Job creation
N1  - Accession Number: 115799719; Decker, Ryan A. 1; Haltiwanger, John 2,3; Email Address: haltiwan@econ.umd.edu; Jarmin, Ron S. 4; Miranda, Javier 4; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; 2: Department of Economics, University of Maryland, College Park, MD 20742, United States; 3: NBER, United States; 4: U.S. Census Bureau, United States; Issue Info: Jul2016, Vol. 86, p4; Thesaurus Term: ECONOMIC development; Thesaurus Term: ENTREPRENEURSHIP; Thesaurus Term: JOB creation; Thesaurus Term: EMPLOYMENT (Economic theory); Subject Term: SKEWNESS (Probability theory); Subject Term: UNITED States; Subject Term: UNITED States -- Economic conditions; Author-Supplied Keyword: Entrepreneurship; Author-Supplied Keyword: High growth firms; Author-Supplied Keyword: Job creation; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.euroecorev.2015.12.013
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115799719&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pfajfar, Damjan
AU  - Žakelj, Blaž
T1  - Uncertainty in forecasting inflation and monetary policy design: Evidence from the laboratory.
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 2016/07//
VL  - 32
IS  - 3
M3  - Article
SP  - 849
EP  - 864
SN  - 01692070
AB  - This paper designs a laboratory experiment for studying subjects’ uncertainty regarding inflation in different monetary policy environments. We find that the contemporaneous Taylor rule produces a lower uncertainty and higher accuracy of interval forecasts than the forward-looking Taylor rule. The latter also produces a lower uncertainty when the reaction coefficient is high, 4, than rules with lower reaction coefficients, 1.5 and 1.35. Subjects perceive the underlying inflation uncertainty correctly in only 60% of cases, and tend to report asymmetric confidence intervals, perceiving a higher level of uncertainty with respect to inflation increases. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Forecasting is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION forecasting
KW  - MONETARY policy
KW  - MATHEMATICAL analysis
KW  - TAYLOR'S rule
KW  - CONFIDENCE intervals
KW  - Confidence bounds
KW  - Inflation uncertainty
KW  - Laboratory experiments
KW  - Monetary policy
KW  - New Keynesian model
N1  - Accession Number: 115844043; Pfajfar, Damjan 1; Email Address: damjan.pfajfar@frb.gov; Žakelj, Blaž 2; Email Address: blaz.zakelj@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and Constitution Ave, NW Washington, DC 20551, USA; 2: LeeX, Universitat Pompeu Fabra, Ramon Trias Fargas 25–27, 08005 Barcelona, Spain; Issue Info: Jul2016, Vol. 32 Issue 3, p849; Thesaurus Term: INFLATION forecasting; Thesaurus Term: MONETARY policy; Thesaurus Term: MATHEMATICAL analysis; Subject Term: TAYLOR'S rule; Subject Term: CONFIDENCE intervals; Author-Supplied Keyword: Confidence bounds; Author-Supplied Keyword: Inflation uncertainty; Author-Supplied Keyword: Laboratory experiments; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: New Keynesian model; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.ijforecast.2016.01.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115844043&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coroneo, Laura
AU  - Giannone, Domenico
AU  - Modugno, Michele
T1  - Unspanned Macroeconomic Factors in the Yield Curve.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2016/07//
VL  - 34
IS  - 3
M3  - Article
SP  - 472
EP  - 485
SN  - 07350015
AB  - In this article, we extract common factors from a cross-section of U.S. macro-variables and Treasury zero-coupon yields. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns. These factors are not spanned by the cross-section of yields and are well proxied by economic growth and real interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMIC models
KW  - YIELD curve (Finance)
KW  - GOVERNMENT securities
KW  - ECONOMIC development
KW  - INTEREST rates
KW  - ECONOMIC forecasting
KW  - UNITED States
KW  - Dynamic factor models
KW  - Forecasting
KW  - Government bonds
KW  - Yield curve
N1  - Accession Number: 118862822; Coroneo, Laura 1; Giannone, Domenico 2; Modugno, Michele 3; Affiliations: 1: Department of Economics and Related Studies, University of York, Heslington, YorkYO10 5DD, United Kingdom(laura.coroneo@york.ac.uk); 2: Research and Statistics Group, Federal Reserve Bank of New York, New York, NY10045-0001(domenico.giannone@ny.frb.org); 3: Board of Governors of the Federal Reserve System, Washington, DC(Michele.Modugno@frb.gov); Issue Info: Jul2016, Vol. 34 Issue 3, p472; Thesaurus Term: MACROECONOMIC models; Thesaurus Term: YIELD curve (Finance); Thesaurus Term: GOVERNMENT securities; Thesaurus Term: ECONOMIC development; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC forecasting; Subject Term: UNITED States; Author-Supplied Keyword: Dynamic factor models; Author-Supplied Keyword: Forecasting; Author-Supplied Keyword: Government bonds; Author-Supplied Keyword: Yield curve; Number of Pages: 14p; Document Type: Article
L3  - 10.1080/07350015.2015.1052456
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118862822&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rice, Tara
AU  - Rose, Jonathan
T1  - When good investments go bad: The contraction in community bank lending after the 2008 GSE takeover.
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2016/07//
VL  - 27
M3  - Article
SP  - 68
EP  - 88
SN  - 10429573
AB  - In September 2008, the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, were placed into conservatorship. The GSEs' equity prices dropped considerably in response, and, as a result, many banks that held sizable amounts of the preferred stock of the two GSEs recognized substantial losses. Fifteen failures and two mergers resulted. We treat these losses as plausibly exogenous, unanticipated, supply-side shocks to bank lending, as they are likely unrelated to demand-side factors that could affect lending, and because GSE investments were considered to be safe by banks, regulators, and rating agencies. As a result, this event allows us to examine the relationship between community bank condition and lending during the global financial crisis. We find that, following the shock, loan growth at exposed banks was about 2 percentage points lower than other banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INVESTMENTS
KW  - COMMUNITY banks
KW  - BANK loans
KW  - GOVERNMENT-sponsored enterprises
KW  - CONSOLIDATION & merger of corporations
KW  - CONSERVATORSHIPS (Law)
KW  - STOCKS (Finance)
KW  - SHOCK (Economics)
KW  - Banking
KW  - Credit contraction
KW  - Financial crisis
KW  - Government sponsored enterprise
N1  - Accession Number: 116987314; Rice, Tara 1; Email Address: tara.n.rice@frb.gov; Rose, Jonathan 1; Email Address: jonathan.d.rose@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Jul2016, Vol. 27, p68; Thesaurus Term: INVESTMENTS; Thesaurus Term: COMMUNITY banks; Thesaurus Term: BANK loans; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: CONSERVATORSHIPS (Law); Thesaurus Term: STOCKS (Finance); Thesaurus Term: SHOCK (Economics); Author-Supplied Keyword: Banking; Author-Supplied Keyword: Credit contraction; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: Government sponsored enterprise; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jfi.2016.02.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116987314&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Skillman, Justin S.
AU  - Vernarelli, Michael J.
T1  - Framing effects on bidding behavior in experimental first-price sealed-bid money auctions.
JO  - Judgment & Decision Making
JF  - Judgment & Decision Making
Y1  - 2016/07//
VL  - 11
IS  - 4
M3  - Article
SP  - 391
EP  - 400
PB  - Society for Judgment & Decision Making
SN  - 19302975
AB  - Consumers often face prices that are the sum of two components, for example, an online purchase that includes a stated price and shipping costs. In such cases consumer behavior may be influenced by framing, i.e., how the components are bifurcated. Previous studies have demonstrated the effects of framing and anchoring in auctions. This study examines bidding patterns in a series of first-price sealed-bid experimental money auctions (where the commodity being auctioned is money itself). We hypothesize that bidders' behavior is affected by the framing of the potential monetary payoff into "monetary prize" and "winner's bonus" components. We find strong evidence of an anchoring effect that influences the strategic behavior of bidders. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Judgment & Decision Making is the property of Society for Judgment & Decision Making and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER behavior
KW  - FRAMES (Social sciences)
KW  - BIDDING strategies
KW  - AUCTIONS
KW  - PRICES
KW  - BIDDERS
KW  - anchoring
KW  - consumer behavior
KW  - framing
KW  - money auction
N1  - Accession Number: 117243482; Skillman, Justin S. 1 Vernarelli, Michael J. 2; Email Address: mjvgss@rit.edu; Affiliation:  1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, D.C. 20551  2: Department of Economics, Rochester Institute of Technology; Source Info: Jul2016, Vol. 11 Issue 4, p391; Subject Term: CONSUMER behavior; Subject Term: FRAMES (Social sciences); Subject Term: BIDDING strategies; Subject Term: AUCTIONS; Subject Term: PRICES; Subject Term: BIDDERS; Author-Supplied Keyword: anchoring; Author-Supplied Keyword: consumer behavior; Author-Supplied Keyword: framing; Author-Supplied Keyword: money auction; Number of Pages: 10p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=117243482&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Millar, Jonathan N.
AU  - Oliner, Stephen D.
AU  - Sichel, Daniel E.
T1  - Time-to-plan lags for commercial construction projects.
JO  - Regional Science & Urban Economics
JF  - Regional Science & Urban Economics
Y1  - 2016/07//
VL  - 59
M3  - Article
SP  - 75
EP  - 89
SN  - 01660462
AB  - Gestation lags have long been understood to be an important feature of the investment process. However, previous research has focused on the time-to-build part of the gestation period and has provided little information on the earlier time-to-plan period during which key decisions are made about the project's scope and financing. We develop new estimates of time-to-plan lags for commercial construction projects in the United States, using a large project-level dataset that allows direct measurement of planning lags. We find that these time-to-plan lags are long, averaging about 16 months when we aggregate the projects without regard to size and about 26 months when we weight the projects by their construction cost. The full distribution of time-to-plan lags is very wide, and we relate this variation to the characteristics of the project and its location. In addition, we show that time-to-plan lags lengthened by 3 to 4 months, on average, over our sample period (1999 to 2010). Regulatory factors are associated with the variation in planning lags across locations, and we present anecdotal evidence that links at least some of the lengthening over time to heightened regulatory scrutiny. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Regional Science & Urban Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Investments
KW  - Decision making in economics
KW  - Construction industry -- Costs
KW  - Business cycles
KW  - Distribution (Economic theory)
KW  - Commercial construction
KW  - Regulation
KW  - Time-to-build
KW  - Time-to-plan
N1  - Accession Number: 116488020; Millar, Jonathan N. 1; Email Address: jonathan.n.millar@frb.gov; Oliner, Stephen D. 2,3; Email Address: stephen.oliner@aei.org; Sichel, Daniel E. 4,5; Email Address: dsichel@wellesley.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, D.C. 20551, United States; 2: American Enterprise Institute, 1150 17th Street, NW, Washington, D.C. 20036, United States; 3: UCLA Ziman Center for Real Estate, 110 Westwood Plaza, Gold Hall, Suite B100, Los Angeles, CA 90095, United States; 4: Department of Economics, Wellesley College, 106 Center Street, Wellesley, MA 02481, United States; 5: National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138, United States; Issue Info: Jul2016, Vol. 59, p75; Subject Term: Investments; Subject Term: Decision making in economics; Subject Term: Construction industry -- Costs; Subject Term: Business cycles; Subject Term: Distribution (Economic theory); Author-Supplied Keyword: Commercial construction; Author-Supplied Keyword: Regulation; Author-Supplied Keyword: Time-to-build; Author-Supplied Keyword: Time-to-plan; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 15p; Document Type: Article
L3  - 10.1016/j.regsciurbeco.2016.05.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eih&AN=116488020&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - D'Amico, Stefania
AU  - King, Thomas B.
AU  - Min Wei
T1  - Chicago Fed Letter.
JO  - Chicago Fed Letter
JF  - Chicago Fed Letter
Y1  - 2016/06/20/
IS  - 363
M3  - Article
SP  - 1
EP  - 6
PB  - Federal Reserve Bank of Chicago
SN  - 08950164
AB  - The article discusses the macroeconomic sources of the fluctuations of interest rate in the U.S. Topics include the use of statistical method to attribute the changes in country's Treasury yields and inflation compensation to shifts in investor beliefs regarding inflation, domestic and foreign growth and monetary policy, Treasury inflation-protected securities (TIPS), and U.S. stock market volatility.
KW  - MACROECONOMICS
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - VOLATILITY (Finance)
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 116496947; D'Amico, Stefania 1 King, Thomas B. 1 Min Wei 2; Affiliation:  1: senior financial economist, Board of Governors of the Federal Reserve System  2: deputy associate director, Board of Governors of the Federal Reserve System; Source Info: 2016, Issue 363, p1; Subject Term: MACROECONOMICS; Subject Term: INTEREST rates; Subject Term: INFLATION (Finance); Subject Term: MONETARY policy; Subject Term: VOLATILITY (Finance); Subject Term: UNITED States; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=116496947&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Dias, Daniel A.
AU  - Wright, Mark L. J.
T1  - Chicago Fed Letter.
JO  - Chicago Fed Letter
JF  - Chicago Fed Letter
Y1  - 2016/06/15/
IS  - 362
M3  - Article
SP  - 1
EP  - 7
PB  - Federal Reserve Bank of Chicago
SN  - 08950164
AB  - The article offers information on debt statistics and alternative ways for measuring the indebtedness of the governments of Greece, Portugal, and Ireland. Topics discussed include the debt owed by the government of Greece which is equivalent to more than 177% of gross domestic product (GDP) of tax revenue, Greek future principal repayments expected to make until 2057, and projections of cash flows for the three countries.
KW  - PUBLIC debts
KW  - GROSS domestic product
KW  - GOVERNMENT revenue
KW  - REPAYMENTS
KW  - CASH flow
KW  - GREECE
KW  - IRELAND
KW  - PORTUGAL
N1  - Accession Number: 116496946; Dias, Daniel A. 1 Wright, Mark L. J. 2; Affiliation:  1: economist, Board of Governors of the Federal Reserve System  2: senior economist and research advisor, Board of Governors of the Federal Reserve System; Source Info: 2016, Issue 362, p1; Subject Term: PUBLIC debts; Subject Term: GROSS domestic product; Subject Term: GOVERNMENT revenue; Subject Term: REPAYMENTS; Subject Term: CASH flow; Subject Term: GREECE; Subject Term: IRELAND; Subject Term: PORTUGAL; Number of Pages: 7p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=116496946&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Lin, Li
AU  - Tsomocos, Dimitrios
AU  - Vardoulakis, Alexandros
T1  - On default and uniqueness of monetary equilibria.
JO  - Economic Theory
JF  - Economic Theory
Y1  - 2016/06//
VL  - 62
IS  - 1/2
M3  - Article
SP  - 245
EP  - 264
SN  - 09382259
AB  - We examine the role that credit risk in the central bank's monetary operations plays in the determination of the equilibrium price level and allocations. Our model features trade in fiat money, real assets and a monetary authority which injects money into the economy through short-term and long-term loans to agents. Short-term loans are riskless, but long-term loans are collateralized by a portfolio of real assets and are subject to credit risk. The private monetary wealth of individuals is zero, i.e., there is no outside money. When there is no default in equilibrium, there is indeterminacy. Positive default in every state of the world on some long-term loan endogenously creates positive liquid wealth that supports positive interest rates and resolves the aforementioned indeterminacy. Hence, a non-Ricardian policy across loan markets can determine the equilibrium allocations, while it allows the central bank to earn profits from seigniorage in order to compensate for any losses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Theory is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT risk
KW  - MONETARY policy
KW  - PRICE levels
KW  - EQUILIBRIUM (Economics)
KW  - CURRENCY question
KW  - CENTRAL banking industry
KW  - Collateral
KW  - D5
KW  - Default
KW  - Determinacy
KW  - E4
KW  - E5
KW  - Liquid wealth
KW  - Monetary policy
N1  - Accession Number: 116622531; Lin, Li 1; Email Address: llin@imf.org; Tsomocos, Dimitrios 2; Email Address: dimitrios.tsomocos@sbs.ox.ac.uk; Vardoulakis, Alexandros 3; Email Address: alexandros.vardoulakis@frb.gov; Affiliations: 1: International Monetary Fund, Washington USA; 2: Saïd Business School and St. Edmund Hall, University of Oxford, Oxford UK; 3: Board of Governors of the Federal Reserve System, Washington USA; Issue Info: Jun2016, Vol. 62 Issue 1/2, p245; Thesaurus Term: CREDIT risk; Thesaurus Term: MONETARY policy; Thesaurus Term: PRICE levels; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: CURRENCY question; Thesaurus Term: CENTRAL banking industry; Author-Supplied Keyword: Collateral; Author-Supplied Keyword: D5; Author-Supplied Keyword: Default; Author-Supplied Keyword: Determinacy; Author-Supplied Keyword: E4; Author-Supplied Keyword: E5; Author-Supplied Keyword: Liquid wealth; Author-Supplied Keyword: Monetary policy; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 20p; Illustrations: 2 Charts; Document Type: Article
L3  - 10.1007/s00199-015-0890-y
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116622531&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dräger, Lena
AU  - Lamla, Michael J.
AU  - Pfajfar, Damjan
T1  - Are survey expectations theory-consistent? The role of central bank communication and news.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2016/06//
VL  - 85
M3  - Article
SP  - 84
EP  - 111
SN  - 00142921
AB  - In this paper we analyze whether central bank communication can facilitate the understanding of key economic concepts. Using survey data for consumers and professionals, we calculate how many of them have expectations consistent with the Fisher Equation, the Taylor rule and the Phillips curve and test, by accounting for three different communication channels, whether central banks can influence those. A substantial share of participants has expectations consistent with the Fisher equation, followed by the Taylor rule and the Phillips curve. We show that having theory-consistent expectations is beneficial, as it improves the forecast accuracy. Furthermore, consistency is time varying. Exploring this time variation, we provide evidence that central bank communication as well as news on monetary policy can facilitate the understanding of those concepts and thereby improve the efficacy of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATIONAL expectations (Economic theory)
KW  - CENTRAL banking industry
KW  - ECONOMIC surveys
KW  - FISHER effect (Economics)
KW  - MONETARY policy
KW  - C25
KW  - Central bank communication
KW  - Consumer forecast accuracy
KW  - D84
KW  - E31
KW  - E52
KW  - E58
KW  - Macroeconomic expectations
KW  - Monetary news
KW  - Survey microdata
N1  - Accession Number: 115216255; Dräger, Lena 1; Email Address: Lena.Draeger@wiso.uni-hamburg.de; Lamla, Michael J. 2,3; Email Address: mlamla@essex.ac.uk; Pfajfar, Damjan 4; Email Address: damjan.pfajfar@frb.gov; Affiliations: 1: University of Hamburg, Germany; 2: University of Essex, UK; 3: ETH Zurich, KOF Swiss Economic Institute, Switzerland; 4: Board of Governors of the Federal Reserve System, United States; Issue Info: Jun2016, Vol. 85, p84; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: ECONOMIC surveys; Thesaurus Term: FISHER effect (Economics); Thesaurus Term: MONETARY policy; Author-Supplied Keyword: C25; Author-Supplied Keyword: Central bank communication; Author-Supplied Keyword: Consumer forecast accuracy; Author-Supplied Keyword: D84; Author-Supplied Keyword: E31; Author-Supplied Keyword: E52; Author-Supplied Keyword: E58; Author-Supplied Keyword: Macroeconomic expectations; Author-Supplied Keyword: Monetary news; Author-Supplied Keyword: Survey microdata; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 28p; Document Type: Article
L3  - 10.1016/j.euroecorev.2016.01.010
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115216255&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ivanov, Ivan T.
AU  - Santos, João A.C.
AU  - Vo, Thu
T1  - The transformation of banking: Tying loan interest rates to borrowers' CDS spreads.
JO  - Journal of Corporate Finance
JF  - Journal of Corporate Finance
Y1  - 2016/06//
VL  - 38
M3  - Article
SP  - 150
EP  - 165
SN  - 09291199
AB  - We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected bank financing. We find that market-based pricing is associated with lower interest rates, both at origination and during the life of the loan. Our results also indicate that banks simplify the covenant structure of market-based pricing loans, suggesting that the decline in the cost of bank debt is explained, at least in part, by a reduction in monitoring costs. Market-based pricing, therefore, besides reducing the cost of bank debt, may also have adverse consequences resulting from the decline in bank monitoring. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - INTEREST rates
KW  - BANK loans
KW  - PRICING
KW  - COST analysis
KW  - CDS spreads
KW  - G1
KW  - G21
KW  - G30
KW  - Loan covenants
KW  - Loan spreads
KW  - Market-based pricing
N1  - Accession Number: 115437014; Ivanov, Ivan T. 1; Email Address: ivan.t.ivanov@frb.gov; Santos, João A.C. 2; Email Address: joao.santos@ny.frb.org; Vo, Thu 3; Email Address: tvo@amherst.com; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; 2: Federal Reserve Bank of New York and Nova School of Business and Economics, 33 Liberty Street, New York, NY 10045, USA; 3: Amherst Securities Group, 5001 Plaza On The Lake, Austin, TX 78746, USA; Issue Info: Jun2016, Vol. 38, p150; Thesaurus Term: BANKING industry; Thesaurus Term: INTEREST rates; Thesaurus Term: BANK loans; Thesaurus Term: PRICING; Thesaurus Term: COST analysis; Author-Supplied Keyword: CDS spreads; Author-Supplied Keyword: G1; Author-Supplied Keyword: G21; Author-Supplied Keyword: G30; Author-Supplied Keyword: Loan covenants; Author-Supplied Keyword: Loan spreads; Author-Supplied Keyword: Market-based pricing; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jcorpfin.2016.01.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115437014&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pfeffer, Fabian T.
AU  - Schoeni, Robert F.
AU  - Kennickell, Arthur
AU  - Andreski, Patricia
T1  - Measuring wealth and wealth inequality: Comparing two U.S. surveys.
JO  - Journal of Economic & Social Measurement
JF  - Journal of Economic & Social Measurement
Y1  - 2016/06//
VL  - 41
IS  - 2
M3  - Article
SP  - 103
EP  - 120
PB  - IOS Press
SN  - 07479662
AB  - Household wealth and its distribution are topics of broad public debate and increasing scholarly interest. We compare the relative strength of two of the main data sources used in research on the wealth holdings of U.S. households, the Survey of Consumer Finances (SCF) and the Panel Study of Income Dynamics (PSID), by providing a description and explanation of differences in the level and distribution of wealth captured in these two surveys.We identify the factors that account for differences in average net worth but also show that estimates of net worth are similar throughout most of the distribution. Median net worth in the SCF is 6% higher than in the PSID and the largest differences between the two surveys are concentrated in the 1-2 percent wealthiest households, leading to a different view of wealth concentration at the very top but similar results for wealth inequality across most of the distribution. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic & Social Measurement is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - INCOME
KW  - INCOME distribution
KW  - NET worth
KW  - UNITED States
KW  - MEASUREMENT
KW  - inequality
KW  - measurement
KW  - Wealth
N1  - Accession Number: 116497038; Pfeffer, Fabian T. 1; Email Address: fpfeffer@umich.edu; Schoeni, Robert F. 1; Kennickell, Arthur 2; Andreski, Patricia 3; Affiliations: 1: Institute for Social Research, University of Michigan, Ann Arbor, MI, USA; 2: Board of Governors of the Federal Reserve System, USA; 3: Office for Health Equity and Inclusion, University of Michigan, Ann Arbor, MI, USA; Issue Info: 2016, Vol. 41 Issue 2, p103; Thesaurus Term: WEALTH; Thesaurus Term: INCOME; Thesaurus Term: INCOME distribution; Thesaurus Term: NET worth; Subject Term: UNITED States; Subject Term: MEASUREMENT; Author-Supplied Keyword: inequality; Author-Supplied Keyword: measurement; Author-Supplied Keyword: Wealth; Number of Pages: 18p; Document Type: Article
L3  - 10.3233/JEM-160421
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116497038&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cao, Charles
AU  - Goldie, Bradley A.
AU  - Liang, Bing
AU  - Petrasek, Lubomir
T1  - What Is the Nature of Hedge Fund Manager Skills? Evidence from the Risk-Arbitrage Strategy.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 2016/06//
VL  - 51
IS  - 3
M3  - Article
SP  - 929
EP  - 957
PB  - Cambridge University Press
SN  - 00221090
AB  - To understand the nature of hedge fund managers’ skills, we study the implementation of risk arbitrage by hedge funds using their portfolio holdings and comparing them with those of other institutional arbitrageurs. We find that hedge funds significantly outperform a naive risk-arbitrage portfolio by 3.7% annually on a risk-adjusted basis, whereas non–hedge fund arbitrageurs fail to outperform the benchmark. Our analysis reveals that hedge funds’ superior performance does not reflect fund managers’ ability to predict or affect the outcome of merger and acquisition deals; rather, hedge fund managers’ superior performance is attributed to their ability to manage downside risk. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HEDGE funds
KW  - MUTUAL fund managers
KW  - ARBITRAGE
KW  - RISK assessment
KW  - BENCHMARKING (Management)
KW  - FINANCIAL performance
KW  - CONSOLIDATION & merger of corporations
KW  - FINANCIAL risk management
N1  - Accession Number: 117097165; Cao, Charles 1; Goldie, Bradley A. 2; Liang, Bing 3; Petrasek, Lubomir 4; Affiliations: 1: qxc2@psu.edu, Pennsylvania State University, Smeal College of Business, University Park, PA 16802; 2: goldieba@miamioh.edu, Miami University, Farmer School of Business, Oxford, OH 45056; 3: bliang@isenberg.umass.edu, University of Massachusetts Amherst, Isenberg School of Management, Amherst, MA 01003, and China Academy of Financial Research; 4: lubomir.petrasek@frb.gov, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Jun2016, Vol. 51 Issue 3, p929; Thesaurus Term: HEDGE funds; Thesaurus Term: MUTUAL fund managers; Thesaurus Term: ARBITRAGE; Thesaurus Term: RISK assessment; Thesaurus Term: BENCHMARKING (Management); Thesaurus Term: FINANCIAL performance; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: FINANCIAL risk management; NAICS/Industry Codes: 525910 Open-End Investment Funds; Number of Pages: 29p; Document Type: Article
L3  - 10.1017/S0022109016000387
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=117097165&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heston, Steven L.
AU  - Sinha, Nitish R.
T1  - News versus Sentiment: Predicting Stock Returns from News Stories.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/06//
M3  - Article
SP  - 1
EP  - 35
AB  - This paper uses a dataset of more than 900,000 news stories to test whether news can predict stock returns. We measure sentiment with a proprietary Thomson-Reuters neural network. We find that daily news predicts stock returns for only 1 to 2 days, confirming previous research. Weekly news, however, predicts stock returns for one quarter. Positive news stories increase stock returns quickly, but negative stories have a longdelayed reaction. Much of the delayed response to news occurs around the subsequent earnings announcement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance) -- Rate of return
KW  - NEURAL networks (Computer science)
KW  - STOCKS (Finance) -- Prices
KW  - CORPORATE profits
KW  - CREDIT risk
KW  - News
KW  - Text Analysis
N1  - Accession Number: 116649715; Heston, Steven L. 1; Email Address: sheston@rhsmith.umd.edu; Sinha, Nitish R. 2; Email Address: nitish.r.sinha@frb.gov; Affiliations: 1: Department of Finance, Robert H. Smith School of Business, University of Maryland, College Park; 2: Board of Governors of the Federal Reserve System; Issue Info: Jun2016, preceding p1; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: NEURAL networks (Computer science); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: CORPORATE profits; Thesaurus Term: CREDIT risk; Author-Supplied Keyword: News; Author-Supplied Keyword: Text Analysis; Number of Pages: 36p; Document Type: Article
L3  - 10.17016/FEDS.2016.048
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116649715&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Acolin, Arthur
AU  - Bricker, Jesse
AU  - Calem, Paul
AU  - Wachter, Susan
T1  - Borrowing Constraints and Homeownership†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/05//
VL  - 106
IS  - 5
M3  - Article
SP  - 625
EP  - 629
SN  - 00028282
AB  - This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOME ownership
KW  - HOMEOWNERS
KW  - CREDIT
KW  - LOANS
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - UNITED States -- Economic conditions
KW  - FINANCIAL crises -- United States
N1  - Accession Number: 115268327; Acolin, Arthur 1; Bricker, Jesse 2; Calem, Paul 3; Wachter, Susan 4; Affiliations: 1 : University of Southern California, 650 Childs Way, Los Angeles, CA 90089 (e-mail: ); 2 : Board of Governors of the Federal Reserve System, 20th and C Street, NW, Washington, DC 20551 (e-mail: ); 3 : Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PA 19106 (e-mail: ); 4 : University of Pennsylvania, 430 Vance Hall, 3733 Spruce St., Philadelphia, PA 19104 (e-mail: );  Source Info: May2016, Vol. 106 Issue 5, p625; Historical Period: 2008 to 2013; Subject Term: HOME ownership; Subject Term: HOMEOWNERS; Subject Term: CREDIT; Subject Term: LOANS; Subject Term: GLOBAL Financial Crisis, 2008-2009; Subject Term: UNITED States -- Economic conditions; Subject Term: FINANCIAL crises -- United States; Number of Pages: 5p; Illustrations: 2 Charts; Document Type: Article
L3  - 10.1257/aer.p20161084
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=115268327&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Fischer, Stanley
T1  - Monetary Policy, Financial Stability, and the Zero Lower Bound†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/05//
VL  - 106
IS  - 5
M3  - Article
SP  - 39
EP  - 42
SN  - 00028282
AB  - Much has happened in the world of central banking in the past decade. In this paper, I focus on three issues associated with the zero lower bound (ZLB) on short-term nominal interest rates and the nexus between monetary policy and financial stability: 1) whether we are moving toward a permanently lower long-run equilibrium real interest rate; 2) what steps can be taken to mitigate the constraints imposed by the ZLB; and 3) whether and how financial stability considerations should be incorporated in the conduct of monetary policy. These important topics deserve the attention of both academic and government professionals. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - INTEREST rates
KW  - ECONOMIC stabilization
KW  - FINANCE
KW  - GOVERNMENT policy
KW  - ECONOMIC policy
KW  - MACROECONOMICS
N1  - Accession Number: 115268347; Fischer, Stanley 1; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551 (e-mail: ); Issue Info: May2016, Vol. 106 Issue 5, p39; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: FINANCE; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MACROECONOMICS; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 4p; Document Type: Article
L3  - 10.1257/aer.p20161005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115268347&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gourio, François
AU  - Messer, Todd
AU  - Siemer, Michael
T1  - Firm Entry and Macroeconomic Dynamics: A State-Level Analysis†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/05//
VL  - 106
IS  - 5
M3  - Article
SP  - 214
EP  - 218
SN  - 00028282
AB  - Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This is consistent with simple models of firm dynamics where a 'missing generation' of firms affects productivity persistently. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NEW business enterprises
KW  - MACROECONOMICS
KW  - GROSS domestic product
KW  - ECONOMICS -- Research
KW  - INDUSTRIAL productivity
KW  - BUSINESS planning
KW  - UNITED States
KW  - ECONOMIC aspects
N1  - Accession Number: 115268272; Gourio, François 1; Messer, Todd 2; Siemer, Michael 3; Affiliations: 1: Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604 (e-mail: ); 2: Department of Economics, University of California at Berkeley, 530 Evans Hall, Berkeley, CA 94720 (e-mail: ); 3: Board of Governors of the Federal Reserve System, 20th & Constitution Avenue NW, Washington, DC 20551 (e-mail: ); Issue Info: May2016, Vol. 106 Issue 5, p214; Thesaurus Term: NEW business enterprises; Thesaurus Term: MACROECONOMICS; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: BUSINESS planning; Subject Term: UNITED States; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 5p; Illustrations: 1 Chart, 2 Graphs; Document Type: Article
L3  - 10.1257/aer.p20161052
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115268272&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Burdett, Kenneth
AU  - Dong, Mei
AU  - Sun, Ling
AU  - Wright, Randall
T1  - MARRIAGE, MARKETS, AND MONEY: A COASIAN THEORY OF HOUSEHOLD FORMATION.
JO  - International Economic Review
JF  - International Economic Review
Y1  - 2016/05//
VL  - 57
IS  - 2
M3  - Article
SP  - 337
EP  - 368
PB  - Wiley-Blackwell
SN  - 00206598
AB  - This article integrates search-based models of marriage and money. We think about households as organizations, the way Coase thinks about firms, as alternatives to markets that become more attractive when transactions costs increase. In the model, individuals consume market- and home-produced goods, and home production is facilitated by marriage. Market frictions, including taxes, search, and bargaining problems, increase the marriage propensity. The inflation tax encourages marriage because being single is cash intensive. Microdata confirm singles use cash more than married people. We use macrodata over many countries to investigate how marriage responds to inflation, taxation, and other variables. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARITAL statistics
KW  - TAXATION
KW  - MARITAL adjustment
KW  - MARRIED people
KW  - MARITAL relations
N1  - Accession Number: 114884825; Burdett, Kenneth 1; Dong, Mei 2; Sun, Ling 3; Wright, Randall 4; Affiliations: 1: University of Pennsylvania; 2: University of Melbourne; 3: Brock University; 4: University of Wisconsin-Madison, Federal Reserve Banks of Chicago and Minneapolis, and NBER; Issue Info: May2016, Vol. 57 Issue 2, p337; Thesaurus Term: MARITAL statistics; Thesaurus Term: TAXATION; Subject Term: MARITAL adjustment; Subject Term: MARRIED people; Subject Term: MARITAL relations; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 32p; Document Type: Article
L3  - 10.1111/iere.12160
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114884825&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Park, Yang-Ho
T1  - The effects of asymmetric volatility and jumps on the pricing of VIX derivatives.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2016/05//
VL  - 192
IS  - 1
M3  - Article
SP  - 313
EP  - 328
SN  - 03044076
AB  - This paper proposes a collection of affine jump–diffusion models for the valuation of VIX derivatives. The models have two distinctive features. First, we allow for a positive correlation between changes in the VIX and its stochastic volatility to accommodate asymmetric volatility. Second, upward and downward jumps in the VIX are separately modeled to accommodate the possibility that investors react differently to good and bad surprises. Using the VIX futures and options data from July 2006 through January 2013, we find conclusive evidence for both asymmetric volatility and upward jumps in VIX derivative prices. However, we find little evidence supporting downward jumps. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VOLATILITY (Finance)
KW  - DERIVATIVE securities
KW  - PRICING
KW  - VALUATION
KW  - ECONOMIC models
KW  - STOCHASTIC analysis
KW  - G12
KW  - G13
KW  - Jump–diffusion
KW  - Stochastic volatility
KW  - VIX futures
KW  - VIX options
KW  - Volatility smile
N1  - Accession Number: 113374287; Park, Yang-Ho 1; Email Address: yang-ho.park@frb.gov; Affiliations: 1: Risk Analysis Section, Board of Governors of the Federal Reserve System, 20th & C Streets, NW, Washington, D.C. 20551, United States; Issue Info: May2016, Vol. 192 Issue 1, p313; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: DERIVATIVE securities; Thesaurus Term: PRICING; Thesaurus Term: VALUATION; Thesaurus Term: ECONOMIC models; Thesaurus Term: STOCHASTIC analysis; Author-Supplied Keyword: G12; Author-Supplied Keyword: G13; Author-Supplied Keyword: Jump–diffusion; Author-Supplied Keyword: Stochastic volatility; Author-Supplied Keyword: VIX futures; Author-Supplied Keyword: VIX options; Author-Supplied Keyword: Volatility smile; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jeconom.2016.01.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113374287&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gourio, François
AU  - Messer, Todd
AU  - Siemery, Michael
T1  - Firm Entry and Macroeconomic Dynamics: A State-level Analysis.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/05//
M3  - Article
SP  - 1
EP  - 8
AB  - Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real GDP, productivity, and population. This result is consistent with simple models of firm dynamics where a \missing generation" of firms affects productivity persistently. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - SHOCK (Economics)
KW  - GROSS domestic product
KW  - PRODUCTION (Economic theory)
KW  - MACROECONOMIC models
KW  - UNITED States
KW  - UNITED States -- Population
N1  - Accession Number: 116211171; Gourio, François 1; Email Address: francois.gourio@chi.frb.org; Messer, Todd 2; Email Address: messertodd@gmail.com; Siemery, Michael 3; Email Address: michael.siemer@frb.gov; Affiliations: 1: Federal Reserve Bank of Chicago, 230 South LaSalle St, Chicago IL 60604; 2: Department of Economics, University of California at Berkeley, 530 Evans Hall, Berkeley CA 94720; 3: Board of Governors of the Federal Reserve System, 20th & Constitution Ave NW, Washington DC 20551; Issue Info: 2016, preceding p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: SHOCK (Economics); Thesaurus Term: GROSS domestic product; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: MACROECONOMIC models; Subject Term: UNITED States; Subject Term: UNITED States -- Population; Number of Pages: 9p; Document Type: Article
L3  - 10.17016/FEDS.2016.043
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116211171&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Modugno, Michele
AU  - Soybilgen, Barış
AU  - Yazgan, Ege
T1  - Nowcasting Turkish GDP and News Decomposition.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/05//
M3  - Article
SP  - 1
EP  - 38
AB  - Real gross domestic product (GDP) data in Turkey are released with a very long delay compared with other economies, between 10 and 13 weeks after the end of the reference quarter. To infer the current state of the economy, policy makers, media, and market practitioners examine data that are more timely, that are released at higher frequencies than the GDP. In this paper, we propose an econometric model that automatically allows us to read through these more current and higher-frequency data and translate them into nowcasts for the Turkish real GDP. Our model outperforms nowcasts produced by the Central Bank of Turkey, the International Monetary Fund, and the Organisation for Economic Co-operation and Development. Moreover, our model allows us to quantify the importance of each variable in our dataset in nowcasting Turkish real GDP. In line with findings for other economies, we find that real variables play the most important role; however, contrary to the findings for other economies, we find that financial variables are as important as surveys. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - ECONOMETRIC models
KW  - TURKEY
KW  - Developing
KW  - Dynamic factor model
KW  - Economy
KW  - Emerging Market
KW  - Gross Domestic Product
KW  - News
KW  - Nowcasting
KW  - CENTRAL Bank of Turkey (Company)
KW  - INTERNATIONAL Monetary Fund
KW  - ORGANISATION for Economic Co-operation & Development
N1  - Accession Number: 116211172; Modugno, Michele 1; Email Address: michele.modugno@frb.gov; Soybilgen, Barış 2; Email Address: baris.soybilgen@eas.bahcesehir.edu.tr; Yazgan, Ege 3; Email Address: ege.yazgan@bilgi.edu.tr; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Bilgi University and Bahcesehir University Center for Economic and Social Research; 3: Bilgi University; Issue Info: 2016, preceding p1; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMETRIC models; Subject Term: TURKEY; Author-Supplied Keyword: Developing; Author-Supplied Keyword: Dynamic factor model; Author-Supplied Keyword: Economy; Author-Supplied Keyword: Emerging Market; Author-Supplied Keyword: Gross Domestic Product; Author-Supplied Keyword: News; Author-Supplied Keyword: Nowcasting ; Company/Entity: CENTRAL Bank of Turkey (Company) ; Company/Entity: INTERNATIONAL Monetary Fund DUNS Number: 069275188 ; Company/Entity: ORGANISATION for Economic Co-operation & Development; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 39p; Document Type: Article
L3  - 10.17016/FEDS.2016.044
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116211172&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yi Chey
AU  - Yi Lu
AU  - Piercex, Justin R.
AU  - Schott, Peter K.
AU  - Zhigang Taok
T1  - Does Trade Liberalization with China Influence U.S. Elections?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/05//
M3  - Article
SP  - 1
EP  - 40
AB  - This paper examines the impact of trade liberalization on U.S. Congressional elections. We find that U.S. counties subject to greater competition from China via a change in U.S. trade policy exhibit relative increases in turnout, the share of votes cast for Democrats and the probability that the county is represented by a Democrat. We find that these changes are consistent with Democrats in office during the period examined being more likely than Republicans to support legis- lation limiting import competition or favoring economic assistance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FREE trade
KW  - COMPETITION (Economics)
KW  - COMMERCIAL policy
KW  - UNITED States
KW  - FOREIGN aid (American)
KW  - China
KW  - Elections
KW  - Import Competition
KW  - Normal
KW  - Trade Relations
KW  - Voting
KW  - World Trade Organization
KW  - UNITED States. Congress -- Elections, 2006
N1  - Accession Number: 116211167; Yi Chey 1; Email Address: tccheyi2005@hotmail.com; Yi Lu 2; Email Address: justinly6@gmail.com; Piercex, Justin R. 3; Email Address: justin.r.pierce@frb.gov; Schott, Peter K. 4; Email Address: peter.schott@yale.edu; Zhigang Taok 5; Email Address: ztao@hku.hk; Affiliations: 1: Shanghai Jiao Tong University; 2: National University of Singapore; 3: Board of Governors of the Federal Reserve System; 4: Yale School of Management & NBER; 5: University of Hong Kong; Issue Info: 2016, preceding p1; Thesaurus Term: FREE trade; Thesaurus Term: COMPETITION (Economics); Thesaurus Term: COMMERCIAL policy; Subject Term: UNITED States; Subject Term: FOREIGN aid (American); Author-Supplied Keyword: China; Author-Supplied Keyword: Elections; Author-Supplied Keyword: Import Competition; Author-Supplied Keyword: Normal; Author-Supplied Keyword: Trade Relations; Author-Supplied Keyword: Voting; Author-Supplied Keyword: World Trade Organization ; Company/Entity: UNITED States. Congress -- Elections, 2006; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 40p; Document Type: Article
L3  - 10.17016/FEDS.2016.039
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116211167&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LEDUC, SYLVAIN
AU  - MORAN, KEVIN
AU  - VIGFUSSON, ROBERT J.
T1  - The Elusive Boost from Cheap Oil.
JO  - FRBSF Economic Letter
JF  - FRBSF Economic Letter
Y1  - 2016/04/18/
VL  - 2016
IS  - 13
M3  - Article
SP  - 1
EP  - 5
PB  - Federal Reserve Bank of San Francisco
SN  - 0890927X
AB  - The plunge in oil prices since the middle of 2014 has not translated into a dramatic boost for consumer spending, which has continued to grow moderately. This has been particularly surprising since the sharp drop should free up income for households to use toward other purchases. Lessons from an empirical model of learning suggest that the weak response may reflect that consumers initially viewed cheaper oil as a temporary condition. If oil prices remain low, consumer perceptions could change, which would boost spending. [ABSTRACT FROM AUTHOR]
AB  - Copyright of FRBSF Economic Letter is the property of Federal Reserve Bank of San Francisco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PETROLEUM
KW  - CONSUMPTION (Economics)
KW  - INCOME
KW  - CONSUMERS -- Attitudes
KW  - HOUSEHOLDS
KW  - SALES & prices
N1  - Accession Number: 114795364; LEDUC, SYLVAIN 1 MORAN, KEVIN 2 VIGFUSSON, ROBERT J. 3; Affiliation:  1: Vice president in the Economic Research Department of the Federal Reserve Bank of San Francisco  2: Professor of economics at Université Laval  3: Chief of Trade and Quantitative Studies in the International Finance Division of the Board of Governors of the Federal Reserve System; Source Info: 4/18/2016, Vol. 2016 Issue 13, p1; Subject Term: PETROLEUM; Subject Term: CONSUMPTION (Economics); Subject Term: INCOME; Subject Term: CONSUMERS -- Attitudes; Subject Term: HOUSEHOLDS; Subject Term: SALES & prices; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); Number of Pages: 5p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=114795364&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
T1  - Eliciting GDP forecasts from the FOMC’s minutes around the financial crisis.
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 2016/04//
VL  - 32
IS  - 2
M3  - Article
SP  - 571
EP  - 583
SN  - 01692070
AB  - Stekler and Symington (2016) construct indexes that quantify the Federal Open Market Committee’s views about the US economy, as expressed in the minutes of the FOMC’s meetings. These indexes provide insights into the FOMC’s deliberations, especially at the onset of the Great Recession. The current paper complements Stekler and Symington’s analysis by showing that their indexes reveal relatively minor bias in the FOMC’s views when the indexes are reinterpreted as forecasts. Additionally, these indexes provide a proximate mechanism for inferring the Fed staff’s Greenbook forecasts of the US real GDP growth rate, years before the Greenbook’s public release. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Forecasting is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product -- Forecasting
KW  - FINANCIAL crises
KW  - ECONOMIC indicators
KW  - UNITED States -- Economic conditions
KW  - Autometrics
KW  - Bias
KW  - Fed
KW  - Financial crisis
KW  - FOMC
KW  - Forecasts
KW  - GDP
KW  - Great Recession
KW  - Greenbook
KW  - Impulse indicator saturation
KW  - Projections
KW  - Tealbook
KW  - United States
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 114799793; Ericsson, Neil R. 1,2; Email Address: ericsson@gwu.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Department of Economics, The George Washington University, Washington, DC 20052, USA; Issue Info: Apr2016, Vol. 32 Issue 2, p571; Thesaurus Term: GROSS domestic product -- Forecasting; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ECONOMIC indicators; Subject Term: UNITED States -- Economic conditions; Author-Supplied Keyword: Autometrics; Author-Supplied Keyword: Bias; Author-Supplied Keyword: Fed; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: FOMC; Author-Supplied Keyword: Forecasts; Author-Supplied Keyword: GDP; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Greenbook; Author-Supplied Keyword: Impulse indicator saturation; Author-Supplied Keyword: Projections; Author-Supplied Keyword: Tealbook; Author-Supplied Keyword: United States ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.ijforecast.2015.09.007
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114799793&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BAUGHMAN, GARTH
T1  - DEADLINES AND MATCHING.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 38
AB  - Deadlines and fixed end dates are pervasive in matching markets including school choice, the market for new graduates, and even financial markets such as the market for federal funds. Deadlines drive fundamental non-stationarity and complexity in behavior, generating significant departures from the steady-state equilibria usually studied in the search and matching literature. I consider a two-sided matching market with search frictions where vertically differentiated agents attempt to form bilateral matches before a deadline. I give conditions for existence and uniqueness of equilibria, and show that all equilibria exhibit an "anticipation effect" where less attractive agents become increasingly choosy over time, preferring to wait for the opportunity to match with attractive agents who, in turn, become less selective as the deadline approaches. When payoffs accrue after the deadline, or agents do not discount, a sharp characterization is available: at any point in time, the market is segmented into a first class of matching agents and a second class of waiting agents. This points to a different interpretation of unraveling observed in some markets and provides a benchmark for other studies of non-stationary matching. A simple intervention { a small participation cost { can dramatically improve efficiency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEADLINES
KW  - RESEARCH
KW  - SECURITIES markets
KW  - EQUILIBRIUM (Economics)
KW  - STAGNATION (Economics)
KW  - SCHOOL choice
N1  - Accession Number: 114666193; BAUGHMAN, GARTH 1; Affiliations: 1: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM; Issue Info: Apr2016, p1; Thesaurus Term: DEADLINES; Thesaurus Term: RESEARCH; Thesaurus Term: SECURITIES markets; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: STAGNATION (Economics); Subject Term: SCHOOL choice; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 39p; Document Type: Article
L3  - 10.17016/FEDS.2016.014
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666193&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
T1  - Banking Consolidation and Small Firm Financing for Research and Development.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 33
AB  - This paper examines the effect of increased market concentration of the banking industry caused by the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) on the availability of finance for small firms engaged in research and development (R&D). I measure the financing decisions of these small firms using a balanced panel of Small Business Innovation Research (SBIR) applications. Using difference-in-differences, I find IBBEA decreased the supply of finance for small R&D firms. This effect is larger for late adopters of IBBEA, which tended to be states with stronger small banking sectors pre-IBBEA. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - RESEARCH
KW  - SMALL business loans
KW  - SMALL business -- Finance
KW  - RESEARCH & development
KW  - FINANCE
KW  - Banking Deregulation
KW  - IBBEA
KW  - Interstate Bank Branching Deregulation
KW  - Market Concentration
KW  - R&D
KW  - Research and Development
KW  - Riegle-Neal
KW  - SBIR
KW  - Small Business Innovation Research
KW  - UNITED States. Small Business Administration. Small Business Innovation Research Program
N1  - Accession Number: 114666208; Chang, Andrew C. 1; Email Address: a.christopher.chang@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St. NW and Constitution Ave., Washington DC 20551 USA; Issue Info: Apr2016, p1; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: RESEARCH; Thesaurus Term: SMALL business loans; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: RESEARCH & development; Thesaurus Term: FINANCE; Author-Supplied Keyword: Banking Deregulation; Author-Supplied Keyword: IBBEA; Author-Supplied Keyword: Interstate Bank Branching Deregulation; Author-Supplied Keyword: Market Concentration; Author-Supplied Keyword: R&D; Author-Supplied Keyword: Research and Development; Author-Supplied Keyword: Riegle-Neal; Author-Supplied Keyword: SBIR; Author-Supplied Keyword: Small Business Innovation Research ; Company/Entity: UNITED States. Small Business Administration. Small Business Innovation Research Program; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 34p; Document Type: Article
L3  - 10.17016/FEDS.2016.029
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666208&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Karay, Gazi Ishak
AU  - Ozsoyz, S. Mehmet
T1  - Bank regulation under fire sale externalities.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 79
AB  - This paper examines the optimal design of and interaction between capital and liquidity regulations in a model characterized by fire sale externalities. In the model, banks can insure against potential liquidity shocks by hoarding sufficient precautionary liquid assets. However, it is never optimal to fully insure, so realized liquidity shocks trigger an asset fire sale. Banks, not internalizing the fire sale externality, overinvest in the risky asset and underinvest in the liquid asset in the unregulated competitive equilibrium. Capital requirements can lead to less severe fire sales by addressing the inefficiency and reducing risky assets--however, we show that banks respond to stricter capital requirements by decreasing their liquidity ratios. Anticipating this response, the regulator preemptively sets capital ratios at high levels. Ultimately, this interplay between banks and the regulator leads to inefficiently low levels of risky assets and liquidity. Macroprudential liquidity requirements that complement capital regulations, as in Basel III, restore constrained efficiency, improve financial stability and allow for a higher level of investment in risky assets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING law & legislation
KW  - RESEARCH
KW  - EXTERNALITIES (Economics)
KW  - LIQUIDITY (Economics)
KW  - CAPITAL
KW  - LIQUID assets
KW  - Bank capital regulation
KW  - Basel III
KW  - fire sale externality
KW  - liquidity regulation
N1  - Accession Number: 114666205; Karay, Gazi Ishak 1; Email Address: Gazi.I.Kara@frb.gov; Ozsoyz, S. Mehmet 2; Email Address: mehmet.ozsoy@ozyegin.edu.tr; Affiliations: 1: Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, D.C. 20551; 2: Ozyegin University, Faculty of Business, Nisantepe Mah., Orman Sok., 34794 Istanbul, Turkey; Issue Info: Apr2016, p1; Thesaurus Term: BANKING law & legislation; Thesaurus Term: RESEARCH; Thesaurus Term: EXTERNALITIES (Economics); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: CAPITAL; Thesaurus Term: LIQUID assets; Author-Supplied Keyword: Bank capital regulation; Author-Supplied Keyword: Basel III; Author-Supplied Keyword: fire sale externality; Author-Supplied Keyword: liquidity regulation; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 80p; Document Type: Article
L3  - 10.17016/FEDS.2016.026
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666205&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kruttli, Mathias S.
T1  - From Which Consumption-Based Asset Pricing Models Can Investors Profit? Evidence from Model-Based Priors.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 51
AB  - This paper compares consumption-based asset pricing models on the basis of whether they can improve the forecast accuracy of investors who try to predict the equity premium out-of-sample with valuation ratios. Model-based priors are derived from three prominent consumption-based asset pricing models: Habit Formation, Long Run Risk, and Prospect Theory. A simple Bayesian framework is proposed through which the investors impose these model-based priors on the parameters of their predictive models. An investor whose prior beliefs are rooted in the Long Run Risk model achieves more accurate forecasts overall. The greatest difference in performance occurs during the bull market of the late 1990s. During this period, the weak predictability of the equity premium implied by the Long Run Risk model helps the investor to not prematurely anticipate falling stock prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - RESEARCH
KW  - STOCKS (Finance) -- Prices
KW  - PRICING
KW  - BULL markets
KW  - PROFIT
KW  - Bayesian econometrics
KW  - consumption-based asset pricing
KW  - return predictability
N1  - Accession Number: 114666206; Kruttli, Mathias S. 1,2; Email Address: mathias.s.kruttli@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Oxford-Man Institute of Quantitative Finance; Issue Info: Apr2016, p1; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: RESEARCH; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: PRICING; Thesaurus Term: BULL markets; Thesaurus Term: PROFIT; Author-Supplied Keyword: Bayesian econometrics; Author-Supplied Keyword: consumption-based asset pricing; Author-Supplied Keyword: return predictability; Number of Pages: 52p; Document Type: Article
L3  - 10.17016/FEDS.2016.027
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666206&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Larrimore, Jeff
AU  - Schuetz, Jenny
AU  - Dodini, Samuel
T1  - What are the Perceived Barriers to Homeownership for Young Adults?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 31
AB  - As the U.S. emerges from the Great Recession, there is concern about slowing rates of new household formation and declining interest in homeownership, especially among younger households. Potential reasons that have been posited include tight mortgage credit and housing supply, changing preferences over tenure in the wake of the foreclosure crisis, and weak labor markets for young workers. In this paper, we examine how individual housing choices, and the stated motivations for these choices, reflect local housing affordability and individual financial circumstances, focusing particularly on young households. The analysis makes use of new individual-level data from the Survey of Household Economics and Decisionmaking (SHED). We find that housing affordability is correlated with county-level tenure rates and individual-level probability of homeownership for households with heads under age 40. However, it appears that young households' perceived barriers to homeownership are more closely related to individual financial circumstances than local housing market conditions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOME ownership
KW  - RESEARCH
KW  - HOUSING
KW  - MORTGAGE loans
KW  - LABOR market
KW  - UNITED States
KW  - YOUNG adults
KW  - consumer preferences
KW  - household formation
KW  - Housing demand
KW  - tenure choice
N1  - Accession Number: 114666200; Larrimore, Jeff 1; Email Address: jeff.larrimore@frb.gov; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Dodini, Samuel 1; Email Address: sam.dodini@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Apr2016, p1; Thesaurus Term: HOME ownership; Thesaurus Term: RESEARCH; Thesaurus Term: HOUSING; Thesaurus Term: MORTGAGE loans; Thesaurus Term: LABOR market; Subject Term: UNITED States; Subject Term: YOUNG adults; Author-Supplied Keyword: consumer preferences; Author-Supplied Keyword: household formation; Author-Supplied Keyword: Housing demand; Author-Supplied Keyword: tenure choice; Number of Pages: 33p; Document Type: Article
L3  - 10.17016/FEDS.2016.021
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666200&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laubach, Thomas
AU  - Williams, John C.
T1  - Measuring the Natural Rate of Interest Redux.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 29
AB  - Persistently low real interest rates have prompted the question whether low interest rates are here to stay. This essay assesses the empirical evidence regarding the natural rate of interest in the United States using the Laubach-Williams model. Since the start of the Great Recession, the estimated natural rate of interest fell sharply and shows no sign of recovering. These results are robust to alternative model specifications. If the natural rate remains low, future episodes of hitting the zero lower bound are likely to be frequent and long-lasting. In addition, uncertainty about the natural rate argues for policy approaches that are more robust to mismeasurement of natural rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - RECESSIONS
KW  - RESEARCH
KW  - UNITED States
KW  - UNITED States -- Economic conditions
KW  - UNCERTAINTY
N1  - Accession Number: 114666190; Laubach, Thomas 1; Email Address: thomas.laubach@frb.gov; Williams, John C. 2; Email Address: john.c.williams@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of San Francisco; Issue Info: Apr2016, p1; Thesaurus Term: INTEREST rates; Thesaurus Term: RECESSIONS; Thesaurus Term: RESEARCH; Subject Term: UNITED States; Subject Term: UNITED States -- Economic conditions; Subject Term: UNCERTAINTY; Number of Pages: 31p; Document Type: Article
L3  - 10.17016/FEDS.2016.011
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666190&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Molloy, Raven
AU  - Smith, Christopher L.
AU  - Trezzi, Riccardo
AU  - Wozniak, Abigail
T1  - UNDERSTANDING DECLINING FLUIDITY IN THE U.S. LABOR MARKET.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 73
AB  - We document a clear downward trend in labor market fluidity that is common across a variety of measures of worker and job turnover. This trend dates to at least the early 1980s if not somewhat earlier. Next we pull together evidence on a variety of hypotheses that might explain this downward trend. It is only partly related to population demographics and is not due to the secular shift in industrial composition. Moreover, the decline in labor market fluidity seems unlikely to have been caused by an improvement in worker-firm matching, the formalization of hiring practices, or an increase in land use regulation or other regulations. Plausible avenues for further exploration include changes in the worker-firm relationship, particularly with regard to compensation adjustment; changes in firm characteristics such as firm size and age; and a decline in social trust, which may have increased the cost of job search or made both parties in the hiring process more risk averse. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR market
KW  - RESEARCH
KW  - LABOR turnover
KW  - BUSINESS enterprises -- Size
KW  - JOB hunting
KW  - EMPLOYEE recruitment
KW  - UNITED States
KW  - demographic trends
KW  - hires and separations
KW  - internal migration
KW  - job creation and destruction
KW  - job turnover
KW  - labor market churn
KW  - Labor market transitions
KW  - labor reallocation
N1  - Accession Number: 114666194; Molloy, Raven 1; Email Address: raven.s.molloy@frb.gov; Smith, Christopher L. 1; Email Address: christopher.l.smith@frb.gov; Trezzi, Riccardo 1; Email Address: riccardo.trezzi@frb.gov; Wozniak, Abigail 2,3,4; Email Address: a_wozniak@nd.edu; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Notre Dame; 3: NBER; 4: IZA; Issue Info: Apr2016, p1; Thesaurus Term: LABOR market; Thesaurus Term: RESEARCH; Thesaurus Term: LABOR turnover; Thesaurus Term: BUSINESS enterprises -- Size; Thesaurus Term: JOB hunting; Thesaurus Term: EMPLOYEE recruitment; Subject Term: UNITED States; Author-Supplied Keyword: demographic trends; Author-Supplied Keyword: hires and separations; Author-Supplied Keyword: internal migration; Author-Supplied Keyword: job creation and destruction; Author-Supplied Keyword: job turnover; Author-Supplied Keyword: labor market churn; Author-Supplied Keyword: Labor market transitions; Author-Supplied Keyword: labor reallocation; Number of Pages: 85p; Document Type: Article
L3  - 10.17016/FEDS.2016.015
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666194&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AU  - Sherlund, Shane M.
T1  - Government-Backed Mortgage Insurance, Financial Crisis, and the Recovery from the Great Recession.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 42
AB  - The Great Recession provides an opportunity to test the proposition that government mortgage insurance programs mitigated the effects of the financial crisis and enhanced the economic recovery from 2009 to 2014. We find that government-sponsored mortgage insurance programs have been responsible for better economic outcomes in counties that participated heavily in these programs. In particular, counties with high levels of participation from government-sponsored enterprises and the Federal Housing Authority had relatively lower unemployment rates, higher home sales, higher home prices, lower mortgage delinquency rates, and less foreclosure activity, both in 2009 (soon after the peak of the financial crisis) and in 2014 (six years after the crisis) than did counties with lower levels of participation. The persistence of better outcomes in counties with heavy participation in federal government programs is consistent with a view that lower government liquidity premiums, lower government credit-risk premiums, and looser government mortgage-underwriting standards yield higher private-sector economic activity after a financial crisis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE life insurance
KW  - RESEARCH
KW  - RECESSIONS
KW  - FINANCIAL crises
KW  - LIQUIDITY (Economics)
KW  - UNITED States
KW  - Financial crisis
KW  - government policy
KW  - Great Recession
KW  - mortgages
KW  - UNITED States. Federal Public Housing Authority
N1  - Accession Number: 114666210; Passmore, Wayne 1; Email Address: Wayne.Passmore@frb.gov; Sherlund, Shane M. 1; Email Address: Shane.M.Sherlund@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, DC 20551; Issue Info: Apr2016, p1; Thesaurus Term: MORTGAGE life insurance; Thesaurus Term: RESEARCH; Thesaurus Term: RECESSIONS; Thesaurus Term: FINANCIAL crises; Thesaurus Term: LIQUIDITY (Economics); Subject Term: UNITED States; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: government policy; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: mortgages ; Company/Entity: UNITED States. Federal Public Housing Authority; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 44p; Document Type: Article
L3  - 10.17016/FEDS.2016.031
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666210&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
AU  - Giuliano, Genevieve
AU  - Eun Jin Shin
T1  - Is Los Angeles Becoming Transit Oriented?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 52
AB  - Over the past 20 years, local and regional governments in the Los Angeles metropolitan area have invested significant resources in building rail transit infrastructure that connects major employment centers. One goal of transit infrastructure is to catalyze the development of high density, mixed-use housing and commercial activity within walking distance of rail stations, referred to as Transit Oriented Development (TOD). This project examines the quantity, type, and mix of economic activity that has occurred around newly built rail stations in Los Angeles over the past 20 years. Specifically, have the number of jobs or housing market characteristics changed near stations? We use establishment-level data on employment and property-level data on housing transactions to analyze changes in several employment and housing outcomes. Results suggest that new rail stations were located in areas that, prior to station opening, had unusually high employment density and mostly multifamily rental housing. There is no evidence of changes in employment density, housing sales volume, or new housing development within five years after station opening. Regressions suggest that a subset of stations saw increased employment density within five to ten years after opening. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RAILROADS
KW  - RESEARCH
KW  - HOUSING market
KW  - REGRESSION analysis
KW  - CALIFORNIA
KW  - TRANSIT-oriented development
KW  - RAILROAD stations -- California
KW  - economic development
KW  - housing
KW  - public transportation
KW  - Urban spatial structure
N1  - Accession Number: 114666183; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Giuliano, Genevieve 2; Eun Jin Shin 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Southern California; Issue Info: Apr2016, p1; Thesaurus Term: RAILROADS; Thesaurus Term: RESEARCH; Thesaurus Term: HOUSING market; Thesaurus Term: REGRESSION analysis; Subject Term: CALIFORNIA; Subject Term: TRANSIT-oriented development; Subject Term: RAILROAD stations -- California; Author-Supplied Keyword: economic development; Author-Supplied Keyword: housing; Author-Supplied Keyword: public transportation; Author-Supplied Keyword: Urban spatial structure; Number of Pages: 55p; Document Type: Article
L3  - 10.17016/FEDS.2016.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666183&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
AU  - Giuliano, Genevieve
AU  - Eun Jin Shin
T1  - Does Zoning Help or Hinder Transit-Oriented (Re)Development?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 44
AB  - Despite its reputation as a car-oriented city, the Los Angeles metropolitan area has made substantial investments in developing rail transit since 1990. In cities with older "legacy" rail systems, the built environment has developed over time around fixed transit infrastructure, creating land use patterns oriented towards long-standing rail stations. By contrast, rail stations in Los Angeles were added to an already dense built environment, with auto oriented zoning and established land use patterns. In this paper we ask whether redevelopment is occurring around Los Angeles' rail stations, and whether zoning and related public policies are facilitating or constraining transit-oriented development. We conduct case studies of six Metro rail stations in the Los Angeles region, documenting the existing built environment, key components of zoning and land use planning, and the extent and type of new development in the immediate vicinity of stations after they opened. Results illustrate that redevelopment around transit stations involves complex interactions between physical environment, economic conditions and public interventions. Incompatible zoning and related land use policies may constrain growth near stations, but TOD-friendly zoning alone is not sufficient to spur development. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESEARCH
KW  - RAILROADS
KW  - LAND use
KW  - ZONING
KW  - CALIFORNIA
KW  - TRANSIT-oriented development
KW  - RAILROAD stations -- California
KW  - housing markets
KW  - land use planning
KW  - local government
KW  - Public transportation
KW  - urban spatial structure
KW  - zoning
N1  - Accession Number: 114666199; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Giuliano, Genevieve 2; Eun Jin Shin 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Southern California; Issue Info: Apr2016, p1; Thesaurus Term: RESEARCH; Thesaurus Term: RAILROADS; Thesaurus Term: LAND use; Subject Term: ZONING; Subject Term: CALIFORNIA; Subject Term: TRANSIT-oriented development; Subject Term: RAILROAD stations -- California; Author-Supplied Keyword: housing markets; Author-Supplied Keyword: land use planning; Author-Supplied Keyword: local government; Author-Supplied Keyword: Public transportation; Author-Supplied Keyword: urban spatial structure; Author-Supplied Keyword: zoning; Number of Pages: 46p; Document Type: Article
L3  - 10.17016/FEDS.2016.020
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666199&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seldin, Sian L.
T1  - Federal Reserve Board Statistical Releases: a Publications History.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 61
AB  - The Board of Governors of the Federal Reserve System has published extensive statistical information on the U.S. economy and banking industry since 1914. This information has been published in various formats, usually referred to as "statistical releases." Titles and release numbers of the publications have changed frequently. Federal Reserve Board Statistical Releases: a Publications History describes these changes; it is a convenient tool that lightens the burden of tracing the titles and release numbers by providing history in a single location. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STATISTICS
KW  - BANKING industry -- United States
KW  - UNITED States
KW  - ECONOMIC conditions
KW  - GOVERNMENT publications -- United States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 114666195; Seldin, Sian L. 1; Email Address: sian.seldin@frb.gov; Affiliations: 1: Research Library, Board of Governors of the Federal Reserve System; Issue Info: Apr2016, p1; Thesaurus Term: STATISTICS; Thesaurus Term: BANKING industry -- United States; Subject Term: UNITED States; Subject Term: ECONOMIC conditions; Subject Term: GOVERNMENT publications -- United States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 62p; Document Type: Article
L3  - 10.17016/FEDS.2016.016
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666195&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Smolyanskyy, Michael
T1  - Policy Externalities and Banking Integration.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 51
AB  - Can policies directed at the banking sector in one jurisdiction spill over and affect real economic activity elsewhere? To investigate this question, I exploit changes in tax rates on bank profits across U.S. states. Banks respond by reallocating small-business lending to otherwise unaffected states. Moreover, counties in non-tax-changing states that have more exposure to "treated" banks experience greater changes in lending, which in turn impacts local employment. The findings demonstrate that policies aimed at the banking sector in one jurisdiction can impose externalities on other regions. Critically, financial linkages between regions serve as the transmission channel for these policy externalities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - RESEARCH
KW  - BANK profits
KW  - TAXATION
KW  - EXTERNALITIES (Economics)
KW  - SMALL business loans
KW  - BANKING industry -- Government policy
KW  - UNITED States
N1  - Accession Number: 114666187; Smolyanskyy, Michael 1; Email Address: michael.smolyansky@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Apr2016, p1; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: RESEARCH; Thesaurus Term: BANK profits; Thesaurus Term: TAXATION; Thesaurus Term: EXTERNALITIES (Economics); Thesaurus Term: SMALL business loans; Thesaurus Term: BANKING industry -- Government policy; Subject Term: UNITED States; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 53p; Document Type: Article
L3  - 10.17016/FEDS.2016.008
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666187&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warusawitharana, Missaka
T1  - Time-varying Volatility and the Power Law Distribution of Stock Returns.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 43
AB  - While many studies find that the tail distribution of high frequency stock returns follow a power law, there are only a few explanations for this finding. This study presents evidence that time-varying volatility can account for the power law property of high frequency stock returns. The power law coefficients obtained by estimating a conditional normal model with nonparametric volatility show a striking correspondence to the power law coefficients estimated from returns data for stocks in the Dow Jones index. A cross-sectional regression of the data coefficients on the model-implied coefficients yields a slope close to one, supportive of the hypothesis that the two sets of power law coefficients are identical. Further, for most of the stocks in the sample taken individually, the model-implied coefficient falls within the 95 percent confidence interval for the coefficient estimated from returns data. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VOLATILITY (Finance)
KW  - RESEARCH
KW  - STOCKS (Finance) -- Rate of return
KW  - RATE of return
KW  - DOW Jones industrial average
KW  - POWER law (Mathematics)
KW  - high frequency returns
KW  - power laws
KW  - Tail distributions
KW  - time-varying volatility
N1  - Accession Number: 114666201; Warusawitharana, Missaka 1; Email Address: m1mnw00@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Apr2016, p1; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: RESEARCH; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: RATE of return; Thesaurus Term: DOW Jones industrial average; Subject Term: POWER law (Mathematics); Author-Supplied Keyword: high frequency returns; Author-Supplied Keyword: power laws; Author-Supplied Keyword: Tail distributions; Author-Supplied Keyword: time-varying volatility; Number of Pages: 46p; Document Type: Article
L3  - 10.17016/FEDS.2016.022
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666201&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Winkler, Fabian
T1  - The Role of Learning for Asset Prices, Business Cycles, and Monetary Policy.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/04//
M3  - Article
SP  - 1
EP  - 54
AB  - The importance of financial frictions for the business cycle is widely recognized, but it is less recognized that their effects depend heavily on the underlying asset pricing theory. This paper examines the implications of learning-based asset pricing. I construct a model in which firms' ability to access credit depends on their market value, and investors rely on past observation to predict future stock prices. Agents' expectations remain model-consistent conditional on their beliefs about stock prices, which disciplines the expectation formation process. The model matches several asset price properties such as return volatility and predictability and also leads to a powerful feedback loop between asset prices and real activity, substantially amplifying business cycle shocks. Agents' expectational errors on asset prices spill over to forecasts of economic activity, resulting in forecast error predictability that closely matches survey data. A reaction of monetary policy to asset prices is welfare-improving under learning but not under rational expectations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - RESEARCH
KW  - BUSINESS cycles
KW  - MONETARY policy
KW  - STOCKS (Finance) -- Prices
KW  - VOLATILITY (Finance)
KW  - Asset Pricing
KW  - Credit Constraints
KW  - Learning
KW  - Monetary Policy
KW  - Survey Data
N1  - Accession Number: 114666198; Winkler, Fabian 1; Email Address: fabian.winkler@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St and Constitution Ave NW, Washington DC 20551; Issue Info: Apr2016, p1; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: RESEARCH; Thesaurus Term: BUSINESS cycles; Thesaurus Term: MONETARY policy; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: VOLATILITY (Finance); Author-Supplied Keyword: Asset Pricing; Author-Supplied Keyword: Credit Constraints; Author-Supplied Keyword: Learning; Author-Supplied Keyword: Monetary Policy; Author-Supplied Keyword: Survey Data; Number of Pages: 56p; Document Type: Article
L3  - 10.17016/FEDS.2016.019
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114666198&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Feldman, Naomi E.
AU  - Katuš čÁk, Peter
AU  - Kawano, Laura
T1  - Taxpayer Confusion: Evidence from the Child Tax Credit†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2016/03//
VL  - 106
IS  - 3
M3  - Article
SP  - 807
EP  - 835
SN  - 00028282
AB  - We develop an empirical test for whether households understand or misperceive their marginal tax rate. Our identifying variation comes from the loss of the Child Tax Credit when a child turns 17. Using this age discontinuity, we find that despite this tax liability increase being lump-sum and predictable, households reduce their reported wage income upon discovering they have lost the credit. This finding suggests that households misinterpret at least part of this tax liability change as an increase in their marginal tax rate. This evidence supports the hypothesis that tax complexity can cause confusion and leads to unintended behavioral responses. (JEL D12, D14, H24, H31) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSEHOLDS -- Economic aspects
KW  - INCOME tax -- Government policy
KW  - TAX rates & tables
KW  - CHILD tax credits
KW  - INCOME
KW  - TAXATION -- United States
N1  - Accession Number: 113393581; Feldman, Naomi E. 1; Katuš čÁk, Peter 2; Kawano, Laura 3; Affiliations: 1 : Research Division, Board of Governors of the Federal Reserve System, Washington, DC 20551 (e-mail: ); 2 : Faculty of Economics, University of Economics in Prague, náměstí Winstona Churchilla 4, 130 67 Prague 3, Czech Republic and Center for Economic Research and Graduate Education-Economics Institute (CERGE-EI), Politických vězňů 7, 110 00 Prague, Czech Republic (e-mail: ); 3 : Office of Tax Analysis, US Department of Treasury, Washington, DC 20551 (e-mail: );  Source Info: Mar2016, Vol. 106 Issue 3, p807; Historical Period: 2004 to 2011; Subject Term: HOUSEHOLDS -- Economic aspects; Subject Term: INCOME tax -- Government policy; Subject Term: TAX rates & tables; Subject Term: CHILD tax credits; Subject Term: INCOME; Subject Term: TAXATION -- United States; Number of Pages: 29p; Illustrations: 4 Charts, 12 Graphs; Document Type: Article
L3  - 10.1257/aer.20131189
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=113393581&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Devlin-Foltz, Sebastian
AU  - Sabelhaus, John
T1  - Heterogeneity in Economic Shocks and Household Spending in the US.
JO  - Fiscal Studies
JF  - Fiscal Studies
Y1  - 2016/03//
VL  - 37
IS  - 1
M3  - Article
SP  - 153
EP  - 192
SN  - 01435671
AB  - Large swings in aggregate household sector spending, especially for big-ticket items such as cars and housing, have been a dominant feature of the macroeconomic landscape in the past two decades. Income and wealth inequality increased over the same period, leading some to suggest the two phenomena are interconnected. Indeed, there is supporting evidence for the idea that heterogeneity in economic shocks and spending are connected, most notably in studies using local-area geography as the unit of analysis. The Survey of Consumer Finances (SCF) provides a household-level perspective on changes in wealth, income and spending across different types of families. The SCF confirms that inequality is indeed increasing in recent decades, and the data provide support for the proposition that shocks to income and wealth are indeed related to large swings in spending across and within birth cohorts. However, the economic shocks associated with the Great Recession and changes in spending and debt to income ratios are widespread, and inconsistent with a narrow focus on the experiences and changes in behaviour of particular (especially low- and modest-income) households. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Fiscal Studies is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER credit
KW  - MACROECONOMICS
KW  - INCOME distribution
KW  - CONSUMPTION (Economics)
KW  - DELEVERAGING (Macroeconomics)
KW  - HOUSEHOLDS -- Economic aspects
KW  - C8
KW  - consumption
KW  - D1
KW  - deleveraging
KW  - E2
KW  - inequality
KW  - synthetic panels
N1  - Accession Number: 114119865; Devlin-Foltz, Sebastian 1; Sabelhaus, John 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar2016, Vol. 37 Issue 1, p153; Thesaurus Term: CONSUMER credit; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INCOME distribution; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DELEVERAGING (Macroeconomics); Subject Term: HOUSEHOLDS -- Economic aspects; Author-Supplied Keyword: C8; Author-Supplied Keyword: consumption; Author-Supplied Keyword: D1; Author-Supplied Keyword: deleveraging; Author-Supplied Keyword: E2; Author-Supplied Keyword: inequality; Author-Supplied Keyword: synthetic panels; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 40p; Document Type: Article
L3  - 10.1111/j.1475-5890.2016.12082
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114119865&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - Cost of funds indexed mortgage contracts with government-backed catastrophic insurance (COFI-Cats): A realistic alternative to the 30-year fixed-rate mortgage?
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2016/03//
VL  - 84
M3  - Article
SP  - 109
EP  - 130
SN  - 01486195
AB  - We analyze the feasibility an adjustable-rate mortgage product tied to a nationwide bank cost of funds index (COFI) that is equal to the total interest expense divided by the total liabilities for all domestic commercial banks. This mortgage product also includes actuarial-based government-backed tail-risk insurance provided either to bankers directly or to investors who purchase pools of these mortgages. We refer to a COFI mortgage with this form of catastrophic insurance as a “COFI-Cat” contract. The costs and benefits associated with these contracts are considered from the perspective of households, bankers, investors and policymakers using estimates of COFI-Cat rates constructed from historical data over 2000–2014, inclusive. For households, monthly mortgage payment cost savings for COFI-Cat mortgages compared to 30-year fixed-rate mortgages are substantial, estimated to average more than $100 per month at issuance over the period considered and to accumulate to more than $11,000 over a typical six-year period, the average tenure a household spends in a home. Thus, cost savings could be substantial for homeowners who expect rates to fall or who have a higher moving probability. For bankers, hedging costs for COFI-Cat mortgages are lower than for either 30-year fixed-rate mortgages or adjustable-rate mortgages based on short-term market-based rates. Because banking organizations have cost of funds that generally move in sync with each other, mortgage-backed securities (MBS) based on pools of COFI-Cat mortgages potentially provide much needed geographic diversification, particularly for smaller U.S. banks, while still being relatively easy to hedge compared to fixed-rate and other adjustable-rate mortgages. For investors, such as asset managers, banks, thrift institutions, pension funds and central banks, COFI-Cat MBS could provide lucrative opportunities for stable returns. Historically, we demonstrate LIBOR funded investors could have hedged such MBS and maintained positive returns even when LIBOR rates blew out in 2008. Moreover, credit risk transfer transactions structured in a manner that the government backs only catastrophic risks are shown to result in guarantee fees that are lower than those actually charged by the GSEs during 2012–2014. For policymakers, replacing fixed-rate mortgages with adjustable rate mortgages, such as COFI-Cat mortgages, could improve monetary policy pass-through when market rates are lowered; households would not need to refinance when interest rates drop, thereby benefiting a broad range of households, including those with little or no home equity and/or low credit scores. As a result, the need for special federal programs such as the Home Affordable Refinance Program or FHASecure is potentially reduced. In a rising interest rate environment, depository institution COFIs tend to adjust at a slower pace than other indexes typically tied to adjustable-rate mortgages. Consequently, the distributional consequences associated with tighter monetary policy are less with COFI-based mortgage contracts than with other adjustable-rate mortgage contracts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COST of Funds indices
KW  - FIXED rate mortgages
KW  - MORTGAGE-backed securities
KW  - ECONOMIC indicators
KW  - MORTGAGES
KW  - MANAGEMENT
KW  - Fannie Mae
KW  - Freddie Mac
KW  - G01
KW  - G21
KW  - G28
KW  - GSE
KW  - Interest rates
KW  - Mortgage-backed securities (MBS)
KW  - Mortgages
N1  - Accession Number: 114132440; Hancock, Diana 1; Email Address: Diana.Hancock@frb.gov; Passmore, Wayne 1; Email Address: Wayne.Passmore@frb.gov; Affiliations: 1: Division of Research and Statistics at the Board of Governors of the Federal Reserve System, United States; Issue Info: Mar2016, Vol. 84, p109; Thesaurus Term: COST of Funds indices; Thesaurus Term: FIXED rate mortgages; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MORTGAGES; Thesaurus Term: MANAGEMENT; Author-Supplied Keyword: Fannie Mae; Author-Supplied Keyword: Freddie Mac; Author-Supplied Keyword: G01; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: GSE; Author-Supplied Keyword: Interest rates; Author-Supplied Keyword: Mortgage-backed securities (MBS); Author-Supplied Keyword: Mortgages; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jeconbus.2016.02.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114132440&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calomiris, Charles W.
AU  - Carlson, Mark
T1  - Corporate governance and risk management at unprotected banks: National banks in the 1890s.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2016/03//
VL  - 119
IS  - 3
M3  - Article
SP  - 512
EP  - 532
SN  - 0304405X
AB  - We examine bank governance and risk choices from the 1890s, a period without distortions from deposit insurance or other government assistance to banks. We link differences in managerial ownership to different corporate governance policies, risk, and methods of risk management. Formal corporate governance and high manager ownership are negatively correlated. Managerial salaries and self-lending are greater when managerial ownership is higher and lower when formal governance is employed. Banks with high managerial ownership (low formal governance) target lower default risk. High managerial ownership, not formal governance, is associated with greater reliance on cash instead of equity to limit risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK management in business
KW  - BANKING industry
KW  - CORPORATE governance
KW  - DEPOSIT insurance
KW  - DOMESTIC economic assistance
KW  - Bank failures
KW  - Corporate governance
KW  - G21
KW  - G32
KW  - Manager ownership
KW  - N21
KW  - Rent seeking
KW  - Risk preferences
N1  - Accession Number: 113897658; Calomiris, Charles W. 1,2; Email Address: cc374@columbia.edu; Carlson, Mark 3,4; Affiliations: 1: Columbia Business School, 3022 Broadway, Uris Hall 601, New York, NY 10027, United States; 2: National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138, United States; 3: Board of Governors of the Federal Reserve System, 20 th Street and Constitution Avenue, N.W. Washington, DC 20551, United States; 4: Bank for International Settlements, Centralbahnplatz 2, 4051 Basel, Switzerland; Issue Info: Mar2016, Vol. 119 Issue 3, p512; Thesaurus Term: RISK management in business; Thesaurus Term: BANKING industry; Thesaurus Term: CORPORATE governance; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: DOMESTIC economic assistance; Author-Supplied Keyword: Bank failures; Author-Supplied Keyword: Corporate governance; Author-Supplied Keyword: G21; Author-Supplied Keyword: G32; Author-Supplied Keyword: Manager ownership; Author-Supplied Keyword: N21; Author-Supplied Keyword: Rent seeking; Author-Supplied Keyword: Risk preferences; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jfineco.2016.01.025
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113897658&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kara, Gazi Ishak
T1  - Systemic risk, international regulation, and the limits of coordination.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2016/03//
VL  - 99
M3  - Article
SP  - 192
EP  - 222
SN  - 00221996
AB  - This paper examines the incentives of national regulators to coordinate capital adequacy requirements in the presence of systemic risk in global financial markets. In a two-country model, correlated asset fire sales by banks generate systemic risk across national financial markets. Absent coordination, national regulators choose inefficiently low levels of macro-prudential regulation. Thus, symmetric countries always benefit from relinquishing their authority to a central regulator that establishes uniform regulations across countries. I also consider the separate case of asymmetric countries: while there is a limit to coordination when countries are sufficiently asymmetric in a single dimension, existence of asymmetries in multiple dimensions might actually relax this limit or even eliminate it. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SYSTEMIC risk (Finance)
KW  - SECURITIES markets
KW  - CAPITAL requirements
KW  - BANKING industry
KW  - ECONOMIC models
KW  - GOVERNORS (Machinery)
KW  - F36
KW  - G15
KW  - G18
KW  - G21
KW  - International policy coordination
KW  - Macroprudential capital requirements
KW  - Systemic risk
N1  - Accession Number: 113728785; Kara, Gazi Ishak 1; Email Address: Gazi.I.Kara@frb.gov; Affiliations: 1: Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, United States; Issue Info: Mar2016, Vol. 99, p192; Thesaurus Term: SYSTEMIC risk (Finance); Thesaurus Term: SECURITIES markets; Thesaurus Term: CAPITAL requirements; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIC models; Subject Term: GOVERNORS (Machinery); Author-Supplied Keyword: F36; Author-Supplied Keyword: G15; Author-Supplied Keyword: G18; Author-Supplied Keyword: G21; Author-Supplied Keyword: International policy coordination; Author-Supplied Keyword: Macroprudential capital requirements; Author-Supplied Keyword: Systemic risk; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 31p; Document Type: Article
L3  - 10.1016/j.jinteco.2015.11.007
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113728785&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Paciorek*, Andrew
T1  - The Long and the Short of Household Formation.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2016///Spring2016
VL  - 44
IS  - 1
M3  - Article
SP  - 7
EP  - 40
PB  - Wiley-Blackwell
SN  - 10808620
AB  - Household formation has been running well below trend in the United States. This article studies the determinants of household formation and how they evolve over the long and short runs. There are three main findings. First, the aging of the population has pushed up the headship rate and household formation. Second, after stripping out demographic effects, offsetting changes in behavior among younger and older adults have left the behavioral component of the headship rate with no pronounced trend. Finally, the short-run dynamics of headship reflect the business cycle, implying that household formation could increase substantially as the labor market recovers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR market
KW  - SHORT run (Economics)
KW  - EQUILIBRIUM (Economics)
KW  - INTEREST rates
KW  - ECONOMIC policy
KW  - UNITED States
N1  - Accession Number: 112359790; Paciorek*, Andrew 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Spring2016, Vol. 44 Issue 1, p7; Thesaurus Term: LABOR market; Thesaurus Term: SHORT run (Economics); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC policy; Subject Term: UNITED States; Number of Pages: 34p; Illustrations: 8 Charts, 9 Graphs; Document Type: Article
L3  - 10.1111/1540-6229.12085
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112359790&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warusawitharana, Missaka
AU  - Whited, Toni M.
T1  - Equity Market Misvaluation, Financing, and Investment.
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2016/03//
VL  - 29
IS  - 3
M3  - Article
SP  - 603
EP  - 654
SN  - 08939454
AB  - We estimate a dynamic investment model in which firms finance with equity, cash, or debt. Misvaluation affects equity values, and firms optimally issue and repurchase overvalued and undervalued shares. The funds flowing to and from these activities come from investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous samples and across industries. Our parameter estimates imply that misvaluation induces larger changes in financial policies than investment. The investment responses are strongest for small firms but nonetheless modest. Managers' rational responses to misvaluation increase shareholder value by up to 4%. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK exchanges
KW  - INVESTMENTS
KW  - DIVIDENDS
KW  - STOCK repurchasing
KW  - STOCKHOLDER wealth
KW  - BUSINESS enterprises -- Size
KW  - VOLATILITY (Securities)
KW  - TIME series analysis
KW  - RETURNS to scale
KW  - DEPRECIATION
KW  - HETEROGENEITY
N1  - Accession Number: 113837337; Warusawitharana, Missaka 1; Whited, Toni M. 2; Email Address: twhited@umich.edu; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Michigan and NBER; Issue Info: Mar2016, Vol. 29 Issue 3, p603; Thesaurus Term: STOCK exchanges; Thesaurus Term: INVESTMENTS; Thesaurus Term: DIVIDENDS; Thesaurus Term: STOCK repurchasing; Thesaurus Term: STOCKHOLDER wealth; Thesaurus Term: BUSINESS enterprises -- Size; Thesaurus Term: VOLATILITY (Securities); Thesaurus Term: TIME series analysis; Thesaurus Term: RETURNS to scale; Thesaurus Term: DEPRECIATION; Subject Term: HETEROGENEITY; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 52p; Document Type: Article
L3  - 10.1093/rfs/hhv066
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113837337&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Prager, Robin
T1  - Industrial Organization Research by Federal Reserve Board Economists.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2016/03//
VL  - 48
IS  - 2
M3  - Article
SP  - 119
EP  - 121
SN  - 0889938X
KW  - INDUSTRIAL organization (Economic theory)
KW  - RESEARCH
KW  - ECONOMISTS
KW  - PUBLISHERS & publishing
KW  - PERIODICAL publishing
KW  - ARTICLES (Published materials)
KW  - PERIODICALS -- Articles
N1  - Accession Number: 112965569; Prager, Robin 1; Email Address: robin.prager@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington 20551 USA; Issue Info: Mar2016, Vol. 48 Issue 2, p119; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: RESEARCH; Thesaurus Term: ECONOMISTS; Thesaurus Term: PUBLISHERS & publishing; Thesaurus Term: PERIODICAL publishing; Subject Term: ARTICLES (Published materials); Subject Term: PERIODICALS -- Articles; NAICS/Industry Codes: 511120 Periodical Publishers; NAICS/Industry Codes: 511130 Book Publishers; NAICS/Industry Codes: 511190 Other publishers; NAICS/Industry Codes: 511199 All Other Publishers; Number of Pages: 3p; Document Type: Article
L3  - 10.1007/s11151-015-9496-6
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112965569&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amel, Dean
AU  - Prager, Robin
T1  - Community Bank Performance: How Important are Managers?
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2016/03//
VL  - 48
IS  - 2
M3  - Article
SP  - 149
EP  - 180
SN  - 0889938X
AB  - Community banks have long played an important role in the U.S. economy, providing loans and other financial services to households and small businesses within their local markets. In recent years, technological and legal developments, as well as changes in the business strategies of larger banks and non-bank financial service providers, have purportedly made it more difficult for community banks to attract and retain customers, and hence to survive. Indeed, the number of community banks and the shares of bank branches, deposits, banking assets, and small business loans that are held by community banks in the U.S. have all declined substantially over the past two decades. Nonetheless, many community banks have successfully adapted to their changing environment and have continued to thrive. This paper uses data from 1992 through 2011 to examine the relationships between community bank profitability and various characteristics of the banks and the local markets in which they operate. We divide these characteristics into two categories-those that are exogenous to the control of bank managers and those that reflect the decisions or actions of bank management. We find that variables from both categories significantly influence bank profitability. Statistical tests indicate that variables within managers' control account for between 70 and 97 % of the total explanatory power of regression equations that explain variations in performance across community banks, which suggests that managers are extremely important to community bank performance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - COMMUNITY banks
KW  - EXECUTIVES
KW  - SMALL business
KW  - FINANCIAL services industry -- Economic aspects
KW  - RESEARCH
KW  - HOUSEHOLDS
KW  - UNITED States
KW  - Bank profitability
KW  - Banking
KW  - Community banks
KW  - G00
KW  - G11
KW  - G21
KW  - G32
KW  - Management quality
N1  - Accession Number: 112965573; Amel, Dean 1; Email Address: damel@frb.gov; Prager, Robin 1; Email Address: robin.prager@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington 20551 USA; Issue Info: Mar2016, Vol. 48 Issue 2, p149; Thesaurus Term: BANKING industry; Thesaurus Term: COMMUNITY banks; Thesaurus Term: EXECUTIVES; Thesaurus Term: SMALL business; Thesaurus Term: FINANCIAL services industry -- Economic aspects; Thesaurus Term: RESEARCH; Subject Term: HOUSEHOLDS; Subject: UNITED States; Author-Supplied Keyword: Bank profitability; Author-Supplied Keyword: Banking; Author-Supplied Keyword: Community banks; Author-Supplied Keyword: G00; Author-Supplied Keyword: G11; Author-Supplied Keyword: G21; Author-Supplied Keyword: G32; Author-Supplied Keyword: Management quality; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 32p; Document Type: Article
L3  - 10.1007/s11151-015-9497-5
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112965573&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sharpe, Steve
AU  - Sherlund, Shane
T1  - Crowding Out Effects of Refinancing on New Purchase Mortgages.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2016/03//
VL  - 48
IS  - 2
M3  - Article
SP  - 209
EP  - 239
SN  - 0889938X
AB  - We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers with low-to-modest credit scores. Mortgage processing capacity constraints typically bind when the demand for mortgage refinancing rises far above average levels, such as when mortgage interest rates drop to record low levels. As a result, high capacity utilization leads mortgage lenders to ration mortgage credit by focusing on mortgage applications that require less underwriting resources. This is hypothesized to have a particularly adverse impact on relatively higher credit-risk borrowers' ability to obtain mortgages, particularly for purchasing borrowers with low-to-modest credit scores. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REFINANCING
KW  - RESEARCH
KW  - CROWDING out (Economics)
KW  - MORTGAGE banks
KW  - MORTGAGE loans -- Refinancing
KW  - CREDIT risk
KW  - CREDIT ratings
KW  - Capacity constraint
KW  - Mortgages
KW  - Refinancing
N1  - Accession Number: 112965570; Sharpe, Steve 1; Email Address: steve.a.sharpe@frb.gov; Sherlund, Shane 1; Email Address: shane.m.sherlund@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th & Constitution Ave. NW Washington 20551 USA; Issue Info: Mar2016, Vol. 48 Issue 2, p209; Thesaurus Term: REFINANCING; Thesaurus Term: RESEARCH; Thesaurus Term: CROWDING out (Economics); Thesaurus Term: MORTGAGE banks; Thesaurus Term: MORTGAGE loans -- Refinancing; Thesaurus Term: CREDIT risk; Thesaurus Term: CREDIT ratings; Author-Supplied Keyword: Capacity constraint; Author-Supplied Keyword: Mortgages; Author-Supplied Keyword: Refinancing; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 31p; Document Type: Article
L3  - 10.1007/s11151-016-9500-9
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112965570&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Norden, Lars
AU  - Roosenboom, Peter
AU  - Wang, Teng
T1  - The effects of corporate bond granularity.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2016/02//
VL  - 63
M3  - Article
SP  - 25
EP  - 34
SN  - 03784266
AB  - We investigate whether and how firms manage their rollover risk by having a dispersed bond maturity structure (granularity). Granularity can be achieved or maintained by frequently issuing sets of bonds with different maturities. We find that firms with higher granularity have higher availability of financing, lower cost of financing, lower financial constraints and lower stock return volatility. The effects are stronger for firms that face higher rollover risk. The evidence suggests that spreading out bond maturities is an effective corporate policy to manage rollover risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE bonds
KW  - CAPITAL costs
KW  - ROLLOVERS (Finance)
KW  - DEBT financing (Corporations)
KW  - VOLATILITY (Finance)
KW  - Bond maturity
KW  - Cost of capital
KW  - Debt finance
KW  - G10
KW  - G31
KW  - G32
KW  - G33
KW  - Issue frequency
KW  - Rollover risk
N1  - Accession Number: 112264723; Norden, Lars 1; Email Address: lars.norden@fgv.br; Roosenboom, Peter 2; Email Address: proosenboom@rsm.nl; Wang, Teng 3; Email Address: teng.wang@frb.gov; Affiliations: 1: Brazilian School of Public and Business Administration (EBAPE), Getulio Vargas Foundation (FGV), Praia de Botafogo 190, 22250-900 Rio de Janeiro, Brazil; 2: Rotterdam School of Management, Erasmus University, Burg, Oudlaan 50, 3062 PA Rotterdam, The Netherlands; 3: Board of Governors of the Federal Reserve System, 20th Street & Constitution Avenue N.W., Washington, DC 20551, USA; Issue Info: Feb2016, Vol. 63, p25; Thesaurus Term: CORPORATE bonds; Thesaurus Term: CAPITAL costs; Thesaurus Term: ROLLOVERS (Finance); Thesaurus Term: DEBT financing (Corporations); Thesaurus Term: VOLATILITY (Finance); Author-Supplied Keyword: Bond maturity; Author-Supplied Keyword: Cost of capital; Author-Supplied Keyword: Debt finance; Author-Supplied Keyword: G10; Author-Supplied Keyword: G31; Author-Supplied Keyword: G32; Author-Supplied Keyword: G33; Author-Supplied Keyword: Issue frequency; Author-Supplied Keyword: Rollover risk; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.jbankfin.2015.11.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112264723&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adams, Robert
AU  - Amel, Dean
T1  - The Effects of Past Entry, Market Consolidation, and Expansion by Incumbents on the Probability of Entry in Banking.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2016/02//
VL  - 48
IS  - 1
M3  - Article
SP  - 95
EP  - 118
SN  - 0889938X
AB  - We extend previous research on the determinants of entry into local banking markets. In addition to the variables that have been considered by past research, we consider the correlation of entry with past entry and strategic barriers to entry such as changes in incumbent branching, the presence of small incumbent firms, and market concentration. The analysis defines entry more broadly than has past research by including branch expansion by existing firms. We find significant negative relationships between entry and strategic barriers to entry. Sensitivity analyses find that large changes in the explanatory variables are needed to cause substantial changes in the probability of entry into markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - CONSOLIDATION & merger of corporations
KW  - PROBABILITY theory
KW  - SENSITIVITY analysis
KW  - INCUMBENCY (Public officers)
KW  - Bank branching
KW  - Barriers to entry
KW  - E44
KW  - E52
KW  - Entry in banking
KW  - G32
KW  - L1
KW  - New bank charters
KW  - Strategic entry barriers
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 112232834; Adams, Robert 1; Email Address: robert.m.adams@frb.gov; Amel, Dean 1; Email Address: damel@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Stop 149, Federal Reserve Board Washington 20551 USA; Issue Info: Feb2016, Vol. 48 Issue 1, p95; Thesaurus Term: BANKING industry; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: PROBABILITY theory; Subject Term: SENSITIVITY analysis; Subject Term: INCUMBENCY (Public officers); Author-Supplied Keyword: Bank branching; Author-Supplied Keyword: Barriers to entry; Author-Supplied Keyword: E44; Author-Supplied Keyword: E52; Author-Supplied Keyword: Entry in banking; Author-Supplied Keyword: G32; Author-Supplied Keyword: L1; Author-Supplied Keyword: New bank charters; Author-Supplied Keyword: Strategic entry barriers ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Illustrations: 10 Charts; Document Type: Article
L3  - 10.1007/s11151-015-9483-y
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112232834&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fessenden, Helen
AU  - Richardson, Gary
T1  - The Cost of Fed Membership.
JO  - Richmond Fed Economic Briefs
JF  - Richmond Fed Economic Briefs
Y1  - 2016/02//
VL  - 16
IS  - 2
M3  - Article
SP  - 1
EP  - 6
AB  - The article presents the costs of becoming a member of the Federal Reserve Bank in the U.S. The topics discussed include the operations and functions of the Federal Reserve, the regular dividends which are paid to banks, and the decision of the U.S. Congress in reducing the dividends paid to banks. Moreover, it also cites the lack of awareness of numerous Americans about the said dividends.
KW  - DIVIDENDS
KW  - BANKING industry -- United States
KW  - AMERICANS
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Congress
N1  - Accession Number: 113145323; Fessenden, Helen 1; Richardson, Gary 2; Affiliations: 1: Economics writer, Research Department, Federal Reserve Bank of Richmond; 2: Historian, Federal Reserve System; Issue Info: Feb2016, Vol. 16 Issue 2, p1; Thesaurus Term: DIVIDENDS; Thesaurus Term: BANKING industry -- United States; Subject Term: AMERICANS ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Congress; NAICS/Industry Codes: 921120 Legislative Bodies; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Smolyansky, Michael
T1  - Policy Externalities and Banking Integration.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2016/02//
M3  - Article
SP  - 1
EP  - 51
AB  - Can policies directed at the banking sector in one jurisdiction spill over and affect real economic activity elsewhere? To investigate this question, I exploit changes in tax rates on bank profits across U.S. states. Banks respond by reallocating small-business lending to otherwise unaffected states. Moreover, counties in non-tax-changing states that have more exposure to "treated" banks experience greater changes in lending, which in turn impacts local employment. The findings demonstrate that policies aimed at the banking sector in one jurisdiction can impose externalities on other regions. Critically, financial linkages between regions serve as the transmission channel for these policy externalities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK profits
KW  - TAXATION
KW  - EXTERNALITIES (Economics)
KW  - RESEARCH
KW  - BANKING industry -- United States
KW  - TAX rates & tables
KW  - EMPLOYMENT (Economic theory)
KW  - SMALL business loans
KW  - UNITED States
N1  - Accession Number: 113504289; Smolyansky, Michael 1; Email Address: michael.smolyansky@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: 2016, preceding p1; Thesaurus Term: BANK profits; Thesaurus Term: TAXATION; Thesaurus Term: EXTERNALITIES (Economics); Thesaurus Term: RESEARCH; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: TAX rates & tables; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: SMALL business loans; Subject Term: UNITED States; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 53p; Document Type: Article
L3  - 10.17016/FEDS.2016.008
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113504289&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rosa, Carlo
T1  - Walking on thin ice: Market quality around FOMC announcements.
JO  - Economics Letters
JF  - Economics Letters
Y1  - 2016/01//
VL  - 138
M3  - Article
SP  - 5
EP  - 8
SN  - 01651765
AB  - This paper examines market quality for the E-Mini S&P 500 futures around Federal Reserve announcements. I document that the release of the Federal Open Market Committee (FOMC) statement induces significantly ''higher than normal'' volatility and trading volume. The bid-ask spread is significantly higher in the minutes preceding the release, but it returns to its ''normal'' level immediately after the release. Using order-level data, I show that market depth behind the best bid and ask quotes is much lower on event days, hitting an intraday low immediately before the FOMC release at values on average about 20 percent of the level observed in control days. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economics Letters is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VOLATILITY (Finance)
KW  - CENTRAL banking industry
KW  - ANNOUNCEMENTS
KW  - UNITED States
KW  - Central bank announcements
KW  - High-frequency data
KW  - Market quality
KW  - U.S. Federal Reserve
KW  - UNITED States. Federal Open Market Committee
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 112127687; Rosa, Carlo 1; Email Address: carlo.rosa@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC, 20551, United States; Issue Info: Jan2016, Vol. 138, p5; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: CENTRAL banking industry; Subject Term: ANNOUNCEMENTS; Subject Term: UNITED States; Author-Supplied Keyword: Central bank announcements; Author-Supplied Keyword: High-frequency data; Author-Supplied Keyword: Market quality; Author-Supplied Keyword: U.S. Federal Reserve ; Company/Entity: UNITED States. Federal Open Market Committee ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 4p; Document Type: Article
L3  - 10.1016/j.econlet.2015.10.029
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112127687&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
AU  - Hanson, Tyler J.
T1  - The accuracy of forecasts prepared for the Federal Open Market Committee.
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2016/01//
VL  - 83
M3  - Article
SP  - 23
EP  - 43
SN  - 01486195
AB  - We analyze forecasts of consumption, nonresidential investment, residential investment, government spending, exports, imports, inventories, gross domestic product, inflation, and unemployment prepared by the staff of the Board of Governors of the Federal Reserve System for meetings of the Federal Open Market Committee from 1997 to 2008, called the Greenbooks. We compare the root mean squared error, mean absolute error, and the proportion of directional errors of Greenbook forecasts of these macroeconomic indicators with the errors from three forecasting benchmarks: a random walk, a first-order autoregressive model, and a Bayesian model averaged forecast from a suite of univariate time-series models commonly taught to first-year economics graduate students. We estimate our forecasting benchmarks both on end-of-sample vintage and real-time vintage data. We find that Greenbook forecasts significantly outperform our benchmark forecasts for horizons less than one quarter ahead. However, by the one-year forecast horizon, typically at least one of our forecasting benchmarks performs as well as Greenbook forecasts. Greenbook forecasts of personal consumption expenditures and unemployment tend to do relatively well, while Greenbook forecasts of inventory investment, government expenditures, and inflation tend to do poorly. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - PUBLIC spending
KW  - GROSS domestic product
KW  - INFLATION (Finance)
KW  - UNEMPLOYMENT
KW  - Bayesian model averaging
KW  - C53
KW  - E17
KW  - E27
KW  - E37
KW  - EOS end-of-sample vintage
KW  - F17
KW  - Federal Open Market Committee
KW  - FOMC Federal Open Market Committee
KW  - Forecast accuracy
KW  - Greenbook
KW  - MDE mean directional error
KW  - National income and product accounts
KW  - Real-time data
KW  - RTV real-time vintage
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 112676073; Chang, Andrew C. 1; Email Address: a.christopher.chang@gmail.com; Hanson, Tyler J. 1; Email Address: thanson2691@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St. NW and Constitution Ave., Washington DC 20551, USA; Issue Info: Jan2016, Vol. 83, p23; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PUBLIC spending; Thesaurus Term: GROSS domestic product; Thesaurus Term: INFLATION (Finance); Thesaurus Term: UNEMPLOYMENT; Author-Supplied Keyword: Bayesian model averaging; Author-Supplied Keyword: C53; Author-Supplied Keyword: E17; Author-Supplied Keyword: E27; Author-Supplied Keyword: E37; Author-Supplied Keyword: EOS end-of-sample vintage; Author-Supplied Keyword: F17; Author-Supplied Keyword: Federal Open Market Committee; Author-Supplied Keyword: FOMC Federal Open Market Committee; Author-Supplied Keyword: Forecast accuracy; Author-Supplied Keyword: Greenbook; Author-Supplied Keyword: MDE mean directional error; Author-Supplied Keyword: National income and product accounts; Author-Supplied Keyword: Real-time data; Author-Supplied Keyword: RTV real-time vintage ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jeconbus.2015.12.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112676073&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lee, Seung Jung
AU  - Stebunovs, Viktors
T1  - Bank capital pressures, loan substitutability, and nonfinancial employment.
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2016/01//
VL  - 83
M3  - Article
SP  - 44
EP  - 69
SN  - 01486195
AB  - We exploit the cross-state, cross-time variation in bank tangible capital ratios—brought about by bank branch deregulation on a state-by-state basis—to identify the effects of bank capital pressures on employment and firm dynamics during two waves of changes in bank capital regulation. We show that stronger capital pressures temporarily slowed down growth in employment in industries that depend on external finance, retarding growth in the average size of firms rather than in the number of firms. Such effects were particularly strong for smaller firms that may not have had access to national capital and bank loan markets. Our findings indicate that a tightening of capital requirements may have significant real effects, in part because of the lack of substitutes for bank loans. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - BANK loans
KW  - EMPLOYMENT (Economic theory)
KW  - CAPITAL requirements
KW  - BUSINESS enterprises -- Size
KW  - Bank capital ratios
KW  - Bank capital regulation
KW  - Employment
KW  - Firm dynamics
KW  - G21
KW  - G28
KW  - G30
KW  - J20
KW  - L25
KW  - Loan substitutability
N1  - Accession Number: 112676074; Lee, Seung Jung 1; Email Address: seung.j.lee@frb.gov; Stebunovs, Viktors 1; Email Address: viktors.stebunovs@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 21st Street and Constitution Avenue, NW, Washington, DC 20551, United States; Issue Info: Jan2016, Vol. 83, p44; Thesaurus Term: BANK capital; Thesaurus Term: BANK loans; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: CAPITAL requirements; Thesaurus Term: BUSINESS enterprises -- Size; Author-Supplied Keyword: Bank capital ratios; Author-Supplied Keyword: Bank capital regulation; Author-Supplied Keyword: Employment; Author-Supplied Keyword: Firm dynamics; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: G30; Author-Supplied Keyword: J20; Author-Supplied Keyword: L25; Author-Supplied Keyword: Loan substitutability; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/j.jeconbus.2015.11.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112676074&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kurz, Christopher
AU  - Senses, Mine Z.
T1  - Importing, exporting, and firm-level employment volatility.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2016/01//
VL  - 98
M3  - Article
SP  - 160
EP  - 175
SN  - 00221996
AB  - In this paper, we use detailed trade and transactions data for the U.S. manufacturing sector to document a new set of stylized facts on the theoretically ambiguous relationship between the volatility of employment growth and the trade exposure of a firm. We find that, on average, firms that export are less volatile than non-traders, while importers are more volatile. The substantial variation we document across trading firms, in terms of the duration of time and the intensity with which they trade, the number and type of products they trade, and in terms of the number and characteristics of their trading partners, plays an integral role in explaining the robust association between trading and employment volatility. For trading firms, the frequency of trade is negatively associated with employment volatility. Importers with a higher share of imported inputs (especial manufactured imports) and those that source from more countries and from countries with lower per-capita income experience higher levels of volatility. A higher share of exports, fewer number of export destinations and, export destinations that are further away, and with lower average incomes are associated with higher levels of volatility for exporters. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - MANUFACTURING industries
KW  - TRADING companies
KW  - VOLATILITY (Finance)
KW  - BUSINESS enterprises
KW  - UNITED States
KW  - SET theory
KW  - ROBUST control
KW  - Employment volatility
KW  - Firm heterogeneity
KW  - Trade
N1  - Accession Number: 112161860; Kurz, Christopher 1; Email Address: christopher.j.kurz@frb.gov; Senses, Mine Z. 2; Email Address: msenses@jhu.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; 2: Johns Hopkins University, United States; Issue Info: Jan2016, Vol. 98, p160; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: MANUFACTURING industries; Thesaurus Term: TRADING companies; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: BUSINESS enterprises; Subject Term: UNITED States; Subject Term: SET theory; Subject Term: ROBUST control; Author-Supplied Keyword: Employment volatility; Author-Supplied Keyword: Firm heterogeneity; Author-Supplied Keyword: Trade; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jinteco.2015.08.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112161860&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ray, Korok
AU  - Gramlich, Jacob
T1  - Reconciling Full-Cost and Marginal-Cost Pricing.
JO  - Journal of Management Accounting Research
JF  - Journal of Management Accounting Research
Y1  - 2016/01//
VL  - 28
IS  - 1
M3  - Article
SP  - 27
EP  - 37
PB  - American Accounting Association
SN  - 10492127
AB  - Despite the clear prescription from economic theory that a firm should set price based only on variable costs, firms routinely factor fixed costs into pricing decisions. We show that full-cost pricing (FCP) can achieve the optimal price. FCP marks up variable cost with the contribution margin per unit, which, in equilibrium, includes the fixed cost. FCP converges to the optimal price when the firm can estimate its equilibrium income. We compare FCP to alternative pricing algorithms that require less information, but converge to optimal price under more narrow conditions than FCP. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Management Accounting Research is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - PRICES
KW  - MATHEMATICAL models
KW  - ALGORITHMS
KW  - PRICE indexes
KW  - COST control
KW  - efficiency
KW  - full-cost pricing
KW  - marginal costs
N1  - Accession Number: 115434140; Ray, Korok 1; Gramlich, Jacob 2; Affiliations: 1: Texas A&M University; 2: Board of Governors of the Federal Reserve System; Issue Info: 2016, Vol. 28 Issue 1, p27; Thesaurus Term: ECONOMICS; Thesaurus Term: PRICES; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ALGORITHMS; Thesaurus Term: PRICE indexes; Thesaurus Term: COST control; Author-Supplied Keyword: efficiency; Author-Supplied Keyword: full-cost pricing; Author-Supplied Keyword: marginal costs; Number of Pages: 11p; Illustrations: 1 Graph; Document Type: Article
L3  - 10.2308/jmar-51285
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115434140&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bricker, Jesse
AU  - Bucks, Brian
T1  - Negative home equity, economic insecurity, and household mobility over the Great Recession.
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2016/01//
VL  - 91
M3  - Article
SP  - 1
EP  - 12
SN  - 00941190
AB  - This paper uses data from the 2007–09 Survey of Consumer Finances panel to examine U.S. households’ decisions to move during the Great Recession and the role of negative home equity and economic shocks, such as job loss, in these decisions. The recession's effects are nonetheless apparent in the notable fraction of homeowners who moved involuntarily due to, for example, foreclosure. Many involuntary moves appear to stem from a combination of negative home equity and adverse economic shocks rather than negative equity alone. Homeowners with both negative equity and economic shocks were substantially more likely to have moved between 2007 and 2009 and to have moved involuntarily. The findings suggest that, analogous to the double-trigger theory of default, the relationship between negative equity and household mobility varies with households’ exposure to adverse shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUITY (Real property)
KW  - URBAN economics
KW  - DEPRESSIONS (Economics) -- 1929
KW  - ECONOMICS
KW  - HOUSEHOLDS
KW  - D1
KW  - Double trigger hypothesis
KW  - J6
KW  - Mobility
KW  - Negative equity
KW  - R2
N1  - Accession Number: 112828031; Bricker, Jesse 1; Email Address: jesse.bricker@frb.gov; Bucks, Brian 2; Email Address: brian.bucks@cfpb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th & C Street, NW, Mail Stop 153, Washington, DC 20551, United States; 2: Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, DC 20552, United States; Issue Info: Jan2016, Vol. 91, p1; Thesaurus Term: EQUITY (Real property); Thesaurus Term: URBAN economics; Thesaurus Term: DEPRESSIONS (Economics) -- 1929; Thesaurus Term: ECONOMICS; Subject Term: HOUSEHOLDS; Author-Supplied Keyword: D1; Author-Supplied Keyword: Double trigger hypothesis; Author-Supplied Keyword: J6; Author-Supplied Keyword: Mobility; Author-Supplied Keyword: Negative equity; Author-Supplied Keyword: R2; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jue.2015.10.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112828031&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - Jour
AU  - Yellen, J.L.
TI  - Perspectives on inequality and opportunity from the survey of consumer finances.
JO  - RSF: The Russell Sage Foundation Journal of the Social Sciences
PY  - 2016/01/01/
Y1  - 2016///
Y2  - 2017///
VL  - 2
IS  - 2
SP  - 44
EP  - 59
SN  - 23778253
AD  - chair of the Board of Governors of the Federal Reserve System.
N1  - Accession Number: 89861. Hard Copy Issue: 1. Hard Copy Number: No. 267. Hard Copy Volume: 53. Document Type: Article. Peer Reviewed: Y
AB  - During the past several decades, the United States has experienced its most sustained rise in inequality since the nineteenth century. The U.S. distribution of income and wealth is now wider than in most other advanced countries. To provide a factual basis for further discussion, thispaper reviews trends in income and wealth inequality over the past several decades, and then discusses four significant sources of economic opportunity in the United States: the resources available for children in their most formative years, affordable higher education, private business ownership,and inheritances. (Journal abstract)    
KW  - Income
KW  - Economics
KW  - Wealth
KW  - 4310
KW  - 4340
KW  - 2335
KW  - Economics/Public Welfare
KW  - Special Populations
KW  - Research
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=swh&AN=89861&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - swh
ER  - 

TY  - UNPB
AU  - Gourio, Francois
AU  - Messer, Todd
AU  - Siemer, Michael
AD  - Federal Reserve Bank of Chicago
AD  - Federal Reserve Bank of Chicago
AD  - Board of the Governors of the Federal Reserve System
T1  - Firm Entry and Macroeconomic Dynamics: A State-level Analysis
PB  - Federal Reserve Bank of Chicago, Working Paper Series: WP-2016-1
Y1  - 2016///
SP  - 14 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549619; Keywords: Business cycles;  Firms entry;  Firms dynamics;  Gross Domestic Product;  macroeconomics;  productivity;  population; Publication Type: Working Paper; Update Code: 201602
N2  - Using an annual panel of U.S. states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms (startups). We find that these shocks have significant effects that persist for many years on real gross domestic product, productivity and population. This is consistent with simple models of firm dynamics where a "missing generation" of firms affects productivity persistently.
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
KW  - Market Structure, Firm Strategy, and Market Performance: General          L10
KW  - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices          L16
L3  - https://www.chicagofed.org/~/media/publications/working-papers/2016/wp2016-01-pdf.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549619&site=ehost-live&scope=site
UR  - https://www.chicagofed.org/~/media/publications/working-papers/2016/wp2016-01-pdf.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Baklanova, Viktoria
AU  - Caglio, Cecilia
AU  - Keane, Frank M.
AU  - Porter, Burt
AD  - Office of Financial Research
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of New York
AD  - Securities and Exchange Commission
T1  - A pilot survey of agent securities lending activity
PB  - Federal Reserve Bank of New York, Staff Reports: 790
Y1  - 2016///
SP  - 19 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1599440; Keywords: securities lending;  repo;  systemic risk; Publication Type: Working Paper; Update Code: 201610
N2  - This paper reports aggregate statistics on securities lending activity based on a recently concluded pilot data collection by staff from the Office of Financial Research (OFR), the Federal Reserve System, and staff from the Securities and Exchange Commission (SEC). In its annual reports, the Financial Stability Oversight Council identified a lack of data about securities lending activity as a priority for the Council. This pilot data collection was a step toward addressing this critical data need. The voluntary pilot collection included end-of-day loan-level data for three non-consecutive business days from seven securities lending agents. Most but not all participating lending agents were subsidiaries of banks. The dataset of 75 reporting fields provides substantial new information about securities lending activity, including information concerning securities owners, securities borrowers, attributes of securities loans, collateral management, and cash reinvestment practices. However, the pilot data collection was limited in scope and duration. Comprehensive data are still lacking. To close this data gap, a permanent collection of data covering securities lending activity is recommended by the Council.
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Financial Institutions and Services: General          G20
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - https://www.newyorkfed.org/research/staff_reports/sr790.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1599440&site=ehost-live&scope=site
UR  - https://www.newyorkfed.org/research/staff_reports/sr790.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Curti, Filippo
AU  - Migueis, Marco
AD  - Federal Reserve Bank of Richmond
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Predicting Operational Loss Exposure Using Past Losses
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-2
Y1  - 2016///
SP  - 23 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549600; Keywords: Operational risk;  quantile regression;  tail risk; Publication Type: Working Paper; Update Code: 201602
N2  - Operational risk models, such as the loss distribution approach, frequently use past internal losses to forecast operational loss exposure. However, the ability of past losses to predict exposure, particularly tail exposure, has not been thoroughly examined in the literature. In this paper, we test whether simple metrics derived from past loss experience are predictive of future tail operational loss exposure using quantile regression. We find evidence that past losses are predictive of future exposure, particularly metrics related to loss frequency.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016002pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549600&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016002pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - McCallum, Andrew H.
AU  - Lincoln, William F.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Claremont McKenna College
T1  - The Rise of Exporting By U.S. Firms
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1157
Y1  - 2016///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549614; Keywords: globalization;  barriers to entry;  international trade;  internet; Publication Type: Working Paper; Update Code: 201602
N2  - Although a great deal of ink has been spilled over the consequences of globalization, we do not yet fully understand the causes of increased worldwide trade. Using confidential microdata from the U.S. Census, we document widespread entry into countries abroad by U.S. firms from 1987 to 2006. We show that this extensive margin growth is unlikely to have been due to significant declines in entry costs. We instead find evidence of large roles for the development of the internet, trade agreements, and foreign income growth in driving these trends.
KW  - Trade: General          F10
KW  - Multinational Firms; International Business          F23
KW  - Economic Impacts of Globalization: General          F60
KW  - Market Structure, Firm Strategy, and Market Performance: General          L10
KW  - Information and Internet Services; Computer Software          L86
KW  - Business Economics          M21
L3  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1157.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549614&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1157.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Laubach, Thomas
AU  - Williams, John C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of San Francisco
T1  - Measuring the Natural Rate of Interest Redux
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-11
Y1  - 2016///
SP  - 29 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549609; Keywords: Econometrics;  Money and interest rates; Publication Type: Working Paper; Update Code: 201602
N2  - Persistently low real interest rates have prompted the question whether low interest rates are here to stay. This essay assesses the empirical evidence regarding the natural rate of interest in the United States using the Laubach-Williams model. Since the start of the Great Recession, the estimated natural rate of interest fell sharply and shows no sign of recovering. These results are robust to alternative model specifications. If the natural rate remains low, future episodes of hitting the zero lower bound are likely to be frequent and long-lasting. In addition, uncertainty about the natural rate argues for policy approaches that are more robust to mismeasurement of natural rates.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016011pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549609&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016011pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Croushore, Dean
AU  - Marsten, Katherine
AD  - Federal Reserve Bank of Philadelphia
AD  - Board of Governors of the Federal Reserve System
T1  - Do GDP Forecasts Respond Efficiently to Changes in Interest Rates?
PB  - Federal Reserve Bank of Philadelphia, Working Papers: 16-17
Y1  - 2016///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1586918; Keywords: Real-Time Data;  Output Forecasts;  Yield Spread;  Monetary Policy;  Survey of Professional Forecasters (SPF); Publication Type: Working Paper; Update Code: 201608
N2  - In this paper, we examine and extend the results of Ball and Croushore (2003) and Rudebusch and Williams (2009), who show that the output forecasts in the Survey of Professional Forecasters (SPF) are inefficient. Ball and Croushore show that the SPF out-put forecasts are inefficient with respect to changes in monetary policy, as measured by changes in real interest rates, while Rudebusch and Williams show that the forecasts are inefficient with respect to the yield spread. In this paper, we investigate the robustness of both claims of inefficiency, using real-time data and exploring the impact of alternative sample periods on the results.
L3  - https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2016/wp16-17.pdf?la=en
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586918&site=ehost-live&scope=site
UR  - https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2016/wp16-17.pdf?la=en
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mezza, Alvaro A.
AU  - Ringo, Daniel R.
AU  - Sherlund, Shane M.
AU  - Sommer, Kamila
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - On the Effect of Student Loans on Access to Homeownership
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-10
Y1  - 2016///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549590; Keywords: Credit Constraints;  Homeowernship;  Student loans; Publication Type: Working Paper; Update Code: 201602
N2  - This paper estimates the effect of student loan debt on subsequent homeownership in a uniquely constructed administrative data set for a nationally representative cohort aged 23 to 31 in 2004 and followed over time, from 1997 to 2010. Our unique data combine anonymized individual credit bureau data with college enrollment histories and school characteristics associated with each enrollment spell, as well as several other data sources. To identify the causal effect of student loans on homeownership, we instrument for the amount of the individual's student loan debt using changes to the in-state tuition rate at public 4-year colleges in the student's home state. We find that a 10 percent increase in student loan debt causes a 1 to 2 percentage point drop in the homeownership rate for student loan borrowers during the first five years after exiting school. Validity tests suggest that the results are not confounded by local economic conditions or non-random selection int o the estimation sample.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016010pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549590&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016010pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Rose, Jonathan D.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Resolution of a Systemically Important Insurance Company during the Great Depression
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-5
Y1  - 2016///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549589; Keywords: Insurance;  great depression;  surety;  systemic importance; Publication Type: Working Paper; Update Code: 201602
N2  - This paper explores the economic issues related to systemically important insurance companies, using an example from the Great Depression, the National Surety Company. National Surety was a large and diverse insurance company that experienced a major crisis in 1933 due to losses from its guarantees of mortgage-backed securities. A liquidity crisis ensued, as policyholders staged a massive run on the company, demanding the return of their unearned premiums. The New York State Insurance Commissioner stepped in with a reorganization plan that split the company in two, out of fear that a disorderly liquidation would have systemic consequences given the sheer number of the company's counterparties, scattered all across the United States. A key dynamic of the crisis was that policy holders at an insurance company have a dual role as holders of liabilities and as providers of income.
KW  - Financial Crises          G01
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Crisis Management          H12
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016005pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549589&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016005pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Berrospide, Jose M.
AU  - Correa, Ricardo
AU  - Goldberg, Linda S.
AU  - Niepmann, Friederike
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System
T1  - International banking and cross-border effects of regulation: lessons from the United States
PB  - Federal Reserve Bank of New York, Staff Reports: 793
Y1  - 2016///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1599441; Keywords: macroprudential policies;  international banking;  bank credit;  spillovers; Publication Type: Working Paper; Update Code: 201610
N2  - Domestic prudential regulation can have unintended effects across borders and may be less effective in an environment where banks operate globally. Using U.S. micro-banking data for the first quarter of 2000 through the third quarter of 2013, this study shows that some regulatory changes indeed spill over. First, a foreign country's tightening of limits on loan-to-value ratios and local currency reserve requirements increase lending growth in the United States through the U.S. branches and subsidiaries of foreign banks. Second, a foreign tightening of capital requirements shifts lending by U.S. global banks away from the country where the tightening occurs to the United States and to other countries. Third, tighter U.S. capital regulation reduces lending by large U.S. global banks to foreign residents.
KW  - International Policy Coordination and Transmission          F42
KW  - International Business Cycles          F44
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - https://www.newyorkfed.org/research/staff_reports/sr793.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1599441&site=ehost-live&scope=site
UR  - https://www.newyorkfed.org/research/staff_reports/sr793.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Holston, Kathryn
AU  - Laubach, Thomas
AU  - Williams, John C.
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Measuring the natural rate of interest: International trends and determinants
PB  - Federal Reserve Bank of San Francisco, Working Paper Series: 2016-11
Y1  - 2016///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1586834; Publication Type: Working Paper; Update Code: 201608
N2  - U.S. estimates of the natural rate of interest--the real short-term interest rate that would prevail absent transitory disturbances--have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the natural rate in the United States fell to close to zero during the crisis and has remained there through the end of 2015. Explanations for this decline include shifts in demographics, a slowdown in trend productivity growth, and global factors affecting real interest rates. This paper applies the Laubach-Williams methodology to the United States and three other advanced economies--Canada, the Euro Area, and the United Kingdom. We find that large declines in trend GDP growth and natural rates of interest have occurred over the past 25 years in all four economies. These country-by-country estimates are found to display a substantial amount of comovement over time, suggesting an important role for global factors in shaping trend growth and natural rates of interest.
KW  - Single Equation Models; Single Variables: Truncated and Censored Models; Switching Regression Models; Threshold Regression Models          C24
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://www.frbsf.org/economic-research/files/wp2016-11.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586834&site=ehost-live&scope=site
UR  - http://www.frbsf.org/economic-research/files/wp2016-11.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Baughman, Garth
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Deadlines and Matching
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-14
Y1  - 2016///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569529; Keywords: Deadlines;  matching;  nonstationary dynamics;  search; Publication Type: Working Paper; Update Code: 201605
N2  - Deadlines and fixed end dates are pervasive in matching markets including school choice, the market for new graduates, and even financial markets such as the market for federal funds. Deadlines drive fundamental non-stationarity and complexity in behavior, generating significant departures from the steady-state equilibria usually studied in the search and matching literature. I consider a two-sided matching market with search frictions where vertically differentiated agents attempt to form bilateral matches before a deadline. I give conditions for existence and uniqueness of equilibria, and show that all equilibria exhibit an "anticipation effect" where less attractive agents become increasingly choosy over time, preferring to wait for the opportunity to match with attractive agents who, in turn, become less selective as the deadline approaches. When payoffs accrue after the deadline, or agents do not discount, a sharp characterization is available: at any point in time, the market is segmented into a first class of matching agents and a second class of waiting agents. This points to a different interpretation of unraveling observed in some markets and provides a benchmark for other studies of non-stationary matching. A simple intervention--a small participation cost--can dramatically improve efficiency.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016014pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569529&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016014pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Guerrieri, Luca
AU  - Henderson, Dale W.
AU  - Kim, Jinill
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Center for Applied Macroeconomic Analysis
AD  - Korea University
T1  - Interpreting Shocks to the Relative Price of Investment with a Two-Sector Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-7
Y1  - 2016///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549591; Keywords: DSGE Models;  Long-Run Restrictions;  Multi-Sector Models;  Vector Auto-Regressions; Publication Type: Working Paper; Update Code: 201602
N2  - Consumption and investment comove over the business cycle in response to shocks that permanently move the price of investment. The interpretation of these shocks has relied on standard one-sector models or on models with two or more sectors that can be aggregated. However, the same interpretation continues to go through in models that cannot be aggregated into a standard one-sector model. Furthermore, such a two-sector model with distinct factor input shares across production sectors and commingling of sectoral outputs in the assembly of final consumption and investment goods, in line with the U.S. Input-Output Tables, has implications for aggregate variables. It yields a closer match to the empirical evidence of positive comovement for consumption and investment.
KW  - General Aggregative Models: Neoclassical          E13
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016007pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549591&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016007pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ericsson, Neil R.
AD  - Board of Governors of the Federal Reserve System
T1  - Economic Forecasting in Theory and Practice: An Interview with David F. Hendry
PB  - The George Washington University, Department of Economics, Research Program on Forecasting, Working Papers: 2016-012
Y1  - 2016///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1605789; Keywords: encompassing, equilibrium correction models, error correction, evaluation, exogeneity, forecasting, modeling, nowcasting, parameter constancy, robustification, structural breaks.; Publication Type: Working Paper; Update Code: 201612
N2  - David Hendry has made major contributions to many areas of economic forecasting. He has developed a taxonomy of forecast errors and a theory of unpredictability that have yielded valuable insights into the nature of forecasting. He has also provided new perspectives on many existing forecast techniques, including mean square forecast errors, add factors, leading indicators, pooling of forecasts, and multi-step estimation. In addition, David has developed new forecast tools, such as forecast encompassing; and he has improved existing ones, such as nowcasting and robustification to breaks. This interview for the International Journal of Forecasting explores David Hendry's research on forecasting.
KW  - Forecasting Models; Simulation Methods          C53
L3  - http://www.gwu.edu/~forcpgm/2016-012.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1605789&site=ehost-live&scope=site
UR  - http://www.gwu.edu/~forcpgm/2016-012.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
AD  - Bank for International Settlements and Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of St. Louis
T1  - Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation
PB  - Federal Reserve Bank of St. Louis, Working Papers: 2016-15
Y1  - 2016///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1586887; Keywords: money markets;  deregulation;  market integration;  monetary policy implementation;  Eurodollars;  Regulation Q; Publication Type: Working Paper; Update Code: 201608
N2  - The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as substitutes for other types of funding. The integration of money markets and ability of banks to raise funds using a greater variety of substitutable instruments has implications for monetary policy. We find that, when deregulation reduced money market segmentation, larger open market operations were required to produce a given change in the federal funds rate, but that the pass through of changes in the funds rate to other market rates was also greater.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-          N22
L3  - https://research.stlouisfed.org/wp/2016/2016-015.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586887&site=ehost-live&scope=site
UR  - https://research.stlouisfed.org/wp/2016/2016-015.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Rose, Jonathan D.
AD  - mark.a.carlson@frb.gov
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Can a Bank Run Be Stopped? Government Guarantees and the Run on Continental Illinois
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-3
Y1  - 2016///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549588; Keywords: Bank runs;  deposit guarantee;  deposit insurance;  financial crisis; Publication Type: Working Paper; Update Code: 201602
N2  - This paper analyzes the run on Continental Illinois in 1984. We find that the run slowed but did not stop following an extraordinary government intervention, which included the guarantee of all liabilities of the bank and a commitment to provide ongoing liquidity support. Continental's outflows were driven by a broad set of US and foreign financial institutions. These were large, sophisticated creditors with holdings far in excess of the insurance limit. During the initial run, creditors with relatively liquid balance sheets nevertheless withdrew more than other creditors, likely reflecting low tolerance to hold illiquid assets. In addition, smaller and more-distant creditors were more likely to withdraw. In the second and more drawn out phase of the run, institutions with relative large exposures to Continental were more likely to withdraw, reflecting a general unwillingness to have an outsized exposure to a troubled institution even in the absence of credit risk. Finally, we show that the concentration of holdings of Continental's liabilities was a key dynamic in the run and was importantly linked to Continental's systemic importance.
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Crisis Management          H12
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016003pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549588&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016003pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
AD  - Unlisted
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-059
Y1  - 2016///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1586843; Keywords: Federal Reserve System;  Contagion;  Systemic risk;  Seasonal liquidity demand;  Interbank networks;  Banking panics;  National Banking system; Publication Type: Working Paper; Update Code: 201608
N2  - As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but the system also transmitted shocks during banking panics. The Federal Reserve was established in 1914 to reduce reliance on the interbank market and correct other defects that caused banking system instability. Drawing on recent theoretical work on interbank networks, we examine how the Fed's establishment affected the system's resilience to solvency and liquidity shocks and whether these shocks might have been contagious. We find that the interbank system became more resilient to solvency shocks but less resilient to liquidity shocks as banks sharply reduced their liquidity after the Fed's founding. The industry's response illustrates how the introduction of a lender of last resort can alter private behavior in a way that increases the likelihood that the lender will be needed.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Financial Markets and the Macroeconomy          E44
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913          N11
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913          N21
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-          N22
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016059pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586843&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016059pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Fallick, Bruce C.
AU  - Lettau, Michael
AU  - Wascher, William L.
AD  - Federal Reserve Bank of Cleveland,
AD  - Bureau of Labor Statistics
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Downward Nominal Wage Rigidity in the United States During and After the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-1
Y1  - 2016///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549598; Publication Type: Working Paper; Update Code: 201602
N2  - Rigidity in wages has long been thought to impede the functioning of labor markets. One recent strand of the research on wage flexibility in the United States and elsewhere has focused on the possibility of downward nominal wage rigidity and what implications such rigidity might have for the macroeconomy at low levels of inflation. The Great Recession of 2008-09, during which the unemployment rate topped 10 percent and price deflation was at times seen as a distinct possibility, along with the subsequent slow recovery and persistently low inflation, has added to the relevance of this line of inquiry. In this paper, we use establishment-level data from a nationally representative establishment-based compensation survey collected by the Bureau of Labor Statistics to investigate the extent to which downward nominal wage rigidity is present in U.S. labor markets. We use several distinct methods proposed in the literature to test for downward nominal wage rigidity, and to assess whether such rigidity is more severe at low rates of inflation and in the presence of negative economic shocks than in more normal economic times. Like earlier studies, we find evidence of a significant amount of downward nominal wage rigidity in the United States. We find no evidence that the high degree of labor market distress during the Great Recession reduced the amount of downward nominal wage rigidity and some evidence that operative rigidity may have increased during that period.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016001pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549598&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016001pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
AD  - Bank for International Settlements and Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of St. Louis
T1  - Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?
PB  - Federal Reserve Bank of St. Louis, Working Papers: 2016-12
Y1  - 2016///
SP  - 48 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1586883; Keywords: Federal Reserve System;  contagion;  systemic risk;  seasonal liquidity demand;  interbank networks;  banking panics;  National Banking system; Publication Type: Working Paper; Update Code: 201608
N2  - As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but the system also transmitted shocks during banking panics. The Federal Reserve was established in 1914 to reduce reliance on the interbank market and correct other defects that caused banking system instability. Drawing on recent theoretical work on interbank networks, we examine how the Fed's establishment affected the system's resilience to solvency and liquidity shocks and whether these shocks might have been contagious. We find that the interbank system became more resilient to solvency shocks but less resilient to liquidity shocks as banks sharply reduced their liquidity after the Fed's founding. The industry's response illustrates how the introduction of a lender of last resort can alter private behavior in a way that increases the likelihood that the lender will be needed.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Financial Markets and the Macroeconomy          E44
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913          N11
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913          N21
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-          N22
L3  - https://research.stlouisfed.org/wp/2016/2016-012.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586883&site=ehost-live&scope=site
UR  - https://research.stlouisfed.org/wp/2016/2016-012.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - von Beschwitz, Bastian
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Cash Windfalls and Acquisitions
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1159
Y1  - 2016///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569536; Keywords: acquisitions;  free cash flow theory;  overinvestment; Publication Type: Working Paper; Update Code: 201605
N2  - This article studies the effect of cash windfalls on the acquisition policy of companies. As identification I use a German tax reform that permitted firms to sell their equity stakes tax-free. Companies that could realize a cash windfall by selling equity stakes see an increase in the probability of acquiring another company by 19 percent. I find that these additional acquisitions destroy firm value. Following the tax reform, affected firms experience a decrease of 1.2 percentage points in acquisition announcement returns. These effects are stronger for larger cash windfalls. My findings are consistent with the free cash flow theory.
KW  - Corporate Finance and Governance: General          G30
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1159.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569536&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1159.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Smolyansky, Michael
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Policy Externalities and Banking Integration
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-8
Y1  - 2016///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549587; Keywords: Banks;  Credit Supply;  Internal Capital Markets;  Policy Arbitrage;  Small Business Lending;  Taxation; Publication Type: Working Paper; Update Code: 201602
N2  - Can policies directed at the banking sector in one jurisdiction spill over and affect real economic activity elsewhere? To investigate this question, I exploit changes in tax rates on bank profits across U.S. states. Banks respond by reallocating small-business lending to otherwise unaffected states. Moreover, counties in non-tax-changing states that have more exposure to "treated" banks experience greater changes in lending, which in turn impacts local employment. The findings demonstrate that policies aimed at the banking sector in one jurisdiction can impose externalities on other regions. Critically, financial linkages between regions serve as the transmission channel for these policy externalities.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016008pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549587&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016008pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hills, Timothy S.
AU  - Nakata, Taisuke
AU  - Schmidt, Sebastian
AD  - New York University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - European Central Bank
T1  - The Risky Steady State and the Interest Rate Lower Bound
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-9
Y1  - 2016///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549604; Keywords: Deflationary Bias;  Disinflation;  Inflation Targeting;  Risky Steady State;  Tail Risk;  Zero Lower Bound; Publication Type: Working Paper; Update Code: 201602
N2  - Even when the policy rate is currently not constrained by its effective lower bound (ELB), the possibility that the policy rate will become constrained in the future lowers today's inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich model calibrated to match key features of the U.S. economy, we find that the tail risk induced by the ELB causes inflation to undershoot the target rate of 2 percent by as much as 45 basis points at the economy's risky steady state. Our model suggests that achieving the inflation target may be more difficult now than before the Great Recession, if the recent ELB experience has led households and firms to revise up their estimate of the ELB frequency.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016009pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549604&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016009pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schuetz, Jenny
AU  - Giuliano, Genevieve
AU  - Shin, Eun Jin
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Southern California
AD  - University of Southern California
T1  - Is Los Angeles Becoming Transit Oriented?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-4
Y1  - 2016///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549597; Keywords: Urban spatial structure;  public transportation;  economic development;  housing; Publication Type: Working Paper; Update Code: 201602
N2  - Over the past 20 years, local and regional governments in the Los Angeles metropolitan area have invested significant resources in building rail transit infrastructure that connects major employment centers. One goal of transit infrastructure is to catalyze the development of high density, mixed-use housing and commercial activity within walking distance of rail stations, referred to as Transit Oriented Development (TOD). This project examines the quantity, type, and mix of economic activity that has occurred around newly built rail stations in Los Angeles over the past 20 years. Specifically, have the number of jobs or housing market characteristics changed near stations? We use establishment-level data on employment and property-level data on housing transactions to analyze changes in several employment and housing outcomes. Results suggest that new rail stations were located in areas that, prior to station opening, had unusually high employment density and mostly multifamily rental housing. There is no evidence of changes in employment density, housing sales volume, or new housing development within five years after station opening. Regressions suggest that a subset of stations saw increased employment density within five to ten years after opening.
KW  - Publicly Provided Goods: General          H40
KW  - Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure          O18
KW  - General Regional Economics (includes Regional Data)          R10
KW  - Real Estate Markets, Spatial Production Analysis, and Firm Location: General          R30
KW  - Transportation Economics: General          R40
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016004pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549597&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016004pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Fang, Hanming
AU  - Kim, You Suk
AU  - Li, Wenli
AD  - University of Pennsylvania
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of Philadelphia
T1  - The dynamics of subprime adjustable-rate mortgage default: a structural estimation
PB  - Federal Reserve Bank of Philadelphia, Working Papers: 16-2
Y1  - 2016///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549662; Keywords: Adjustable-rate mortgage;  Default;  Loan modification;  Automatic modification mortgages with cushions; Publication Type: Working Paper; Update Code: 201602
N2  - We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions, taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance sheets, and lender responses. Our investigation of the factors that drive borrowers' decisions reveals that subprime ARMs are not all alike. For loans originated in 2004 and 2005, the interest rate resets associated with ARMs as well as the housing and labor market conditions were not as important in borrowers' delinquency decisions as in their decisions to pay o_ their loans. For loans originated in 2006, interest rate resets, housing price declines, and worsening labor market conditions all contributed importantly to their high delinquency rates. Counterfactual policy simulations reveal that even if the London Interbank Offered Rate (LIBOR) could be lowered to zero by aggressive traditional monetary policies, it would have a limited effect on reducing the delinquency rates. We find that automatic modification mortgages with cushions, under which the monthly payment or principal balance reductions are triggered only when housing price declines exceed a certain percentage, may result in a Pareto improvement, in that borrowers and lenders are both made better o_ than under the baseline, with lower delinquency and foreclosure rates. Our counterfactual analysis also suggests that limited commitment power on the part of the lenders regarding loan modification policies may be an important reason for the relatively low rate of modifications observed during the housing crisis.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Household Saving; Personal Finance          D14
KW  - Financial Institutions and Services: General          G20
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Bankruptcy; Liquidation          G33
L3  - https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2016/wp16-02.pdf?la=en
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549662&site=ehost-live&scope=site
UR  - https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2016/wp16-02.pdf?la=en
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Akinci, Ozge
AU  - Queralto, Albert
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System
T1  - Credit spreads, financial crises, and macroprudential policy
PB  - Federal Reserve Bank of New York, Staff Reports: 802
Y1  - 2016///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1605769; Keywords: financial intermediation;  sudden stops;  leverage constraints;  occasionally binding constraints;  financial stability policy; Publication Type: Working Paper; Update Code: 201612
N2  - Credit spreads display occasional spikes and are more strongly countercyclical in times of financial stress. Financial crises are extreme cases of this nonlinear behavior, featuring deep recessions and sharp losses in bank equity. We develop a macroeconomic model with a banking sector in which banks' leverage constraints are occasionally binding and equity issuance is endogenous. The model captures the nonlinearities in the data and produces quantitatively realistic crises. Endogenous equity issuance makes crises infrequent but does not prevent them altogether. Macroprudential policy designed to enhance banks' incentive to issue equity lowers the probability of a crisis and increases welfare.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Open Economy Macroeconomics          F41
L3  - https://www.newyorkfed.org/research/staff_reports/sr802.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1605769&site=ehost-live&scope=site
UR  - https://www.newyorkfed.org/research/staff_reports/sr802.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ljungqvist, Alexander
AU  - Smolyansky, Michael
AD  - Stern School of Business New York University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - To Cut or Not to Cut? On the Impact of Corporate Taxes on Employment and Income
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-6
Y1  - 2016///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549611; Keywords: Fiscal policy;  Corporate taxation;  Economic stimulus;  Economic growth;  Employment;  Regional economies; Publication Type: Working Paper; Update Code: 201602
N2  - Do corporate tax increases destroy jobs? And do corporate tax cuts boost employment? Answering these questions has proved empirically challenging. We propose an identification strategy that exploits variation in corporate income tax rates across U.S. states. Comparing contiguous counties straddling state borders over the period 1970 to 2010, we find that increases in corporate tax rates lead to significant reductions in employment and income. We find little evidence that corporate tax cuts boost economic activity, unless implemented during recessions when they lead to significant increases in employment and income. Our spatial-discontinuity approach permits a causal interpretation of these findings by both establishing a plausible counterfactual and overcoming biases resulting from the fact that tax changes are often prompted by changes in economic conditions.
KW  - Fiscal Policy          E62
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016006pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549611&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016006pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Seldin, Sian L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Federal Reserve Board Statistical Releases: a Publications History
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-16
Y1  - 2016///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569508; Keywords: Data collection and estimation;  Economic history;  Federal Reserve Board and Federal Reserve System; Publication Type: Working Paper; Update Code: 201605
N2  - The Board of Governors of the Federal Reserve System has published extensive statistical information on the U.S. economy and banking industry since 1914. This information has been published in various formats, usually referred to as "statistical releases." Titles and release numbers of the publications have changed frequently. Federal Reserve Board Statistical Releases: a Publications History describes these changes; it is a convenient tool that lightens the burden of tracing the titles and release numbers by providing history in a single location.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016016pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569508&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016016pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Niepmann, Friederike
AU  - Schmidt-Eisenlohr, Tim
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - No Guarantees, No Trade: How Banks Affect Export Patterns
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1158
Y1  - 2016///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549615; Keywords: trade finance;  global banks;  letter of credit;  exports;  financial shocks; Publication Type: Working Paper; Update Code: 201602
N2  - How relevant are financial instruments to manage risk in international trade for exporting? Employing a unique dataset of U.S. banks' trade finance claims by country, this paper estimates the effect of shocks to the supply of letters of credit on U.S. exports. We show that a one-standard deviation negative shock to a country's supply of letters of credit reduces U.S. exports to that country by 1.5 percentage points. This effect is stronger for smaller and poorer destinations. It more than doubles during crisis times, suggesting a non-negligible role for finance in explaining the Great Trade Collapse.
KW  - International Investment; Long-term Capital Movements          F21
KW  - Multinational Firms; International Business          F23
KW  - International Lending and Debt Problems          F34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1158.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549615&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1158.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dobridge, Christine L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Fiscal Stimulus and Firms: A Tale of Two Recessions
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-13
Y1  - 2016///
SP  - 65 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569518; Keywords: Financing policy;  fiscal policy;  fixed investment;  taxation; Publication Type: Working Paper; Update Code: 201605
N2  - In this paper, I examine the effects of a countercyclical fiscal policy that gave firms additional tax refunds--additional liquidity--at the end of the past two recessions. I take advantage of a discontinuity in the slope of the tax refund formula to estimate the policy's impact. I find that after passage of the policy in 2002, firms allocated $0.40 of every tax refund dollar to investment. After passage of the policy in 2009, in contrast, firms used the refunds to increase cash holdings ($0.96 of every refund dollar) before paying down debt in the following year. I provide evidence that differences in macroeconomic conditions across the two periods drove these differences in firm responses, illustrating how the effects of stimulus vary across recessionary states of the world. I also show that while the policy had no discernable effect on investment in the most recent recessionary period, it did reduce firms' bankruptcy risk and the probability of a future credit-rating downgrade.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016013pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569518&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016013pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ahn, Hie Joo
AU  - Hamilton, James D.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of California, San Diego
T1  - Heterogeneity and Unemployment Dynamics
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-12
Y1  - 2016///
SP  - 65 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569525; Keywords: Great Recession;  business cycles;  duration dependence;  extended Kalman filter;  state space model;  unemployment duration;  unobserved heterogeneity; Publication Type: Working Paper; Update Code: 201605
N2  - This paper develops new estimates of flows into and out of unemployment that allow for unobserved heterogeneity across workers as well as direct effects of unemployment duration on unemployment-exit probabilities. Unlike any previous paper in this literature, we develop a complete dynamic statistical model that allows us to measure the contribution of different shocks to the short-run, medium-run, and long-run variance of unemployment as well as to specific historical episodes. We find that changes in the inflows of newly unemployed are the key driver of economic recessions and identify an increase in permanent job loss as the most important factor.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016012pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569525&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016012pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Byrne, David M.
AU  - Reinsdorf, Marshall B.
AU  - Fernald, John G.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - International Monetary Fund
AD  - Federal Reserve Bank of San Francisco
T1  - Does the United States have a Productivity Slowdown or a Measurement Problem
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-17
Y1  - 2016///
SP  - 76 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569517; Keywords: Information technology;  Measurement;  Non-market production;  Prices;  Productivity; Publication Type: Working Paper; Update Code: 201605
N2  - After 2004, measured growth in labor productivity and total-factor productivity (TFP) slowed. We find little evidence that the slowdown arises from growing mismeasurement of the gains from innovation in IT-related goods and services. First, mismeasurement of IT hardware is significant prior to the slowdown. Because the domestic production of these products has fallen, the quantitative effect on productivity was larger in the 1995-2004 period than since, despite mismeasurement worsening for some types of IT--so our adjustments make the slowdown in labor productivity worse. The effect on TFP is more muted. Second, many of the tremendous consumer benefits from smartphones, Google searches, and Facebook are, conceptually, non-market: Consumers are more productive in using their nonmarket time to produce services they value. These benefits do not mean that market-sector production functions are shifting out more rapidly than measured, even if consumer welfare is rising. Still, gains in non-market production appear too small to compensate for the loss in overall wellbeing from slower market-sector productivity growth. Third, other measurement issues we can quantify (such as increasing globalization and fracking) are also quantitatively small relative to the slowdown. Finally, we suggest high-priority areas for future research.
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016017pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569517&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016017pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Greaney, Brian
AU  - Kaboski, Joseph P.
AU  - Van Leemput, Eva
AD  - Yale University
AD  - University of Notre Dame
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Can Self-Help Groups Really Be 'Self-Help'?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1155
Y1  - 2016///
SP  - 77 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549618; Keywords: Microfinance;  Self-Help Groups;  Privatized Delivery; Publication Type: Working Paper; Update Code: 201602
N2  - We provide an experimental and theoretical evaluation of a cost-reducing innovation in the delivery of "self-help group" microfinance services, in which privatized agents earn payments through membership fees for providing services. Under the status quo, agents are paid by an outside donor and offer members free services. In our multi-country randomized control trial we evaluate the change in this incentive scheme on agent behavior and performance, and on overall village-level outcomes. We find that privatized agents start groups, attract members, mobilize savings, and intermediate loans at similar levels after a year but at much lower costs to the NGO. At the village level, we find higher levels of borrowing, business-related savings, and investment in business. Examining mechanisms, we find that self-help groups serve more business-oriented clientele when facilitated by agents who face strong financial incentives.
KW  - Economic Development: General          O10
KW  - Microeconomic Analyses of Economic Development          O12
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1155.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549618&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1155.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Molloy, Raven S.
AU  - Smith, Christopher L.
AU  - Trezzi, Riccardo
AU  - Wozniak, Abigail
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Notre Dame
T1  - Understanding Declining Fluidity in the U.S. Labor Market
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2016-15
Y1  - 2016///
SP  - 84 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1569520; Keywords: demographic trends;  hires and separations;  job creation and destruction;  job turnover;  labor market churn;  labor market transitions;  labor reallocation; Publication Type: Working Paper; Update Code: 201605
N2  - We document a clear downward trend in labor market fluidity that is common across a variety of measures of worker and job turnover. This trend dates to at least the early 1980s if not somewhat earlier. Next we pull together evidence on a variety of hypotheses that might explain this downward trend. It is only partly related to population demographics and is not due to the secular shift in industrial composition. Moreover, the decline in labor market fluidity seems unlikely to have been caused by an improvement in worker-firm matching, the formalization of hiring practices, or an increase in land use regulation or other regulations. Plausible avenues for further exploration include changes in the worker-firm relationship, particularly with regard to compensation adjustment; changes in firm characteristics such as firm size and age; and a decline in social trust, which may have increased the cost of job search or made both parties in the hiring process more risk averse.
KW  - Demographic Trends, Macroeconomic Effects, and Forecasts          J11
KW  - Labor Force and Employment, Size, and Structure          J21
KW  - Wages, Compensation, and Labor Costs: General          J30
KW  - Mobility, Unemployment, Vacancies, and Immigrant Workers: General          J60
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
L3  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016015pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1569520&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2016/files/2016015pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gertler, Mark
AU  - Kiyotaki, Nobuhiro
AU  - Prestipino, Andrea
AD  - NYU
AD  - Princeton University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1156
Y1  - 2016///
SP  - 92 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549616; Keywords: financial crises;  wholesale banking;  interbank markets;  rollover risk; Publication Type: Working Paper; Update Code: 201602
N2  - There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of wholesale funding markets, where banks lend to one another. Accordingly, to understand the financial crisis as well as to draw policy implications, it is essential to capture the role of wholesale banking. The objective of this paper is to characterize a model that can be seen as a natural extension of the existing literature, but in which the analysis is focused on wholesale funding markets. The model accounts for both the buildup and collapse of wholesale banking, and also sketches out the transmission of the crises to the real sector. We also draw out the implications of possible instability in the wholesale banking sector for lender-of-last resort policy as well as for macroprudential policy.
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1156.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549616&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1156.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Have Global Value Chains Contributed to Global Imbalances?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/12/05/
IS  - 1154
M3  - Article
SP  - 1
EP  - 28
AB  - Global value chains (GVCs) have grown rapidly over the past several decades. Over the same period, the aggregate value of current account imbalances has risen substantially. This paper looks at whether these developments are related. While there is a sizable literature that has documented the rise of global production networks, there have been few attempts to assess the potential effect on global imbalances. The paper uses measures of GVCs developed in the literature in panel regressions to assess the effect on global imbalances over the period 1995-2011. It is argued that these variables should be entered as a product rather than individually and that they should be lagged, not contemporaneous with the change in current account balances. The results suggest that GVC position weighted by participation and trade share is negatively related to a country's current account balance, i.e., moving upstream in the production process is negative for a country's current account. However, the effects on global imbalances over the period studied appear to be small. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VALUE chains
KW  - REGIONAL economic disparities
KW  - BALANCE of payments
KW  - FOREIGN exchange
KW  - BALANCE of trade
KW  - current account balances
KW  - global value chains
N1  - Accession Number: 111965574; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Senior Advisor in the Division of International Finance, Board of Governors of the Federal Reserve System, Washington D.C. 20551, U.S.A.; Issue Info: Dec2015, Issue 1154, preceding p1; Thesaurus Term: VALUE chains; Thesaurus Term: REGIONAL economic disparities; Thesaurus Term: BALANCE of payments; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BALANCE of trade; Author-Supplied Keyword: current account balances; Author-Supplied Keyword: global value chains; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 30p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111965574&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - How Does the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates?
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2015///Winter2015
VL  - 43
IS  - 4
M3  - Article
SP  - 855
EP  - 890
PB  - Wiley-Blackwell
SN  - 10808620
AB  - We conduct an empirical analysis of the Federal Reserve's large-scale asset purchases (LSAPs) on mortgage-backed securities (MBS) yields and mortgage rates. We estimate a cointergrated, error-correction model that links Federal Reserve securities purchases and stocks of Treasury and MBS securities to equilibrium MBS yields and mortgage rates. The Federal Reserve's accumulation of MBS and Treasury securities lowered MBS yields and mortgage rates by more than what would have been suggested by changes in market expectations alone, suggesting that portfolio rebalancing effects of LSAPs are an important consideration for monetary policy transmission. Our estimates also suggest that the Federal Reserve must hold a substantial market share of agency MBS or of Treasury securities to significantly lower MBS yields and in turn significantly lower mortgage rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE-backed securities
KW  - MORTGAGE loans
KW  - PORTFOLIO management (Investments)
KW  - MARKET share
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 110484170; Hancock, Diana 1; Passmore, Wayne 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Winter2015, Vol. 43 Issue 4, p855; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: MORTGAGE loans; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: MARKET share; Subject Term: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 36p; Illustrations: 6 Charts, 10 Graphs; Document Type: Article
L3  - 10.1111/1540-6229.12109
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110484170&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hanming Fang
AU  - You Suk Kim
AU  - Wenli Li
T1  - The Dynamics of Adjustable-Rate Subprime Mortgage Default: A Structural Estimation.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/12//
M3  - Article
SP  - 1
EP  - 52
AB  - We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance sheets, and lender responses. Our investigation of the factors that drive borrowers' decisions reveals that subprime ARMs are not all alike. For loans originated in 2004 and 2005, the interest rate resets associated with ARMs, as well as the housing and labor market conditions were not as important in borrowers' delinquency decisions as in their decisions to pay off their loans. For loans originated in 2006, interest rate resets, housing price declines, and worsening labor market conditions all contributed importantly to their high delinquency rates. Counterfactual policy simulations reveal that even if the Libor rate could be lowered to zero by aggressive traditional monetary policies, it would have a limited effect on reducing the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the principal balance of the loans are automatically reduced when housing prices decline can be effective in reducing both delinquency and foreclosure. Importantly, we find that automatic modification mortgages with a cushion, under which the monthly payment or principal balance reductions are triggered only when housing price declines exceed a certain percentage may result in a Pareto improvement in that borrowers and lenders are both made better off than under the baseline, with a lower delinquency and foreclosure rates. Our counterfactual analysis also suggests that limited commitment power on the part of the lenders to loan modification policies may be an important reason for the relatively small rate of modifications observed during the housing crisis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ADJUSTABLE rate mortgages
KW  - MORTGAGE loan default
KW  - INTEREST rates
KW  - LABOR market
KW  - HOUSING market
KW  - HOME prices
KW  - UNITED States
KW  - Adjustable-Rate Mortgage
KW  - Automatic Modification with a Cushion
KW  - Default
KW  - Loan Modification
N1  - Accession Number: 112148144; Hanming Fang 1; Email Address: hanming.fang@econ.upenn.edu; You Suk Kim 2; Email Address: You.Kim@frb.gov; Wenli Li 3; Email Address: wenli.li@phil.frb.org; Affiliations: 1: Department of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104 and the NBER; 2: Division of Research and Statistics, Board of Governors of the Federal Reserve System; 3: Department of Research, Federal Reserve Bank of Philadelphia; Issue Info: Dec2015, preceding p1; Thesaurus Term: ADJUSTABLE rate mortgages; Thesaurus Term: MORTGAGE loan default; Thesaurus Term: INTEREST rates; Thesaurus Term: LABOR market; Thesaurus Term: HOUSING market; Thesaurus Term: HOME prices; Subject Term: UNITED States; Author-Supplied Keyword: Adjustable-Rate Mortgage; Author-Supplied Keyword: Automatic Modification with a Cushion; Author-Supplied Keyword: Default; Author-Supplied Keyword: Loan Modification; Number of Pages: 54p; Document Type: Article
L3  - 10.17016/FEDS.2015.114
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112148144&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mallucci, Enrico
T1  - Domestic Debt and Sovereign Defaults.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/12//
IS  - 1153
M3  - Article
SP  - 1
EP  - 42
AB  - This paper examines how domestic holdings of government debt affect sovereign default risk and government debt management. I develop a dynamic stochastic general equilibrium model with both external and domestic debt that endogenously generates output contraction upon default. Domestic holdings of government debt weaken investors' balance sheets and induce a contraction of credit and output upon default. I calibrate the model to the Argentinean economy and show that the model reproduces key empirical moments. Introducing domestic debt also yields relevant normative implications. While domestic debt is crucial to determining the risk of default, the effcient internal-external composition of debt cannot be achieved without government intervention. Pigouvian subsidies can restore effciency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PUBLIC debts
KW  - PUBLIC finance
KW  - DEBT management
KW  - DEBT relief
KW  - ARGENTINA -- Economic conditions -- 21st century
KW  - Credit Market
KW  - Debt Crises
KW  - Domestic Debt
KW  - Sovereign Defaults
N1  - Accession Number: 111962454; Mallucci, Enrico 1; Email Address: enrico.mallucci@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Dec2015, Issue 1153, preceding p1; Thesaurus Term: PUBLIC debts; Thesaurus Term: PUBLIC finance; Thesaurus Term: DEBT management; Thesaurus Term: DEBT relief; Subject Term: ARGENTINA -- Economic conditions -- 21st century; Author-Supplied Keyword: Credit Market; Author-Supplied Keyword: Debt Crises; Author-Supplied Keyword: Domestic Debt; Author-Supplied Keyword: Sovereign Defaults; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 44p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111962454&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Niepmann, Friederike
AU  - Schmidt-Eisenlohr, Tim
T1  - International Trade Risk and the Role of Banks.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/11/20/
IS  - 1151
M3  - Article
SP  - 1
EP  - 59
AB  - International trade exposes exporters and importers to substantial risks. To mitigate these risks, firms can buy special trade finance products from banks. This paper explores under which conditions and to what extent firms use these products. We find that letters of credit and documentary collections cover about 10 percent of U.S. exports and are preferred for larger transactions, indicating substantial fixed costs. Letters of credit are employed the most for exports to countries with intermediate contract enforcement. Compared to documentary collections, they are used for riskier destinations. We provide a model that rationalizes these empirical findings and discuss implications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORT credit
KW  - RESEARCH
KW  - BANKING research
KW  - INTERNATIONAL business enterprises
KW  - LETTERS of credit
KW  - RISK
KW  - MANAGEMENT
KW  - letter of credit
KW  - multinational banks
KW  - risk
KW  - trade finance
N1  - Accession Number: 111560181; Niepmann, Friederike 1; Schmidt-Eisenlohr, Tim 1; Affiliations: 1: Staff economist, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Nov2015, Issue 1151, preceding p1; Thesaurus Term: EXPORT credit; Thesaurus Term: RESEARCH; Thesaurus Term: BANKING research; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: LETTERS of credit; Thesaurus Term: RISK; Thesaurus Term: MANAGEMENT; Author-Supplied Keyword: letter of credit; Author-Supplied Keyword: multinational banks; Author-Supplied Keyword: risk; Author-Supplied Keyword: trade finance; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 62p; Document Type: Article
L3  - 10.17016/IFDP.2015.1151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111560181&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph W.
AU  - Kamin, Steven B.
T1  - The Corporate Saving Glut in the Aftermath of the Global Financial Crisis.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/11/15/
IS  - 1150
M3  - Article
SP  - 1
EP  - 61
AB  - We examine the increase in the net lending (saving minus investment) of nonfinancial corporations in the years preceding and especially following the Global Financial Crisis (GFC). We consider whether this increase in net lending is an endogenous reflection of the current weak pace of growth or an outcome of other factors, such as firms' desire to cut investment and hoard assets, and thus an exogenous drag on growth. Looking at G7 economies, we find that the fall in corporate investment during the GFC was in line with historical norms, given the path of GDP growth, interest rates, profits, and other relevant determinants. However, we find that investment declined from a surprisingly weak starting point, as corporate investment in many of the G7 economies started falling below our models' predictions in the years before the GFC. Moreover, corporate payouts to investors in the form of dividends and equity buybacks have trended up over the past 1½ decades, inconsistent with the view that cautious firms were cutting back on investment spending to strengthen their balance sheets. Identifying the causes of the rise in corporate net lending and declines in investment rates starting in the years before the GFC should be an important focus of future research. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - RESEARCH
KW  - CORPORATIONS -- Finance
KW  - FINANCIAL statements
KW  - INVESTMENTS
KW  - GROUP of Seven countries -- Economic conditions
KW  - Corporate Balance Sheets
KW  - Corporate Saving
KW  - Investment
N1  - Accession Number: 111560180; Gruber, Joseph W. 1; Email Address: joseph.w.gruber@frb.gov; Kamin, Steven B. 2; Email Address: steven.kamin@frb.gov; Affiliations: 1: Deputy Associate Director, International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551 U.S.A.; 2: Director, International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551 U.S.A.; Issue Info: Nov2015, Issue 1150, p1; Thesaurus Term: LOANS; Thesaurus Term: RESEARCH; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: FINANCIAL statements; Thesaurus Term: INVESTMENTS; Subject Term: GROUP of Seven countries -- Economic conditions; Author-Supplied Keyword: Corporate Balance Sheets; Author-Supplied Keyword: Corporate Saving; Author-Supplied Keyword: Investment; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 62p; Document Type: Article
L3  - 10.17016/IFDP.2015.1150
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111560180&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kara, Alper
AU  - Marques-Ibanez, David
AU  - Ongena, Steven
T1  - Securitization and Credit Quality.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/11/05/
IS  - 1148
M3  - Article
SP  - 2
EP  - 34
AB  - Banks are usually better informed on the loans they originate than outside investors. As a result, securitized loans might be of lower credit quality than -- otherwise similar -- non-securitized loans. We assess the effect of securitization activity on credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks' reduced monitoring incentives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSET-backed financing
KW  - SYNDICATED loans
KW  - CREDIT
KW  - CREDIT risk
KW  - FINANCE
KW  - credit risk
KW  - Securitization
KW  - syndicated loans
N1  - Accession Number: 111559426; Kara, Alper 1; Email Address: a.kara@lboro.ac.uk; Marques-Ibanez, David 2; Email Address: david.marques-ibanez@frb.gov; Ongena, Steven 3,4,5; Email Address: steven.ongena@bf.uzh.ch; Affiliations: 1: Loughborough University, School of Business and Economics; 2: Division of International Finance, Board of Governors of the Federal Reserve System; 3: University of Zürich; 4: SFI; 5: CEPR; Issue Info: Nov2015, Issue 1148, p2; Thesaurus Term: ASSET-backed financing; Thesaurus Term: SYNDICATED loans; Thesaurus Term: CREDIT; Thesaurus Term: CREDIT risk; Thesaurus Term: FINANCE; Author-Supplied Keyword: credit risk; Author-Supplied Keyword: Securitization; Author-Supplied Keyword: syndicated loans; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 33p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111559426&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bassett, William F.
AU  - Lee, Seung Jung
AU  - Spiller, Thomas Popeck
T1  - Estimating changes in supervisory standards and their economic effects.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2015/11//
VL  - 60
M3  - Article
SP  - 21
EP  - 43
SN  - 03784266
AB  - The disappointingly slow recovery in the U.S. from the depths of the financial crisis once again focused attention on the relationship between financial frictions and economic growth. Some bankers and borrowers suggested that unnecessarily tight supervisory policies were a constraint on new lending that hindered the recovery. This paper explores one aspect of supervisory policy: whether the standards used to assign commercial bank CAMELS ratings have changed materially over time (1991–2013). Models incorporating time-varying parameters or economy-wide variables suggest that standards used in the assignment of CAMELS ratings over the post-crisis period generally were in line with historical experience. Indeed, each of the models used suggests that the variation in supervisory standards has been relatively small in absolute terms over most of the sample period. However, we show that when this measure of supervisory stringency becomes elevated, it has a noticeable dampening effect on lending activity in subsequent quarters. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC impact
KW  - FINANCIAL crises
KW  - TRADE regulation
KW  - BANKERS
KW  - ECONOMIC development
KW  - TIME-varying systems
KW  - Bank supervision and regulation
KW  - CAMELS ratings
KW  - Financial frictions
KW  - G21
KW  - G28
KW  - L25
KW  - Supervisory standards
N1  - Accession Number: 110409095; Bassett, William F. 1; Email Address: william.f.bassett@frb.gov; Lee, Seung Jung 1; Email Address: seung.j.lee@frb.gov; Spiller, Thomas Popeck 1; Email Address: thomas.w.spiller@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, United States; Issue Info: Nov2015, Vol. 60, p21; Thesaurus Term: ECONOMIC impact; Thesaurus Term: FINANCIAL crises; Thesaurus Term: TRADE regulation; Thesaurus Term: BANKERS; Thesaurus Term: ECONOMIC development; Subject Term: TIME-varying systems; Author-Supplied Keyword: Bank supervision and regulation; Author-Supplied Keyword: CAMELS ratings; Author-Supplied Keyword: Financial frictions; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: L25; Author-Supplied Keyword: Supervisory standards; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jbankfin.2015.07.010
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110409095&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ihrig, Jane E.
AU  - Meade, Ellen E.
AU  - Weinbach, Gretchen C.
T1  - Rewriting Monetary Policy 101: What's the Fed's Preferred Post-Crisis Approach to Raising Interest Rates?†.
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 2015/11//
VL  - 29
IS  - 4
M3  - Article
SP  - 177
EP  - 198
SN  - 08953309
AB  - For many years prior to the global financial crisis, the Federal Open Market Committee set a target for the federal funds rate and achieved that target through small purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large-scale asset purchase programs, this approach to implementing monetary policy will no longer work. This paper provides a primer on the Fed's implementation of monetary policy. We use the standard textbook model to illustrate why the approach used by the Federal Reserve before the financial crisis to keep the federal funds rate near the Federal Open Market Committee's target will not work in current circumstances, and explain the approach that the Committee intends to use instead when it decides to begin raising short-term interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic Perspectives is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy -- United States
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - FEDERAL funds market (U.S.)
KW  - INTEREST rates -- Economic aspects
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 110755187; Ihrig, Jane E. 1; Meade, Ellen E. 2; Weinbach, Gretchen C. 3; Affiliations: 1 : Jane E. Ihrig is Deputy Associate Director, Senior Adviser, and Associate Director, respectively, in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC.; 2 : Ellen E. Meade is Deputy Associate Director, Senior Adviser, and Associate Director, respectively, in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC.; 3 : Gretchen C. Weinbach is Deputy Associate Director, Senior Adviser, and Associate Director, respectively, in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC.;  Source Info: Nov2015, Vol. 29 Issue 4, p177; Historical Period: 2007 to 2015; Subject Term: MONETARY policy -- United States; Subject Term: GLOBAL Financial Crisis, 2008-2009; Subject Term: FEDERAL funds market (U.S.); Subject Term: INTEREST rates -- Economic aspects; Number of Pages: 22p; Illustrations: 3 Diagrams, 2 Charts, 3 Graphs; Document Type: Article
L3  - 10.1257/jep.29.4.177
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=110755187&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Anenberg, Elliot
AU  - Kung, Edward
T1  - Information technology and product variety in the city: The case of food trucks.
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2015/11//
VL  - 90
M3  - Article
SP  - 60
EP  - 78
SN  - 00941190
AB  - Using the food truck industry as the setting, we provide direct evidence for how information technology can complement consumption variety in cities by reducing spatial information frictions associated with locally produced goods. We document the following facts: (1) food trucks use technology to overcome a spatial information friction; (2) proliferation of technology is related to growth in food trucks; (3) food trucks use their mobility to respond to consumer taste-for-variety; and (4) growth in food trucks is positively correlated with growth in food expenditures away from home. Taken together, our results illustrate how information technology can provide a meaningful increase in variety for urban consumers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFORMATION technology
KW  - MOBILE food services
KW  - INFORMATION theory
KW  - FOOD -- Economic aspects
KW  - URBANIZATION
KW  - Consumption benefits of cities
KW  - Information technology
KW  - Taste for variety
N1  - Accession Number: 111442312; Anenberg, Elliot 1; Email Address: elliot.anenberg@frb.gov; Kung, Edward 2; Email Address: ekung@econ.ucla.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and C St N.W., Washington, DC 20551, United States; 2: University of California Los Angeles, 8283 Bunche Hall, Los Angeles, CA 90095, United States; Issue Info: Nov2015, Vol. 90, p60; Thesaurus Term: INFORMATION technology; Thesaurus Term: MOBILE food services; Thesaurus Term: INFORMATION theory; Subject Term: FOOD -- Economic aspects; Subject Term: URBANIZATION; Author-Supplied Keyword: Consumption benefits of cities; Author-Supplied Keyword: Information technology; Author-Supplied Keyword: Taste for variety; NAICS/Industry Codes: 722330 Mobile Food Services; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jue.2015.09.006
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111442312&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
T1  - Do rail transit stations encourage neighbourhood retail activity?
JO  - Urban Studies (Sage Publications, Ltd.)
JF  - Urban Studies (Sage Publications, Ltd.)
Y1  - 2015/11//
VL  - 52
IS  - 14
M3  - Article
SP  - 2699
EP  - 2723
SN  - 00420980
AB  - Over the past 20 years, California has made substantial investments in intra-metropolitan passenger rail infrastructure, expanding existing systems and building new ones. According to advocates of New Urbanism, such investment should encourage the growth of mixed-use transit-oriented development, defined as a high-density mix of residential and commercial uses within walking distance of rail stations. Little research to date has examined whether rail investment stimulates retail activity, which is a key component of mixed-use development. In this paper, I test whether the opening of new rail stations across California’s four largest metropolitan areas is associated with changes in retail employment near the stations. Results indicate that new rail stations were located in areas with previously high employment density, somewhat outside the city centres. New station openings are not significantly associated with differences in retail employment in three of the four MSAs, and negatively associated with retail in the Sacramento MSA. There is weak evidence that areas around new suburban stations serving commuter rail lines are more likely to gain retail employment, while centrally located, intra-city rail stations see decreases in retail activity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Urban Studies (Sage Publications, Ltd.) is the property of Sage Publications, Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RAILROAD stations
KW  - INFRASTRUCTURE (Economics)
KW  - TRANSIT-oriented development
KW  - RETAIL industry
KW  - NEW urbanism
KW  - ECONOMIC development
KW  - STANDARD metropolitan statistical areas
KW  - CALIFORNIA
KW  - UNITED States
KW  - economic development
KW  - retail location
KW  - transit-oriented development
N1  - Accession Number: 110479226; Schuetz, Jenny 1; Affiliation:  1: Board of Governors of the Federal Reserve System, USA; Source Info: Nov2015, Vol. 52 Issue 14, p2699; Subject Term: RAILROAD stations; Subject Term: INFRASTRUCTURE (Economics); Subject Term: TRANSIT-oriented development; Subject Term: RETAIL industry; Subject Term: NEW urbanism; Subject Term: ECONOMIC development; Subject Term: STANDARD metropolitan statistical areas; Subject Term: CALIFORNIA; Subject Term: UNITED States; Author-Supplied Keyword: economic development; Author-Supplied Keyword: retail location; Author-Supplied Keyword: transit-oriented development; NAICS/Industry Codes: 453998 All Other Miscellaneous Store Retailers (except Tobacco Stores); NAICS/Industry Codes: 453999 All other miscellaneous store retailers (except beer and wine-making supplies stores); NAICS/Industry Codes: 452999 All other miscellaneous general merchandise stores; Number of Pages: 25p; Document Type: Article; Full Text Word Count: 9745
L3  - 10.1177/0042098014549128
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=110479226&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
AU  - Li, Phillip
T1  - Measurement Error in Macroeconomic Data and Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/11//
M3  - Article
SP  - 1
EP  - 54
AB  - We analyze the effect of measurement error in macroeconomic data on economics research using two features of the estimates of latent US output produced by the Bureau of Economic Analysis (BEA). First, we use the fact that the BEA publishes two theoretically identical estimates of latent US output that only differ due to measurement error: the more well-known gross domestic product (GDP), which the BEA constructs using expenditure data, and gross domestic income (GDI), which the BEA constructs using income data. Second, we use BEA revisions to previously published releases of GDP and GDI. Using a sample of 23 published economics papers from top economics journals that utilize GDP as a key component of an estimated model, we assess whether using either revised GDP or GDI instead of GDP in the published paper would change reported results. We find that estimating models using revised GDP generates the same qualitative result as the original paper in all 23 cases. Estimating models using GDI, both with the GDI data originally available to the authors and with revised GDI, instead of GDP generates larger differences in results than those obtained with revised GDP. For 3 of 23 papers (13%), the results we obtain with GDI are qualitatively different than the original published results. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - ECONOMICS -- Research
KW  - GROSS domestic product
KW  - MACRO environment (Economics)
KW  - GROSS domestic income
KW  - UNITED States
KW  - MEASUREMENT errors
KW  - Data Revisions
KW  - Data Vintages
KW  - GDI
KW  - GDP
KW  - Gross Domestic Income
KW  - Gross Domestic Product
KW  - Latent Output
KW  - Measurement Error
KW  - National Income and Product Accounts
KW  - National Statistics
KW  - NIPA
KW  - Real-Time Data
N1  - Accession Number: 111525402; Chang, Andrew C. 1; Email Address: a.christopher.chang@gmail.com; Li, Phillip 2; Email Address: phillip.li@occ.treas.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Office of the Comptroller of the Currency; Issue Info: Nov2015, preceding p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: GROSS domestic product; Thesaurus Term: MACRO environment (Economics); Thesaurus Term: GROSS domestic income; Subject Term: UNITED States; Subject Term: MEASUREMENT errors; Author-Supplied Keyword: Data Revisions; Author-Supplied Keyword: Data Vintages; Author-Supplied Keyword: GDI; Author-Supplied Keyword: GDP; Author-Supplied Keyword: Gross Domestic Income; Author-Supplied Keyword: Gross Domestic Product; Author-Supplied Keyword: Latent Output; Author-Supplied Keyword: Measurement Error; Author-Supplied Keyword: National Income and Product Accounts; Author-Supplied Keyword: National Statistics; Author-Supplied Keyword: NIPA; Author-Supplied Keyword: Real-Time Data; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 55p; Document Type: Article
L3  - 10.17016/FEDS.2015.102
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111525402&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Naoki Aizawa
AU  - You Suk Kim
T1  - Advertising and Risk Selection in Health Insurance Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/11//
M3  - Article
SP  - 1
EP  - 50
AB  - We study impacts of advertising as a channel of risk selection in Medicare Advantage. We show evidence that both mass and direct mail advertising are targeted to achieve risk selection. We develop and estimate an equilibrium model of Medicare Advantage with advertising to understand its equilibrium impacts. We find that advertising attracts the healthy more than the unhealthy. Moreover, shutting down advertising increases premiums by up to 40% for insurers that advertised by worsening their risk pools, which further reduces the demand of the unhealthy. We argue that risk selection may make consumers better off by improving insurers' risk pools. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MEDICARE
KW  - HEALTH insurance policies
KW  - RISK (Insurance)
KW  - HEALTH insurance companies
KW  - COMPUTABLE general equilibrium models
N1  - Accession Number: 111525401; Naoki Aizawa 1; Email Address: aizawa@umn.edu; You Suk Kim 2; Email Address: you.kim@frb.gov; Affiliations: 1: Department of Economics at the University of Minnesota and the Federal Reserve Bank of Minneapolis; 2: Research and Statistics, the Board of Governors of the Federal Reserve System; Issue Info: Nov2015, preceding p1; Thesaurus Term: MEDICARE; Thesaurus Term: HEALTH insurance policies; Thesaurus Term: RISK (Insurance); Thesaurus Term: HEALTH insurance companies; Subject Term: COMPUTABLE general equilibrium models; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); NAICS/Industry Codes: 524114 Direct Health and Medical Insurance Carriers; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; Number of Pages: 52p; Document Type: Article
L3  - 10.17016/FEDS.2015.101
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111525401&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bowman, David
AU  - Cai, Fang
AU  - Davies, Sally
AU  - Kamin, Steven
T1  - Quantitative easing and bank lending: Evidence from Japan.
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2015/10//
VL  - 57
M3  - Article
SP  - 15
EP  - 30
SN  - 02615606
AB  - Prior to the recent global financial crisis, one of the most prominent examples of unconventional monetary stimulus was Japan's “quantitative easing policy” (QEP). Most analysts agree that the QEP did not succeed in stimulating aggregate demand sufficiently to overcome persistent deflation. However, it remains unclear whether the QEP simply provided little stimulus, or whether its positive effects were overwhelmed by the contractionary forces in Japan's post-bubble economy. In the spirit of Kashyap and Stein (2000) and Hosono (2006), this paper uses bank-level data from 2000 to 2009 to examine the effectiveness in promoting bank lending of a key element of the QEP, the Bank of Japan's injections of liquidity into the interbank market. We identify a robust, positive, and statistically significant effect of bank liquidity positions on lending, especially for weaker banks, suggesting that the expansion of reserves associated with the QEP boosted the flow of credit. However, the overall size of that boost was probably quite small. First, the estimated response of lending to liquidity positions in our regressions is small. Second, although the BOJ's reserve injections boosted bank liquidity significantly, much of the effect was offset as banks reduced their lending to each other. Finally, the effect of liquidity on lending appears to have held only during the initial years of the QEP, when the banking system was at its weakest; by 2005, even before the QEP was abandoned, the relationship between liquidity and lending had evaporated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - DEFLATION (Finance)
KW  - LIQUIDITY (Economics)
KW  - MONETARY policy
KW  - JAPAN
KW  - Bank lending
KW  - Central bank
KW  - Credit
KW  - E44
KW  - E52
KW  - E58
KW  - G21
KW  - Japan
KW  - Quantitative easing
KW  - Unconventional monetary policy
KW  - NIHON Ginko
N1  - Accession Number: 108943123; Bowman, David 1; Cai, Fang 1; Email Address: fang.cai@frb.gov; Davies, Sally 1; Kamin, Steven 1; Affiliations: 1: Division of International Finance, Federal Reserve System, Washington, DC 20551, USA; Issue Info: Oct2015, Vol. 57, p15; Thesaurus Term: BANK loans; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: DEFLATION (Finance); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: MONETARY policy; Subject Term: JAPAN; Author-Supplied Keyword: Bank lending; Author-Supplied Keyword: Central bank; Author-Supplied Keyword: Credit; Author-Supplied Keyword: E44; Author-Supplied Keyword: E52; Author-Supplied Keyword: E58; Author-Supplied Keyword: G21; Author-Supplied Keyword: Japan; Author-Supplied Keyword: Quantitative easing; Author-Supplied Keyword: Unconventional monetary policy ; Company/Entity: NIHON Ginko DUNS Number: 622798981; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jimonfin.2015.05.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=108943123&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Duygan-Bump, Burcu
AU  - Levkov, Alexey
AU  - Montoriol-Garriga, Judit
T1  - Financing constraints and unemployment: Evidence from the Great Recession.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2015/10//
VL  - 75
M3  - Article
SP  - 89
EP  - 105
SN  - 03043932
AB  - This paper shows that financing constraints of small firms were one of the drivers of unemployment dynamics during the 2007–2009 recession in the United States. Specifically, workers in small firms were more likely to become unemployed during the 2007–2009 recession than comparable workers in large firms, but only if they were employed in industries with high financing needs. We find very similar results for the 1990–1991 recession, but not for the 2001 recession, where only the former was associated with a reduction in loan supply. The findings support the credit constraints hypothesis and underscore the role of bank lending in explaining labor market activity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - UNEMPLOYMENT
KW  - RECESSIONS
KW  - SMALL business
KW  - BANK loans
KW  - LABOR market
KW  - BUSINESS enterprises -- Size
KW  - UNITED States
KW  - Financial dependence
KW  - Firm size
KW  - Great Recession
KW  - Unemployment
N1  - Accession Number: 110216546; Duygan-Bump, Burcu 1; Levkov, Alexey 2; Email Address: alexey.levkov@gmail.com; Montoriol-Garriga, Judit 3; Affiliations: 1: Division of Monetary Affairs Board of Governors of the Federal Reserve System, United States; 2: The Clearing House, 1114 Avenue of the Americas, New York, NY 10036, United States; 3: La Caixa Research Department, Spain; Issue Info: Oct2015, Vol. 75, p89; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: RECESSIONS; Thesaurus Term: SMALL business; Thesaurus Term: BANK loans; Thesaurus Term: LABOR market; Thesaurus Term: BUSINESS enterprises -- Size; Subject Term: UNITED States; Author-Supplied Keyword: Financial dependence; Author-Supplied Keyword: Firm size; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Unemployment; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2014.12.011
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110216546&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lipińska, Anna
T1  - OPTIMAL MONETARY POLICY FOR THE EMU ACCESSION COUNTRIES. A NEW KEYNESIAN APPROACH.
JO  - Macroeconomic Dynamics
JF  - Macroeconomic Dynamics
Y1  - 2015/10//
VL  - 19
IS  - 7
M3  - Article
SP  - 1427
EP  - 1475
SN  - 13651005
AB  - This paper uses a dynamic stochastic general equilibrium model of a two-sector small open economy to analyze how the Maastricht criteria modify a fully credible optimal monetary policy in the Economic and Monetary Union accession countries. We show that if the country is not constrained by the criteria, optimal policy should stabilize fluctuations in PPI inflation, in the aggregate output gap, and in the domestic and international terms of trade. The optimal policy constrained permanently by the Maastricht criteria is characterized by reduced variability of the nominal exchange rate, CPI inflation, and the nominal interest rate and by lower optimal targets for CPI inflation and nominal interest rate. This policy results in higher variability and nonzero means for both PPI inflation and output gap, thus leading to additional, but small, welfare costs compared with the unconstrained policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Macroeconomic Dynamics is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - KEYNESIAN economics
KW  - WHOLESALE price indexes
KW  - CONSUMER price indexes
KW  - EMU Accession Countries
KW  - Maastricht Convergence Criteria
KW  - Optimal Monetary Policy
KW  - ECONOMIC & Monetary Union
N1  - Accession Number: 110357263; Lipińska, Anna 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2015, Vol. 19 Issue 7, p1427; Thesaurus Term: MONETARY policy; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: WHOLESALE price indexes; Thesaurus Term: CONSUMER price indexes; Author-Supplied Keyword: EMU Accession Countries; Author-Supplied Keyword: Maastricht Convergence Criteria; Author-Supplied Keyword: Optimal Monetary Policy ; Company/Entity: ECONOMIC & Monetary Union; Number of Pages: 49p; Document Type: Article
L3  - 10.1017/S1365100513000898
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110357263&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
AU  - Li, Phillip
T1  - Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say "Usually Not".
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/10//
M3  - Article
SP  - 1
EP  - 25
AB  - We attempt to replicate 67 papers published in 13 well-regarded economics journals using author-provided replication files that include both data and code. Some journals in our sample require data and code replication files, and other journals do not require such files. Aside from 6 papers that use confidential data, we obtain data and code replication files for 29 of 35 papers (83%) that are required to provide such files as a condition of publication, compared to 11 of 26 papers (42%) that are not required to provide data and code replication files. We successfully replicate the key qualitative result of 22 of 67 papers (33%) without contacting the authors. Excluding the 6 papers that use confidential data and the 2 papers that use software we do not possess, we replicate 29 of 59 papers (49%) with assistance from the authors. Because we are able to replicate less than half of the papers in our sample even with help from the authors, we assert that economics research is usually not replicable. We conclude with recommendations on improving replication of economics research. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - ECONOMICS -- Research
KW  - MACROECONOMICS
KW  - NATIONAL income
KW  - GROSS domestic product
KW  - MINIMUM wage
KW  - PERIODICALS
KW  - Data and Code Archives
KW  - GDP
KW  - Gross Domestic Product
KW  - Journals
KW  - Macroeconomics
KW  - National Income and Product Accounts
KW  - Publication
KW  - Replication
KW  - Research
N1  - Accession Number: 110522808; Chang, Andrew C. 1; Email Address: a.christopher.chang@gmail.com; Li, Phillip 2; Email Address: phillip.li@occ.treas.gov; Affiliations: 1: Board of Governors, Federal Reserve System. 20th St. NW and Constitution Ave., Washington DC 20551 USA; 2: Office, Comptroller of the Currency; Issue Info: Oct2015, preceding p1; Thesaurus Term: ECONOMICS; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: MACROECONOMICS; Thesaurus Term: NATIONAL income; Thesaurus Term: GROSS domestic product; Thesaurus Term: MINIMUM wage; Subject Term: PERIODICALS; Author-Supplied Keyword: Data and Code Archives; Author-Supplied Keyword: GDP; Author-Supplied Keyword: Gross Domestic Product; Author-Supplied Keyword: Journals; Author-Supplied Keyword: Macroeconomics; Author-Supplied Keyword: National Income and Product Accounts; Author-Supplied Keyword: Publication; Author-Supplied Keyword: Replication; Author-Supplied Keyword: Research; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 26p; Document Type: Article
L3  - 10.17016/FEDS.2015.083
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110522808&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spader, Jonathan
AU  - Schuetz, Jenny
AU  - Cortes, Alvaro
T1  - Fewer Vacants, Fewer Crimes? Impacts of Neighborhood Revitalization Policies on Crime.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/10//
M3  - Article
SP  - 1
EP  - 43
AB  - The relationship between neighborhood physical environment and social disorder, particularly crime, is of critical interest to urban economists and sociologists, as well as local governments. Over the past 50 years, various policy interventions to improve physical conditions in distressed neighborhoods have also been heralded for their potential to reduce crime. Urban renewal programs in the mid-20th century and public housing redevelopment in the 1990s both subscribed to the idea that signs of physical disorder invite social disorder. More recently, the federal Neighborhood Stabilization Program (NSP) provided funding for local policymakers to rehabilitate or demolish foreclosed and vacant properties, in order to mitigate negative spillovers--including crime--on surrounding neighborhoods. In this paper, we investigate the impact of NSP investments on localized crime patterns in Cleveland, Chicago and Denver. Results suggest that demolition activity in Cleveland decreased burglary and theft, but do not find measurable impacts of property rehabilitation investments--although the precision of these estimates are limited by the number of rehabilitation activities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - URBAN renewal
KW  - GOVERNMENT policy
KW  - CRIME
KW  - FORECLOSURE
KW  - CRIME prevention
KW  - NEIGHBORHOOD change
KW  - PUBLIC housing -- United States
KW  - UNITED States
KW  - broken windows
KW  - Crime
KW  - foreclosures
KW  - neighborhood revitalization
KW  - NEIGHBORHOOD Stabilization Program (U.S.)
N1  - Accession Number: 110522813; Spader, Jonathan 1; Email Address: jonathan_spader@harvard.edu; Schuetz, Jenny 2; Cortes, Alvaro 3; Affiliations: 1: Joint Center for Housing Studies, Harvard University; 2: Board of Governors, Federal Reserve System; 3: Abt Associates; Issue Info: Oct2015, preceding p1; Thesaurus Term: URBAN renewal; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: CRIME; Thesaurus Term: FORECLOSURE; Subject Term: CRIME prevention; Subject Term: NEIGHBORHOOD change; Subject Term: PUBLIC housing -- United States; Subject Term: UNITED States; Author-Supplied Keyword: broken windows; Author-Supplied Keyword: Crime; Author-Supplied Keyword: foreclosures; Author-Supplied Keyword: neighborhood revitalization ; Company/Entity: NEIGHBORHOOD Stabilization Program (U.S.); Number of Pages: 45p; Document Type: Article
L3  - 10.17016/FEDS.2015.088
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110522813&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dias, Daniel A.
AU  - Robalo Marques, Carlos
AU  - Richmond, Christine
T1  - Misallocation and Productivity in the Lead Up to the Eurozone Crisis.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/10//
IS  - 1146
M3  - Article
SP  - 1
EP  - 54
AB  - We use Portuguese firm-level data to investigate whether changes in resource misallocation may have contributed to the poor economic performance of some southern and peripheral European countries leading up to the Eurozone crisis. We extend Hsieh and Klenow's (2009) methodology to include intermediate inputs and consider all sectors of the economy (agriculture, manufacturing, and services). We find that within-industry misallocation almost doubled between 1996 and 2011. Equalizing total factor revenue productivity across firms within an industry could have boosted valued-added 48 percent and 79 percent above actual levels in 1996 and 2011, respectively. This implies that deteriorating allocative efficiency may have shaved around 1.3 percentage points of the annual GDP growth during the 1996-2011 period. Allocative efficiency deterioration, despite being a widespread phenomenon, is significantly higher in the service sector, with 5 industries accounting for 72 percent of the total variation. Capital distortions are the most important source of potential value-added efficiency gains, especially in the service sector, with a relative contribution increasing over time. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESOURCE allocation
KW  - RESEARCH
KW  - EUROPEAN Sovereign Debt Crisis, 2009-
KW  - PRODUCTION (Economic theory)
KW  - PUBLIC sector
KW  - GROSS domestic product
KW  - financial integration
KW  - firm-level data
KW  - Misallocation
KW  - productivity
KW  - wedges
N1  - Accession Number: 111560177; Dias, Daniel A. 1; Email Address: daniel.dias@frb.gov; Robalo Marques, Carlos 2; Email Address: cmrmarques@bportugal.pt; Richmond, Christine 3; Email Address: crichmond@imf.org; Affiliations: 1: Board of Governors of the Federal Reserve System and CEMAPRE; 2: Banco de Portugal, Research Department; 3: International Monetary Fund; Issue Info: Oct2015, Issue 1146, preceding p1; Thesaurus Term: RESOURCE allocation; Thesaurus Term: RESEARCH; Thesaurus Term: EUROPEAN Sovereign Debt Crisis, 2009-; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: PUBLIC sector; Thesaurus Term: GROSS domestic product; Author-Supplied Keyword: financial integration; Author-Supplied Keyword: firm-level data; Author-Supplied Keyword: Misallocation; Author-Supplied Keyword: productivity; Author-Supplied Keyword: wedges; Number of Pages: 57p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=111560177&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jarque, Arantxa
AU  - Athreya, Kartik
T1  - Understanding Living Wills.
JO  - Economic Quarterly (10697225)
JF  - Economic Quarterly (10697225)
Y1  - 2015///2015 3rd Quarter
VL  - 101
IS  - 3
M3  - Article
SP  - 193
EP  - 223
PB  - Federal Reserve Bank of Richmond
SN  - 10697225
AB  - The article focuses on the importance of requiring to file living wills (LW) for large financial institutions under the U.S. Wall Street Reform Act or the Dodd-Frank Act (DFA), to decrease the negative economic impact of the financial failures. Topics include the Orderly Liquidation Authority (OLA)'s provision in authorizing the Federal Deposit Insurance Corp. (FDIC) to manage troubled firms, the alternative to bankruptcy, and the impact of the 2007-08 financial crisis to the failure of firms.
KW  - LIVING wills
KW  - FINANCIAL institutions
KW  - BANKRUPTCY
KW  - FINANCIAL crises
KW  - FEDERAL Deposit Insurance Corp.
KW  - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act
N1  - Accession Number: 117342109; Jarque, Arantxa 1; Email Address: Arantxa.Jarque@rich.frb.org Athreya, Kartik 1; Affiliation:  1: Federal Reserve Bank of Richmond or the Federal Reserve System; Source Info: 2015 3rd Quarter, Vol. 101 Issue 3, p193; Subject Term: LIVING wills; Subject Term: FINANCIAL institutions; Subject Term: BANKRUPTCY; Subject Term: FINANCIAL crises; Company/Entity: FEDERAL Deposit Insurance Corp.; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; Number of Pages: 31p; Illustrations: 1 Diagram; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=117342109&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Wolman, Alexander L.
T1  - Relative Price Changes and the Optimal Ination Rate.
JO  - Economic Quarterly (10697225)
JF  - Economic Quarterly (10697225)
Y1  - 2015///2015 3rd Quarter
VL  - 101
IS  - 3
M3  - Article
SP  - 245
EP  - 274
PB  - Federal Reserve Bank of Richmond
SN  - 10697225
AB  - The article focuses on the optimal constant inflation rate due to the trends in the relative price changes. Topics discussed include the potential conflict between the reduction of price adjustment costs and meeting the inflation target of the central banks, the equilibrium due to the divergence of the relative price to the productivity growth trend variations, and a macroeconomic model which chooses the inflation rate according to the consumption of household consumption.
KW  - INFLATION (Finance)
KW  - PRICING
KW  - TRENDS
KW  - CENTRAL banking industry
KW  - EQUILIBRIUM (Economics)
KW  - PRODUCTION (Economic theory)
KW  - MACROECONOMIC models
KW  - CONSUMPTION (Economics)
KW  - ECONOMIC aspects
N1  - Accession Number: 117342111; Wolman, Alexander L. 1; Email Address: Alexander.Wolman@rich.frb.org; Affiliation:  1: Federal Reserve Bank of Richmond or the Federal Reserve System; Source Info: 2015 3rd Quarter, Vol. 101 Issue 3, p245; Subject Term: INFLATION (Finance); Subject Term: PRICING; Subject Term: TRENDS; Subject Term: CENTRAL banking industry; Subject Term: EQUILIBRIUM (Economics); Subject Term: PRODUCTION (Economic theory); Subject Term: MACROECONOMIC models; Subject Term: CONSUMPTION (Economics); Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 30p; Illustrations: 12 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=117342111&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Berge, Travis J.
T1  - Predicting Recessions with Leading Indicators: Model Averaging and Selection over the Business Cycle.
JO  - Journal of Forecasting
JF  - Journal of Forecasting
Y1  - 2015/09//
VL  - 34
IS  - 6
M3  - Article
SP  - 455
EP  - 471
SN  - 02776693
AB  - Four methods of model selection-equally weighted forecasts, Bayesian model-averaged forecasts, and two models produced by the machine-learning algorithm boosting-are applied to the problem of predicting business cycle turning points with a set of common macroeconomic variables. The methods address a fundamental problem faced by forecasters: the most useful model is simple but makes use of all relevant indicators. The results indicate that successful models of recession condition on different economic indicators at different forecast horizons. Predictors that describe real economic activity provide the clearest signal of recession at very short horizons. In contrast, signals from housing and financial markets produce the best forecasts at longer forecast horizons. A real-time forecast experiment explores the predictability of the 2001 and 2007 recessions. Copyright © 2015 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Forecasting is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - BUSINESS cycles
KW  - ECONOMIC indicators
KW  - MACROECONOMICS
KW  - SECURITIES markets
KW  - Bayesian model averaging
KW  - boosting
KW  - business cycle turning points
KW  - probabilistic forecasts
KW  - variable selection
N1  - Accession Number: 108930713; Berge, Travis J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Sep2015, Vol. 34 Issue 6, p455; Thesaurus Term: RECESSIONS; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MACROECONOMICS; Thesaurus Term: SECURITIES markets; Author-Supplied Keyword: Bayesian model averaging; Author-Supplied Keyword: boosting; Author-Supplied Keyword: business cycle turning points; Author-Supplied Keyword: probabilistic forecasts; Author-Supplied Keyword: variable selection; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 17p; Document Type: Article
L3  - 10.1002/for.2345
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=108930713&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Grodzicki, Daniel J.
AU  - Moore, Kevin B.
T1  - DEATH AND TAXES: AN EVALUATION OF THE IMPACT OF PROSPECTIVE POLICIES FOR TAXING WEALTH AT THE TIME OF DEATH.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2015/09//
VL  - 68
IS  - 3
M3  - Article
SP  - 601
EP  - 632
PB  - National Tax Association
SN  - 00280283
AB  - We study the efficacy of a capital gains tax relative to the current estate tax. Using wealth data on U.S. households, we forecast changes in household wealth and calculate the importance of untaxed wealth in bequeathed estates. We then compare the aggregate and distributional burden of the current estate tax to policies in which only unrealized capital gains are subject to tax. We estimate that, in the coming decade, unrealized capital gains will comprise nearly half of the gross estate for estates worth over $50 million. Policies taxing capital gains can potentially raise more revenue than the current estate tax, but not without a substantial increase in the fraction of households facing a tax. Due to the high concentration of unrealized gains among the wealthy, we find that, although a modest capital gains allowance substantially reduces tax revenue, it sharply focuses the tax burden on the wealthiest households. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH tax
KW  - PROPERTY tax
KW  - REAL property tax
KW  - LOCAL taxation
KW  - CAPITAL gains tax
KW  - UNITED States
KW  - estate taxation
KW  - incidence
KW  - tax revenue
N1  - Accession Number: 109031410; Avery, Robert B. 1; Email Address: robert.avery@fhfa.gov; Grodzicki, Daniel J. 2; Email Address: djg39@psu.edu; Moore, Kevin B. 3; Email Address: kevin.b.moore@frb.gov; Affiliations: 1: Federal Housing Finance Agency, Washington, DC, USA; 2: Department of Economics, Pennsylvania State University, University Park, PA, USA; 3: Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Sep2015, Vol. 68 Issue 3, p601; Thesaurus Term: WEALTH tax; Thesaurus Term: PROPERTY tax; Thesaurus Term: REAL property tax; Thesaurus Term: LOCAL taxation; Thesaurus Term: CAPITAL gains tax; Subject Term: UNITED States; Author-Supplied Keyword: estate taxation; Author-Supplied Keyword: incidence; Author-Supplied Keyword: tax revenue; Number of Pages: 32p; Illustrations: 7 Charts, 2 Graphs; Document Type: Article
L3  - 10.17310/ntj.2015.3.05
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=109031410&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
T1  - Why are Walmart and Target Next-Door neighbors?
JO  - Regional Science & Urban Economics
JF  - Regional Science & Urban Economics
Y1  - 2015/09//
VL  - 54
M3  - Article
SP  - 38
EP  - 48
SN  - 01660462
AB  - One of the most notable changes in the U.S. retail market over the past twenty years has been the rise of Big Box stores, retail chains characterized by physically large stores selling a wide range of consumer goods at discount prices. A growing literature has examined the impacts of Big Box stores on other retailers and consumers, but relatively little is known about how Big Box stores choose locations. Because Big Box stores offer highly standardized products and compete primarily on price, it is likely that they will seek to establish spatial monopolies, far from competitor stores. In this paper, I examine where new Big Box stores locate with respect to three types of existing establishments: own-firm stores, other retailers in the same product space (competitors), and retailers in other product spaces (complements). Results indicate that new Big Box stores tend to avoid existing own-firm stores and locate near complementary Big Box stores. However, there is little evidence that new Big Boxes seek to avoid competitors. Firms in the same product space may not be perfect substitutes, or firms may prefer to share consumers in a desirable location rather than cede the entire market to competitor firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Regional Science & Urban Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Retail industry
KW  - Supply chains
KW  - Consumer goods
KW  - Big box stores
KW  - Competition (Economics)
KW  - United States -- Economic conditions
KW  - Agglomeration
KW  - Big Box stores
KW  - L81
KW  - R12
KW  - R32
KW  - Retail location
KW  - Spatial competition
N1  - Accession Number: 109242559; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Sep2015, Vol. 54, p38; Subject Term: Retail industry; Subject Term: Supply chains; Subject Term: Consumer goods; Subject Term: Big box stores; Subject Term: Competition (Economics); Subject Term: United States -- Economic conditions; Author-Supplied Keyword: Agglomeration; Author-Supplied Keyword: Big Box stores; Author-Supplied Keyword: L81; Author-Supplied Keyword: R12; Author-Supplied Keyword: R32; Author-Supplied Keyword: Retail location; Author-Supplied Keyword: Spatial competition; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; NAICS/Industry Codes: 452999 All other miscellaneous general merchandise stores; NAICS/Industry Codes: 453999 All other miscellaneous store retailers (except beer and wine-making supplies stores); NAICS/Industry Codes: 453998 All Other Miscellaneous Store Retailers (except Tobacco Stores); Number of Pages: 11p; Document Type: Article
L3  - 10.1016/j.regsciurbeco.2015.07.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eih&AN=109242559&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Banegas, Ayelen
AU  - Judson, Ruth
AU  - Sims, Charles
AU  - Stebunovs, Viktors
T1  - International Dollar Flows.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/09//9/1/15
M3  - Article
SP  - 1
EP  - 39
AB  - Using confidential Federal Reserve data, we study the factors driving U.S. banknote flows between the United States and other countries. These flows are a significant component of capital flows in emerging market economies, where physical U.S. currency functions as a safe asset and precautionary demand for U.S. banknotes is a form of flight to quality. Prior to the global financial crisis, country-specific factors, including local economic uncertainty, largely explain the volume and heterogeneity of the flows. Since the crisis, global factors, particularly, global economic uncertainty, explain the flows markedly well. Further, precautionary demand for U.S. banknotes is not episodic. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DOLLAR (United States currency)
KW  - CASH flow
KW  - EMERGING markets
KW  - DEMAND for money
KW  - capital flight
KW  - capital flows
KW  - currency flows
KW  - economic uncertainty
KW  - emerging market economies
KW  - flight to quality
KW  - money demand
KW  - safe asset
KW  - U.S. banknotes
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 110277552; Banegas, Ayelen 1; Email Address: maria.a.banegas@frb.gov; Judson, Ruth 1; Email Address: rjudson@frb.gov; Sims, Charles 2; Email Address: charles.sims@ny.frb.org; Stebunovs, Viktors 1; Email Address: viktors.stebunovs@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, U.S.A.; 2: Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045, U.S.A.; Issue Info: 9/1/15, preceding p1; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: CASH flow; Thesaurus Term: EMERGING markets; Thesaurus Term: DEMAND for money; Author-Supplied Keyword: capital flight; Author-Supplied Keyword: capital flows; Author-Supplied Keyword: currency flows; Author-Supplied Keyword: economic uncertainty; Author-Supplied Keyword: emerging market economies; Author-Supplied Keyword: flight to quality; Author-Supplied Keyword: money demand; Author-Supplied Keyword: safe asset; Author-Supplied Keyword: U.S. banknotes ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 40p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Martin, Robert
AU  - Munyan, Teyanna
AU  - Wilson, Beth Anne
T1  - Potential Output and Recessions: Are We Fooling Ourselves?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/09//9/1/15
M3  - Article
SP  - 1
EP  - 27
AB  - This paper studies the impact of recessions on the longer-run level of output using data on 23 advanced economies over the past 40 years. We find that severe recessions have a sustained and sizable negative impact on the level of output. This sustained decline in output raises questions about the underlying properties of output and how we model trend output or potential around recessions. We find little support for the view that output rises faster than trend immediately following recessions to close the output gap. Indeed, we find little evidence that growth is faster following recessions than before; if anything post-trough growth is slower. Instead, we find that output gaps close importantly through downward revisions to potential output rather than through rapid post-recession growth. The revisions are made slowly (over years) - a process that leads to an initial underestimation of the effect of recessions on potential output and a corresponding under-prediction of inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - BUSINESS cycles
KW  - INTERNATIONAL business enterprises
KW  - ECONOMIC development
KW  - PRODUCTION (Economic theory)
KW  - business fluctuations
KW  - cycles
KW  - general macro
KW  - international business cycles
N1  - Accession Number: 110277553; Martin, Robert 1; Munyan, Teyanna 2; Wilson, Beth Anne 3; Email Address: bawilson@frb.gov; Affiliations: 1: U.S. Economist, Barclays Investment Bank; 2: Vanderbilt University; 3: Senior Associate Director, Division of International Finance, Board of Governors, Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 9/1/15, preceding p1; Thesaurus Term: RECESSIONS; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: ECONOMIC development; Thesaurus Term: PRODUCTION (Economic theory); Author-Supplied Keyword: business fluctuations; Author-Supplied Keyword: cycles; Author-Supplied Keyword: general macro; Author-Supplied Keyword: international business cycles; Number of Pages: 29p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110277553&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aikman, David
AU  - Kiley, Michael
AU  - Seung Jung Lee
AU  - Palumbo, Michael
AU  - Warusawitharana, Missaka
T1  - Mapping Heat in the U.S. Financial System.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/08//
M3  - Article
SP  - 1
EP  - 71
AB  - We provide a framework for assessing the build-up of vulnerabilities to the U.S. financial system. We collect forty-four indicators of financial and balance-sheet conditions, cutting across measures of valuation pressures, nonfinancial borrowing, and financial-sector health. We place the data in economic categories, track their evolution, and develop an algorithmic approach to monitoring vulnerabilities that can complement the more judgmental approach of most official-sector organizations. Our approach picks up rising imbalances in the U.S. financial system through the mid-2000s, presaging the financial crisis. We also highlight several statistical properties of our approach: most importantly, our summary measures of system-wide vulnerabilities lead the credit-to-GDP gap (a key gauge in Basel III and related research) by a year or more. Thus, our framework may provide useful information for setting macroprudential policy tools such as the countercyclical capital buffer. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - GROSS domestic product
KW  - VALUATION
KW  - ECONOMIC indicators
KW  - UNITED States
KW  - DATA modeling
KW  - EARLY Warning System (European Union politics)
KW  - INFORMATION visualization
KW  - Countercyclical capital buffers
KW  - Data visualization
KW  - Early warning system
KW  - Financial crisis
KW  - Financial stability
KW  - Financial vulnerabilities
KW  - Heat maps
KW  - Macroprudential policy
KW  - Systemic risk
N1  - Accession Number: 108807017; Aikman, David 1; Kiley, Michael 2; Email Address: mkiley@frb.gov; Seung Jung Lee 2; Palumbo, Michael 2; Warusawitharana, Missaka 2; Affiliations: 1: Bank of England, London, UK; 2: Board of Governors of Federal Reserve System, Washington, DC; Issue Info: Aug2015, p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: GROSS domestic product; Thesaurus Term: VALUATION; Thesaurus Term: ECONOMIC indicators; Subject Term: UNITED States; Subject Term: DATA modeling; Subject Term: EARLY Warning System (European Union politics); Subject Term: INFORMATION visualization; Author-Supplied Keyword: Countercyclical capital buffers; Author-Supplied Keyword: Data visualization; Author-Supplied Keyword: Early warning system; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: Financial stability; Author-Supplied Keyword: Financial vulnerabilities; Author-Supplied Keyword: Heat maps; Author-Supplied Keyword: Macroprudential policy; Author-Supplied Keyword: Systemic risk; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 72p; Document Type: Article
L3  - 10.17016/FEDS.2015.059
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=108807017&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chang, Andrew C.
AU  - Hanson, Tyler J.
T1  - The Accuracy of Forecasts Prepared for the Federal Open Market Committee.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/08//
M3  - Article
SP  - 1
EP  - 24
AB  - We analyze forecasts of consumption, nonresidential investment, residential investment, government spending, exports, imports, inventories, gross domestic product, inflation, and unemployment prepared by the staff of the Board of Governors of the Federal Reserve System for meetings of the Federal Open Market Committee from 1997 to 2008, called the Greenbooks. We compare the root mean squared error, mean absolute error, and the proportion of directional errors of Greenbook forecasts of these macroeconomic indicators to the errors from three forecasting benchmarks: a random walk, a first-order autoregressive model, and a Bayesian model averaged forecast from a suite of univariate time-series models commonly taught tofirst-year economics graduate students. We estimate our forecasting benchmarks both on end-of-sample vintage and real-time vintage data. We find find that Greenbook forecasts significantly outperform our benchmark forecasts for horizons less than one quarter ahead. However, by the one-year forecast horizon, typically at least one of our forecasting benchmarks performs as well as Greenbook forecasts. Greenbook forecasts of the personal consumption expenditures and unemployment tend to do relatively well, while Greenbook forecasts of inventory investment, government expenditures, and inflation tend to do poorly. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - CONSUMPTION (Economics)
KW  - PUBLIC spending
KW  - GROSS domestic product
KW  - INFLATION (Finance)
KW  - FEDERAL Reserve monetary policy
KW  - UNITED States
KW  - Bayesian Model Averaging
KW  - Federal Open Market Committee
KW  - Forecast Accuracy
KW  - Greenbook
KW  - National Income and Product Accounts
KW  - NIPA
KW  - Real-Time Data
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 109177181; Chang, Andrew C. 1; Email Address: a.christopher.chang@gmail.com; Hanson, Tyler J. 2; Email Address: thanson2691@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: 275 Third Street, Cambridge, MA 02142 USA; Issue Info: Aug2015, p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PUBLIC spending; Thesaurus Term: GROSS domestic product; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FEDERAL Reserve monetary policy; Subject Term: UNITED States; Author-Supplied Keyword: Bayesian Model Averaging; Author-Supplied Keyword: Federal Open Market Committee; Author-Supplied Keyword: Forecast Accuracy; Author-Supplied Keyword: Greenbook; Author-Supplied Keyword: National Income and Product Accounts; Author-Supplied Keyword: NIPA; Author-Supplied Keyword: Real-Time Data ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Document Type: Article
L3  - 10.17016/FEDS.2015.062
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=109177181&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Londono, Juan M.
AU  - Regúlez, Marta
AU  - Vázquez, Jesús
T1  - An alternative view of the US price–dividend ratio dynamics.
JO  - International Review of Economics & Finance
JF  - International Review of Economics & Finance
Y1  - 2015/07//
VL  - 38
M3  - Article
SP  - 291
EP  - 307
SN  - 10590560
AB  - The price–dividend (PD) ratio must be stationary for the present value model to be valid. However, several market episodes show stock prices drifting apart from dividends. This paper investigates PD ratio stationarity by considering a Markov-switching model featuring an asymmetric adjustment speed toward a unique attractor. A three-regime model displays the best regime identification. Within this specification, the post-war period is mainly characterized by a stationary state featuring slow reversion to a high attractor, the growing PD ratio period of 1996–2000 features a high-reversion stationary regime, and the subprime crisis episode is classified into a temporary nonstationary regime. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Review of Economics & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC models
KW  - DIVIDENDS
KW  - MARKOV processes
KW  - MATHEMATICAL models
KW  - STOCK exchanges
KW  - C32
KW  - G12
KW  - Markov regime switching
KW  - Price–dividend ratio
KW  - Stationarity
N1  - Accession Number: 102659117; Londono, Juan M. 1; Email Address: juan-miguel.londono-yarce@frb.gov; Regúlez, Marta 2; Email Address: marta.regulez@ehu.es; Vázquez, Jesús 3; Email Address: jesus.vazquez@ehu.es; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington D.C. 20551, USA; 2: Departamento de Economía Aplicada III, Universidad del País Vasco (UPV/EHU), Av. Lehendakari Aguirre 83, 48015 Bilbao, Spain; 3: Departamento de Fundamentos del Análisis Económico II, Universidad del País Vasco (UPV/EHU), Av. Lehendakari Aguirre 83, 48015 Bilbao, Spain; Issue Info: Jul2015, Vol. 38, p291; Thesaurus Term: ECONOMIC models; Thesaurus Term: DIVIDENDS; Thesaurus Term: MARKOV processes; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: STOCK exchanges; Author-Supplied Keyword: C32; Author-Supplied Keyword: G12; Author-Supplied Keyword: Markov regime switching; Author-Supplied Keyword: Price–dividend ratio; Author-Supplied Keyword: Stationarity; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.iref.2015.03.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102659117&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CARAPELLA, FRANCESCA
AU  - WILLIAMSON, STEPHEN
T1  - Credit Markets, Limited Commitment, and Government Debt.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 2015/07//
VL  - 82
IS  - 3
M3  - Article
SP  - 963
EP  - 990
PB  - Oxford University Press / USA
SN  - 00346527
AB  - Adynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and government debt essentially plays a role as collateral and thus improves borrowers' incentives. The provision of government debt acts to discourage default, whether default occurs in equilibrium or not. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PUBLIC debts
KW  - RICARDIAN equivalence theorem
KW  - CREDIT
KW  - COLLATERAL security
KW  - EQUILIBRIUM
KW  - Credit
KW  - Government Debt
KW  - Limited Commitment
KW  - Ricardian equivalence
N1  - Accession Number: 112057892; CARAPELLA, FRANCESCA 1; WILLIAMSON, STEPHEN 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Washington University in St Louis and Federal Reseve Bank of St Louis; Issue Info: Jul2015, Vol. 82 Issue 3, p963; Thesaurus Term: PUBLIC debts; Thesaurus Term: RICARDIAN equivalence theorem; Thesaurus Term: CREDIT; Thesaurus Term: COLLATERAL security; Subject Term: EQUILIBRIUM; Author-Supplied Keyword: Credit; Author-Supplied Keyword: Government Debt; Author-Supplied Keyword: Limited Commitment; Author-Supplied Keyword: Ricardian equivalence; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 28p; Illustrations: 2 Black and White Photographs, 1 Diagram; Document Type: Article
L3  - 10.1093/restud/rdv006
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=112057892&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ihrig, Jane
AU  - Meade, Ellen E.
AU  - Weinbach, Gretchen C.
T1  - Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/07//
M3  - Article
SP  - 1
EP  - 29
AB  - The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. For many years prior to the financial crisis, the FOMC set a target for the federal funds rate and achieved that target through small purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large scale asset purchase programs, this approach to implementing monetary policy will no longer work. This paper provides a primer on the Fed's implementation of monetary policy. We use the standard textbook model to illustrate why the approach used by the Federal Reserve before the financial crisis to keep the federal funds rate near the FOMC's target will not work in current circumstances, and explain the approach that the Committee intends to use instead when it decides to begin raising short-term interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - EMPLOYMENT (Economic theory)
KW  - INTEREST rates
KW  - FINANCIAL crises
KW  - FEDERAL funds market (U.S.)
KW  - UNITED States
KW  - Federal Reserve
KW  - FOMC
KW  - liftoff
KW  - monetary policy implementation
KW  - monetary policy normalization
KW  - monetary policy tools
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 108401046; Ihrig, Jane 1; Meade, Ellen E. 1; Weinbach, Gretchen C. 1; Affiliations: 1: Economists, Division of Monetary Affairs, Board of Governors of Federal Reserve System; Issue Info: Jul2015, preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: INTEREST rates; Thesaurus Term: FINANCIAL crises; Thesaurus Term: FEDERAL funds market (U.S.); Subject Term: UNITED States; Author-Supplied Keyword: Federal Reserve; Author-Supplied Keyword: FOMC; Author-Supplied Keyword: liftoff; Author-Supplied Keyword: monetary policy implementation; Author-Supplied Keyword: monetary policy normalization; Author-Supplied Keyword: monetary policy tools ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 30p; Document Type: Article
L3  - 10.17016/FEDS.2015.047
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=108401046&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Devlin-Foltz, Sebastian
AU  - Sabelhaus, John
T1  - Heterogeneity in Economic Shocks and Household Spending.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/07//
M3  - Article
SP  - 1
EP  - 43
AB  - Large swings in aggregate household-sector spending, especially for big ticket items such as cars and housing, have been a dominant feature of the macroeconomic landscape in the past two decades. Income and wealth inequality increased over the same period, leading some to suggest the two phenomena are interconnected. Indeed, there is supporting evidence for the idea that heterogeneity in economic shocks and spending are connected, most notably in studies using local-area geography as the unit of analysis. The Survey of Consumer Finances (SCF) provides a household-level perspective on changes in wealth, income, and spending across different types of families. The SCF confirms that inequality is indeed increasing in recent decades, and the data provide support for the proposition that shocks to income and wealth are indeed related to large swings in spending across and within birth cohorts. However, the economic shocks associated with the Great Recession and changes in spending and debt to income ratios are widespread, and inconsistent with a narrow focus on the experiences and changes in behavior of particular (especially low- and modest-income) households. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - CONSUMER credit
KW  - MACROECONOMICS
KW  - FINANCIAL ratios
KW  - RECESSIONS -- 2008-2013
N1  - Accession Number: 109177065; Devlin-Foltz, Sebastian 1; Sabelhaus, John 1; Email Address: john.sabelhaus@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: Jul2015, following p1; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CONSUMER credit; Thesaurus Term: MACROECONOMICS; Thesaurus Term: FINANCIAL ratios; Thesaurus Term: RECESSIONS -- 2008-2013; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 44p; Document Type: Article
L3  - 10.17016/FEDS.2015.049
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=109177065&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Surico, Paolo
AU  - Trezzi, Riccardo
T1  - CONSUMER SPENDING AND PROPERTY TAXES.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/07//
M3  - Article
SP  - 1
EP  - 48
AB  - A major change of the property tax system in 2011 generated significant variation in the amount of housing taxes paid by Italian households. Using new questions added to the Survey on Household Income and Wealth (SHIW), we exploit this variation to provide an unprecedented analysis of the effects of property taxes on consumer spending. A tax on the main dwelling leads to large expenditure cuts among households with mortgage debt and low liquid wealth but generates only small revenues for the government. In contrast, higher tax rates on other residential properties reduce private savings and yield large tax revenues. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PROPERTY tax
KW  - CONSUMPTION (Economics)
KW  - INCOME tax
KW  - GOVERNMENT revenue
KW  - UNITED States
KW  - HOUSEHOLDS -- United States
KW  - fiscal consolidation
KW  - marginal propensity to spend
KW  - mortgage debt
KW  - residential property taxes
N1  - Accession Number: 109177073; Surico, Paolo 1; Email Address: psurico@london.edu; Trezzi, Riccardo 2; Email Address: riccardo.trezzi@frb.gov; Affiliations: 1: London Business School, and CEPR, UK; 2: Board of Governors, Federal Reserve System, in USA; Issue Info: Jul2015, p1; Thesaurus Term: PROPERTY tax; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: INCOME tax; Thesaurus Term: GOVERNMENT revenue; Subject Term: UNITED States; Subject Term: HOUSEHOLDS -- United States; Author-Supplied Keyword: fiscal consolidation; Author-Supplied Keyword: marginal propensity to spend; Author-Supplied Keyword: mortgage debt; Author-Supplied Keyword: residential property taxes; Number of Pages: 69p; Document Type: Article
L3  - 10.17016/FEDS.2015.057
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=109177073&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kelly, Bryan
AU  - Pruitt, Seth
T1  - The three-pass regression filter: A new approach to forecasting using many predictors.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2015/06//
VL  - 186
IS  - 2
M3  - Article
SP  - 294
EP  - 316
SN  - 03044076
AB  - We forecast a single time series using many predictor variables with a new estimator called the three-pass regression filter (3PRF). It is calculated in closed form and conveniently represented as a set of ordinary least squares regressions. 3PRF forecasts are consistent for the infeasible best forecast when both the time dimension and cross section dimension become large. This requires specifying only the number of relevant factors driving the forecast target, regardless of the total number of common factors driving the cross section of predictors. The 3PRF is a constrained least squares estimator and reduces to partial least squares as a special case. Simulation evidence confirms the 3PRF’s forecasting performance relative to alternatives. We explore two empirical applications: Forecasting macroeconomic aggregates with a large panel of economic indices, and forecasting stock market returns with price–dividend ratios of stock portfolios. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - REGRESSION analysis
KW  - PARAMETER estimation
KW  - ECONOMIC indicators
KW  - VARIABLES (Mathematics)
KW  - LEAST squares
KW  - C22
KW  - C23
KW  - C53
KW  - Constrained least squares
KW  - Factor model
KW  - Forecast
KW  - Partial least squares
KW  - Principal components
N1  - Accession Number: 102495442; Kelly, Bryan 1; Email Address: bryan.kelly@chicagobooth.edu; Pruitt, Seth 2,3; Email Address: seth.pruitt@asu.edu; Affiliations: 1: University of Chicago, Booth School of Business, 5807 S. Woodlawn Ave., Chicago, IL 60637, United States; 2: Board of Governors of the Federal Reserve System, Washington DC, United States; 3: Arizona State University, W.P. Carey School of Business, Tempe, AZ 852877, United States; Issue Info: Jun2015, Vol. 186 Issue 2, p294; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: REGRESSION analysis; Thesaurus Term: PARAMETER estimation; Thesaurus Term: ECONOMIC indicators; Subject Term: VARIABLES (Mathematics); Subject Term: LEAST squares; Author-Supplied Keyword: C22; Author-Supplied Keyword: C23; Author-Supplied Keyword: C53; Author-Supplied Keyword: Constrained least squares; Author-Supplied Keyword: Factor model; Author-Supplied Keyword: Forecast; Author-Supplied Keyword: Partial least squares; Author-Supplied Keyword: Principal components; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jeconom.2015.02.011
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102495442&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rua, Gisela
T1  - Global Markets Transformed: 1870–1945.
JO  - Journal of Economic History
JF  - Journal of Economic History
Y1  - 2015/06//
VL  - 75
IS  - 2
M3  - Book Review
SP  - 615
EP  - 617
SN  - 14716372
KW  - INTERNATIONAL trade
KW  - NONFICTION
KW  - TOPIK, Steven C.
KW  - WELLS, Allen
KW  - GLOBAL Markets Transformed: 1870-1945 (Book)
N1  - Accession Number: 103044124; Rua, Gisela 1; Affiliation:  1: Board of Governors of the Federal Reserve System *; Source Info: Jun2015, Vol. 75 Issue 2, p615; Subject Term: INTERNATIONAL trade; Subject Term: NONFICTION; Reviews & Products: GLOBAL Markets Transformed: 1870-1945 (Book); NAICS/Industry Codes: 522293 International Trade Financing; People: TOPIK, Steven C.; People: WELLS, Allen; Number of Pages: 3p; Document Type: Book Review
L3  - 10.1017/S0022050715000911
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=103044124&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
AU  - Kwast, Myron L.
AU  - Pogach, Jonathan
T1  - Small Businesses and Small Business Finance during the Financial Crisis and the Great Recession: New Evidence From the Survey of Consumer Finances.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/06//
M3  - Article
SP  - 1
EP  - 94
AB  - We use the Federal Reserve's 2007, 2009 re-interview of 2007 respondents, and 2010 Surveys of Consumer Finances (SCFs) to examine the experiences of small businesses owned and actively managed by households during these turbulent years. This is the first paper to use these SCFs to study small businesses even though the surveys contain extensive data on a broad cross-section of firms and their owners. We find that the vast majority of small businesses were severely affected by the financial crisis and the Great Recession, including facing tight credit constraints. We document numerous and often complex interdependencies between the finances of small businesses and their owner-manager households, including a more complicated role of housing assets than has been reported previously. We find that workers who lost their job responded in part by starting their own small business, and that factors correlated with the survival of a small business differed greatly depending upon whether the firm was established or new. Our results strongly reinforce the importance of relationship finance to small businesses, and the primary role of commercial banks in such relationships. We find that both cross-section and panel data are needed to understand the complex issues associated with the creation, survival and failure of small businesses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises -- Finance
KW  - SMALL business
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - RECESSIONS -- 2008-2013
KW  - CONSUMER finance companies
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 103125887; Kennickell, Arthur B. 1; Kwast, Myron L. 2; Pogach, Jonathan 2; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C.; 2: Federal Deposit Insurance Corporation, Washington, D.C.; Issue Info: Jun2015, preceding p1; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: SMALL business; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: RECESSIONS -- 2008-2013; Thesaurus Term: CONSUMER finance companies; Subject Term: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 95p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sahm, Claudia R.
AU  - Shapiro, Matthew D.
AU  - Slemrod, Joel
T1  - Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/06//
M3  - Article
SP  - 1
EP  - 32
AB  - Balance-sheet repair drove the response of a significant fraction of households to fiscal stimulus following the Great Recession. By combining survey, behavioral, and time-series evidence on the 2011 payroll tax cut and its expiration in 2013, this papers identifies and analyzes households who smooth debt repayment. These "balance-sheet households"are as prevalent as "permanentincome households,"who smooth consumption in response to the temporary tax cut, and outnumber "constrained households,"who temporarily boost spending. The asymmetric spending response of balance-sheet households poses challenges to standard models, but nonetheless appears important for understanding individual and aggregate responses to fiscal stimulus. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAX cuts
KW  - FISCAL policy
KW  - FINANCIAL statements -- Law & legislation
KW  - PAYROLL tax
KW  - REPAYMENTS
KW  - PUBLIC spending
KW  - UNITED States
N1  - Accession Number: 103125885; Sahm, Claudia R. 1; Email Address: claudia.r.sahm@frb.gov; Shapiro, Matthew D. 2; Email Address: shapiro@umich.edu; Slemrod, Joel 2; Email Address: jslemrod@umich.edu; Affiliations: 1: Board of Governors, Federal Reserve System; 2: University of Michigan and NBER; Issue Info: Jun2015, preceding p1; Thesaurus Term: TAX cuts; Thesaurus Term: FISCAL policy; Thesaurus Term: FINANCIAL statements -- Law & legislation; Thesaurus Term: PAYROLL tax; Thesaurus Term: REPAYMENTS; Thesaurus Term: PUBLIC spending; Subject Term: UNITED States; Number of Pages: 34p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wachter, Jessica A.
AU  - Warusawitharana, Missaka
T1  - What is the chance that the equity premium varies over time? Evidence from regressions on the dividend-price ratio.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2015/05//
VL  - 186
IS  - 1
M3  - Article
SP  - 74
EP  - 93
SN  - 03044076
AB  - We examine the evidence on excess stock return predictability in a Bayesian setting in which the investor faces uncertainty about both the existence and strength of predictability. When we apply our methods to the dividend-price ratio, we find that even investors who are quite skeptical about the existence of predictability sharply modify their views in favor of predictability when confronted by the historical time series of returns and predictor variables. Correctly taking into account the stochastic properties of the regressor has a dramatic impact on inference, particularly over the 2000–2005 period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK repurchasing
KW  - INSURANCE premiums
KW  - DIVIDENDS
KW  - CAPITALISTS & financiers
KW  - UNCERTAINTY (Information theory)
KW  - Bayesian statistics
KW  - C11
KW  - C22
KW  - G11
KW  - G17
KW  - Model uncertainty
KW  - Return predictability
N1  - Accession Number: 101923155; Wachter, Jessica A. 1,2; Email Address: jwachter@wharton.upenn.edu; Warusawitharana, Missaka 3; Email Address: missaka.n.warusawitharana@frb.gov; Affiliations: 1: Department of Finance, The Wharton School, University of Pennsylvania, 2300 SH-DH, Philadelphia, PA, 19104, United States; 2: NBER, United States; 3: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mail Stop 97, 20th and Constitution Ave, Washington D.C., 20551, United States; Issue Info: May2015, Vol. 186 Issue 1, p74; Thesaurus Term: STOCK repurchasing; Thesaurus Term: INSURANCE premiums; Thesaurus Term: DIVIDENDS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: UNCERTAINTY (Information theory); Author-Supplied Keyword: Bayesian statistics; Author-Supplied Keyword: C11; Author-Supplied Keyword: C22; Author-Supplied Keyword: G11; Author-Supplied Keyword: G17; Author-Supplied Keyword: Model uncertainty; Author-Supplied Keyword: Return predictability; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.jeconom.2014.05.018
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101923155&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bekaert, Geert
AU  - Engstrom, Eric
AU  - Ermolov, Andrey
T1  - Bad environments, good environments: A non-Gaussian asymmetric volatility model.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2015/05//
VL  - 186
IS  - 1
M3  - Article
SP  - 258
EP  - 275
SN  - 03044076
AB  - We propose an extension of standard asymmetric volatility models in the generalized autoregressive conditional heteroskedasticity (GARCH) class that admits conditional non-Gaussianities in a tractable fashion. Our “bad environment–good environment” (BEGE) model utilizes two gamma-distributed shocks and generates a conditional shock distribution with time-varying heteroskedasticity, skewness, and kurtosis. The BEGE model features nontrivial news impact curves and closed-form solutions for higher-order moments. In an empirical application to stock returns, the BEGE model outperforms asymmetric GARCH and regime-switching models along several dimensions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VOLATILITY (Finance)
KW  - INFORMATION asymmetry
KW  - RISK management in business
KW  - AUTOREGRESSIVE processes
KW  - HETEROSCEDASTICITY
KW  - Asymmetric volatility
KW  - Conditional skewness
KW  - G11
KW  - G17
KW  - GARCH
KW  - Non-Gaussianities
KW  - Risk management
N1  - Accession Number: 101923159; Bekaert, Geert 1,2; Engstrom, Eric 3; Email Address: eric.c.engstrom@frb.gov; Ermolov, Andrey 1; Affiliations: 1: Columbia University, United States; 2: National Bureau of Economic Research, United States; 3: Board of Governors of the Federal Reserve System 1 1 The views expressed in this document do not necessarily reflect those of the Board of Governors of the Federal Reserve System, or its staff. , United States; Issue Info: May2015, Vol. 186 Issue 1, p258; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: INFORMATION asymmetry; Thesaurus Term: RISK management in business; Subject Term: AUTOREGRESSIVE processes; Subject Term: HETEROSCEDASTICITY; Author-Supplied Keyword: Asymmetric volatility; Author-Supplied Keyword: Conditional skewness; Author-Supplied Keyword: G11; Author-Supplied Keyword: G17; Author-Supplied Keyword: GARCH; Author-Supplied Keyword: Non-Gaussianities; Author-Supplied Keyword: Risk management; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jeconom.2014.06.021
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101923159&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Brevoort, Kenneth P.
T1  - THE SUBPRIME CRISIS: IS GOVERNMENT HOUSING POLICY TO BLAME?
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2015/05//
VL  - 97
IS  - 2
M3  - Article
SP  - 352
EP  - 363
PB  - MIT Press
SN  - 00346535
AB  - Some have suggested that housing policy, embodied by the Community Reinvestment Act (CRA) and affordable housing goals of the government-sponsored enterprises (GSEs), caused the subprime crisis. We examine if these programs led to worse mortgage outcomes using two approaches. The first examines whether more activity by CRA-covered lenders, or more loan sales to the GSEs, was associated with worse outcomes. The second uses regression discontinuity to determine if outcomes were worse at the geographic thresholds used by each program. Our results suggest that neither program played a significant role in the subprime crisis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUBPRIME mortgages
KW  - RESEARCH
KW  - SUBPRIME loans
KW  - URBAN planning
KW  - HOUSING policy -- United States
KW  - URBAN policy
N1  - Accession Number: 102240459; Avery, Robert B. 1; Brevoort, Kenneth P. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May2015, Vol. 97 Issue 2, p352; Thesaurus Term: SUBPRIME mortgages; Thesaurus Term: RESEARCH; Thesaurus Term: SUBPRIME loans; Thesaurus Term: URBAN planning; Subject Term: HOUSING policy -- United States; Subject Term: URBAN policy; NAICS/Industry Codes: 237210 Land Subdivision; NAICS/Industry Codes: 925120 Administration of Urban Planning and Community and Rural Development; Number of Pages: 12p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
L3  - 10.1162/REST_a_00491
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102240459&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bricker, Jesse
AU  - Henriques, Alice
AU  - Krimmel, Jacob
AU  - Sabelhaus, John
T1  - Measuring Income and Wealth at the Top Using Administrative and Survey Data.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 63
AB  - Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the administrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCOME
KW  - RESEARCH
KW  - CONSUMER finance companies
KW  - WEALTH
KW  - HOUSEHOLD surveys
KW  - TAX research
N1  - Accession Number: 102673921; Bricker, Jesse 1; Email Address: jesse.bricker@frb.gov; Henriques, Alice 1; Krimmel, Jacob 1; Sabelhaus, John 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC; Issue Info: May2015, preceding p1; Thesaurus Term: INCOME; Thesaurus Term: RESEARCH; Thesaurus Term: CONSUMER finance companies; Thesaurus Term: WEALTH; Subject Term: HOUSEHOLD surveys; Subject Term: TAX research; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 65p; Document Type: Article
L3  - 10.17016/FEDS.2015.030
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102673921&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jalil, Andrew
AU  - Gisela Rua
T1  - Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 83
AB  - This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second, using an event-studies approach, we identify the impact on financial markets of the key events that shifted inflation expectations. Third, we gather new evidence—both quantitative and narrative—that indicates that the shift in inflation expectations played a causal role in stimulating the recovery. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - RESEARCH
KW  - LIQUIDITY (Economics)
KW  - EVENT study (Finance)
KW  - BUSINESS analysts
KW  - SECURITIES markets
KW  - Great Depression
KW  - inflation expectations
KW  - liquidity trap
KW  - narrative evidence
KW  - regime change
N1  - Accession Number: 102673920; Jalil, Andrew 1; Email Address: jalil@oxy.edu; Gisela Rua 2; Email Address: gisela.rua@frb.gov; Affiliations: 1: Department of Economics, Occidental College; 2: Board of Governors, Federal Reserve System; Issue Info: May2015, preceding p1; Thesaurus Term: INFLATION (Finance); Thesaurus Term: RESEARCH; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: EVENT study (Finance); Thesaurus Term: BUSINESS analysts; Thesaurus Term: SECURITIES markets; Author-Supplied Keyword: Great Depression; Author-Supplied Keyword: inflation expectations; Author-Supplied Keyword: liquidity trap; Author-Supplied Keyword: narrative evidence; Author-Supplied Keyword: regime change; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 85p; Document Type: Article
L3  - 10.17016/FEDS.2015.029
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102673920&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kandrac, John
AU  - Schlusche, Bernd
T1  - An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 48
AB  - In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and thus determine the MBS that are delivered to the Federal Reserve. After ruling out several potential explanations for this result, we provide evidence that points to an agency problem in the secondary market for MBS, which has not previously been documented, as the most likely explanation for the abnormal prepayment behavior of Federal Reserve-held MBS. This agency problem—a key feature of the MBS market—arises when originators of mortgages that underlie the MBS no longer share in the prepayment risk of the securities, thereby increasing incentives to solicit refinancing activity. Therefore, Federal Reserve MBS holdings acquired from originators as a result of large-scale asset purchases can help stimulate economic activity through a so-called "solicited refinancing channel." Finally, we provide an estimate of the additional refinancing activity resulting from the solicited refinancing channel in the years after the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage payments to homeowners. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE-backed securities
KW  - RESEARCH
KW  - MORTGAGES
KW  - MONETARY policy
KW  - REFINANCING
KW  - UNITED States
KW  - Federal Reserve
KW  - LSAP
KW  - monetary policy
KW  - mortgage
KW  - mortgage-backed securities
KW  - pre-payment rates
KW  - QE
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 102673918; Kandrac, John 1; Email Address: john.p.kandrac@frb.gov; Schlusche, Bernd 1; Email Address: bernd.schlusche@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May2015, preceding p1; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: RESEARCH; Thesaurus Term: MORTGAGES; Thesaurus Term: MONETARY policy; Thesaurus Term: REFINANCING; Subject Term: UNITED States; Author-Supplied Keyword: Federal Reserve; Author-Supplied Keyword: LSAP; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: mortgage; Author-Supplied Keyword: mortgage-backed securities; Author-Supplied Keyword: pre-payment rates; Author-Supplied Keyword: QE ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 50p; Document Type: Article
L3  - 10.17016/FEDS.2015.027
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102673918&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dräger, Lena
AU  - Lamla, Michael J.
AU  - Pfajfar, Damjan
T1  - Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 46
AB  - In this paper we analyze whether central bank communication can facilitate the understanding of key economic concepts. Using survey data for consumers and professionals, we calculate how many of them have expectations consistent with the Fisher Equation, the Taylor rule and the Phillips curve and test, by accounting for three different communication channels, whether central banks can in uence those. A substantial share of participants has expectations consistent with the Fisher equation, followed by the Taylor rule and the Phillips curve. We show that having theory-consistent expectations is beneficial, as it improves the forecast accuracy. Furthermore, consistency is time varying. Exploring this time variation, we provide evidence that central bank communication as well as news on monetary policy can facilitate the understanding of those concepts and thereby improve the efficacy of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS communication
KW  - CENTRAL banking industry
KW  - MONETARY policy
KW  - FISHER effect (Economics)
KW  - PHILLIPS curve
KW  - TAYLOR'S rule
KW  - central bank communication
KW  - consumer forecast accuracy
KW  - Macroeconomic expectations
KW  - macroeconomic literacy
KW  - monetary news
KW  - survey microdata
N1  - Accession Number: 103169834; Dräger, Lena 1; Email Address: Lena.Draeger@wiso.uni-hamburg.de; Lamla, Michael J. 2; Email Address: mlamla@essex.ac.uk; Pfajfar, Damjan 3; Email Address: damjan.pfajfar@frb.gov; Affiliations: 1: University of Hamburg; 2: University of Essex and ETH Zurich, KOF Swiss Economic Institute; 3: Board of Governors of the Federal Reserve System; Issue Info: May2015, preceding p1; Thesaurus Term: BUSINESS communication; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONETARY policy; Thesaurus Term: FISHER effect (Economics); Thesaurus Term: PHILLIPS curve; Subject Term: TAYLOR'S rule; Author-Supplied Keyword: central bank communication; Author-Supplied Keyword: consumer forecast accuracy; Author-Supplied Keyword: Macroeconomic expectations; Author-Supplied Keyword: macroeconomic literacy; Author-Supplied Keyword: monetary news; Author-Supplied Keyword: survey microdata; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 47p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Li Lin
AU  - Tsomocos, Dimitrios P.
AU  - Vardoulakis, Alexandros P.
T1  - On Default and Uniqueness of Monetary Equilibria.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 30
AB  - We examine the role that credit risk in the central bank's monetary operations plays in the determination of the equilibrium price level and allocations. Our model features trade in fiat money, real assets and a monetary authority which injects money into the economy through short-term and long-term loans to agents. Short-term loans are riskless, but long-term loans are collateralized by a portfolio of real assets and are subject to credit risk. The private monetary wealth of individuals is zero, i.e., there is no outside money. When there is no default in equilibrium, there is indeterminacy. Positive default in every state of the world on some long-term loan endogenously creates positive liquid wealth that supports positive interest rates and resolves the aforementioned indeterminacy. Hence, a non-Ricardian policy across loan markets can determine the equilibrium allocations while it allows the central bank to earn profits from seigniorage in order to compensate for any losses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUILIBRIUM (Economics)
KW  - CREDIT risk
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - LONG-term debt
KW  - SHORT-term debt
KW  - DEFAULT (Finance)
KW  - Collateral
KW  - Default
KW  - Determinacy
KW  - Liquid wealth
KW  - Monetary policy
N1  - Accession Number: 103169833; Li Lin 1; Email Address: llin@imf.org; Tsomocos, Dimitrios P. 2; Email Address: dimitrios.tsomocos@sbs.ox.ac.uk; Vardoulakis, Alexandros P. 3; Email Address: alexandros.vardoulakis@frb.gov; Affiliations: 1: International Monetary Fund; 2: Saïd Business School and St. Edmund Hall, University of Oxford, United Kingdom; 3: Board of Governors of the Federal Reserve System, United States; Issue Info: May2015, p1; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: CREDIT risk; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: LONG-term debt; Thesaurus Term: SHORT-term debt; Thesaurus Term: DEFAULT (Finance); Author-Supplied Keyword: Collateral; Author-Supplied Keyword: Default; Author-Supplied Keyword: Determinacy; Author-Supplied Keyword: Liquid wealth; Author-Supplied Keyword: Monetary policy; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Syron Ferris, Erin E.
T1  - Dividend Taxes and Stock Volatility.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2015/05//
M3  - Article
SP  - 1
EP  - 38
AB  - How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural experiment to identify their impact on firm's price volatility. If a risk-averse executive faces price risk through his incentive contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare. Stock volatility decreased after the tax cut for firms where an executive has large holdings of shares and options relative to firms where an executive has small holdings of shares and options. Therefore, with a risk-averse executive and risk-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can be partially offset by the use of options in the employment contract. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DIVIDENDS -- Taxation
KW  - VOLATILITY (Securities)
KW  - STOCK options -- Sales & prices
KW  - STOCKS (Finance) -- Prices
KW  - STOCKHOLDERS
N1  - Accession Number: 103169835; Syron Ferris, Erin E. 1; Email Address: erin.e.syron@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May2015, preceding p1; Thesaurus Term: DIVIDENDS -- Taxation; Thesaurus Term: VOLATILITY (Securities); Thesaurus Term: STOCK options -- Sales & prices; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCKHOLDERS; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 39p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gustafson, Matthew T.
AU  - Ivanov, Ivan T.
AU  - Ritter, John
T1  - Financial condition and product market cooperation.
JO  - Journal of Corporate Finance
JF  - Journal of Corporate Finance
Y1  - 2015/04//
VL  - 31
M3  - Article
SP  - 1
EP  - 16
SN  - 09291199
AB  - We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline industry during periods of high idle capacity. Using a unique data set of aggregate airfare hikes and a more recent low-idle-capacity period, we find that poor financial condition is positively associated with product market cooperation. Although financially weak airlines appear to value the immediate cash flows of increased cooperation, only liquidity-constrained firms seem willing to incur the cost of cooperative attempts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMPETITION (Economics)
KW  - MARKET prices
KW  - LIQUIDITY (Economics)
KW  - AIRLINE industry -- Rates
KW  - AIRLINE industry
KW  - FINANCE
KW  - Airfare hikes
KW  - Capacity constraints
KW  - Financial distress
KW  - G30
KW  - G32
KW  - G33
KW  - L11
KW  - L13
KW  - Liquidity
KW  - Product market cooperation
N1  - Accession Number: 101999939; Gustafson, Matthew T. 1; Email Address: matthew.gustafson@psu.edu; Ivanov, Ivan T. 2; Email Address: ivan.t.ivanov@frb.gov; Ritter, John 3; Email Address: john.ritter@simon.rochester.edu; Affiliations: 1: Smeal College of Business, Penn State University, State College, PA 16801, USA; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; 3: William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, NY 14627, USA; Issue Info: Apr2015, Vol. 31, p1; Thesaurus Term: COMPETITION (Economics); Thesaurus Term: MARKET prices; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: AIRLINE industry -- Rates; Thesaurus Term: AIRLINE industry; Thesaurus Term: FINANCE; Author-Supplied Keyword: Airfare hikes; Author-Supplied Keyword: Capacity constraints; Author-Supplied Keyword: Financial distress; Author-Supplied Keyword: G30; Author-Supplied Keyword: G32; Author-Supplied Keyword: G33; Author-Supplied Keyword: L11; Author-Supplied Keyword: L13; Author-Supplied Keyword: Liquidity; Author-Supplied Keyword: Product market cooperation; NAICS/Industry Codes: 481111 Scheduled Passenger Air Transportation; NAICS/Industry Codes: 481110 Scheduled air transportation; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jcorpfin.2014.12.014
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101999939&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur
T1  - Curbstoning and culture.
JO  - Statistical Journal of the IAOS
JF  - Statistical Journal of the IAOS
Y1  - 2015/04//
VL  - 31
IS  - 2
M3  - Article
SP  - 237
EP  - 240
PB  - IOS Press
SN  - 18747655
AB  - This paper examines various aspects of data fabrication, or "curbstoning" in field surveys. Our ability to detect and control such behavior is limited by the costs of the most effective instruments, the weakness of most of our instruments and our limited understanding of what drives such behavior. Culture, an emergent pattern of thoughts and behaviors from a larger complex of systems and behaviors, operates in spaces where direct incentives or control cannot reach. Monitoring is important, but fostering a healthy culture among field staff may be the most efficient and the most humane approach to controlling curbstoning. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Statistical Journal of the IAOS is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CULTURE
KW  - INCENTIVES in industry
KW  - SURVEYS
KW  - DIRECT costing
KW  - PAYMENT
KW  - FAMILIES
KW  - Fabrication
KW  - field work
KW  - WORLD Bank
N1  - Accession Number: 108558231; Kennickell, Arthur 1; Email Address: Arthur.Kennickell@frb.gov; Affiliation:  1: Board of Governors of the Federal Reserve System, Washington, DC, USA; Source Info: 2015, Vol. 31 Issue 2, p237; Subject Term: CULTURE; Subject Term: INCENTIVES in industry; Subject Term: SURVEYS; Subject Term: DIRECT costing; Subject Term: PAYMENT; Subject Term: FAMILIES; Author-Supplied Keyword: Fabrication; Author-Supplied Keyword: field work; Company/Entity: WORLD Bank; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; Number of Pages: 4p; Document Type: Article
L3  - 10.3233/SJI-150900
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=108558231&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Ahmed, Javed
AU  - Zarutskie, Rebecca
AU  - Anderson, Christopher
T1  - Are the Borrowing Costs of Large Financial Firms Unusual?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/04//
M3  - Article
SP  - 1
EP  - 64
AB  - Estimates of investor expectations of government support of large financial firms are often based on large financial firms' lower borrowing costs relative to smaller financial firms. Using pricing data on credit default swaps (CDS) and corporate bonds over the period 2004 to 2013, however, we find that the CDS and bond spreads of financial firms are no more sensitive to borrower size than the spreads of non-financial firms. Outside of the financial crisis period, spreads are more sensitive to borrower size in several non-financial industries. We find that size-related differences in spreads are partially driven by higher liquidity and recovery rates of larger borrowers. Prior to the financial crisis, we also find that financial firms exhibited generally lower spreads that were less sensitive to size than spreads for several other industries. Our results suggest that estimates of implicit government guarantees to financial firms may overemphasize size-related borrowing cost difierentials. However, our analysis also suggests that, prior to the financial crisis, investor expectations of government support, or generally reduced risk perceptions, may have reduced borrowing costs for the financial industry as a whole. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMMERCIAL credit
KW  - RESEARCH
KW  - CREDIT default swaps
KW  - BUSINESS enterprises -- Finance
KW  - FINANCIAL services industry
KW  - CORPORATE bonds
KW  - borrowing costs
KW  - credit default swaps
KW  - Financial industry
KW  - implicit government guarantee
KW  - size effect
KW  - too-big-to-fail
N1  - Accession Number: 102673915; Ahmed, Javed 1; Zarutskie, Rebecca 1; Anderson, Christopher 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Harvard University; Issue Info: Apr2015, preceding p1; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: RESEARCH; Thesaurus Term: CREDIT default swaps; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CORPORATE bonds; Author-Supplied Keyword: borrowing costs; Author-Supplied Keyword: credit default swaps; Author-Supplied Keyword: Financial industry; Author-Supplied Keyword: implicit government guarantee; Author-Supplied Keyword: size effect; Author-Supplied Keyword: too-big-to-fail; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 66p; Document Type: Article
L3  - 10.17016/FEDS.2015.024
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102673915&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Favara, Giovanni
AU  - Imbs, Jean
T1  - Credit Supply and the Price of Housing†.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2015/03//
VL  - 105
IS  - 3
M3  - Article
SP  - 958
EP  - 992
SN  - 00028282
AB  - An exogenous expansion in mortgage credit has significant effects on house prices. This finding is established using US branching deregulations between 1994 and 2005 as instruments for credit. Credit increases for deregulated banks, but not in placebo samples. Such differential responses rule out demand-based explanations, and identify an exogenous credit supply shock. Because of geographic diver-sification, treated banks expand credit: housing demand increases, house prices rise, but to a lesser extent in areas with elastic housing supply, where the housing stock increases instead. In an instrumental variable sense, house prices are well explained by the credit expansion induced by deregulation. (JEL G21, G28, R21, R31) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING
KW  - MORTGAGE loans
KW  - HOME prices
KW  - CREDIT -- United States
KW  - BANKING industry -- Deregulation
KW  - BANKING industry -- United States
N1  - Accession Number: 101349067; Favara, Giovanni 1; Imbs, Jean 2; Affiliations: 1 : Board of Governors of the Federal Reserve System, Division of Research and Statistics, 20th Street and Constitution Avenue NW, Washington, DC 20551 (e-mail: ); 2 : Paris School of Economics, 106 Boulevard de l'Hopital, 75013 Paris, France, CNRS, and CEPR (e-mail: ).;  Source Info: Mar2015, Vol. 105 Issue 3, p958; Historical Period: 1994 to 2005; Subject Term: HOUSING; Subject Term: MORTGAGE loans; Subject Term: HOME prices; Subject Term: CREDIT -- United States; Subject Term: BANKING industry -- Deregulation; Subject Term: BANKING industry -- United States; Number of Pages: 35p; Illustrations: 1 Black and White Photograph, 2 Illustrations, 1 Diagram, 8 Charts, 3 Graphs, 1 Map; Document Type: Article
L3  - 10.1257/aer.20121416
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=101349067&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - de Groot, Oliver
T1  - Solving asset pricing models with stochastic volatility.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2015/03//
VL  - 52
M3  - Article
SP  - 308
EP  - 321
SN  - 01651889
AB  - This paper provides a closed-form solution for the price-dividend ratio in a standard asset pricing model with stochastic volatility. The growth rate of the endowment is a first-order Gaussian autoregression, while the stochastic volatility innovations can be drawn from any distribution for which the moment-generating function exists. The solution is useful in allowing comparisons among numerical methods used to approximate the nontrivial closed form. The closed-form solution reveals that, when using perturbation methods around the deterministic steady state, the approximate solution needs to be sixth-order accurate in order for the parameter capturing the conditional standard deviation of the stochastic volatility process to be present. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - STOCHASTIC analysis
KW  - VOLATILITY (Finance)
KW  - GROWTH rate
KW  - SALES & prices
KW  - GAUSSIAN function
KW  - AUTOREGRESSION (Statistics)
KW  - C61
KW  - C62
KW  - Closed-form solution
KW  - Endowment model
KW  - G12
KW  - Numerical methods
KW  - Price-dividend ratio
N1  - Accession Number: 101092121; de Groot, Oliver 1; Email Address: oliver.v.degroot@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, United States; Issue Info: Mar2015, Vol. 52, p308; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: GROWTH rate; Subject Term: SALES & prices; Subject Term: GAUSSIAN function; Subject Term: AUTOREGRESSION (Statistics); Author-Supplied Keyword: C61; Author-Supplied Keyword: C62; Author-Supplied Keyword: Closed-form solution; Author-Supplied Keyword: Endowment model; Author-Supplied Keyword: G12; Author-Supplied Keyword: Numerical methods; Author-Supplied Keyword: Price-dividend ratio; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jedc.2015.01.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101092121&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cacciatore, Matteo
AU  - Ghironi, Fabio
AU  - Stebunovs, Viktors
T1  - The domestic and international effects of interstate U.S. banking.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2015/03//
VL  - 95
IS  - 2
M3  - Article
SP  - 171
EP  - 187
SN  - 00221996
AB  - This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less volatile business creation, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank market integration thus contributes to moderation of firm-level and aggregate output volatility. In turn, trade and financial ties allow also the foreign economy to enjoy lower GDP volatility in most scenarios we consider. These results are consistent with features of U.S. and international fluctuations after the United States began its transition to interstate banking in the late 1970s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERSTATE banking
KW  - BANKING industry -- United States
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMIC models
KW  - MONOPOLIES
KW  - GROSS domestic product
KW  - SUBSTITUTION (Economics)
KW  - Business cycle volatility
KW  - Current account
KW  - Deregulation
KW  - E32
KW  - F32
KW  - F41
KW  - G21
KW  - Interstate banking
KW  - Producer entry
KW  - Real exchange rate
N1  - Accession Number: 101037152; Cacciatore, Matteo 1; Email Address: matteo.cacciatore@hec.ca; Ghironi, Fabio 2,3,4,5; Email Address: ghiro@uw.edu; Stebunovs, Viktors 6; Email Address: Viktors.Stebunovs@frb.gov; Affiliations: 1: HEC Montréal, Institute of Applied Economics 3000, Chemin de la Cô te-Sainte-Catherine, Montréal, Quebec, Canada; 2: Department of Economics, University of Washington, Savery Hall, Box 353330, Seattle, WA 98195, USA; 3: Centre for Economic Policy Research, United Kingdom; 4: Euro Area Business Cycle Network, Germany; 5: National Bureau of Economic Research, USA; 6: Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue, NW, Washington, DC 20551, USA; Issue Info: Mar2015, Vol. 95 Issue 2, p171; Thesaurus Term: INTERSTATE banking; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMIC models; Thesaurus Term: MONOPOLIES; Thesaurus Term: GROSS domestic product; Thesaurus Term: SUBSTITUTION (Economics); Author-Supplied Keyword: Business cycle volatility; Author-Supplied Keyword: Current account; Author-Supplied Keyword: Deregulation; Author-Supplied Keyword: E32; Author-Supplied Keyword: F32; Author-Supplied Keyword: F41; Author-Supplied Keyword: G21; Author-Supplied Keyword: Interstate banking; Author-Supplied Keyword: Producer entry; Author-Supplied Keyword: Real exchange rate; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jinteco.2014.12.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101037152&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy
AU  - Pinto, Eugénio
T1  - The response of capital goods shipments to demand over the business cycle.
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2015/03//
VL  - 43
M3  - Article
SP  - 62
EP  - 80
SN  - 01640704
AB  - We study how producers of capital goods set shipments in response to fluctuations in new orders. We find that shipments respond more to orders when new orders fall below a certain level relative to shipments, usually after orders plunge in recessions. This cyclical change in producers’ behavior accounts for a considerable portion of the downturn in equipment investment in the 2001 and 2008–9 recessions. A simple model of production to order suggests that heightened persistence in new orders growth may explain the greater responsiveness of shipments, as may increases in the producers’ target delivery lag. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL equipment
KW  - SHIPMENT of goods
KW  - DEMAND (Economic theory)
KW  - BUSINESS cycles
KW  - RECESSIONS
KW  - CAPITAL investments
KW  - Business cycles
KW  - Business investment
KW  - E22
KW  - E23
KW  - E32
KW  - Markov-switching models
KW  - Orders
KW  - Shipments
KW  - Threshold cointegration
N1  - Accession Number: 100982060; Nalewaik, Jeremy 1; Email Address: jeremy.j.nalewaik@frb.gov; Pinto, Eugénio 1; Email Address: eugenio.p.pinto@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Stop 80, Washington, DC 20551, USA; Issue Info: Mar2015, Vol. 43, p62; Thesaurus Term: INDUSTRIAL equipment; Thesaurus Term: SHIPMENT of goods; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: BUSINESS cycles; Thesaurus Term: RECESSIONS; Thesaurus Term: CAPITAL investments; Author-Supplied Keyword: Business cycles; Author-Supplied Keyword: Business investment; Author-Supplied Keyword: E22; Author-Supplied Keyword: E23; Author-Supplied Keyword: E32; Author-Supplied Keyword: Markov-switching models; Author-Supplied Keyword: Orders; Author-Supplied Keyword: Shipments; Author-Supplied Keyword: Threshold cointegration; NAICS/Industry Codes: 417230 Industrial machinery, equipment and supplies merchant wholesalers; NAICS/Industry Codes: 423830 Industrial Machinery and Equipment Merchant Wholesalers; NAICS/Industry Codes: 423840 Industrial Supplies Merchant Wholesalers; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jmacro.2014.09.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=100982060&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Angelini, Paolo
AU  - Clerc, Laurent
AU  - Cúrdia, Vasco
AU  - Gambacorta, Leonardo
AU  - Gerali, Andrea
AU  - Locarno, Alberto
AU  - Motto, Roberto
AU  - Roeger, Werner
AU  - Van den Heuvel, Skander
AU  - Vlček, Jan
T1  - Basel III: Long-term Impact on Economic Performance and Fluctuations.
JO  - Manchester School (14636786)
JF  - Manchester School (14636786)
Y1  - 2015/03//
VL  - 83
IS  - 2
M3  - Article
SP  - 217
EP  - 251
PB  - Wiley-Blackwell
SN  - 14636786
AB  - Using a wide range of macroeconomic and econometric models we assess the long-term economic impact of the Basel III reform. Our main results are the following. (1) The economic costs of the new regulatory standards for bank capital and liquidity are considerably below existing estimates of the benefits that the reform should have by reducing the probability of banking crises (Basel Committee on Banking Supervision (2010) 'An Assessment of the Long-term Impact of Stronger Capital and Liquidity Requirements', Basel). (2) The reform dampens output volatility modestly, although there is some heterogeneity across models. (3) The adoption of countercyclical capital buffers can substantially amplify the dampening effect on output volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Manchester School (14636786) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - ECONOMETRIC models
KW  - LIQUIDITY (Economics)
KW  - VOLATILITY (Finance)
KW  - ECONOMIC reform
KW  - BASEL III (Proposed)
N1  - Accession Number: 100524452; Angelini, Paolo 1; Clerc, Laurent 2; Cúrdia, Vasco 3; Gambacorta, Leonardo 4; Gerali, Andrea 1; Locarno, Alberto 1; Motto, Roberto 5; Roeger, Werner 6; Van den Heuvel, Skander 7; Vlček, Jan 8; Affiliations: 1: Bank of Italy; 2: Banque de France; 3: Federal Reserve Bank of New York; 4: Bank for International Settlements; 5: European Central Bank; 6: European Commission; 7: Board of Governors of the Federal Reserve System; 8: International Monetary Fund; Issue Info: Mar2015, Vol. 83 Issue 2, p217; Thesaurus Term: ECONOMIC development; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMIC reform; Reviews & Products: BASEL III (Proposed); NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 35p; Document Type: Article
L3  - 10.1111/manc.12056
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=100524452&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aramonte, Sirio
AU  - Jahan-Parvar, Mohammad R.
AU  - Shugarman, Justin K.
T1  - Institutions and return predictability in oil-exporting countries.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/03//
M3  - Article
SP  - 1
EP  - 30
AB  - We study whether stock market returns in oil-exporting countries can be predicted by oil price changes, and we investigate the link between predictability and the quality of each country's institutions. Returns are predictable for half the countries we consider, and predictability is stronger when institutional quality is lower. We argue that the relation between predictability and institutional quality reects the preference of countries with weaker institutions to consume oil windfalls locally rather than smooth out the impact of windfalls by, for instance, investing the proceeds through a sovereign wealth fund. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PETROLEUM -- Export & import trade
KW  - STOCK exchanges
KW  - PETROLEUM -- Sales & prices
KW  - RATE of return
KW  - QUALITY
KW  - Country studies
KW  - Quality of institutions
KW  - Return predictability
N1  - Accession Number: 102025805; Aramonte, Sirio 1; Email Address: Sirio.Aramonte@frb.gov; Jahan-Parvar, Mohammad R. 1; Email Address: Mohammad.Jahan-Parvar@frb.gov; Shugarman, Justin K. 1; Email Address: Justin.K.Shugarman@frb.gov; Affiliations: 1: Financial Stability Policy and Research, Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave. NW, Washington, DC 20551; Issue Info: Mar2015, p1; Thesaurus Term: PETROLEUM -- Export & import trade; Thesaurus Term: STOCK exchanges; Thesaurus Term: PETROLEUM -- Sales & prices; Thesaurus Term: RATE of return; Subject Term: QUALITY; Author-Supplied Keyword: Country studies; Author-Supplied Keyword: Quality of institutions; Author-Supplied Keyword: Return predictability; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 30p; Document Type: Article
L3  - 10.17016/FEDS.2015.014
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102025805&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ehrmann, Michael
AU  - Pfajfar, Damjan
AU  - Santoro, Emiliano
T1  - Consumers' Attitudes and Their Inflation Expectations.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/03//
M3  - Article
SP  - 1
EP  - 30
AB  - This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by University of Michigan. It shows that beyond the well-established socio-economic factors such as income, age or gender, other characteristics such as the households' nancial situation and their purchasing attitudes are important determinants of their forecast accuracy. Respondents with current or expected financial diffculties, pessimistic attitudes about major purchases, or expectations that income will go down in the future have a stronger upward bias in their expectations than other households. However, their bias shrinks by more than that of the average household in response to increasing media report- ing about in.ation. Equivalent results are found during recessions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS -- Attitudes
KW  - SOCIOECONOMIC factors
KW  - RECESSIONS
KW  - SURVEYS
KW  - Consumer Attitudes
KW  - In.ation Expectations
KW  - News on In.ation
KW  - UNIVERSITY of Michigan
N1  - Accession Number: 102025806; Ehrmann, Michael 1; Email Address: mehrmann@bankofcanada.ca; Pfajfar, Damjan 2; Email Address: damjan.pfajfar@frb.gov; Santoro, Emiliano 3; Email Address: emiliano.santoro@econ.ku.dk; Affiliations: 1: Bank of Canada, 234 Laurier Avenue West, Ottawa ON K1A0G9, Canada; 2: Board of Governors of the Federal Reserve System, 20th and Constitu- tion Ave, NW Washington, DC 20551, U.S.A.; 3: Department of Economics, University of Copenhagen, Øster Farimagsgade 5, Building 26, 1353 Copenhagen, Denmark; Issue Info: Mar2015, p1; Thesaurus Term: CONSUMERS -- Attitudes; Thesaurus Term: SOCIOECONOMIC factors; Thesaurus Term: RECESSIONS; Subject Term: SURVEYS; Author-Supplied Keyword: Consumer Attitudes; Author-Supplied Keyword: In.ation Expectations; Author-Supplied Keyword: News on In.ation ; Company/Entity: UNIVERSITY of Michigan; Number of Pages: 30p; Document Type: Article
L3  - 10.17016/FEDS.2015.015
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102025806&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
AU  - Spader, Jonathan
AU  - Cortes, Alvaro
T1  - Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/03//
M3  - Article
SP  - 1
EP  - 48
AB  - During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that had previously received other housing subsidies. The median NSP tract received quite sparse investment, relative to the overall housing stock and the initial levels of distress. Analysis of housing market outcomes indicates the recovery has been uneven across counties and neighborhoods. In a few counties, there is some evidence that NSP2 activity is correlated with improved housing outcomes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - INVESTMENTS
KW  - METROPOLITAN areas
KW  - UNITED States
KW  - COUNTIES
KW  - economic recovery
KW  - federal housing policy
KW  - Foreclosures
KW  - housing markets
KW  - neighborhood revitalization
KW  - NEIGHBORHOOD Stabilization Program (U.S.)
N1  - Accession Number: 102025807; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Spader, Jonathan 2; Cortes, Alvaro 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Abt Associates Inc; Issue Info: Mar2015, preceding p1; Thesaurus Term: HOUSING market; Thesaurus Term: INVESTMENTS; Thesaurus Term: METROPOLITAN areas; Subject Term: UNITED States; Subject Term: COUNTIES; Author-Supplied Keyword: economic recovery; Author-Supplied Keyword: federal housing policy; Author-Supplied Keyword: Foreclosures; Author-Supplied Keyword: housing markets; Author-Supplied Keyword: neighborhood revitalization ; Company/Entity: NEIGHBORHOOD Stabilization Program (U.S.); Number of Pages: 49p; Document Type: Article
L3  - 10.17016/FEDS.2015.016
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=102025807&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Devlin-Foltz, Sebastian
AU  - Henriques, Alice
AU  - Sabelhaus, John
T1  - The Evolution of Retirement Wealth.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/02//
M3  - Article
SP  - 1
EP  - 34
AB  - Is the current mix of tax preferences for employer-sponsored pensions and individual retirement saving in the U.S. delivering the best possible retirement-preparedness across and within generations? Using data from the triennial Survey of Consumer Finances for 1989 through 2013, cohort-based analysis of life-cycle trajectories shows that (1) overall retirement plan participation was relatively stable or even rising through 2007, though participation fell noticeably in the wake of the Great Recession and has remained lower, (2) participation is strongly correlated with income, and the shift in the type of pension coverage occurred within--not just across--income groups, (3) relative to previous cohorts and a counterfactual lifecycle benchmark, the recent decline in retirement plan participation and defined contribution (DC) retirement account balance to-income ratios is concentrated among younger families and lower-income families. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEFINED contribution pension plans
KW  - RETIREMENT income -- Planning
KW  - RETIREMENT planning
KW  - EMPLOYEE fringe benefits
KW  - INDIVIDUAL retirement accounts
KW  - UNITED States
N1  - Accession Number: 101360161; Devlin-Foltz, Sebastian 1; Henriques, Alice 1; Email Address: alice.m.henriques@frb.gov; Sabelhaus, John 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: Feb2015, preceding p1; Thesaurus Term: DEFINED contribution pension plans; Thesaurus Term: RETIREMENT income -- Planning; Thesaurus Term: RETIREMENT planning; Thesaurus Term: EMPLOYEE fringe benefits; Thesaurus Term: INDIVIDUAL retirement accounts; Subject Term: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 36p; Document Type: Article
L3  - 10.17016/FEDS.2015.009
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101360161&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Frost, Josh
AU  - Logan, Lorie
AU  - Martin, Antoine
AU  - McCabe, Patrick
AU  - Natalucci, Fabio
AU  - Remache, Julie
T1  - Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/02//
M3  - Article
SP  - 1
EP  - 37
AB  - We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including impacts on the structure of short-term funding markets and financial stability. We also investigate design features of an ON RRP facility that could mitigate secondary effects deemed undesirable. Finally, we discuss tradeoffs that policymakers may face in designing an ON RRP facility, as they seek to balance the objectives of setting an effective floor on money market rates during the normalization process and limiting any adverse secondary effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - NONBANK financial institutions
KW  - MONEY market
KW  - INTEREST rates
KW  - FINANCIAL services industry
KW  - UNITED States
KW  - Federal Reserve Board and Federal Reserve System
KW  - interest on excess reserves
KW  - monetary policy
KW  - money market funds
KW  - overnight RRP
KW  - repo
KW  - reverse repo
N1  - Accession Number: 101360162; Frost, Josh 1; Logan, Lorie 1; Martin, Antoine 1; McCabe, Patrick 2; Natalucci, Fabio 2; Remache, Julie 1; Affiliations: 1: Federal Reserve Bank of New York; 2: Board of Governors of the Federal Reserve System; Issue Info: Feb2015, preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: NONBANK financial institutions; Thesaurus Term: MONEY market; Thesaurus Term: INTEREST rates; Thesaurus Term: FINANCIAL services industry; Subject Term: UNITED States; Author-Supplied Keyword: Federal Reserve Board and Federal Reserve System; Author-Supplied Keyword: interest on excess reserves; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: money market funds; Author-Supplied Keyword: overnight RRP; Author-Supplied Keyword: repo; Author-Supplied Keyword: reverse repo; Number of Pages: 39p; Document Type: Article
L3  - 10.17016/FEDS.2015.010
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101360162&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Argento, Robert
AU  - Bryant, Victoria L.
AU  - Sabelhaus, John
T1  - EARLY WITHDRAWALS FROM RETIREMENT ACCOUNTS DURING THE GREAT RECESSION.
JO  - Contemporary Economic Policy
JF  - Contemporary Economic Policy
Y1  - 2015/01//
VL  - 33
IS  - 1
M3  - Article
SP  - 1
EP  - 16
PB  - Wiley-Blackwell
SN  - 10743529
AB  - Early withdrawals from retirement accounts are a double-edged sword, because withdrawals reduce retirement resources, but they also allow individuals to smooth consumption when they experience demographic and economic shocks. Using tax data, we show that preretirement withdrawals increased between 2004 and 2010, especially after 2007, but early withdrawal rates are substantial (relative to new contributions) in all those years. Early withdrawal events are strongly correlated with shocks to income and marital status, and lower-income taxpayers are more likely to experience the types of shocks associated with early withdrawals and more likely to have a taxable withdrawal when they experience a given shock. ( JEL G23, H24, H31) [ABSTRACT FROM AUTHOR]
AB  - Copyright of Contemporary Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDIVIDUAL retirement accounts
KW  - RESEARCH
KW  - SHOCK (Economics)
KW  - INCOME
KW  - PENSIONS
KW  - INCOME tax
KW  - MARITAL status
N1  - Accession Number: 99276320; Argento, Robert 1; Bryant, Victoria L. 2; Sabelhaus, John 3; Affiliations: 1: Senior Research Assistant, Board of Governors of the Federal Reserve System; 2: Economist, Statistics of Income Division, Internal Revenue Service; 3: Economist, Board of Governors of the Federal Reserve System; Issue Info: Jan2015, Vol. 33 Issue 1, p1; Thesaurus Term: INDIVIDUAL retirement accounts; Thesaurus Term: RESEARCH; Thesaurus Term: SHOCK (Economics); Thesaurus Term: INCOME; Thesaurus Term: PENSIONS; Thesaurus Term: INCOME tax; Subject Term: MARITAL status; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 16p; Document Type: Article
L3  - 10.1111/coep.12064
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=99276320&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hess Chung
AU  - Herbst, Edward
AU  - Kiley, Michael T.
T1  - Effective Monetary Policy Strategies in New Keynesian Models: A Reexamination.
JO  - NBER/Macroeconomics Annual (University of Chicago Press)
JF  - NBER/Macroeconomics Annual (University of Chicago Press)
Y1  - 2015/01//
VL  - 29
IS  - 1
M3  - Article
SP  - 289
EP  - 344
SN  - 08893365
AB  - We explore the importance of the nature of nominal price and wage adjustment for the design of effective monetary policy strategies, especially at the zero lower bound. Our analysis suggests that sticky-price and sticky-information models fit standard macroeconomic time series comparably well. However, the model with information rigidity responds differently to anticipated shocks and persistent zero lower bound episodes-to a degree important for monetary policy and for understanding the effects of fundamental disturbances when monetary policy cannot adjust. These differences may be important for understanding other policy issues as well, such as fiscal multipliers. Despite these differences, many aspects of effective policy strategy are common across the two models: in particular, highly inertial interest rate rules that respond to nominal income or the price level perform well, even when hit by adverse supply shocks or large demand shocks that induce the zero lower bound. Rules that respond to the level or change in the output gap can perform poorly under those conditions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of NBER/Macroeconomics Annual (University of Chicago Press) is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - KEYNESIAN economics
KW  - INTEREST rates
KW  - PRICE levels
KW  - SHOCK (Economics)
KW  - SUPPLY & demand
KW  - UNITED States
N1  - Accession Number: 108870318; Hess Chung 1; Email Address: hess.t.chung@frb.gov; Herbst, Edward 1; Email Address: edward.p.herbst@frb.gov; Kiley, Michael T. 1; Email Address: michael.t.kiley@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Jan2015, Vol. 29 Issue 1, p289; Thesaurus Term: MONETARY policy; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: INTEREST rates; Thesaurus Term: PRICE levels; Thesaurus Term: SHOCK (Economics); Thesaurus Term: SUPPLY & demand; Subject Term: UNITED States; Number of Pages: 56p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Do, Chau
AU  - Gonzalez, Arturo
T1  - Hispanic brokers and borrowers: The effect of language affinity on the price of home mortgages.
JO  - Regional Science & Urban Economics
JF  - Regional Science & Urban Economics
Y1  - 2015/01//
VL  - 50
M3  - Article
SP  - 77
EP  - 86
SN  - 01660462
AB  - Our study focuses on whether mortgage prices for Hispanic borrowers in areas of limited English fluency depend on the broker's ethnicity. While we find that Hispanic borrowers in areas where the majority of Hispanics are not fluent in English pay higher prices overall, mortgage prices are lower if the loans are originated by Hispanic brokers relative to non-Hispanic white brokers. This effect is found only in fixed-rate mortgage loans and for low/no-documentation loans. Nevertheless, our results cannot be easily explained by different levels of market competition or borrower characteristics. Our results are consistent with other empirical studies that find that language barriers carry additional costs. We note that our conclusions may be affected by the accuracy of our proxy measurements of English and Spanish fluency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Regional Science & Urban Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Market prices
KW  - Brokers
KW  - Mortgage loans
KW  - Fixed rate mortgages
KW  - Competition (Economics)
KW  - D4
KW  - Hispanic
KW  - J10
KW  - J7
KW  - Language
KW  - Mortgage
KW  - R18
N1  - Accession Number: 100236719; Do, Chau 1; Email Address: chau.do@occ.treas.gov; Gonzalez, Arturo 2; Email Address: arturo.gonzalez@frb.gov; Affiliations: 1: Office of the Comptroller of the Currency, 400 7th St SW, Washington, DC 20219, United States; 2: Board of Governors of the Federal Reserve System, 20th St & Constitution Ave NW, Washington, DC 20551, United States; Issue Info: Jan2015, Vol. 50, p77; Subject Term: Market prices; Subject Term: Brokers; Subject Term: Mortgage loans; Subject Term: Fixed rate mortgages; Subject Term: Competition (Economics); Author-Supplied Keyword: D4; Author-Supplied Keyword: Hispanic; Author-Supplied Keyword: J10; Author-Supplied Keyword: J7; Author-Supplied Keyword: Language; Author-Supplied Keyword: Mortgage; Author-Supplied Keyword: R18; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.regsciurbeco.2014.11.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eih&AN=100236719&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Bassetto, Marco
AU  - Cagetti, Marco
AU  - De Nardi, Mariacristina
T1  - Credit crunches and credit allocation in a model of entrepreneurship.
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2015/01//
VL  - 18
IS  - 1
M3  - Article
SP  - 53
EP  - 76
SN  - 10942025
AB  - We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a realistic firm-size distribution. As entrepreneurial firms can grow only slowly and rely heavily on retained earnings to expand the size of their business, we show that, by reducing entrepreneurial firm size and earnings, negative shocks have a very persistent effect on real activity. In determining the speed of recovery from an adverse economic shock, the most important factor is the extent to which the shock erodes entrepreneurial wealth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises -- Size
KW  - ENTREPRENEURSHIP
KW  - CREDIT control
KW  - RETAINED earnings
KW  - SHOCK (Economics)
KW  - Borrowing constraints
KW  - Credit allocation
KW  - Credit crunches
KW  - D58
KW  - E21
KW  - E22
KW  - E32
KW  - E44
KW  - E62
KW  - Entrepreneurship
KW  - Wealth inequality
N1  - Accession Number: 101091793; Bassetto, Marco 1,2,3; Email Address: m.bassetto@ucl.ac.uk; Cagetti, Marco 4; Email Address: marco.cagetti@frb.gov; De Nardi, Mariacristina 1,2,3,5; Email Address: denardim@nber.org; Affiliations: 1: Department of Economics, University College London, 30 Gordon Street, London WC1H 0AX, United Kingdom; 2: Federal Reserve Bank of Chicago, Chicago, IL 60604, USA; 3: Institute for Fiscal Studies, London WC1E 7AE, United Kingdom; 4: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 5: National Bureau of Economic Research, Cambridge, MA 02138, USA; Issue Info: Jan2015, Vol. 18 Issue 1, p53; Thesaurus Term: BUSINESS enterprises -- Size; Thesaurus Term: ENTREPRENEURSHIP; Thesaurus Term: CREDIT control; Thesaurus Term: RETAINED earnings; Thesaurus Term: SHOCK (Economics); Author-Supplied Keyword: Borrowing constraints; Author-Supplied Keyword: Credit allocation; Author-Supplied Keyword: Credit crunches; Author-Supplied Keyword: D58; Author-Supplied Keyword: E21; Author-Supplied Keyword: E22; Author-Supplied Keyword: E32; Author-Supplied Keyword: E44; Author-Supplied Keyword: E62; Author-Supplied Keyword: Entrepreneurship; Author-Supplied Keyword: Wealth inequality; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.red.2014.08.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101091793&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
AU  - Spade, Jonathan
AU  - Buell, Jennifer Lewis
AU  - Burnett, Kimberly
AU  - Buron, Larry
AU  - Cortes, Alvaro
AU  - Domenico, Michael Di
AU  - Jefferson, Anna
AU  - Redfearn, Christian
AU  - Whitlow, Stephen
T1  - Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2015/01//
M3  - Article
SP  - 1
EP  - 40
AB  - To help communities recover from the foreclosure crisis, Congress enacted a set of policies known as the Neighborhood Stabilization Program (NSP). NSP's objective was to mitigate the impact of foreclosures on neighboring properties, through reducing the stock of distressed properties and removing sources of visual blight. This paper presents evidence on production outcomes achieved through the second round of NSP funding (NSP2), and discusses the housing market context under which the program operated from 2010 to 2013. Two key findings emerge. First, local grantees undertook quite different approaches to NSP2. The type and scale of activity, expenditures per property and spatial concentration vary widely across grantees. Second, census tracts that received NSP2 investment had poor economic and housing market conditions prior to the program, but generally saw improved housing markets during the program's implementation period, as did non-NSP2 tracts in the same counties. Based on these findings, we outline topics and suggested approaches for additional research. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - URBAN renewal
KW  - RESEARCH
KW  - HOUSING market
KW  - MORTGAGES
KW  - FEDERAL government
KW  - HOUSING policy
KW  - federal housing policy
KW  - fiscal federalism
KW  - housing markets
KW  - mortgages
KW  - Urban redevelopment
N1  - Accession Number: 100854888; Schuetz, Jenny 1; Email Address: enny.schuetz@frb.gov; Spade, Jonathan 2; Buell, Jennifer Lewis 2; Burnett, Kimberly 2; Buron, Larry 2; Cortes, Alvaro 2; Domenico, Michael Di 2; Jefferson, Anna 2; Redfearn, Christian 3; Whitlow, Stephen 2; Affiliations: 1: Board of Governors of Federal Reserve System, University of Southern California; 2: Abt Associates, University of Southern California; 3: University of Southern California; Issue Info: Jan2015, preceding p1; Thesaurus Term: URBAN renewal; Thesaurus Term: RESEARCH; Thesaurus Term: HOUSING market; Thesaurus Term: MORTGAGES; Thesaurus Term: FEDERAL government; Subject Term: HOUSING policy; Author-Supplied Keyword: federal housing policy; Author-Supplied Keyword: fiscal federalism; Author-Supplied Keyword: housing markets; Author-Supplied Keyword: mortgages; Author-Supplied Keyword: Urban redevelopment; NAICS/Industry Codes: 925110 Administration of Housing Programs; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 41p; Document Type: Article
L3  - 10.17016/FEDS.2015.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=100854888&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
ID  - 2014-55672-012
AN  - 2014-55672-012
AU  - Mazumder, Bhashkar
AU  - Acosta, Miguel
T1  - Using occupation to measure intergenerational mobility.
JF  - Annals of the American Academy of Political and Social Science
JO  - Annals of the American Academy of Political and Social Science
JA  - Ann Am Acad Pol Soc Sci
Y1  - 2015/01//
VL  - 657
IS  - 1
SP  - 174
EP  - 193
CY  - US
PB  - Sage Publications
SN  - 0002-7162
SN  - 1552-3349
N1  - Accession Number: 2014-55672-012. Partial author list: First Author & Affiliation: Mazumder, Bhashkar; Federal Reserve Bank of Chicago, Chicago, IL, US. Release Date: 20150119. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Occupational Mobility; Occupations; Social Mobility; Socioeconomic Status; Transgenerational Patterns. Minor Descriptor: Fathers; Income (Economic); Sons. Classification: Social Processes & Social Issues (2900). Population: Human (10); Male (30). Location: US. Age Group: Adulthood (18 yrs & older) (300); Thirties (30-39 yrs) (340); Middle Age (40-64 yrs) (360). Tests & Measures: Panel Study of Income Dynamics. Methodology: Empirical Study; Quantitative Study. References Available: Y. Page Count: 20. Issue Publication Date: Jan, 2015. 
AB  - Scholarly investigations of intergenerational mobility typically focus on either the occupations of fathers and sons or their incomes. Using an identical sample of fathers and sons, we examine how estimates of intergenerational mobility in income and occupational prestige are affected by (1) measurement that uses long time averages and (2) varying the point in the life cycle when outcomes are measured. We find that intergenerational occupational mobility is overstated when using a single year of fathers’ occupation compared to a 10-year average centered on mid-career. We also find that for both income and occupation, mobility estimates are largest when sons are in their mid-career, suggesting that this may be the ideal period in which to measure their status. Finally, we see differences in the pattern of estimates across the two types of measures: for income, estimates of intergenerational persistence are highest when fathers are in their mid-career; for occupation, estimates are much larger when fathers’ occupations are accounted for late in their careers. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - intergenerational mobility
KW  - social mobility
KW  - occupational mobility
KW  - income
KW  - occupation
KW  - 2015
KW  - Occupational Mobility
KW  - Occupations
KW  - Social Mobility
KW  - Socioeconomic Status
KW  - Transgenerational Patterns
KW  - Fathers
KW  - Income (Economic)
KW  - Sons
KW  - 2015
DO  - 10.1177/0002716214552056
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2014-55672-012&site=ehost-live&scope=site
UR  - ORCID: 0000-0003-4366-1311
UR  - 
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
ID  - 2015-04392-014
AN  - 2015-04392-014
AU  - Noussair, Charles N.
AU  - Pfajfar, Damjan
AU  - Zsiros, Janos
T1  - Pricing decisions in an experimental dynamic stochastic general equilibrium economy.
JF  - Journal of Economic Behavior & Organization
JO  - Journal of Economic Behavior & Organization
JA  - J Econ Behav Organ
Y1  - 2015/01//
VL  - 109
SP  - 188
EP  - 202
CY  - Netherlands
PB  - Elsevier Science
SN  - 0167-2681
AD  - Noussair, Charles N.
N1  - Accession Number: 2015-04392-014. Partial author list: First Author & Affiliation: Noussair, Charles N.; Tilburg University, Tilburg, Netherlands. Release Date: 20150427. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Costs and Cost Analysis; Decision Making; Economy; Equilibrium; Stochastic Modeling. Minor Descriptor: Behavior. Classification: Industrial & Organizational Psychology (3600). Population: Human (10). Location: Netherlands. Age Group: Adulthood (18 yrs & older) (300). Methodology: Empirical Study; Field Study; Mathematical Model; Quantitative Study. Supplemental Data: Other Internet. References Available: Y. Page Count: 15. Issue Publication Date: Jan, 2015. Publication History: First Posted Date: Nov 4, 2014; Accepted Date: Oct 26, 2014; Revised Date: Oct 23, 2014; First Submitted Date: Mar 15, 2013. 
AB  - We construct experimental economies, populated with human subjects, with a structure based on a nonlinear version of the New Keynesian dynamic stochastic general equilibrium (DSGE) model. We analyze the behavior of firms’ pricing decisions in four different experimental economies. We consider how well the experimental data conform to a number of accepted empirical stylized facts. Pricing patterns mostly conform to these patterns. Most price changes are positive, and inflation is strongly correlated with average magnitude, but not the frequency, of price changes. Prices are affected negatively by the productivity shock and positively by the output gap. Lagged real interest rate has a negative effect on prices, unless human subjects choose the interest rate, or firms sell perfect substitutes in the output market. There is inertia in price setting, firms integrate wage increases into their prices, and there is evidence of adaptive behavior in price-setting in our laboratory economy. The hazard function for price changes, however, is upward-sloping, in contrast to most empirical studies. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - Experimental economics
KW  - DSGE economy
KW  - Pricing behavior
KW  - Menu costs
KW  - 2015
KW  - Costs and Cost Analysis
KW  - Decision Making
KW  - Economy
KW  - Equilibrium
KW  - Stochastic Modeling
KW  - Behavior
KW  - 2015
DO  - 10.1016/j.jebo.2014.10.016
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2015-04392-014&site=ehost-live&scope=site
UR  - zsiros@gmail.com
UR  - Damjan.Pfajfar@frb.gov
UR  - C.N.Noussair@uvt.nl
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - UNPB
AU  - Bonaldi, Pietro
AU  - Hortacsu, Ali
AU  - Song, Zhaogang
AD  - University of Chicago
AD  - University of Chicago
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An Empirical Test of Auction Efficiency: Evidence from MBS Auctions of the Federal Reserve
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-82
Y1  - 2015///
SP  - 10 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531354; Keywords: Agency MBS;  Auction;  Nonparametric; Publication Type: Working Paper; Update Code: 201511
N2  - Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction formats using the bid-level data of the Federal Reserve's purchase auctions of agency mortgage-backed securities (MBS) from June 1, 2014 through November 17, 2014. We estimate marginal cost curves for all dealers, at each auction, based on structural models of the multiunit discriminatory-price auction. Our preliminary results suggest that neither uniform-price nor Vickrey auctions outperform discriminatory-price auctions in terms of the total expenditure. However, they do outperform in terms of efficiency, with efficiency gains around 0.74% of the surplus that dealers extract. We caution that our empirical estimation and analysis involve technical assumptions made about the specific auction mechanism the Federal Reserve uses and how auction participants perceive the auction mechanism, both of which may be distinct from practice and may alter the conclusions substantively.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015082pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531354&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015082pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - McCully, Brett
AU  - Pence, Karen M.
AU  - Vine, Daniel J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How Much Are Car Purchases Driven by Home Equity Withdrawal? Evidence from Household Surveys
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-106
Y1  - 2015///
SP  - 13 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549601; Keywords: Auto loans;  auto sales;  cash-out refinancing;  home equity;  home equity lines of credit;  mortgage refinancing;  motor vehicles; Publication Type: Working Paper; Update Code: 201602
N2  - We use data from three nationally representative surveys to document that very few households report purchasing cars with home equity lines of credit or the proceeds from a cash-out refinancing. Households that do report using these sources of funds to purchase cars tend to be affluent and appear to have ample access to credit. These findings suggest that an easing of home-equity borrowing constraints was not the major factor driving any relationship between home prices and car sales during the housing boom in the 2000s. We discuss other mechanisms that might underlie this relationship.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015106pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549601&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015106pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Tito, Maria D.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Welfare Evaluation in a Heterogeneous Agent Model: How Representative is the CES Representative Consumer?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-109
Y1  - 2015///
SP  - 18 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549594; Publication Type: Working Paper; Update Code: 201602
N2  - The present paper investigates the impact of asymmetric price changes on welfare in a model with heterogeneous consumers. I consider consumer heterogeneity a la Anderson et al. (1992). The standard welfare equivalence between the CES representative consumer and the discrete choice model breaks down in presence of asymmetric price changes. In fact, asymmetric variation in prices produce differential gains among heterogeneous consumers. I show that there exists no feasible Kaldor-Hicks income transfer such that the gains are equally redistributed. Intuitively, in presence of decreasing marginal utility, aggregation creates an insurance mechanism: the CES representative consumer softens the impact of price changes reallocating consumption among the available varieties. Individual consumers, instead, purchase a single product and do not internalize the effects of changes in prices of other available varieties. This result suggests that only symmetric policy-induced price changes minimize the utility losses across heterogeneous consumers.
KW  - Consumer Economics: Theory          D11
KW  - Welfare Economics: General          D60
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015109pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549594&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015109pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Luciani, Matteo
AU  - Pundit, Madhavi
AU  - Ramayandi, Arief
AU  - Veronese, Giovanni
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Asian Development Bank
AD  - Asian Development Bank
AD  - Banca d'Italia
T1  - Nowcasting Indonesia
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-100
Y1  - 2015///
SP  - 21 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531357; Keywords: Dynamic Factor Models;  Emerging Market Economies;  Nowcasting; Publication Type: Working Paper; Update Code: 201511
N2  - We produce predictions of the current state of the Indonesian economy by estimating a dynamic factor model on a dataset of eleven indicators (also followed closely by market operators) over the time period 2002 to 2014. Besides the standard difficulties associated with constructing timely indicators of current economic conditions, Indonesia presents additional challenges typical to emerging market economies where data are often scant and unreliable. By means of a pseudo-real-time forecasting exercise we show that our model outperforms univariate benchmarks, and it does comparably with predictions of market operators. Finally, we show that when quality of data is low, a careful selection of indicators is crucial for better forecast performance.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015100pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531357&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015100pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - D'Agostino, Antonello
AU  - Giannone, Domenico
AU  - Lenza, Michele
AU  - Modugno, Michele
AD  - European Stability Mechanism
AD  - Federal Reserve Bank of New York
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Nowcasting Business Cycles: a Bayesian Approach to Dynamic Heterogeneous Factor Models
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-66
Y1  - 2015///
SP  - 24 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517256; Keywords: Current Economic Conditions;  Dynamic Factor Models;  Dynamic Heterogeneity;  Business Cycles;  Real Time;  Nowcasting.; Publication Type: Working Paper; Update Code: 201509
N2  - We develop a framework for measuring and monitoring business cycles in real time. Following a long tradition in macroeconometrics, inference is based on a variety of indicators of economic activity, treated as imperfect measures of an underlying index of business cycle conditions. We extend existing approaches by permitting for heterogenous lead-lag patterns of the various indicators along the business cycles. The framework is well suited for high-frequency monitoring of current economic conditions in real time--nowcasting--since inference can be conducted in presence of mixed frequency data and irregular patterns of data availability. Our assessment of the underlying index of business cycle conditions is accurate and more timely than popular alternatives, including the Chicago Fed National Activity Index (CFNAI). A formal real-time forecasting evaluation shows that the framework produces well-calibrated probability nowcasts that resemble the consensus assessment of t he Survey of Professional Forecasters.
KW  - Bayesian Analysis: General          C11
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Multiple or Simultaneous Equation Models: Classification Methods; Cluster Analysis; Principal Components; Factor Models          C38
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015066pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517256&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015066pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chang, Andrew C.
AU  - Hanson, Tyler J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Hopper
T1  - The Accuracy of Forecasts Prepared for the Federal Open Market Committee
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-62
Y1  - 2015///
SP  - 24 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517255; Keywords: Bayesian model averaging;  Federal Open Market Committee;  forecast accuracy;  Greenbook;  NIPA;  national income and product accounts;  real-time data; Publication Type: Working Paper; Update Code: 201509
N2  - We analyze forecasts of consumption, nonresidential investment, residential investment, government spending, exports, imports, inventories, gross domestic product, inflation, and unemployment prepared by the staff of the Board of Governors of the Federal Reserve System for meetings of the Federal Open Market Committee from 1997 to 2008, called the Greenbooks. We compare the root mean squared error, mean absolute error, and the proportion of directional errors of Greenbook forecasts of these macroeconomic indicators to the errors from three forecasting benchmarks: a random walk, a first-order autoregressive model, and a Bayesian model averaged forecast from a suite of univariate time-series models commonly taught to first-year economics graduate students. We estimate our forecasting benchmarks both on end-of-sample vintage and real-time vintage data. We find find that Greenbook forecasts significantly outperform our benchmark forecasts for horizons less than one quarter ahead. However, by the one-year forecast horizon, typically at least one of our forecasting benchmarks performs as well as Greenbook forecasts. Greenbook forecasts of the personal consumption expenditures and unemployment tend to do relatively well, while Greenbook forecasts of inventory investment, government expenditures, and inflation tend to do poorly.
KW  - Forecasting Models; Simulation Methods          C53
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Trade: Forecasting and Simulation          F17
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015062pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517255&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015062pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ericsson, Neil R.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Eliciting GDP Forecasts from the FOMC's Minutes Around the Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1152
Y1  - 2015///
SP  - 25 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531381; Keywords: Autometrics;  bias;  Fed;  financial crisis;  FOMC;  forecasts;  GDP;  Great Recession;  Greenbook;  impulse indicator saturation;  projections;  Tealbook;  United States; Publication Type: Working Paper; Update Code: 201511
N2  - Stekler and Symington (2016) construct indexes that quantify the Federal Open Market Committee's views about the U.S. economy, as expressed in the minutes of the FOMC's meetings. These indexes provide insights on the FOMC's deliberations, especially at the onset of the Great Recession. The current paper complements Stekler and Symington's analysis by showing that their indexes reveal relatively minor bias in the FOMC's views when the indexes are reinterpreted as forecasts. Additionally, these indexes provide a proximate mechanism for inferring the Fed staff's Greenbook forecasts of the U.S. real GDP growth rate, years before the Greenbook's public release.
KW  - Forecasting Models; Simulation Methods          C53
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1152.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531381&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1152.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chang, Andrew C.
AU  - Li, Phillip
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Officer of the Comptroller of the Currency
T1  - Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say 'Usually Not'
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-83
Y1  - 2015///
SP  - 25 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531377; Publication Type: Working Paper; Update Code: 201511
KW  - Economic Methodology          B41
KW  - Data Collection and Data Estimation Methodology; Computer Programs: General          C80
KW  - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access          C82
KW  - Econometric Software          C87
KW  - Data Collection and Data Estimation Methodology; Computer Programs: Other Computer Software          C88
KW  - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts          E01
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015083pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531377&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015083pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gagnon, Etienne
AU  - Lopez-Salido, J. David
AU  - Sockin, Jason A.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Cyclicality of Sales, Regular and Effective Prices: Comment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-52
Y1  - 2015///
SP  - 25 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508970; Keywords: Outlet substitution bias;  effective prices;  inflation measurement; Publication Type: Working Paper; Update Code: 201507
N2  - Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high-to low-price stores. We show that these authors' measures of inflation with and without store switching suffer from several methodological deficiencies, including an excessive truncation of price adjustments and the lack of a treatment for missing observations. When we address these deficiencies, the authors' key regression results no longer suggest that greater store switching during downturns is a statistically or economically significant phenomenon.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015052pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508970&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015052pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ericsson, Neil R.
AD  - Board of Governors of the Federal Reserve System
T1  - Eliciting GDP Forecasts from the FOMC's Minutes Around the Financial Crisis
PB  - The George Washington University, Department of Economics, Research Program on Forecasting, Working Papers: 2015-003
Y1  - 2015///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531422; Keywords: Autometrics;  bias;  Fed;  financial crisis;  FOMC;  forecasts;  GDP;  Great Recession;  Greenbook;  impulse indicator saturation;  projections;  Tealbook;  United States.; Publication Type: Working Paper; Update Code: 201511
N2  - Stekler and Symington (2016) construct indexes that quantify the Federal Open Market Committee's views about the U.S. economy, as expressed in the minutes of the FOMC's meetings. These indexes provide insights on the FOMC's deliberations, especially at the onset of the Great Recession. The current paper complements Stekler and Symington's analysis by showing that their indexes reveal relatively minor bias in the FOMC's views when the indexes are reinterpreted as forecasts. Additionally, these indexes provide a proximate mechanism for inferring the Fed staff's Greenbook forecasts of the U.S. real GDP growth rate, years before the Greenbook's public release.
KW  - Central Banks and Their Policies          E58
KW  - Forecasting Models; Simulation Methods          C53
L3  - http://www.gwu.edu/~forcpgm/2015-003.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531422&site=ehost-live&scope=site
UR  - http://www.gwu.edu/~forcpgm/2015-003.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kamal, Fariha
AU  - Krizan, C. J.
AU  - Monarch, Ryan
AD  - Center for Economic Studies, U.S. Census Bureau
AD  - Center for Economic Studies, U.S. Census Bureau
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Identifying Foreign Suppliers in U.S. Merchandise Import Transactions
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1142
Y1  - 2015///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517261; Keywords: International Trade;  Transactional Relationships; Publication Type: Working Paper; Update Code: 201509
N2  - International trade data capturing relationships between importing and exporting firm provides new insight into the activity of trading firms, but the quality of such disaggregated data is unknown. In this paper, we assess the reliability of two-sided data from the United States by comparing the number of foreign suppliers from U.S. import data to origin-country data. Such exporter counts tend to be lower than the same counts from raw U.S. data. We propose and implement a set of methods that align the totals more closely. Overall, our analysis presents broad support for usage of U.S. data to study buyer-supplier relationships.
KW  - Trade: General          F10
KW  - Transactional Relationships; Contracts and Reputation; Networks          L14
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1142.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517261&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1142.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Martin, Robert
AU  - Munyan, Tenyanna
AU  - Wilson, Beth Anne
AD  - Barclays Investment Bank
AD  - Vanderbilt University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Potential Output and Recessions: Are We Fooling Ourselves?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1145
Y1  - 2015///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517262; Keywords: business fluctuations;  cycles;  general macro;  international business cycles; Publication Type: Working Paper; Update Code: 201509
N2  - This paper studies the impact of recessions on the longer-run level of output using data on 23 advanced economies over the past 40 years. We find that severe recessions have a sustained and sizable negative impact on the level of output. This sustained decline in output raises questions about the underlying properties of output and how we model trend output or potential around recessions. We find little support for the view that output rises faster than trend immediately following recessions to close the output gap. Indeed, we find little evidence that growth is faster following recessions than before; if anything post-trough growth is slower. Instead, we find that output gaps close importantly through downward revisions to potential output rather than through rapid post-recession growth. The revisions are made slowly (over years)--a process that leads to an initial underestimation of the effect of recessions on potential output and a corresponding under-prediction of inflation.
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
KW  - Business Fluctuations; Cycles          E32
KW  - International Business Cycles          F44
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1145.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517262&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1145.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Haltmaier, Jane
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Have Global Value Chains Contributed to Global Imbalances?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1154
Y1  - 2015///
SP  - 28 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549613; Keywords: Global value chains;  current account balances; Publication Type: Working Paper; Update Code: 201602
N2  - Global value chains (GVCs) have grown rapidly over the past several decades. Over the same period, the aggregate value of current account imbalances has risen substantially. This paper looks at whether these developments are related. While there is a sizable literature that has documented the rise of global production networks, there have been few attempts to assess the potential effect on global imbalances. The paper uses measures of GVCs developed in the literature in panel regressions to assess the effect on global imbalances over the period 1995-2011. It is argued that these variables should be entered as a product rather than individually and that they should be lagged, not contemporaneous with the change in current account balances. The results suggest that GVC position weighted by participation and trade share is negatively related to a country's current account balance, i.e., moving upstream in the production process is negative for a country's current account. However, the effects on global imbalances over the period studied appear to be small.
KW  - Trade: General          F10
KW  - Macroeconomic Aspects of International Trade and Finance: General          F40
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1154.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549613&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1154.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - UNPB
AU  - Ghamami, Samim
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Derivatives Pricing under Bilateral Counterparty Risk
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-26
Y1  - 2015///
SP  - 29 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495223; Keywords: Basel III;  Counterparty Risk;  Credit Value Adjustment;  Reduced-Form Modeling;  Wrong Way Risk; Publication Type: Working Paper; Update Code: 201505
N2  - We consider risk-neutral valuation of a contingent claim under bilateral counterparty risk in a reduced-form setting similar to that of Duffie and Huang [1996] and Duffie and Singleton [1999]. The probabilistic valuation formulas derived under this framework cannot be usually used for practical pricing due to their recursive path-dependencies. Instead, finite-difference methods are used to solve the quasi-linear partial differential equations that equivalently represent the claim value function. By imposing restrictions on the dynamics of the risk-free rate and the stochastic intensities of the counterparties' default times, we develop path-independent probabilistic valuation formulas that have closed-form solution or can lead to computationally efficient pricing schemes. Our framework incorporates the so-called wrong way risk (WWR) as the two counterparty default intensities can depend on the derivatives values. Inspired by the work of Ghamami and Goldberg [2014] on th e impact of WWR on credit value adjustment (CVA), we derive calibration-implied formulas that enable us to mathematically compare the derivatives values in the presence and absence of WWR. We illustrate that derivatives values under unilateral WWR need not be less than the derivatives values in the absence of WWR. A sufficient condition under which this inequality holds is that the price process follows a semimartingale with independent increments.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015026pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495223&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015026pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ihrig, Jane E.
AU  - Meade, Ellen E.
AU  - Weinbach, Gretchen C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-47
Y1  - 2015///
SP  - 30 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508988; Keywords: FOMC;  Federal Reserve;  liftoff;  monetary policy implementation;  monetary policy normalization;  monetary policy tools; Publication Type: Working Paper; Update Code: 201507
N2  - The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. For many years prior to the financial crisis, the FOMC set a target for the federal funds rate and achieved that target through purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large scale asset purchase programs, this approach to implementing monetary policy will no longer work. This paper provides a primer on the Fed's implementation of monetary policy. We use the standard textbook model to illustrate why the approach used by the Federal Reserve before the financial crisis to keep the federal funds rate near the FOMC's target will not work in current circumstances, and explain the approach that the Committee intends to use instead when it decides to begin raising short-term interest rates.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015047pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508988&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015047pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kiley, Michael T.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - What Can the Data Tell Us About the Equilibrium Real Interest Rate?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-77
Y1  - 2015///
SP  - 30 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531356; Keywords: Bayesian Methods;  Equilibrium real interest rate;  Potential Output; Publication Type: Working Paper; Update Code: 201511
N2  - The equilibrium real interest rate (r*) is the short-term real interest rate that, in the long run, is consistent with aggregate production at potential and stable inflation. Estimation of r* faces considerable econometric and empirical challenges. On the econometric front, classical inference confronts the "pile-up" problem. Empirically, the co-movement of output, inflation, unemployment, and real interest rates is too weak to yield precise estimates of r*. These challenges are addressed by applying Bayesian methods and examining the role of several "demand shifters", including asset prices, fiscal policy, and credit conditions. We find that the data provide relatively little information on the r* data-generating process, as the posterior distribution of this process lies very close to its prior. This result contrasts sharply with those for the trend growth or natural rate of unemployment processes. Second, credit spreads are very important for the estimated links between output and interest rates and hence for estimates of r*. Estimates of r* that account for this range of considerations are more stable than other estimates, with r* at the end of 2014 equal to approximately 1-1/4 percent.
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Money and Interest Rates: General          E40
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015077pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531356&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015077pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ehrmann, Michael
AU  - Pfajfar, Damjan
AU  - Santoro, Emilianio
AD  - Bank of Canada
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Copenhagen
T1  - Consumers' Attitudes and Their Inflation Expectations
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-15
Y1  - 2015///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495224; Keywords: Consumer Attitudes;  Inflation Expectations;  News on Inflation; Publication Type: Working Paper; Update Code: 201505
N2  - This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by University of Michigan. It shows that beyond the well-established socio-economic factors such as income, age or gender, other characteristics such as the households' financial situation and their purchasing attitudes are important determinants of their forecast accuracy. Respondents with current or expected financial difficulties, pessimistic attitudes about major purchases, or expectations that income will go down in the future have a stronger upward bias in their expectations than other households. However, their bias shrinks by more than that of the average household in response to increasing media reporting about inflation. Equivalent results are found during recessions.
KW  - Forecasting Models; Simulation Methods          C53
KW  - Expectations; Speculations          D84
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015015pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495224&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015015pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aramonte, Sirio
AU  - Jahan-Parvar, Mohammad
AU  - Shugarman, Justin
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Institutions and return predictability in oil-exporting countries
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-14
Y1  - 2015///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495203; Keywords: Country studies;  Quality of institutions;  Return predictability; Publication Type: Working Paper; Update Code: 201505
N2  - We study whether stock market returns in oil-exporting countries can be predicted by oil price changes, and we investigate the link between predictability and the quality of each country's institutions. Returns are predictable for half the countries we consider, and predictability is stronger when institutional quality is lower. We argue that the relation between predictability and institutional quality reflects the preference of countries with weaker institutions to consume oil windfalls locally rather than smooth out the impact of windfalls by, for instance, investing the proceeds through a sovereign wealth fund.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Economywide Country Studies: General          O50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015014pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495203&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015014pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Laubach, Thomas
AU  - Williams, John C.
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Measuring the natural rate of interest redux
PB  - Federal Reserve Bank of San Francisco, Working Paper Series: 2015-16
Y1  - 2015///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531340; Publication Type: Working Paper; Update Code: 201511
N2  - Persistently low real interest rates have prompted the question whether low interest rates are here to stay. This essay assesses the empirical evidence regarding the natural rate of interest in the United States using the Laubach-Williams model. Since the start of the Great Recession, the estimated natural rate of interest fell sharply and shows no sign of recovering. These results are robust to alternative model specifications. If the natural rate remains low, future episodes of hitting the zero lower bound are likely to be frequent and long-lasting. In addition, uncertainty about the natural rate argues for policy approaches that are more robust to mismeasurement of natural rates.
L3  - http://www.frbsf.org/economic-research/files/wp2015-16.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531340&site=ehost-live&scope=site
UR  - http://www.frbsf.org/economic-research/files/wp2015-16.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lin, Li
AU  - Tsomocos, Dimitrios P.
AU  - Vardoulakis, Alexandros
AD  - International Monetary Fund
AD  - University of Oxford
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - On Default and Uniqueness of Monetary Equilibria
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-34
Y1  - 2015///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508975; Keywords: Collateral;  Default;  Determinacy;  Liquid wealth;  Monetary policy; Publication Type: Working Paper; Update Code: 201507
N2  - We examine the role that credit risk in the central bank's monetary operations plays in the determination of the equilibrium price level and allocations. Our model features trade in fiat money, real assets and a monetary authority which injects money into the economy through short-term and long-term loans to agents. Short-term loans are riskless, but long-term loans are collateralized by a portfolio of real assets and are subject to credit risk. The private monetary wealth of individuals is zero, i.e., there is no outside money. When there is no default in equilibrium, there is indeterminacy. Positive default in every state of the world on some long-term loan endogenously creates positive liquid wealth that supports positive interest rates and resolves the aforementioned indeterminacy. Hence, a non-Ricardian policy across loan markets can determine the equilibrium allocations while it allows the central bank to earn profits from seigniorage in order to compensate for any losses.
KW  - General Equilibrium and Disequilibrium: General          D50
KW  - Money and Interest Rates: General          E40
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015034pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508975&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015034pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Johnson, Kathleen W.
AU  - Sarama, Robert F.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - End of the Line: Behavior of HELOC Borrowers Facing Payment Changes
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-73
Y1  - 2015///
SP  - 32 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517243; Keywords: HELOC;  consumer credit;  end of draw;  home equity;  payment changes; Publication Type: Working Paper; Update Code: 201509
N2  - An important question in the household finance literature is whether a change in required debt payments affects borrower behavior. One challenge in this literature has been identifying whether higher default rates observed after an increase in debt payments stem from the inability of borrowers to pay the higher amount, or the attrition of better borrowers in advance of the payment change. A related question is whether the higher default rate is a result of specific features of the debt product, or the type of borrower who chooses the product. We address both of these questions as they relate to a scheduled increase in payments on home equity lines of credit (HELOCs). Many existing HELOCs are structured such that when they reach the end of the draw period, they convert from open-ended, non-amortizing lines of credit to closed-end, amortizing loans. We compare the performance of HELOCs reaching end of draw with those not reaching end of draw and find that HELOCs that reach end of draw have a significantly higher cumulative default rate in the following months. We also show that, at end of draw, borrowers who have a HELOC with a balloon feature are more likely to have lower credit scores and higher LTVs than borrowers who have HELOCs with longer amortization periods. However, even controlling for borrower and loan characteristics, HELOCs with a balloon payment are more likely to default. This result provides evidence that HELOC defaults can be influenced both by the features of the product and the characteristics of borrowers who choose those features.
KW  - Household Saving; Personal Finance          D14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015073pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517243&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015073pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Altunbas, Yener
AU  - Manganelli, Simone
AU  - Marques-Ibanez, David
AD  - Bangor Business School
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Realized Bank Risk during the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1140
Y1  - 2015///
SP  - 32 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517257; Keywords: Bank risk;  business models;  Great Recession; Publication Type: Working Paper; Update Code: 201509
N2  - In the years preceding the 2007-2009 financial crisis, forward-looking indicators of bank risk concentrated and suggested unusually low expectations of bank default. We assess whether the ex-ante (i.e. prior to the crisis) cross-sectional variability in bank characteristics is related to the ex-post (i.e. during the crisis) materialization of bank risk. Our tailor-made dataset crucially accounts for the different dimensions of realized bank risk including access to central bank liquidity during the crisis. We consistently find that less reliance on deposit funding, more aggressive credit growth, larger size and leverage were associated with larger levels of realized risk. The impact of these characteristics is particularly relevant for capturing the systemic dimensions of bank risk and tends to become stronger for the tail of the riskier banks. The majority of these characteristics also predicted bank risk as materialized before the financial crisis.
KW  - Central Banks and Their Policies          E58
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1140.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517257&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1140.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gramlich, Jacob P.
AU  - Ray, Korok
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Texas A&M School of Business
T1  - Reconciling Full-Cost and Marginal-Cost Pricing
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-72
Y1  - 2015///
SP  - 32 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517238; Keywords: Full Cost Pricing;  Marginal Cost Pricing;  Optimal Pricing;  Pricing; Publication Type: Working Paper; Update Code: 201509
N2  - Despite the clear prescription from economic theory that a firm should set price based only on variable costs, firms routinely factor fixed costs into pricing decisions. We show that full-cost pricing (FCP) can help firms uncover their optimal price from economic theory. FCP marks up variable cost with the contribution margin per unit, which in equilibrium includes the fixed cost. This requires some knowledge of the firm's equilibrium return, though this is arguably easier a lower informational burden than knowing one's demand curve, which is required for optimal economic pricing. We characterize when FCP can implement the optimal price in a static game, a dynamic game, with multiple products, and under a satisficing objective.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015072pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517238&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015072pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kara, Alper
AU  - Marques-Ibanez, David
AU  - Ongena, Steven
AD  - Hull University Business School
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Zurich
T1  - Securitization and lending standards: Evidence from the European wholesale loan market
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1141
Y1  - 2015///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517258; Keywords: Securitization;  bank lending rates;  syndicated loans; Publication Type: Working Paper; Update Code: 201509
N2  - We assess the effect of securitization activity on banks' lending rates employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, in the run up to the 2007-2009 crisis banks that were more active at originating asset-backed securities did not price their loans more aggressively (i.e. with narrower lending spreads) than less-active banks. Using a unique feature of our dataset, we show that also within the set of loans that were previously securitized, the relative level of securitization activity by the originating bank is not related to narrower lending spreads. Our results suggest that while the credit cycle seems to have a major impact of lending standards, the effect of securitization activity appears to be very limited.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1141.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517258&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1141.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Goodman, Sarena
AU  - Henriques, Alice M.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Effect of Shocks to College Revenues on For-Profit Enrollment: Spillover from the Public Sector
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-25
Y1  - 2015///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495215; Keywords: enrollment;  for-profit colleges;  public colleges;  state appropriations; Publication Type: Working Paper; Update Code: 201505
N2  - This paper investigates whether declines in public funding for post-secondary institutions have increased for-profit enrollment. The two primary channels through which funding might operate to reallocate students across sectors are price (measured by tuition) and quality (measured by resource constraints). We estimate, on average, that a 10 percent cut in appropriations raises tuition about 1 to 2 percent and decreases faculty resources by 1/2 to 1 percent, creating substantial bottlenecks for prospective students on both price and quality. These cuts, in turn, generate a nearly one percentage point increase in the for-profit market share of "elastic" enrollment (i.e. attendees of community colleges plus for-profit institutions), owing entirely to students who, in a better funding environment, would have attended a public institution. We estimate an elasticity of for-profit enrollment with respect to state and local appropriations of 0.2. Finally, we extend our analys is to show that for every 1 percent increase in flagship tuition generated by funding shortfalls, for-profit attendance increases by 1-1/2 percent.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015025pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495215&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015025pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Peneva, Ekaterina V.
AU  - Rudd, Jeremy B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Passthrough of Labor Costs to Price Inflation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-42
Y1  - 2015///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508986; Keywords: Prices;  business fluctuations;  and cycles;  wages;  and compensation; Publication Type: Working Paper; Update Code: 201507
N2  - We use a time-varying parameter/stochastic volatility VAR framework to assess how the passthrough of labor costs to price inflation has evolved over time in U.S. data. We find little evidence that changes in labor costs have had a material effect on price inflation in recent years, even for compensation measures where some degree of passthrough to prices still appears to be present. Our results cast doubt on explanations of recent inflation behavior that appeal to such mechanisms as downward nominal wage rigidity or a differential contribution of long-term and short-term unemployed workers to wage and price pressures.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015042pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508986&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015042pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Looney, Adam
AU  - Moore, Kevin B.
AD  - Brookings Institution
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Changes in the Distribution of After-Tax Wealth: Has Income Tax Policy Increased Wealth Inequality?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-58
Y1  - 2015///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517237; Keywords: Inequality;  taxation;  wealth; Publication Type: Working Paper; Update Code: 201509
N2  - A substantial share of the wealth of Americans is held in tax-deferred form such as in retirement accounts or as unrealized capital gains. Most data and statistics on assets and wealth is reported on a pre-tax basis, but pre-tax values include an implicit tax liability and may not provide as accurate a measure of the financial position or material well-being of families. In this paper, we describe the distribution of tax-deferred assets in the SCF from 1989 to 2013, provide new estimates of the income tax liabilities implicit in those assets, and present new statistics on the level and distribution of after-tax net worth. The results of our analysis suggest that, relative to published statistics on pre-tax net worth, the distribution of after-tax wealth is slightly less concentrated at each point in time and the effectiveness of the income tax system in reducing wealth inequality has decreased during the last decade. We find the reduction in the long-term capital gains rate is the primary reason for the muted effectiveness of the income tax system in reducing wealth inequality.
KW  - Taxation and Subsidies: Incidence          H22
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015058pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517237&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015058pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Larrimore, Jeff
AU  - Mortenson, Jacob
AU  - Splinter, David
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Georgetown University
AD  - Joint Committee on Taxation
T1  - Income and Earnings Mobility in U.S. Tax Data
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-61
Y1  - 2015///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517236; Keywords: Administrative data;  income mobility;  post-tax income; Publication Type: Working Paper; Update Code: 201509
N2  - We use a large panel of federal income tax data to investigate intragenerational income mobility in the United States. We have two primary objectives. First, we explore the determinants of two-year changes in individual labor earnings and family incomes, such as job or industry changes, marriage, divorce, and geographic mobility. Second, we evaluate how federal income taxes stabilize or destabilize post-tax income changes relative to pre-tax changes. We find a relatively high degree of income mobility, with almost half of workers exhibiting earnings increases or decreases of at least 25 percent, and two-fifths of tax units experiencing income changes of this magnitude. Male and female labor income mobility patterns are remarkably similar, though marriage is associated with earnings gains among men, but is associated with modest earnings declines among women. We also observe that large income gains are most likely among families that add workers--either through marriage or through a second family member entering the workforce.
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015061pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517236&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015061pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kara, Alper
AU  - Marques-Ibanez, David
AU  - Ongena, Steven
AD  - Loughborough University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Zurich
T1  - Securitization and Credit Quality
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1148
Y1  - 2015///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531382; Keywords: Securitization;  syndicated loans;  credit risk; Publication Type: Working Paper; Update Code: 201511
N2  - Banks are usually better informed on the loans they originate than outside investors. As a result, securitized loans might be of lower credit quality than--otherwise similar--non-securitized loans. We assess the effect of securitization activity on credit quality employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, at issuance, banks do not select and securitize loans of lower credit quality. Following securitization, however, the credit quality of borrowers whose loans are securitized deteriorates by more than those in the control group. We find tentative evidence suggesting that poorer performance by securitized loans might be linked to banks' reduced monitoring incentives.
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1148.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531382&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1148.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Modugno, Michele
AU  - D'Agostino, Antonello
AU  - Osbat, Chiara
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - European Stability Mechanism
AD  - European Central Bank
T1  - A Global Trade Model for the Euro Area
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-13
Y1  - 2015///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495210; Publication Type: Working Paper; Update Code: 201505
N2  - We propose a model for analyzing euro area trade based on the interaction between macroeconomic and trade variables. First, we show that macroeconomic variables are necessary to generate accurate short-term trade forecasts; this result can be explained by the high correlation between trade and macroeconomic variables, with the latter being released in a more timely manner. Second, the model tracks well the dynamics of trade variables conditional on the path of macroeconomic variables during the great recession; this result makes our model a reliable tool for scenario analysis. Third, we quantify the contribution of the most important euro area trading partners (regions) to the aggregate extra euro area developments: we evaluate the impact of an increase of the external demand from a specific region on the extra euro area trade.
KW  - Multiple or Simultaneous Equation Models: Classification Methods; Cluster Analysis; Principal Components; Factor Models          C38
KW  - Trade: Forecasting and Simulation          F17
KW  - Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation: Models and Applications          F47
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015013pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495210&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015013pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sahm, Claudia R.
AU  - Shapiro, Matthew D.
AU  - Slemrod, Joel B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Michigan
AD  - University of Michigan
T1  - Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-37
Y1  - 2015///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508978; Keywords: Fiscal stimulus;  balance sheets;  marginal propensity to consume;  payroll tax;  survey responses; Publication Type: Working Paper; Update Code: 201507
N2  - Balance-sheet repair drove the response of a significant fraction of households to fiscal stimulus following the Great Recession. By combining survey, behavioral, and time-series evidence on the 2011 payroll tax cut and its expiration in 2013, this papers identifies and analyzes households who smooth debt repayment. These "balance-sheet households" are as prevalent as "permanent-income households," who smooth consumption in response to the temporary tax cut, and outnumber "constrained households," who temporarily boost spending. The asymmetric spending response of balance-sheet households poses challenges to standard models, but nonetheless appears important for understanding individual and aggregate responses to fiscal stimulus.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015037pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508978&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015037pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schmeiser, Maximilian D.
AU  - Stoddard, Christiana
AU  - Urban, Carly
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Montana State University
AD  - Montana State University
T1  - Does Salient Financial Information Affect Academic Performance and Borrowing Behavior among College Students?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-75
Y1  - 2015///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517249; Keywords: financial counseling;  financial education;  financial literacy;  higher education;  student loans; Publication Type: Working Paper; Update Code: 201509
N2  - While rising student loan debt can plague college students future finances, few federal programs have been instituted to educate college students on the mechanics of student loan borrowing. This paper exploits a natural experiment in which some students received "Know Your Debt" letters with incentivized offers for one-on-one financial counseling. Montana State University students who reached a specific debt threshold received these letters; University of Montana students did not. We use a difference-in-difference-in-differences strategy to compare students above and below the thresholds across campuses and before and after the intervention to determine how the letters affect student behavior. Employing a rich administrative dataset on individual-level academic records and financial aid packages, we find that students receiving the letters borrow an average of $1,360, less in the subsequent semester--a reduction of one-third. This does not adversely affect their academic performance. In fact, those who receive the intervention take more credits and have higher GPAs in the subsequent semester.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015075pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517249&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015075pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nakata, Taisuke
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-38
Y1  - 2015///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508982; Keywords: Commitment;  distortionary taxation;  government spending;  liquidity trap;  nominal debt;  optimal policy;  zero lower bound; Publication Type: Working Paper; Update Code: 201507
N2  - This paper analyzes the implications of distortionary taxation and debt financing for optimal government spending policy in a sticky-price economy where the nominal interest rate is subject to the zero lower bound constraint. Regardless of the type of tax available and the initial debt level, optimal government spending policy in a recession is characterized by an initial increase followed by a reduction below, and an eventual return to, the steady state. The magnitude of variations in the government spending as well as their welfare implications depend importantly on the available tax instrument and the initial debt level.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - Fiscal Policy          E62
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015038pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508982&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015038pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bucks, Brian K.
AU  - Pence, Karen M.
AD  - Consumer Financial Protection Bureau
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-19
Y1  - 2015///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495220; Keywords: Measurement error;  survey methods;  wealth; Publication Type: Working Paper; Update Code: 201505
N2  - Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat unresolved. We consider whether measurement error on the existing suite of longitudinal surveys hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to collect and assess which assets and debts households are more likely to report accurately. We suggest several considerations in choosing between improving existing surveys and starting a new one.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015019pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495220&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015019pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Brownlees, Christian
AU  - Chabot, Benjamin
AU  - Ghysels, Eric
AU  - Kurz, Christopher J.
AD  - Universitat Pompeu Fabra
AD  - Federal Reserve Bank of Chicago
AD  - University of North Carolina
AD  - Board of the Governors of the Federal Reserve System
T1  - Backtesting Systemic Risk Measures During Historical Bank Runs
PB  - Federal Reserve Bank of Chicago, Working Paper Series: WP-2015-9
Y1  - 2015///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549620; Keywords: Financial crisis;  Systemic risk;  Stress testing;  credit risk;  High-frequency data; Publication Type: Working Paper; Update Code: 201602
N2  - The measurement of systemic risk is at the forefront of economists and policymakers concerns in the wake of the 2008 financial crisis. What exactly are we measuring and do any of the proposed measures perform well outside the context of the recent financial crisis? One way to address these questions is to take backtesting seriously and evaluate how useful the recently proposed measures are when applied to historical crises. Ideally, one would like to look at the pre-FDIC era for a broad enough sample of financial panics to confidently assess the robustness of systemic risk measures but pre-FDIC era balance sheet and bank stock price data were heretofore unavailable. We rectify this data shortcoming by employing a recently collected financial dataset spanning the 60 years before the introduction of deposit insurance. Our data includes many of the most severe financial panics in U.S. history. Overall we find CoVaR and SRisk to be remarkably useful in alerting regulators of systemically risky financial institutions.
KW  - Estimation: General          C13
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - https://www.chicagofed.org/~/media/publications/working-papers/2015/wp2015-09-pdf.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549620&site=ehost-live&scope=site
UR  - https://www.chicagofed.org/~/media/publications/working-papers/2015/wp2015-09-pdf.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ahmed, Shaghil
AU  - Coulibaly, Brahima
AU  - Zlate, Andrei
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1135
Y1  - 2015///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508996; Keywords: Emerging market economies;  financial spillovers;  economic fundamentals;  vulnerability;  depreciation pressure;  taper tantrum;  financial stress; Publication Type: Working Paper; Update Code: 201507
N2  - We assess the importance of economic fundamentals in the transmission of international shocks to financial markets in various emerging market economies (EMEs). Our analysis covers the so-called taper-tantrum episode of 2013 and six earlier episodes of severe EME-wide financial stress since the mid-1990s. Cross-country regressions lead us to the following results: (1) EMEs with relatively better economic fundamentals suffered less deterioration in financial markets during the 2013 taper-tantrum episode. (2) Differentiation among EMEs set in quite early and persisted throughout this episode. (3) Controlling for economic fundamentals, we also find that, during the taper tantrum, financial conditions deteriorated more in those EMEs that had earlier experienced larger private capital inflows and greater exchange rate appreciation. (4) For earlier episodes, we find little evidence of investor differentiation across EMEs being explained by differences in their relative vulnerabilities during EME crises of the 1990s and early 2000s. (5) That said, differentiation across EMEs based on fundamentals does not appear to be unique to the 2013 episode. Differences in economic fundamentals played a role in explaining the heterogeneous EME financial market responses during the global financial crisis of 2008, and the role of fundamentals appeared to progressively increase through the European crisis in 2011 and subsequently the 2013 taper tantrum.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - International Finance: General          F30
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1135.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508996&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1135.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hsu, Joanne W.
AU  - McFall, Brooke H.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Michigan
T1  - Mode effects in mixed-mode economic surveys: Insights from a randomized experiment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-8
Y1  - 2015///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495213; Keywords: Data quality;  household surveys;  mode effects;  response rates; Publication Type: Working Paper; Update Code: 201505
N2  - Web-based surveys have become increasingly common in economic, marketing, and other social science research. However, questions exist about the comparability of data gathered using a web interview and data gathered using more traditional survey modes, particularly for surveys on household economic behavior. Differences between data from different survey modes may arise through two different mechanisms: sample selectivity due to (lack of) web access and mode effects. This study leverages the randomized experimental design of the mixed-mode Cognitive Economics Study to examine mode effects separately from sample selectivity issues. In particular, we examine differences in survey response rates, item nonresponse, and data quality due to mode effects. Our results indicate that, in contrast to mail mode, web mode surveys (1) attain higher response rates among web users, (2) display lower item nonresponse, and (3) elicit more precise values for financial measures. We conclude that, for web-using populations, web mode surveys appear to result in more usable data than mail mode surveys, and these data appear to be of high quality. However, we also find no systematic mode differences in the categorical distributions of responses to items, providing no evidence that pooling data from the two modes is inadvisable.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015008pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495213&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015008pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Devlin-Foltz, Sebastian
AU  - Henriques, Alice M.
AU  - Sabelhaus, John
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Evolution of Retirement Wealth
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-9
Y1  - 2015///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495217; Keywords: Lifecycle;  pension;  retirement; Publication Type: Working Paper; Update Code: 201505
N2  - Is the current mix of tax preferences for employer-sponsored pensions and individual retirement saving in the U.S. delivering the best possible retirement-preparedness across and within generations? Using data from the triennial Survey of Consumer Finances for 1989 through 2013, cohort-based analysis of life-cycle trajectories shows that (1) overall retirement plan participation was relatively stable or even rising through 2007, though participation fell noticeably in the wake of the Great Recession and has remained lower, (2) participation is strongly correlated with income, and the shift in the type of pension coverage occurred within--not just across--income groups, (3) relative to previous cohorts and a counterfactual lifecycle benchmark, the recent decline in retirement plan participation and defined contribution (DC) retirement account balance-to-income ratios is concentrated among younger families and lower-income families.
KW  - Household Saving; Personal Finance          D14
KW  - Social Security and Public Pensions          H55
KW  - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions          J32
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015009pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495217&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015009pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Moulton, Stephanie
AU  - Dodini, Samuel
AU  - Haurin, Donald R.
AU  - Schmeiser, Maximilian D.
AD  - Ohio State University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Ohio State University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How House Price Dynamics and Credit Constraints affect the Equity Extraction of Senior Homeowners
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-70
Y1  - 2015///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517235; Keywords: Home Equity Extraction;  Mortgages and credit;  Reverse Mortgages; Publication Type: Working Paper; Update Code: 201509
N2  - Households can borrow against equity through different channels, including home equity lines of credit (HELOCs), second liens, cash-out refinancing, and--for senior homeowners--reverse mortgages. We use data from the New York Federal Reserve/Equifax Consumer Credit Panel, the U.S. Department of Housing and Urban Development, and other sources to jointly estimate the decision to extract equity through these different channels. Specifically, we identify the influence of credit constraints, house price dynamics and their interactions on the proportion of seniors in a ZIP code extracting through a given channel each year from 2004 to 2012: the boom and bust period in the U.S. housing market. Prior research finds credit constrained households were more responsive to house price gains than non-constrained households. Our results suggest that this response varies depending on the borrowing channel. As house prices increased, cash-out refinancing increased in credit-constrained areas, but HELOCs increased in less-credit-constrained areas. Further, when house prices fell, reverse mortgage originations increased--particularly in credit-constrained areas. We also observe differential responses to credit constraints and house price changes in minority versus non-minority neighborhoods.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015070pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517235&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015070pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Duygan-Bump, Burcu
AU  - Nelson, William R.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-11
Y1  - 2015///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495209; Keywords: Lender of last resort;  central banks;  financial crises;  liquidity regulation; Publication Type: Working Paper; Update Code: 201505
N2  - During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers and regulators have taken steps to reduce the likelihood that such lending would be required in the future, including the introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails extremely high costs and should be made unnecessary by liquidity regulations. By contrast, some have argued that the loss of liquidity was the result of market failures, and that central banks can solve such failures by lending, making liquidity regulations unnecessary. In this paper, we argue that LOLR lending and liquidity regulations are complementary tools. Liquidity shortfalls can arise for two very different reasons: First, sound institutions can face runs or a deterioration in the liquidity of markets they depend on for funding. Second, solvency concerns can cause creditors to pull away from troubled institutions. Using examples from the recent crisis, we argue that central bank lending is the best response in the former situation, while orderly resolution (by the institution as it gets through the problem on its own or via a controlled failure) is the best response in the second situation. We also contend that liquidity regulations are a necessary tool in both situations: They help ensure that the authorities will have time to assess the nature of the shortfall and arrange the appropriate response, and they provide an incentive for banks to internalize the externalities associated with any liquidity risks.
KW  - Central Banks and Their Policies          E58
KW  - Financial Crises          G01
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015011pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495209&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015011pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Yoldas, Emre
AU  - Senyuz, Zeynep
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Financial Stress and Equilibrium Dynamics in Money Markets
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-91
Y1  - 2015///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531373; Keywords: Money markets;  Cointegration;  Threshold models;  GARCH;  Constant conditional correlation model.; Publication Type: Working Paper; Update Code: 201511
N2  - Interest rate spreads are widely-used indicators of funding pressures and market functioning in money markets. Using weekly data from 2002 to 2015, we analyze money market dynamics in a long-run equilibrium framework where commonly-monitored spreads serve as error correction terms. We find strong evidence for nonlinearities with respect to levels of the spreads. We provide point and interval estimates for spread thresholds that quantify funding pressure points from a long-run perspective. Our results indicate significant asymmetry in the adjustment toward long-run equilibrium. We show that economically and statistically significant adjustments occur only following large shocks to risk premia. Additionally, we quantify shifts in interest rate volatilities in high spread regimes characterized by elevated funding stress as well as declining correlations between risky funding rates and relatively safe base rates in such environments.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015091pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531373&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015091pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Banegas, Ayelen
AU  - Judson, Ruth
AU  - Sims, Charles
AU  - Stebunovs, Viktors
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - International Dollar Flows
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1144
Y1  - 2015///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517259; Keywords: capital flows;  currency flows;  U.S. banknotes;  safe asset;  emerging market economies;  economic uncertainty;  flight to quality;  capital flight;  money demand.; Publication Type: Working Paper; Update Code: 201509
N2  - Using confidential Federal Reserve data, we study the factors driving U.S. banknote flows between the United States and other countries. These flows are a significant component of capital flows in emerging market economies, where physical U.S. currency functions as a safe asset and precautionary demand for U.S. banknotes is a form of flight to quality. Prior to the global financial crisis, country-specific factors, including local economic uncertainty, largely explain the volume and heterogeneity of the flows. Since the crisis, global factors, particularly, global economic uncertainty, explain the flows markedly well. Further, precautionary demand for U.S. banknotes is not episodic.
KW  - Money and Interest Rates: General          E40
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - International Finance: General          F30
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1144.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517259&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1144.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gust, Christopher J.
AU  - Johannsen, Benjamin K.
AU  - Lopez-Salido, J. David
AD  - Unlisted
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Monetary Policy, Incomplete Information, and the Zero Lower Bound
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-99
Y1  - 2015///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531350; Publication Type: Working Paper; Update Code: 201511
N2  - In the context of a stylized New Keynesian model, we explore the interaction between imperfect knowledge about the state of the economy and the zero lower bound. We show that optimal policy under discretion near the zero lower bound responds to signals about an increase in the equilibrium real interest rate by less than it would when far from the zero lower bound. In addition, we show that Taylor-type rules that either include a time-varying intercept that moves with perceived changes in the equilibrium real rate or that respond aggressively to deviations of inflation and output from their target levels perform similarly to optimal discretionary policy. Our analysis of first-difference rules highlights that rules with interest rate smoothing terms carry forward current and past misperceptions about the state of the economy and can lead to suboptimal performance.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015099pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531350&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015099pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Frost, Joshua
AU  - Logan, Lorie
AU  - Martin, Antoine
AU  - McCabe, Patrick E.
AU  - Natalucci, Fabio M.
AU  - Remache, Julie
AD  - Federal Reserve Bank of New York
AD  - Federal Reserve Bank of New York
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - http://www.federalreserve.gov/econresdata/fabio-m-natalucci.htm
T1  - Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-10
Y1  - 2015///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495202; Keywords: Federal Reserve Board and Federal Reserve System;  monetary policy;  interest on excess reserves;  money market funds;  overnight RRP;  repo;  reverse repo; Publication Type: Working Paper; Update Code: 201505
N2  - We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including impacts on the structure of short-term funding markets and financial stability. We also investigate design features of an ON RRP facility that could mitigate secondary effects deemed undesirable. Finally, we discuss tradeoffs that policymakers may face in designing an ON RRP facility, as they seek to balance the objectives of setting an effective floor on money market rates during t he normalization process and limiting any adverse secondary effects.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015010pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495202&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015010pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schmeiser, Maximilian D.
AU  - Gross, Matthew B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Michigan
T1  - The Determinants of Subprime Mortgage Performance Following a Loan Modification
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-6
Y1  - 2015///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495198; Keywords: Mortgage Modification;  Subprime;  Mortgage Default;  Foreclosure;  HAMP; Publication Type: Working Paper; Update Code: 201505
N2  - We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent housing crisis, and the effect of the various types of modifications on the subsequent loan performance. Using the CoreLogic LoanPerformance dataset that contains detailed loan level information on mortgages, modification terms, second liens, and home values, we estimate a discrete time proportional hazard model with competing risks to examine the determinants of post-modification mortgage outcomes. We find that principal reductions are particularly effective at improving loan outcomes, as high loan-to-value ratios are the single greatest contributor to re-default and foreclosure. However, any modification that reduces total payment and interest (P&I) reduces the likelihood of subsequent re-default and foreclosure. Modifications that involve increasing the loan principal--primarily through capitalized interest and fees--are more likely to fail, even controlling for change in P&I.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Household Analysis: General          R20
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Government Policy          R28
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015006pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495198&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015006pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lopez-Salido, J. David
AU  - Stein, Jeremy C.
AU  - Zakrajsek, Egon
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Harvard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Credit-Market Sentiment and the Business Cycle
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-28
Y1  - 2015///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495208; Keywords: Business cycles;  credit-market sentiment;  financial stability; Publication Type: Working Paper; Update Code: 201505
N2  - Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t-2 is associated with a decline in economic activity in years t through t+2. Underlying this result is the existence of predictable mean reversion in credit-market conditions. That is, when our sentiment proxies indicate that credit risk is aggressively priced, this tends to be followed by a subsequent widening of credit spreads, and the timing of this widening is, in turn, closely tied to the onset of a contraction in economic activity. Exploring the mechanism, we find that buoyant credit-market sentiment in year t-2 also forecasts a change in the composition of external finance: net debt issuance falls in year t, while net equity issuance increases, patterns consistent with the reversal in credit-market conditions leading to an inward shift in credit supply. Unlike much of the current literature on the role of financial frictions in macroeconomics, this paper suggests that time-variation in expected returns to credit market investors can be an important driver of economic fluctuations.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015028pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495208&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015028pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ferris, Erin E. Syron
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Dividend Taxes and Stock Volatility
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-36
Y1  - 2015///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508981; Keywords: Corporate finance and governance;  taxation; Publication Type: Working Paper; Update Code: 201507
N2  - How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural experiment to identify their impact on firm's price volatility. If a risk-averse executive faces price risk through his incentive contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare. Stock volatility decreased after the tax cut for firms where an executive has large holdings of shares and options relative to firms where an executive has small holdings of shares and options. Therefore, with a risk-averse executive and risk-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can be partially offset by the use of options in the employment contract.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015036pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508981&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015036pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Pfajfar, Damjan
AU  - Zakelj, Blaz
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Universitat Pompeu Fabra
T1  - Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-45
Y1  - 2015///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508983; Keywords: Inflation expectations;  laboratory experiments;  monetary policy design;  New Keynesian model; Publication Type: Working Paper; Update Code: 201507
N2  - Using laboratory experiments within a New Keynesian framework, we explore the interaction between the formation of inflation expectations and monetary policy design. The central question in this paper is how to design monetary policy when expectations formation is not perfectly rational. Instrumental rules that use actual rather than forecasted inflation produce lower inflation variability and reduce expectational cycles. A forward-looking Taylor rule where a reaction coefficient equals 4 produces lower inflation variability than rules with reaction coefficients of 1.5 and 1.35. Inflation variability produced with the latter two rules is not significantly different. Moreover, the forecasting rules chosen by subjects appear to vary systematically with the policy regime, with destabilizing mechanisms chosen more often when inflation control is weaker.
KW  - Design of Experiments: Laboratory, Individual          C91
KW  - Design of Experiments: Laboratory, Group Behavior          C92
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015045pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508983&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015045pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arias, Jonas E.
AU  - Caldara, Dario
AU  - Rubio-Ramirez, Juan F.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Duke University
T1  - The Systematic Component of Monetary Policy in SVARs: An Agnostic Identification Procedure
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1131
Y1  - 2015///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495229; Keywords: SVARs;  Monetary policy shocks;  Systematic component of monetary policy; Publication Type: Working Paper; Update Code: 201505
N2  - Following Leeper, Sims, and Zha (1996), we identify monetary policy shocks in SVARs by restricting the systematic component of monetary policy. In particular, we impose sign and zero restrictions only on the monetary policy equation. Since we do not restrict the response of output to a monetary policy shock, we are agnostic in Uhlig's (2005) sense. But, in contrast to Uhlig (2005), our results support the conventional view that a monetary policy shock leads to a decline in output. Hence, our results show that the contractionary effects of monetary policy shocks do not hinge on questionable exclusion restrictions.
KW  - Model Construction and Estimation          C51
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1131.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495229&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1131.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - King, Thomas B.
AU  - Lewis, Kurt F.
AD  - Chicago FED
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Credit Risk, Liquidity and Lies
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-112
Y1  - 2015///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549607; Keywords: Bank Funding;  Credit Risk;  LIBOR;  Liquidity;  Misreporting; Publication Type: Working Paper; Update Code: 201602
N2  - We reexamine the relative effects of credit risk and liquidity in the interbank market using bank-level panel data on Libor submissions and CDS spreads. Our model synthesizes previous work by combining the fundamental determinants of interbank spreads with the effects of strategic misreporting by Libor-submitting firms. We find that interbank spreads were very sensitive to credit risk at the peak of the crisis. However, liquidity premia constitute the bulk of those spreads on average, and Federal Reserve interventions coincide with improvements in liquidity at short maturities. Accounting for misreporting, which is large at times, is important for obtaining these results.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Transactional Relationships; Contracts and Reputation; Networks          L14
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015112pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549607&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015112pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Rose, Jonathan D.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Old-Fashioned Deposit Runs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-111
Y1  - 2015///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549595; Publication Type: Working Paper; Update Code: 201602
N2  - This paper characterizes the deposit runs that occurred in the commercial banking system during 2008 and compares them with deposit runs during the 1930s. The importance of withdrawals by large depositors is a strong source of continuity across the two eras and reflects the longstanding concentration of deposit holdings. Runs occurred during 2008 despite the presence of national deposit insurance, which does not fully cover large accounts and therefore has limited impact on the incentives of those account holders. Large depositors continue to represent a source of both market discipline and financial instability.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015111pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549595&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015111pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Beltran, Daniel O.
AU  - Bolotnyy, Valentin
AU  - Klee, Elizabeth C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Harvard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Un-Networking: The Evolution of Networks in the Federal Funds Market
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-55
Y1  - 2015///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517244; Keywords: Banks;  credit unions;  and other financial institutions;  counterparty credit risk;  data visualization;  network models; Publication Type: Working Paper; Update Code: 201509
N2  - Using a network approach to characterize the evolution of the federal funds market during the Great Recession and financial crisis of 2007-2008, we document that many small federal funds lenders began reducing their lending to larger institutions in the core of the network starting in mid-2007. But an abrupt change occurred in the fall of 2008, when small lenders left the federal funds market en masse and those that remained lent smaller amounts, less frequently. We then test whether changes in lending patterns within key components of the network were associated with increases in counterparty and liquidity risk of banks that make up the core of the network. Using both aggregate and bank-level network metrics, we find that increases in counterparty and liquidity risk are associated with reduced lending activity within the network. We also contribute some new ways of visualizing financial networks.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015055pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517244&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015055pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gissler, Stefan
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A margin call gone wrong: Credit, stock prices, and Germany's Black Friday 1927
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-54
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517252; Keywords: Asset pricing and bonds;  banks;  credit unions;  and other financial institutions;  economic history;  equity; Publication Type: Working Paper; Update Code: 201509
N2  - Leverage is often seen as villain in financial crises. Sudden deleveraging may lead to fire sales and price pressure when asset demand is downward-sloping. This paper looks at the effects of changes in leverage on asset prices. It provides a historical case study where a large, well-identified shock to margin credit disrupted the German stock market. In May 1927, the German central bank forced banks to cut margin lending to their clients. However, this shock affected banks differentially; the magnitude of credit change differed across banks. Using the strong connections between banks and firms in interwar Germany, I show in a difference-in-differences framework that stocks affiliated with affected banks decreased over 12 percent during 4 weeks. Volatility of these stocks doubled. Relating directly bank balance sheet information to asset prices, this paper finds that a one standard deviation decrease in lending to investors increased an affected stock's volatility by 0.2 2 standard deviations. These results are robust to the problem that banks' lending decisions may be influenced by asset prices. The Reichsbank threatened banks to cut their short-run funding. Using the differences in exposure towards this threat, an instrumental variable strategy provides further evidence that a sharp decrease in leverage may lead to stock price fluctuations.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015054pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517252&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015054pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carapella, Francesca
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Banking panics and deflation in dynamic general equilibrium
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-18
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495200; Keywords: banking panics;  deflation;  deposit insurance; Publication Type: Working Paper; Update Code: 201505
N2  - This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nominal terms: if prices unexpectedly fall, the real value of banks' existing obligations increases. Banks default, panics precipitate, economic activity declines. If banks default, aggregate demand for cash increases because financial intermediation provided by banks disappears. When money supply is unchanged, the price level drops, thereby providing incentives for banks to default. Active monetary policy prevents banks from failing and output from falling. Deposit insurance can achieve the same goal but amplifies business cycle fluctuations by inducing moral hazard.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015018pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495200&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015018pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Adenbaum, Jacob
AU  - Copeland, Adam
AU  - Stevens, John J.
AD  - Federal Reserve Bank of NY
AD  - Federal Reserve Bank of NY
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Do long-haul truckers undervalue future fuel savings?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-118
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549612; Keywords: fuel efficiency standards;  durable goods;  discrete-choice demand estimation; Publication Type: Working Paper; Update Code: 201602
N2  - The U.S. federal government enacted fuel efficiency standards for medium and heavy trucks for the first time in September 2011. Rationales for using this policy tool typically depend upon frictions existing in the marketplace or consumers being myopic, such that vehicle purchasers undervalue the future fuel savings from increased fuel efficiency. We measure by how much long-haul truck owners undervalue future fuel savings by employing recent advances to the classic hedonic approach to estimate the distribution of willingness-to-pay for fuel efficiency. We find significant heterogeneity in truck owners' willingness to pay for fuel efficiency, with the elasticity of fuel efficiency to price ranging from 0.51 at the 10th percentile to 1.33 at the 90th percentile, and an average of 0.91. Combining these results with estimates of future fuel savings from increases in fuel efficiency, we find that long-haul truck owners' willingness-to-pay for a 1 percent increase in fuel efficiency is, on average, just 29.5 percent of the expected future fuel savings. These results suggest that introducing fuel efficiency standards for heavy trucks might be an effective policy tool to raise medium and heavy trucks' fuel economy.
KW  - Firm Behavior: Empirical Analysis          D22
KW  - Economics of Regulation          L51
KW  - Railroads and Other Surface Transportation          L92
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015118pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549612&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015118pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mallucci, Enrico
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Domestic Debt and Sovereign Defaults
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1153
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549617; Keywords: Sovereign Defaults;  Domestic Debt;  Debt Crises;  Credit Market; Publication Type: Working Paper; Update Code: 201602
N2  - This paper examines how domestic holdings of government debt affect sovereign default risk and government debt management. I develop a dynamic stochastic general equilibrium model with both external and domestic debt that endogenously generates output contraction upon default. Domestic holdings of government debt weaken investors' balance sheets and induce a contraction of credit and output upon default. I calibrate the model to the Argentinean economy and show that the model reproduces key empirical moments. Introducing domestic debt also yields relevant normative implications. While domestic debt is crucial to determining the risk of default, the efficient internal-external composition of debt cannot be achieved without government intervention. Pigouvian subsidies can restore efficiency.
KW  - International Lending and Debt Problems          F34
KW  - Open Economy Macroeconomics          F41
KW  - National Debt; Debt Management; Sovereign Debt          H63
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1153.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549617&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1153.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Zarutskie, Rebecca
AU  - Yang, Tiantian
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Duke University
T1  - How Did Young Firms Fare During the Great Recession? Evidence from the Kauffman Firm Survey
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-85
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531365; Keywords: Entrepreneurship;  Financing constraints;  Firm performance;  Great Recession;  Young firms; Publication Type: Working Paper; Update Code: 201511
N2  - We examine the evolution of several key firm economic and financial variables in the years surrounding and during the Great Recession using the Kauffman Firm Survey, a large panel of young firms founded in 2004 and surveyed for eight consecutive years. We find that these young firms experienced slower growth in revenues, employment, and assets and faced tighter financing conditions during the recessionary years. While we find some evidence that firm growth picked up following the recession, it is not clear that it returned to the levels it would have been absent the recessionary shock. We find little evidence that financing conditions for young firms loosened following the recession and show that financing constraints, in addition to diminished demand, may have contributed to these firms' slower growth. We discuss the strengths and the limitations of the Kauffman Firm Survey in measuring the impact of the Great Recession on young firms and their founders and consider features of future data collection and measurement efforts that would be useful in studying entrepreneurial activity over the business cycle.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015085pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531365&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015085pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Infante, Sebastian
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Liquidity Windfalls: The Consequences of Repo Rehypothecation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-22
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495212; Keywords: bankruptcy;  haircuts;  liquidity;  prime brokerage;  rehypothecation;  repo; Publication Type: Working Paper; Update Code: 201505
N2  - This paper presents a model of repo rehypothecation in which dealers intermediate funds and collateral between cash lenders (e.g., money market funds) and prime brokerage clients (e.g., hedge funds). Dealers take advantage of their position as intermediaries, setting different repo terms with each counterparty. In particular, the difference in haircuts represents a positive cash balance for the dealer that can be an important source of liquidity. The model shows that dealers with higher default risk are more exposed to runs by collateral providers than to runs by cash lenders, who are completely insulated from a dealer's default. In addition, collateral providers' repo terms are sensitive to changes in a dealer's default probability and its correlation with the collateral's outcome, whereas cash lenders' repo terms are unaffected by these changes. This paper rationalizes the difference in haircuts observed in bilateral and tri-party repo markets, reconciles the partial evidence of the run on repo during the recent financial crisis, and presents new empirical evidence to support the model's main prediction on haircut sensitivities.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015022pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495212&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015022pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Oh, Dong Hwan
AU  - Patton, Andrew J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Duke University
T1  - Modelling Dependence in High Dimensions with Factor Copulas
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-51
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508969; Keywords: Copulas;  correlation;  dependence;  systemic risk;  tail dependence; Publication Type: Working Paper; Update Code: 201507
N2  - his paper presents flexible new models for the dependence structure, or copula, of economic variables based on a latent factor structure. The proposed models are particularly attractive for relatively high dimensional applications, involving fifty or more variables, and can be combined with semiparametric marginal distributions to obtain flexible multivariate distributions. Factor copulas generally lack a closed-form density, but we obtain analytical results for the implied tail dependence using extreme value theory, and we verify that simulation-based estimation using rank statistics is reliable even in high dimensions. We consider "scree" plots to aid the choice of the number of factors in the model. The model is applied to daily returns on all 100 constituents of the S&P 100 index, and we find significant evidence of tail dependence, heterogeneous dependence, and asymmetric dependence, with dependence being stronger in crashes than in booms. We also show that factor copula models provide superior estimates of some measures of systemic risk.
KW  - Multiple or Simultaneous Equation Models: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models          C31
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Model Construction and Estimation          C51
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015051pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508969&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015051pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schuetz, Jenny
AU  - Spader, Jonathan
AU  - Buell, Jennifer Lewis
AU  - Burnett, Kimberly
AU  - Buron, Larry
AU  - Cortes, Alvaro
AU  - DiDomenico, Michael
AU  - Jefferson, Anna
AU  - Redfearn, Christian
AU  - Whitlow, Stephen
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Abt Associates
AD  - Abt Associates
AD  - Abt Associates
AD  - Abt Associates
AD  - Abt Associates
AD  - Abt Associates
AD  - Abt Associates
AD  - University of Southern California
AD  - Abt Associates
T1  - Which Way to Recovery? Housing Market Outcomes and the Neighborhood Stabilization Program
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-4
Y1  - 2015///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495207; Keywords: Urban redevelopment;  mortgages;  housing markets;  federal housing policy;  fiscal federalism; Publication Type: Working Paper; Update Code: 201505
N2  - To help communities recover from the foreclosure crisis, Congress enacted a set of policies known as the Neighborhood Stabilization Program (NSP). NSP's objective was to mitigate the impact of foreclosures on neighboring properties, through reducing the stock of distressed properties and removing sources of visual blight. This paper presents evidence on production outcomes achieved through the second round of NSP funding (NSP2), and discusses the housing market context under which the program operated from 2010 to 2013. Two key findings emerge. First, local grantees undertook quite different approaches to NSP2. The type and scale of activity, expenditures per property and spatial concentration vary widely across grantees. Second, census tracts that received NSP2 investment had poor economic and housing market conditions prior to the program, but generally saw improved housing markets during the program's implementation period, as did non-NSP2 tracts in the same counties. Based on these findings, we outline topics and suggested approaches for additional research.
KW  - National Government Expenditures and Related Policies: General          H50
KW  - State and Local Government; Intergovernmental Relations: General          H70
KW  - General Regional Economics (includes Regional Data)          R10
KW  - Real Estate Markets, Spatial Production Analysis, and Firm Location: General          R30
KW  - Regional Government Analysis: General          R50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015004pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495207&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015004pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Spader, Jonathan
AU  - Schuetz, Jenny
AU  - Cortes, Alvaro
AD  - Harvard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Abt Associates
T1  - Fewer Vacants, Fewer Crimes? Impacts of Neighborhood Revitalization Policies on Crime
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-88
Y1  - 2015///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531371; Keywords: Crime;  broken windows;  foreclosures;  neighborhood revitalization; Publication Type: Working Paper; Update Code: 201511
N2  - The relationship between neighborhood physical environment and social disorder, particularly crime, is of critical interest to urban economists and sociologists, as well as local governments. Over the past 50 years, various policy interventions to improve physical conditions in distressed neighborhoods have also been heralded for their potential to reduce crime. Urban renewal programs in the mid-20th century and public housing redevelopment in the 1990s both subscribed to the idea that signs of physical disorder invite social disorder. More recently, the federal Neighborhood Stabilization Program (NSP) provided funding for local policymakers to rehabilitate or demolish foreclosed and vacant properties, in order to mitigate negative spillovers--including crime--on surrounding neighborhoods. In this paper, we investigate the impact of NSP investments on localized crime patterns in Cleveland, Chicago and Denver. Results suggest that demolition activity in Cleveland decreased burglary and theft, but do not find measurable impacts of property rehabilitation investments--although the precision of these estimates are limited by the number of rehabilitation activities.
KW  - Publicly Provided Goods: General          H40
KW  - State and Local Government; Intergovernmental Relations: General          H70
KW  - General Regional Economics (includes Regional Data)          R10
KW  - Regional Government Analysis: General          R50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/index.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531371&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/index.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Zer, Ilknur
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Information Disclosures, Default Risk, and Bank Value
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-104
Y1  - 2015///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531369; Keywords: Disclosure;  default probability;  firm value;  risk management;  asymmetric information;  corporate governance; Publication Type: Working Paper; Update Code: 201511
N2  - This paper investigates the causal effects of voluntary information disclosures on a bank's expected default probability, enterprise risk, and value. I measure disclosure via a self-constructed index for the largest 80 U.S. bank holding companies for the period 1998-2011. I provide evidence that a bank's management responds to a plausibly exogenous deterioration in the supply of public information by increasing its voluntary disclosure, which in turn improves investors' assessment of the bank risk and value. This evidence suggests that disclosure may alleviate informational frictions and lead to a more efficient allocation of risk and return.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015104pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531369&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015104pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dore, Timothy E.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Venture Capital and the Performance of Incumbents
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-80
Y1  - 2015///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531353; Keywords: Corporate finance;  Financial markets;  Venture Capital; Publication Type: Working Paper; Update Code: 201511
N2  - I study the effect of investment in young, private firms by venture capitalists (VC) on public firms in the same industry. I construct an instrument for VC investment that relies on individual VC's investment histories, holdings of equity stakes in IPO firms, and aggregate market returns immediately following those IPOs. I find that increased VC investment has a large effect on incumbent profitability. The effect arises due to higher costs and not depressed sales. The effect is short lived as firms respond by reallocating resources away from treated markets and by reducing their use of labor.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015080pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531353&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015080pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Shin, Minchul
AU  - Zhong, Molin
AD  - University of Illinois
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Does Realized Volatility Help Bond Yield Density Prediction?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-115
Y1  - 2015///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549606; Keywords: Dynamic factor model;  forecasting;  stochastic volatility;  term structure of interest rates;  dynamic Nelson-Siegel model; Publication Type: Working Paper; Update Code: 201602
N2  - We suggest using "realized volatility" as a volatility proxy to aid in model-based multivariate bond yield density forecasting. To do so, we develop a general estimation approach to incorporate volatility proxy information into dynamic factor models with stochastic volatility. The resulting model parameter estimates are highly efficient, which one hopes would translate into superior predictive performance. We explore this conjecture in the context of density prediction of U.S. bond yields by incorporating realized volatility into a dynamic Nelson-Siegel (DNS) model with stochastic volatility. The results clearly indicate that using realized volatility improves density forecasts relative to popular specifications in the DNS literature that neglect realized volatility.
KW  - Econometric Modeling: General          C50
KW  - Money and Interest Rates: General          E40
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015115pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549606&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015115pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Acosta, Miguel
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - FOMC Responses to Calls for Transparency
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-60
Y1  - 2015///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517242; Keywords: Federal Open Market Committee;  transparency;  latent semantic analysis;  deliberation;  natural language processing;  conformity;  central bank; Publication Type: Working Paper; Update Code: 201509
N2  - I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement that the Fed provide greater detail in reporting with respect to its goals and objectives. Second, the 1993 decision to publish nearly verbatim transcripts also increased transparency. However, the cost was an increasing degree of conformity at each meeting, as evidenced by lower variance in content disagreement at the member level.
KW  - Positive Analysis of Policy Formulation and Implementation          D78
KW  - Asymmetric and Private Information; Mechanism Design          D82
KW  - Central Banks and Their Policies          E58
KW  - Public Administration; Public Sector Accounting and Audits          H83
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015060pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517242&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015060pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Grundl, Serafin J.
AU  - Zhu, Yu
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Leicester
T1  - Identification of First-Price Auctions With Biased Beliefs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-56
Y1  - 2015///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517248; Keywords: Biased beliefs;  first-price auction;  nonparametric identification;  risk aversion; Publication Type: Working Paper; Update Code: 201509
N2  - This paper exploits variation in the number of bidders to separately identify the valuation distribution and the bidders' belief about the valuation distribution in first-price auctions with independent private values. Exploiting variation in auction volume the result is extended to environments with risk averse bidders. In an illustrative application we fail to reject the null hypothesis of correct beliefs.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015056pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517248&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015056pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lopez, Pier
AU  - Lopez-Salido, J. David
AU  - Vazquez-Grande, Francisco
AD  - Banqe de France
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Nominal Rigidities and the Term Structures of Equity and Bond Returns
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-64
Y1  - 2015///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517251; Keywords: Equity and bond yields;  habit formation;  nominal rigidities;  structural term structure modeling; Publication Type: Working Paper; Update Code: 201509
N2  - A downward-sloping term structure of equity and upward-sloping term structures of interest rates arise endogenously in a general-equilibrium model with nominal rigidities and nonlinear habits in consumption. Countercyclical marginal costs exacerbate the procyclicality of dividends after a technology shock, and hence their riskiness, and generate countercyclical inflation. Marginal costs gradually fall after a negative technology shock as the price level increases sluggishly, so the payoffs of short-duration dividend claims (bonds) are more (less) procyclical than the payoffs of long-duration claims (bonds). The simultaneous presence of market and home consumption habits allows for uniting nonlinear habits and a production economy without compromising the ability of the model to fit macroeconomic variables.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015064pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517251&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015064pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aramonte, Sirio
AU  - Lee, Seung Jung
AU  - Stebunovs, Viktors
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-68
Y1  - 2015///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517239; Keywords: Risk-taking channel of monetary policy;  Search for yield;  Shadow banking;  Shared National Credit Program;  Syndicated loans;  Zero lower bound; Publication Type: Working Paper; Update Code: 201509
N2  - We use supervisory data to investigate risk taking in the U.S. syndicated loan market at a time when longer-term interest rates are exceptionally low, and we study the ex-ante credit risk of loans acquired by different types of lenders, including banks and shadow banks. We find that insurance companies, pension funds, and, in particular, structured-finance vehicles take higher credit risk when investors expect interest rates to remain low. Banks originate riskier loans that they tend to divest shortly after origination, thus appearing to accommodate other lenders' investment choices. These results are consistent with a "search for yield" by certain types of shadow banks and, to the extent that Federal Reserve policies affected longer-term rates, the results are also consistent with the presence of a risk-taking channel of monetary policy. Finally, we find that longer-term interest rates have only a modest effect on loan spreads.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015068pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517239&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015068pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Devlin-Foltz, Sebastian
AU  - Sabelhaus, John
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Heterogeneity in Economic Shocks and Household Spending
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-49
Y1  - 2015///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508972; Keywords: Consumption;  lifecycle;  synthetic cohort; Publication Type: Working Paper; Update Code: 201507
N2  - Large swings in aggregate household-sector spending, especially for big ticket items such as cars and housing, have been a dominant feature of the macroeconomic landscape in the past two decades. Income and wealth inequality increased over the same period, leading some to suggest the two phenomena are interconnected. Indeed, there is supporting evidence for the idea that heterogeneity in economic shocks and spending are connected, most notably in studies using local-area geography as the unit of analysis. The Survey of Consumer Finances (SCF) provides a household-level perspective on changes in wealth, income, and spending across different types of families. The SCF confirms that inequality is indeed increasing in recent decades, and the data provide support for the proposition that shocks to income and wealth are indeed related to large swings in spending across and within birth cohorts. However, the economic shocks associated with the Great Recession and changes in spending and debt to income ratios are widespread, and inconsistent with a narrow focus on the experiences and changes in behavior of particular (especially low- and modest-income) households.
KW  - Data Collection and Data Estimation Methodology; Computer Programs: General          C80
KW  - Household Behavior: General          D10
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015049pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508972&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015049pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Athreya, Kartik B.
AU  - Ionescu, Felicia
AU  - Neelakantan, Urvi
AD  - Federal Reserve Bank of Richmond
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of Richmond
T1  - Stock Market Investment: The Role of Human Capital
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-65
Y1  - 2015///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517247; Keywords: Human capital investment;  life-cycle;  financial portfolios; Publication Type: Working Paper; Update Code: 201509
N2  - Portfolio choice models counterfactually predict (or advise) almost universal equity market participation and a high share for equity in wealth early in life. Empirically consistent predictions have proved elusive without participation costs, informational frictions, or nonstandard preferences. We demonstrate that once human capital investment is allowed, standard theory predicts portfolio choices much closer to those empirically observed. Two intuitive mechanisms are at work: For participation, human capital returns exceed financial asset returns for most young households and, as households age, this is reversed. For shares, risks to human capital limit the household's desire to hold wealth in risky financial equity.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015065pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517247&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015065pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sharpe, Steve
AU  - Sherlund, Shane M.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Crowding Out Effects of Refinancing on New Purchase Mortgages
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-17
Y1  - 2015///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495225; Keywords: Mortgages and credit;  capacity constraint;  refinancing; Publication Type: Working Paper; Update Code: 201505
N2  - We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers of low to modest credit quality. Mortgage processing capacity constraints typically bind when the demand for mortgage refinancing shifts outward, usually because of lower mortgage rates. As a result, high capacity utilization leads mortgage lenders to ration mortgage credit, completing mortgages that require less underwriting resources, and are thus less costly, to produce. This is hypothesized to have a particularly adverse impact on the ability of low-to modest-credit-quality borrowers to obtain mortgages. What is more, we show that, by lowering capacity utilization, a rise in interest rates can, under certain circumstances, induce an increase in mortgage originations to borrowers of low to modest credit quality. In particular, we find fairly large effects for purchasing borrowers of modest credit quality, in which we find that a decrease in capacity utilization of 4 applications per mortgage employee (similar to that observed from 2012 to 2013) could result in increased purchase mortgage originations, as the relaxed capacity constraint at least partially offsets the higher cost of mortgage credit.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015017pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495225&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015017pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aramonte, Sirio
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Innovation, investor sentiment, and firm-level experimentation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-67
Y1  - 2015///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517253; Keywords: Investor sentiment;  R&D;  Technological innovation; Publication Type: Working Paper; Update Code: 201509
N2  - Due to frictions like informational externalities, firms invest too little in learning the productivity of newly available technologies through small-scale experimentation. I study the effect of investor sentiment on the relation between technological innovation and future firm-level R&D expenses, which include the resources used for small-scale experimentation. I find that rapidly improving investor sentiment strengthens the effect of technological innovation on one-year-ahead R&D expenses, and that the effect is more pronounced for high-tech firms with tighter financing constraints. The results are not driven by sentiment proxying for technological innovation or by sentiment and R&D expenses being jointly determined. The evidence is consistent with the hypothesis that sentiment counteracts frictions in the process of technology diffusion.
KW  - Behavioral Finance: Underlying Principles          G02
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Management of Technological Innovation and R&D          O32
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015067pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517253&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015067pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gallant, A. Ronald
AU  - Jahan-Parvar, Mohammad
AU  - Liu, Hening
AD  - Pennsylvania State University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Manchester
T1  - Measuring Ambiguity Aversion
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-105
Y1  - 2015///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549592; Keywords: Ambiguity aversion;  Bayesian estimation;  Equity premium puzzle;  Markov switching; Publication Type: Working Paper; Update Code: 201602
N2  - We confront the generalized recursive smooth ambiguity aversion preferences of Klibanoff, Marinacci, and Mukerji (2005, 2009) with data using Bayesian methods introduced by Gallant and McCulloch (2009) to close two existing gaps in the literature. First, we use macroeconomic and financial data to estimate the size of ambiguity aversion as well as other structural parameters in a representative-agent consumption-based asset pricing model. Second, we use estimated structural parameters to investigate asset pricing implications of ambiguity aversion. Our structural parameter estimates are comparable with those from existing calibration studies, demonstrate sensitivity to sampling frequencies, and suggest ample scope for ambiguity aversion.
KW  - Optimization Techniques; Programming Models; Dynamic Analysis          C61
KW  - Criteria for Decision-Making under Risk and Uncertainty          D81
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015105pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549592&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015105pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nalewaik, Jeremy J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Regime-Switching Models for Estimating Inflation Uncertainty
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-93
Y1  - 2015///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531363; Keywords: Inflation;  Markov-Switching;  Uncertainty; Publication Type: Working Paper; Update Code: 201511
N2  - This paper constructs regime-switching models for estimating the probability of inflation returning to its relatively high levels of variability and persistence in the 1970s and 1980s. Forecasts and probabilities of extreme events from the models are evaluated against comparable estimates from other statistical models, from surveys, and from financial markets. The paper then uses the models to construct prediction intervals around Federal Reserve Board staff forecasts of PCE price inflation, combining the recent non-parametric forecast error distribution with parametric information from the model. The outer tails of the prediction intervals depend importantly on the probability inflation is in its high-variance, high-persistence regime.
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015093pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531363&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015093pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mezza, Alvaro A.
AU  - Sommer, Kamila
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A Trillion Dollar Question: What Predicts Student Loan Delinquencies?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-98
Y1  - 2015///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531352; Keywords: Credit Scores;  Delinquencies;  Student Loans; Publication Type: Working Paper; Update Code: 201511
N2  - The recent significant increase in student loan delinquencies has generated interest in understanding the key factors predicting the non-performance of these loans. However, despite the large size of the student loan market, existing analyses have been limited by data. This paper studies predictors of student loan delinquencies using a nationally representative panel dataset that anonymously combines individual credit bureau records with Pell Grant and Federal student loan recipient information, records on college enrollment, graduation and major, and school characteristics. We show that borrower-level credit characteristics are important predictors of student loan delinquencies. In particular, credit scores of young borrowers are highly predictive of future student loan delinquencies, even when measured well before borrowers enter repayment. In marked contrast, our results point to only a limited power of student debt levels in predicting future student loan credit events. Our findings have potentially useful practical implications. For example, access to credit file information when borrowers exit school could help to more effectively target student loan borrowers who might benefit from enrolling in income-driven repayment or loan modification plans.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015098pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531352&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015098pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gordy, Michael B.
AU  - Szerszen, Pawel J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bayesian Estimation of Time-Changed Default Intensity Models
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-2
Y1  - 2015///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495199; Keywords: Bayesian estimation;  CDS;  CIR process;  credit derivatives;  MCMC;  particle filter;  stochastic time change; Publication Type: Working Paper; Update Code: 201505
N2  - We estimate a reduced-form model of credit risk that incorporates stochastic volatility in default intensity via stochastic time-change. Our Bayesian MCMC estimation method overcomes nonlinearity in the measurement equation and state-dependent volatility in the state equation. We implement on firm-level time-series of CDS spreads, and find strong in-sample evidence of stochastic volatility in this market. Relative to the widely-used CIR model for the default intensity, we find that stochastic time-change offers modest benefit in fitting the cross-section of CDS spreads at each point in time, but very large improvements in fitting the time-series, i.e., in bringing agreement between the moments of the default intensity and the model-implied moments. Finally, we obtain model-implied out-of-sample density forecasts via auxiliary particle filter, and find that the time-changed model strongly outperforms the baseline CIR model.
KW  - Bayesian Analysis: General          C11
KW  - Statistical Simulation Methods: General          C15
KW  - Financial Econometrics          C58
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Financial Forecasting and Simulation          G17
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015002pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495199&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015002pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Brunetti, Celso
AU  - Harris, Jeffrey H.
AU  - Mankad, Shawn
AU  - Michailidis, George
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - American University
AD  - University of Maryland
AD  - University of Michigan
T1  - Interconnectedness in the Interbank Market
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-90
Y1  - 2015///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531370; Keywords: Interconnectedness;  correlation network;  financial crisis;  interbank market;  physical network; Publication Type: Working Paper; Update Code: 201511
N2  - We study the behavior of the interbank market before, during and after the 2008 financial crisis. Leveraging recent advances in network analysis, we study two network structures, a correlation network based on publicly traded bank returns, and a physical network based on interbank lending transactions. While the two networks behave similarly pre-crisis, during the crisis the correlation network shows an increase in interconnectedness while the physical network highlights a marked decrease in interconnectedness. Moreover, these networks respond differently to monetary and macroeconomic shocks. Physical networks forecast liquidity problems while correlation networks forecast financial crises.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015090pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531370&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015090pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Morais, Bernardo
AU  - Peydro, Jose Luis
AU  - Ruiz, Claudia
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Universitat Pompeu Fabra
AD  - World Bank
T1  - The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1137
Y1  - 2015///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508992; Keywords: Credit channel of monetary policy;  financial globalization;  quantitative easing (QE);  credit supply;  risk-taking;  foreign banks.; Publication Type: Working Paper; Update Code: 201507
N2  - We identify the international credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. We find that a softening of foreign monetary policy increases the supply of credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than QE. Moreover, low foreign monetary policy rates and expansive QE increase disproportionally more the supply of credit to borrowers with higher ex ante loan rates--reach-for-yield--and with substantially higher ex post loan defaults, thus suggesting an international risk-taking channel of monetary policy. All in all, the results suggest that foreign QE increases risk-taking in emerging markets more than it improves the real outcomes of firms.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1137.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508992&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1137.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Drager, Lena
AU  - Lamla, Michael
AU  - Pfajfar, Damjan
AD  - University of Hamburg
AD  - University of Essex
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-35
Y1  - 2015///
SP  - 48 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508979; Keywords: Macroeconomic expectations;  central bank communication;  consumer forecast accuracy;  macroeconomic literacy;  monetary news;  survey microdata; Publication Type: Working Paper; Update Code: 201507
N2  - In this paper we analyze whether central bank communication can facilitate the understanding of key economic concepts. Using survey data for consumers and professionals, we calculate how many of them have expectations consistent with the Fisher Equation, the Taylor rule and the Phillips curve and test, by accounting for three different communication channels, whether central banks can influence those. A substantial share of participants has expectations consistent with the Fisher equation, followed by the Taylor rule and the Phillips curve. We show that having theory-consistent expectations is beneficial, as it improves the forecast accuracy. Furthermore, consistency is time varying. Exploring this time variation, we provide evidence that central bank communication as well as news on monetary policy can facilitate the understanding of those concepts and thereby improve the efficacy of monetary policy.
KW  - Single Equation Models; Single Variables: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities          C25
KW  - Expectations; Speculations          D84
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015035pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508979&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015035pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Benigno, Gianluca
AU  - Converse, Nathan
AU  - Fornaro, Luca
AD  - London School of Economics
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - CREI
T1  - Large Capital Inflows, Sectoral Allocation, and Economic Performance
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1132
Y1  - 2015///
SP  - 48 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495232; Keywords: Capital Flows;  Surges;  Sectoral Allocation;  Sudden Stops; Publication Type: Working Paper; Update Code: 201505
N2  - This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic boom and followed by a slump. Moreover, during episodes of large capital inflows capital and labor shift out of the manufacturing sector, especially if the inflows begin during a period of low international interest rates. However, accumulating reserves during the period in which capital inflows are unusually large appears to limit the extent of labor reallocation. Larger credit booms and capital inflows during the episodes we identify increase the probability of a sudden stop occurring during or immediately after the episode. In addition, the severity of the post-inflows recession is significantly related to the extent of labor reallocation during the boom, with a stronger shift of labor out of manufacturing during the inflows episode associated with a sharper contraction in the aftermath of the episode.
KW  - Foreign Exchange          F31
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Open Economy Macroeconomics          F41
KW  - One, Two, and Multisector Growth Models          O41
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1132.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495232&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1132.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Peterman, William B.
AU  - Sommer, Kamila
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A Historical Welfare Analysis of Social Security: Whom Did the Program Benefit?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-92
Y1  - 2015///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531375; Keywords: Social Security;  Recessions;  Great Depression;  Overlapping Generations; Publication Type: Working Paper; Update Code: 201511
N2  - A well-established result in the literature is that Social Security tends to reduce steady state welfare in a standard life cycle model. However, less is known about the historical effects of the program on agents who were alive when the program was adopted. In a computational life cycle model that simulates the Great Depression and the enactment of Social Security, this paper quantifies the welfare effects of the program's enactment on the cohorts of agents who experienced it. In contrast to the standard steady state results, we find that the adoption of the original Social Security tended to improve these cohorts' welfare. In particular, we estimate that the original program benefited households alive at the time of the program's adoption with a likelihood of over 80 percent, and increased these agents' welfare by the equivalent of 5.9% of their expected future lifetime consumption. The welfare benefit was particularly large for poorer agents and agents who were near retirement age when the program was enacted. Through a series of counterfactual experiments we demonstrate that the difference between the steady state and transitional welfare effects is primarily driven by a slower adoption of payroll taxes and a quicker adoption of benefit payments during the program's phase-in. Overall, the opposite welfare effects experienced by agents in the steady state versus agents who experienced the program's adoption might offer one explanation for why a program that potentially reduces welfare in the steady state was originally adopted.
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015092pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531375&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015092pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Liu, Qi
AU  - Lu, Lei
AU  - Sun, Bo
AU  - Yan, Hongjun
AD  - Unlisted
AD  - Unlisted
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Unlisted
T1  - A Model of Anomaly Discovery
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1128
Y1  - 2015///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495230; Keywords: Anomaly;  Arbitrage;  Discovery;  Arbitrageur-based asset pricing; Publication Type: Working Paper; Update Code: 201505
N2  - We analyze a model of anomaly discovery. Consistent with existing evidence, we show that the discovery of an anomaly reduces its magnitude and increases its correlation with existing anomalies. One new prediction is that the discovery of an anomaly reduces the correlation between deciles 1 and 10 for that anomaly. Using data for 12 well-known anomalies, we find strong evidence consistent with this prediction. Moreover, the correlation between deciles 1 and 10 of an anomaly becomes correlated with the aggregate hedge-fund wealth volatility after the anomaly is discovered. Our model also sheds light on how to distinguish between risk- and mispricing-based anomalies.
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1128.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495230&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1128.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aizawa, Naoki
AU  - Kim, You Suk
AD  - University of Minnesota
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Advertising and Risk Selection in Health Insurance Markets
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-101
Y1  - 2015///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531359; Keywords: Advertising;  Health insurance;  Medicare;  Risk selection; Publication Type: Working Paper; Update Code: 201511
N2  - We study impacts of advertising as a channel of risk selection in Medicare Advantage. We show evidence that both mass and direct mail advertising are targeted to achieve risk selection. We develop and estimate an equilibrium model of Medicare Advantage with advertising to understand its equilibrium impacts. We find that advertising attracts the healthy more than the unhealthy. Moreover, shutting down advertising increases premiums by up to 40% for insurers that advertised by worsening their risk pools, which further reduces the demand of the unhealthy. We argue that risk selection may make consumers better off by improving insurers' risk pools.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015101pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531359&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015101pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kandrac, John
AU  - Schlusche, Bernd
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-27
Y1  - 2015///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495227; Keywords: Federal Reserve;  LSAP;  Monetary policy;  QE;  mortgage;  mortgage-backed securities;  prepayment rates; Publication Type: Working Paper; Update Code: 201505
N2  - In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and thus determine the MBS that are delivered to the Federal Reserve. After ruling out several potential explanations for this result, we provide evidence that points to an agency problem in the secondary market for MBS, which has not previously been documented, as the most likely explanation for the abnormal prepayment behavior of Federal Reserve-held MBS. This agency problem--a key feature of the MBS market--arises when originators of mortgages that underlie the MBS no longer share in the prepayment risk of the securities, thereby increasing incentives to solicit refinancing activity. Therefore, Federal Reserve MBS holdings acquired from originators as a result of large-scale asset purchases can help stimulate economic activity through a so-called "solicited refinancing channel." Finally, we provide an estimate of the additional refinancing activity resulting from the solicited refinancing channel in the years after the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage payments to homeowners.
KW  - Monetary Policy          E52
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production Analysis and Firm Location: Government Policy          R38
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015027pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495227&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015027pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Barbarino, Alessandro
AU  - Bura, Efstathia
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - George Washington University
T1  - Forecasting with Sufficient Dimension Reductions
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-74
Y1  - 2015///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517250; Keywords: Diffusion Index;  Dimension Reduction;  Factor Models;  Forecasting;  Partial Least Squares;  Principal Components; Publication Type: Working Paper; Update Code: 201509
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Forecasting Models; Simulation Methods          C53
KW  - Large Data Sets: Modeling and Analysis          C55
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015074pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517250&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015074pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schuetz, Jenny
AU  - Spader, Jonathan
AU  - Cortes, Alvaro
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Abt Associates, Inc
AD  - Abt Associates, Inc.
T1  - Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-16
Y1  - 2015///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495218; Keywords: Foreclosures;  Neighborhood revitalization;  economic recovery;  federal housing policy;  housing markets; Publication Type: Working Paper; Update Code: 201505
N2  - During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that had previously received other housing subsidies. The median NSP tract received quite sparse investment, relative to the overall housing stock and the initial levels of distress. Analysis of housing market outcomes indicates the recovery has been uneven across counties and neighborhoods. In a few counties, there is some evidence that NSP2 activity is correlated with improved housing outcomes.
KW  - Publicly Provided Goods: General          H40
KW  - State and Local Government; Intergovernmental Relations: General          H70
KW  - General Regional Economics (includes Regional Data)          R10
KW  - Real Estate Markets, Spatial Production Analysis, and Firm Location: General          R30
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015016pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495218&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015016pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Anderson, Alyssa G.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Ambiguity in Securitization Markets
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-33
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508974; Keywords: Structured finance;  ambiguity aversion;  market freezes; Publication Type: Working Paper; Update Code: 201507
N2  - During the financial crisis of 2008, origination and trading in asset-backed securities markets dropped dramatically. I present a model with ambiguity averse investors to explain how such a market freeze could occur and to investigate how ambiguity affects origination and securitization decisions. The model captures many features of the crisis, including market freezes and fire sales, as well as the timing and duration of the freeze. The presence of ambiguity also reduces real economic activity. Lastly, I consider the differing implications of ambiguity and risk, as well as the role of policies that reduce ambiguity during market freezes.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015033pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508974&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015033pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dettling, Lisa J.
AU  - Goodman, Sarena
AU  - Smith, Jonathan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - College Board
T1  - Every Little Bit Counts: The Impact of High-speed Internet on the Transition to College
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-108
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549602; Keywords: Broadband;  College Choice;  Undermatch; Publication Type: Working Paper; Update Code: 201602
N2  - This paper investigates the effects of high-speed Internet on students' college application decisions. We link the diffusion of zip code-level residential broadband Internet to millions of PSAT and SAT takers' college testing and application outcomes and find that students with access to high-speed Internet in their junior year of high school perform better on the SAT and apply to a higher number and more expansive set of colleges. Effects appear to be concentrated among higher-SES students, indicating that while, on average, high-speed Internet improved students' postsecondary outcomes, it may have increased pre-existing inequities by primarily benefiting those with more resources.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015108pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549602&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015108pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Stella, Andrea
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Firm Dynamics and the Origins of Aggregate Fluctuations
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1133
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508993; Keywords: Business Cycles;  Firm Dynamics;  Granular Residual;  Dynamic Factor Models; Publication Type: Working Paper; Update Code: 201507
N2  - What drives aggregate fluctuations? I test the granular hypothesis, according to which the largest firms in the economy drive aggregate dynamics, by estimating a dynamic factor model with firm-level data and controlling for the propagation of firm-level shocks using multi-firm growth model. Each time series, the growth rate of sales of a specific firm, is decomposed in an unobserved common macroeconomic component and in a residual that I interpret as an idiosyncratic firm-level component. The empirical results suggest that, once I control for aggregate shocks, idiosyncratic shocks do not explain much of U.S. GDP growth fluctuations.
KW  - Multiple or Simultaneous Equation Models; Multiple Variables: General          C30
KW  - Production and Organizations: General          D20
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1133.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508993&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1133.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Akinci, Ozge
AU  - Olmstead-Rumsey, Jane
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How Effective are Macroprudential Policies? An Empirical Investigation
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1136
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508990; Keywords: Bank credit;  house prices;  macroprudential policy;  dynamic panel data model; Publication Type: Working Paper; Update Code: 201507
N2  - In recent years, policymakers have generally relied on macroprudential policies to address financial stability concerns. However, our understanding of these policies and their efficacy is limited. In this paper, we construct a novel index of domestic macroprudential policies in 57 advanced and emerging economies covering the period from 2000:Q1 to 2013:Q4, with tightenings and easings recorded separately. The effectiveness of these policies in curbing bank credit growth and house price inflation is then assessed using a dynamic panel data model. The main findings of the paper are: (1) Macroprudential policies have been used far more actively after the global financial crisis in both advanced and emerging market economies. (2) These policies have primarily targeted the housing sector, especially in the advanced economies. (3) Macroprudential policies are usually changed in tandem with bank reserve requirements, capital flow management measures, and monetary policy. (4) Empirical analysis suggests that macroprudential tightening is associated with lower bank credit growth, housing credit growth, and house price inflation. (5) Targeted policies--for example, those specifically intended to limit the growth of housing credit--seem to be more effective. (6) In emerging economies, capital inflow restrictions targeting the banking sector are also associated with lower credit growth, although portfolio flow restrictions are not.
KW  - Business Fluctuations; Cycles          E32
KW  - Open Economy Macroeconomics          F41
KW  - International Business Cycles          F44
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1136.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508990&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1136.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilbert, Thomas
AU  - Scotti, Chiara
AU  - Strasser, Georg
AU  - Vega, Clara
AD  - Foster School of Business
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Boston College
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Is the Intrinsic Value of Macroeconomic News Announcements Related to their Asset Price Impact?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-46
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508985; Keywords: Macroeconomic announcements;  central bank policy;  coordination role of public information;  learning;  macroeconomic forecasting;  price discovery; Publication Type: Working Paper; Update Code: 201507
N2  - The literature documents a heterogeneous asset price response to macroeconomic news announcements: Some announcements have a strong impact on asset prices and others do not. In order to explain these differences, we estimate a novel measure of the intrinsic value of a macroeconomic announcement, which we define as the announcement's ability to nowcast GDP growth, inflation, and the Federal Funds Target Rate. Using the same nowcasting framework, we then decompose this intrinsic value into the announcement's characteristics: its relation to fundamentals, timing, and revision noise. We find that in the 1998-2013 period, a significant fraction of the variation in the announcements' price impact on the Treasury bond futures market can be explained by differences in intrinsic value. Furthermore, our novel measure of timing explains significantly more of this variation than the announcements' relation to fundamentals, reporting lag (which previous studies have used as a measure of timing), or revision noise.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015046pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508985&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015046pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ungerer, Christoph
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Monetary Policy, Hot Housing Markets and Leverage
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-48
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508977; Keywords: Credit frictions;  housing market;  monetary policy;  search frictions; Publication Type: Working Paper; Update Code: 201507
N2  - Expansionary monetary policy can increase household leverage by stimulating housing liquidity. Low mortgage rates encourage buyers to enter the housing market, raising the speed at which properties can be sold. Because lenders can resell seized foreclosure inventory at lower cost in such a hot housing market, ex-ante they are comfortable financing a larger fraction of the house purchase. Consistent with this mechanism, this study documents empirically that both the housing sales rate and loan-to-value ratios increase after expansionary monetary policy. Calibrating a New Keynesian macroeconomic model to fit the response of housing liquidity to monetary policy, the interaction between credit frictions and housing market search frictions generates endogenous movements in the loan-to-value ratio which amplify the economy's response to monetary policy.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Monetary Policy          E52
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand          R21
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015048pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508977&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015048pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Peterman, William B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Taxing Capital? The Importance of How Human Capital is Accumulated
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-117
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549610; Keywords: Optimal Taxation;  Capital Taxation;  Human Capital; Publication Type: Working Paper; Update Code: 201602
N2  - This paper considers the impact of how human capital is accumulated on optimal capital tax policy in a life cycle model. In particular, it compares the optimal capital tax when human capital is accumulated exogenously, endogenously through learning-by-doing, and endogenously through learning-or-doing. Previous work demonstrates that in a simple two generation life cycle model with exogenous human capital accumulation, if the utility function is separable and homothetic in each consumption and labor, then the government has no motive to condition taxes on age or tax capital. In contrast, this paper demonstrates analytically that adding either form of endogenous human capital accumulation creates a motive for the government to use age-dependent labor income taxes. Moreover, if the government cannot condition taxes on age, then a capital tax can be optimal in order to mimic such taxes. This paper quantitatively explores the strength of this channel and finds that, including human capital accumulation with learning-by-doing, as opposed to exogenously, causes the optimal capital tax to increase by between 7.3 and 14.5 percentage points. In contrast, introducing learning-or-doing causes a much smaller increase in the optimal capital tax of between 0.7 and 3.7 percentage points. Taken as a whole, this paper finds that the specific formulation by which human capital is accumulated can have notable implications on the optimal capital tax.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity          E24
KW  - Fiscal Policy          E62
KW  - Taxation and Subsidies: Efficiency; Optimal Taxation          H21
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015117pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549610&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015117pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Tian, Mary
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Tradability of Output, Business Cycles, and Asset Prices
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-3
Y1  - 2015///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495211; Keywords: Asset returns;  cyclicality;  tradability; Publication Type: Working Paper; Update Code: 201505
N2  - I examine the effect of a firm's tradability, the proportion of output that is exported abroad, on its stock returns. There are three novel empirical findings: (1) firms with higher tradability have more cyclical asset returns; (2) firms with higher tradability have more cyclical earnings growth; (3) returns of a portfolio long on firms with the highest tradability and short on firms with the lowest tradability can predict the real exchange rate. The empirical patterns are consistent with the relative price adjustment of tradable and non-tradable goods to business cycles driven by endowment shocks.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015003pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495211&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015003pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Batty, Michael M.
AU  - Ippolito, Benedic N.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - American Enterprise Institute
T1  - Financial Incentives, Hospital Care, and Health Outcomes: Evidence from Fair Pricing Laws
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-107
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549605; Keywords: Health care;  insurance;  public economics; Publication Type: Working Paper; Update Code: 201602
N2  - It is often assumed that financial incentives of healthcare providers affect the care they deliver, but this issue is surprisingly difficult to study. The recent enactment of state laws that limit how much hospitals can charge uninsured patients provide a unique opportunity. Using an event study framework and panel data from the Nationwide Inpatient Sample, we examine whether these regulations lead to reductions in the amount and quality of care given to uninsured patients. We find that the introduction of a fair pricing law leads to a seven to nine percent reduction in the average length of hospital stay for uninsured patients, with no corresponding change for insured patients. These care reductions are not accompanied by worsening quality of inpatient care. Overall, our results provide strong evidence that hospitals actively alter their behavior in response to financial incentives, and are consistent with the laws promoting a shift towards more efficient care delivery. The findings also add to the growing evidence that hospitals can, and do, treat patients differently based upon insurance status.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015107pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549605&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015107pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Guerrieri, Luca
AU  - Iacoviello, Matteo
AU  - Covas, Francisco
AU  - Driscoll, John C.
AU  - Kiley, Michael T.
AU  - Jahan-Parvar, Mohammad
AU  - Queralto, Albert
AU  - Sim, Jae W.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Macroeconomic Effects of Banking Sector Losses across Structural Models
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-44
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508968; Keywords: Bank losses;  banks;  capital requirements;  DSGE models; Publication Type: Working Paper; Update Code: 201507
N2  - The macro spillover effects of capital shortfalls in the financial intermediation sector are compared across five dynamic equilibrium models for policy analysis. Although all the models considered share antecedents and a methodological core, each model emphasizes different transmission channels. This approach delivers "model-based confidence intervals" for the real and financial effects of shocks originating in the financial sector. The range of outcomes predicted by the five models is only slightly narrower than confidence intervals produced by simple vector autoregressions.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Financial Markets and the Macroeconomy          E44
KW  - Money and Interest Rates: Forecasting and Simulation: Models and Applications          E47
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015044pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508968&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015044pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Huang, Xin
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-97
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531355; Keywords: Macroeconomic news announcements;  realized variance;  jumps;  disagreement and uncertainty;  economic derivatives;  financial systemic risk; Publication Type: Working Paper; Update Code: 201511
N2  - This paper studies financial market volatility and jump responses to macroeconomic news announcements. Based on two decades of high-frequency data, we finds that there are significantly more jumps on news days than on no-news days, with the bond market being more responsive than the equity market, and nonfarm payroll employment being the most influential news. Both the first moment of news surprises and the second moments of disagreement and uncertainty affect financial market responses, with their impact significance changing over different market and response types. Market responses to news vary with economic situations, financial systemic risk and the zero-lower-bound policy.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015097pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531355&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015097pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Foley-Fisher, Nathan
AU  - Narajabad, Borghan N.
AU  - Verani, Stephane
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-32
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508980; Keywords: Shadow banking;  funding agreement-backed securities;  life insurance companies;  self-fulfilling runs; Publication Type: Working Paper; Update Code: 201507
N2  - Is liquidity creation in shadow banking vulnerable to self-fulfilling runs? Investors typically decide to withdraw simultaneously, making it challenging to identify self-fulfilling runs. In this paper, we exploit the contractual structure of funding agreement-backed securities offered by U.S. life insurers to institutional investors. The contracts allow us to obtain variation in investors' expectations about other investors' actions that is plausibly orthogonal to changes in fundamentals. We find that a run on U.S. life insurers during the summer of 2007 was partly due to self-fulfilling expectations. Our findings suggest that other contemporaneous runs in shadow banking by institutional investors may have had a self-fulfilling component.
KW  - Financial Crises          G01
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015032pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508980&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015032pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Fang, Hanming
AU  - Kim, You Suk
AU  - Li, Wenli
AD  - University of Pennsylvania
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of Philadelphia
T1  - The Dynamics of Adjustable-Rate Subprime Mortgage Default: A Structural Estimation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-114
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549596; Keywords: Adjustable-Rate Mortgage;  Automatic Modification with a Cushion;  Default;  Loan Modification; Publication Type: Working Paper; Update Code: 201602
N2  - We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance sheets, and lender responses. Our investigation of the factors that drive borrowers' decisions reveals that subprime ARMs are not all alike. For loans originated in 2004 and 2005, the interest rate resets associated with ARMs, as well as the housing and labor market conditions were not as important in borrowers' delinquency decisions as in their decisions to pay off their loans. For loans originated in 2006, interest rate resets, housing price declines, and worsening labor market conditions all contributed importantly to their high delinquency rates. Counterfactual policy simulations reveal that even if the Libor rate could be lowered to zero by aggressive traditional monetary policies, it would have a limited effect on reducing the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the principal balance of the loans are automatically reduced when housing prices decline can be effective in reducing both delinquency and foreclosure. Importantly, we find that automatic modification mortgages with a cushion, under which the monthly payment or principal balance reductions are triggered only when housing price declines exceed a certain percentage may result in a Pareto improvement in that borrowers and lenders are both made better off than under the baseline, with a lower delinquency and foreclosure rates. Our counterfactual analysis also suggests that limited commitment power on the part of the lenders to loan modification policies may be an important reason for the relatively small rate of modifications observed during the housing crisis.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Household Saving; Personal Finance          D14
KW  - Financial Institutions and Services: General          G20
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Bankruptcy; Liquidation          G33
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015114pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549596&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015114pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Park, Yang-Ho
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Effects of Asymmetric Volatility and Jumps on the Pricing of VIX Derivatives
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-71
Y1  - 2015///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517240; Keywords: VIX options;  VIX futures;  jump-diffusion;  stochastic volatility;  volatility smile; Publication Type: Working Paper; Update Code: 201509
N2  - This paper proposes a new collection of affine jump-diffusion models for the valuation of VIX derivatives. The models have two distinctive features. First, we allow for a positive correlation between changes in the VIX and in its stochastic volatility to accommodate asymmetric volatility. Second, upward and downward jumps in the VIX are separately modeled to accommodate the possibility that investors react differently to good and bad surprises. Using the VIX futures and options data from July 2006 through January 2013, we find conclusive evidence for the benefits of including both asymmetric volatility and upward jumps in models of VIX derivatives pricing. We do not, however, find evidence supporting downward jumps.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015071pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517240&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015071pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ferrante, Francesco
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-21
Y1  - 2015///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495219; Keywords: Bank Runs;  Financial Frictions;  Shadow Banking;  Unconventional Monetary Policy; Publication Type: Working Paper; Update Code: 201505
N2  - I develop a macroeconomic model with a financial sector, in which banks can finance risky projects (loans) and can affect their quality by exerting a costly screening effort. Informational frictions regarding the observability of loan characteristics limit the amount of external funds that banks can raise. In this framework I consider two possible types of financial intermediation, traditional banking (TB) and shadow banking (SB), differing in the level of diversification across projects. In particular, shadow banks, by pooling different loans, improve on the diversification of their idiosyncratic risk and increase the marketability of their assets. Due to their ability to pledge a larger share of the return on their projects, shadow banks will have a higher endogenous leverage compared to traditional banks, despite choosing a lower screening level. As a result, on the one hand, the introduction of SB will imply a higher amount of capital intermediated. On the other hand it will make the economy more fragile via three channels. First, by being highly leveraged and more exposed to risky projects, shadow banks will amplify exogenous negative shocks. Second, during a recession, the quality of projects intermediated by shadow banks will endogenously deteriorate even further, causing a slower recovery of the financial sector. A final source of instability is that the SB-system will be vulnerable to runs. When a run occurs, shadow banks will have to sell their assets to traditional banks, and this fire sale, because of the limited leverage capacity of the TB-system, will depress asset prices, making the run self-fulfilling and negatively affecting investment. In this framework I study how central bank credit intermediation helps reduce the impact of a crisis and the likelihood of a run.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Central Banks and Their Policies          E58
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015021pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495219&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015021pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - von Beschwitz, Bastian
AU  - Massa, Massimo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - INSEAD
T1  - Biased Shorts: Short sellers' Disposition Effect and Limits to Arbitrage
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1147
Y1  - 2015///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531378; Keywords: Short selling;  Disposition effect;  Behavioral finance; Publication Type: Working Paper; Update Code: 201511
N2  - We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the closing of short positions. Consistent with the disposition effect, short sellers are more likely to close a position the higher their capital gains. Furthermore, stocks with high short sale capital gains experience negative returns, suggesting that their disposition effect has an effect on stock prices. A trading strategy based on this finding achieves significant three-factor alphas. Overall, short sellers' behavioral biases limit their ability to arbitrage away the mispricing caused by the disposition effect of other market participants.
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1147.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531378&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1147.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilchrist, Simon
AU  - Schoenle, Raphael
AU  - Sim, Jae W.
AU  - Zakrajsek, Egon
AD  - Boston University
AD  - Brandeis University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Inflation Dynamics During the Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-12
Y1  - 2015///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495205; Publication Type: Working Paper; Update Code: 201505
N2  - Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which firms face financial frictions, while setting prices in a customer-markets setting. Financial distortions create an incentive for firms to raise prices in response to adverse demand or financial shocks. These results reflect the firms' reaction to preserve internal liquidity and avoid accessing external finance, factors that strengthen the countercyclical behavior of markups and attenuate the response of inflation to fluctuations in output.
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015012pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495205&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015012pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nielsen, Eric
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Achievement Gap Estimates and Deviations from Cardinal Comparability
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-40
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508976; Keywords: Achievement gaps;  econometrics;  health;  education;  and welfare;  inequalty;  measurement;  robustness; Publication Type: Working Paper; Update Code: 201507
N2  - This paper assesses the sensitivity of standard empirical methods for measuring group differences in achievement to violations in the cardinal comparability of achievement test scores. The paper defines a distance measure over possible weighting functions (scalings) of test scores. It then constructs worst-case bounds for the bias in the estimated achievement gap (or achievement gap change) that could result from using the observed rather than the true test scale, given that the true and observed scales are no more than a fixed distance from each other. The worst-case weighting functions have simple, closed-form expressions consisting of achievement thresholds, flat regions in which test scores are uninformative, and regions in which the observed test scores are actually cardinally comparable. The paper next estimates these worst-case weighting functions for black/white and high-/low-income achievement gaps and gap changes using data from several commonly employed surveys. The results of this empirical exercise suggest that cross-sectional achievement gap estimates tend to be quite robust to scale misspecification. In contrast, achievement gap change estimates seem to be quite sensitive to the choice of test scale. Standard empirical methods may not robustly identify the sign of the trend in achievement inequality between students from different racial groups and income classes. Furthermore, ordinal methods may be more powerful and will continue to have the correct size when the test scale has been misspecified.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015040pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508976&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015040pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Oh, Dong Hwan
AU  - Patton, Andrew J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Duke University
T1  - High-Dimensional Copula-Based Distributions with Mixed Frequency Data
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-50
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508967; Keywords: Composite likelihood;  forecasting;  high frequency data;  nonlinear dependence; Publication Type: Working Paper; Update Code: 201507
N2  - This paper proposes a new model for high-dimensional distributions of asset returns that utilizes mixed frequency data and copulas. The dependence between returns is decomposed into linear and nonlinear components, enabling the use of high frequency data to accurately forecast linear dependence, and a new class of copulas designed to capture nonlinear dependence among the resulting uncorrelated, low frequency, residuals. Estimation of the new class of copulas is conducted using composite likelihood, facilitating applications involving hundreds of variables. In- and out-of-sample tests confirm the superiority of the proposed models applied to daily returns on constituents of the S&P 100 index.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Model Construction and Estimation          C51
KW  - Financial Econometrics          C58
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015050pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508967&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015050pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Han, Song
AU  - Keys, Benjamin J.
AU  - Li, Geng
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Chicago
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Information, Contract Design, and Unsecured Credit Supply: Evidence from Credit Card Mailings
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-103
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531366; Keywords: Credit supply;  information asymmetry;  credit cards;  mail solicitation;  personal bankruptcy;  CARD Act;  household finance; Publication Type: Working Paper; Update Code: 201511
N2  - How do lenders of unsecured credit use screening and contract design to mitigate the risks of information asymmetry and limited commitment in the absence of collateral? To address this question, we take advantage of a unique dataset of over 200,000 credit card mail solicitations to a representative sample of households over the recent credit cycle--a period that includes the implementation of the CARD Act. We find that while lenders use credit scores as a prominent screening device, they also take into account a wide array of other information on borrowers' credit histories and financial and demographic characteristics. For instance, the likelihood of receiving an offer is sensitive to the exact timing of a prior bankruptcy filing. We also find that credit market conditions affect the marginal information used in lenders' offer decisions, as lenders sharply reduced credit supplied to subprime borrowers during the crisis and in response to the CARD Act. Finally, we document that lenders extend multiple distinct offers to the same consumers over a relatively short period, likely designed such that consumers reveal private information in their choice of contract.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015103pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531366&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015103pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chang, Andrew C.
AU  - Li, Phillip
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Office of the Comptroller of the Currency
T1  - Measurement Error in Macroeconomic Data and Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-102
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531358; Keywords: Data Revisions;  Data Vintages;  Gross Domestic Product;  GDP;  Gross Domestic Income;  GDI;  Latent Output;  Measurement Error;  National Statistics;  National Income and Product Accounts;  NIPA;  Real-Time Data; Publication Type: Working Paper; Update Code: 201511
N2  - We analyze the effect of measurement error in macroeconomic data on economics research using two features of the estimates of latent US output produced by the Bureau of Economic Analysis (BEA). First, we use the fact that the BEA publishes two theoretically identical estimates of latent US output that only differ due to measurement error: the more well-known gross domestic product (GDP), which the BEA constructs using expenditure data, and gross domestic income (GDI), which the BEA constructs using income data. Second, we use BEA revisions to previously published releases of GDP and GDI. Using a sample of 23 published economics papers from top economics journals that utilize GDP as a key component of an estimated model, we assess whether using either revised GDP or GDI instead of GDP in the published paper would change reported results. We find that estimating models using revised GDP generates the same qualitative result as the original paper in all 23 cases. Estimating models using GDI, both with the GDI data originally available to the authors and with revised GDI, instead of GDP generates larger differences in results than those obtained with revised GDP. For 3 of 23 papers (13%), the results we obtain with GDI are qualitatively different than the original published results.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015102pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531358&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015102pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dias, Daniel A.
AU  - Marques, Carlos Robalo
AU  - Richmond, Christine
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Banco de Portugal
AD  - International Monetary Fund
T1  - Misallocation and Productivity in the Lead Up to the Eurozone Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1146
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531379; Keywords: Misallocation;  wedges;  productivity;  firm-level data;  financial integration; Publication Type: Working Paper; Update Code: 201511
N2  - We use Portuguese firm-level data to investigate whether changes in resource misallocation may have contributed to the poor economic performance of some southern and peripheral European countries leading up to the Eurozone crisis. We extend Hsieh and Klenow's (2009) methodology to include intermediate inputs and consider all sectors of the economy (agriculture, manufacturing, and services). We find that within-industry misallocation almost doubled between 1996 and 2011. Equalizing total factor revenue productivity across firms within an industry could have boosted valued-added 48 percent and 79 percent above actual levels in 1996 and 2011, respectively. This implies that deteriorating allocative efficiency may have shaved around 1.3 percentage points off the annual GDP growth during the 1996-2011 period. Allocative efficiency deterioration, despite being a widespread phenomenon, is significantly higher in the service sector, with 5 industries accounting for 72 percent of the total variation. Capital distortions are the most important source of potential value-added efficiency gains, especially in the service sector, with a relative contribution increasing over time.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - One, Two, and Multisector Growth Models          O41
KW  - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1146.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531379&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1146.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kiley, Michael T.
AU  - Sim, Jae W.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Optimal Monetary and Macroprudential Policies: Gains and Pitfalls in a Model of Financial Intermediation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-78
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531361; Keywords: Bayesian estimation;  DSGE models;  Macroprudential policy;  Monetary policy; Publication Type: Working Paper; Update Code: 201511
N2  - We estimate a quantitative general equilibrium model with nominal rigidities and financial intermediation to examine the interaction of monetary and macroprudential stabilization policies. The estimation procedure uses credit spreads to help identify the role of financial shocks amenable to stabilization via monetary or macroprudential instruments. The estimated model implies that monetary policy should not respond strongly to the credit cycle and can only partially insulate the economy from the distortionary effects of financial frictions/shocks. A counter-cyclical macroprudential instrument can enhance welfare, but faces important implementation challenges. In particular, a Ramsey planner who adjusts a leverage tax in an optimal way can largely insulate the economy from shocks to intermediation, but a simple-rule approach must be cautious not to limit credit expansions associated with efficient investment opportunities. These results demonstrate the importance of considering both optimal Ramsey policies and simpler, but more practical, approaches in an empirically grounded model.
KW  - Central Banks and Their Policies          E58
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015078pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531361&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015078pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Morais, Bernardo
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Risk, Financial Development and Firm Dynamics
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1134
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508991; Keywords: productivity;  misallocation;  financial frictions;  learning; Publication Type: Working Paper; Update Code: 201507
N2  - I document that the average productivity of firms tends to increase, and its variance to decrease, as they age. These two facts combined suggest that managers learn to reduce their mistakes as they operate. I develop a quantitative framework mimicking these dynamics and find that young firms have substantially higher financing costs due to lower and riskier returns. In this scenario, a reduction in the financial development of an economy raises disproportionately the cost of credit of young-productive firms increasing the input misallocation within this subgroup. To test the validity of the theory, I find that the data confirms some novel predictions on a series of firm-level moments. Finally, I show that introducing these two facts allows the model to better explain the relation between financial and economic development.
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1134.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508991&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1134.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Berrospide, Jose M.
AU  - Meisenzahl, Ralf R.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Real Effects of Credit Line Drawdowns
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-7
Y1  - 2015///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495201; Keywords: Credit Lines;  Financial Crisis;  Investment;  Liquidity Management; Publication Type: Working Paper; Update Code: 201505
N2  - Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 COMPUSTAT firms with credit lines, we study the purpose of drawdowns during the 2007-2009 financial crisis. Our data show that credit line drawdowns had already increased in 2007, precisely when disruptions in bank funding markets began to squeeze aggregate liquidity. Consistent with theory, our results confirm that firms use drawdowns to sustain investment after an idiosyncratic liquidity shock. Using an instrumental variable approach based on institutional features of credit line contracts, we find that a one standard deviation increase in credit line drawdown is associated with an increase of 9 percent in average capital expenditures. Low aggregate liquidity amplifies this effect significantly. During the financial crisis, the effect of drawdowns on investment increased to 16 percent. The effect was even larger for smaller and financially constrained firms. We find only limited evidence, mostly for large and investment grade firms, that drawdowns were used to boost (precautionary) cash holdings during the crisis.
KW  - Investment; Capital; Intangible Capital; Capacity          E22
KW  - Financial Crises          G01
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015007pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495201&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015007pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dokko, Jane
AU  - Li, Geng
AU  - Hayes, Jessica
AD  - Brookings Institution
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - UCLA
T1  - Credit Scores and Committed Relationships
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-81
Y1  - 2015///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531362; Keywords: Credit scores;  Committed relationships;  Assortative matching;  Household finance;  Trustworthiness; Publication Type: Working Paper; Update Code: 201511
N2  - This paper presents novel evidence on the role of credit scores in the dynamics of committed relationships. We document substantial positive assortative matching with respect to credit scores, even when controlling for other socioeconomic and demographic characteristics. As a result, individual-level differences in access to credit are largely preserved at the household level. Moreover, we find that the couples' average level of and the match quality in credit scores, measured at the time of relationship formation, are highly predictive of subsequent separations. This result arises, in part, because initial credit scores and match quality predict subsequent credit usage and financial distress, which in turn are correlated with relationship dissolution. Credit scores and match quality appear predictive of subsequent separations even beyond these credit channels, suggesting that credit scores reveal an individual's relationship skill and level of commitment. We present ancillary evidence supporting the interpretation of this skill as trustworthiness.
KW  - Household Saving; Personal Finance          D14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Marriage; Marital Dissolution; Family Structure; Domestic Abuse          J12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015081pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531362&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015081pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Byrne, David M.
AU  - Corrado, Carol
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - The Conference Board
T1  - Prices for Communications Equipment: Rewriting the Record
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-69
Y1  - 2015///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517254; Keywords: ICT;  communications equipment;  price measurement;  technical change;  wireless technology;  communications technology;  communications equipment industry; Publication Type: Working Paper; Update Code: 201509
N2  - Communication equipment plays as large a role in high-tech investment as computers, yet prices for communication equipment have not been studied as extensively as prices for computers and electronic components. Prices for satellites, cell phones, and the ground stations for these systems--important components of a nation's communications infrastructure--are difficult to locate in official statistics. This paper develops new price measures for 16 types of communications equipment from 1963 to 2009. Indexes for some (e.g., cellular phone systems) experience declines of 15-20 percent per year, similar to the decline in quality-adjusted prices for computers, and suggest that advances in wireless communications technology have been very rapid. All told, our price index for domestic production falls 4.8 percent per year on average over the time period we study and 9.8 percent per year on average since 1985--nearly 10 percentage points faster than the official U.S. producer price index introduced in that year.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015069pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517254&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015069pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Engen, Eric M.
AU  - Laubach, Thomas
AU  - Reifschneider, David L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-5
Y1  - 2015///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495216; Keywords: Monetary policy reaction function;  federal funds rate;  forward guidance;  large-scale asset purchases;  zero lower bound; Publication Type: Working Paper; Update Code: 201505
N2  - After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate--in order to provide additional monetary policy accommodation. We use survey data from the Blue Chip Economic Indicators to infer changes in private-sector perceptions of the implicit interest rate rule that the Federal Reserve would use following liftoff from the effective lower bound. Using our estimates of the changes over time in private expectations for the implicit policy rule, and estimates of the effects of the Federal Reserve's quantitative easing programs on term premiums derived from other studies, we simulate the FRB/US model to assess the actual economic stimulus provided by unconventional policy since early 2009. Our analysis suggests that the net stimulus to real activity and inflation was limited by the gradual nature of the changes in policy expectations and term premium effects, as well as by a persistent belief on the part of the public that the pace of recovery would be much faster than proved to be the case. Our analysis implies that the peak unemployment effect--subtracting 1-1/4 percentage points from the unemployment rate relative to what would have occurred in the absence of the unconventional policy actions--does not occur until early 2015, while the peak inflation effect--adding 1/2 percentage point to the inflation rate--is not anticipated until early 2016.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015005pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495216&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015005pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Doniger, Cynthia L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Wage Dispersion with Heterogeneous Wage Contracts
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-23
Y1  - 2015///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495214; Keywords: Labor supply and demand;  Market structure and pricing;  Wages and compensation; Publication Type: Working Paper; Update Code: 201505
N2  - I study a labor market in which identical workers search on- and off-the-job and heterogeneous firms employ using either posted wages or wage contracts contingent on outside options. Firm level costs for contingent contracts generate a separating equilibrium in which less productive firms post wages. The model with heterogeneous contracts can achieve wage dispersion, labor share, employment transitions, and flow value of unemployment that are simultaneously consistent with empirical observations even when most firms post wages. Using German employee-level administrative data, I estimate roughly 70 percent of firms post wages and employ nearly 50 percent of workers under such contracts.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015023pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495214&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015023pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bognanni, Mark
AU  - Herbst, Edward
AD  - Federal Reserve Bank of Cleveland
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Estimating (Markov-Switching) VAR Models without Gibbs Sampling: A Sequential Monte Carlo Approach
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-116
Y1  - 2015///
SP  - 56 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549593; Keywords: Bayesian Analysis;  Regime-Switching Models;  Sequential Monte Carlo;  Vector Autoregressions; Publication Type: Working Paper; Update Code: 201602
N2  - Vector autoregressions with Markov-switching parameters (MS-VARs) fit the data better than do their constant-parameter predecessors. However, Bayesian inference for MS-VARs with existing algorithms remains challenging. For our first contribution, we show that Sequential Monte Carlo (SMC) estimators accurately estimate Bayesian MS-VAR posteriors. Relative to multi-step, model-specific MCMC routines, SMC has the advantages of generality, parallelizability, and freedom from reliance on particular analytical relationships between prior and likelihood. For our second contribution, we use SMC's flexibility to demonstrate that the choice of prior drives the key empirical finding of Sims, Waggoner, and Zha (2008) as much as does the data.
KW  - Bayesian Analysis: General          C11
KW  - Methodological Issues: General          C18
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Model Evaluation, Validation, and Selection          C52
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Money and Interest Rates: General          E40
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015116pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549593&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015116pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mills, James
AU  - Molloy, Raven S.
AU  - Zarutskie, Rebecca
AD  - Amherst Holdings, LLC
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-84
Y1  - 2015///
SP  - 56 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531372; Keywords: Institutional investors;  buy-to-rent;  ownership structure;  real estate investors;  rental housing;  securitization;  single-family rental; Publication Type: Working Paper; Update Code: 201511
N2  - In 2012, several large firms began purchasing single-family homes with the stated intention of creating large portfolios of rental property. We present the first systematic evidence on how this new investor activity differs from that of other investors in the housing market. Many aspects of buy-to-rent investor behavior are consistent with holding property for rent rather than reselling quickly. Additionally, the large size of these investors imparts a few important advantages. In the short run, this investment activity appears to have supported house prices in the areas where it is concentrated. The longer-run impacts remain to be seen.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015084pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531372&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015084pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Maksimovic, Vojislav
AU  - Tham, Mandy
AU  - Yook, Youngsuk
AD  - University of Maryland
AD  - Nanyang Technological University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Demand Shock, Liquidity Management, and Firm Growth during the Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-96
Y1  - 2015///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531368; Keywords: Financial crisis;  demand shock;  liquidity management;  trade credit;  inventory; Publication Type: Working Paper; Update Code: 201511
N2  - We examine the transmission of liquidity across the supply chain during the 2007-09 financial crisis, a period of financial market illiquidity, for a sample of unrated public firms with differential demand shocks. We measure differential demand by comparing firms that primarily supply to government customers with those that primarily supply to corporate customers. A difference-in-difference analysis shows little evidence that relatively high demand firms provide more or less liquidity to their own suppliers. The main determinant of the usage of short-term financing is a product market shock. Firms with relatively high demand have higher raw-material inventory and use more trade credit. There is little evidence that the amount of credit usage per unit of raw-material inventory changes with firms' demand shocks. These outcomes are consistent with theories of trade credit that stress the use of trade credit in financing inputs rather than providing efficient monitoring of creditors by suppliers. The lack of liquidity provision to suppliers by high demand firms is likely due to the high opportunity costs they face: We show that such firms become more investment-constrained over the crisis and engage in more acquisition activities once the liquidity crunch dissipates.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015096pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531368&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015096pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Brancati, Emanuele
AU  - Macchiavelli, Marco
AD  - LUISS Guido Carli
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-79
Y1  - 2015///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531360; Keywords: CDS Spreads;  Coordination Risk;  Dispersed Information;  Financial Crisis;  Global Games; Publication Type: Working Paper; Update Code: 201511
N2  - The recent Global Games literature makes important predictions on how financial crises unfold. We test the empirical relevance of these theories by analyzing how dispersed information affects banks' default risk. We find evidence that precise information acts as a coordination device which reduces creditors' willingness to roll over debt to a bank, thus increasing both its default risk and its vulnerability to changes in expectations. We establish two new results. First, given an unfavorable median forecast, less dispersed beliefs greatly increase default risk; this is consistent with incomplete information models that rely on coordination risk while in contrast with a wide range of models that neglect this component. Second, less dispersion of beliefs amplifies the reaction of default risk to changes in market expectations; importantly, precise information raises banks' vulnerability by more than standard measures of banks' fragility. Taken together, our results suggest that enhanced transparency, by providing agents with more precise information, increases banks' vulnerability to changes in sentiment and raises the default risk of weaker banks. Finally, we address concerns of endogeneity of market expectations by introducing a novel set of instruments.
KW  - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness          D83
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015079pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531360&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015079pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - von Beschwitz, Bastian
AU  - Chuprinin, Oleg
AU  - Massa, Massimo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Australian School of Business
AD  - INSEAD
T1  - Why Do Short Sellers Like Qualitative News?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1149
Y1  - 2015///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531383; Publication Type: Working Paper; Update Code: 201511
N2  - Short sellers trade more on days with qualitative news--i.e. news containing fewer numbers. We show that this behavior is not informationally motivated but can be explained by short sellers exploiting higher liquidity on such days. We document that liquidity and noise trading increase in the presence of qualitative news thus enabling short sellers to better disguise their informed trades. Natural experiments support our findings. For example, qualitative news has a bigger effect on short sellers' trading after a decrease in liquidity following a stock's deletion from S&P 500 and a lower effect when investor attention is distracted by the Olympic Games.
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1149.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531383&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1149.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Grundl, Serafin J.
AU  - Zhu, Yu
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Leicester
T1  - Identification and Estimation of Risk Aversion in First Price Auctions With Unobserved Auction Heterogeneity
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-89
Y1  - 2015///
SP  - 59 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531349; Keywords: Estimation;  First Price Auction;  Identification;  Risk Aversion;  Unobserved Heterogeneity; Publication Type: Working Paper; Update Code: 201511
N2  - We extent the point-identification result in Guerre, Perrigne, and Vuong (2009) to environments with one-dimensional unobserved auction heterogeneity. In addition, we also show a robustness result for the case where the exclusion restriction used for point identification is violated: We provide conditions to ensure that the primitives recovered under the violated exclusion restriction still bound the true primitives in this case. We propose a new Sieve Maximum Likelihood Estimator, show its consistency and illustrate its finite sample performance in a Monte Carlo experiment. We investigate the bias in risk aversion estimates if unobserved auction heterogeneity is ignored and explain why the sign of the bias depends on the correlation between the number of bidders and the unobserved auction heterogeneity. In an application to USFS timber auctions we find that the bidders are risk neutral, but we would reject risk neutrality without accounting for unobserved auction heterogeneity.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015089pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531349&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015089pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Niepmann, Friederike
AU  - Schmidt-Eisenlohr, Tim
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - International Trade Risk and the Role of Banks
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1151
Y1  - 2015///
SP  - 59 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531380; Keywords: Trade finance;  multinational banks;  risk;  letter of credit; Publication Type: Working Paper; Update Code: 201511
N2  - International trade exposes exporters and importers to substantial risks. To mitigate these risks, firms can buy special trade finance products from banks. This paper explores under which conditions and to what extent firms use these products. We find that letters of credit and documentary collections cover about 10 percent of U.S. exports and are preferred for larger transactions, indicating substantial fixed costs. Letters of credit are employed the most for exports to countries with intermediate contract enforcement. Compared to documentary collections, they are used for riskier destinations. We provide a model that rationalizes these empirical findings and discuss implications.
KW  - International Investment; Long-term Capital Movements          F21
KW  - Multinational Firms; International Business          F23
KW  - International Lending and Debt Problems          F34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1151.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531380&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1151.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gissler, Stefan
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Slow capital, fast prices: Shocks to funding liquidity and stock price reversals
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-43
Y1  - 2015///
SP  - 59 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508971; Keywords: Asset pricing and bonds;  banks;  credit unions;  other financial institutions;  economic history;  equity;  liquidity; Publication Type: Working Paper; Update Code: 201507
N2  - A V-shaped price pattern is often observed in financial markets--in response to a negative shock, prices fall "too far" before reversing course. This paper looks at one particular channel of such patterns: the link between a liquidity provider's balance sheet and asset prices. I examine a well-identified historical case study where a large exogenous shock to a liquidity provider's balance sheet resulted in severe capital constraints. Using evidence from German universal banks, who acted as market makers for selected stocks in the interwar period, I show in a difference-in-differences framework that binding capital constraints made stocks 15-20 percent more likely to be illiquid if they were connected to the distressed liquidity provider. This resulted in V-shaped price patterns during times of illiquidity, where prices declined on average 2.5 percent and reversed over the next one to three days. Investing in these particular stocks would have yielded substantial gains. These findings can be rationalized by a model that incorporates imperfect competition and asymmetric information. Under this model, banks' market-making reduces price volatility (and uninformed traders' reactions to price movements) in normal times whereas in distressed times, the price impact of noise trading is high and leads to sharp price declines that are unrelated to fundamentals.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015043pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508971&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015043pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Verani, Stephane
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Aggregate Consequences of Dynamic Credit Relationships
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-63
Y1  - 2015///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517245; Keywords: Business cycles;  financial contracting;  financial development;  firm dynamics;  limited enforcement;  private information; Publication Type: Working Paper; Update Code: 201509
N2  - Which financial frictions matter in the aggregate? This paper presents a general equilibrium model in which entrepreneurs finance a firm with a long-term contract. The contract is constrained efficient because firm revenue is costly to monitor and entrepreneurs may default. The cost of monitoring firms and the entrepreneurs' outside options determine the significance of moral hazard relative to limited enforcement for financial contracting. Calibrating the model to the U.S. economy, I find that the relative welfare loss from financial frictions is about 5 percent in terms of aggregate consumption with moral hazard, while it is 1 percent with limited enforcement. Reforms designed to strengthen contract enforcement increase aggregate consumption in the short-run, but their long-run effects are modest when monitoring costs are high. Weak contract enforcement contributes to aggregate fluctuations by amplifying the effect of aggregate technological shocks, but moral hazard does not.
KW  - Asymmetric and Private Information; Mechanism Design          D82
KW  - Business Fluctuations; Cycles          E32
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Transactional Relationships; Contracts and Reputation; Networks          L14
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015063pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517245&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015063pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lin, Tse-chun
AU  - Liu, Qi
AU  - Sun, Bo
AD  - University of Hong Kong
AD  - Peking University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Contracting with Feedback
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1143
Y1  - 2015///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517260; Keywords: Feedback effect;  CEO compensation;  Transaction costs;  Reg-SHO Pilot program;  Decimalization; Publication Type: Working Paper; Update Code: 201509
N2  - We study the effect of financial market conditions on managerial compensation structure. First, we analyze the optimal pay-for-performance in a model in which corporate decisions and firm value are both endogenous to trading due to feedback from information contained in stock prices. In a less frictional financial market, the improved information content of stock prices helps guide managerial decisions, and this information substitutes out part of the direct incentive provision from compensation contracts. Thus, the optimal pay-for-performance is lowered in response to reductions in market frictions. Second, we test our theory using two quasi-natural experiments and find evidence that is consistent with the theory. Our results indicate that the financial market environment plays an important role in shaping CEO compensation structure.
KW  - Corporate Finance and Governance: General          G30
KW  - Compensation Packages; Payment Methods          J33
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1143.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517260&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1143.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carey, Mark S.
AU  - Sun, Bo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Risk Choices and Compensation Design
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1130
Y1  - 2015///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495231; Keywords: Compensation;  Bad tail risk; Publication Type: Working Paper; Update Code: 201505
N2  - We analyze the impact of bad-tail risks on managerial pay functions, especially the decision to pay managers in stock or in options. In contrast to conventional wisdom, we find that options are often a superior vehicle for limiting managerial incentives to take bad-tail risks while providing incentives to exert effort. Arrangements similar to collar options are able to incent the desired project choice in wider range of circumstances than call options or stock. However, information requirements appear high. We briefly explore alternatives with features similar to maluses and clawbacks, which are a bit like weakening the limited liability of managers.
KW  - Economics of Contract: Theory          D86
KW  - Financial Institutions and Services: General          G20
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1130.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495231&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1130.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Thompson, Jeffrey P.
AU  - Suarez, Gustavo A.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Exploring the Racial Wealth Gap Using the Survey of Consumer Finances
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-76
Y1  - 2015///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531351; Keywords: Inequality;  Racial Wealth Gap;  Saving; Publication Type: Working Paper; Update Code: 201511
N2  - This paper studies the racial wealth gap using data from the Federal Reserve's Survey of Consumer Finances from 1989 to 2013. We document that the mean and median wealth (net worth) of white families has consistently been much greater than that of black and Hispanic families, and the gap between them has increased in recent years. We use reduced-form OLS regressions and non-parametric decomposition techniques to assess the contribution to the racial wealth gap of life-cycle patterns, educational attainment, inheritance, attitudes toward saving and investing, and a number of additional factors. Our analysis indicates that the wealth gap between white and Hispanic families can be almost entirely attributed to differences in observable variables. Observable factors account for most of the gap between white and black families, but a substantial unexplained portion remains. Wealth differences between black and white families are completely due to different asset holdings, while wealth differences between black and Hispanic families are mostly a result of different debt holdings. The unexplained portion of the wealth gap, for white families relative to black and Hispanic families, is greater at the top of the wealth distribution.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015076pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531351&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015076pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Grishchenko, Olesya V.
AU  - Song, Zhaogang
AU  - Zhou, Hao
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - John Hopkins Carey School of Business
AD  - PBC School of Finance, Tsinghua University
T1  - Term Structure of Interest Rates with Short-run and Long-run Risks
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-95
Y1  - 2015///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531374; Keywords: Long-run risk;  economic uncertainty;  term structure of interest rates;  bond risk premium;  variance risk premium;  predictability;  interest rate derivatives; Publication Type: Working Paper; Update Code: 201511
N2  - Bond returns are time-varying and predictable. What economic forces drive this variation? To answer this long-standing question, we propose a consumption-based model with recursive preferences, long-run risks, and inflation non-neutrality. Our model offers two important insights. First, our model matches well the post-1990 nominal upward-sloping U.S. Treasury yield curve. Second, consistent with our model's implication, variance risk premium based on the U.S. interest rate derivatives data emerges as a strong predictor for short-horizon Treasury excess returns, above and beyond the predictive power of other popular factors. In the model equilibrium, the variance risk premium is related to the short-run risks in the economy, while standard forward-rate-based factors are associated with long-run risks in the economy.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015095pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531374&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015095pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gruber, Joseph W.
AU  - Kamin, Steven B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Corporate Saving Glut in the Aftermath of the Global Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1150
Y1  - 2015///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531384; Keywords: Investment;  Corporate Saving;  Corporate Balance Sheets; Publication Type: Working Paper; Update Code: 201511
N2  - We examine the increase in the net lending (saving minus investment) of nonfinancial corporations in the years preceding and especially following the Global Financial Crisis (GFC). We consider whether this increase in net lending is an endogenous reflection of the current weak pace of growth or an outcome of other factors, such as firms' desire to cut investment and hoard assets, and thus an exogenous drag on growth. Looking at G7 economies, we find that the fall in corporate investment during the GFC was in line with historical norms, given the path of GDP growth, interest rates, profits, and other relevant determinants. However, we find that investment declined from a surprisingly weak starting point, as corporate investment in many of the G7 economies started falling below our models' predictions in the years before the GFC. Moreover, corporate payouts to investors in the form of dividends and equity buybacks have trended up over the past 1-1/2 decades, inconsistent with the view that cautious firms were cutting back on investment spending to strengthen their balance sheets. Identifying the causes of the rise in corporate net lending and declines in investment rates starting in the years before the GFC should be an important focus of future research.
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1150.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531384&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1150.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nielsen, Eric
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Income-Achievement Gap and Adult Outcome Inequality
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-41
Y1  - 2015///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508989; Keywords: Achievement inequality;  anchoring;  human capital;  measurement of inequality;  ordinal statistics; Publication Type: Working Paper; Update Code: 201507
N2  - This paper discusses various methods for assessing group differences in academic achievement using only the ordinal content of achievement test scores. Researchers and policymakers frequently draw conclusions about achievement differences between various populations using methods that rely on the cardinal comparability of test scores. This paper shows that such methods can lead to erroneous conclusions in an important application: measuring changes over time in the achievement gap between youth from high- and low-income households. Commonly-employed, cardinal methods suggest that this "income-achievement gap" did not change between the National Longitudinal Surveys of Youth (NLSY) 1979 and 1997 surveys. In contrast, ordinal methods show that this gap narrowed substantially for reading achievement and may have narrowed for math achievement as well. In fact, any weighting scheme that places more value on higher test scores must conclude that the reading income-achievement gap decreased between these two surveys. The situation for math achievement is more complex, but low-income students in the middle and high deciles of the low-income math achievement distribution unambiguously gained relative to their high-income peers. Furthermore, an anchoring exercise suggests that the narrowing of the income-achievement gap corresponds to an economically significant convergence in lifetime labor wealth and school completion rates for youth from high- and low-income backgrounds.
KW  - Semiparametric and Nonparametric Methods: General          C14
KW  - Methodological Issues: General          C18
KW  - Analysis of Education          I21
KW  - Education and Inequality          I24
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015041pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508989&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015041pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bekaert, Geert
AU  - Engstrom, Eric
AD  - Columbia University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Asset Return Dynamics under Habits and Bad-Environment Good-Environment Fundamentals
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-53
Y1  - 2015///
SP  - 62 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508984; Keywords: VIX;  equity premium;  habit;  risk aversion;  skewness; Publication Type: Working Paper; Update Code: 201507
N2  - We introduce a "bad environment-good environment" (BEGE) technology for consumption growth in a consumption-based asset pricing model with external habit formation. The model generates realistic non-Gaussian features of consumption growth and fits standard salient features of asset prices including the means and volatilities of equity returns and a low risk free rate. BEGE dynamics additionally allow the model to generate realistic properties of equity index options prices, and their comovements with the macroeconomic outlook. In particular, when option implied volatility is high, as measured for instance by the VIX index, the distribution of consumption growth is more negatively skewed.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015053pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508984&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015053pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bricker, Jesse
AU  - Henriques, Alice M.
AU  - Krimmel, Jacob
AU  - Sabelhaus, John
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Measuring Income and Wealth at the Top Using Administrative and Survey Data
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-30
Y1  - 2015///
SP  - 65 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495206; Keywords: Administrative data;  survey data;  top income shares;  top wealth shares; Publication Type: Working Paper; Update Code: 201505
N2  - Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the under-representation problem by combining administrative and survey data (Bricker et al, 2014). Administrative records are used to select the SCF sample and verify that high-end families are appropriately represented, and the survey is designed to measure comprehensive concepts of income and wealth at the family level. The SCF shows high and rising top income and wealth shares, as in the administrative tax data. However, unadjusted, the levels and growth based on administrative tax data alone appear to be substantially larger. By constraining the SCF to be conceptually comparable, we reconcile the differences, and show the extent to which restrictions and rigidities needed to estimate top income and wealth shares in the administrative data bias up levels and growth rates.
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Equity, Justice, Inequality, and Other Normative Criteria and Measurement          D63
KW  - Taxation, Subsidies, and Revenue: General          H20
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015030pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495206&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015030pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ahmed, Javed I.
AU  - Anderson, Christopher W.
AU  - Zarutskie, Rebecca
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Harvard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Are the Borrowing Costs of Large Financial Firms Unusual?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-24
Y1  - 2015///
SP  - 66 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495222; Keywords: Borrowing costs;  credit default swaps;  financial industry;  implicit government guarantee;  size effect;  Too-Big-to-Fail; Publication Type: Working Paper; Update Code: 201505
N2  - Estimates of investor expectations of government support of large financial firms are often based on large financial firms' lower borrowing costs relative to smaller financial firms. Using pricing data on credit default swaps (CDS) and corporate bonds over the period 2004 to 2013, however, we find that the CDS and bond spreads of financial firms are no more sensitive to borrower size than the spreads of non-financial firms. Outside of the financial crisis period, spreads are more sensitive to borrower size in several non-financial industries. We find that size-related differences in spreads are partially driven by higher liquidity and recovery rates of larger borrowers. Prior to the financial crisis, we also find that financial firms exhibited generally lower spreads that were less sensitive to size than spreads for several other industries. Our results suggest that estimates of implicit government guarantees to financial firms may overemphasize size-related borrowing cost differentials. However, our analysis also suggests that, prior to the financial crisis, investor expectations of government support, or generally reduced risk perceptions, may have reduced borrowing costs for the financial industry, as a whole.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015024pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495222&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015024pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Feunou, Bruno
AU  - Jahan-Parvar, Mohammad
AU  - Okou, Cedric
AD  - Bank of Canada
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - UQAM
T1  - Downside Variance Risk Premium
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-20
Y1  - 2015///
SP  - 66 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495204; Keywords: Downside variance risk premium;  realized volatility;  risk-neutral volatility;  skewness risk premium;  upside variance risk premium; Publication Type: Working Paper; Update Code: 201505
N2  - We propose a new decomposition of the variance risk premium in terms of upside and downside variance risk premia. The difference between upside and downside variance risk premia is a measure of skewness risk premium. We establish that the downside variance risk premium is the main component of the variance risk premium, and that the skewness risk premium is a priced factor with significant prediction power for aggregate excess returns. Our empirical investigation highlights the positive and significant link between the downside variance risk premium and the equity premium, as well as a positive and significant relation between the skewness risk premium and the equity premium. Finally, we document the fact that the skewness risk premium fills the time gap between one quarter ahead predictability, delivered by the variance risk premium as a short term predictor of excess returns and traditional long term predictors such as price-dividend or price-earning ratios. Our results are supported by a simple equilibrium consumption-based asset pricing model.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015020pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495204&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015020pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dettling, Lisa J.
AU  - Devlin-Foltz, Sebastian
AU  - Krimmel, Jacob
AU  - Pack, Sarah
AU  - Thompson, Jeffrey P.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-86
Y1  - 2015///
SP  - 67 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531364; Keywords: Income;  Spending;  Survey of Consumer Finances;  Wealth; Publication Type: Working Paper; Update Code: 201511
N2  - Household income, spending, and net worth are key inputs in macroeconomic forecasting and economic research. Macro-level data sources are often used to measure household accounts, but lack important information about heterogeneity across different types of households that can be found in micro-level data sources. This paper compares aggregates computed based on one micro-level data source--the Survey of Consumer Finances (SCF)--with macro-level sources of information on household accounts. We find that on most measures, aggregates computed from the SCF line up well with macro-level data sources once we construct comparable series. Our results imply that researchers and policy makers can be confident in making macroeconomic inferences from household-level surveys like the SCF.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015086pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531364&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015086pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Cull, Robert
AU  - Li, Wei
AU  - Sun, Bo
AU  - Xu, Lixin Colin
AD  - Unlisted
AD  - Unlisted
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Unlisted
T1  - Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1129
Y1  - 2015///
SP  - 68 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495233; Keywords: Financial constraints;  investment;  political connections;  firm size;  China;  capital allocation;  invest cash flow sensitivity; Publication Type: Working Paper; Update Code: 201505
N2  - We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially less severe financial constraints (i.e., less reliance on internal cash flows to fund investment), and that the sensitivity of investment to internal cash flows is higher for firms that report greater obstacles to obtaining external funds. We also find that those large non-state firms with weak government connections, likely the engine for innovation in the coming years in China, are especially financially constrained, due perhaps to the formidable hold that their state rivals have on financial resources after the 'grabbing-the-big-and-letting-go-the-small' privatization program in China. Our empirical results suggest that government connections play an important role in explaining Chinese firms' financing conditions, and provide further evidence on the nature of the misallocation of credit by China's dominant state-owned banks.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Corporate Finance and Governance: Government Policy and Regulation          G38
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1129.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495233&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1129.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Irani, Rustom M.
AU  - Meisenzahl, Ralf R.
AD  - University of Illinois at Urbana-Champaign
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-1
Y1  - 2015///
SP  - 68 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495221; Keywords: Bank risk management;  financial crisis;  loan sales;  wholesale funding; Publication Type: Working Paper; Update Code: 201505
N2  - We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan share ownership in the secondary market using data from the Shared National Credit Program, a credit register of syndicated bank loans administered by U.S. regulators. We analyze the 2007-2009 financial crisis as a market-wide liquidity shock and control for loan demand using a loan-year fixed effects approach. We find that banks with greater reliance on wholesale funding at the onset of the crisis were more likely to exit loan syndicates during the crisis. Our analysis identifies the importance of bank liquidity risk management as a motivation for loan sales, in addition to the credit risk transfer motive emphasized in prior literature.
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015001pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495221&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015001pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arseneau, David M.
AU  - Rappoport, David
AU  - Vardoulakis, Alexandros
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Secondary Market Liquidity and the Optimal Capital Structure
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-31
Y1  - 2015///
SP  - 68 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508973; Keywords: Capital structure;  market liquidity;  quantitiative easing;  secondary markets; Publication Type: Working Paper; Update Code: 201507
N2  - We present a model where endogenous liquidity generates a feedback loop between secondary market liquidity and firms' financing decisions in primary markets. The model features two key frictions: a costly state verification problem in primary markets, and search frictions in over-the-counter secondary markets. Our concept of liquidity depends endogenously on illiquid assets put up for sale relative to the resources available for buying those assets in the secondary market. Liquidity determines the liquidity premium, which affects issuance in the primary market, and this effect feeds back into secondary market liquidity by changing the composition of investors' portfolios. We show that the privately optimal allocations are inefficient because investors and firms fail to internalize how their behavior affects secondary market liquidity. These inefficiencies are established analytically through a set of wedge expressions for key efficiency margins. Our analysis provide s a rationale for the effect of quantitative easing on secondary and primary capital markets and the real economy.
KW  - Financial Markets and the Macroeconomy          E44
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Corporate Finance and Governance: General          G30
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015031pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508973&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015031pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Surico, Paolo
AU  - Trezzi, Riccardo
AD  - London Business School
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Consumer Spending and Property Taxes
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-57
Y1  - 2015///
SP  - 69 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517241; Keywords: Fiscal consolidation;  marginal propensity to spend;  mortgage debt;  residential property taxes; Publication Type: Working Paper; Update Code: 201509
N2  - A major change of the property tax system in 2011 generated significant variation in the amount of housing taxes paid by Italian households. Using new questions added to the Survey on Household Income and Wealth (SHIW), we exploit this variation to provide an unprecedented analysis of the effects of property taxes on consumer spending. A tax on the main dwelling leads to large expenditure cuts among households with mortgage debt and low liquid wealth but generates only small revenues for the government. In contrast, higher tax rates on other residential properties reduce private savings and yield large tax revenues.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Fiscal Policy          E62
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015057pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517241&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015057pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Goodman, Sarena
AU  - Isen, Adam
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Treasury Department
T1  - Un-Fortunate Sons: Effects of the Vietnam Draft Lottery on the Next Generation's Labor Market
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-119
Y1  - 2015///
SP  - 69 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549608; Keywords: Vietnam War draft lottery;  household environment;  intergenerational mobility;  labor supply;  military service;  occupational transmission;  parental inputs; Publication Type: Working Paper; Update Code: 201602
N2  - We study how randomized variation from the Vietnam draft lottery affects the next generation's labor market. Using the universe of federal tax returns, we link fathers from draft cohorts to their sons and offer two primary findings. First, sons of men called by the lottery have lower earnings and labor force participation than their peers. Second, they are more likely to volunteer for military service themselves. Similar but smaller effects are uncovered for daughters. Our findings demonstrate that manipulating parental circumstances can alter children's outcomes and, more specifically, are consistent with two separately operating channels: (1) parental inputs as important determinants of human capital development and (2) intergenerational transmission of occupation.
KW  - National Security and War          H56
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Job, Occupational, and Intergenerational Mobility; Promotion          J62
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015119pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549608&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015119pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aikman, David
AU  - Kiley, Michael T.
AU  - Lee, Seung Jung
AU  - Palumbo, Michael G.
AU  - Warusawitharana, Missaka
AD  - Bank of England
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Mapping Heat in the U.S. Financial System
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-59
Y1  - 2015///
SP  - 71 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1517246; Keywords: Early warning system;  financial crisis;  financial stability;  financial vulnerabilities;  heat maps;  macroprudential policy;  systemic risk;  data visualization;  countercyclical capital buffers; Publication Type: Working Paper; Update Code: 201509
N2  - We provide a framework for assessing the build-up of vulnerabilities in the U.S. financial system. We collect forty-four indicators of financial and balance-sheet conditions, cutting across measures of valuation pressures, nonfinancial borrowing, and financial-sector health. We place the data in economic categories, track their evolution, and develop an algorithmic approach to monitoring vulnerabilities that can complement the more judgmental approach of most official-sector organizations. Our approach picks up rising imbalances in the U.S. financial system through the mid-2000s, presaging the financial crisis. We also highlight several statistical properties of our approach: most importantly, our summary measures of system-wide vulnerabilities lead the credit-to-GDP gap (a key gauge in Basel III and related research) by a year or more. Thus, our framework may provide useful information for setting macroprudential policy tools such as the countercyclical capital buffer.
KW  - Financial Crises          G01
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015059pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1517246&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015059pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Boehm, Christoph E.
AU  - Flaaen, Aaron
AU  - Pandalai-Nayer, Nitya
AD  - University of Michigan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Michigan
T1  - Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tohoku Earthquake
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-94
Y1  - 2015///
SP  - 73 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531367; Keywords: Multinational firms;  international business cycles;  business fluctuations;  elasticity of substitution; Publication Type: Working Paper; Update Code: 201511
N2  - Using novel firm-level microdata and leveraging a natural experiment, this paper provides causal evidence for the role of trade and multinational firms in the cross-country transmission of shocks. Foreign multinational affiliates in the U.S. exhibit substantial intermediate input linkages with their source country. The scope for these linkages to generate cross-country spillovers in the domestic market depends on the elasticity of substitution with respect to other inputs. Using the 2011 Tohoku earthquake as an exogenous shock, we estimate this elasticity for those firms most reliant on Japanese imported inputs: the U.S. affiliates of Japanese multinationals. These firms suffered large drops in U.S. output in the months following the shock, roughly one-for-one with the drop in imports and consistent with a Leontief relationship between imported and domestic inputs. Structural estimates of the production function for all firms with input linkages to Japan yield disaggregated production elasticities that are similarly low. Our results suggest that global supply chains are sufficiently rigid to play an important role in the cross-country transmission of shocks.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015094pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531367&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015094pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Diercks, Anthony M.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Equity Premium, Long-Run Risk, & Optimal Monetary Policy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-87
Y1  - 2015///
SP  - 77 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1531376; Keywords: Asset Pricing;  Long-run risk;  Monetary policy; Publication Type: Working Paper; Update Code: 201511
N2  - In this study I examine the welfare implications of monetary policy by constructing a novel New Keynesian model that properly accounts for asset pricing facts. I find that the Ramsey optimal monetary policy yields an inflation rate above 3.5% and inflation volatility close to 1.5%. The same model calibrated to a counterfactually low equity premium implies an optimal inflation rate close to zero and inflation volatility less than 10 basis points, consistent with much of the existing literature. Relatively higher optimal inflation is due to the greater welfare costs of recessions associated with matching the equity premium. Additionally, the second order approximation allows monetary policy to have positive welfare effects on the labor share of income. I show that this channel is generally absent in standard macroeconomic models that do not take risk into account. Furthermore, the interest rate rule that comes closest to matching the dynamics of the optimal Ramsey policy puts a sizable weight on capital growth along with the price of capital, as it emphasizes stabilizing the medium to long term over the very short run.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015087pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531376&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015087pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - De Pooter, Michiel
AU  - Martin, Robert F.
AU  - Pruitt, Seth
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Arizona State University
T1  - The Liquidity Effects of Official Bond Market Intervention
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1138
Y1  - 2015///
SP  - 78 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508995; Keywords: Securities Markets Programme;  European Central Bank;  bond;  liquidity risk;  search and matching; Publication Type: Working Paper; Update Code: 201507
N2  - To "ensure depth and liquidity," the European Central Bank in 2010 and 2011 repeatedly intervened in sovereign debt markets through its Securities Markets Programme. These purchases provide a unique natural experiment for testing the effects of large-scale asset purchases on risk premia arising from liquidity concerns. To explore how official intervention influences liquidity premia, we develop a search-based asset-pricing model. Consistent with our model's predictions, we find statistically and economically significant stock and flow effects on sovereign bonds' liquidity premia in response to official purchases.
KW  - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness          D83
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Central Banks and Their Policies          E58
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1138.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508995&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1138.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Jalil, Andrew
AU  - Rua, Gisela
AD  - Occidental College
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-29
Y1  - 2015///
SP  - 85 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495226; Keywords: Great Depression;  inflation expectations;  liquidity trap;  narrative evidence;  regime change; Publication Type: Working Paper; Update Code: 201505
N2  - This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second, using an event-studies approach, we identify the impact on financial markets of the key events that shifted inflation expectations. Third, we gather new evidence--both quantitative and narrative--that indicates that the shift in inflation expectations played a causal role in stimulating the recovery.
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015029pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495226&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015029pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bombardini, Matilde
AU  - Orefice, Gianluca
AU  - Tito, Maria D.
AD  - University of British Columbia
AD  - CEPII
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Does Exporting Improve Matching? Evidence from French Employer-Employee Data
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-113
Y1  - 2015///
SP  - 88 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549603; Keywords: International Trade;  Search frictions;  Worker-Firm Matching; Publication Type: Working Paper; Update Code: 201602
N2  - Does opening a market to international trade affect the pattern of matching between firms and workers? This paper answers this question both theoretically and empirically in three parts. We set up a model of matching between heterogeneous workers and firms in which variation in the worker type at the firm level exists in equilibrium only because of the presence of search costs. When firms gain access to the foreign market, their revenue potential increases. When stakes are high, matching with the right worker becomes particularly important because deviations from the ideal match quickly reduce the value of the relationship. Hence, exporting firms select sets of workers that are less dispersed relative to the average. We then document a novel fact about the hiring decisions of exporting firms versus non-exporting firms in a French matched employer-employee dataset. We construct the type of each worker using both a traditional wage regression and a model-based approach and construct measures of the average worker type and worker type dispersion at the firm level. We find that exporting firms feature a lower type dispersion in the pool of workers they hire. This effect is comparable and larger than the common finding in the literature that exporters pay higher wages because, among other factors, they employ better workers. The matching between exporting firms and workers is even tighter in sectors characterized by better exporting opportunities as measured by foreign demand or tariff shocks. Finally, we show that revenue loss is lower relative to the optimum allocation for exporting and more productive firms. This analysis is suggestive of the potential presence of additional gains from trade due to improved sorting.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015113pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549603&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015113pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ferrante, Francesco
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Risky Mortgages, Bank Leverage and Credit Policy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-110
Y1  - 2015///
SP  - 88 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1549599; Keywords: Bank runs;  deposit insurance;  large depositors; Publication Type: Working Paper; Update Code: 201602
N2  - Two key channels that allowed the 2007-2009 mortgage crisis to severely impact the real economy were: a housing net worth channel, as defined by Mian and Sufi (2014), which affected the wealth of leveraged households; and a bank net worth channel, which reduced the ability of financial intermediaries to provide credit. To capture these features of the Great Recession, I develop a DSGE model with balance-sheet constrained banks financing both risky mortgages and productive capital. Mortgages are provided to agents facing idiosyncratic housing depreciation risk, implying an endogenous default decision and a link between their borrowing capacity and house prices. The interaction among the housing net worth channel, the bank net worth channel and endogenous foreclosures generates novel amplification mechanisms. I analyze the quantitative implications of these new channels by considering two different shocks linked to the supply of mortgage credit: an increase in the variance of housing risk and a deterioration in the collateral value of mortgages for bank funding. Both shocks are able to produce co-movements in house prices, business investment, consumption and output. Finally, I study two types of policy interventions that are able to reduce the severity of a mortgage crisis: debt relief for borrowing households and central bank credit intermediation.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015110pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1549599&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015110pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kennickell, Arthur B.
AU  - Kwast, Myron L.
AU  - Pogach, Jonathan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - FDIC
AD  - FDIC
T1  - Small Businesses and Small Business Finance during the Financial Crisis and the Great Recession: New Evidence From the Survey of Consumer Finances
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2015-39
Y1  - 2015///
SP  - 96 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508987; Keywords: Great Recession;  small business; Publication Type: Working Paper; Update Code: 201507
N2  - We use the Federal Reserve's 2007, 2009 re-interview of 2007 respondents, and 2010 Surveys of Consumer Finances (SCFs) to examine the experiences of small businesses owned and actively managed by households during these turbulent years. This is the first paper to use these SCFs to study small businesses even though the surveys contain extensive data on a broad cross-section of firms and their owners. We find that the vast majority of small businesses were severely affected by the financial crisis and the Great Recession, including facing tight credit constraints. We document numerous and often complex interdependencies between the finances of small businesses and their owner-manager households, including a more complicated role of housing assets than has been reported previously. We find that workers who lost their job responded in part by starting their own small business, and that factors correlated with the survival of a small business differed greatly depending upon whether the firm was established or new. Our results strongly reinforce the importance of relationship finance to small businesses, and the primary role of commercial banks in such relationships. We find that both cross-section and panel data are needed to understand the complex issues associated with the creation, survival and failure of small businesses.
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015039pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508987&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015039pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - De Pooter, Michiel
AU  - Rebecca, DeSimone
AU  - Martin, Robert F.
AU  - Pruitt, Seth
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Columbia Business School
AD  - Barclays Capital
AD  - Arizona State University
T1  - Cheap Talk and the Efficacy of the ECB's Securities Market Programme: Did Bond Purchases Matter?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1139
Y1  - 2015///
SP  - 99 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508994; Keywords: Monetary policy;  interest rates;  recession;  European Central Bank;  asset purchases;  euro area; Publication Type: Working Paper; Update Code: 201507
N2  - In 2010, in response to an ever-worsening fiscal crisis, the ECB began purchasing sovereign debt from troubled euro-area countries through its Securities Market Programme (SMP). This program was designed to improve market functioning and restore the monetary transmission mechanism within the euro area. This paper does not test those ideals. Rather, we test whether SMP purchases systematically lowered peripheral yields and spreads. We find limited evidence of purchase effects but large announcement effects. In addition, on days in which the ECB was believed to have made large purchases, yields moved down, independent of the size of the ECB's purchases or even if the ECB conducted any purchase at all that week. In all, we conclude that the ECB's SMP influenced yields through a confidence channel rather than through any direct purchase effect. In the appendix to this paper we provide a detailed timeline of SMP purchases and market beliefs about purchase timing.
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - International Business Cycles          F44
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1139.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508994&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1139.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilbert, Thomas
AU  - Scotti, Chiara
AU  - Strasser, Georg
AU  - Vega, Clara
AD  - University of Washington
AD  - Federal Reserve System, Board of Governors
AD  - Department of Economics, Boston College
AD  - Federal Reserve System, Board of Governors
T1  - Is the Intrinsic Value of Macroeconomic News Announcements Related to Their Asset Price Impact?
PB  - Boston College Department of Economics, Boston College Working Papers in Economics: 874
Y1  - 2015///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1508484; Keywords: Macroeconomic announcements, price discovery, public information, macroeconomic forecasting, learning, coordination role of public information, central bank policy; Publication Type: Working Paper; Update Code: 201507
N2  - The literature documents a heterogeneous asset price response to macroeconomic news announcements: Some announcements have a strong impact on asset prices and others do not. In order to explain these differences, we estimate a novel measure of the intrinsic value of a macroeconomic announcement, which we define as the announcement's ability to nowcast GDP growth, inflation, and the Federal Funds Target Rate. Using the same nowcasting framework, we then decompose this intrinsic value into the announcement's characteristics: its relation to fundamentals, timing, and revision noise. We find that in the 1998-2013 period, a significant fraction of the variation in the announcements' price impact on the Treasury bond futures market can be explained by differences in intrinsic value. Furthermore, our novel measure of timing explains significantly more of this variation than the announcements' relation to fundamentals, reporting lag (which previous studies have used as a measure of timing), or revision noise.
KW  - Forecasting Models; Simulation Methods          C53
KW  - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness          D83
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Financial Markets and the Macroeconomy          E44
KW  - Money and Interest Rates: Forecasting and Simulation: Models and Applications          E47
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://fmwww.bc.edu/EC-P/wp874.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1508484&site=ehost-live&scope=site
UR  - http://fmwww.bc.edu/EC-P/wp874.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kandrac, John
T1  - Modelling the causes and manifestation of bank stress: an example from the financial crisis.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 2014/12/20/
VL  - 46
IS  - 35
M3  - Article
SP  - 4290
EP  - 4301
PB  - Routledge
SN  - 00036846
AB  - In this study, I model the predictors and manifestation of bank stress during the financial crisis using a Multiple Indicator Multiple Cause model. Unlike most early warning models that predict failure probabilities, this article describes a framework for predicting a broader notion of bank stress that need not rely on regulatory decisions. As such, this method can be easily applied to large institutions, and avoids the complications associated with modelling a regulatory decision such as failure or a CAMELS downgrade. Using bank reliance on Term Auction Facility funds and the out-of-sample incidence of failures and acquisitions, I demonstrate that the measure of bank stress generated here accords with other notions of bank-level distress. Finally, this method catalogues predictors of distress during the financial crisis. Thus, this article can help assess the validity of several recent regulatory proposals. I find that those banks entering the crisis with more Tier 1 capital, more liquid balance sheets, and relatively stable liabilities subsequently came under less stress. These findings support the Basel III recommended increases in banks’ capital adequacy, liquidity and stable funding. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - FINANCIAL crises
KW  - BANK failures
KW  - BANKING law & legislation
KW  - BANK capital
KW  - BANK liquidity
KW  - BANK liabilities
KW  - bank failure
KW  - bank stress
KW  - early warning model
KW  - financial crisis
KW  - financial regulation
KW  - G17
KW  - G21
KW  - G28
KW  - BASEL III (Proposed)
N1  - Accession Number: 98682167; Kandrac, John 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC20551, USA; Issue Info: Dec2014, Vol. 46 Issue 35, p4290; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BANK failures; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANK capital; Thesaurus Term: BANK liquidity; Thesaurus Term: BANK liabilities; Author-Supplied Keyword: bank failure; Author-Supplied Keyword: bank stress; Author-Supplied Keyword: early warning model; Author-Supplied Keyword: financial crisis; Author-Supplied Keyword: financial regulation; Author-Supplied Keyword: G17; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Reviews & Products: BASEL III (Proposed); NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 12p; Illustrations: 5 Charts; Document Type: Article
L3  - 10.1080/00036846.2014.955257
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=98682167&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mach, Traci L.
T1  - The Role of Credit Access in Firm Sustainability: A comparison of the 1998 and 2003 Surveys of Small Business Finances.
JO  - International Review of Entrepreneurship
JF  - International Review of Entrepreneurship
Y1  - 2014/12//
VL  - 12
IS  - 4
M3  - Article
SP  - 141
EP  - 161
PB  - Senate Hall Ltd
SN  - 20092822
AB  - The current paper uses two nationally representative cross-sections of US businesses from 1998 and 2003 to examine 5-year survival rates of small businesses. Despite the fact that the 2003 cohort experienced the Great Recession at the end of their 5-year window, exits were about 4 percent higher for the 1998 cohort than the 2003. The analysis finds that credit access and credit quality measures are among the most important explanatory variables in each period. Using the Blinder-Oaxaca decomposition to decompose the differences across the cohorts, the data further indicate that the lower survival rate in the 1998 cohort is largely driven by differences in the coefficients on the credit access and credit quality measures. On the other hand, measures of real estate appreciation and depreciation do not seem to have played a large role in the difference. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Review of Entrepreneurship is the property of Senate Hall Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business
KW  - FINANCE
KW  - COMMERCIAL loans
KW  - RECESSIONS -- 2008-2013
KW  - BUSINESS enterprises
KW  - RESEARCH
KW  - UNITED States
KW  - COEFFICIENTS (Statistics)
KW  - firm discontinuance
KW  - NETS
KW  - small businesses finances
KW  - SSBF
N1  - Accession Number: 108892424; Mach, Traci L. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Washington; Issue Info: 2014, Vol. 12 Issue 4, p141; Thesaurus Term: SMALL business; Thesaurus Term: FINANCE; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: RECESSIONS -- 2008-2013; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: RESEARCH; Subject Term: UNITED States; Subject Term: COEFFICIENTS (Statistics); Author-Supplied Keyword: firm discontinuance; Author-Supplied Keyword: NETS; Author-Supplied Keyword: small businesses finances; Author-Supplied Keyword: SSBF; Number of Pages: 21p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=108892424&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ent
ER  - 

TY  - GEN
AU  - YELLEN, JANET L.
T1  - IMPORTANT QUESTIONS ABOUT INCOME AND WEALTH.
JO  - Vital Speeches of the Day
JF  - Vital Speeches of the Day
Y1  - 2014/12//
VL  - 80
IS  - 12
M3  - Speech
SP  - 382
EP  - 386
PB  - Pro Rhetoric, LLC
SN  - 0042742X
AB  - The article presents a speech given by Janet L. Yellen, the Chair of the Board of Governors of the U.S. Federal Reserve System, at the Conference on Economic Opportunity and Equality at the Federal Reserve Bank of Boston in Boston, Massachusetts on October 17, 2014. Topics include income and wealth distribution in the U.S., the cost of higher education, and the role of inherited wealth in income distribution and wealth mobility.
KW  - INCOME distribution
KW  - HIGHER education -- Costs
KW  - INHERITANCE & succession
KW  - UNITED States
KW  - FEDERAL Reserve Bank of Boston -- Congresses
KW  - YELLEN, Janet L. (Janet Louise), 1946- -- Political & social views
N1  - Accession Number: 99913077; YELLEN, JANET L. 1; Affiliation:  1: Chair, Board of Governors of the Federal Reserve System; Source Info: Dec2014, Vol. 80 Issue 12, p382; Subject Term: INCOME distribution; Subject Term: HIGHER education -- Costs; Subject Term: INHERITANCE & succession; Subject Term: UNITED States; Company/Entity: FEDERAL Reserve Bank of Boston -- Congresses DUNS Number: 069263739; People: YELLEN, Janet L. (Janet Louise), 1946- -- Political & social views; Number of Pages: 5p; Document Type: Speech
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=99913077&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Amel, Dean
AU  - Mach, Traci
T1  - The Impact of the Small Business Lending Fund on Community Bank Lending to Small Businesses.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/12//
M3  - Article
SP  - 1
EP  - 19
AB  - Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to decline. Furthermore, much of the drop in small business loans outstanding was evident at community banks. To address this perceived lack of supply of credit to small businesses, the Small Business Lending Fund (SBLF) was created as part of the 2010 Small Business Jobs Act. The fund was intended to provide community banks with low-cost funding that they could then lend to their small business customers. As of December 31, 2013, the U.S. Department of the Treasury reports that SBLF participants had increased their small business lending by $12.5 billion over their baseline numbers. The current paper uses Call Report data from community banks and thrift institutions to look at the impact of receiving funds from SBLF on their small business lending. The analysis controls for economic and demographic conditions, market structure and competition. Simple regression estimates indicate that participants in the SBLF program increased their small business lending by about 10 percent more than their non-participating counterparts, in line with numbers reported by Treasury. However, estimates that control for the ongoing growth path in small business lending indicate no statistically significant impact of SBLF participation on small business lending. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business loans
KW  - BANKING industry -- United States
KW  - FINANCIAL services industry
KW  - SMALL business
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 100292463; Amel, Dean 1; Mach, Traci 1; Affiliations: 1: Board of Governors of Federal Reserve System; Issue Info: Dec2014, p1; Thesaurus Term: SMALL business loans; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: SMALL business; Subject Term: UNITED States ; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nakata, Taisuke
AU  - Schmidt, Sebastian
T1  - Conservatism and Liquidity Traps.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/12//
M3  - Article
SP  - 1
EP  - 45
AB  - Appointing Rogoff's (1985) conservative central banker improves welfare if the economy is subject to large contractionary shocks and the policy rate occasionally falls to the zero lower bound (ZLB). In an economy with occasionally binding ZLB constraints, the anticipation of future ZLB episodes creates a trade-off between in ation and output stabilization. As a consequence, in ation systematically falls below target even when the policy rate is above zero. A conservative central banker mitigates this de ationary bias away from the ZLB, improving allocations both at and away from the ZLB through expectations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK liquidity
KW  - INFLATION (Finance)
KW  - CENTRAL banking industry
KW  - DEFLATION (Finance)
KW  - MONETARY policy
KW  - UNITED States
KW  - Discretion
KW  - Inflation Conservatism
KW  - Inflation Targeting
KW  - Liquidity Traps
KW  - Zero Lower Bound
N1  - Accession Number: 100292457; Nakata, Taisuke 1; Email Address: taisuke.nakata@frb.gov; Schmidt, Sebastian 2; Email Address: sebastian.schmidt@ecb.int; Affiliations: 1: Board of Governors of Federal Reserve System, Division of Research and Statistics, 20th Street and Constitution Avenue N.W. Washington, D.C; 2: European Central Bank, Monetary Policy Research Division, 60640 Frankfurt, Germany; Issue Info: Dec2014, p1; Thesaurus Term: BANK liquidity; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: DEFLATION (Finance); Thesaurus Term: MONETARY policy; Subject Term: UNITED States; Author-Supplied Keyword: Discretion; Author-Supplied Keyword: Inflation Conservatism; Author-Supplied Keyword: Inflation Targeting; Author-Supplied Keyword: Liquidity Traps; Author-Supplied Keyword: Zero Lower Bound; Number of Pages: 45p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yankov, Vladimir
T1  - In Search of a Risk-free Asset.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/12//
M3  - Article
SP  - 1
EP  - 50
AB  - To attract retail time deposits, over 7,000 FDIC insured U.S. commercial banks publicly post their yield offers. I document an economically sizable and highly procyclical cross-sectional dispersion in these yield offers during the period 1997 - 2011. Banks adjusted their yields rigidly and asymmetrically with median duration of 7 weeks in response to increasing or constant Fed Funds rate target regimes and 3 weeks during regimes of decreasing Fed Fund rate target. I investigate to what extent information (search) costs on the part of the investors in this market can explain the observed pricing behavior. I build and estimate an asset pricing model with heterogeneous search cost investors. A large fraction of high information cost uninformed investors and the exit of low information cost informed investors rationalizes the observed price dispersion. I further qualitatively match the asymmetric yield rigidity within the framework of costly consumer search without the need to impose menu costs or other restrictions on the banks' repricing behavior. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK deposits
KW  - CENTRAL banking industry
KW  - FINANCIAL services industry
KW  - INTEREST rates
KW  - UNITED States
KW  - CONSUMER SEARCH
KW  - DEPOSIT RATES
KW  - INTEREST RATE PASS-THROUGH
KW  - PRICE RIGIDITY
KW  - FEDERAL Deposit Insurance Corp.
N1  - Accession Number: 100292460; Yankov, Vladimir 1; Email Address: Vladimir.L.Yankov@frb.gov; Affiliations: 1: Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, D.C; Issue Info: Dec2014, p1; Thesaurus Term: BANK deposits; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: INTEREST rates; Subject Term: UNITED States; Author-Supplied Keyword: CONSUMER SEARCH; Author-Supplied Keyword: DEPOSIT RATES; Author-Supplied Keyword: INTEREST RATE PASS-THROUGH; Author-Supplied Keyword: PRICE RIGIDITY ; Company/Entity: FEDERAL Deposit Insurance Corp.; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; Number of Pages: 50p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Cyclically Adjusted Current Account Balances.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/12//
IS  - 1126
M3  - Article
SP  - 1
EP  - 25
AB  - The Great Financial Crisis coincided with a sizable reduction in global external imbalances, defined as the absolute value of the sum of individual country current account surpluses and deficits relative to global GDP. Although current account balances should not respond to a downturn that is uniform across countries, one that hits countries with current account deficits harder than those with surpluses might result in a decline in the global balance. This paper quantifies the cyclical portion of the current account balance for 35 countries using estimates of the severity of the cycle in each country relative to that of its trading partners in conjunction with three estimates of the sensitivity of the current account balance to changes in the output gap. Two of the estimates are derived from equations linking trade to income and the third is derived from the relationship between changes in current account balances and changes in output gap differentials. The main result is that the bulk of the reduction in the global current account imbalance since 2006 appears to have been structural. Cyclical forces are estimated to account for between 10 and 30 percent of the decline. In the aggregate, the cyclical effect is estimated to be currently holding down the global current account balance by about 1/2 percentage point. However, the size of the cyclical effect is more substantial for some countries. Both surplus and deficit countries have contributed to the decline in the absolute value of the global current account imbalance, but the contribution of the deficit countries is about twice as large as that of the surplus countries. Changes in oil prices have had largely offsetting effects on the global current account balance, but changes in real exchange rates in recent years have contributed to the reduction. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - BALANCE of payments
KW  - BALANCE of trade
KW  - GROSS domestic product
KW  - PETROLEUM -- Sales & prices
KW  - current account
KW  - cycles
N1  - Accession Number: 100314345; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 20, Washington D.C. 20551, U.S.A; Issue Info: Dec2014, Issue 1126, preceding p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BALANCE of payments; Thesaurus Term: BALANCE of trade; Thesaurus Term: GROSS domestic product; Thesaurus Term: PETROLEUM -- Sales & prices; Author-Supplied Keyword: current account; Author-Supplied Keyword: cycles; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; Number of Pages: 26p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Zlate, Andrei
T1  - Capital flows to emerging market economies: A brave new world?
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2014/11/10/Nov2014:Part B
VL  - 48
M3  - Article
SP  - 221
EP  - 248
SN  - 02615606
AB  - We examine the determinants of net private capital inflows to emerging market economies (EMEs) since 2002. Our main findings are: First, growth and interest rate differentials between EMEs and advanced economies and global risk appetite are statistically and economically important determinants of net private capital inflows. Second, there have been significant changes in the behavior of net inflows from the period before the recent global financial crisis to the post-crisis period, especially for portfolio inflows, partly explained by the greater sensitivity of such flows to interest rate differentials since the crisis. Third, capital controls introduced in recent years do appear to have discouraged both total and portfolio net inflows. Finally, we find positive effects of unconventional U.S. monetary policy on EME inflows, especially portfolio inflows. Even so, U.S. unconventional policy is one among several important factors influencing flows. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - EMERGING markets
KW  - ECONOMIC development
KW  - FINANCIAL risk
KW  - PORTFOLIO management (Investments)
KW  - FINANCIAL crises
KW  - MONETARY policy
KW  - UNITED States
KW  - Capital controls
KW  - Capital flows
KW  - E5
KW  - Emerging market economies
KW  - F3
KW  - Unconventional U.S. monetary policy
N1  - Accession Number: 99035885; Ahmed, Shaghil 1; Email Address: shaghil.ahmed@frb.gov; Zlate, Andrei 1; Email Address: andrei.zlate@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, Mail Stop 24, Washington, DC 20551, USA; Issue Info: Nov2014:Part B, Vol. 48, p221; Thesaurus Term: CAPITAL movements; Thesaurus Term: EMERGING markets; Thesaurus Term: ECONOMIC development; Thesaurus Term: FINANCIAL risk; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: FINANCIAL crises; Thesaurus Term: MONETARY policy; Subject Term: UNITED States; Author-Supplied Keyword: Capital controls; Author-Supplied Keyword: Capital flows; Author-Supplied Keyword: E5; Author-Supplied Keyword: Emerging market economies; Author-Supplied Keyword: F3; Author-Supplied Keyword: Unconventional U.S. monetary policy; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 28p; Document Type: Article
L3  - 10.1016/j.jimonfin.2014.05.015
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tarullo, Daniel K.
T1  - Corporate Governance And Bank Regulation.
JO  - Corporate Board
JF  - Corporate Board
Y1  - 2014/11//Nov/Dec2014
VL  - 35
IS  - 209
M3  - Article
SP  - 1
EP  - 5
PB  - Vanguard Publications
SN  - 07468652
AB  - The financial crisis of 2008 unleashed a wave of banking oversight reforms, chiefly the Dodd-Frank Act. A controversial aspect of these changes are new rules on how banking and financial firm boards must weigh and judge risks. While some directors feel their fiduciary oversight has been usurped by these governance mandates, Daniel Tarullo, a governor of the U.S. Federal Reserve system, believes boards should welcome these changes as strengthening their governance powers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Corporate Board is the property of Vanguard Publications and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING law & legislation
KW  - FINANCIAL crises
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act
N1  - Accession Number: 99148807; Tarullo, Daniel K. 1; Affiliations: 1: Member of Board of Governors of U.S. Federal Reserve System; Issue Info: Nov/Dec2014, Vol. 35 Issue 209, p1; Thesaurus Term: BANKING law & legislation; Thesaurus Term: FINANCIAL crises; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Herbst, Edward
AU  - Schorfheide, Frank
T1  - SEQUENTIAL MONTE CARLO SAMPLING FOR DSGE MODELS.
JO  - Journal of Applied Econometrics
JF  - Journal of Applied Econometrics
Y1  - 2014/11//
VL  - 29
IS  - 7
M3  - Article
SP  - 1073
EP  - 1098
SN  - 08837252
AB  - SUMMARY We develop a sequential Monte Carlo (SMC) algorithm for estimating Bayesian dynamic stochastic general equilibrium (DSGE) models; wherein a particle approximation to the posterior is built iteratively through tempering the likelihood. Using two empirical illustrations consisting of the Smets and Wouters model and a larger news shock model we show that the SMC algorithm is better suited for multimodal and irregular posterior distributions than the widely used random walk Metropolis-Hastings algorithm. We find that a more diffuse prior for the Smets and Wouters model improves its marginal data density and that a slight modification of the prior for the news shock model leads to drastic changes in the posterior inference about the importance of news shocks for fluctuations in hours worked. Unlike standard Markov chain Monte Carlo (MCMC) techniques; the SMC algorithm is well suited for parallel computing. Copyright © 2014 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Applied Econometrics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONTE Carlo method
KW  - APPROXIMATION theory
KW  - SHOCK (Economics) -- Mathematical models
KW  - COMPUTABLE general equilibrium models
KW  - SEQUENTIAL analysis
N1  - Accession Number: 100031490; Herbst, Edward 1; Schorfheide, Frank 2,3,4; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Department of Economics, University of Pennsylvania; 3: CEPR; 4: NBER; Issue Info: Nov2014, Vol. 29 Issue 7, p1073; Thesaurus Term: MONTE Carlo method; Thesaurus Term: APPROXIMATION theory; Thesaurus Term: SHOCK (Economics) -- Mathematical models; Subject Term: COMPUTABLE general equilibrium models; Subject Term: SEQUENTIAL analysis; Number of Pages: 26p; Document Type: Article
L3  - 10.1002/jae.2397
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Caldara, Dario
AU  - Harrison, Richard
AU  - Lipińska, Anna
T1  - PRACTICAL TOOLS FOR POLICY ANALYSIS IN DSGE MODELS WITH MISSING SHOCKS.
JO  - Journal of Applied Econometrics
JF  - Journal of Applied Econometrics
Y1  - 2014/11//
VL  - 29
IS  - 7
M3  - Article
SP  - 1145
EP  - 1163
SN  - 08837252
AB  - SUMMARY In this paper we analyze the propagation of shocks originating in sectors that are not present in a baseline dynamic stochastic general equilibrium (DSGE) model. Specifically, we proxy the missing sector through a small set of factors that feed into the structural shocks of the DSGE model to create correlated disturbances. We estimate the factor structure by either matching impulse responses of the augmented DSGE model to those generated by an auxiliary model or by using Bayesian techniques. We apply this methodology to track the effects of oil shocks and housing demand shocks in models without energy or housing sectors. Copyright © 2014 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Applied Econometrics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SHOCK (Economics) -- Mathematical models
KW  - MONETARY policy
KW  - MATHEMATICAL models
KW  - ESTIMATION theory
KW  - COMPUTABLE general equilibrium models
KW  - FACTOR analysis
N1  - Accession Number: 100031493; Caldara, Dario 1; Harrison, Richard 2; Lipińska, Anna 1; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Bank of England; Issue Info: Nov2014, Vol. 29 Issue 7, p1145; Thesaurus Term: SHOCK (Economics) -- Mathematical models; Thesaurus Term: MONETARY policy; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ESTIMATION theory; Subject Term: COMPUTABLE general equilibrium models; Subject Term: FACTOR analysis; Number of Pages: 19p; Document Type: Article
L3  - 10.1002/jae.2409
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Monarch, Ryan
AU  - Park, Jooyoun
AU  - Sivadasan, Jagadeesh
T1  - Gains from Offshoring? Evidence from U.S. Microdata.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/11//
IS  - 1124
M3  - Article
SP  - 1
EP  - 61
AB  - We construct a new linked data set with over one thousand offshoring events by matching Trade Adjustment Assistance program petition data to confidential data on U.S. firm operations. We exploit these data to assess how offshoring affects domestic firm-level aggregate employment, output, wages and productivity. Consistent with heterogenous firm models where offshoring involves a fixed cost, we find that the average offshoring firm is larger and more productive than the average non-offshorer. After initiating offshoring, firms experience large declines in employment (46.2 per cent), output (38.5 per cent) and capital (28.8 per cent) relative to their industry peers. We find no significant change in average wages or in total factor productivity measures for offshoring firms. These results are consistent across two separate difference-in-differences (DID) approaches, an instrumental variables approach, and a number of robustness checks. Thus, we find offshoring to be a strong substitute for domestic activity in this large sample of offshoring events. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - OFFSHORE outsourcing
KW  - EMPLOYMENT (Economic theory)
KW  - INDUSTRIAL productivity
KW  - WAGES
KW  - BIG data
KW  - employment
KW  - firm performance
KW  - manufacturing
KW  - Outsourcing
KW  - productivity
KW  - trade
N1  - Accession Number: 100314343; Monarch, Ryan 1; Email Address: ryan.p.monarch@frb.gov; Park, Jooyoun 2; Email Address: jpark8@kent.edu; Sivadasan, Jagadeesh 3; Email Address: jagadees@umich.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; 2: Department of Economics, Kent State University; 3: Ross School of Business, University of Michigan; Issue Info: Nov2014, Issue 1124, preceding p1; Thesaurus Term: OFFSHORE outsourcing; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: WAGES; Subject Term: BIG data; Author-Supplied Keyword: employment; Author-Supplied Keyword: firm performance; Author-Supplied Keyword: manufacturing; Author-Supplied Keyword: Outsourcing; Author-Supplied Keyword: productivity; Author-Supplied Keyword: trade; Number of Pages: 62p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Akinci, Ozge
AU  - Queralto, Albert
T1  - Banks, Capital Flows and Financial Crises.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/10/15/
IS  - 1121
M3  - Article
SP  - 2
EP  - 39
AB  - This paper proposes a macroeconomic model with financial intermediaries (banks), in which banks face occasionally binding leverage constraints and may endogenously affect the strength of their balance sheets by issuing new equity. The model can account for occasional financial crises as a result of the nonlinearity induced by the constraint. Banks' precautionary equity issuance makes financial crises infrequent events occurring along with "regular" business cycle fluctuations. We show that an episode of capital in flows and rapid credit expansion, triggered by low country interest rates, leads banks to endogenously decrease the rate of equity issuance, contributing to a higher likelihood of future crises. Macroprudential policies directed at strengthening banks' balance sheets, such as capital requirements, are shown to lower the probability of financial crises and to enhance welfare. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - RESEARCH
KW  - CAPITAL movements
KW  - FINANCIAL crises
KW  - BANKING industry
KW  - FINANCIAL statements
KW  - Financial Intermediation
KW  - Leverage Constraints
KW  - Occasionally Binding Constraints
KW  - Sudden Stops
N1  - Accession Number: 99502997; Akinci, Ozge 1; Email Address: ozge.akinci@frb.gov; Queralto, Albert 1; Email Address: albert.queralto@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, 20th St and Constitution Ave NW, Washington, DC, 20551, USA; Issue Info: Oct2014, Issue 1121, preceding p2; Thesaurus Term: BANK capital; Thesaurus Term: RESEARCH; Thesaurus Term: CAPITAL movements; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL statements; Author-Supplied Keyword: Financial Intermediation; Author-Supplied Keyword: Leverage Constraints; Author-Supplied Keyword: Occasionally Binding Constraints; Author-Supplied Keyword: Sudden Stops; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 40p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Baglan, Deniz
AU  - Yoldas, Emre
T1  - Non-linearity in the inflation–growth relationship in developing economies: Evidence from a semiparametric panel model.
JO  - Economics Letters
JF  - Economics Letters
Y1  - 2014/10//
VL  - 125
IS  - 1
M3  - Article
SP  - 93
EP  - 96
SN  - 01651765
AB  - Using data on developing economies, we estimate a flexible semiparametric panel data model that incorporates potentially nonlinear effects of inflation on economic growth. We find that inflation is associated with significantly lower growth only after it reaches about 12 percent, which is notably lower than the comparable estimate obtained from a threshold model. Our results also suggest that models with restrictive functional form assumptions tend to underestimate marginal effects of inflation on economic growth. We also document significant variation in the effect of inflation on growth across countries and over time. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economics Letters is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - ECONOMIC development
KW  - ECONOMIC models
KW  - ESTIMATION theory
KW  - ECONOMIC policy
KW  - FINANCIAL risk management
KW  - Bootstrap
KW  - C23
KW  - Economic growth
KW  - Inflation
KW  - O40
KW  - Semiparametric panel data model
KW  - Series estimation
N1  - Accession Number: 98575053; Baglan, Deniz 1; Email Address: deniz.baglan@howard.edu; Yoldas, Emre 2; Email Address: emre.yoldas@frb.gov; Affiliations: 1: Department of Economics, Howard University, United States; 2: Board of Governors of the Federal Reserve System, United States; Issue Info: Oct2014, Vol. 125 Issue 1, p93; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC development; Thesaurus Term: ECONOMIC models; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FINANCIAL risk management; Author-Supplied Keyword: Bootstrap; Author-Supplied Keyword: C23; Author-Supplied Keyword: Economic growth; Author-Supplied Keyword: Inflation; Author-Supplied Keyword: O40; Author-Supplied Keyword: Semiparametric panel data model; Author-Supplied Keyword: Series estimation; Number of Pages: 4p; Document Type: Article
L3  - 10.1016/j.econlet.2014.08.015
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bhutta, Neil
T1  - Payday loans and consumer financial health.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2014/10//
VL  - 47
M3  - Article
SP  - 230
EP  - 242
SN  - 03784266
AB  - The annualized interest rate for a payday loan often exceeds 10 times that of a typical credit card, yet this market grew immensely in the 1990s and 2000s, elevating concerns about the risk payday loans pose to consumers and whether payday lenders target minority neighborhoods. This paper employs individual credit record data, and Census data on payday lender store locations, to assess these concerns. Taking advantage of several state law changes since 2006 and, following previous work, within-state-year differences in access arising from proximity to states that allow payday loans, I find little to no effect of payday loans on credit scores, new delinquencies, or the likelihood of overdrawing credit lines. The analysis also indicates that neighborhood racial composition has little influence on payday lender store locations conditional on income, wealth and demographic characteristics. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PAYDAY loans
KW  - CREDIT cards
KW  - CONSUMER finance companies
KW  - INTEREST rates
KW  - ECONOMIC change
KW  - INCOME
KW  - DEMOGRAPHIC characteristics
KW  - Behavioral economics
KW  - Consumer finance
KW  - Consumer financial protection
KW  - Credit scores
KW  - D14
KW  - G2
KW  - Payday lending
KW  - Predatory lending
N1  - Accession Number: 98358530; Bhutta, Neil 1; Email Address: neil.bhutta@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C St NW, Washington, DC 20551, United States; Issue Info: Oct2014, Vol. 47, p230; Thesaurus Term: PAYDAY loans; Thesaurus Term: CREDIT cards; Thesaurus Term: CONSUMER finance companies; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC change; Thesaurus Term: INCOME; Subject Term: DEMOGRAPHIC characteristics; Author-Supplied Keyword: Behavioral economics; Author-Supplied Keyword: Consumer finance; Author-Supplied Keyword: Consumer financial protection; Author-Supplied Keyword: Credit scores; Author-Supplied Keyword: D14; Author-Supplied Keyword: G2; Author-Supplied Keyword: Payday lending; Author-Supplied Keyword: Predatory lending; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 326199 All Other Plastics Product Manufacturing; NAICS/Industry Codes: 522210 Credit Card Issuing; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jbankfin.2014.04.024
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Thomas, Charles P.
AU  - Warnock, Francis E.
AU  - Wongswan, Jon
T1  - Uncovered Equity Parity and rebalancing in international portfolios.
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2014/10//
VL  - 47
M3  - Article
SP  - 86
EP  - 99
SN  - 02615606
AB  - Portfolio rebalancing is a key driver of the Uncovered Equity Parity (UEP) condition. According to UEP, when foreign equity holdings outperform domestic holdings, domestic investors are exposed to higher exchange rate exposure and hence repatriate some of the foreign equity to decrease their exchange rate risk. By doing so, foreign currency is sold, leading to foreign currency depreciation. We examine the relationship between U.S. investors' portfolio reallocations and returns and find some evidence consistent with UEP: Portfolio shifts are related to past returns in the underlying equity markets. But we argue that a motive other than reducing currency risk exposure is likely behind this rebalancing. In particular, U.S. investors rebalance away from equity markets that recently performed well and move into equity markets just prior to relatively strong performance, suggesting tactical reallocations to increase returns rather than reduce risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PORTFOLIO management (Investments)
KW  - STOCK exchanges
KW  - FOREIGN exchange rates
KW  - CAPITALISTS & financiers
KW  - DEPRECIATION
KW  - Equity portfolios
KW  - Exchange rate determination
KW  - International returns
N1  - Accession Number: 97594626; Curcuru, Stephanie E. 1; Thomas, Charles P. 1; Warnock, Francis E. 2,3,4,5; Email Address: WarnockF@darden.virginia.edu; Wongswan, Jon 6; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; 2: Darden Graduate School of Business, University of Virginia, USA; 3: Institute for International Integration Studies, Trinity College Dublin, Ireland; 4: Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, USA; 5: National Bureau of Economic Research, USA; 6: Phatra Securities Public Company Limited, Thailand; Issue Info: Oct2014, Vol. 47, p86; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: STOCK exchanges; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: DEPRECIATION; Author-Supplied Keyword: Equity portfolios; Author-Supplied Keyword: Exchange rate determination; Author-Supplied Keyword: International returns; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jimonfin.2014.04.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kim, Don H.
T1  - SWAPTION PRICING IN AFFINE AND OTHER MODELS.
JO  - Mathematical Finance
JF  - Mathematical Finance
Y1  - 2014/10//
VL  - 24
IS  - 4
M3  - Article
SP  - 790
EP  - 820
PB  - Wiley-Blackwell
SN  - 09601627
AB  - This paper shows that Singleton and Umantsev's method for swaption pricing in affine models can be simplified and extended to other models. Two alternative methods for approximating the option exercise boundary are introduced: one based on the multivariate Taylor series expansion, and the other based on duration-matched zero-coupon bond approximation. Applied to affine models and quadratic-Gaussian models, these methods are found to give accurate swaption prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Mathematical Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SWAPS (Finance)
KW  - PRICING
KW  - MULTIVARIATE analysis
KW  - BONDS (Finance)
KW  - MATHEMATICAL formulas
KW  - TAYLOR'S series
KW  - affine models
KW  - coupon bond options
KW  - quadratic-Gaussian models
KW  - swaptions
N1  - Accession Number: 98487067; Kim, Don H. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2014, Vol. 24 Issue 4, p790; Thesaurus Term: SWAPS (Finance); Thesaurus Term: PRICING; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: BONDS (Finance); Subject Term: MATHEMATICAL formulas; Subject Term: TAYLOR'S series; Author-Supplied Keyword: affine models; Author-Supplied Keyword: coupon bond options; Author-Supplied Keyword: quadratic-Gaussian models; Author-Supplied Keyword: swaptions; Number of Pages: 31p; Document Type: Article
L3  - 10.1111/mafi.12014
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dettling, Lisa J.
AU  - Hsu, Joanne W.
T1  - The State of Young Adults' Balance Sheets: Evidence from the Survey of Consumer Finances.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2014///2014 4th Quarter
VL  - 96
IS  - 4
M3  - Article
SP  - 305
EP  - 330
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The authors investigate recent trends in the financial circumstances of young adults using data from the triennial Survey of Consumer Finances (SCF) from 2001 to 2013. They examine trends in young adults' net worth, break down the composition into specific assets and liabilities, and describe young adults' experiences with credit markets. The analysis focuses on three main comparisons: (i) trends over time (ii) between young adults and older adults and (iii) between young adults in 2013 (members of the "Millennial Generation") and young adults in 1989 (members of "Generation X"). They find that between 2001 and 2013, young adults experienced a decline in net worth, driven largely by declines in asset holdings. The median young adult in 2013 also had lower net worth than the median young adult surveyed in the 1989 SCF. Despite media attention surrounding the Millennial Generation's relatively poor economic outcomes during the Great Recession, young adults in the SCF have fared better on many measures than both current older adults and earlier young adults. Compared with older adults, young adults experienced a relatively modest decline in net worth, particularly during the Great Recession. Young adults in 2013 were also more likely than young adults in 1989 to own homes, stocks, and retirement accounts, and they were less likely to have very high debt payment-to-income ratios than their counterparts in 2001 and 1989 or older adults in 2013. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER surveys
KW  - FINANCIAL statements
KW  - GENERATION Y
KW  - RECESSIONS
KW  - CONSUMPTION (Economics)
N1  - Accession Number: 99996163; Dettling, Lisa J. 1 Hsu, Joanne W. 1; Affiliation:  1: economists, Microeconomic Surveys Section, Board of Governors of the Federal Reserve System; Source Info: 2014 4th Quarter, Vol. 96 Issue 4, p305; Subject Term: CONSUMER surveys; Subject Term: FINANCIAL statements; Subject Term: GENERATION Y; Subject Term: RECESSIONS; Subject Term: CONSUMPTION (Economics); Number of Pages: 26p; Illustrations: 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Merry, Ellen A.
AU  - Thomas, Logan
T1  - Asset Holdings of Young Households: Trends and Patterns.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2014///2014 4th Quarter
VL  - 96
IS  - 4
M3  - Article
SP  - 391
EP  - 411
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The authors use multiple waves of the triennial Survey of Consumer Finances (SCF) from 1989 to 2013 to examine the composition of the asset portfolios of young households whose head of household is between 18 and 41 years of age. The focus is on households' decisions to hold different types of assets, including both financial assets (e.g., bank accounts, stocks, and retirement accounts) and non-financial assets (e.g., residential real estate, businesses, and automobiles). The authors describe the patterns of acquisition of broad asset categories in the early part of the life cycle with attention to patterns that appear to have changed over time and explore how the propensity to hold different types of assets varies across households. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER surveys
KW  - HOUSEHOLDS
KW  - PERSONAL finance
KW  - FINANCIAL management
KW  - ASSET acquisitions
N1  - Accession Number: 99996166; Merry, Ellen A. 1 Thomas, Logan 2; Affiliation:  1: senior economist, Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System  2: research assistant, Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System; Source Info: 2014 4th Quarter, Vol. 96 Issue 4, p391; Subject Term: CONSUMER surveys; Subject Term: HOUSEHOLDS; Subject Term: PERSONAL finance; Subject Term: FINANCIAL management; Subject Term: ASSET acquisitions; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 21p; Illustrations: 2 Diagrams, 2 Charts, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Francis, Neville
AU  - Owyang, Michael T.
AU  - Roush, Jennifer E.
AU  - DiCecio, Riccardo
T1  - A FLEXIBLE FINITE-HORIZON ALTERNATIVE TO LONG-RUN RESTRICTIONS WITH AN APPLICATION TO TECHNOLOGY SHOCKS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2014/10//
VL  - 96
IS  - 4
M3  - Article
SP  - 638
EP  - 647
PB  - MIT Press
SN  - 00346535
AB  - Recent studies using long-run restrictions question the validity of the technology-driven real business cycle hypothesis. We propose an alternative identification that maximizes the contribution of technology shocks to the forecast-error variance of labor productivity at a long but finite horizon. In small-sample Monte Carlo experiments, our identification outperforms standard long-run restrictions by significantly reducing the bias in the short-run impulse responses and raising their estimation precision. Unlike its long-run restriction counterpart, when our Max Share identification technique is applied to U.S. data, it delivers the robust result that hours worked responds negatively to positive technology shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SHOCK (Economics)
KW  - LONG run (Economics)
KW  - BUSINESS cycles
KW  - MONTE Carlo method
KW  - SHORT run (Economics)
KW  - DISRUPTIVE technologies
KW  - ROBUST statistics
KW  - VECTOR autoregression model
N1  - Accession Number: 98514529; Francis, Neville 1; Owyang, Michael T. 2; Roush, Jennifer E. 3; DiCecio, Riccardo 2; Affiliations: 1: University of North Carolina; 2: Federal Reserve Bank of St. Louis; 3: Board of Governors, Federal Reserve System; Issue Info: Oct2014, Vol. 96 Issue 4, p638; Thesaurus Term: SHOCK (Economics); Thesaurus Term: LONG run (Economics); Thesaurus Term: BUSINESS cycles; Thesaurus Term: MONTE Carlo method; Thesaurus Term: SHORT run (Economics); Subject Term: DISRUPTIVE technologies; Subject Term: ROBUST statistics; Subject Term: VECTOR autoregression model; Number of Pages: 10p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article
L3  - 10.1162/REST_a_00406
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - YELLEN, JANET L.
T1  - LABOR MARKET DYNAMICS AND MONETARY POLICY.
JO  - Vital Speeches of the Day
JF  - Vital Speeches of the Day
Y1  - 2014/10//
VL  - 80
IS  - 10
M3  - Speech
SP  - 339
EP  - 343
PB  - Pro Rhetoric, LLC
SN  - 0042742X
AB  - A speech on U.S. monetary policy, the goal of maximizing employment, and labor market dynamics, given by U.S. Chair of the Board of Governors of the Federal Reserve System as delivered at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming, on August 22, 2014, is presented.
KW  - FEDERAL Reserve monetary policy
KW  - LABOR market
KW  - MONETARY policy
KW  - FULL employment policies
KW  - UNITED States
KW  - YELLEN, Janet L. (Janet Louise), 1946-
N1  - Accession Number: 98782159; YELLEN, JANET L. 1; Affiliation:  1: Chair, Board of Governors, U.S. Federal Reserve System; Source Info: Oct2014, Vol. 80 Issue 10, p339; Subject Term: FEDERAL Reserve monetary policy; Subject Term: LABOR market; Subject Term: MONETARY policy; Subject Term: FULL employment policies; Subject Term: UNITED States; People: YELLEN, Janet L. (Janet Louise), 1946-; Number of Pages: 5p; Document Type: Speech
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Johnson, Kathleen
AU  - Pence, Karen
AU  - Vine, Daniel
T1  - Auto Sales and Credit Supply.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/10//
M3  - Article
SP  - 1
EP  - 40
AB  - Vehicle purchases fell by more than 20 percent during the 2007-09 recession, and auto loan originations fell by a third. We show that vehicle purchases typically account for an outsized share of the contraction in economic activity during a recession, in part because a concurrent tightening in auto lending conditions makes car purchases less affordable for many households. We explore the link between lending conditions and vehicle purchases with a novel gauge of credit supply conditions-household perceptions of vehicle financing conditions as measured on the Reuters/University of Michigan Survey of Consumers. In both a vector autoregression estimated on aggregate data and a logit regression estimated on household-level data, this measure indicates that credit conditions are a significant influence on auto sales, as large as factors such as unemployment and income. Estimates from the household-level model show that the new car purchases of households that are more likely to depend on credit are particularly sensitive to assessments of financing conditions, and that households are a bit more likely to purchase vehicles when they expect interest rates to rise in the next year. The results contribute to the literature validating the usefulness of survey measures of household perceptions for forecasting macroeconomic activity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - AUTOMOBILES -- Sales & prices
KW  - AUTOMOBILE industry
KW  - AUTOMOBILE loans
KW  - RECESSIONS
KW  - CONSUMER surveys
KW  - UNEMPLOYMENT
KW  - UNITED States
KW  - ECONOMIC conditions
N1  - Accession Number: 99519260; Johnson, Kathleen 1; Email Address: Kathleen.W.Johnson@frb.gov; Pence, Karen 1; Email Address: Karen.Pence@frb.gov; Vine, Daniel 1; Email Address: Daniel.J.Vine@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2014, preceding p1; Thesaurus Term: AUTOMOBILES -- Sales & prices; Thesaurus Term: AUTOMOBILE industry; Thesaurus Term: AUTOMOBILE loans; Thesaurus Term: RECESSIONS; Thesaurus Term: CONSUMER surveys; Thesaurus Term: UNEMPLOYMENT; Subject Term: UNITED States; Subject Term: ECONOMIC conditions; NAICS/Industry Codes: 336110 Automobile and light-duty motor vehicle manufacturing; NAICS/Industry Codes: 336111 Automobile Manufacturing; NAICS/Industry Codes: 811121 Automotive Body, Paint, and Interior Repair and Maintenance; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 441110 New Car Dealers; NAICS/Industry Codes: 415110 New and used automobile and light-duty truck merchant wholesalers; NAICS/Industry Codes: 811198 All Other Automotive Repair and Maintenance; Number of Pages: 41p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Porcelli, Francesco
AU  - Trezzi, Riccardo
T1  - Reconstruction multipliers.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/10//
M3  - Article
SP  - 1
EP  - 48
AB  - A law issued to allocate reconstruction grants following the 2009 "Aquilano" earthquake has resulted in a large and unanticipated discontinuity across municipalities with comparable damages. Using diff-in-diff analysis we estimate the "local spending" and the "local tax" multipliers - according to the composition of the stimulus - controlling for the negative supply shock generated by the event. The stimulus prevented a fall in economic activity and the multiplicative effects of tax cuts are estimated much higher than those of spending. Our results underline the importance of countercyclical fiscal interventions and suggest the most effective composition of such a stimulus. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAX cuts
KW  - FISCAL policy
KW  - MONEY supply
KW  - BUSINESS cycles
KW  - GRANTS (Money) -- Law & legislation
KW  - ITALY
KW  - EARTHQUAKES -- Italy
KW  - Fiscal multipliers
KW  - Mercalli scale
KW  - Natural disasters
N1  - Accession Number: 99519257; Porcelli, Francesco 1; Trezzi, Riccardo 2; Email Address: riccardo.trezzi@frb.gov; Affiliations: 1: Business School, University of Exeter, UK.; 2: Board of Governors, Federal Reserve System, USA; Issue Info: Oct2014, p1; Thesaurus Term: TAX cuts; Thesaurus Term: FISCAL policy; Thesaurus Term: MONEY supply; Thesaurus Term: BUSINESS cycles; Subject Term: GRANTS (Money) -- Law & legislation; Subject Term: ITALY; Subject Term: EARTHQUAKES -- Italy; Author-Supplied Keyword: Fiscal multipliers; Author-Supplied Keyword: Mercalli scale; Author-Supplied Keyword: Natural disasters; Number of Pages: 48p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
T1  - Why Are Wal-Mart and Target Next-Door Neighbors?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/10//
M3  - Article
SP  - 1
EP  - 36
AB  - One of the most notable changes in the U.S. retail market over the past twenty years has been the rise of Big Box stores, retail chains characterized by physically large stores selling a wide range of consumer goods at discount prices. A growing literature has examined the impacts of Big Box stores on other retailers and consumers, but relatively little is known about how Big Box stores choose locations. Because Big Box stores offer highly standardized products and compete primarily on price, it is likely that they will seek to establish spatial monopolies, far from competitor stores. In this paper, I examine where new Big Box stores locate with respect to three types of existing establishments: own-firm stores, other retailers in the same product space (competitors), and retailers in other product spaces (complements). Results indicate that new Big Box stores tend to avoid existing own-firm stores and locate near complementary Big Box stores. However, there is little evidence that new Big Boxes avoid competitors. Firms in the same product space may not be perfect substitutes, or firms may prefer to share consumers in a desirable location rather than cede the entire market to competitor firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RETAIL industry
KW  - BIG box stores
KW  - CHAIN stores
KW  - CONSUMER goods
KW  - UNITED States
KW  - agglomeration
KW  - Big Box stores JEL classifications: L81
KW  - R12
KW  - R32
KW  - Retail location
KW  - spatial competition
KW  - WAL-Mart Stores Inc.
N1  - Accession Number: 99519259; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct2014, preceding p1; Thesaurus Term: RETAIL industry; Thesaurus Term: BIG box stores; Thesaurus Term: CHAIN stores; Thesaurus Term: CONSUMER goods; Subject Term: UNITED States; Author-Supplied Keyword: agglomeration; Author-Supplied Keyword: Big Box stores JEL classifications: L81; Author-Supplied Keyword: R12; Author-Supplied Keyword: R32; Author-Supplied Keyword: Retail location; Author-Supplied Keyword: spatial competition ; Company/Entity: WAL-Mart Stores Inc. DUNS Number: 051957769 Ticker: WMT; NAICS/Industry Codes: 453999 All other miscellaneous store retailers (except beer and wine-making supplies stores); NAICS/Industry Codes: 453998 All Other Miscellaneous Store Retailers (except Tobacco Stores); NAICS/Industry Codes: 452999 All other miscellaneous general merchandise stores; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; Number of Pages: 37p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bertaut, Carol
AU  - Tabova, Alexandra
AU  - Wong, Vivian
T1  - The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/10//
IS  - 1120
M3  - Article
SP  - 1
EP  - 47
AB  - The expansion in financial sector "safe" assets, largely in the form of structured products from the U.S. and the Caribbean, in the lead-up to the global financial crisis has by now been fairly well documented. Using a unique dataset derived from security-level data on U.S. portfolio holdings of foreign securities, we show that since the crisis, it is mostly the foreign financial sector that appears to have met U.S. demand for safe and liquid investment assets by expanding its supply of debt securities. We also find a strong negative correlation between the foreign share of the U.S. financial bond portfolio and measures of U.S. safe assets availability: providing evidence on the importance of foreign-issued financial sector debt as a substitute when U.S. issued "safe" assets are scarce. Furthermore, although U.S. investors continue to tap foreign financial markets for "safe" assets, we show that the type of foreign financial debt that fills this portfolio niche post-crisis is quite different than pre-crisis. Post-crisis, we find that U.S. investors have replaced offshore-issued structured securities with high-grade U.S. dollar-denominated financial debt issued from a small group of OECD countries (most notably Australia and Canada). Lastly, these developments have led to a decline in home bias in the U.S. financial bond portfolio that we are able to document for the first time. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BONDS (Finance)
KW  - FOREIGN securities
KW  - INVESTMENTS
KW  - CAPITALISTS & financiers
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - UNITED States
KW  - financial sector debt
KW  - home bias
KW  - international portfolio choice
KW  - safe assets
N1  - Accession Number: 99502996; Bertaut, Carol; Email Address: carol.bertaut@frb.gov; Tabova, Alexandra; Email Address: alexandra.m.tabova@frb.gov; Wong, Vivian 1; Affiliations: 1: Staff economists, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 USA; Issue Info: Oct2014, Issue 1120, preceding p1; Thesaurus Term: BONDS (Finance); Thesaurus Term: FOREIGN securities; Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Subject Term: UNITED States; Author-Supplied Keyword: financial sector debt; Author-Supplied Keyword: home bias; Author-Supplied Keyword: international portfolio choice; Author-Supplied Keyword: safe assets; Number of Pages: 48p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Arseneau, David M.
AU  - Epstein, Brendan
T1  - Offshoring, Mismatch, and Labor Market Outcomes.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/09/11/
IS  - 1118
M3  - Article
SP  - 1
EP  - 36
AB  - We study the role of labor market mismatch in the adjustment to a trade liberalization that results in the offshoring of high-tech production. Our model features two- sided heterogeneity in the labor market: high- and low-skilled workers are matched in a frictional labor market with high- and low-tech .rms. Mismatch employment occurs when high-skilled workers choose to accept a less desirable job in the low-tech industry. The main result is that. perhaps counter-intuitively. this type of job displacement is actually bene.cial for the labor market in the country doing the offshoring. Mismatch allows the economy to reallocate domestic high-skilled labor across both high- and low-tech industries. In doing so, mismatch dampens both the increase in the aggregate unemployment rate and the decline in aggregate wages that come as a consequence of shifting domestic production abroad. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR market
KW  - OFFSHORE outsourcing
KW  - FREE trade
KW  - SKILLED labor
KW  - WAGES -- Skilled labor
KW  - GLOBALIZATION
KW  - globalization
KW  - heterogeneous workers
KW  - labor market frictions
KW  - search and matching
KW  - trade liberalization
N1  - Accession Number: 98892099; Arseneau, David M. 1; Email Address: david.m.arseneau@frb.gov; Epstein, Brendan 1; Email Address: brendan.epstein@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System. 20th Street and Constitution Avenue N.W. Washington, D.C. 20551; Issue Info: Sep2014, Issue 1118, preceding p1; Thesaurus Term: LABOR market; Thesaurus Term: OFFSHORE outsourcing; Thesaurus Term: FREE trade; Thesaurus Term: SKILLED labor; Thesaurus Term: WAGES -- Skilled labor; Thesaurus Term: GLOBALIZATION; Author-Supplied Keyword: globalization; Author-Supplied Keyword: heterogeneous workers; Author-Supplied Keyword: labor market frictions; Author-Supplied Keyword: search and matching; Author-Supplied Keyword: trade liberalization; Number of Pages: 37p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gourio, François
AU  - Messer, Todd
AU  - Siemer, Michael
T1  - What is the economic impact of the slowdown in new business formation?
JO  - Chicago Fed Letter
JF  - Chicago Fed Letter
Y1  - 2014/09//
IS  - 326
M3  - Article
SP  - 1
EP  - 4
PB  - Federal Reserve Bank of Chicago
SN  - 08950164
AB  - The article focuses on the economic impact of slowdown in new business formation, particularly in the U.S. Topics discussed include the decline of new business formation which is associated to credit, the missing generation theory, and the decline of employment in younger firms compared to older firms. It also discusses the calculation of the magnitude of job losses caused by missing generation.
KW  - RECESSIONS
KW  - NEW business enterprises
KW  - ECONOMIC indicators
KW  - CREDIT
KW  - ORGANIZATIONAL age
KW  - EMPLOYMENT (Economic theory)
KW  - UNITED States
N1  - Accession Number: 97378204; Gourio, François 1 Messer, Todd 2 Siemer, Michael 3; Affiliation:  1: Senior economist, Board of Governors of the Federal Reserve System  2: Associate economist, Board of Governors of the Federal Reserve System  3: Economist, Board of Governors of the Federal Reserve System; Source Info: Sep2014, Issue 326, p1; Subject Term: RECESSIONS; Subject Term: NEW business enterprises; Subject Term: ECONOMIC indicators; Subject Term: CREDIT; Subject Term: ORGANIZATIONAL age; Subject Term: EMPLOYMENT (Economic theory); Subject Term: UNITED States; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Nakata, Taisuke
T1  - Welfare costs of shifting trend inflation.
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2014/09//
VL  - 41
M3  - Article
SP  - 66
EP  - 78
SN  - 01640704
AB  - This paper studies the welfare consequences of exogenous variations in trend inflation in a New Keynesian economy. Consumption and leisure respond asymmetrically to a rise and a decline in trend inflation. As a result, an increase in the variance of shocks to the trend inflation process decreases welfare not only by increasing the volatilities of consumption and leisure, but also by decreasing their average levels. I find that the welfare cost of drifting trend inflation is modest and that it comes mainly from reduced average levels of consumption and leisure, not from their increased volatilities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - WELFARE economics
KW  - KEYNESIAN economics
KW  - CONSUMPTION (Economics)
KW  - VOLATILITY (Finance)
KW  - LEISURE
KW  - Second-order approximation
KW  - The great inflation
KW  - Trend inflation
KW  - Welfare
N1  - Accession Number: 97335494; Nakata, Taisuke 1; Email Address: taisuke.nakata@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Sep2014, Vol. 41, p66; Thesaurus Term: INFLATION (Finance); Thesaurus Term: WELFARE economics; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: VOLATILITY (Finance); Subject Term: LEISURE; Author-Supplied Keyword: Second-order approximation; Author-Supplied Keyword: The great inflation; Author-Supplied Keyword: Trend inflation; Author-Supplied Keyword: Welfare; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jmacro.2014.05.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schuetz, Jenny
T1  - Do art galleries stimulate redevelopment?
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2014/09//
VL  - 83
M3  - Article
SP  - 59
EP  - 72
SN  - 00941190
AB  - New York City is often held up as a successful example of arts-led economic development. Case studies have documented the influx of avant-garde artists and galleries into several neighborhoods, including Greenwich Village, Soho, and Chelsea, followed by yuppies and boutiques. Some researchers have used these examples to argue that artists and galleries can spur gentrification. An alternative hypothesis is that galleries choose to locate in neighborhoods with high levels of amenities. In this paper, I examine whether concentrations of galleries in Manhattan are associated with redevelopment of surrounding neighborhoods, conditional on initial neighborhood amenities. Results indicate that new galleries locate in high amenity, affluent neighborhoods, and near existing star galleries. In simple bivariate regressions, star gallery density is positively correlated with several metrics of building change. However, these correlations diminish when controls are added for initial neighborhood physical and economic conditions, and weaken still further under an IV approach. Results are consistent with galleries selecting neighborhoods that have a higher propensity to redevelop, due to the presence of observed and unobserved amenities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - ART museums
KW  - REGRESSION analysis
KW  - CORRELATION (Statistics)
KW  - HYPOTHESIS
KW  - MANHATTAN (New York, N.Y.)
KW  - Amenities
KW  - Cultural institutions
KW  - Economic development
KW  - Neighborhood change
KW  - R1
KW  - R3
KW  - Z1
N1  - Accession Number: 98144999; Schuetz, Jenny 1; Email Address: jenny.schuetz@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Sep2014, Vol. 83, p59; Thesaurus Term: ECONOMIC development; Thesaurus Term: ART museums; Thesaurus Term: REGRESSION analysis; Thesaurus Term: CORRELATION (Statistics); Subject Term: HYPOTHESIS; Subject: MANHATTAN (New York, N.Y.); Author-Supplied Keyword: Amenities; Author-Supplied Keyword: Cultural institutions; Author-Supplied Keyword: Economic development; Author-Supplied Keyword: Neighborhood change; Author-Supplied Keyword: R1; Author-Supplied Keyword: R3; Author-Supplied Keyword: Z1; NAICS/Industry Codes: 712110 Museums; NAICS/Industry Codes: 712111 Non-commercial art museums and galleries; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jue.2014.08.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bolotnyy, Valentin
T1  - The Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2014///Fall2014
VL  - 42
IS  - 3
M3  - Article
SP  - 724
EP  - 755
PB  - Wiley-Blackwell
SN  - 10808620
AB  - I use regression discontinuity analysis to measure the effect of one of the Affordable Housing Goals, the Underserved Areas Goal (UAG), on the number of whole single-family mortgages purchased by Fannie Mae and Freddie Mac (GSEs) in undeserved census tracts for 1996-2002. Focusing additionally on tracts that became UAG-eligible in 2005-2006, I measure the effect of the UAG during peak years for the subprime market. The results suggest a small UAG effect and challenge the view that the goals caused the GSEs to supply substantially more credit to high-risk borrowers than they otherwise would have supplied during the subprime boom. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT-sponsored enterprises
KW  - MORTGAGE loan default
KW  - FINANCIAL crises
KW  - HOUSING policy
KW  - FANNIE Mae
KW  - FREDDIE Mac (Company)
N1  - Accession Number: 97654909; Bolotnyy, Valentin 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Federal Reserve Board; Issue Info: Fall2014, Vol. 42 Issue 3, p724; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: MORTGAGE loan default; Thesaurus Term: FINANCIAL crises; Subject Term: HOUSING policy ; Company/Entity: FANNIE Mae Ticker: FNMA ; Company/Entity: FREDDIE Mac (Company) DUNS Number: 053382495 Ticker: FMCC; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 925110 Administration of Housing Programs; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 32p; Document Type: Article
L3  - 10.1111/1540-6229.12031
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kazemi, Maziar
AU  - Islamaj, Ergys
T1  - Returns to Active Management: The Case of Hedge Funds.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/08/08/
IS  - 1112
M3  - Article
SP  - 1
EP  - 24
AB  - Do more active hedge fund managers generate higher returns than their less active peers? We attempt to answer this question. Using Kalman Filter techniques, we estimate the risk exposure dynamics of a large sample of live and dead equity long-short hedge funds. These estimates are then used to develop a measure of activeness for each hedge fund. Our results show that there exists a nonlinear relationship between activeness and performance. Using raw returns as a measure of performance, it is found that more active funds outperform the less active ones. However, when risk adjusted returns are used to measure performance, we find the opposite results; that is, activeness is inversely related to returns. Still, we find that a few very active managers outperform the moderately active funds and generate higher returns. We conclude that the most active managers use their skills to manage the riskiness of their portfolios and are, therefore, able to provide higher risk adjusted returns. Finally, we find that compared to the least active managers, the most active managers are less homogeneous and, therefore, due diligence is far more important when selecting an active manager. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HEDGE funds
KW  - ABSOLUTE return funds
KW  - HEDGING (Finance)
KW  - SHADOW banking system
KW  - FINANCIAL leverage
KW  - Active Management
KW  - Dynamic Trading
KW  - Fama-French
KW  - Hedge Funds
N1  - Accession Number: 98353946; Kazemi, Maziar 1; Email Address: mazi.kazemi@frb.gov; Islamaj, Ergys 2; Email Address: erislamaj@vassar.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; 2: Department of Economics, Vassar College, Poughkeepsie, NY, 12604, U.S.A; Issue Info: 8/8/2014, Issue 1112, preceding p1; Thesaurus Term: HEDGE funds; Thesaurus Term: ABSOLUTE return funds; Thesaurus Term: HEDGING (Finance); Thesaurus Term: SHADOW banking system; Thesaurus Term: FINANCIAL leverage; Author-Supplied Keyword: Active Management; Author-Supplied Keyword: Dynamic Trading; Author-Supplied Keyword: Fama-French; Author-Supplied Keyword: Hedge Funds; NAICS/Industry Codes: 525910 Open-End Investment Funds; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cao, Charles
AU  - Petrasek, Lubomir
T1  - Liquidity risk in stock returns: An event-study perspective.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2014/08//
VL  - 45
M3  - Article
SP  - 72
EP  - 83
SN  - 03784266
AB  - We examine in an event-study context what factors affect the relative performance of stocks during liquidity crises. We find that market risk, measured by the market beta, is not a good measure of expected abnormal stock returns on days with liquidity crises. Instead, abnormal stock returns during liquidity crises are strongly negatively related to liquidity risk, measured by the co-movement of stock returns with market liquidity. The degree of informational asymmetry and the ownership structure of the firm also help to explain abnormal stock returns on crisis days. Our findings have important implications for managing the liquidity risk of equity portfolios. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIQUIDITY (Economics)
KW  - STOCKS (Finance) -- Rate of return
KW  - RISK assessment
KW  - PERFORMANCE evaluation
KW  - STOCKS (Finance) -- Ratings & rankings
KW  - INFORMATION asymmetry
KW  - Asymmetric information
KW  - Financial crises
KW  - Institutional investors
KW  - Liquidity risk
N1  - Accession Number: 97013064; Cao, Charles 1,2; Email Address: qxc2@psu.edu; Petrasek, Lubomir 3; Email Address: Lubomir.Petrasek@frb.gov; Affiliations: 1: Pennsylvania State University, University Park, PA 16803, United States; 2: Tsinghua University, Beijing 100083, China; 3: Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; Issue Info: Aug2014, Vol. 45, p72; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: RISK assessment; Thesaurus Term: PERFORMANCE evaluation; Thesaurus Term: STOCKS (Finance) -- Ratings & rankings; Thesaurus Term: INFORMATION asymmetry; Author-Supplied Keyword: Asymmetric information; Author-Supplied Keyword: Financial crises; Author-Supplied Keyword: Institutional investors; Author-Supplied Keyword: Liquidity risk; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jbankfin.2013.09.020
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Prager, Robin
T1  - Determinants of the Locations of Alternative Financial Service Providers.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2014/08//
VL  - 45
IS  - 1
M3  - Article
SP  - 21
EP  - 38
SN  - 0889938X
AB  - Many low-to-moderate income US households rely upon alternative financial service providers (AFSPs) for a variety of credit products and transaction services. The social welfare implications of this segment of the financial services industry are quite controversial. One aspect of the controversy involves the location decisions of AFSPs. This study examines the determinants of the locations of three types of AFSPs: payday lenders, pawnshops, and check-cashing outlets. Using county-level data for the entire country, I find that the number of AFSP outlets per capita is significantly related to demographic characteristics of the county population, measures of the population's creditworthiness, and the stringency of state laws and regulations that govern AFSPs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL services industry
KW  - PAWNBROKING
KW  - PAYDAY loans
KW  - DECISION making in economics
KW  - HOUSEHOLDS -- United States
KW  - Alternative financial services
KW  - Check cashers
KW  - Pawnshops
KW  - Payday lending
N1  - Accession Number: 97052279; Prager, Robin 1; Email Address: Robin.Prager@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets, NW Washington 20551 USA; Issue Info: Aug2014, Vol. 45 Issue 1, p21; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: PAWNBROKING; Thesaurus Term: PAYDAY loans; Thesaurus Term: DECISION making in economics; Subject Term: HOUSEHOLDS -- United States; Author-Supplied Keyword: Alternative financial services; Author-Supplied Keyword: Check cashers; Author-Supplied Keyword: Pawnshops; Author-Supplied Keyword: Payday lending; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; Number of Pages: 18p; Document Type: Article
L3  - 10.1007/s11151-014-9421-4
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=97052279&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coroneo, Laura
AU  - Giannone, Domenico
AU  - Modugno, Michele
T1  - Unspanned macroeconomic factors in the yield curve.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/08//
IS  - 57
M3  - Article
SP  - 1
EP  - 49
AB  - In this paper, we extract common factors from a cross-section of U.S. macro-variables and Treasury zero-coupon yields. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns. These factors are not spanned by the cross-section of yields and are well proxied by economic growth and real interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ZERO coupon securities
KW  - MACROECONOMICS
KW  - ECONOMIC development
KW  - INTEREST rates
KW  - UNITED States
KW  - Factor models
KW  - Forecasting
KW  - Government Bonds
KW  - Yield Curve
N1  - Accession Number: 97487911; Coroneo, Laura 1; Giannone, Domenico 2; Modugno, Michele 3; Affiliations: 1: University of York; 2: Luiss University of Rome, ECARES, EIEF and CEPR; 3: Board of Governors of the Federal Reserve System; Issue Info: Jul2014, Issue 57, p1; Thesaurus Term: ZERO coupon securities; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC development; Thesaurus Term: INTEREST rates; Subject: UNITED States; Author-Supplied Keyword: Factor models; Author-Supplied Keyword: Forecasting; Author-Supplied Keyword: Government Bonds; Author-Supplied Keyword: Yield Curve; Number of Pages: 49p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cacciatore, Matteo
AU  - Ghironi, Fabio
AU  - Stebunovs, Viktors
T1  - The Domestic and International Effects of Interstate U.S. Banking.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/08//8/1/2014
IS  - 1111
M3  - Article
SP  - 1
EP  - 40
AB  - This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less volatile business creation, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank market integration thus contributes to moderation of firm-level and aggregate output volatility. In turn, trade and financial ties allow also the foreign economy to enjoy lower GDP volatility in most scenarios we consider. These results are consistent with features of U.S. and international fluctuations after the United States began its transition to interstate banking in the late 1970s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - FINANCIAL institutions
KW  - LENDER liability
KW  - LOANS
KW  - GROSS domestic product
KW  - Business cycle volatility
KW  - Current account
KW  - Deregulation
KW  - Interstate banking
KW  - Producer entry
KW  - Real exchange rate
N1  - Accession Number: 98353514; Cacciatore, Matteo 1; Email Address: matteo.cacciatore@hec.ca; Ghironi, Fabio 2; Email Address: ghiro@uw.edu; Stebunovs, Viktors 3; Email Address: viktors.stebunovs@frb.gov.; Affiliations: 1: HEC Montréal, Institute of Applied Economics 3000, chemin de la Côte-Sainte-Catherine, Montréal, Quebec, Canada; 2: Department of Economics, University of Washington, Savery Hall, Box 353330, Seattle, Washington, WA 98195, U.S.A; 3: Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue, NW,Washington, DC 20551, U.S.A; Issue Info: 8/1/2014, Issue 1111, preceding p1; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: LENDER liability; Thesaurus Term: LOANS; Thesaurus Term: GROSS domestic product; Author-Supplied Keyword: Business cycle volatility; Author-Supplied Keyword: Current account; Author-Supplied Keyword: Deregulation; Author-Supplied Keyword: Interstate banking; Author-Supplied Keyword: Producer entry; Author-Supplied Keyword: Real exchange rate; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 41p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Goulding, William
AU  - Rice, Tara
T1  - Do small businesses still prefer community banks?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2014/07//
VL  - 44
M3  - Article
SP  - 264
EP  - 278
SN  - 03784266
AB  - Abstract: We formulate and test hypotheses about the role of bank type – small versus large, single-market versus multimarket, and local versus nonlocal banks – in banking relationships. The conventional paradigm suggests that “community banks” – small, single-market, local institutions – are better able to form strong relationships with informationally opaque small businesses, while “megabanks” – large, multimarket, nonlocal institutions – tend to serve more transparent firms. Using the 2003 Survey of Small Business Finance (SSBF), we conduct two sets of tests. First, we test for the type of bank serving as the “main” relationship bank for small businesses with different firm and owner characteristics. Second, we test for the strength of these main relationships by examining the probability of an exclusive relationship and main bank relationship length as functions of main bank type and financial fragility, as well as firm and owner characteristics. The results are often not consistent with the conventional paradigm, perhaps because of changes in lending technologies and deregulation of the banking industry. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business -- Finance
KW  - COMMUNITY banks
KW  - TRANSPARENCY in organizations
KW  - PROBABILITY theory
KW  - BANKING industry
KW  - FINANCE
KW  - DEREGULATION
KW  - Banks
KW  - Government policy
KW  - Relationships
KW  - Small business
N1  - Accession Number: 96244821; Berger, Allen N. 1,2,3; Email Address: aberger@moore.sc.edu; Goulding, William 4; Email Address: bill.goulding@sloan.mit.edu; Rice, Tara 5; Email Address: tara.rice@frb.gov; Affiliations: 1: University of South Carolina, United States; 2: Wharton Financial Institutions Center, United States; 3: European Banking Center, Netherlands; 4: Massachusetts Institute of Technology, Sloan School of Management, United States; 5: Board of Governors of the Federal Reserve System, United States; Issue Info: Jul2014, Vol. 44, p264; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: COMMUNITY banks; Thesaurus Term: TRANSPARENCY in organizations; Thesaurus Term: PROBABILITY theory; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: DEREGULATION; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Government policy; Author-Supplied Keyword: Relationships; Author-Supplied Keyword: Small business; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 15p; Document Type: Article
L3  - 10.1016/j.jbankfin.2014.03.016
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96244821&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Epstein, Brendan
AU  - Mukherjee, Rahul
AU  - Ramnath, Shanthi P.
T1  - Taxes and International Risk Sharing.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/06/29/
M3  - Article
SP  - 1
EP  - 39
AB  - We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth, and consumption and capital income tax rate differentials. We find strong empirical evidence for this re-lationship. Idiosyncratic output fluctuations account for the majority of cross country consumption growth variability, but trends in tax differentials are informative about the dynamic evolution of international risk sharing. In particular, adjusting for capital taxes reveals an intuitive positive relationship between financial connectedness and risk sharing that is absent in baseline measures. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK sharing
KW  - BUSINESS cycle accounting
KW  - TAX rates & tables
KW  - INCOME tax -- Rates & tables
KW  - IDIOSYNCRATIC risk (Securities)
KW  - business cycle accounting
KW  - International risk sharing
KW  - taxes
N1  - Accession Number: 97867580; Epstein, Brendan 1; Email Address: brendan.epstein@frb.gov; Mukherjee, Rahul 2; Email Address: rahul.mukherjee@graduateinstitute.ch; Ramnath, Shanthi P. 3; Email Address: Shanthi.Ramnath@treasury.gov; Affiliations: 1: Board of Governors of Federal Reserve System; 2: IHEID, Geneva; 3: U.S. Treasury Department, Office of Tax Analysis; Issue Info: 6/29/2014, preceding p1; Thesaurus Term: RISK sharing; Thesaurus Term: BUSINESS cycle accounting; Thesaurus Term: TAX rates & tables; Thesaurus Term: INCOME tax -- Rates & tables; Thesaurus Term: IDIOSYNCRATIC risk (Securities); Author-Supplied Keyword: business cycle accounting; Author-Supplied Keyword: International risk sharing; Author-Supplied Keyword: taxes; Number of Pages: 41p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=97867580&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin S.
AU  - Trabandt, Mathias
T1  - Understanding the Great Recession.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/06/08/
M3  - Article
SP  - 1
EP  - 49
AB  - We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages and a binding zero lower bound constraint on the nominal interest rate. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small drop in inflation that occurred during the Great Recession. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - KEYNESIAN economics
KW  - ECONOMIC development
KW  - FINANCIAL performance
KW  - INFLATION forecasting
KW  - UNEMPLOYMENT -- Statistics
KW  - UNITED States
KW  - HISTORY
KW  - Inflation
KW  - labor force
KW  - unemployment
KW  - zero lower bound
N1  - Accession Number: 97867579; Christiano, Lawrence J. 1; Email Address: l-christiano@northwestern.edu; Eichenbaum, Martin S. 1; Email Address: eich@northwestern.edu; Trabandt, Mathias 2; Email Address: mathias.trabandt@gmail.com; Affiliations: 1: Northwestern University, Department of Economics, 2001 Sheridan Road, Evanston, Illinois 60208, USA; 2: Board of Governors of the Federal Reserve System, Division of International Finance, Global Modeling Studies Section, 20th Street and Constitution Avenue N.W., Washington, D.C. 20551, USA; Issue Info: 6/8/2014, preceding p1; Thesaurus Term: RECESSIONS; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: ECONOMIC development; Thesaurus Term: FINANCIAL performance; Thesaurus Term: INFLATION forecasting; Thesaurus Term: UNEMPLOYMENT -- Statistics; Subject Term: UNITED States; Subject Term: HISTORY; Author-Supplied Keyword: Inflation; Author-Supplied Keyword: labor force; Author-Supplied Keyword: unemployment; Author-Supplied Keyword: zero lower bound; Number of Pages: 70p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltenhof, Samuel
AU  - Jung Lee, Seung
AU  - Stebunovs, Viktors
T1  - The credit crunch and fall in employment during the Great Recession.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2014/06//
VL  - 43
M3  - Article
SP  - 31
EP  - 57
SN  - 01651889
AB  - Abstract: We study how a bank credit crunch—a dramatic worsening of firm and consumer access to bank credit, such as the one observed over the Great Recession—translates into job losses in U.S. manufacturing industries. To identify the impact of the recent credit crunch, we rely on differences in the degree of dependence on external finance and of tangibility of assets across manufacturing industries and in the sensitivity of these industries׳ output to changes in the supply of consumer credit. We find that, for employment, household access to bank loans matters more than firm access to bank loans. In addition, we show that, over the recent financial crisis, tightening access to commercial and industrial loans and, in particular, consumer installment loans may have contributed significantly to the drop in employment in the manufacturing sector. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - RECESSIONS
KW  - BUSINESS enterprises
KW  - BANK loans
KW  - CONSUMER behavior
KW  - MANUFACTURING industries
KW  - UNITED States
KW  - Bank credit
KW  - Credit crunch
KW  - Great Recession
KW  - Job losses
KW  - L25
KW  - Senior Loan Officer Opinion Survey
N1  - Accession Number: 96242853; Haltenhof, Samuel 1; Jung Lee, Seung 2; Stebunovs, Viktors 2; Email Address: viktors.stebunovs@frb.gov; Affiliations: 1: University of Michigan, United States; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, United States; Issue Info: Jun2014, Vol. 43, p31; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: RECESSIONS; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: BANK loans; Thesaurus Term: CONSUMER behavior; Thesaurus Term: MANUFACTURING industries; Subject Term: UNITED States; Author-Supplied Keyword: Bank credit; Author-Supplied Keyword: Credit crunch; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Job losses; Author-Supplied Keyword: L25; Author-Supplied Keyword: Senior Loan Officer Opinion Survey; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/j.jedc.2014.03.013
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96242853&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carpenter, Seth
AU  - Demiralp, Selva
AU  - Eisenschmidt, Jens
T1  - The effectiveness of non-standard monetary policy in addressing liquidity risk during the financial crisis: The experiences of the Federal Reserve and the European Central Bank.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2014/06//
VL  - 43
M3  - Article
SP  - 107
EP  - 129
SN  - 01651889
AB  - Abstract: A number of studies sought to measure the effects of non-standard policy on bank funding markets. This paper carries those estimates a step further by looking at the effects of bank funding market stress on the volume of bank lending. By separately modeling loan supply and demand, we determine how non-standard central bank measures affected bank lending by reducing stress in bank funding markets. Our results suggest that non-standard policy measures lowered bank funding volatility in the US and the Euro Area. Lower bank funding volatility in turn increased loan supply in both regions, contributing to sustained lending activity. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - LIQUIDITY (Economics)
KW  - FINANCIAL crises
KW  - FEDERAL Reserve banks
KW  - Bank funding volatility
KW  - Bank lending
KW  - Non-standard policy
KW  - EUROPEAN Central Bank
N1  - Accession Number: 96242856; Carpenter, Seth 1; Email Address: scarpenter@frb.gov; Demiralp, Selva 2; Email Address: sdemiralp@ku.edu.tr; Eisenschmidt, Jens 3; Email Address: Jens.Eisenschmidt@ecb.int; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; 2: Koc University, Rumeli Feneri Yolu, Sariyer, Istanbul 34450, Turkey; 3: European Central Bank, Monetary Policy Strategy Division, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; Issue Info: Jun2014, Vol. 43, p107; Thesaurus Term: MONETARY policy; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FINANCIAL crises; Thesaurus Term: FEDERAL Reserve banks; Author-Supplied Keyword: Bank funding volatility; Author-Supplied Keyword: Bank lending; Author-Supplied Keyword: Non-standard policy ; Company/Entity: EUROPEAN Central Bank; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jedc.2014.03.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96242856&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kiley, Michael T.
AU  - Sim, Jae W.
T1  - Bank capital and the macroeconomy: Policy considerations.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2014/06//
VL  - 43
M3  - Article
SP  - 175
EP  - 198
SN  - 01651889
AB  - Abstract: We develop a macroeconomic model in which the balance sheet condition of financial institutions plays an important role in the determination of asset prices and economic activity. The financial intermediaries in our model are required to make investment commitments before a complete resolution of idiosyncratic funding risk that can be addressed only by costly refinancing, forcing them to behave in a risk-averse manner. The model shows that the balance sheet condition of intermediaries can drive asset values away from their fundamentals, causing aggregate investment and output to respond to shocks to intermediaries. We use this model to evaluate several public policies designed to address balance sheet problems at financial institutions. With regard to short-run policies, we find that capital injections conditioned upon voluntary recapitalization can be a more effective tool than asset purchases. With regard to long-run policies, we demonstrate that higher capital requirements can have sizable short-run effects on economic activity, and that a long transition period helps avoid undesirable side effects. Finally, we show that the marginal effects of policies can be larger during “crises” because of the nonlinear interactions between some financial frictions and policy actions. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - ECONOMIC models
KW  - FINANCIAL statements
KW  - IDIOSYNCRATIC risk (Securities)
KW  - Crisis policies
KW  - Financial intermediation
N1  - Accession Number: 96242859; Kiley, Michael T. 1; Email Address: mkiley@frb.gov; Sim, Jae W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Jun2014, Vol. 43, p175; Thesaurus Term: BANK capital; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC models; Thesaurus Term: FINANCIAL statements; Thesaurus Term: IDIOSYNCRATIC risk (Securities); Author-Supplied Keyword: Crisis policies; Author-Supplied Keyword: Financial intermediation; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.jedc.2014.01.024
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96242859&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goodman, Sarena
AU  - Messeri, Peter
AU  - O’Flaherty, Brendan
T1  - Reprint of “How effective homelessness prevention impacts the length of shelter spells”.
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2014/06//
VL  - 24
M3  - Article
SP  - 101
EP  - 108
SN  - 10511377
AB  - Highlights: [•] Homeless prevention programs don’t change average shelter spells noticeably. [•] So homelessness prevention program evaluations can concentrate on shelter entries. [•] Shelter spell length is probably not a reflection of the seriousness of underlying problems. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOMELESSNESS
KW  - PUBLIC shelters
KW  - SERIOUSNESS (Attitude)
KW  - PROBLEM solving
KW  - REPRINTS (Publications)
KW  - Family homelessness
KW  - Homelessness prevention
KW  - Shelter spells
N1  - Accession Number: 96325482; Goodman, Sarena 1 Messeri, Peter 2 O’Flaherty, Brendan 3; Email Address: bo2@columbia.edu; Affiliation:  1: Federal Reserve System, Washington, DC, United States  2: Mailman School of Public Health, Columbia University, New York, United States  3: Department of Economics, Columbia University, New York, United States; Source Info: Jun2014, Vol. 24, p101; Subject Term: HOMELESSNESS; Subject Term: PUBLIC shelters; Subject Term: SERIOUSNESS (Attitude); Subject Term: PROBLEM solving; Subject Term: REPRINTS (Publications); Author-Supplied Keyword: Family homelessness; Author-Supplied Keyword: Homelessness prevention; Author-Supplied Keyword: Shelter spells; NAICS/Industry Codes: 624230 Emergency and Other Relief Services; Number of Pages: 8p; Document Type: Article
L3  - 10.1016/j.jhe.2014.04.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=96325482&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Johnson, Kathleen W.
AU  - Li, Geng
T1  - Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained?
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2014///Summer2014
VL  - 42
IS  - 2
M3  - Article
SP  - 457
EP  - 471
PB  - Wiley-Blackwell
SN  - 10808620
AB  - Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption. These outcomes are more likely if ARM borrowers are borrowing constrained, and we show in this article that ARM borrowers exhibit attitudes toward borrowing and behavior that are consistent with being borrowing constrained. Although the demographic and financial characteristics of ARM and fixed-rate mortgage (FRM) borrowers are somewhat similar, ARM borrowers differ from FRM borrowers in their uses of credit and attitudes toward it. In addition, we find the consumption growth of households with an ARM is more sensitive to past income than the consumption growth of other households, suggesting the ARM borrowers may be subject to borrowing constraints that hinder their ability to smooth consumption. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ADJUSTABLE rate mortgages
KW  - CONSUMPTION (Economics)
KW  - FIXED rate mortgages
KW  - INTEREST rates
KW  - HOUSEHOLDS
N1  - Accession Number: 96060968; Johnson, Kathleen W. 1; Li, Geng 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Summer2014, Vol. 42 Issue 2, p457; Thesaurus Term: ADJUSTABLE rate mortgages; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: FIXED rate mortgages; Thesaurus Term: INTEREST rates; Subject Term: HOUSEHOLDS; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 15p; Document Type: Article
L3  - 10.1111/1540-6229.12033
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96060968&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kaufman, Alex
T1  - The Influence of Fannie and Freddie on Mortgage Loan Terms.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2014///Summer2014
VL  - 42
IS  - 2
M3  - Article
SP  - 472
EP  - 496
PB  - Wiley-Blackwell
SN  - 10808620
AB  - This article uses a novel instrumental variables approach to quantify the effect that government-sponsored enterprise (GSE) purchase eligibility had on equilibrium mortgage loan terms in the period from 2003 to 2007. The technique is designed to eliminate sources of bias that may have affected previous studies. GSE eligibility appears to have lowered interest rates by about ten basis points, encouraged fixed-rate loans over ARMs and discouraged low documentation and brokered loans. There is no measurable effect on loan performance or on the prevalence of certain types of 'exotic' mortgages. The overall picture suggests that GSE purchases had only a modest impact on loan terms during this period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - GOVERNMENT-sponsored enterprises
KW  - FIXED rate mortgages
KW  - UNITED States
KW  - INSTRUMENTAL variables (Statistics)
KW  - FANNIE Mae
KW  - FREDDIE Mac (Company)
N1  - Accession Number: 96060971; Kaufman, Alex 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Summer2014, Vol. 42 Issue 2, p472; Thesaurus Term: MORTGAGE loans; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: FIXED rate mortgages; Subject Term: UNITED States; Subject Term: INSTRUMENTAL variables (Statistics) ; Company/Entity: FANNIE Mae Ticker: FNMA ; Company/Entity: FREDDIE Mac (Company) DUNS Number: 053382495 Ticker: FMCC; NAICS/Industry Codes: 522294 Secondary Market Financing; Number of Pages: 25p; Document Type: Article
L3  - 10.1111/1540-6229.12030
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96060971&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
T1  - Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/06//
M3  - Article
SP  - 1
EP  - 29
AB  - The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed's ability to conduct an independent monetary policy. The Fed was forced to cooperate with the Treasury in the 1930s, and fully ceded monetary policy to Treasury financing requirements during World War II. Nonetheless, the Fed retained a policy tool in the form of reserve requirements, and from the mid-1930s to 1951, changes in required reserve ratios were the primary means by which the Fed responded to expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external pressures on the Fed diminished significantly, which enabled the Fed to focus primarily on macroeconomic objectives. We conclude that a successful outcome requires not only a good understanding of how to conduct policy, but also a conducive environment in which to operate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - RESERVE requirements
KW  - INFLATION (Finance)
KW  - INTEREST rates
KW  - UNITED States
KW  - Fed-Treasury Accord
KW  - Federal Reserve
KW  - inflation
KW  - monetary policy
KW  - reserve requirements
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 97298363; Carlson, Mark A. 1; Wheelock, David C. 2; Affiliations: 1: Board of Governors, Federal Reserve System; 2: Federal Reserve Bank, St. Louis; Issue Info: Jun2014, preceding p1; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: MONETARY policy; Thesaurus Term: RESERVE requirements; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INTEREST rates; Subject Term: UNITED States; Author-Supplied Keyword: Fed-Treasury Accord; Author-Supplied Keyword: Federal Reserve; Author-Supplied Keyword: inflation; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: reserve requirements ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Epstein, Brendan
AU  - Kimball, Miles S.
T1  - The Decline of Drudgery and The Paradox of Hard Work.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/06//
IS  - 1106-1110
M3  - Article
SP  - 1
EP  - 40
AB  - We develop a theory that focuses on the general equilibrium and long-run macro-economic consequences of trends in job utility. Given secular increases in job utility, work hours per capita can remain approximately constant over time even if the income effect of higher wages on labor supply exceeds the substitution effect. In addition, secular improvements in job utility can be substantial relative to welfare gains from ordinary technological progress. These two implications are connected by an equation flowing from optimal hours choices: improvements in job utility that have a significant effect on labor supply tend to have large welfare effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUILIBRIUM (Economics)
KW  - MACROECONOMICS
KW  - PER capita
KW  - RESEARCH
KW  - LABOR supply
KW  - EFFECT of education on wages
KW  - WAGE theory (Economics)
KW  - UNITED States
KW  - drudgery
KW  - income effect
KW  - job utility
KW  - Labor supply
KW  - substitution effect
KW  - work hours
N1  - Accession Number: 97129072; Epstein, Brendan 1; Email Address: Brendan.Epstein@frb.gov; Kimball, Miles S. 2; Email Address: mkimball@umich.edu; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Professor, University of Michigan, and NBER; Issue Info: Jun2014, Issue 1106-1110, preceding p1; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: MACROECONOMICS; Thesaurus Term: PER capita; Thesaurus Term: RESEARCH; Thesaurus Term: LABOR supply; Thesaurus Term: EFFECT of education on wages; Thesaurus Term: WAGE theory (Economics); Subject Term: UNITED States; Author-Supplied Keyword: drudgery; Author-Supplied Keyword: income effect; Author-Supplied Keyword: job utility; Author-Supplied Keyword: Labor supply; Author-Supplied Keyword: substitution effect; Author-Supplied Keyword: work hours; Number of Pages: 40p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wright, Randall
AU  - Wong, Yuet-Yee
T1  - BUYERS, SELLERS, AND MIDDLEMEN: VARIATIONS ON SEARCH-THEORETIC THEMES.
JO  - International Economic Review
JF  - International Economic Review
Y1  - 2014/05//
VL  - 55
IS  - 2
M3  - Article
SP  - 375
EP  - 397
PB  - Wiley-Blackwell
SN  - 00206598
AB  - We study exchange that is bilateral but indirect-it involves chains of intermediaries, or middlemen-in markets with frictions. These frictions include search and bargaining problems. We show how, and how many, intermediaries might get involved in a chain, and how bargaining with one depends on upcoming negotiations with those downstream. The roles of buyers, sellers, money, and prices are discussed, allowing us to clarify some neglected connections between different branches of search theory. Pursuing one such connection, with monetary economics, we show how bubbles can emerge in intermediation, even with fully rational agents and perfect foresight. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SEARCH algorithms
KW  - COLLECTIVE bargaining
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - CREDIT intermediation
KW  - ECONOMIC models
N1  - Accession Number: 95683767; Wright, Randall 1; Wong, Yuet-Yee 2; Affiliations: 1: University of Wisconsin-Madison, Federal Reserve Banks of Minneapolis and Chicago, and NBER; 2: Binghamton University,; Issue Info: May2014, Vol. 55 Issue 2, p375; Thesaurus Term: SEARCH algorithms; Thesaurus Term: COLLECTIVE bargaining; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: CREDIT intermediation; Thesaurus Term: ECONOMIC models; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 23p; Illustrations: 6 Diagrams; Document Type: Article
L3  - 10.1111/iere.12053
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95683767&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adolfson, Malin
AU  - Laséen, Stefan
AU  - Lindé, Jesper
AU  - Svensson, Lars E.O.
T1  - Monetary policy trade-offs in an estimated open-economy DSGE model.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2014/05//
VL  - 42
M3  - Article
SP  - 33
EP  - 49
SN  - 01651889
AB  - Abstract: This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank׳s estimated dynamic stochastic general equilibrium (DSGE) model of a small open economy. Our main finding is that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept of potential output in the output gap between output and potential output is used in the loss function. If potential output is defined as a smooth trend this trade-off is much more pronounced compared to the case when potential output is defined as the output level that would prevail if prices and wages were flexible. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - MATHEMATICAL models
KW  - EQUILIBRIUM (Economics)
KW  - STOCHASTIC analysis
KW  - CONSUMER price indexes
KW  - INFLATION (Finance)
KW  - Instrument rules
KW  - Open-economy DSGE models
KW  - Optimal monetary policy
KW  - Output gap
KW  - Potential output
N1  - Accession Number: 95929845; Adolfson, Malin 1; Laséen, Stefan 1; Lindé, Jesper 2,3; Email Address: jesper.l.linde@frb.gov; Svensson, Lars E.O. 3,4,5,6; Affiliations: 1: Sveriges Riksbank, Sweden; 2: Federal Reserve Board, Board of Governors of the Federal Reserve System, Division of International Finance, Mailstop 20, 20th and C Street NW, Washington NW, DC 20551, United States; 3: CEPR, United Kingdom; 4: SIFR - Stockholm School of Economics, Sweden; 5: IIES - Stockholm University, Sweden; 6: NBER, United States; Issue Info: May2014, Vol. 42, p33; Thesaurus Term: MONETARY policy; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: CONSUMER price indexes; Thesaurus Term: INFLATION (Finance); Author-Supplied Keyword: Instrument rules; Author-Supplied Keyword: Open-economy DSGE models; Author-Supplied Keyword: Optimal monetary policy; Author-Supplied Keyword: Output gap; Author-Supplied Keyword: Potential output; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jedc.2014.02.012
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95929845&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Correa, Ricardo
AU  - Sapriza, Horacio
T1  - Sovereign Debt Crises.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/05//
IS  - 1103-1105
M3  - Article
SP  - 1
EP  - 36
AB  - Sovereign debt crises have been recurrent events over the past two centuries. In recent years, the timing of sovereign crises has coincided or has directly followed banking crises. The link between sovereigns and banks tightened as the contingent liability that the banking sector represents for the sovereign grew, as financial "safety nets" became more common. This chapter analyzes the transmission channels between sovereigns and banks, with a focus on the effect of sovereign distress on bank solvency and financing. It then highlights the notable cost to the real economy of the close connection between sovereigns and banks. Breaking the "feedback loop" between these two sectors should be an important policy priority. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - DEBT relief
KW  - ACCOUNTS payable
KW  - PUBLIC debts
KW  - ECONOMIC policy
KW  - bank regulation
KW  - banking crises
KW  - financial safety net
KW  - government guarantees
KW  - Sovereign default
N1  - Accession Number: 96426760; Correa, Ricardo 1; Email Address: ricardo.correa@frb.gov; Sapriza, Horacio 1; Email Address: horacio.sapriza@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors, Federal Reserve System; Issue Info: May2014, Issue 1103-1105, p1; Thesaurus Term: BANKING industry; Thesaurus Term: DEBT relief; Thesaurus Term: ACCOUNTS payable; Thesaurus Term: PUBLIC debts; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: bank regulation; Author-Supplied Keyword: banking crises; Author-Supplied Keyword: financial safety net; Author-Supplied Keyword: government guarantees; Author-Supplied Keyword: Sovereign default; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 36p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Thomas, Charles P.
AU  - Warnock, Francis E.
AU  - Wongswan, Jon
T1  - Uncovered Equity Parity and Rebalancing in International Portfolios.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/05//
IS  - 1103-1105
M3  - Article
SP  - 1
EP  - 41
AB  - Portfolio rebalancing is a key driver of the Uncovered Equity Parity (UEP) condition. According to UEP, when foreign equity holdings outperform domestic holdings, domestic investors are exposed to higher exchange rate exposure and hence repatriate some of the foreign equity to decrease their exchange rate risk. By doing so, foreign currency is sold, leading to foreign currency depreciation. We examine the relationship between U.S. investors' portfolio reallocations and returns and find some evidence consistent with UEP: Portfolio shifts are related to past returns in the underlying equity markets. But we argue that a motive other than reducing currency risk exposure is likely behind this rebalancing. In particular, U.S. investors may be exploiting mean reversion in underlying equity markets, rebalancing away from equity markets that recently performed well and moving into equity markets market just prior to relatively strong performance. Such behavior suggests tactical reallocations to increase returns rather than reduce risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATE of return
KW  - INVESTMENT banking
KW  - MONETARY policy
KW  - RESERVES (Accounting)
KW  - RISK management in business
KW  - equity portfolios
KW  - exchange rate determination
KW  - international returns
N1  - Accession Number: 96426759; Curcuru, Stephanie E. 1; Thomas, Charles P. 1; Warnock, Francis E. 2,3,4,5; Wongswan, Jon 6; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Darden Graduate School of Business, University of Virginia; 3: Institute for International Integration Studies, Trinity College Dublin; 4: Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas; 5: National Bureau of Economic Research; 6: Phatra Securities Public Company Limited; Issue Info: May2014, Issue 1103-1105, p1; Thesaurus Term: RATE of return; Thesaurus Term: INVESTMENT banking; Thesaurus Term: MONETARY policy; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: RISK management in business; Author-Supplied Keyword: equity portfolios; Author-Supplied Keyword: exchange rate determination; Author-Supplied Keyword: international returns; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 41p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Desai, Chintal
AU  - Elliehausen, Gregory
AU  - Lawrence, Edward
T1  - On the County-Level Credit Outcome Beta.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2014/04//
VL  - 45
IS  - 2
M3  - Article
SP  - 201
EP  - 218
SN  - 09208550
AB  - In their pioneering work, Musto and Souleles (Journal of Monetary Economics 53(1):59-84, ) apply portfolio theory to consumer lending. This paper extends their work by analyzing three county-level credit outcome betas. We use the probability of default calibrated from the credit score, the actual default rate, and the actual bankruptcy rate to compute 'score', 'default', and 'bankruptcy' betas for each U.S. county. The correlation between default and bankruptcy betas is quite low. Counties in states in which a borrower has a right to take action against aggressive collection practices tend to have higher default betas but lower bankruptcy betas. These findings suggest the possibility of an 'informal bankruptcy' option for consumers. The effects of county score, default, and bankruptcy betas on the county average revolving credit line per borrower are negative. For small lenders that do not have access to the detailed historical credit files on individual consumers, the county-level beta approach of this paper might be helpful for diversifying portfolios geographically and managing risk on existing accounts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEDICATED portfolio theory
KW  - BANK loan default
KW  - PERSONAL bankruptcy
KW  - CREDIT risk
KW  - LINES of credit
KW  - Beta
KW  - Consumer credit
KW  - Default
KW  - E51
KW  - G21
KW  - Personal bankruptcy
KW  - Portfolio theory
N1  - Accession Number: 94833756; Desai, Chintal 1; Email Address: desaica@utpa.edu; Elliehausen, Gregory 2; Lawrence, Edward 3; Affiliations: 1: The University of Texas-Pan American, Edinburg USA; 2: Board of Governors of the Federal Reserve System, Washington USA; 3: University of Missouri, St. Louis USA; Issue Info: Apr2014, Vol. 45 Issue 2, p201; Thesaurus Term: DEDICATED portfolio theory; Thesaurus Term: BANK loan default; Thesaurus Term: PERSONAL bankruptcy; Thesaurus Term: CREDIT risk; Thesaurus Term: LINES of credit; Author-Supplied Keyword: Beta; Author-Supplied Keyword: Consumer credit; Author-Supplied Keyword: Default; Author-Supplied Keyword: E51; Author-Supplied Keyword: G21; Author-Supplied Keyword: Personal bankruptcy; Author-Supplied Keyword: Portfolio theory; Number of Pages: 18p; Document Type: Article
L3  - 10.1007/s10693-012-0157-8
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bubb, Ryan
AU  - Kaufman, Alex
T1  - Securitization and moral hazard: Evidence from credit score cutoff rules.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2014/04//
VL  - 63
M3  - Article
SP  - 1
EP  - 18
SN  - 03043932
AB  - Abstract: A growing literature exploits credit score cutoff rules as a natural experiment to estimate the moral hazard effect of securitization on lender screening. However, these cutoff rules can be traced to underwriting guidelines for originators, not for securitizers. Moreover, loan-level data reveal that lenders change their screening at credit score cutoffs in the absence of changes in the probability of securitization. Credit score cutoff rules thus cannot be used to learn about the moral hazard effect of securitization on underwriting. By showing that this evidence has been misinterpreted, our analysis should move beliefs away from the conclusion that securitization led to lax screening. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSET-backed financing
KW  - MORAL hazard
KW  - CREDIT ratings
KW  - MONEYLENDERS
KW  - MORTGAGE underwriting
KW  - PROBABILITY theory
KW  - Credit scores
KW  - Financial crisis
KW  - Moral hazard
KW  - Mortgages
KW  - Securitization
N1  - Accession Number: 95225876; Bubb, Ryan 1; Email Address: ryan.bubb@nyu.edu; Kaufman, Alex 2; Email Address: alex.kaufman@gmail.com; Affiliations: 1: New York University, 40 Washington Square South, New York, NY 10012, United States; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, D.C. 20551, United States; Issue Info: Apr2014, Vol. 63, p1; Thesaurus Term: ASSET-backed financing; Thesaurus Term: MORAL hazard; Thesaurus Term: CREDIT ratings; Thesaurus Term: MONEYLENDERS; Thesaurus Term: MORTGAGE underwriting; Thesaurus Term: PROBABILITY theory; Author-Supplied Keyword: Credit scores; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: Moral hazard; Author-Supplied Keyword: Mortgages; Author-Supplied Keyword: Securitization; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jmoneco.2014.01.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95225876&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - An Alternative Theory of the Plant Size Distribution, with Geography and Intra- and International Trade.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 2014/04//
VL  - 122
IS  - 2
M3  - Article
SP  - 369
EP  - 425
PB  - University of Chicago Press
SN  - 00223808
AB  - There is wide variation in the sizes of manufacturing plants, even within the most narrowly defined industry classifications. Standard theories attribute such size differences to productivity differences. This paper develops an alternative theory in which industries are made up of large plants producing standardized goods and small plants making custom or specialty goods. It uses confidential census data to estimate the parameters of the model. The model fits the data well. In particular, the predictions of the model regarding the effect of a surge of imports from China are consistent with what happened over the period 1997-2007. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FACTORIES
KW  - RESEARCH
KW  - MATHEMATICAL models
KW  - MANUFACTURING industries
KW  - INDUSTRIAL organization (Economic theory)
KW  - ECONOMIC geography
KW  - MARKET area
KW  - PRODUCTION (Economic theory)
KW  - SIZE
N1  - Accession Number: 96044726; Holmes, Thomas J. 1; Stevens, John J. 2; Affiliations: 1: University of Minnesota, Federal Reserve Bank of Minneapolis, and National Bureau of Economic Research; 2: Board of Governors of the Federal Reserve System; Issue Info: Apr2014, Vol. 122 Issue 2, p369; Thesaurus Term: FACTORIES; Thesaurus Term: RESEARCH; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: ECONOMIC geography; Thesaurus Term: MARKET area; Thesaurus Term: PRODUCTION (Economic theory); Subject Term: SIZE; Number of Pages: 53p; Illustrations: 1 Color Photograph, 12 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Scherbina, Anna
AU  - Schlusche, Bernd
T1  - Asset price bubbles: a survey.
JO  - Quantitative Finance
JF  - Quantitative Finance
Y1  - 2014/04//
VL  - 14
IS  - 4
M3  - Article
SP  - 589
EP  - 604
SN  - 14697688
AB  - Why do asset price bubbles continue to appear in various markets? What types of events give rise to bubbles and why do arbitrage forces fail to quickly burst them? Do bubbles have real economic consequences and should policy makers do more to prevent them? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. The latest U.S. real estate bubble is described in the context of this literature. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quantitative Finance is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK exchanges
KW  - ECONOMIC impact
KW  - REAL estate bubbles
KW  - COMMODITY exchanges
KW  - PROGRAM trading (Securities)
KW  - Asset bubbles
KW  - Asset pricing
KW  - Behavioral finance
KW  - Behavioral models
N1  - Accession Number: 95004748; Scherbina, Anna 1; Email Address: ascherbina@ucdavis.edu; Schlusche, Bernd 2; Affiliations: 1: Graduate School of Management, University of California, Davis, One Shields Avenue, Davis, CA, 95616, USA; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC, 20551, USA; Issue Info: Apr2014, Vol. 14 Issue 4, p589; Thesaurus Term: STOCK exchanges; Thesaurus Term: ECONOMIC impact; Thesaurus Term: REAL estate bubbles; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: PROGRAM trading (Securities); Author-Supplied Keyword: Asset bubbles; Author-Supplied Keyword: Asset pricing; Author-Supplied Keyword: Behavioral finance; Author-Supplied Keyword: Behavioral models; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 16p; Document Type: Article
L3  - 10.1080/14697688.2012.755266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95004748&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy J.
T1  - Missing Variation in the Great Moderation: Lack of Signal Error and OLS Regression.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/04//
M3  - Article
SP  - 1
EP  - 10
AB  - This paper studies measurement errors that subtract signal from true variables of interest, labeled lack of signal errors (LoSE). The effect on OLS regression of LoSE is opposite the conventional wisdom about classical measurement errors, with LoSE in the dependent variable, not the explanatory variables, causing attenuation bias under some conditions. The paper provides evidence of LoSE in US GDP growth during the period known as the Great Moderation (roughly the mid-1980s to the mid-2000s), illustrating attenuation bias in regressions of GDP growth on asset prices. These biases may have contributed to conventional macroeconomic analysis missing the severity of the adverse shocks hitting the economy in the Great Recession. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC indicators
KW  - GROSS domestic product
KW  - REGRESSION analysis
KW  - RECESSIONS
KW  - UNITED States
KW  - UNITED States -- Economic conditions -- 2009-2017
N1  - Accession Number: 95705475; Nalewaik, Jeremy J. 1; Email Address: jeremy.j.nalewaik@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551; Issue Info: Apr2014, p1; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: GROSS domestic product; Thesaurus Term: REGRESSION analysis; Thesaurus Term: RECESSIONS; Subject Term: UNITED States; Subject Term: UNITED States -- Economic conditions -- 2009-2017; Number of Pages: 48p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Prager, Robin A.
T1  - Community Bank Performance: How Important are Managers?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/04//
M3  - Article
SP  - 2
EP  - 23
AB  - Community banks have long played an important role in the U.S. economy, providing loans and other financial services to households and small businesses within their local markets. In recent years, technological and legal developments, as well as changes in the business strategies of larger banks and non-bank financial service providers, have purportedly made it more difficult for community banks to attract and retain customers, and hence to survive. Indeed, the number of community banks and the shares of bank branches, deposits, banking assets, and small business loans held by community banks in the U.S. have all declined substantially over the past two decades. Nonetheless, many community banks have successfully adapted to their changing environment and have continued to thrive. This paper uses data from 1992 through 2011 to examine the relationships between community bank profitability and various characteristics of the banks and the local markets in which they operate. Bank characteristics examined include size, age, ownership structure, management quality, and portfolio composition; market characteristics include population, per capita income, unemployment rate, and banking market structure. We find that community bank profitability is strongly positively related to bank size; that local economic conditions have significant effects on bank profitability; that the quality of bank management matters a great deal to profitability, especially during times of economic stress; and that small banks that make major shifts to their lending portfolios tend to be less profitable than other small banks. Variables within managers' control account for between 70 percent and 96 percent of the total explanatory power of equations explaining variations in performance across community banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMMUNITY banks
KW  - FINANCIAL services industry
KW  - COMMERCIAL loans
KW  - PER capita
KW  - PORTFOLIO management (Investments)
KW  - UNITED States -- Economic conditions -- 2009-2017
KW  - UNITED States
KW  - bank profitability
KW  - banking
KW  - community banks
KW  - management quality
N1  - Accession Number: 95705474; Amel, Dean F. 1; Prager, Robin A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, DC 20551; Issue Info: Apr2014, preceding p2; Thesaurus Term: COMMUNITY banks; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: PER capita; Thesaurus Term: PORTFOLIO management (Investments); Subject Term: UNITED States -- Economic conditions -- 2009-2017; Subject Term: UNITED States; Author-Supplied Keyword: bank profitability; Author-Supplied Keyword: banking; Author-Supplied Keyword: community banks; Author-Supplied Keyword: management quality; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 36p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95705474&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lewis, Logan T.
T1  - Menu Costs, Trade Flows, and Exchange Rate Volatility.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2014/04//
IS  - 1102
M3  - Article
SP  - 1
EP  - 39
AB  - U.S. imports and exports respond little to exchange rate changes in the short run. Pricing behavior has long been thought central to explaining this response: if local prices do not respond to exchange rates, neither will trade flows. Sticky prices and strategic complementarities in price setting generate sluggish responses, and they are necessary to match newly available international micro price data. Using trade flow data, I test models capable of replicating these trade price data. Even with significant pricing frictions, the models still imply a trade response to exchange rates stronger than found in the data. Moreover, using significant cross-sector heterogeneity, comparative statics implied by the model find little to no support in the data. These results suggest that while complementarity in price setting and sticky prices can explain pricing patterns, some other short-run friction is needed to match actual trade flows. Furthermore, the muted response found for sectors with high long-run substitutability implies that simply assuming low elasticities may be inappropriate. Finally, there is evidence of an asymmetric response to exchange rate changes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INTERNATIONAL trade
KW  - FOREIGN trade regulation
KW  - EXPORT duties
KW  - UNITED States
KW  - Pass-through
KW  - Trade Elasticities
KW  - Trade Prices
N1  - Accession Number: 95841962; Lewis, Logan T. 1; Affiliations: 1: Staff economist, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2014, Issue 1102, preceding p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: EXPORT duties; Subject: UNITED States; Author-Supplied Keyword: Pass-through; Author-Supplied Keyword: Trade Elasticities; Author-Supplied Keyword: Trade Prices; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 40p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goodman, Sarena
AU  - Messeri, Peter
AU  - O’Flaherty, Brendan
T1  - How effective homelessness prevention impacts the length of shelter spells.
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2014/03//
VL  - 23
M3  - Article
SP  - 55
EP  - 62
SN  - 10511377
AB  - Highlights: [•] Homeless prevention programs don’t change average shelter spells noticeably. [•] So homelessness prevention program evaluations can concentrate on shelter entries. [•] Shelter spell length is probably not a reflection of the seriousness of underlying problems. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOMELESS shelters
KW  - HOMELESSNESS
KW  - PREVENTION
KW  - HOUSING
KW  - HOMELESS persons
KW  - SERIOUSNESS (Attitude)
KW  - HOUSING -- Research
KW  - ECONOMIC aspects
KW  - Family homelessness
KW  - Homelessness prevention
KW  - Shelter spells
N1  - Accession Number: 94366410; Goodman, Sarena 1 Messeri, Peter 2 O’Flaherty, Brendan 3; Email Address: bo2@columbia.edu; Affiliation:  1: Federal Reserve System, Washington, DC, United States  2: Mailman School of Public Health, Columbia University, New York, United States  3: Department of Economics, Columbia University, New York, United States; Source Info: Mar2014, Vol. 23, p55; Subject Term: HOMELESS shelters; Subject Term: HOMELESSNESS; Subject Term: PREVENTION; Subject Term: HOUSING; Subject Term: HOMELESS persons; Subject Term: SERIOUSNESS (Attitude); Subject Term: HOUSING -- Research; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Family homelessness; Author-Supplied Keyword: Homelessness prevention; Author-Supplied Keyword: Shelter spells; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 624230 Emergency and Other Relief Services; NAICS/Industry Codes: 624221 Temporary Shelters; NAICS/Industry Codes: 624220 Community housing services; Number of Pages: 8p; Document Type: Article
L3  - 10.1016/j.jhe.2014.01.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=94366410&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Gust, Christopher
AU  - López-Salido, David
T1  - Monetary policy and the cyclicality of risk.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2014/03//
VL  - 62
M3  - Article
SP  - 59
EP  - 75
SN  - 03043932
AB  - Abstract: A dynamic general equilibrium model to study the relationship between monetary policy and movements in risk is developed. Variation in risk arises because households face fixed costs of transferring cash across financial accounts, implying that some households rebalance their portfolios infrequently. Accordingly, prices for risky assets respond sharply to aggregate shocks because only a relatively small subset of consumers are available to absorb these shocks. The model can account for both the mean and the volatility of returns on equity and the risk-free rate and generates a decline in the equity premium following an unanticipated easing of monetary policy. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - EQUILIBRIUM (Economics)
KW  - OVERHEAD costs
KW  - PORTFOLIO management (Investments)
KW  - SHOCK (Economics)
KW  - RISK assessment
KW  - HOUSEHOLDS -- Economic aspects
KW  - Equity premium
KW  - Monetary policy rules
KW  - Segmented markets
N1  - Accession Number: 94696661; Gust, Christopher 1; Email Address: christopher.j.gust@frb.gov; López-Salido, David 1; Email Address: david.j.lopez-salido@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Mar2014, Vol. 62, p59; Thesaurus Term: MONETARY policy; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: OVERHEAD costs; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: SHOCK (Economics); Thesaurus Term: RISK assessment; Subject Term: HOUSEHOLDS -- Economic aspects; Author-Supplied Keyword: Equity premium; Author-Supplied Keyword: Monetary policy rules; Author-Supplied Keyword: Segmented markets; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2013.11.008
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=94696661&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Robles, Bárbara J.1
T1  - Economic Inclusion and Financial Education in Culturally Diverse Communities: Leveraging Cultural Capital and Whole-Family Learning.
JO  - New Directions for Adult & Continuing Education
JF  - New Directions for Adult & Continuing Education
J1  - New Directions for Adult & Continuing Education
PY  - 2014///Spring2014
Y1  - 2014///Spring2014
VL  - 2014
IS  - 141
CP  - 141
M3  - Article
SP  - 57
EP  - 66
SN  - 10522891
AB  - This chapter focuses on the importance of approaching economic education pedagogy as a whole-family learning process, especially in high immigrant and culturally diverse neighborhoods. [ABSTRACT FROM AUTHOR]
KW  - Financial management -- Study & teaching
KW  - Financial literacy
KW  - Economics -- Study & teaching (Continuing education)
KW  - Cultural capital
KW  - Lotería (Game)
KW  - Bingo
N1  - Accession Number: 94802037; Authors:Robles, Bárbara J. 1; Affiliations:  1: Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System; Subject: Financial literacy; Subject: Economics -- Study & teaching (Continuing education); Subject: Financial management -- Study & teaching; Subject: Cultural capital; Subject: Lotería (Game); Subject: Bingo; Number of Pages: 10p; Record Type: Article
L3  - 10.1002/ace.20085
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eft&AN=94802037&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eft
ER  - 

TY  - JOUR
AU  - Hurst, Erik
AU  - Geng Li
AU  - Pugsley, Benjamin
T1  - ARE HOUSEHOLD SURVEYS LIKE TAX FORMS? EVIDENCE FROM INCOME UNDERREPORTING OF THE SELF-EMPLOYED.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2014/03//
VL  - 96
IS  - 1
M3  - Article
SP  - 19
EP  - 33
PB  - MIT Press
SN  - 00346535
AB  - A large literature shows that the self-employed underreport their income to tax authorities. In this paper, we quantify the extent to which the self-employed also systematically underreport their income in U.S. household surveys. We use the Engel curve describing the relationship between income and expenditures of wage and salary workers to infer the actual income, and thus the reporting gap, of the self-employed based on their reported expenditures. On average, the self-employed underreport their income by about 25%. We show that failing to account for such income underreporting leads to biased conclusions in a variety of settings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SELF-employed
KW  - TAX evasion
KW  - DESCRIPTIVE statistics
KW  - HOUSEHOLD surveys
KW  - UNITED States
KW  - DUMMY variables
KW  - LOG-linear models
KW  - EQUATIONS
N1  - Accession Number: 94752004; Hurst, Erik 1; Geng Li 2; Pugsley, Benjamin 3; Affiliations: 1: University of Chicago; 2: Board of Governors of the Federal Reserve System; 3: Federal Reserve Bank of New York; Issue Info: Mar2014, Vol. 96 Issue 1, p19; Thesaurus Term: SELF-employed; Thesaurus Term: TAX evasion; Thesaurus Term: DESCRIPTIVE statistics; Subject Term: HOUSEHOLD surveys; Subject Term: UNITED States; Subject Term: DUMMY variables; Subject Term: LOG-linear models; Subject Term: EQUATIONS; Number of Pages: 15p; Illustrations: 4 Charts, 1 Graph; Document Type: Article
L3  - 10.1162/REST_a_00363
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=94752004&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levine, Oliver
AU  - Warusawitharana, Missaka
T1  - Finance and Productivity Growth: Firm-level Evidence.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/03//
M3  - Article
SP  - 1
EP  - 51
AB  - Using data on a broad set of European firms, we find a strong positive relationship between the use of external financing and future productivity (TFP) growth within firms. This relationship is robust to various measures of financing and productivity, and strengthens as financing costs increase. We provide evidence against a reverse-causality explanation by showing that this relationship arises from the component of TFP that is outside the information set of the firm. These findings indicate that financial development supports productivity growth within firms, and helps explain why economic activity remains persistently depressed following financial crisis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATIONS -- Finance
KW  - ECONOMIC activity
KW  - INDUSTRIAL productivity
KW  - FINANCIAL crises
KW  - DEPRESSIONS (Economics)
KW  - FINANCIAL management
KW  - EUROPEAN Union countries
KW  - Finance-growth nexus
KW  - Financial crises
KW  - Total factor productivity (TFP)
N1  - Accession Number: 94894316; Levine, Oliver 1; Email Address: olevine@bus.wisc.edu.; Warusawitharana, Missaka 2; Email Address: m1mnw00@frb.gov.; Affiliations: 1: University of Wisconsin; 2: Board of Governors of Federal Reserve System; Issue Info: Mar2014, preceding p1; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: ECONOMIC activity; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: FINANCIAL crises; Thesaurus Term: DEPRESSIONS (Economics); Thesaurus Term: FINANCIAL management; Subject Term: EUROPEAN Union countries; Author-Supplied Keyword: Finance-growth nexus; Author-Supplied Keyword: Financial crises; Author-Supplied Keyword: Total factor productivity (TFP); NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 52p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carlson, Mark
AU  - Lewis, Kurt
AU  - Nelson, William
T1  - USING POLICY INTERVENTION TO IDENTIFY FINANCIAL STRESS.
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 2014/01//
VL  - 19
IS  - 1
M3  - Article
SP  - 59
EP  - 72
SN  - 10769307
AB  - ABSTRACT This paper describes the construction of a financial stress index (FSI). Our index incorporates the level, volatility and comovement of a variety of financial series, rather than a single dimension of the data. To determine which time periods are ones of notable financial stress and thus the relevant ones for determining the role of the level, volatility and comovement of our financial series, we use actions taken by policymakers. In addition to describing the construction of our FSI, we discuss issues relevant to the general construction of stress indexes such as how an FSI differs from a financial conditions index, the challenges of combining different financial series into a single measure and the role historical experience plays in index construction. Copyright © 2013 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC policy
KW  - FINANCIAL stress
KW  - VOLATILITY (Finance)
KW  - SECURITIES markets
KW  - ECONOMIC indicators
KW  - POLICY sciences
KW  - financial market comovement
KW  - financial market functioning
KW  - financial market volatility
KW  - Financial stress
KW  - policy interventions
KW  - stress events
N1  - Accession Number: 94575712; Carlson, Mark 1; Lewis, Kurt 1; Nelson, William 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System; Issue Info: Jan2014, Vol. 19 Issue 1, p59; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FINANCIAL stress; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMIC indicators; Subject Term: POLICY sciences; Author-Supplied Keyword: financial market comovement; Author-Supplied Keyword: financial market functioning; Author-Supplied Keyword: financial market volatility; Author-Supplied Keyword: Financial stress; Author-Supplied Keyword: policy interventions; Author-Supplied Keyword: stress events; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Document Type: Article
L3  - 10.1002/ijfe.1482
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cox, Joseph
AU  - Ryu, Lisa
T1  - Stress testing for supervisory purposes: Framework and challenges.
JO  - Journal of Risk Management in Financial Institutions
JF  - Journal of Risk Management in Financial Institutions
Y1  - 2014///Winter2013/2014
VL  - 7
IS  - 1
M3  - Article
SP  - 6
EP  - 15
SN  - 17528887
AB  - Since 2009, when the Federal Reserve conducted the Supervisory Capital Assessment Program (SCAP), the Federal Reserve has been conducting supervisory stress tests to evaluate the capital adequacy of large banks and to support broad supervisory programmes. These stress tests provide a case study on the key challenges to designing a supervisory stress testing framework for ongoing supervision. The evolution of supervisory stress testing in the USA also provides a lens to examine particular considerations for scenario design, stress testing methodology, and public disclosure within the context of an annual exercise. The US experience suggests that annual supervisory stress tests can help link micro-prudential supervision to macro-prudential objectives; however, the value of supervisory stress tests is best assessed within the context of the broader supervisory programmes they support. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Risk Management in Financial Institutions is the property of Henry Stewart Publications LLP and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL institutions
KW  - SUPERVISION
KW  - CAPITAL
KW  - SUPERVISORS
KW  - UNITED States
KW  - market discipline
KW  - scenario design
KW  - stress test models
KW  - stress testing framework
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 94720564; Cox, Joseph 1; Email Address: joseph.b.cox@frb.gov; Ryu, Lisa 2; Email Address: lisa.h.ryu@frb.gov; Affiliations: 1: Financial analyst in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System; 2: Deputy Associate Director in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System; Issue Info: Winter2013/2014, Vol. 7 Issue 1, p6; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: SUPERVISION; Thesaurus Term: CAPITAL; Thesaurus Term: SUPERVISORS; Subject Term: UNITED States; Author-Supplied Keyword: market discipline; Author-Supplied Keyword: scenario design; Author-Supplied Keyword: stress test models; Author-Supplied Keyword: stress testing framework ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Debortoli, Davide
AU  - Maih, Junior
AU  - Nunes, Ricardo
T1  - LOOSE COMMITMENT IN MEDIUM-SCALE MACROECONOMIC MODELS: THEORY AND APPLICATIONS.
JO  - Macroeconomic Dynamics
JF  - Macroeconomic Dynamics
Y1  - 2014/01//
VL  - 18
IS  - 1
M3  - Article
SP  - 175
EP  - 198
SN  - 13651005
AB  - This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment. As opposed to the existing literature, our method can be employed in the medium- and large-scale models typically used in monetary policy. We apply our method to the Smets and Wouters model [American Economic Review 97(3), 586–606 (2007)], for which we show that imperfect commitment has relevant implications for interest rate setting, the sources of business cycle fluctuations, and welfare. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Macroeconomic Dynamics is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - BUSINESS cycles
KW  - INTEREST rates
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - Commitment
KW  - Discretion
KW  - Monetary Policy
KW  - AMERICAN Economic Association
N1  - Accession Number: 93281136; Debortoli, Davide 1; Maih, Junior 2; Nunes, Ricardo 3; Affiliations: 1: University of California San Diego; 2: International Monetary Fund; 3: Board of Governors of the Federal Reserve System; Issue Info: Jan2014, Vol. 18 Issue 1, p175; Thesaurus Term: MONETARY policy; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INTEREST rates; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Commitment; Author-Supplied Keyword: Discretion; Author-Supplied Keyword: Monetary Policy ; Company/Entity: AMERICAN Economic Association DUNS Number: 053432811; Number of Pages: 24p; Document Type: Article
L3  - 10.1017/S1365100512000326
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Zhiguo He
AU  - Si Li
AU  - Bin Wei
AU  - Jianfeng Yu
T1  - Uncertainty, Risk, and Incentives: Theory and Evidence.
JO  - Management Science
JF  - Management Science
Y1  - 2014/01//
VL  - 60
IS  - 1
M3  - Article
SP  - 206
EP  - 226
SN  - 00251909
AB  - Uncertainty has qualitatively different implications than risk in studying executive incentives. We study the interplay between profitability uncertainty and moral hazard, where profitability is multiplicative with managerial effort. Investors who face greater uncertainty desire faster learning, and consequently offer higher managerial incentives to induce higher effort from the manager. In contrast to the standard negative risk-incentive trade-off, this "learning-by-doing" effect generates a positive relation between profitability uncertainty and incentives. We document empirical support for this prediction. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Management Science is the property of INFORMS: Institute for Operations Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORAL hazard
KW  - INCENTIVES in industry
KW  - CORPORATE profits
KW  - EXECUTIVE compensation
KW  - UNCERTAINTY
KW  - executive compensation
KW  - learning
KW  - optimal contracting
KW  - risk-incentive trade-off
KW  - uncertainty
N1  - Accession Number: 94693372; Zhiguo He 1; Email Address: zhiguo.he@chicagobooth.edu; Si Li 2,3; Email Address: sli@wlu.ca; Bin Wei 4; Email Address: bin.wei@frb.gov; Jianfeng Yu 5; Email Address: jianfeng@umn.edu; Affiliations: 1: Booth School of Business, University of Chicago, Chicago, Illinois 60637; 2: School of Business and Economics, Wilfrid Laurier University, Waterloo, Ontario N2L 3C5, Canada; 3: PBC School of Finance, Tsinghua University, 100083 Beijing, China; 4: Board of Governors of the Federal Reserve System, Washington, DC 20551; 5: Carlson School of Management, University of Minnesota, Minneapolis, Minnesota 55455; Issue Info: Jan2014, Vol. 60 Issue 1, p206; Thesaurus Term: MORAL hazard; Thesaurus Term: INCENTIVES in industry; Thesaurus Term: CORPORATE profits; Thesaurus Term: EXECUTIVE compensation; Subject Term: UNCERTAINTY; Author-Supplied Keyword: executive compensation; Author-Supplied Keyword: learning; Author-Supplied Keyword: optimal contracting; Author-Supplied Keyword: risk-incentive trade-off; Author-Supplied Keyword: uncertainty; Number of Pages: 21p; Illustrations: 1 Diagram, 7 Charts, 2 Graphs; Document Type: Article
L3  - 10.1287/mnsc.2013.1744
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orlik, Anna
AU  - Presno, Ignacio
T1  - Optimal Monetary Policy under Model Uncertainty without Commitment.
JO  - Working Paper Series (Federal Reserve Bank of Boston)
JF  - Working Paper Series (Federal Reserve Bank of Boston)
Y1  - 2014/01//1/1/2014
VL  - 13
IS  - 20
M3  - Article
SP  - 1
EP  - 35
AB  - This paper studies the design of optimal time-consistent monetary policy in an economy where the planner trusts its own model, while a representative household uses a set of alternative probability distributions governing the evolution of the exogenous state of the economy. In such environments, unlike in the original studies of time-consistent monetary policy, managing households' expectations becomes an active channel of optimal policymaking per se, a feature that the paternalistic government seeks to exploit. We adapt recursive methods in the spirit of Abreu, Pearce, and Stacchetti (1990) as well as computational algorithms based on Judd, Yeltekin, and Conklin to fully characterize the equilibrium outcomes for a class of policy games between the government and a representative household that distrusts the model used by the government. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Boston) is the property of Federal Reserve Bank of Boston and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - DISTRIBUTION (Probability theory)
KW  - ECONOMIC policy
KW  - MONETARY theory
KW  - HOUSEHOLDS
KW  - government credibility
KW  - model uncertainty
KW  - monetary policy
KW  - recursive methods
KW  - robust control
KW  - time consistency
N1  - Accession Number: 94726217; Orlik, Anna 1; Email Address: anna.a.orlik@frb.gov; Presno, Ignacio 2; Email Address: ignacio.presno@bos.frb.org; Affiliations: 1: Economist in the monetary affairs division at the Board of Governors of the Federal Reserve System; 2: Economist in the research department at the Federal Reserve Bank of Boston; Issue Info: 1/1/2014, Vol. 13 Issue 20, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: DISTRIBUTION (Probability theory); Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY theory; Subject Term: HOUSEHOLDS; Author-Supplied Keyword: government credibility; Author-Supplied Keyword: model uncertainty; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: recursive methods; Author-Supplied Keyword: robust control; Author-Supplied Keyword: time consistency; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 35p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CAIRÓ, ISABEL
AU  - CAJNER, TOMAZ
T1  - HUMAN CAPITAL AND UNEMPLOYMENT DYNAMICS: WHY MORE EDUCATED WORKERS ENJOY GREATER EMPLOYMENT STABILITY.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 58
AB  - Why do more educated workers experience lower unemployment rates and lower employment volatility? A closer look at the data reveals that these workers have similar job finding rates, but much lower and less volatile separation rates than their less educated peers. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce the outside option of workers, implying less incentives to separate. The model generates unemployment dynamics that are quantitatively consistent with the cross-sectional empirical patterns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYEES
KW  - APPRENTICESHIP programs
KW  - OCCUPATIONAL training
KW  - EMPLOYEE training
KW  - ACADEMIC achievement
KW  - EDUCATION
KW  - education
KW  - on-the-job training
KW  - specific human capital
KW  - unemployment
N1  - Accession Number: 94750660; CAIRÓ, ISABEL 1; Email Address: isabel.cairo@upf.edu; CAJNER, TOMAZ 2; Email Address: tomaz.cajner@frb.gov; Affiliations: 1: UNIVERSITAT POMPEU FABRA; 2: BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM; Issue Info: Jan2014, preceding p1; Thesaurus Term: EMPLOYEES; Thesaurus Term: APPRENTICESHIP programs; Thesaurus Term: OCCUPATIONAL training; Thesaurus Term: EMPLOYEE training; Subject Term: ACADEMIC achievement; Subject Term: EDUCATION; Author-Supplied Keyword: education; Author-Supplied Keyword: on-the-job training; Author-Supplied Keyword: specific human capital; Author-Supplied Keyword: unemployment; NAICS/Industry Codes: 611690 All other schools and instruction; NAICS/Industry Codes: 611513 Apprenticeship Training; NAICS/Industry Codes: 611430 Professional and Management Development Training; NAICS/Industry Codes: 624310 Vocational Rehabilitation Services; Number of Pages: 59p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DeFusco, Anthony A.
AU  - Paciorek, Andrew
T1  - THE INTEREST RATE ELASTICITY OF MORTGAGE DEMAND: EVIDENCE FROM BUNCHING AT THE CONFORMING LOAN LIMIT.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 60
AB  - The relationship between the mortgage interest rate and a household's demand for mortgage debt has important implications for a host of public policy questions. In this paper, we use detailed data on over 2.7 million mortgages to provide novel estimates of the interest rate elasticity of mortgage demand. Our empirical strategy exploits a discrete jump in interest rates generated by the conforming loan limit--the maximum loan size eligible for securitization by Fannie Mae and Freddie Mac. This discontinuity creates a large \notch" in the intertemporal budget constraint of prospective mortgage borrowers, allowing us to identify the causal link between interest rates and mortgage demand by measuring the extent to which loan amounts bunch at the conforming limit. Under our preferred specifications, we estimate that a 1 percentage point increase in the rate on a 30-year fixed-rate mortgage reduces first mortgage demand by between 2 and 3 percent. We also present evidence that about one third of the response is driven by borrowers who take out second mortgages while leaving their total mortgage balance unchanged. Accounting for these borrowers suggests a reduction in total mortgage debt of between 1.5 and 2 percent per percentage point increase in the interest rate. Using these estimates, we predict the changes in mortgage demand implied by past and proposed future increases to the guarantee fees charged by Fannie and Freddie. We conclude that these increases would directly reduce the dollar volume of new mortgage originations by well under 1 percent. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - MORTGAGE loans
KW  - MORTGAGES
KW  - GOVERNMENT policy
KW  - ASSET-backed financing
KW  - FANNIE Mae
KW  - FREDDIE Mac (Company)
N1  - Accession Number: 94750662; DeFusco, Anthony A. 1; Email Address: defusco@wharton.upenn.edu; Paciorek, Andrew 2; Email Address: andrew.d.paciorek@frb.gov; Affiliations: 1: Wharton School, University of Pennsylvania; 2: Board of Governors, Federal Reserve System; Issue Info: Jan2014, preceding p1; Thesaurus Term: INTEREST rates; Thesaurus Term: MORTGAGE loans; Thesaurus Term: MORTGAGES; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: ASSET-backed financing ; Company/Entity: FANNIE Mae Ticker: FNMA ; Company/Entity: FREDDIE Mac (Company) DUNS Number: 053382495 Ticker: FMCC; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 61p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltenhof, Samuel
AU  - Seung Jung Lee
T1  - Bank Lending Channels during the Great Recession.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 42
AB  - We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing industries. In particular, we address the question of how a dramatic worsening of firm and consumer access to bank credit, such as the one observed over the Great Recession, translates into job losses in these industries. To identify these channels, we rely on differences in the degree of external finance dependence and of asset tangibility across manufacturing industries and in the sensitivity of these industries' output to changes in the supply of consumer credit. We show that household access to bank loans matters more for employment than firm access to local bank loans. Our results suggest that, over the recent financial crisis, tightening access to commercial and industrial loans and consumer installment loans explains jointly about a quarter of the drop in employment in the manufacturing sector. In addition, a decrease in the availability of home equity loans explains an extra one-tenth of the drop. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MANUFACTURING industries
KW  - BANK loans
KW  - EMPLOYMENT (Economic theory)
KW  - RECESSIONS
KW  - EQUITY (Real property)
KW  - UNITED States
KW  - bank credit channels
KW  - bank lending standards
KW  - credit crunch
KW  - employment
KW  - Great Recession
KW  - home equity extraction
KW  - job losses
N1  - Accession Number: 94750657; Haltenhof, Samuel 1; Email Address: shalten@umich.edu; Seung Jung Lee 2; Email Address: seung.j.lee@frb.gov; Affiliations: 1: University of Michigan; 2: Board of Governors, Federal Reserve System; Issue Info: Jan2014, p1; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: BANK loans; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: RECESSIONS; Thesaurus Term: EQUITY (Real property); Subject Term: UNITED States; Author-Supplied Keyword: bank credit channels; Author-Supplied Keyword: bank lending standards; Author-Supplied Keyword: credit crunch; Author-Supplied Keyword: employment; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: home equity extraction; Author-Supplied Keyword: job losses; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 42p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 42
AB  - We conduct an empirical analysis of the Federal Reserve's large-scale asset purchases (LSAPs) on MBS yields and mortgage rates. The Federal Reserve's accumulation of MBS and Treasury securities lowered MBS yields and mortgage rates by more than what would have been suggested by changes in market expectations alone, suggesting that portfolio rebalancing effects of LSAPs are an important consideration for monetary policy transmission. Our estimates also suggest that the Federal Reserve must hold a substantial market share of agency MBS or of Treasury securities to significantly lower MBS yields and in turn significantly lower mortgage rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE-backed securities
KW  - MORTGAGE rates
KW  - HOUSING -- Finance
KW  - MORTGAGE loans
KW  - MONETARY policy
KW  - interest rates
KW  - LSAP
KW  - mortgage-backed securities (MBS)
KW  - mortgages
KW  - QE1
KW  - QE2
KW  - QE3
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 94750663; Hancock, Diana 1; Email Address: Diana.Hancock@frb.gov; Passmore, Wayne 1; Email Address: Wayne.Passmore@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, DC 20551; Issue Info: Jan2014, preceding p1; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: MORTGAGE rates; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: MORTGAGE loans; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: interest rates; Author-Supplied Keyword: LSAP; Author-Supplied Keyword: mortgage-backed securities (MBS); Author-Supplied Keyword: mortgages; Author-Supplied Keyword: QE1; Author-Supplied Keyword: QE2; Author-Supplied Keyword: QE3 ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 43p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mach, Traci L.
AU  - Carter, Courtney M.
AU  - Slattery, Cailin R.
T1  - Peer-to-peer lending to small businesses.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 26
AB  - The current paper examines loan-level data from Lending Club to look at peer-to-peer borrowing by small businesses. We begin by looking at characteristics of loan applications that were and were not funded and then take a more in-depth look at funded applications. Summary statistics show an increasing number of small business loan applications over time. Beginning in 2010--when consistent measures of loan purpose were recorded for all applications--loan applications for small businesses were on average less likely than loans for other purposes to have been funded. However, logistic regression results that control for the quality of the application show that, holding all else constant, applications for a loan for a small business were almost twice as likely to have been funded than loans for other purposes. Focusing on funded applications, we note that funded business loans were slightly larger on average than loans funded for other purposes but paid similar interest rates. However, relative to small business loans from traditional sources, peer-to-peer small business borrowers paid an interest rate that was about two times higher. Regression results that control for application quality show that peer-to-peer loans for small businesses were charged almost a percentage point interest rate premium over non-business loans. Logistic regression results that look at loan performance indicate that loans for small businesses were much more likely to be delinquent or charged off. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - SMALL business
KW  - BUSINESS enterprises -- Finance
KW  - DEBTOR & creditor
KW  - LOGISTIC regression analysis
N1  - Accession Number: 94750661; Mach, Traci L. 1; Email Address: Traci.L.Mach@frb.gov; Carter, Courtney M. 1; Email Address: Courtney.M.Carter@frb.gov; Slattery, Cailin R. 2; Email Address: Cailin.Ryan.Slattery@gmail.com; Affiliations: 1: Board of Governors, Federal Reserve System; 2: University of Pennsylvania; Issue Info: Jan2014, preceding p1; Thesaurus Term: LOANS; Thesaurus Term: SMALL business; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: DEBTOR & creditor; Subject Term: LOGISTIC regression analysis; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 27p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=94750661&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, Justin R.
AU  - Schott, Peter K.
T1  - The Surprisingly Swift Decline of U.S. Manufacturing Employment.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 54
AB  - This paper finds a link between the sharp drop in U.S. manufacturing employment beginning in 2001 and a change in U.S. trade policy that eliminated potential tariff increases on Chinese imports. Industries where the threat of tariff hikes declines the most experience more severe employment losses along with larger increases in the value of imports from China and the number of firms engaged in China-U.S. trade. These results are robust to other potential explanations of the employment loss, and we show that the U.S. employment trends differ from those in the EU, where there was no change in policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MANUFACTURING industries
KW  - EMPLOYMENT (Economic theory)
KW  - COMMERCIAL policy
KW  - TARIFF
KW  - INTERNATIONAL trade
KW  - UNITED States
KW  - CHINA
N1  - Accession Number: 94750655; Pierce, Justin R. 1; Email Address: justin.r.pierce@frb.gov; Schott, Peter K. 2; Email Address: peter.schott@yale.edu; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Yale School of Management & NBER; Issue Info: Jan2014, p1; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: COMMERCIAL policy; Thesaurus Term: TARIFF; Thesaurus Term: INTERNATIONAL trade; Subject Term: UNITED States; Subject: CHINA; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 911910 Other federal government public administration; Number of Pages: 54p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=94750655&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ruffino, Doriana
T1  - A Robust Capital Asset Pricing Model.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2014/01//
M3  - Article
SP  - 1
EP  - 14
AB  - We build a market equilibrium theory of asset prices under Knightian uncertainty. Adopting the mean-variance decisionmaking model of Maccheroni, Marinacci, and Ruffino (2013a), we derive explicit demands for assets and formulate a robust version of the two-fund separation theorem. Upon market clearing, all investors hold ambiguous assets in the same relative proportions as the assets' market values. The resulting uncertainty-return tradeoff is a robust security market line in which the ambiguous return on an asset is measured by its beta (systematic ambiguity). A simple example on portfolio performance measurement illustrates the importance of writing ambitious, robust asset-pricing models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKET equilibrium
KW  - DECISION making
KW  - CONJOINT analysis (Marketing)
KW  - DEMAND (Economic theory)
KW  - INVESTMENTS
KW  - PRICING
N1  - Accession Number: 94750652; Ruffino, Doriana 1; Email Address: doriana.ruffino@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Jan2014, p1; Thesaurus Term: MARKET equilibrium; Thesaurus Term: DECISION making; Thesaurus Term: CONJOINT analysis (Marketing); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: INVESTMENTS; Thesaurus Term: PRICING; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 14p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=94750652&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
ID  - 2014-03921-006
AN  - 2014-03921-006
AU  - He, Zhiguo
AU  - Li, Si
AU  - Wei, Bin
AU  - Yu, Jianfeng
T1  - Uncertainty, risk, and incentives: Theory and evidence.
JF  - Management Science
JO  - Management Science
JA  - Manage Sci
Y1  - 2014/01//
VL  - 60
IS  - 1
SP  - 206
EP  - 226
CY  - US
PB  - Institute for Operations Research & the Management Sciences (INFORMS)
SN  - 0025-1909
SN  - 1526-5501
AD  - He, Zhiguo, Booth School of Business, University of Chicago, Chicago, IL, US, 60637
N1  - Accession Number: 2014-03921-006. Partial author list: First Author & Affiliation: He, Zhiguo; Booth School of Business, University of Chicago, Chicago, IL, US. Release Date: 20140512. Correction Date: 20140519. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Grant Information: Li, Si. Major Descriptor: Incentives; Management Methods; Management Personnel; Mathematical Modeling; Uncertainty. Minor Descriptor: Prediction; Risk Factors. Classification: Management & Management Training (3640). Population: Human (10); Male (30); Female (40). Age Group: Adulthood (18 yrs & older) (300). Methodology: Empirical Study; Mathematical Model; Quantitative Study. References Available: Y. Page Count: 21. Issue Publication Date: Jan, 2014. Publication History: First Posted Date: Aug 2, 2013; Accepted Date: Feb 28, 2013; First Submitted Date: Apr 27, 2010. Copyright Statement: INFORMS. 2014. 
AB  - Uncertainty has qualitatively different implications than risk in studying executive incentives. We study the interplay between profitability uncertainty and moral hazard, where profitability is multiplicative with managerial effort. Investors who face greater uncertainty desire faster learning, and consequently offer higher managerial incentives to induce higher effort from the manager. In contrast to the standard negative risk-incentive trade-off, this 'learning-by-doing' effect generates a positive relation between profitability uncertainty and incentives. We document empirical support for this prediction. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - uncertainty
KW  - risk factors
KW  - executive incentives
KW  - managerial efforts
KW  - prediction
KW  - mathematical models
KW  - 2014
KW  - Incentives
KW  - Management Methods
KW  - Management Personnel
KW  - Mathematical Modeling
KW  - Uncertainty
KW  - Prediction
KW  - Risk Factors
KW  - 2014
U1  - Sponsor: Social Sciences and Humanities Research Council of Canada, Canada. Recipients: Li, Si
DO  - 10.1287/mnsc.2013.1744
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2014-03921-006&site=ehost-live&scope=site
UR  - bin.wei@frb.gov
UR  - sli@wlu.ca
UR  - zhiguo.he@chicagobooth.edu
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - UNPB
AU  - Cipriani, Marco
AU  - Martin, Antoine
AU  - McCabe, Patrick E.
AU  - Parigi, Bruno
AD  - Federal Reserve Bank of New York
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Padova
T1  - Gates, Fees, and Preemptive Runs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-30
Y1  - 2014///
SP  - 18 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439636; Keywords: Banks;  money market funds;  runs;  preemptive runs;  gates;  fees; Publication Type: Working Paper; Update Code: 201405
N2  - We build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis--a form of suspension of convertibility--can lead to preemptive runs. In our model, a fraction of investors (depositors) can become informed about a shock to the return of the intermediary's assets. Later, the informed investors learn the realization of the shock and can choose their redemption behavior based on this information. We prove two results: First, there are situations in which informed investors would wait until the uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem preemptively, if fees or gates are possible. Second, we show that for the intermediary, which maximizes expected utility of only its own investors, imposing gates or fees can be ex post optimal. These results have important policy implications for intermediaries that are vulnerable to runs, such as money market funds, because the preemptive runs that can be caused by the possibility of gates or fees may have damaging negative externalities.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439636&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - de Groot, Oliver
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Solving asset pricing models with stochastic volatility
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-71
Y1  - 2014///
SP  - 18 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466011; Keywords: Endowment model;  price-dividend ratio;  closed-form solution; Publication Type: Working Paper; Update Code: 201411
N2  - This paper provides a closed-form solution for the price-dividend ratio in a standard asset pricing model with stochastic volatility. The solution is useful in allowing comparisons among numerical methods used to approximate the non-trivial closed-form.
KW  - Optimization Techniques; Programming Models; Dynamic Analysis          C61
KW  - Existence and Stability Conditions of Equilibrium          C62
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201471pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466011&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201471pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ghamami, Samim
AU  - Goldberg, Lisa R.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of California, Berkely
T1  - Stochastic Intensity Models of Wrong Way Risk: Wrong Way CVA Need Not Exceed Independent CVA
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-54
Y1  - 2014///
SP  - 19 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456994; Keywords: Credit value adjustment;  stochastic intensity modeling;  wrong way and right way risk;  Basel III;  counterparty credit risk; Publication Type: Working Paper; Update Code: 201409
N2  - Wrong way risk can be incorporated in Credit Value Adjustment (CVA) calculations in a reduced form model. Hull and White [2012] introduced a CVA model that captures wrong way risk by expressing the stochastic intensity of a counterparty's default time in terms of the financial institution's credit exposure to the counterparty. We consider a class of reduced form CVA models that includes the formulation of Hull and White and show that wrong way CVA need not exceed independent CVA. This result is based on some general properties of the model calibration scheme and a formula that we derive for intensity models of dependent CVA (wrong or right way). We support our result with a stylized analytical example as well as more realistic numerical examples based on the Hull and White model. We conclude with a discussion of the implications of our findings for Basel III CVA capital charges, which are predicated on the assumption that wrong way risk increases CVA.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201454/201454pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456994&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201454/201454pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Amel, Dean F.
AU  - Mach, Traci L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Impact of the Small Business Lending Fund on Community Bank Lending to Small Businesses
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-111
Y1  - 2014///
SP  - 20 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480180; Keywords: Community banks;  government stimulus;  small business lending; Publication Type: Working Paper; Update Code: 201502
N2  - Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to decline. Furthermore, much of the drop in small business loans outstanding was evident at community banks. To address this perceived lack of supply of credit to small businesses, the Small Business Lending Fund (SBLF) was created as part of the 2010 Small Business Jobs Act. The fund was intended to provide community banks with low-cost funding that they could then lend to their small business customers. As of December 31, 2013, the U.S. Department of the Treasury reports that SBLF participants had increased their small business lending by $12.5 billion over their baseline numbers. The current paper uses Call Report data from community banks an d thrift institutions to look at the impact of receiving funds from SBLF on their small business lending. The analysis controls for economic and demographic conditions, market structure and competition. Simple regression estimates indicate that participants in the SBLF program increased their small business lending by about 10 percent more than their non-participating counterparts, in line with numbers reported by Treasury. However, estimates that control for the ongoing growth path in small business lending indicate no statistically significant impact of SBLF participation on small business lending.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014111pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480180&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014111pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mach, Traci L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Business to Business Credit to Small Firms
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-55
Y1  - 2014///
SP  - 21 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457004; Keywords: Small business;  business to business spending;  trade credit; Publication Type: Working Paper; Update Code: 201409
N2  - Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to decline. Anecdotal evidence suggests that firms used trade credit to smooth over cash flow problems. The current paper looks at recent trends in trade credit use by small businesses based on a recent poll done by the Credit Research Foundation. The results highlight the importance of business to business credit for small businesses. They show an increase in demand over the past year as well as a slowdown in payment that may signal a decline in the ability to pay.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201455/201455pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457004&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201455/201455pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Baglan, Deniz
AU  - Yoldas, Emre
AD  - Howard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Non-linearity in the Inflation-Growth Relationship in Developing Economies: Evidence from a Semiparametric Panel Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-51
Y1  - 2014///
SP  - 21 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457000; Keywords: Inflation;  economic growth;  semiparametric panel data model;  series estimation;  bootstrap; Publication Type: Working Paper; Update Code: 201409
N2  - Using data on developing economies, we estimate a flexible semiparametric panel data model that incorporates potentially nonlinear effects of inflation on economic growth. We find that inflation is associated with significantly lower growth only after it reaches about 12 percent, which is notably lower than the comparable estimate obtained from a threshold model. Our results also suggest that models with restrictive functional form assumptions tend to underestimate marginal effects of inflation on economic growth. We also document significant variation in the effect of inflation on growth across countries and over time.
KW  - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models          C23
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://www.federalreserve.gov/pubs/feds/2014/201451/201451pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457000&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201451/201451pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kiley, Michael T.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An Evaluation of the Inflationary Pressure Associated with Short- and Long-term Unemployment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-28
Y1  - 2014///
SP  - 22 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439608; Keywords: Short-term unemployment;  phillips curve; Publication Type: Working Paper; Update Code: 201405
N2  - In the years following 2009, long-term unemployment has been very elevated while inflation has fallen only moderately, raising the question of whether the long-term unemployed exert less downward pressure on prices than the short-term unemployed, perhaps because such potential workers are disconnected from the labor market. However, empirical evidence is mixed. This analysis demonstrates that the typical approach, using national data, is incapable of discriminating the inflationary pressure exerted by short and long-term unemployment because the series are highly correlated, making inference difficult given the short-span of data used in Phillips-curve estimation. However, application of more data, through the use of regional variation, can discriminate the independent influences of short-and long-term unemployment on price inflation. We present a model illustrating these issues and apply the model to data for U.S. metropolitan regions. We find that that short- and long-term unemployment exert equal downward pressure on price inflation.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439608&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arias, Jonas E.
AU  - Ascari, Guido
AU  - Branzoli, Nicola
AU  - Castelnuovo, Efrem
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Oxford
AD  - Bank of Italy
AD  - University of Melbourne
T1  - Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation--Comment
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1127
Y1  - 2014///
SP  - 23 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1495228; Keywords: Trend inflation;  determinacy;  and monetary policy; Publication Type: Working Paper; Update Code: 201505
N2  - Working with a small-scale calibrated New-Keynesian model, Coibion and Gorodnichenko (2011) find that the reduction in trend inflation during Volcker's mandate was a key factor behind the Great Moderation. We revisit this finding with an estimated New-Keynesian model with trend inflation and no indexation based on Christiano, Eichenbaum and Evans (2005). First, our simulations confirm Coibion and Gorodnichenko's (2011) main finding. Second, we show that a trend inflation-immune Taylor rule based on economic theory can avoid indeterminacy even at high levels of trend inflation such as those observed in the 1970s.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1127.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1495228&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1127.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bragoli, Daniela
AU  - Metelli, Luca
AU  - Modugno, Michele
AD  - Universita Cattolica
AD  - London School of Economics
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Importance of Updating: Evidence from a Brazilian Nowcasting Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-94
Y1  - 2014///
SP  - 24 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480196; Keywords: Nowcasting;  Updating;  Dynamic Factor Model; Publication Type: Working Paper; Update Code: 201502
N2  - How often should we update predictions for economic activity? Gross domestic product is a quarterly variable disseminated usually a couple of months after the end of the quarter, but many other macroeconomic indicators are released with a higher frequency, and financial markets react very strongly to them. However, most of the professional forecasters, including the IMF, the OECD, and most central banks, tend to update their forecasts of economic activity only two to four times a year. The main exception is the Central Bank of Brazil which is responsible for collecting and publishing a daily survey on GDP and other variables. The aim of this article is to evaluate the forecasting performance of the Central Bank of Brazil Survey and to compare it with the mechanical forecasts based on state-of-the-art nowcasting techniques. Results indicate that institutional forecasts perform as well as model-based forecasts. The latter finding suggests that, on the one hand, judgmental forecasters do not have computational limitations and are able to incorporate very quickly new information in a way that is as efficient as a machine. On the other hand, it confirms what has been found in other studies, namely that a linear time invariant model does a good job and hence that eventual nonlinearities, time variations and soft information (such as weather conditions or government decisions) that could be incorporated by judgment, do not provide new important information.
KW  - Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models          C33
KW  - Forecasting Models; Simulation Methods          C53
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201494pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480196&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201494pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kazemi, Maziar
AU  - Islamaj, Ergys
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Vassar College
T1  - Returns to Active Management: The Case of Hedge Funds
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1112
Y1  - 2014///
SP  - 26 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457015; Keywords: Hedge funds;  Fama-French;  active management;  dynamic trading; Publication Type: Working Paper; Update Code: 201409
N2  - Do more active hedge fund managers generate higher returns than their less active peers? We attempt to answer this question. Using Kalman Filter techniques, we estimate the risk exposure dynamics of a large sample of live and dead equity long-short hedge funds. These estimates are then used to develop a measure of activeness for each hedge fund. Our results show that there exists a nonlinear relationship between activeness and performance. Using raw returns as a measure of performance, it is found that more active funds outperform the less active ones. However, when risk adjusted returns are used to measure performance, we find the opposite results; that is, activeness is inversely related to returns. Still, we find that a few very active managers outperform the moderately active funds and generate higher returns. We conclude that the most active managers use their skills to manage the riskiness of their portfolios and are, therefore, able to provide higher risk adjusted returns. Finally, we find that compared to the least active managers, the most active managers are less homogeneous and, therefore, due diligence is far more important when selecting an active manager.
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1112/ifdp1112.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457015&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1112/ifdp1112.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Haltmaier, Jane
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Cyclically Adjusted Current Account Balances
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1126
Y1  - 2014///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480211; Keywords: current account;  cycles; Publication Type: Working Paper; Update Code: 201502
N2  - The Great Financial Crisis coincided with a sizable reduction in global external imbalances, defined as the absolute value of the sum of individual country current account surpluses and deficits relative to global GDP. Although current account balances should not respond to a downturn that is uniform across countries, one that hits countries with current account deficits harder than those with surpluses might result in a decline in the global balance. This paper quantifies the cyclical portion of the current account balance for 35 countries using estimates of the severity of the cycle in each country relative to that of its trading partners in conjunction with three estimates of the sensitivity of the current account balance to changes in the output gap. Two of the estimates are derived from equations linking trade to income and the third is derived from the relationship between changes in current account balances and changes in output gap differentials. The main result is that the bulk of the reduction in the global current account imbalance since 2006 appears to have been structural. Cyclical forces are estimated to account for between 10 and 30 percent of the decline. In the aggregate, the cyclical effect is estimated to be currently holding down the global current account balance by about 1/2 percentage point. However, the size of the cyclical effect is more substantial for some countries. Both surplus and deficit countries have contributed to the decline in the absolute value of the global current account imbalance, but the contribution of the deficit countries is about twice as large as that of the surplus countries. Changes in oil prices have had largely offsetting effects on the global current account balance, but changes in real exchange rates in recent years have contributed to the reduction.
KW  - Business Fluctuations; Cycles          E32
KW  - Trade: Forecasting and Simulation          F17
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1126.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480211&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1126.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Noussair, Charles N.
AU  - Pfajfar, Damjan
AU  - Zsiros, Janos
AD  - University of Tilburg
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Cornell University
T1  - Pricing decisions in an experimental dynamic stochastic general equilibrium economy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-93
Y1  - 2014///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480206; Keywords: Experimental economics;  DSGE economy;  pricing behavior;  menu costs; Publication Type: Working Paper; Update Code: 201502
N2  - We construct experimental economies, populated with human subjects, with a structure based on a nonlinear version of the New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. We analyze the behavior of firms' pricing decisions in four different experimental economies. We consider how well the experimental data conform to a number of accepted empirical stylized facts. Pricing patterns mostly conform to these patterns. Most price changes are positive, and inflation is strongly correlated with average magnitude, but not the frequency, of price changes. Prices are affected negatively by the productivity shock and positively by the output gap. Lagged real interest rate has a negative effect on prices, unless human subjects choose the interest rate, or firms sell perfect substitutes in the output market. There is inertia in price setting, firms integrate wage increases into their prices, and there is evidence of adaptive behavior in price-setting in our laboratory economy. The hazard function for price changes, however, is upward-sloping, in contrast to most empirical studies.
KW  - Design of Experiments: Laboratory, Individual          C91
KW  - Design of Experiments: Laboratory, Group Behavior          C92
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201493pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480206&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201493pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Duygan-Bump, Burcu
AU  - Natalucci, Fabio M.
AU  - Nelson, William R.
AU  - Ochoa, Marcelo
AU  - Stein, Jerome L.
AU  - Van den Heuvel, Skander J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-102
Y1  - 2014///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480181; Keywords: Financial stability;  safe assets;  money-like instruments;  central bank policies; Publication Type: Working Paper; Update Code: 201502
N2  - A number of researchers have recently argued that the growth of the shadow banking system in the years preceding the recent U.S. financial crisis was driven by rising demand for "money-like" claims--short-term, safe instruments (STSI)--from institutional investors and nonfinancial firms. These instruments carry a money premium that lowers their yields. While government securities are an important part of the supply of STSI, financial intermediaries also take advantage of this money premium when they issue certain types of low-risk, short-term debt, such as asset-backed commercial paper or repo. In this paper, we take the demand for STSI as given and consider the extent to which central banks can improve financial stability and manage maturity transformation by the private sector through their ability to affect the public supply of STSI. The first part of the paper provides new evidence that complements the existing literature on two key ingredients that are necessary for there to be a role for policy: the extent to which public short-term debt and private short-term debt might be substitutes, and the relationship between the money premium and the supply of STSI. The second part of the paper then builds on this evidence and discusses potential ways a central bank could use its balance sheet and monetary policy implementation framework to affect the quantity and mix of short-term liquid assets that will be available to financial market participants.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014102pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480181&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014102pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Goldberg, Jonathan E.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Idiosyncratic investment risk and business cycles
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-5
Y1  - 2014///
SP  - 28 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439625; Keywords: Incomplete markets;  idiosyncratic risk;  business cycles;  equity premium;  risk-free rate; Publication Type: Working Paper; Update Code: 201405
N2  - I show that, due to imperfect risk sharing, aggregate shocks to uncertainty about idiosyncratic return on investment generate economic contractions with elevated risk premia and a decrease in the risk-free rate. I present a tractable real business cycle model in which firms experience idiosyncratic shocks, to which managers are at least partially exposed; the distribution of these shocks is time-varying and stochastic. I show that the path for aggregate quantities, the price of physical capital, and the equity premium are the same as in a model without idiosyncratic risk, but with time-preference shocks. That is, in response to an increase in idiosyncratic uncertainty, the response of these variables is the same as if there were no idiosyncratic uncertainty but managers were suddenly reluctant to invest. However, time-preference and idiosyncratic uncertainty shocks are not isomorphic: an increase in idiosyncratic uncertainty leads to greater demand for precautionary saving and hence a decrease in the risk-free rate; in contrast, an increase in impatience has the opposite effect. In addition, with an idiosyncratic uncertainty shock, investment in physical capital can remain low even after the stock market and firm profitability recover, because managers cannot fully transfer idiosyncratic risk to diversified investors. Thus, shocks to idiosyncratic investment risk can explain, qualitatively, the aftermath of financial panics--elevated risk premia, a sharp and persistent decrease in investment, and a decrease in the risk-free rate. In a calibration, an increase in idiosyncratic investment risk similar to that experienced during the Great Recession leads firms to invest as if their cost of capital were 10 percentage points higher than the cost of capital implied by financial markets, and to a large decrease in the real risk-free rate.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439625&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Mach, Traci L.
AU  - Carter, Courtney M.
AU  - Slattery, Cailin R.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Pennsylvania
T1  - Peer-to-peer lending to small businesses
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-10
Y1  - 2014///
SP  - 28 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439627; Keywords: Peer-to-peer lending;  small business;  alternative small business borrowing;  lending club; Publication Type: Working Paper; Update Code: 201405
N2  - The current paper examines loan-level data from Lending Club to look at peer-to-peer borrowing by small businesses. We begin by looking at characteristics of loan applications that were and were not funded and then take a more in-depth look at funded applications. Summary statistics show an increasing number of small business loan applications over time. Beginning in 2010--when consistent measures of loan purpose were recorded for all applications--loan applications for small businesses were on average less likely than loans for other purposes to have been funded. However, logistic regression results that control for the quality of the application show that, holding all else constant, applications for a loan for a small business were almost twice as likely to have been funded than loans for other purposes. Focusing on funded applications, we note that funded business loans were slightly larger on average than loans funded for other purposes but paid similar interest rates. However, relative to small business loans from traditional sources, peer-to-peer small business borrowers paid an interest rate that was about two times higher. Regression results that control for application quality show that peer-to-peer loans for small businesses were charged almost a percentage point interest rate premium over non-business loans. Logistic regression results that look at loan performance indicate that loans for small businesses were much more likely to be delinquent or charged off.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439627&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - DeGroot, Oliver
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Risk Channel of Monetary Policy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-31
Y1  - 2014///
SP  - 30 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439628; Keywords: Financial intermediation;  portfolio choice;  debt and equity;  monetary policy;  risk-adjusted steady state; Publication Type: Working Paper; Update Code: 201405
N2  - This paper examines how monetary policy affects the riskiness of the financial sector's aggregate balance sheet, a mechanism referred to as the risk channel of monetary policy. I study the risk channel in a DSGE model with nominal frictions and a banking sector that can issue both outside equity and debt, making banks' exposure to risk an endogenous choice, and dependent on the (monetary) policy environment. Banks' equilibrium portfolio choice is determined by solving the model around a risk-adjusted steady state. I find that banks reduce their reliance on debt finance and decrease leverage when monetary policy shocks are prevalent. A monetary policy reaction function that responds to movements in bank leverage or to movements in credit spreads can incentivize banks to increase their use of debt finance and increase leverage, ceteris paribus, increasing the riskiness of the financial sector for the real economy.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439628&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Correa, Ricardo
AU  - Goldberg, Linda
AU  - Rice, Tara
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of New York
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Liquidity Risk and U.S. Bank Lending at Home and Abroad
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1105
Y1  - 2014///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457023; Keywords: International banking;  global banking;  liquidity;  transmission;  internal capital market; Publication Type: Working Paper; Update Code: 201409
N2  - While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign affiliates. Among the nonglobal banks (those without a foreign affiliate), cross-sectional differences in response to liquidity risk depend on the banks' shares of core deposit funding. By contrast, differences across global banks (those with foreign affiliates) are associated with ex ante liquidity management strategies as reflected in internal borrowing across the global organization. This intra-firm borrowing by banks serves as a shock absorber and affects lending patterns to domestic and foreign customers. The use of official-sector emergency liquidity facilities by global and nonglobal banks in response to market liquidity risks tends to reduce the importance of ex ante differences in balance sheets as drivers of cross-sectional differences in lending.
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1105/ifdp1105.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457023&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1105/ifdp1105.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of St. Louis
T1  - Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
PB  - Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Paper: 205
Y1  - 2014///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480162; Publication Type: Working Paper; Update Code: 201502
N2  - The 1950s are often cited as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed's ability to conduct an independent monetary policy. The Fed was forced to cooperate with the Treasury in the 1930s, and fully ceded monetary policy to Treasury financing requirements during World War II. Nonetheless, the Fed retained a policy tool in the form of reserve requirements, and from the mid-1930s to 1951, changes in required reserve ratios were the primary means by which the Fed responded to expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external pressures on the Fed diminished significantly, which enabled the Fed to focus primarily on macroeconomic objectives. We conclude that a successful outcome requires not only a good understanding of how to conduct policy, but also a conducive environment in which to operate.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
L3  - http://www.dallasfed.org/assets/documents/institute/wpapers/2014/0205.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480162&site=ehost-live&scope=site
UR  - http://www.dallasfed.org/assets/documents/institute/wpapers/2014/0205.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carlson, Mark A.
AU  - Wheelock, David C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of St. Louis
T1  - Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-44
Y1  - 2014///
SP  - 31 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457010; Keywords: Federal Reserve;  monetary policy;  reserve requirements;  Fed-Treasury Accord;  inflation; Publication Type: Working Paper; Update Code: 201409
N2  - The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed's ability to conduct an independent monetary policy. The Fed was forced to cooperate with the Treasury in the 1930s, and fully ceded monetary policy to Treasury financing requirements during World War II. Nonetheless, the Fed retained a policy tool in the form of reserve requirements, and from the mid-1930s to 1951, changes in required reserve ratios were the primary means by which the Fed responded to expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external pressures on the Fed diminished significantly, which enabled the Fed to focus primarily on macroeconomic objectives. We conclude that a successful outcome requires not only a good understanding of how to conduct policy, but also a conducive environment in which to operate.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
L3  - http://www.federalreserve.gov/pubs/feds/2014/201444/201444pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457010&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201444/201444pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Londono, Juan M.
AU  - Tian, Mary
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bank Interventions and Options-based Systemic Risk: Evidence from the Global and Euro-area Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1117
Y1  - 2014///
SP  - 32 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466019; Keywords: Systemic Risk;  Downside Correlation Risk Premium;  Bank Interventions;  Variance Risk Premium;  European Banking Union; Publication Type: Working Paper; Update Code: 201411
N2  - Using a novel dataset on central bank interventions to financial institutions, we examine the impact of capital injection announcements on systemic risk for the banking sector in the U.S. and the euro area between 2008 and 2013. We propose a new measure of options-based systemic risk called downside correlation risk premium (DCRP), which quantifies the compensation investors demand for being exposed to the risk of large correlated drops in bank stock prices. DCRP is calculated using options that provide a hedge against large drops in the price of a bank index and its individual components. We find that, irrespective of their characteristics, intervention announcements significantly reduce DCRP in the U.S. while for the euro area, interventions were largely unsuccessful at reducing DCRP.
KW  - Financial Aspects of Economic Integration          F36
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1117.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466019&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1117.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gonzalez-Astudillo, Manuel
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Identifying the Stance of Monetary Policy at the Zero Lower Bound: A Markov-switching Estimation Exploiting Monetary-Fiscal Policy Interdependence
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-97
Y1  - 2014///
SP  - 32 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480188; Keywords: Markov-switching coefficients;  zero lower bound;  monetary-fiscal policy interactions; Publication Type: Working Paper; Update Code: 201502
N2  - In this paper, I propose an econometric technique to estimate a Markov-switching Taylor rule subject to the zero lower bound of interest rates. I show that incorporating a Tobit-like specification allows to obtain consistent estimators. More importantly, I show that linking the switching of the Taylor rule coefficients to the switching of the coefficients of an auxiliary uncensored Markov-switching regression improves the identification of an otherwise unidentifiable prevalent monetary regime. To illustrate the proposed estimation technique, I use U.S. quarterly data spanning 1960:1-2013:4. The chosen auxiliary Markov-switching regression is a fiscal policy rule where federal revenues react to debt and the output gap. Results show that there is evidence of policy co-movements with debt-stabilizing fiscal policy more likely accompanying active monetary policy, and vice versa.
KW  - Multiple or Simultaneous Equation Models: Truncated and Censored Models; Switching Regression Models          C34
KW  - Monetary Policy          E52
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201497pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480188&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201497pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Johannsen, Benjamin K.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Inflation Experience and Inflation Expectations: Dispersion and Disagreement Within Demographic Groups
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-89
Y1  - 2014///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480201; Keywords: Inflation;  expectations;  inflation experience; Publication Type: Working Paper; Update Code: 201502
N2  - Using consumption data from the Consumer Expenditure Survey, I document persistent differences across demographic groups in the dispersion of household-specific rates of inflation. Using survey data on inflation expectations, I show that demographic groups with greater dispersion in experienced inflation also disagree more about future inflation. I argue that these results can be rationalized from the perspective of an imperfect information model in which idiosyncratic inflation experience serves as a signal about aggregate inflation. These empirical regularities pose a challenge to several other popular models of the expectations formation process of households.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201489pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480201&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201489pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Danielsson, Jon
AU  - James, Kevin
AU  - Valenzuela, Marcela
AU  - Zer, Ilknur
AD  - London School of Economics
AD  - London School of Economics
AD  - University of Chile
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Model Risk of Risk Models
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-34
Y1  - 2014///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439607; Keywords: Value-at-Risk;  expected shortfall;  systemic risk;  financial stability;  Basel III;  CoVaR;  MES; Publication Type: Working Paper; Update Code: 201405
N2  - This paper evaluates the model risk of models used for forecasting systemic and market risk. Model risk, which is the potential for different models to provide inconsistent outcomes, is shown to be increasing with and caused by market uncertainty. During calm periods, the underlying risk forecast models produce similar risk readings, hence, model risk is typically negligible. However, the disagreement between the various candidate models increases significantly during market distress, with a no obvious way to identify which method is the best. Finally, we discuss the main problems in risk forecasting for macro prudential purposes and propose an evaluation criteria for such models.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439607&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chung, Hess
AU  - Fallick, Bruce C.
AU  - Nekarda, Christopher J.
AU  - Ratner, David
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of Cleveland
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Assessing the Change in Labor Market Conditions
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-109
Y1  - 2014///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480189; Keywords: LMCI;  U.S. labor market;  dynamic factor model;  employment;  unemployment rate; Publication Type: Working Paper; Update Code: 201502
N2  - This paper describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers' and businesses' perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor market indicators in situations when they might be sending diverse signals. The model takes the greatest signal from private payroll employment and the unemployment rate. Other influential indicators include the insured unemployment rate, consumers' perceptions of job availability, and help-wanted advertising. Through the lens of the LMCI, labor market conditions have improved at a moderate pace over the past several years, albeit with some notable variation along the way. In addition, from t he perspective of the model, the unemployment rate declined a bit faster over the past two years than was consistent with the other indicators.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity          E24
KW  - General Outlook and Conditions          E66
KW  - Demand and Supply of Labor: General          J20
KW  - Mobility, Unemployment, Vacancies, and Immigrant Workers: General          J60
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014109pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480189&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014109pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Domanski, Dietrich
AU  - Moessner, Richhild
AU  - Nelson, William R.
AD  - Bank for International Settlements
AD  - Bank for International Sentiments
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Central banks as lender of last resort: experiences during the 2007-2010 crisis and lessons for the future
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-110
Y1  - 2014///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480193; Keywords: Banking crisis;  central bank liquidity;  lender of last resort; Publication Type: Working Paper; Update Code: 201502
N2  - During the 2007-2010 financial crisis, central banks accumulated a vast amount of experience in acting as lender of last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during the crisis, and discusses issues for the design of ELA arising from that experience. In a number of ways, the emergency liquidity assistance since 2007 has largely adhered to Bagehot's dictums of lending freely against good collateral to solvent institutions at a penalty rate. But there were many exceptions to these rules. Those exceptions illuminate the situations where the lender of last resort role of central banks is most difficult. They also highlight key challenges in designing lender of last resort policies going forward.
KW  - Central Banks and Their Policies          E58
KW  - Foreign Exchange          F31
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative          N10
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014110pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480193&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014110pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Li, Canlin
AU  - Wei, Min
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Term Structure Modeling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-7
Y1  - 2014///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439615; Keywords: No-arbitrage term structure models;  Yield curve;  Preferred habitat;  Supply effects;  Factor models;  Large-scale asset purchases (LSAP);  Agency mortgage-backed securities (MBS); Publication Type: Working Paper; Update Code: 201405
N2  - This paper estimates an arbitrage-free term structure model with both observable yield factors and Treasury and Agency MBS supply factors, and uses it to evaluate the term premium effects of the Federal Reserve's large-scale asset purchase programs. Our estimates show that the first and the second large-scale asset purchase programs and the maturity extension program jointly reduced the 10-year Treasury yield by about 100 basis points.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439615&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Driscoll, John C.
AU  - Holden, Steinar
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Oslo
T1  - Behavioral Economics and Macroeconomic Models
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-43
Y1  - 2014///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456996; Keywords: Behavioral macroeconomics;  New Keynesian model; Publication Type: Working Paper; Update Code: 201409
N2  - Over the past 20 years, macroeconomists have incorporated more and more results from behavioral economics into their models. We argue that doing so has helped fixed deficiencies with standard approaches to modeling the economy--for example, the counterfactual absence of inertia in the standard New Keynesian model of economic fluctuations. We survey efforts to use behavioral economics to improve some of the underpinnings of the New Keynesian model--specifically, consumption, the formation of expectations and determination of wages and employment that underlie aggregate supply, and the possibility of multiple equilibria and asset price bubbles. We also discuss more broadly the advantages and disadvantages of using behavioral economics features in macroeconomic models.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201443/201443pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456996&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201443/201443pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kim, Don H.
AU  - Wright, Jonathan H.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Johns Hopkins University
T1  - Jumps in Bond Yields at Known Times
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-100
Y1  - 2014///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480200; Publication Type: Working Paper; Update Code: 201502
N2  - We construct a no-arbitrage term structure model with jumps in the entire state vector at deterministic times but of random magnitudes. Jump risk premia are allowed for. We show that the model implies a closed-form representation of yields as a time-inhomogeneous affine function of the state vector. We apply the model to the term structure of US Treasury rates, estimated at the daily frequency, allowing for jumps on days of employment report announcements. Our model can match the empirical fact that the term structure of interest rate volatility has a hump-shaped pattern on employment report days (but not on other days). The model also produces patterns in bond risk premia that are consistent with the empirical finding that much of the time-variation in excess bond returns accrues at times of important macroeconomic data releases.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models          C32
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014100pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480200&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014100pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Thompson, Jeffrey P.
AU  - Bricker, Jesse
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Does education loan debt influence household financial distress? An assessment using the 2007-09 SCF Panel
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-90
Y1  - 2014///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480204; Keywords: Student loans;  financial distress; Publication Type: Working Paper; Update Code: 201502
N2  - This paper uses the recent 2007-09 SCF panel to examine the influence of student loans on financial distress. Families with student loans in 2007 have higher levels of financial distress than families without such loans, and these families were more susceptible to transitions to financial distress during the early stages of the Great Recession. This correlation persists once we control for a host of other demographic, work-status, and household balance sheet measures. Families with an average level of student loans were 3.1 percentage points more likely to be 60 days late paying bills and 3 percentage points more likely to be denied credit. During this same time period, families with other types of consumer debt were no more or less likely to be financially distressed. Education loans enable students to go to college and improve their employment and earnings prospects. On average, families with education loans in the 2007-09 SCF saw higher income growth between surveys. Further, the value of completing a degree is evident in the data: families without a degree but with education debt drive much of the correlations between financial distress and education loans.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201490pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480204&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201490pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Correa, Ricardo
AU  - Sapriza, Horacio
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Sovereign Debt Crises
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1104
Y1  - 2014///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457013; Keywords: Sovereign default;  banking crises;  government guarantees;  financial safety net;  bank regulation; Publication Type: Working Paper; Update Code: 201409
N2  - Sovereign debt crises have been recurrent events over the past two centuries. In recent years, the timing of sovereign crises has coincided or has directly followed banking crises. The link between sovereigns and banks tightened as the contingent liability that the banking sector represents for the sovereign grew, as financial "safety nets" became more common. This chapter analyzes the transmission channels between sovereigns and banks, with a focus on the effect of sovereign distress on bank solvency and financing. It then highlights the notable cost to the real economy of the close connection between sovereigns and banks. Breaking the "feedback loop" between these two sectors should be an important policy priority.
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1104/ifdp1104.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457013&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1104/ifdp1104.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ivanov, Ivan T.
AU  - Lenkey, Stephen L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Penn State University
T1  - Are Concerns About Leveraged ETFs Overblown?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-106
Y1  - 2014///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480179; Keywords: Leveraged ETFs;  volatility; Publication Type: Working Paper; Update Code: 201502
N2  - Leveraged and inverse exchange-traded funds (ETFs) have been heavily criticized for exacerbating volatility in financial markets because it is thought that they mechanically rebalance their portfolios in the same direction as contemporaneous returns. We argue that these criticisms are likely exaggerated because they ignore the effects of capital flows on ETF rebalancing demand. Empirically, we find that capital flows substantially reduce the need for ETFs to rebalance when returns are large in magnitude and, therefore, mitigate the potential for these products to amplify volatility. We also show theoretically that flows can completely eliminate ETF rebalancing in the limit.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014106pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480179&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014106pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Amel, Dean F.
AU  - Prager, Robin A.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Community Bank Performance: How Important are Managers?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-26
Y1  - 2014///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439623; Keywords: Banking;  community banks;  bank profitability;  management quality; Publication Type: Working Paper; Update Code: 201405
N2  - Community banks have long played an important role in the U.S. economy, providing loans and other financial services to households and small businesses within their local markets. In recent years, technological and legal developments, as well as changes in the business strategies of larger banks and non-bank financial service providers, have purportedly made it more difficult for community banks to attract and retain customers, and hence to survive. Indeed, the number of community banks and the shares of bank branches, deposits, banking assets, and small business loans held by community banks in the U.S. have all declined substantially over the past two decades. Nonetheless, many community banks have successfully adapted to their changing environment and have continued to thrive. This paper uses data from 1992 through 2011 to examine the relationships between community bank profitability and various characteristics of the banks and the local markets in which they operate. Bank characteristics examined include size, age, ownership structure, management quality, and portfolio composition; market characteristics include population, per capita income, unemployment rate, and banking market structure. We find that community bank profitability is strongly positively related to bank size; that local economic conditions have significant effects on bank profitability; that the quality of bank management matters a great deal to profitability, especially during times of economic stress; and that small banks that make major shifts to their lending portfolios tend to be less profitable than other small banks. Variables within managers' control account for between 70 percent and 96 percent of the total explanatory power of equations explaining variations in performance across community banks.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439623&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilchrist, Simon
AU  - Lopez-Salido, J. David
AU  - Zakrajsek, Egon
AD  - Boston University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-39
Y1  - 2014///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457005; Keywords: Unconventional monetary policy;  LSAPs;  forward guidance;  term premia;  corporate bond yields;  mortgage interest rates; Publication Type: Working Paper; Update Code: 201409
N2  - This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the 2-year Treasury yield around policy announcements and changes in the 10-year Treasury yield that are orthogonal to those in the 2-year yield. The efficacy of unconventional policy in lowering real borrowing costs is comparable to that of conventional policy, in that it implies a complete pass-through of policy-induced movements in Treasury yields to comparable-maturity private yields.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201439/201439pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457005&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201439/201439pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Altavilla, Carlo
AU  - Giannone, Domenico
AU  - Modugno, Michele
AD  - European Central Bank
AD  - LUISS University of Rome
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Low Frequency Effects of Macroeconomic News on Government Bond Yields
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-52
Y1  - 2014///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456992; Keywords: Macroeconomic announcements;  treasury bond yields; Publication Type: Working Paper; Update Code: 201409
N2  - This study analyzes the reaction of the U.S. Treasury bond market to innovations in macroeconomic fundamentals. We identify these innovations with macroeconomic news, defined as differences between the actual releases and their market expectations. We show that macroeconomic news explain about one-third of the low frequency (quarterly) fluctuations of long-term bond yields. When focusing on the high frequency (daily) movements this share decreases to one-tenth. This result is due to the fact that macro news have a persistent effect on the yield curve. Non-fundamental factors, instead, substantially influence the day-to-day movements of bond yields but their effects are shorter-living and mean-reverting.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Money and Interest Rates: Forecasting and Simulation: Models and Applications          E47
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.federalreserve.gov/pubs/feds/2014/201452/201452pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456992&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201452/201452pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - King, Thomas B.
AU  - Lewis, Kurt F.
AD  - Federal Reserve Bank of Chicago
AD  - Board of Governors of the Federal Reserve System
T1  - What Drives Bank Funding Spreads?
PB  - Federal Reserve Bank of Chicago, Working Paper Series: WP-2014-23
Y1  - 2014///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480230; Keywords: LIBOR;  liquidity;  credit risk;  misreporting; Publication Type: Working Paper; Update Code: 201502
N2  - We use matched, bank-level panel data on Libor submissions and credit default swaps to decompose bank-funding spreads at several maturities into components reflecting counterparty credit risk and funding-market liquidity. To account for the possibility that banks may strategically misreport their funding rates in the Libor survey, we nest our decomposition within a model of the costs and benefits of lying. We find that Libor spreads typically consist mostly of a liquidity premium and that this premium declined at short maturities following Federal Reserve interventions in bank funding markets. At longer maturities, credit risk explains much of the time variation in Libor, reflecting in part fluctuations in the degree to which default risk is priced in the interbank market. Our results are consistent with banks both under- and over-reporting their funding costs during the crisis but suggest that the incidence of this behavior may have subsequently declined.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - https://www.chicagofed.org/~/media/publications/working-papers/2014/wp2014-23-pdf.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480230&site=ehost-live&scope=site
UR  - https://www.chicagofed.org/~/media/publications/working-papers/2014/wp2014-23-pdf.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arseneau, David M.
AU  - Epstein, Brendan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Offshoring, Mismatch, and Labor Market Outcomes
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1118
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466021; Keywords: Labor market frictions;  globalization;  trade liberalization;  heterogeneous workers;  search and matching; Publication Type: Working Paper; Update Code: 201411
N2  - We study the role of labor market mismatch in the adjustment to a trade liberalization that results in the offshoring of high-tech production. Our model features two-sided heterogeneity in the labor market: high- and low-skilled workers are matched in a frictional labor market with high- and low-tech firms. Mismatch employment occurs when high-skilled workers choose to accept a less desirable job in the low-tech industry. The main result is that--perhaps counter-intuitively--this type of job displacement is actually beneficial for the labor market in the country doing the offshoring. Mismatch allows the economy to reallocate domestic high-skilled labor across both high- and low-tech industries. In doing so, mismatch dampens both the increase in the aggregate unemployment rate and the decline in aggregate wages that come as a consequence of shifting domestic production abroad.
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1118.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466021&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1118.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Li, Xin
AU  - Narajabad, Borghan N.
AU  - Temzelides, Theodosios
AD  - International Monetary Fund
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Rice University
T1  - Robust Dynamic Optimal Taxation and Environmental Externalities
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-75
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466018; Keywords: Climate change;  optimal dynamic taxation;  uncertainty;  robust; Publication Type: Working Paper; Update Code: 201411
N2  - We study a dynamic stochastic general equilibrium model in which agents are concerned about model uncertainty regarding climate change. An externality from greenhouse gas emissions damages the economy's capital stock. We assume that the mapping from climate change to damages is subject to uncertainty, and we use robust control theory techniques to study efficiency and optimal policy. We obtain a sharp analytical solution for the implied environmental externality and characterize dynamic optimal taxation. A small increase in the concern about model uncertainty can cause a significant drop in optimal fossil fuel use. The optimal tax that restores the socially optimal allocation is Pigouvian. Under more general assumptions, we develop a recursive method and solve the model computationally. We find that the introduction of uncertainty matters qualitatively and quantitatively. We study optimal output growth in the presence and in the absence of concerns about uncertainty and find that these concerns can lead to substantially different conclusions.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201475pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466018&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201475pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nakata, Taisuke
AU  - Tonetti, Christopher
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Stanford GSB
T1  - Small Sample Properties of Bayesian Estimators of Labor Income Processes
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-25
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439637; Keywords: Labor income process;  small sample properties;  GMM;  bayesian estimation;  error component models; Publication Type: Working Paper; Update Code: 201405
N2  - There exists an extensive literature estimating idiosyncratic labor income processes. While a wide variety of models are estimated, GMM estimators are almost always used. We examine the validity of using likelihood based estimation in this context by comparing the small sample properties of a Bayesian estimator to those of GMM. Our baseline studies estimators of a commonly used simple earnings process. We extend our analysis to more complex environments, allowing for real world phenomena such as time varying and heterogeneous parameters, missing data, unbalanced panels, and non-normal errors. The Bayesian estimators are demonstrated to have favorable bias and efficiency properties.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439637&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - UNPB
AU  - Bricker, Jesse
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Survey Incentives, Survey Effort, and Survey Costs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-74
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466015; Keywords: Incentives;  data quality;  contact attempts;  record-of-call paradata; Publication Type: Working Paper; Update Code: 201411
N2  - This paper uses the 2007 and 2010 waves of the Survey of Consumer Finances (SCF) to investigate how monetary incentives affect the time and effort that interviewers expend during the survey field period, and how these incentives affect effort expended by the survey respondent. The results imply that a larger monetary incentive offer helps reduce contact attempts and time in the field while maintaining data quality and effort during the survey by the respondent. Our results are based on a quasi-experiment that varies which families receive an incentive offer letter. Supporting evidence is given through a comparison of field effort outcomes between 2010 and 2007 after the base incentive increased from $20 in 2007 to $50 in 2010.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201474pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466015&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201474pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Clouse, James A.
AU  - Ihrig, Jane E.
AU  - Klee, Elizabeth C.
AU  - Chen, Han
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-83
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480183; Keywords: Policy normalization;  preferred habitat;  financial markets;  Federal Reserve liabilities;  interest on excess reserves (IOER);  overnight and term reverse repurchase agreements (ON and term RRP);  term deposits (TDF); Publication Type: Working Paper; Update Code: 201502
N2  - This paper develops a model of the financial system that provides a framework for analyzing monetary policy implementation in a world with multiple Federal Reserve liabilities and a superabundant supply of reserves. The analysis demonstrates that the Federal Reserve's suite of policy tools including interest on excess reserves (IOER), overnight and term reverse repurchase agreements, and term deposits should allow the Federal Reserve to raise the level of short-term interest rates at the appropriate time. The model also demonstrates that these tools could be used in different ways to achieve any given desired level of interest rates. The choices among alternative combinations of tools, of course, have implications for patterns of financial intermediation. Specifically, the quantity of Federal Reserve liabilities held outside of the banking system is shown to depend importantly on the spread between various policy rates.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201483pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480183&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201483pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Schuetz, Jenny
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Why Are Wal-Mart and Target Next-Door Neighbors?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-81
Y1  - 2014///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480185; Keywords: Retail location;  spatial competition;  agglomeration;  Big Box stores; Publication Type: Working Paper; Update Code: 201502
N2  - One of the most notable changes in the U.S. retail market over the past twenty years has been the rise of Big Box stores, retail chains characterized by physically large stores selling a wide range of consumer goods at discount prices. A growing literature has examined the impacts of Big Box stores on other retailers and consumers, but relatively little is known about how Big Box stores choose locations. Because Big Box stores offer highly standardized products and compete primarily on price, it is likely that they will seek to establish spatial monopolies, far from competitor stores. In this paper, I examine where new Big Box stores locate with respect to three types of existing establishments: own-firm stores, other retailers in the same product space (competitors), and retailers in other product spaces (complements). Results indicate that new Big Box stores tend to avoid existing own-firm stores and locate near complementary Big Box stores. However, there is little evidence that new Big Boxes avoid competitors. Firms in the same product space may not be perfect substitutes, or firms may prefer to share consumers in a desirable location rather than cede the entire market to competitor firms.
KW  - Retail and Wholesale Trade; e-Commerce          L81
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
KW  - Other Spatial Production and Pricing Analysis          R32
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201481pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480185&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201481pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Covas, Francisco
AU  - Driscoll, John C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bank Liquidity and Capital Regulation in General Equilibrium
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-85
Y1  - 2014///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480202; Keywords: Bank regulation;  liquidity requirements;  capital requirements;  incomplete markets;  idiosyncratic risk;  macroprudential policy; Publication Type: Working Paper; Update Code: 201502
N2  - We develop a nonlinear dynamic general equilibrium model with a banking sector and use it to study the macroeconomic impact of introducing a minimum liquidity standard for banks on top of existing capital adequacy requirements. The model generates a distribution of bank sizes arising from differences in banks' ability to generate revenue from loans and from occasionally binding capital and liquidity constraints. Under our baseline calibration, imposing a liquidity requirement would lead to a steady-state decrease of about 3 percent in the amount of loans made, an increase in banks' holdings of securities of at least 6 percent, a fall in the interest rate on securities of a few basis points, and a decline in output of about 0.3 percent. Our results are sensitive to the supply of safe assets: the larger the supply of such securities, the smaller the macroeconomic impact of introducing a minimum liquidity standard for banks, all else being equal. Finally, we show that relaxing the liquidity requirement under a situation of financial stress dampens the response of output to aggregate shocks.
KW  - Incomplete Markets          D52
KW  - General Aggregative Models: Neoclassical          E13
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201485pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480202&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201485pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Badev, Anton
AU  - Chen, Matthew
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bitcoin: Technical Background and Data Analysis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-104
Y1  - 2014///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480182; Keywords: Bitcoin;  Payment systems;  virtual currency; Publication Type: Working Paper; Update Code: 201502
N2  - This paper provides the necessary technical background to understand basic Bitcoin operations and documents a set of empirical regularities related to Bitcoin usage. We present the micro-structure of the Bitcoin transaction process and highlight the use of cryptography for the purposes of transaction security and distributed maintenance of a ledger. Using publicly available transaction-level data, we examine patterns of general usage together with usage by Satoshi Dice, the largest online gambling service using Bitcoin as the method of payment. Our analysis suggests that less than 50 percent of all bitcoins in circulation are used in transactions. About half of these transactions involve less than U.S.$100 equivalent, and for the period for which we have data for Satoshi Dice, most of these small-value transactions were related to the online gambling service. Relatively less frequent large value transactions drive the average transaction value to levels above U.S.$40,00 0 equivalent value, and are not likely to involve payments for goods and services. Bitcoin exchange rates exhibit somewhat complicated dynamics. In the past 24 months, the USD-BTC exchange rate increased more than 50-fold. The daily variance of the USD-BTC exchange rate remained remarkably stable for this same period, once the variance calculations account for the changing exchange rate level. We also document that the exchange rates between bitcoin and other major currencies are not well aligned. We interpret this as lack of depth of the exchange markets and as costly exchange rather than as unexploited arbitrage opportunities. Finally, we examine the economic incentives for the participants in the distributed implementation of the Bitcoin scheme.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014104pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480182&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014104pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lin, Li
AU  - Tsomocos, Dimitrios P.
AU  - Vardoulakis, Alexandros
AD  - International Monetary Fund
AD  - University of Oxford
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Debt Deflation Effects of Monetary Policy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-37
Y1  - 2014///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456982; Keywords: Default;  collateral;  debt deflation; Publication Type: Working Paper; Update Code: 201409
N2  - This paper assesses the role that monetary policy plays in the decision to default using a General Equilibrium model with collateralized loans, trade in fiat money and production. Long-term nominal loans are backed by collateral, the value of which depends on monetary policy. The decision to default is endogenous and depends on the relative value of the collateral to face value of the loan. Default results in foreclosure, higher borrowing costs, inefficient investment and a decrease in total output. We show that pre-crisis contractionary monetary policy interacts with Fisherian debt-deflation dynamics and can increase the probability that a crisis occurs.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201437/201437pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456982&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201437/201437pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Adams, Robert M.
AU  - Gramlich, Jacob P.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Where Are All the New Banks? The Role of Regulatory Burden in New Charter Creation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-113
Y1  - 2014///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480177; Keywords: Bank entry;  financial regulation; Publication Type: Working Paper; Update Code: 201502
N2  - The number of new bank charters in the United States has declined dramatically in recent years. From 1990 to 2008, over 2,000 new banks were formed, more than 100 per year. From 2009 to 2013 only 7 new banks were formed, fewer than 2 per year. Many industry observers have suggested that the decline is primarily due to regulatory burden, including new FDIC regulations and the 2010 Dodd-Frank Act. But other influences could have played a role, in particular, the current weak economy. Low interest rates and depressed demand for banking services--both of which depress profit for banks, and particularly new banks--may also have discouraged entry. This paper assesses the causes of the decline in new charter creation. We model firms' new charter decisions at the county level with an ordered probit using U.S. data from 1976 to 2013. Our results suggest that even without any regulatory changes following the financial crisis, the weak economy and low interest rate environment would have caused 75-80% of the current decline in new charters.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014113pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480177&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014113pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Akinci, Ozge
AU  - Queralto, Albert
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Banks, Capital Flows and Financial Crises
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1121
Y1  - 2014///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480214; Keywords: Financial intermediation;  sudden stops;  leverage constraints;  occasionally binding constraints.; Publication Type: Working Paper; Update Code: 201502
N2  - This paper proposes a macroeconomic model with financial intermediaries (banks), in which banks face occasionally binding leverage constraints and may endogenously affect the strength of their balance sheets by issuing new equity. The model can account for occasional financial crises as a result of the nonlinearity induced by the constraint. Banks' precautionary equity issuance makes financial crises infrequent events occurring along with "regular" business cycle fluctuations. We show that an episode of capital inflows and rapid credit expansion, triggered by low country interest rates, leads banks to endogenously decrease the rate of equity issuance, contributing to an increase in the likelihood of a crisis. Macroprudential policies directed at strengthening banks' balance sheets, such as capital requirements, are shown to lower the probability of financial crises and to enhance welfare.
KW  - Business Fluctuations; Cycles          E32
KW  - Open Economy Macroeconomics          F41
KW  - International Business Cycles          F44
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1121.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480214&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1121.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gustafson, Matthew
AU  - Ivanov, Ivan T.
AU  - Ritter, John
AD  - Smeal College of Business, Penn State University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - William Simon Graduate School of Business Administration, University of Rochester
T1  - Financial Condition and Product Market Cooperation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-63
Y1  - 2014///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456999; Keywords: Financial distress;  product market cooperation;  liquidity; Publication Type: Working Paper; Update Code: 201409
N2  - We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline industry during periods of high idle capacity. Using a unique data set of aggregate airfare hikes and a more recent low-idle-capacity period, we find that poor financial condition is positively associated with product market cooperation. Although financially weak airlines appear to value the immediate cash flows of increased cooperation, only liquidity-constrained firms seem willing to incur the cost of cooperative attempts.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201463/201463pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456999&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201463/201463pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Shy, Oz
AU  - Stenbacka, Rune
AU  - Yankov, Vladimir
AD  - Federal Reserve Bank of Boston
AD  - Hanken School of Economics
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Limited Deposit Insurance Coverage and Bank Competition
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-53
Y1  - 2014///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456985; Keywords: Limited deposit insurance coverage;  deposit rates;  bank competition; Publication Type: Working Paper; Update Code: 201409
N2  - Deposit insurance schemes in many countries place a limit on the coverage of deposits in each bank. However, no limits are placed on the number of accounts held with different banks. Therefore, under limited deposit insurance, some consumers open accounts with different banks to achieve higher or full deposit insurance coverage. We compare three regimes of deposit insurance: No deposit insurance, unlimited deposit insurance, and limited deposit insurance. We show that limited deposit insurance weakens competition among banks and reduces total welfare relative to no or unlimited deposit insurance.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/feds/2014/201453/201453pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456985&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201453/201453pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Molloy, Raven S.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Long-Term Vacancy in the United States
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-73
Y1  - 2014///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466016; Keywords: Vacancy;  excess housing supply; Publication Type: Working Paper; Update Code: 201411
N2  - Because housing is durable, the housing supply is slow to adapt to declines in demand. This paper uses long-term vacancy--defined as nonseasonal housing units that have been vacant for an unusually long period of time--to quantify the extent of excess supply in the housing market. I find that long-term vacancy is less than 2 percent of all nonseasonal housing units and accounts for only one quarter of the aggregate increase in nonseasonal vacancy from 2001 to 2011. Thus, at the national level, excess supply is considerably less extensive than indicated by traditional measures of vacancy. However, the stock of long-term vacant housing is concentrated in a small number of neighborhoods that do have appreciably high long-term vacancy rates. Some of these neighborhoods have characteristics suggesting that excess supply is related to overbuilding during the housing boom, while others have characteristics that are symptomatic of persistently weak housing demand.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201473pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466016&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201473pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kandrac, John
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bank Failure, Relationship Lending, and Local Economic Performance
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-41
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457006; Keywords: Bank failure;  relationship lending;  bank regulation;  financial crisis; Publication Type: Working Paper; Update Code: 201409
N2  - Whether bank failures have adverse effects on local economies is an important question for which there is conflicting and relatively scarce evidence. In this study, I use county-level data to examine the effect of bank failures and resolutions on local economies. Using quasi-experimental techniques as well as cross-sectional variation in bank failures, I show that recent bank failures lead to lower income and compensation growth, higher poverty rates, and lower employment. Additionally, I find that the structure of bank resolution appears to be important. Resolutions that include loss-sharing agreements tend to be less deleterious to local economies, supporting the notion that the importance of bank failure to local economies stems from banking and credit relationships. Finally, I show that markets with more inter-bank competition are more strongly affected by bank failure.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201441/201441pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457006&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201441/201441pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Williamson, Stephen D.
AU  - Carapella, Francesca
AD  - Washington University in St. Louis
AD  - Board of Governors of the Federal Reserve System
T1  - Credit markets, limited commitment, and government debt
PB  - Federal Reserve Bank of St. Louis, Working Papers: 2014-10
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439655; Publication Type: Working Paper; Update Code: 201405
N2  - A dynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and government debt essentially plays a role as collateral and thus improves borrowers' incentives. The provision of government debt acts to discourage default, whether default occurs in equilibrium or not.
KW  - Money and Interest Rates: General          E40
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General          E60
L3  - http://research.stlouisfed.org/wp/2014/2014-010.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439655&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/wp/2014/2014-010.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aladangady, Aditya
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Homeowner Balance Sheets and Monetary Policy
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-98
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480172; Keywords: Consumption;  housing;  wealth effects;  collateral;  home equity;  monetary policy; Publication Type: Working Paper; Update Code: 201502
N2  - This paper empirically identifies an important channel through which monetary policy affects consumer spending: homeowner balance sheets. A monetary loosening increases home values, thereby strengthening homeowner balance sheets and stimulating household spending due to a combination of collateral and wealth effects. The magnitude of these effects on a given household depends on local housing market characteristics such as local geography and regulation. Cities with the largest geographic and regulatory barriers to new construction see 3-4 percent responses in real house prices compared with unconstrained, elastic-supply cities where construction holds prices in check. Using non-public geocoded microdata from the Consumer Expenditures Survey, house price and consumption responses are compared across areas differing in local land availability and zoning laws to identify a marginal propensity to consume out of housing of 0.07. Homeowners with debt service ratios in the highest quartile have MPCs as high as 0.14 compared with negligible responses for those with low debt service ratios. This indicates a strong role for collateral effects, as opposed to pure wealth effects, in driving the relationship between home values and spending. I discuss the implications of these results for the aggregate effects and regional heterogeneity in responses to monetary shocks.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201498pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480172&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201498pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lewis, Logan T.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Menu Costs, Trade Flows, and Exchange Rate Volatility
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1102
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439640; Keywords: Trade prices;  pass-through;  trade elasticities; Publication Type: Working Paper; Update Code: 201405
N2  - U.S. imports and exports respond little to exchange rate changes in the short run. Pricing behavior has long been thought central to explaining this response: if local prices do not respond to exchange rates, neither will trade flows. Sticky prices and strategic complementarities in price setting generate sluggish responses, and they are necessary to match newly available international micro price data. Using trade flow data, I test models capable of replicating these trade price data. Even with significant pricing frictions, the models still imply a trade response to exchange rates stronger than found in the data. Moreover, using significant cross-sector heterogeneity, comparative statics implied by the model find little to no support in the data. These results suggest that while complementarity in price setting and sticky prices can explain pricing patterns, some other short-run friction is needed to match actual trade flows. Furthermore, the muted response found for sectors with high long-run substitutability implies that simply assuming low elasticities may be inappropriate. Finally, there is evidence of an asymmetric response to exchange rate changes.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439640&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kiley, Michael T.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Policy Paradoxes in the New Keynesian Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-29
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439603; Keywords: Forward guidance;  fiscal multiplier;  sticky prices;  sticky information; Publication Type: Working Paper; Update Code: 201405
N2  - The most common New-Keynesian model--with sticky-prices--has potentially implausible implications in a zero-lower bound environment. Fiscal and forward guidance multipliers can be implausibly large. Moreover, the sticky-price model implies that positive supply shocks, such as an increase in productivity, will lower production, and that increased price flexibility can exacerbate such a decline in output (as well as amplifying the effects of other shocks). These results are fragile and disappear under a plausible alternative to sticky prices--sticky information: Fiscal and monetary multipliers are smaller, positive supply shocks raise output, and greater price flexibility, in the sense of more frequent updating of information, moves the economy's response toward the neoclassical benchmark. These results suggest caution in drawing policy lessons from a single, sticky-price framework. Finally, we highlight how strategies akin to nominal-income targeting can enhance the ability of policymakers to affect demand in sticky-price and sticky-information models.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439603&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Valenzuela, Marcela
AU  - Zer, Ilknur
AU  - Fryzlewicz, Piotr
AU  - Rheinlander, Thorsten
AD  - University of Chile
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - London School of Economics
AD  - Vienna University of Technology
T1  - Relative Liquidity and Future Volatility
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-45
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456983; Keywords: Order-driven markets;  limit order book distribution;  volatility predictability;  liquidity; Publication Type: Working Paper; Update Code: 201409
N2  - The main contribution of this paper is to identify the strong predictive power of the relative concentration of depth provision, rather than volume of orders, over volatility. To this end, we propose a new measure, relative liquidity (RLIQ), which extracts information from a limit order book distribution and captures the level of consensus on a security's trading price. Higher liquidity provision farther away from the best quotes, relative to the rest of the book, is associated with a disagreement on the current price and followed by high volatility. The relationship is robust to the inclusion of several alternative measures.
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/pubs/feds/2014/201445/201445pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456983&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201445/201445pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Epstein, Brendan
AU  - Mukherjee, Rahul
AU  - Ramnath, Shanthi
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - IHEID
AD  - U.S. Treasury Department
T1  - Taxes and International Risk Sharing
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1110
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457016; Keywords: International risk sharing;  business cycle accounting;  taxes; Publication Type: Working Paper; Update Code: 201409
N2  - We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth, and consumption and capital income tax rate differentials. We find strong empirical evidence for this relationship. Idiosyncratic output fluctuations account for the majority of cross country consumption growth variability, but trends in tax differentials are informative about the dynamic evolution of international risk sharing. In particular, adjusting for capital taxes reveals an intuitive positive relationship between financial connectedness and risk sharing that is absent in baseline measures.
KW  - Open Economy Macroeconomics          F41
KW  - International Business Cycles          F44
KW  - Taxation and Subsidies: Other          H29
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1110/ifdp1110.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457016&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1110/ifdp1110.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Figura, Andrew
AU  - Barnichon, Regis
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - CEPR
T1  - The Effects of Unemployment Benefits on Unemployment and Labor Force Participation: Evidence from 35 Years of Benefits Extensions
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-65
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456984; Keywords: Unemployment benefits extensions;  unemployment rate;  labor force participation rate; Publication Type: Working Paper; Update Code: 201409
N2  - This paper presents estimates of the effect of emergency and extended unemployment benefits (EEB) on the unemployment rate and the labor force participation rate using a data set containing information on individuals likely eligible and ineligible for EEB back to the late 1970s. To identify these estimates, we examine how exit rates from unemployment change across different points of the distribution of unemployment duration when EEB is and is not available, controlling for changes in labor demand and demographic characteristics. We find that EEB increased the unemployment rate by about one-third percentage point in the most recent recession but did not affect the participation rate. In previous recessions, the effect of EEB on the unemployment rate was even smaller.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201465/201465pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456984&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201465/201465pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kilian, Lutz
AU  - Vigfusson, Robert J.
AD  - University of Michigan CEPR
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Role of Oil Price Shocks in Causing U.S. Recessions
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1114
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457014; Keywords: Real GDP;  nonlinearity;  asymmetry;  time variation;  conditional response;  prediction.; Publication Type: Working Paper; Update Code: 201409
N2  - Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide a formal analysis of this question with special attention to the possible role of net oil price increases in amplifying the transmission of oil price shocks. We quantify the conditional recessionary effect of oil price shocks in the net oil price increase model for all episodes of net oil price increases since the mid-1970s. Compared to the linear model, the cumulative effect of oil price shocks over the course of the next two years is much larger in the net oil price increase model. For example, oil price shocks explain a 3 percent cumulative reduction in U.S. real GDP in the late 1970s and early 1980s and a 5 percent cumulative reduction during the financial crisis. An obvious concern is that some of these estimates are an artifact of net oil price increases being correlated with other variables that explain recessions. We show that the explanatory power of oil price shocks largely persists even after augmenting the nonlinear model with a measure of credit supply conditions, of the monetary policy stance and of consumer confidence. There is evidence, however, that the conditional fit of the net oil price increase model is worse on average than the fit of the corresponding linear model, suggesting much smaller cumulative effects of oil price shocks for these episodes of at most 1 percent.
KW  - Business Fluctuations; Cycles          E32
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Energy and the Macroeconomy          Q43
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1114/ifdp1114.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457014&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1114/ifdp1114.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arseneau, David M.
AU  - Epstein, Brendan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Welfare Costs of Skill-Mismatch Employment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-42
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457011; Keywords: Job-to-job transitions;  labor market frictions;  skill premium; Publication Type: Working Paper; Update Code: 201409
N2  - Skill-mismatch employment occurs when high-skilled individuals accept employment in jobs for which they are over-qualified. These employment relationships can be beneficial because they allow high-skilled individuals to more rapidly transition out of unemployment. They come at the cost, however, in the form of lower wage compensation. Moreover, an externality arises as high-skilled individuals do not take into account the effect that their search activity in the market for low-tech jobs has on low-skilled individuals. This paper presents a tractable general equilibrium model featuring mismatch employment and on-the-job search to articulate these tradeoffs. We derive a set of efficiency conditions that describe the labor market distortions associated with these two model features and illustrate how they alter the standard notion of the labor wedges inherent in general equilibrium search models. Finally, we calibrate the model to U.S. data and show that the distortions associated with mismatch employment are largely distributional and can be quantitatively large.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201442/201442pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457011&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201442/201442pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Curcuru, Stephanie E.
AU  - Thomas, Charles P.
AU  - Warnock, Francis E.
AU  - Wongswan, Jon
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Virginia
AD  - Phatra Securities Public Company Limited
T1  - Uncovered Equity Parity and Rebalancing in International Portfolios
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1103
Y1  - 2014///
SP  - 41 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457025; Keywords: Exchange rate determination;  international returns;  equity portfolios; Publication Type: Working Paper; Update Code: 201409
N2  - Portfolio rebalancing is a key driver of the Uncovered Equity Parity (UEP) condition. According to UEP, when foreign equity holdings outperform domestic holdings, domestic investors are exposed to higher exchange rate exposure and hence repatriate some of the foreign equity to decrease their exchange rate risk. By doing so, foreign currency is sold, leading to foreign currency depreciation. We examine the relationship between U.S. investors' portfolio reallocations and returns and find some evidence consistent with UEP: Portfolio shifts are related to past returns in the underlying equity markets. But we argue that a motive other than reducing currency risk exposure is likely behind this rebalancing. In particular, U.S. investors may be exploiting mean reversion in underlying equity markets, rebalancing away from equity markets that recently performed well and moving into equity markets market just prior to relatively strong performance. Such behavior suggests tactical reallocations to increase returns rather than reduce risk.
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1103/ifdp1103.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457025&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1103/ifdp1103.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Johnson, Kathleen W.
AU  - Pence, Karen M.
AU  - Vine, Daniel J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Auto Sales and Credit Supply
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-82
Y1  - 2014///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480205; Keywords: Auto loans;  auto sales;  credit constraints;  Michigan Survey of Consumers; Publication Type: Working Paper; Update Code: 201502
N2  - Vehicle purchases fell by more than 20 percent during the 2007-09 recession, and auto loan originations fell by a third. We show that vehicle purchases typically account for an outsized share of the contraction in economic activity during a recession, in part because a concurrent tightening in auto lending conditions makes car purchases less affordable for many households. We explore the link between lending conditions and vehicle purchases with a novel gauge of credit supply conditions--household perceptions of vehicle financing conditions as measured on the Reuters/University of Michigan Survey of Consumers. In both a vector auto-regression estimated on aggregate data and a logit regression estimated on household-level data, this measure indicates that credit conditions are a significant influence on auto sales, as large as factors such as unemployment and income. Estimates from the household-level model show that the new car purchases of households that are more likely to depend on credit are particularly sensitive to assessments of financing conditions, and that households are a bit more likely to purchase vehicles when they expect interest rates to rise in the next year. The results contribute to the literature validating the usefulness of survey measures of household perceptions for forecasting macroeconomic activity.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201482pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480205&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201482pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Shy, Oz
AU  - Stenbacka, Rune
AU  - Yankov, Vladimir
AD  - Federal Reserve Bank of Boston
AD  - Hanken School of Economics
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Limited Deposit Insurance Coverage and Bank Competition
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-99
Y1  - 2014///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480198; Keywords: Limited deposit insurance coverage;  deposit rates;  bank competition; Publication Type: Working Paper; Update Code: 201502
N2  - Deposit insurance designs in many countries place a limit on the coverage of deposits in each bank. However, no limits are placed on the number of accounts held with different banks. Therefore, under limited deposit insurance, some consumers open accounts with different banks to achieve higher or full deposit insurance coverage. We compare three regimes of deposit insurance: No deposit insurance, unlimited deposit insurance, and limited deposit insurance. We show that limited deposit insurance weakens competition among banks and reduces total welfare relative to no or unlimited deposit insurance.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201499pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480198&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201499pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Brown, Alexandra
AU  - Collins, J. Michael
AU  - Schmeiser, Maximilian D.
AU  - Urban, Carly
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - School of Public Affairs, University of Wisconsin-Madison
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Montana State University
T1  - State Mandated Financial Education and the Credit Behavior of Young Adults
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-68
Y1  - 2014///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457001; Keywords: Financial literacy;  financial education;  credit score;  delinquency; Publication Type: Working Paper; Update Code: 201409
N2  - In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of these programs on the credit behaviors of young adults. Using a panel of credit report data, we examine young adults in three states where personal financial education mandates were implemented in 2007: Georgia, Idaho, and Texas. We compare the credit scores and delinquency rates of young adults in each of these states pre- and post-implementation of the education to those of students in a synthetic control state and then bordering states without financial education. We find that young people who are in school after the implementation of a financial education requirement have higher relative credit scores and lower relative delinquency rates than those in control states.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457001&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Epstein, Brendan
AU  - Kimball, Miles S.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Michigan
T1  - The Decline of Drudgery and the Paradox of Hard Work
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1106
Y1  - 2014///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457018; Keywords: Labor supply;  work hours;  drudgery;  income effect;  substitution effect;  job utility; Publication Type: Working Paper; Update Code: 201409
N2  - We develop a theory that focuses on the general equilibrium and long-run macroeconomic consequences of trends in job utility. Given secular increases in job utility, work hours per capita can remain approximately constant over time even if the income effect of higher wages on labor supply exceeds the substitution effect. In addition, secular improvements in job utility can be substantial relative to welfare gains from ordinary technological progress. These two implications are connected by an equation flowing from optimal hours choices: improvements in job utility that have a significant effect on labor supply tend to have large welfare effects.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Time Allocation and Labor Supply          J22
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1106/ifdp1106.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457018&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1106/ifdp1106.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Cacciatore, Matteo
AU  - Ghironi, Fabio
AU  - Stebunovs, Viktors
AD  - Institute of Applied Economics
AD  - University of Washington
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Domestic and International Effects of Interstate U.S. Banking
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1111
Y1  - 2014///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457017; Keywords: Business cycle volatility;  current account;  deregulation;  interstate banking;  producer entry;  real exchange rate; Publication Type: Working Paper; Update Code: 201409
N2  - This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less volatile business creation, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank market integration thus contributes to moderation of firm-level and aggregate output volatility. In turn, trade and financial ties allow also the foreign economy to enjoy lower GDP volatility in most scenarios we consider. These results are consistent with features of U.S. and international fluctuations after the United States began its transition to interstate banking in the late 1970s.
KW  - Business Fluctuations; Cycles          E32
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Open Economy Macroeconomics          F41
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1111/ifdp1111.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457017&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1111/ifdp1111.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Judson, Ruth
AU  - Schlusche, Bernd
AU  - Wong, Vivian
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-22
Y1  - 2014///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439620; Keywords: Money demand;  M2;  zero lower bound;  opportunity cost; Publication Type: Working Paper; Update Code: 201405
N2  - In this paper, we re-examine the relationship between money and interest rates with a focus on the past few years, when the opportunity cost of M2 has dropped below zero. Until the late 1980s, a stable relationship between monetary aggregates and the opportunity cost of holding money--measured as the spread between the three-month Treasury bill yield and the deposit-weighted average return on M2 assets--existed, and played an integral role in the conduct of monetary policy (e.g., Moore et al.(1990)). This relationship broke down in the early 1990s, when M2 velocity increased beyond the range that could be explained by movements in M2 opportunity cost. As of the mid-2000s, a new relationship was emerging, but was still statistically unstable. In late 2008, the opportunity cost of holding money dropped precipitously and has remained at its zero lower bound. Standard money-demand theory indicates that in such cases the interest elasticity of money demand should rise sharply. Reviewing the evidence to date, we fail to find support for such a rise through 2011, but we observe a notable change in the relationship over the most recent quarters. We conjecture that the more recent shifts, however, could be due to the effects of regulatory and monetary policy changes rather than a fundamental shift in the relationship between money and opportunity cost. Further work is needed to determine the contribution of these regulatory and monetary policy factors.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439620&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ghamami, Samim
AU  - Zhang, Bo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - IBM Thomas J. Watson Research Center
T1  - Efficient Monte Carlo Counterparty Credit Risk Pricing and Measurement
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-114
Y1  - 2014///
SP  - 43 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480175; Keywords: Basel II;  Basel III;  OTC derivatives market;  risk management;  counterparty credit ris;  credit value adjustment;  efficient Monte Carlo simulatio; Publication Type: Working Paper; Update Code: 201502
N2  - Counterparty credit risk (CCR), a key driver of the 2007-08 credit crisis, has become one of the main focuses of the major global and U.S. regulatory standards. Financial institutions invest large amounts of resources employing Monte Carlo simulation to measure and price their counterparty credit risk. We develop efficient Monte Carlo CCR estimation frameworks by focusing on the most widely used and regulatory-driven CCR measures: expected positive exposure (EPE), credit value adjustment (CVA), and effective expected positive exposure (EEPE). Our numerical examples illustrate that our proposed efficient Monte Carlo estimators outperform the existing crude estimators of these CCR measures substantially in terms of mean square error (MSE). We also demonstrate that the two widely used sampling methods, the so-called Path Dependent Simulation (PDS) and Direct Jump to Simulation date (DJS), are not equivalent in that they lead to Monte Carlo CCR estimators which are drastically different in terms of their MSE.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014114pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480175&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014114pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Song, Zhaogang
AU  - Xiu, Dacheng
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Chicago
T1  - A Tale of Two Option Markets: Pricing Kernels and Volatility Risk
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-58
Y1  - 2014///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456989; Keywords: Pricing kernel;  volatility risk;  VIX option;  state-price density; Publication Type: Working Paper; Update Code: 201409
N2  - Using prices of both S&P 500 options and recently introduced VIX options, we study asset pricing implications of volatility risk. While pointing out the joint pricing kernel is not identified nonparametrically, we propose model-free estimates of marginal pricing kernels of the market return and volatility conditional on the VIX. We find that the pricing kernel of market return exhibits a decreasing pattern given either a high or low VIX level, whereas the unconditional estimates present a U-shape. Hence, stochastic volatility is the key state variable responsible for the U-shape puzzle documented in the literature. Finally, our estimates of the volatility pricing kernel feature a U-shape, implying that investors have high marginal utility in both high and low volatility states.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.federalreserve.gov/pubs/feds/2014/201458/201458pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456989&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201458/201458pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hills, Timothy S.
AU  - Nakata, Taisuke
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-107
Y1  - 2014///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480186; Keywords: Fiscal policy;  government spending multipliers;  interest rate smoothing;  liquidity trap;  zero lower bound; Publication Type: Working Paper; Update Code: 201502
N2  - The presence of the lagged shadow policy rate in the interest rate feedback rule reduces the government spending multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia, increased inflation and output due to higher government spending during a recession speed up the return of the policy rate to the steady state after the recession ends. This in turn dampens the expansionary effects of the government spending during the recession via expectations. In our baseline calibration, the output multiplier at the ZLB is 2.5 when the weight on the lagged shadow rate is zero, and 1.1 when the weight is 0.9.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - Fiscal Policy          E62
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014107pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480186&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014107pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chen, Andrew Y.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Habit, Production, and the Cross-Section of Stock Returns
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-103
Y1  - 2014///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480191; Keywords: Equity premium puzzle;  value premium;  production;  time-varying consumption volatility; Publication Type: Working Paper; Update Code: 201502
N2  - Solutions to the equity premium puzzle should inform us about the cross-section of stock returns. An external habit model with heterogeneous firms reproduces numerous stylized facts about both the equity premium and the value premium. The equity premium is large, time-varying, and linked with consumption volatility. The cross-section of expected returns is log-linear in B/M, and the slope matches the data. The explanation for the value premium lies in the interaction between the cross-section of cash flows and the time-varying risk premium. Value firms are temporarily low productivity firms, which will eventually experience high cash flows. The present value of these temporally distant cash flows is sensitive to risk premium movements. The value premium is the reward for bearing this sensitivity. Empirical evidence verifies that value firms have higher cash-flow growth. The data also show that value stock returns are more sensitive to risk premium movements, as measured by consumption volatility shocks.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014103pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480191&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014103pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hancock, Diana
AU  - Passmore, Wayne
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-12
Y1  - 2014///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439606; Keywords: Monetary policy;  QE1;  QE2;  QE3;  LSAP;  MBS;  mortgages; Publication Type: Working Paper; Update Code: 201405
N2  - We conduct an empirical analysis of the Federal Reserve's large-scale asset purchases (LSAPs) on MBS yields and mortgage rates. The Federal Reserve's accumulation of MBS and Treasury securities lowered MBS yields and mortgage rates by more than what would have been suggested by changes in market expectations alone, suggesting that portfolio rebalancing effects of LSAPs are an important consideration for monetary policy transmission. Our estimates also suggest that the Federal Reserve must hold a substantial market share of agency MBS or of Treasury securities to significantly lower MBS yields and in turn significantly lower mortgage rates.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439606&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bowman, David
AU  - Londono, Juan M.
AU  - Sapriza, Horacio
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1109
Y1  - 2014///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457020; Keywords: Unconventional monetary policy;  emerging markets;  large-scale asset purchase program;  quantitative easing;  Federal Reserve; Publication Type: Working Paper; Update Code: 201409
N2  - We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies (EMEs), and we analyze how these effects depend on country-specific characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's time-varying vulnerability to U.S. interest rates affected by monetary policy shocks.
KW  - Central Banks and Their Policies          E58
KW  - International Policy Coordination and Transmission          F42
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1109/ifdp1109.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457020&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1109/ifdp1109.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chen, Han
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Assessing the Effects of the Zero-Interest-Rate Policy through the Lens of a Regime-Switching DSGE Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-38
Y1  - 2014///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457003; Keywords: Regime switching;  zero interest rate policy;  unconventional monetary policy; Publication Type: Working Paper; Update Code: 201409
N2  - Standard dynamic stochastic general equilibrium (DSGE) models assume a Taylor rule and forecast an increase in interest rates immediately after the 2007-2009 economic recession given the predicted output and inflation, contradictory to the extended period of near-zero interest rate policy (ZIRP) conducted by the Federal Reserve. In this paper, I study two methods of modeling the ZIRP in DSGE models: the perfect foresight rational expectations model and the Markov regime-switching model, which I develop in this paper. In this regime-switching model, I assume that, in one regime, the policy follows a Taylor rule, while, in the other regime, it involves a zero interest rate. I also construct the optimal filter to estimate this regime-switching DSGE model with Bayesian methods. I fit those modified DSGE models to the U.S. data from the third quarter of 1987 to the third quarter of 2010, and then, starting from the fourth quarter of 2010, I simulate the U.S. economy forward with and without the ZIRP intervention. I compare the predicted paths of the macro variables, and I find that the ZIRP intervention has a significant effect. The estimated regime-switching model I develop implies a substantial stimulative effect (on average a 0.12% increase in output growth rate and a 0.9% increase in inflation accumulatively over 20 quarters if ZIRP is kept for 6 quarters). The actual path from the fourth quarter of 2010 onward is closer to the predicted path derived from the regime-switching model than that generated by the perfect foresight model. The perfect foresight model generates an explosive and spurious rise in inflation. Therefore, the regime-switching model I propose is more appropriate to assess the effectiveness of the ZIRP, which is effective in stimulating the economy.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201438/201438pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457003&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201438/201438pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sommer, Kamila
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings Risk
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-32
Y1  - 2014///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439616; Keywords: Fertility choice;  life cycle;  heterogenous agents;  uninsurable idiosyncratic income risk; Publication Type: Working Paper; Update Code: 201405
N2  - This paper studies the link between rising income uncertainty and household fertility patterns in an Aiyagari-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility decisions as sequential, irreversible choices over the number of children, accompanied by parental choices of time and money invested toward improving children's quality. The calibrated model is used to quantify the contribution of earnings uncertainty to the changes in the key fertility indicators between steady states. I show that realistic increases in uninsurable earnings risk lead to a postponement in births by young households, and are associated with a decline in the total number of births. The linkage between earnings risk and fertility patterns highlights the important role that labor market conditions can play in determining both short-term cyclical fluctuations in fertility (such as those in the recent U.S. data) and longer-term demographic trends (such as persistently depressed fertility rates in Southern Europe where youth unemployment rates are high and unemployment spell are very persistent).
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439616&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Iacoviello, Matteo
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Financial Business Cycles
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1116
Y1  - 2014///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457024; Keywords: Banks;  DSGE models;  collateral constraints;  housing;  Bayesian estimation; Publication Type: Working Paper; Update Code: 201409
N2  - Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy--borrowers who use their home as collateral--defaults on their loans. When banks hold little equity in excess of regulatory requirements, the losses require them to react immediately, either by recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, to the extent that some firms depend on bank credit, amplify and propagate the shock to the real economy. I find that redistribution and other financial shocks that affect leveraged sectors accounts for two-thirds of output collapse during the Great Recession.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Money and Interest Rates: Forecasting and Simulation: Models and Applications          E47
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1116/ifdp1116.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457024&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1116/ifdp1116.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gagnon, Etienne
AU  - Lopez-Salido, J. David
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Small Price Responses to Large Demand Shocks
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-18
Y1  - 2014///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439631; Keywords: Demand shocks;  inflation;  sales;  labor conflicts;  mass population displacement;  severe weather events; Publication Type: Working Paper; Update Code: 201405
N2  - We study the pricing response of U.S. supermarkets to large demand shocks triggered by labor conflicts, mass population relocation, and shopping sprees around major snowstorms and hurricanes. Our focus on demand shocks is novel in the empirical literature that uses large datasets of individual data to bridge micro price behavior and aggregate price dynamics. We find that large swings in demand have, at best, modest effects on the level of retail prices, consistent with flat short-to medium-term supply curves. This finding holds even when shocks are highly persistent and even though stores adjust prices frequently. We also uncover evidence of tit-for-tat behavior by which retailers with radically different demand shocks nonetheless seek to match their local competitors' pricing movements and recourse to sales and promotions.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439631&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Abruzzo, Nicole
AU  - Park, Yang-Ho
AD  - Independent
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An Empirical Analysis of Futures Margin Changes: Determinants and Policy Implications
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-86
Y1  - 2014///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480197; Keywords: Margin;  futures;  volatility;  central counterparties;  procyclicality;  race to the bottom;  and Dodd-Frank Act; Publication Type: Working Paper; Update Code: 201502
N2  - Margin regulation raises two policy concerns. First, an alignment of margins to volatility can amplify procyclicality, leading to a build-up of excess leverage in good times and a forced deleverage in bad times. Second, competition among central counterparties (CCPs) can result in lower margin levels in order to attract more trading volume, which is referred to as a "race to the bottom." Motivated by these issues, we empirically analyze the determinants of margin changes by using a data set of various futures margins from Chicago Mercantile Exchange (CME) Group. We first find that CME Group raises margins quickly following volatility spikes but does not immediately lower margins following volatility declines, implying that margin-induced procyclicality is more of a concern in recessions than in expansions. In addition, we find some evidence that the margin difference between CME Group and its competitor, Intercontinental Exchange (ICE), is an important driver of margin changes after changes in other margin determinants are controlled for, implying that competition may be factored into margin setting.
KW  - Financial Crises          G01
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201486pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480197&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201486pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nakata, Taisuke
AU  - Schmidt, Sebastian
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - European Central Bank
T1  - Conservatism and Liquidity Traps
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-105
Y1  - 2014///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480207; Keywords: Discretion;  inflation conservatism;  inflation targeting;  liquidity traps;  zero lower bound; Publication Type: Working Paper; Update Code: 201502
N2  - Appointing Rogoff's (1985) conservative central banker improves welfare if the economy is subject to large contractionary shocks and the policy rate occasionally falls to the zero lower bound (ZLB). In an economy with occasionally binding ZLB constraints, the anticipation of future ZLB episodes creates a trade-off between inflation and output stabilization. As a consequence, inflation systematically falls below target even when the policy rate is above zero. A conservative central banker mitigates this deflationary bias away from the ZLB, improving allocations both at and away from the ZLB through expectations.
KW  - Monetary Policy          E52
KW  - Fiscal Policy          E62
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014105pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480207&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014105pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Calomiris, Charles W.
AU  - Carlson, Mark A.
AD  - Columbia Business School, NBER and IMF
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - National Bank Examinations and Operations in the Early 1890s
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-19
Y1  - 2014///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439622; Keywords: National Banking Era;  bank examinations;  bank operations;  corporate goverance;  regional variation; Publication Type: Working Paper; Update Code: 201405
N2  - We use information from examination reports to enrich our understanding of both the examination process and bank operations for National Banks in the early 1890s, the height of the National Banking Era. We describe the examination process and its frequency, as well as the information contained in the examinations relating to bank ownership and corporate governance, the composition and quality of the loan book, dividend payments made by the banks, and the use of different types of liabilities. Our sample of banks is from the larger cities, including several reserve cities, which allows us to compare similar banks in different regions of the country. There are clear regional differences in banks' examination experiences, structure, and behavior. On average, banks further West tended to be examined less frequently, displayed higher percentages of manager ownership, employed less formal corporate governance arrangements, made riskier loans, paid higher rates on certificates of deposit, and paid higher dividends less often.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439622&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kay, Benjamin S.
AU  - Manuszak, Mark D.
AU  - Vojtech, Cindy M.
AD  - United States Department of Treasury
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bank Profitability and Debit Card Interchange Regulation: Bank Responses to the Durbin Amendment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-77
Y1  - 2014///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466013; Keywords: Banks;  debit cards;  Dodd-Frank Act;  Durbin Amendment;  interchange fees;  payments; Publication Type: Working Paper; Update Code: 201411
N2  - The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 alters the competitive structure of the debit card payment processing industry and caps debit card interchange fees for banks with over $10 billion in assets. Market participants predicted that debit card issuers would offset the reduction in debit interchange revenue by increases in customer account fees. Some participants also predicted that banks would cut costs in response to the law by reducing staff and shutting down branches. Using a difference-in-differences testing strategy, we show that debit interchange fee income fell for treated banks, leading to a fall in noninterest income. We also find that banks only partially offset this loss with deposit fees. We document that treated banks neither reduced costs nor strategically avoided the $10 billion threshold.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201477pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466013&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201477pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ionescu, Felicia
AU  - Simpson, Nicole B.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Colgate University
T1  - Credit Status and College Investment: Implications for Student Loan Policies
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-66
Y1  - 2014///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456991; Keywords: College investment;  credit status;  student loans;  default; Publication Type: Working Paper; Update Code: 201409
N2  - The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of credit status for college investment in a general equilibrium heterogeneous life-cycle economy. We find that students with good credit status invest in more college education (compared to those with bad credit status) and that this effect is more pronounced for low-income students. Furthermore, results suggest that the relationship between credit status and college investment has important policy implications. Specifically, when borrowing limits in the government student loan program are relaxed (as implemented in 2008), college investment increases, but so does the riskiness of the pool of borrowers, leading to higher default rates in the private market for student loans. When general equilibrium effects are accounted for, the welfare gains experienced from a more generous government student loan program are negated. This compares to budget-neutral tuition subsidies that increase college investment and welfare.
KW  - General Equilibrium and Disequilibrium: Financial Markets          D53
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Time Allocation and Labor Supply          J22
KW  - Safety; Job Satisfaction; Related Public Policy          J28
L3  - http://www.federalreserve.gov/pubs/feds/2014/201466/201466pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456991&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201466/201466pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Li, Dan
AU  - Li, Geng
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-35
Y1  - 2014///
SP  - 48 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439629; Keywords: Belief dispersion;  trading volume;  household investors;  surveys of consumers; Publication Type: Working Paper; Update Code: 201405
N2  - We document a robust positive relationship between the belief dispersion about macroeconomic conditions among household investors and the stock market trading volume, using more than 30 years of household survey data and a novel approach to measuring belief dispersions. Notably, such a relationship prevails even after various series of professional analysts' belief dispersions are controlled for. Consistent with a causal effect, such a relationship is most pronounced for belief dispersion among individuals who are most likely to own stocks and for trading volume of stocks that are most visible to household investors. Finally, we present suggestive evidence that the dispersion of changes in belief is also positively associated with the stock trading volume. Our analysis implies that household investors, traditionally viewed as tending to trader randomly, likely possess and trade on information that is not available to professional investors.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439629&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Brousseau, Vincent
AU  - Nikolaou, Kleopatra
AU  - Pill, Huw
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Goldman Sachs
T1  - Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-112
Y1  - 2014///
SP  - 48 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480194; Keywords: Financial crisis;  liquidity risk;  money market spread;  money markets;  refinancing risk; Publication Type: Working Paper; Update Code: 201502
N2  - We quantify the effect of refinancing risk on euro area money market spreads, a major factor driving spreads during the financing crisis. With the advent of the crisis, market participants' perception of their ability to refinance over a given period of time changed radically. As a result, borrowers preferred to obtain funding for longer tenors and lenders were willing to provide funding for shorter tenors. This discrepancy resulted in a need to refinance more frequently in order to borrow over a given horizon, thus increasing refinancing risk. We measure refinancing risk by quantifying the sensitivity of the spread to the refinancing frequency. In order to do so we introduce a model to price EURIBOR-based money market spreads vis-a-vis the overnight index swap. We adopt a methodology akin to a factor model in which the parameters determining the spreads are the intensity of the crisis, its expected half-life, and the sensitivity of spreads to the refinancing frequency. Results suggest that refinancing risk affects the spread significantly across time, albeit in a largely varying manner. Central bank interventions have reduced the spreads as well as the effect of refinancing risk on them.
KW  - Central Banks and Their Policies          E58
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014112pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480194&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014112pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - De Pooter, Michiel
AU  - Robitaille, Patrice
AU  - Walker, Ian
AU  - Zdinak, Michael
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Are Long-Term Inflation Expectations Well Anchored in Brazil, Chile and Mexico?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1098
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439641; Keywords: Inflation targeting;  survey expectations;  inflation compensation;  Nelson-Siegel model;  macro news suprises;  Brazil;  Chile;  Mexico; Publication Type: Working Paper; Update Code: 201405
N2  - In this paper, we consider whether long-term inflation expectations have become better anchored in Brazil, Chile, and Mexico. We do so using survey-based measures as well as financial market-based measures of long-term inflation expectations, where we construct the market-based measures from daily prices on nominal and inflation-linked bonds. This paper is the first to examine the evidence from Brazil and Mexico, making use of the fact that markets for longterm government debt have become better developed over the past decade. We find that inflation expectations have become much better anchored over the past decade in all three countries, as a testament to the improved credibility of the central banks in these countries when it comes to keeping inflation low. That said, one-year inflation compensation in the far future displays some sensitivity to at least one macroeconomic data release per country. However, the impact of these releases is small and it does not appear that investors systematically alter their expectations for inflation as a result of surprises in monetary policy, consumer prices, or real activity variables. Finally, long-run inflation expectations in Brazil appear to have been less well anchored than in Chile and Mexico.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439641&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hanson, Samuel
AU  - Shleifer, Andrei
AU  - Stein, Jeremy C.
AU  - Vishny, Robert W.
AD  - Harvard University
AD  - Harvard University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Chicago
T1  - Banks as Patient Fixed Income Investors
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-15
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439634; Keywords: Banks;  shadow banks;  money creation; Publication Type: Working Paper; Update Code: 201405
N2  - We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in very different ways. Traditional banks create safe claims with a combination of costly equity capital and fixed income assets that allows their depositors to remain "sleepy": they do not have to pay attention to transient fluctuations in the mark-to-market value of bank assets. In contrast, shadow banks create safe claims by giving their investors an early exit option that allows them to seize collateral and liquidate it at the first sign of trouble. Thus traditional banks have a stable source of cheap funding, while shadow banks are subject to runs and fire-sale losses. These different funding models in turn influence the kinds of assets that traditional banks and shadow banks hold in equilibrium: traditional banks have a comparative advantage at holding fixed-income assets that have only modest fundamental risk, but are relatively illiquid and have substantial transitory price volatility.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439634&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nalewaik, Jeremy J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Missing Variation in the Great Moderation: Lack of Signal Error and OLS Regression
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-27
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439635; Keywords: Measurement error;  attenuation bias; Publication Type: Working Paper; Update Code: 201405
N2  - This paper studies measurement errors that subtract signal from true variables of interest, labeled lack of signal errors (LoSE). The effect on OLS regression of LoSE is opposite the conventional wisdom about classical measurement errors, with LoSE in the dependent variable, not the explanatory variables, causing attenuation bias under some conditions. The paper provides evidence of LoSE in US GDP growth during the period known as the Great Moderation (roughly the mid-1980s to the mid-2000s), illustrating attenuation bias in regressions of GDP growth on asset prices. These biases may have contributed to conventional macroeconomic analysis missing the severity of the adverse shocks hitting the economy in the Great Recession.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439635&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Trezzi, Riccardo
AU  - Porcelli, Francesco
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of Exeter
T1  - Reconstruction multipliers
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-79
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480195; Keywords: Natural disasters;  fiscal multipliers;  Mercalli scale; Publication Type: Working Paper; Update Code: 201502
N2  - A law issued to allocate reconstruction grants following the 2009 "Aquilano" earthquake has resulted in a large and unanticipated discontinuity across municipalities with comparable damages. Using diff-in-diff analysis we estimate the "local spending" and the "local tax" multipliers--according to the composition of the stimulus--controlling for the negative supply shock generated by the event. The stimulus prevented a fall in economic activity and the multiplicative effects of tax cuts are estimated much higher than those of spending. Our results underline the importance of countercyclical fiscal interventions and suggest the most effective composition of such a stimulus.
KW  - Multiple or Simultaneous Equation Models: Instrumental Variables (IV) Estimation          C36
KW  - Fiscal Policy          E62
KW  - State and Local Government; Intergovernmental Relations: General          H70
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201479pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480195&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201479pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bertaut, Carol C.
AU  - Tabova, Alexandra M.
AU  - Wong, Vivian
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1123
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480213; Keywords: safe assets;  international portfolio choice;  financial sector debt;  home bias; Publication Type: Working Paper; Update Code: 201502
N2  - The expansion in financial sector "safe" assets, largely in the form of structured products from the U.S. and the Caribbean, in the lead-up to the global financial crisis has by now been fairly well documented. Using a unique dataset derived from security-level data on U.S. portfolio holdings of foreign securities, we show that since the crisis, it is mostly the foreign financial sector that appears to have met U.S. demand for safe and liquid investment assets by expanding its supply of debt securities. We also find a strong negative correlation between the foreign share of the U.S. financial bond portfolio and measures of U.S. safe assets availability: providing evidence on the importance of foreign-issued financial sector debt as a substitute when U.S. issued "safe" assets are scarce. Furthermore, although U.S. investors continue to tap foreign financial markets for "safe" assets, we show that the type of foreign financial debt that fills this portfolio niche post-crisis is quite different than pre-crisis. Post-crisis, we find that U.S. investors have replaced offshore-issued structured securities with high-grade U.S. dollar-denominated financial debt issued from a small group of OECD countries (most notably Australia and Canada). Lastly, these developments have led to a decline in home bias in the U.S. financial bond portfolio that we are able to document for the first time.
KW  - International Investment; Long-term Capital Movements          F21
KW  - International Lending and Debt Problems          F34
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1123.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480213&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1123.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Coroneo, Laura
AU  - Giannone, Domenico
AU  - Modugno, Michele
AD  - University of York
AD  - LUISS University of Rome
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Unspanned macroeconomic factors in the yield curve
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-57
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457007; Keywords: Yield curve;  government bonds;  factor models;  forecasting; Publication Type: Working Paper; Update Code: 201409
N2  - In this paper, we extract common factors from a cross-section of U.S. macro-variables and Treasury zero-coupon yields. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns. These factors are not spanned by the cross-section of yields and are well proxied by economic growth and real interest rates.
KW  - Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models          C33
KW  - Forecasting Models; Simulation Methods          C53
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/pubs/feds/2014/201457/201457pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457007&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201457/201457pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Johannsen, Benjamin K.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - When are the Effects of Fiscal Policy Uncertainty Large?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-40
Y1  - 2014///
SP  - 49 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456980; Keywords: Fiscal policy;  zero lower bound;  uncertainty; Publication Type: Working Paper; Update Code: 201409
N2  - Using a new-Keynesian model with endogenous capital accumulation, I show that uncertainty about fiscal policy can cause large declines in consumption, investment, and output when the zero lower bound (ZLB) binds, but has modest effects when the monetary authority is not constrained by the ZLB. I study uncertainty about the level of government spending and uncertainty about tax rates on consumption, wages, capital income, and investment. In my model, uncertainty about government spending and the wage tax rate has particularly large effects. I show that the effects of fiscal policy uncertainty are largest when the nominal interest rate is on the cusp of the ZLB and also that delaying fiscal policy uncertainty diminishes its effects only if the resolution of uncertainty occurs after ZLB no longer binds.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201440/201440pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456980&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201440/201440pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Datta, Deepa Dhume
AU  - Londono, Juan M.
AU  - Ross, Landon J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Generating Options-Implied Probability Densities to Understand Oil Market Events
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1122
Y1  - 2014///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480215; Keywords: Options-implied PDFs;  futures;  options;  oil; Publication Type: Working Paper; Update Code: 201502
N2  - We investigate the informational content of options-implied probability density functions (PDFs) for the future price of oil. Using a semiparametric variant of the methodology in Breeden and Litzenberger (1978), we investigate the fit and smoothness of distributions derived from alternative PDF estimation methods, and develop a set of robust summary statistics. Using PDFs estimated around episodes of high geopolitical tensions, oil supply disruptions, and macroeconomic data releases, we explore the extent to which oil price movements are expected or unexpected, and whether agents believe these movements to be persistent or temporary.
KW  - Estimation: General          C13
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1122.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480215&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1122.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Guerrieri, Luca
AU  - Iacoviello, Matteo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - OccBin: A Toolkit for Solving Dynamic Models With Occasionally Binding Constraints Easily
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-47
Y1  - 2014///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456993; Keywords: Occasionally binding constraints;  DSGE models;  regime shifts;  first-order perturbation; Publication Type: Working Paper; Update Code: 201409
N2  - We describe how to adapt a first-order perturbation approach and apply it in a piecewise fashion to handle occasionally binding constraints in dynamic models. Our examples include a real business cycle model with a constraint on the level of investment and a New Keynesian model subject to the zero lower bound on nominal interest rates. We compare the piecewise linear perturbation solution with a high-quality numerical solution that can be taken to be virtually exact. The piecewise linear perturbation method can adequately capture key properties of the models we consider. A key advantage of this method is its applicability to models with a large number of state variables.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201447/201447pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456993&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201447/201447pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bricker, Jesse
AU  - Ramcharan, Rodney
AU  - Krimmel, Jacob
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Signaling Status: The Impact of Relative Income on Household Consumption and Financial Decisions
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-76
Y1  - 2014///
SP  - 50 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466012; Publication Type: Working Paper; Update Code: 201411
N2  - This paper investigates the importance of status in household consumption and financial decisions using household data from the Survey of Consumer Finances (SCF) linked to neighborhood data in the American Community Survey (ACS). We find evidence that a household's income rank--its position in the income distribution relative to its close neighbors--is positively associated with its expenditures on high status cars, its level of indebtedness, as well as the riskiness of the household's portfolio. More aggregate county-level evidence based on a dataset of every new car sold in each county in the United States since 2002 also suggests that the signaling motive might be important. These results indicate that greater income heterogeneity might have large consequences for household consumption and portfolio decisions.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201476pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466012&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201476pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Fuentes-Albero, Cristina
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Financial Frictions, Financial Shocks, and Aggregate Volatility
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-84
Y1  - 2014///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480187; Keywords: Great Inflation;  Great Moderation;  immoderation;  financial frictions;  financial shocks;  structural breaks;  Bayesian methods; Publication Type: Working Paper; Update Code: 201502
N2  - I revisit the Great Inflation and the Great Moderation. I document an immoderation in corporate balance sheet variables so that the Great Moderation is best described as a period of divergent patterns in volatilities for real, nominal and financial variables. A model with time-varying financial frictions and financial shocks allowing for structural breaks in the size of shocks and the institutional framework is estimated. The paper shows that (i) while the Great Inflation was driven by bad luck, the Great Moderation is mostly due to better institutions; (ii) the slowdown in credit spreads is driven by an easier access to credit, while a higher exposure to financial risk determines the immoderation of balance sheet variables; and (iii) financial shocks arise as relevant drivers of U.S. business cycle fluctuations.
KW  - Bayesian Analysis: General          C11
KW  - Estimation: General          C13
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201484pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480187&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201484pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Yankov, Vladimir
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - In Search of a Risk-free Asset
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-108
Y1  - 2014///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480190; Keywords: Consumer search;  deposit rates;  interest rate pass-through;  price rigidity; Publication Type: Working Paper; Update Code: 201502
N2  - To attract retail time deposits, over 7,000 FDIC insured U.S. commercial banks publicly post their yield offers. I document an economically sizable and highly pro-cyclical cross-sectional dispersion in these yield offers during the period 1997-2011. Banks adjusted their yields rigidly and asymmetrically with median duration of 7 weeks in response to increasing or constant Fed Funds rate target regimes and 3 weeks during regimes of decreasing Fed Fund rate target. I investigate to what extent information (search) costs on the part of the investors in this market can explain the observed pricing behavior. I build and estimate an asset pricing model with heterogeneous search cost investors. A large fraction of high information cost uninformed investors and the exit of low information cost informed investors rationalizes the observed price dispersion. I further qualitatively match the asymmetric yield rigidity within the framework of costly consumer search without the need to impose menu costs or other restrictions on the banks' repricing behavior.
KW  - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness          D83
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014108pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480190&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014108pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bhutta, Neil
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The ins and outs of mortgage debt during the housing boom and bust
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-91
Y1  - 2014///
SP  - 51 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480173; Keywords: Mortgage debt;  mortgage default;  first-time homebuyer;  credit supply; Publication Type: Working Paper; Update Code: 201502
N2  - From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual-level panel data on consumer liabilities, I estimate detailed mortgage inflows and outflows. During the boom, inflows from real estate investors tripled, far outpacing growth from other segments such as first-time homebuyers. During the bust, although defaults and deleveraging are popular explanations for the debt decline, a collapse in inflows has been the major driver. Inflow declines across counties have been associated not just with house price declines, but also with rising unemployment and higher minority population shares. Finally, inflow declines reflect, in part, a dramatic decline in first-time homebuying. First-time homebuying fell among both high and low credit score individuals, but much more precipitously for low score individuals. Further analysis suggests that the differential decline by credit score likely reflects markedly tightened credit supply.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201491pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480173&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201491pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Akinci, Ozge
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Financial Frictions and Macroeconomic Fluctuations in Emerging Economies
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1120
Y1  - 2014///
SP  - 52 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480209; Keywords: Financial frictions;  country risk premium;  international business cycles;  Bayesian estimation; Publication Type: Working Paper; Update Code: 201502
N2  - Estimated dynamic models of business cycles in emerging markets deliver counterfactual predictions for the country risk premium. In particular, the country interest rate predicted by these models is acyclical or procyclical, whereas it is countercyclical in the data. This paper proposes and estimates a small open economy model of the emerging-market business cycle in which a time-varying country risk premium emerges endogenously. In the proposed model, a firm's borrowing rate adjusts countercyclically as the default threshold of the firm depends on the state of the macroeconomy. I econometrically estimate the proposed model and find that it can account for the volatility and the countercyclicality of country risk premium as well as for other key emerging market business cycle moments. Time varying uncertainty in firm specific productivity contributes to delivering a countercyclical default rate and explains 70 percent of the variances in the trade balance and in the country risk premium. Finally, I find the predicted contribution of nonstationary productivity shocks in explaining output variations falls between the extremely high and extremely low values reported in the literature.
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - International Business Cycles          F44
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1120.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480209&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1120.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - O'Brien, James M.
AU  - Szerszen, Pawel J.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An Evaluation of Bank VaR Measures for Market Risk During and Before the Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-21
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439619; Keywords: Market risk;  value at risk;  backtesting;  profit and loss;  financial crisis; Publication Type: Working Paper; Update Code: 201405
N2  - We study the performance and behavior of Value at Risk (VaR) measures used by a number of large banks during and before the financial crisis. Alternative benchmark VaR measures, including GARCH-based measures, are also estimated directly from the banks' trading revenues and help to explain the bank VaR performance results. While highly conservative in the pre-crisis period, bank VaR exceedances were excessive and clustered in the crisis period. All benchmark VaRs were more accurate in the pre-crisis period with GARCH VaR measures the most accurate in the crisis period having lower exceedance rates with no exceedance clustering. Variance decompositions indicate a limited ability of the banks' VaR methodologies to adjust to the crisis-period market conditions. Despite their weaker performance, the bank VaRs exhibited greater predictive power for a measure of realized PnL volatility than benchmark VaR measures. Benchmark Expected Shortfall measures are also considered.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439619&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ahmed, Javed I.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Competition in lending and credit ratings
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-23
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439614; Keywords: Issuer pays;  credit rating;  segmented markets;  unsolicited rating; Publication Type: Working Paper; Update Code: 201405
N2  - This article relates corporate credit rating quality to competition in lending between the public bond market and banks. In the model, the monopolistic rating agency's choice of price and quality leads to an endogenous threshold separating low-quality bank-dependent issuers from higher-quality issuers with access to public debt. In a baseline equilibrium with expensive bank lending, this separation across debt market segments provides information, but equilibrium ratings are uninformative. A positive shock to private (bank) relative to public lending supply allows banks to compete with public lenders for high-quality issuers, which threatens rating agency profits, and informative ratings result to prevent defection of high-quality borrowers to banks. This prediction is tested by analyzing two events that increased the relative supply of private vs. public lending sharply: legislation in 1994 that reduced barriers to interstate bank lending and the temporary shutdown of the high-yield bond market in 1989. After each event, the quality of ratings (based on their impact on bond yield spreads) increased for affected issuers. The analysis suggests that strategic behavior by the rating agency in an issuer-pays setting dampens the influence of macroeconomic shocks, and explains the use of informative unsolicited credit ratings to prevent unrated bond issues, particularly during good times. Additionally, the controversial issuer-pays model of ratings leads to more efficient outcomes than investor-pays alternatives.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439614&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bertaut, Carol C.
AU  - Judson, Ruth
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Estimating U.S. Cross-Border Securities Positions: New Data and New Methods
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1113
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457022; Keywords: Capital flows;  portfolio investment;  treasury international capital;  U.S. treasuries;  emerging market economies; Publication Type: Working Paper; Update Code: 201409
N2  - The role of capital flows in the buildup to the global financial crisis and the potential vulnerabilities posed by capital flows to emerging market economies highlight the importance of reliable and timely measures of cross-border investment activity to better monitor developments as they unfold. We present new monthly estimates of U.S. cross-border securities investment, combining information from detailed annual Treasury International Capital (TIC) surveys with new information from the TIC form SLT. We also show how changes in the new monthly data can be decomposed into flows, estimated valuation changes, and a residual "gap". These decompositions can provide a richer and timelier view of developments in both foreign portfolio investment in the U.S. and U.S. portfolio investment abroad than available from transactions data or survey data alone. Data on cross-border holdings through December 2013, by country, are available for download; we also provide advice on how to construct estimates going forward. These data can be combined with the existing Bertaut-Tryon monthly estimates of securities holdings (now updated through 2011) to generate consistent monthly time series of positions.
KW  - Data Collection and Data Estimation Methodology; Computer Programs: General          C80
KW  - International Finance: General          F30
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1113/ifdp1113.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457022&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1113/ifdp1113.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Levine, Oliver
AU  - Warusawitharana, Missaka
AD  - University of Wisconsin
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Finance and Productivity Growth: Firm-level Evidence
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-17
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439604; Keywords: Finance-growth nexus;  financial crisis;  total factor productivity (TFP); Publication Type: Working Paper; Update Code: 201405
N2  - Using data on a broad set of European firms, we find a strong positive relationship between the use of external financing and future productivity (TFP) growth within firms. This relationship is robust to various measures of financing and productivity, and strengthens as financing costs increase. We provide evidence against a reverse-causality explanation by showing that this relationship arises from the component of TFP that is outside the information set of the firm. These findings indicate that financial development supports productivity growth within firms, and helps explain why economic activity remains persistently depressed following financial crisis.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439604&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Dettling, Lisa J.
AU  - Hsu, Joanne W.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Returning to the Nest: Debt and Parental Co-residence Among Young Adults
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-80
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480203; Keywords: Consumer debt;  household formation;  delinquency;  boomerang generation; Publication Type: Working Paper; Update Code: 201502
N2  - This paper examines the relationship between a young adults' debt burden and the decision to co-reside with a parent. Using a quarterly panel of young adults' credit histories, and controlling for age, county, and quarter fixed effects, and local demographic characteristics, unemployment rates, and house prices, we estimate the relationship between current period debt and subsequent decisions to co-reside with a parent. Our results indicate that indebtedness--as measured by average loan balances, declining credit scores and delinquency on accounts--increases flows into parental co-residence. Moreover, after moving in, delinquency and low credit scores increase time spent in co-residence. We find that the changing debt portfolios of young adults over this period--characterized by rising student loan debt and small declines in credit card, auto and mortgage debt--can predict 30 percent of the observed increase in flows into co-residence, and 26 percent of the observed increase in time spent in co-residence.
KW  - Household Production and Intrahousehold Allocation          D13
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
KW  - Demographic Trends, Macroeconomic Effects, and Forecasts          J11
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201480pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480203&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201480pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - D'Amico, Stefania
AU  - Fan, Roger
AU  - Kitsul, Yuriy
AD  - Federal Reserve Bank of Chicago
AD  - Federal Reserve Bank of Chicago
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The scarcity value of Treasury collateral: Repo market effects of security-specific supply and demand factors
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-60
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456995; Keywords: Treasury bonds;  repo contracts;  supply-demand factors;  liquidity;  Large Scale Asset Purchase programs;  Treasury auctions; Publication Type: Working Paper; Update Code: 201409
N2  - In the special collateral repo market, forward agreements are security-specific, which may magnify demand and supply effects. We quantify the scarcity value of Treasury collateral by estimating the impact of security-specific demand and supply factors on the repo rates of all outstanding U.S. Treasury securities. We find an economically and statistically significant scarcity premium. This scarcity effect is quite persistent, passes through to Treasury market prices, and explains a significant portion of the flow-effects of LSAP programs, providing additional evidence for the scarcity channel of QE. Through the same mechanism, the Fed's reverse repo operations could alleviate potential shortages of high-quality collateral.
KW  - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models          C23
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - General Financial Markets: Other          G19
L3  - http://www.federalreserve.gov/pubs/feds/2014/201460/201460pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456995&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201460/201460pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Anenberg, Elliot
AU  - Laufer, Steven
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Using Data on Seller Behavior to Forecast Short-run House Price Changes
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-16
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439630; Keywords: House price indices;  house price forecasting;  housing market microstructure; Publication Type: Working Paper; Update Code: 201405
N2  - We construct a new "list-price index" that accurately reveals trends in house prices several months before existing sales price indices like Case-Shiller. Our index is based on the repeat-sales approach but for recent months uses listings data, which are available essentially in real time, instead of transactions data, which become available with significant lags. Our index methodology is motivated by a simple model of the home-selling problem that shows how listings variables such as the list price and marketing time help predict the final sales price. In a sample of three large MSAs over the years 2008-2012, our index (i) accurately forecasts the Case-Shiller index several months in advance, (ii) outperforms forecasting models that do not use listings data, and (iii) outperforms the market's expectation as inferred from prices on Case-Shiller future contracts.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439630&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Falato, Antonio
AU  - Sim, Jae W.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-72
Y1  - 2014///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466014; Keywords: Determinants of corporate cash holdings;  financial economics of innovation; Publication Type: Working Paper; Update Code: 201411
N2  - This paper uses the staggered changes of R&D tax credits across U.S. states and over time as a quasi-natural experiment to examine the impact of innovation on corporate liquidity. By generating plausibly independent variation in firms' incentive to invest in R&D, we are able to assess the empirical importance of specific theories of the link between innovation and corporate liquidity. Firms increase (decrease) their cash to asset ratios by about one and a half percentage point when their home state increases (cuts) R&D tax credits. These baseline difference-in-differences estimates hold up to a battery of validation, falsification, and robustness checks, which corroborate their internal and external validity. The treatment effect of R&D tax credits increases monotonically with several specific proxies for debt and equity financing frictions. Increases (cuts) in tax credits also lead to increases (decreases) in the ratios of cash to bank lines of credit and to book equity, and to decreases (increases) in bank debt, secured debt, and overall net indebtness, supporting debt and equity financing channels through which innovation impacts the demand for cash. We also find support for a product market competition channel, and assess repatriation and agency explanations. Overall, our analysis offers endogeneity-free evidence that innovation is a first-order driver of corporate liquidity management decisions.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201472pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466014&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201472pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bassett, William F.
AU  - Marsh, Blake
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Assessing Targeted Macroprudential Financial Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-49
Y1  - 2014///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456979; Keywords: Credit channel;  government regulation;  bank lending;  real estate; Publication Type: Working Paper; Update Code: 201409
N2  - In the mid-2000s, federal bank regulatory agencies became alarmed by steadily increasing concentrations of commercial real estate (CRE) loans at many banks, particularly loans used to finance construction and land development (CLD). In January 2006, they issued guidance that required banks with specific high concentrations in those asset classes to tighten managerial controls. This paper shows that banks with concentrations in excess of the thresholds set in the guidance subsequently experienced slower growth in their CRE and CLD portfolios than can be explained by changes in the health of their balance sheets and economic conditions. Moreover, banks that were above the CRE thresholds also tended to have slower growth in C&I loans but faster growth in loans to households after the guidance was issued. The results highlight the potential for this type of macroprudential regulation to have a significant and broad influence on bank behavior.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/feds/2014/201449/201449pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456979&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201449/201449pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Caliendo, Lorenzo
AU  - Parro, Fernando
AU  - Rossi-Hansberg, Esteban
AU  - Sarte, Pierre-Daniel G.
AD  - Yale University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Princeton University
AD  - Federal Reserve Bank of Richmond
T1  - The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1119
Y1  - 2014///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466020; Keywords: Interregional trade;  intersectoral linkages;  total factor productivity;  gross domestic product;  factor mobility; Publication Type: Working Paper; Update Code: 201411
N2  - We study the impact of regional and sectoral productivity changes on the U.S. economy. To that end, we consider an environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes at the level of a sector in a given U.S. state to the rest of the economy. The quantitative model we develop features pairwise interregional trade across all 50 U.S. states, 26 traded and non-traded industries, labor as a mobile factor, and structures and land as an immobile factor. We allow for sectoral linkages in the form of an intermediate input structure that matches the U.S. input-output matrix. Using data on trade flows by industry between states, as well as other regional and industry data, we obtain the aggregate, regional and sectoral elasticities of measured TFP, GDP, and employment to regional and sectoral productivity changes. We find that such elasticities can vary significantly depending on the sectors and regions affected and are importantly determined by the spatial structure of the US economy. We highlight the role of these elasticities by tracing out the effects of productivity gains in California in the Computers and Electronics industry between 2002 and 2007 on all other U.S. sectors and regions.
KW  - Trade: General          F10
KW  - Neoclassical Models of Trade          F11
KW  - Economic Growth and Aggregate Productivity: General          O40
KW  - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
KW  - General Equilibrium and Welfare Economic Analysis of Regional Economies          R13
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1119.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466020&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1119.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Coleman, Nicholas
AU  - Feler, Leo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Johns Hopkins University SAIS
T1  - Bank Ownership, Lending, and Local Economic Performance During the 2008-2010 Financial Crisis
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1099
Y1  - 2014///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439638; Keywords: Credit;  financial crises;  state-owned banks;  local economic activity; Publication Type: Working Paper; Update Code: 201405
N2  - While the finance literature often equates government banks with political capture and capital misallocation, these banks can help mitigate financial shocks. This paper examines the role of Brazil's government banks in preventing a recession during the 2008-2010 financial crisis. Government banks in Brazil provided more credit, which offset declines in lending by private banks. Areas in Brazil with a high share of government banks experienced increases in lending, production, and employment during the crisis compared to areas with a low share of these banks. We find no evidence that lending was politically targeted or that it caused productivity to decline in the short-run.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439638&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Duygan-Bump, Burcu
AU  - Leykov, Alexey
AU  - Montoriol-Garriga, Judit
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of Boston
AD  - Universitat Autonoma de Barcelona
T1  - Financing Constraints and Unemployment: Evidence from the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-92
Y1  - 2014///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480208; Keywords: Great Recession;  firm size;  financial dependence;  unemployment; Publication Type: Working Paper; Update Code: 201502
N2  - Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United States are one of the drivers explaining the unemployment dynamics during the Great Recession. We show that workers in small firms are more likely to become unemployed during the 2007-09 financial crisis if they work in industries with high external financing needs. We find very similar results for the 1990-91 recession, but not for the 2001 recession, where only the former was associated with a reduction in loan supply. These findings further support the credit constraints hypothesis.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity          E24
KW  - Financial Markets and the Macroeconomy          E44
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201492pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480208&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201492pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Song, Zhaogang
AU  - Zhu, Haoxiang
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - MIT Sloan School of Management
T1  - QE Auctions of Treasury Bonds
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-48
Y1  - 2014///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456990; Keywords: Auction;  quantitative easing;  Federal Reserve;  treasury bond;  specialness; Publication Type: Working Paper; Update Code: 201409
N2  - The Federal Reserve (Fed) uses a unique auction mechanism to purchase U.S. Treasury securities in implementing its quantitative easing (QE) policy. In this paper, we study the outcomes of QE auctions and participating dealers' bidding behaviors from November 2010 to September 2011, during which the Fed purchased $780 billion Treasury securities. Our data include the transaction prices and quantities of each traded bond in each auction, as well as dealers' identities. We find that: (1) In QE auctions the Fed tends to exclude bonds that are liquid and on special, but among included bonds, purchase volumes gravitate toward more liquid bonds; (2) The auction costs are low on average: the Fed pays around 0.7 cents per $100 par value above the secondary market ask price on auction dates; (3) The heterogeneity of Fed's costs across bonds relates to their liquidity and specialness, suggesting that dealers respond to both valuation and information uncertainties; (4) Dealers exhibit strong heterogeneity in their participation, trading volumes, and profits in QE auctions; (5) Auction bidding variables forecast bond returns only one day after the auction, suggesting that dealers have price-relevant information but the information decays quickly.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.federalreserve.gov/pubs/feds/2014/201448/201448pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456990&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201448/201448pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ivanov, Ivan T.
AU  - Santos, Joao A. C.
AU  - Vo, Thu
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of New York
AD  - Amherst Securities Group
T1  - Tying loan interest rates to borrowers' CDS spreads
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-70
Y1  - 2014///
SP  - 56 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466010; Keywords: Market-based pricing;  loan spreads;  loan covenants;  CDS spreads; Publication Type: Working Paper; Update Code: 201411
N2  - We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected borrowing costs. We find that CDS-based loans are associated with lower interest rates, both at origination and during the life of the loan. Our results also indicate that banks simplify the covenant structure of market-based pricing loans, suggesting that the decline in the cost of bank debt is explained, at least in part, by a reduction in monitoring costs. Market-based pricing, therefore, besides reducing the cost of bank debt, may also have adverse consequences resulting from the decline in bank monitoring.
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Corporate Finance and Governance: General          G30
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201470pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466010&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201470pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Siemer, Michael
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Firm Entry and Employment Dynamics in the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-56
Y1  - 2014///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456998; Keywords: Employment;  firm entry;  financial crisis;  small business;  financial friction;  slow recovery;  start-ups; Publication Type: Working Paper; Update Code: 201409
N2  - The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a "missing generation" of entrants.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Financial Crises          G01
KW  - Demand and Supply of Labor: General          J20
KW  - Firm Performance: Size, Diversification, and Scope          L25
L3  - http://www.federalreserve.gov/pubs/feds/2014/201456/201456pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456998&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201456/201456pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Huh, Yesol
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Machines vs. Machines: High Frequency Trading and Hard Information
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-33
Y1  - 2014///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439621; Keywords: High frequency trading;  liquidity;  market microstructure;  information asymmetry; Publication Type: Working Paper; Update Code: 201405
N2  - In today's markets where high frequency traders (HFTs) act as both liquidity providers and takers, I argue that information asymmetry induced by liquidity-taking HFTs' use of machine-readable information is important. This particular type of information asymmetry arises because some machines may access the information before other machines or because of randomness in relative speed. Applying a novel statistical approach to measure HFT activity through limit order book data and using a natural experiment of index inclusion, I show that liquidity-providing HFTs supply less liquidity to stocks that suffer more from this information asymmetry problem. Moreover, when markets are volatile, this information asymmetry problem becomes more severe, and HFTs supply less liquidity. I discuss implications for market-making activity in times of market stress and for HFT regulations.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439621&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ramcharan, Rodney
AU  - Rajan, Raghuram G.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Reserve Bank of India
T1  - Financial Fire Sales: Evidence from Bank Failures
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-67
Y1  - 2014///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456988; Keywords: Bank failures;  liquidity;  fire sales; Publication Type: Working Paper; Update Code: 201409
N2  - Theory suggests the reduction in financing capacity after the failure of a financial intermediary can reduce the value of financial assets. Forced sales of the intermediary's assets could consume liquidity, depressing the liquidation value of the assets of healthy intermediaries and causing contagious runs. These financial fire sales can both cause, and exacerbate, real fire sales, the focus of previous studies. This paper investigates the relevance of financial fire sales using new datasets covering bank failures during the farm depression in the United States just before the Great Depression, as well as bank failures during the Great Depression. Using differences in regulation as a means of identification, we find that the reduction in local financing capacity as a result of bank failures reduces the recovery rates on failed assets of nearby banks, depresses local land prices, renders land markets illiquid, and is associated with subsequent distress in nearby banks. All this indicates a rationale for why bank failures are contagious.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201467/201467pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456988&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201467/201467pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Peterman, William B.
AU  - Sommer, Kamila
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How Well Did Social Security Mitigate the Effects of the Great Recession?
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-13
Y1  - 2014///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439611; Keywords: Social Security;  recessions;  overlapping generations; Publication Type: Working Paper; Update Code: 201405
N2  - This paper quantifies the welfare implications of the U.S. Social Security program during the Great Recession. We find that the average welfare losses due to the Great Recession for agents alive at the time of the shock are notably smaller in an economy with Social Security relative to an economy without a Social Security program. Moreover, Social Security is particularly effective at mitigating the welfare losses for agents who are poorer, less productive, or older at the time of the shock. Importantly, in addition to mitigating the welfare losses for these potentially more vulnerable agents, we do not find any specific age, income, wealth or ability group for which Social Security substantially exacerbates the welfare consequences of the Great Recession. Taken as a whole, our results indicate that the U.S. Social Security program is particularly effective at providing insurance against business cycle episodes like the Great Recession.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439611&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Bodenstein, Martin
AU  - Guerrieri, Luca
AU  - LaBriola, Joe
AD  - National University of Singapore
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of California, Berkeley
T1  - Macroeconomic Policy Games
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-87
Y1  - 2014///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480199; Keywords: Optimal policy;  strategic interaction;  welfare analysis;  monetary policy cooperation;  marcroprudential regulation; Publication Type: Working Paper; Update Code: 201502
N2  - Strategic interactions between policymakers arise whenever each policymaker has distinct objectives. Deviating from full cooperation can result in large welfare losses. To facilitate the study of strategic interactions, we develop a toolbox that characterizes the welfare-maximizing cooperative Ramsey policies under full commitment and open-loop Nash games. Two examples for the use of our toolbox offer some novel results. The first example revisits the case of monetary policy coordination in a two-country model to confirm that our approach replicates well-known results in the literature and extends these results by highlighting their sensitivity to the choice of policy instrument. For the second example, a central bank and a macroprudential regulator are assigned distinct objectives in a model with financial frictions. Lack of coordination leads to large welfare losses even if technology shocks are the only source of fluctuations.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - International Policy Coordination and Transmission          F42
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201487pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480199&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201487pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chang, Andrew C.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Tax Policy Endogeneity: Evidence from R&D Tax Credits
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-101
Y1  - 2014///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480174; Keywords: Corporate tax;  fiscal policy;  R&D price elasticity;  tax credits;  policy endogeneity; Publication Type: Working Paper; Update Code: 201502
N2  - Because policymakers may consider the state of the economy when setting taxes, endogeneity bias can arise in regression models that estimate relationships between economic variables and taxes. This paper quantifies the policy endogeneity bias and estimates the impact of R&D tax incentives on R&D expenditures at the U.S. state level. Identifying tax variation comes from changes in federal corporate tax laws that heterogeneously impact state-level R&D tax incentives due to the simultaneity of state and federal corporate taxes. With this exogenous variation, my preferred estimates indicate a 1 percent increase in R&D tax incentives leads to a 2.8-3.8 percent increase in R&D. Alternatively, estimates that ignore endogenously determined policies indicate that a 1 percent increase in R&D tax incentives leads to a 0.4-0.7 percent increase in R&D. These results are consistent with tax policies that are implemented before an economic downturn.
KW  - Taxation, Subsidies, and Revenue: General          H20
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
KW  - State and Local Taxation, Subsidies, and Revenue          H71
KW  - Tax Law          K34
KW  - Technological Change: Government Policy          O38
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014101pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480174&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/2014101pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Baele, Lieven
AU  - Bekaert, Geert
AU  - Inghelbrecht, Koen
AU  - Wei, Min
AD  - Tilburg University
AD  - Columbia University
AD  - Ghent University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Flights to Safety
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-46
Y1  - 2014///
SP  - 59 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456986; Keywords: Flight-to-safety;  flight-to-quality;  stock-bond return correlation;  liquidity;  hedge funds; Publication Type: Working Paper; Update Code: 201409
N2  - Using only daily data on bond and stock returns, we identify and characterize flight to safety (FTS) episodes for 23 countries. On average, FTS days comprise less than 3% of the sample, and bond returns exceed equity returns by 2.5 to 4%. The majority of FTS events are country-specific not global. FTS episodes coincide with increases in the VIX and the Ted spread, decreases in consumer sentiment indicators and appreciations of the Yen, Swiss franc, and US dollar. The financial, basic materials and industrial industries under-perform in FTS episodes, but the telecom industry outperforms. Money market instruments, corporate bonds, and commodity prices (with the exception of metals, including gold) face abnormal negative returns in FTS episodes. Hedge funds, especially those belonging to the "event-driven" styles, display negative FTS betas, after controlling for standard risk factors. Liquidity deteriorates on FTS days both in the bond and equity markets. Both economic growth and inflation decline right after and up to a year following a FTS spell.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/pubs/feds/2014/201446/201446pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456986&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201446/201446pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilchrist, Simon
AU  - Sim, Jae W.
AU  - Zakrajsek, Egon
AD  - Boston University
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Uncertainty, Financial Frictions, and Investment Dynamics
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-69
Y1  - 2014///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466009; Keywords: Time-varying volatility;  asset specificity;  capital liquidity shocks;  costly external finance;  firm heterogeneity;  general equilibrium; Publication Type: Working Paper; Update Code: 201411
N2  - Micro- and macro-level evidence indicates that fluctuations in idiosyncratic uncertainty have a large effect on investment; the impact of uncertainty on investment occurs primarily through changes in credit spreads; and innovations in credit spreads have a strong effect on investment, irrespective of the level of uncertainty. These findings raise a question regarding the economic significance of the traditional "wait-and-see" effect of uncertainty shocks and point to financial distortions as the main mechanism through which fluctuations in uncertainty affect macroeconomic outcomes. The relative importance of these two mechanisms is analyzed within a quantitative general equilibrium model, featuring heterogeneous firms that face time-varying idiosyncratic uncertainty, irreversibility, nonconvex capital adjustment costs, and financial frictions. The model successfully replicates the stylized facts concerning the macroeconomic implications of uncertainty and financial shocks. By influencing the effective supply of credit, both types of shocks exert a powerful effect on investment and generate countercyclical credit spreads and procyclical leverage, dynamics consistent with the data and counter to those implied by the technology-driven real business cycle models.
KW  - Investment; Capital; Intangible Capital; Capacity          E22
KW  - Business Fluctuations; Cycles          E32
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201469pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466009&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201469pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Shin, Chae Hee
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - An Industrial Organization Approach to International Portfolio Diversification: Evidence from the U.S. Mutual Fund Families
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-78
Y1  - 2014///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1466017; Keywords: Diversification;  mutual funds; Publication Type: Working Paper; Update Code: 201411
N2  - Although the lack of international portfolio diversification has long interested the financial economics literature, the role of financial intermediaries in the market for diversified portfolios has rarely been studied. In this paper, I introduce a microeconomic aspect of under-diversification by examining a new data on U.S.-based mutual fund families' global diversification. I document the fund families' investments in global equity markets and explore features of supply and demand in the mutual fund market to explain their limited global diversification. Demand estimation confirms that consumers are not only sensitive to the fund families' portfolio characteristics such as global diversification, but also to the non-portfolio characteristics such as fund family age and size. On the supply side, the model of fund families' global investment decisions uses a revealed preference approach and shows small cross-border investment frictions can justify the fund families' observed limited global diversification. Other factors such as destination country's investor protection level and fund family's investment experience significantly affect the degree of diversification as well.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201478pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1466017&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201478pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Cao, Charles
AU  - Liang, Bing
AU  - Lo, Andrew W.
AU  - Petrasek, Lubomir
AD  - Smeal College of Business, Penn State University
AD  - Isenberg School of Management, University of Massachusetts
AD  - MIT Sloan School of Management
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Hedge fund holdings and stock market efficiency
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-36
Y1  - 2014///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456987; Keywords: Hedge funds;  institutional investors;  market efficiency; Publication Type: Working Paper; Update Code: 201409
N2  - We examine the relation between changes in hedge fund stock holdings and measures of informational efficiency of equity prices derived from transactions data, and find that, on average, increased hedge fund ownership leads to significant improvements in the informational efficiency of equity prices. The contribution of hedge funds to price efficiency is greater than the contributions of other types of institutional investors, such as mutual funds or banks. However, stocks held by hedge funds experienced extreme declines in price efficiency during liquidity crises, most notably in the last quarter of 2008, and the declines were most severe in stocks held by hedge funds connected to Lehman Brothers and hedge funds using leverage.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201436/201436pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456987&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201436/201436pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AU  - Trabandt, Mathias
AD  - Northwestern University
AD  - Northwestern University
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Understanding the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1107
Y1  - 2014///
SP  - 61 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457012; Keywords: Inflation;  unemployment;  labor force;  zero lower bound; Publication Type: Working Paper; Update Code: 201409
N2  - We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions interacting with the zero lower bound. We reach this conclusion looking through the lens of a New Keynesian model in which firms face moderate degrees of price rigidities and no nominal rigidities in the wage setting process. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small size of the drop in inflation that occurred during the Great Recession.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1107/ifdp1107.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457012&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1107/ifdp1107.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Calomiris, Charles W.
AU  - Carlson, Mark A.
AD  - Columbia Business School, NBER and IMF
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-8
Y1  - 2014///
SP  - 62 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439605; Keywords: Manager ownership;  corporate governance;  rent seeking;  risk preferences;  bank failures;  risk shifting;  adverse selection; Publication Type: Working Paper; Update Code: 201405
N2  - Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of depositors. Banks must design contracting and governance structures that sufficiently resolve agency problems so that they can attract funding from outside shareholders and depositors. We examine banks from the 1890s, a period when there were no distortions from deposit insurance or government interventions to assist banks. We use national banks' Examination Reports to link differences in managerial ownership to different corporate governance policies, risk, and methods of risk management. Formal corporate governance is lower when manager ownership shares are higher. Managerial rent seeking via salaries and insider lending is greater when managerial ownership is higher, and lower when formal governance controls are employed. Banks with higher managerial ownership target lower default risk. Higher managerial ownership and less-formal governance are associated with a greater reliance on cash rather than capital as a means of limiting risk, which we show is consistent both with higher adverse-selection costs of raising outside equity and with greater moral-hazard with respect to risk shifting.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439605&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - DeFusco, Anthony
AU  - Paciorek, Andrew D.
AD  - The Wharton School, University of Pennsylvania
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Interest Rate Elasticity of Mortgage Demand: Evidence From Bunching at the Conforming Loan Limit
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-11
Y1  - 2014///
SP  - 62 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439618; Keywords: Mortgage demand;  interest rate elasticity;  conforming loan limit;  bunching; Publication Type: Working Paper; Update Code: 201405
N2  - The relationship between the mortgage interest rate and a household's demand for mortgage debt has important implications for a host of public policy questions. In this paper, we use detailed data on over 2.7 million mortgages to provide novel estimates of the interest rate elasticity of mortgage demand. Our empirical strategy exploits a discrete jump in interest rates generated by the conforming loan limit--the maximum loan size eligible for securitization by Fannie Mae and Freddie Mac. This discontinuity creates a large "notch" in the intertemporal budget constraint of prospective mortgage borrowers, allowing us to identify the causal link between interest rates and mortgage demand by measuring the extent to which loan amounts bunch at the conforming limit. Under our preferred specifications, we estimate that a 1 percentage point increase in the rate on a 30-year fixed-rate mortgage reduces first mortgage demand by between 2 and 3 percent. We also present evidence that about one third of the response is driven by borrowers who take out second mortgages while leaving their total mortgage balance unchanged. Accounting for these borrowers suggests a reduction in total mortgage debt of between 1.5 and 2 percent per percentage point increase in the interest rate. Using these estimates, we predict the changes in mortgage demand implied by past and proposed future increases to the guarantee fees charged by Fannie and Freddie. We conclude that these increases would directly reduce the dollar volume of new mortgage originations by well under 1 percent.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439618&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Monarch, Ryan
AU  - Park, Jooyoun
AU  - Sivadasan, Jagadeesh
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Kent State University
AD  - University of Michigan
T1  - Gains from Offshoring? Evidence from U.S. Microdata
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1124
Y1  - 2014///
SP  - 63 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480210; Keywords: Outsourcing;  manufacturing;  employment;  trade;  productivity;  firm performance; Publication Type: Working Paper; Update Code: 201502
N2  - We construct a new linked data set with over one thousand offshoring events by matching Trade Adjustment Assistance program petition data to confidential data on U.S. firm operations. We exploit these data to assess how offshoring affects domestic firm-level aggregate employment, output, wages and productivity. Consistent with heterogenous firm models where offshoring involves a fixed cost, we find that the average offshoring firm is larger and more productive than the average non-offshorer. After initiating offshoring, firms experience large declines in employment (46.2 per cent), output (38.5 per cent) and capital (28.8 per cent) relative to their industry peers. We find no significant change in average wages or in total factor productivity measures for offshoring firms. These results are consistent across two separate difference-in-differences (DID) approaches, an instrumental variables approach, and a number of robustness checks. Thus, we find offshoring to be a strong substitute for domestic activity in this large sample of offshoring events.
KW  - Empirical Studies of Trade          F14
KW  - Trade and Labor Market Interactions          F16
KW  - Multinational Firms; International Business          F23
KW  - Economic Impacts of Globalization: Microeconomic Impacts          F61
KW  - Economic Impacts of Globalization: Labor          F66
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1124.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480210&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1124.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Chen, Andrew Y.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Precautionary Volatility and Asset Prices
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-59
Y1  - 2014///
SP  - 63 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457002; Keywords: Time-varying risk premia;  the equity premium puzzle;  time-varying volatility;  habit;  precautionary savings; Publication Type: Working Paper; Update Code: 201409
N2  - Many theories of asset prices assume time-varying uncertainty in order to generate time-varying risk premia. This paper generates time-varying uncertainty endogenously, through precautionary saving dynamics. Precautionary motives prescribe that, in bad times, next period's consumption should be very sensitive to news. This time-varying sensitivity results in time-varying consumption volatility. Production makes this channel visible, and external habit preferences amplify it. An estimated model featuring this channel quantitatively accounts for excess return and dividend predictability regressions. It also matches the first two moments of excess equity returns, the risk-free rate, and the second moments of consumption, output, and investment.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201459/201459pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457002&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201459/201459pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nakata, Taisuke
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Reputation and Liquidity Traps
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-50
Y1  - 2014///
SP  - 63 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456997; Keywords: Credible policy;  forward guidance;  reputation;  sustainable plan;  time consistency;  trigger strategy;  zero lower bound; Publication Type: Working Paper; Update Code: 201409
N2  - Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the aftermath of a deep recession? By analyzing credible plans in a sticky-price economy with occasionally binding zero lower bound constraints, I find that the answer is yes if contractionary shocks hit the economy with sufficient frequency. In the best credible plan, if the central bank reneges on the promise of low policy rates, it will lose reputation and the private sector will not believe such promises in future recessions. When the shock hits the economy sufficiently frequently, the incentive to maintain reputation outweighs the short-run incentive to close consumption and inflation gaps, keeping the central bank on the originally announced path of low nominal interest rates.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - Fiscal Policy          E62
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/pubs/feds/2014/201450/201450pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456997&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201450/201450pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Rua, Gisela
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Diffusion of Containerization
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-88
Y1  - 2014///
SP  - 64 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480192; Keywords: Globalization;  transportation;  trade;  technology diffusion; Publication Type: Working Paper; Update Code: 201502
N2  - This paper uses a newly constructed, comprehensive dataset to investigate the diffusion of containerization. The data show that country adoption is exceptionally fast while firm usage increases more slowly. To guide my empirical investigation, I build a multi-country trade model with endogenous adoption of a new transportation technology that is consistent with these facts. I then test empirically the predictions of the model and find that: (1) usage of containerization increases with firms' fixed costs and the size and average income of the container network; and (2) adoption depends on expected future usage, adoption costs, and trade with the United States, the first and largest user of containerization.
KW  - Economic Impacts of Globalization: Economic Development          F63
KW  - Transportation: General          L91
KW  - Economic History: Transport, International and Domestic Trade, Energy, Technology, and Other Services: General, International, or Comparative          N70
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201488pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480192&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201488pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Rezende, Marcelo
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The Effects of Bank Charter Switching on Supervisory Ratings
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-20
Y1  - 2014///
SP  - 64 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439632; Keywords: Bank charter;  bank regulator;  banking supervision;  ratings; Publication Type: Working Paper; Update Code: 201405
N2  - I study whether commercial banks can improve their supervisory ratings by switching charters. I use the fees charged by chartering authorities to establish a causal effect from switching on ratings. Banks receive more favorable ratings after they change charters, an effect that is large for both national and state charters. In addition, controlling for bank ratings, banks that switch charters fail more often than others. These results suggest that banks can arbitrage ratings by switching charters and are consistent with regulators competing for banks by rating incoming banks better than similar banks that they already supervise.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439632&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ionescu, Felicia
AU  - Ionescu, Marius
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Colgate University
T1  - The Interplay Between Student Loans and Credit Card Debt: Implications for Default in the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-14
Y1  - 2014///
SP  - 65 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439609; Keywords: Default;  student loans;  credit cards;  Great Recession; Publication Type: Working Paper; Update Code: 201405
N2  - We analyze the interactions between two different forms of unsecured credit and their implications for default behavior of young U.S. households. One type of credit mimics credit cards in the United States and the default option resembles a bankruptcy filing under Chapter 7; the other type of credit mimics student loans in the United States and the default option resembles Chapter 13. In the credit card market a financial intermediary offers a menu of interest rates based on individual default risk, which account for borrowing and repayment behavior in both markets. In the student loan market, the government sets the interest rate and chooses a wage garnishment to pay for the cost associated with default. We prove the existence of a steady-state equilibrium and characterize the circumstances under which a household defaults on each of these loans. We demonstrate that the institutional differences between the two markets make borrowers prefer to default on student loans rather than on credit card debt. We find that the increase in student loan debt together with the expansion of the credit card market fully explains the increase in the default rate for student loans in recent normal years (2004-2007). Worse labor outcomes for young borrowers during the Great Recession (2008-2009) significantly amplified student loan default, whereas credit card market contraction during this period helped reduce this effect. At the same time, the accumulation of student loan debt did not affect much the default risk in the credit card market during normal times, but significantly increased it during the Great Recession. An income contingent repayment plan for student loans completely eliminates the default risk in the credit card market and induces important redistribution effects. This policy is beneficial (in a welfare improving sense) during the Great Recession but not during normal times.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439609&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Nozawa, Yoshio
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - What Drives the Cross-Section of Credit Spreads?: A Variance Decomposition Approach
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-62
Y1  - 2014///
SP  - 65 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457009; Keywords: Credit risk;  fixed income;  variance decomposition;  credit spread; Publication Type: Working Paper; Update Code: 201409
N2  - I decompose the cross-sectional variation of the credit spreads for corporate bonds into changing expected returns and changing expectation of credit losses with a model-free method. Using a log-linearized pricing identity and a vector autoregression applied to micro-level data from 1973 to 2011, I find that the expected credit loss component and the excess return component each explains about half of the variance of the credit spreads. Unlike the market-level findings in Gilchrist and Zakrajsek (2012), at the firm level, the expected credit loss is volatile and affects the firms' investment decision more than the expected excess returns.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201462/201462pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457009&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201462/201462pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Epstein, Brendan
AU  - Shapiro, Alan Finkelstein
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - University of the Andes
T1  - Employment and Firm Heterogeneity, Capital Allocation, and Countercyclical Labor Market Policies
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1115
Y1  - 2014///
SP  - 66 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457019; Keywords: Business cycles;  search frictions;  fiscal policy;  self employment;  small firms;  input credit; Publication Type: Working Paper; Update Code: 201409
N2  - Many countries have large employment shares in micro and small firms that have limited access to formal financing and therefore rely on input credit. Such countries are mainly emerging and developing economies, whose business cycle dynamics are increasingly important for the global economy in light of the dramatic rise in international linkages and spillovers that have occurred over the last several decades. Emerging and developing economies implemented a host of countercyclical labor market policies amid the global financial crisis, but data limitations on high-frequency labor and job flows prevent a detailed empirical assessment of the effectiveness of these policies. To address this problem, we develop a business cycle model with frictional labor markets that is novel in light of its consistency with the employment and firm structure of emerging and developing economies. We use the model to assess the aggregate impact of key countercyclical labor market policies. We find that hiring subsidies and job intermediation services for large firms are particularly effective in aiding recoveries. Policies targeting smaller firms yield limited aggregate benefits and may even be detrimental to the recovery process. The labor market structure shapes sectoral allocation and explains the economy's differential response to policy.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Business Fluctuations; Cycles          E32
KW  - Unemployment: Models, Duration, Incidence, and Job Search          J64
L3  - http://www.federalreserve.gov/pubs/ifdp/2014/1115/ifdp1115.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457019&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2014/1115/ifdp1115.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Rogers, John H.
AU  - Scotti, Chiara
AU  - Wright, Jonathan H.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Johns Hopkins University
T1  - Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1101
Y1  - 2014///
SP  - 67 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439639; Keywords: Large scale asset purchases;  quantitative easing;  zero bound;  term premium; Publication Type: Working Paper; Update Code: 201405
N2  - This paper examines the effects of unconventional monetary policy by the Federal Reserve, Bank of England, European Central Bank and Bank of Japan on bond yields, stock prices and exchange rates. We use common methodologies for the four central banks, with daily and intradaily asset price data. We emphasize the use of intradaily data to identify the causal effect of monetary policy surprises. We find that these policies are effective in easing financial conditions when policy rates are stuck at the zero lower bound, apparently largely by reducing term premia.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439639&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ratner, David
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Unemployment Insurance Experience Rating and Labor Market Dynamics
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2013-86
Y1  - 2014///
SP  - 67 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425965; Keywords: Unemployment insurance;  experience rating; Publication Type: Working Paper; Update Code: 201403
N2  - Unemployment insurance experience rating imposes higher payroll tax rates on firms that have laid off more workers in the past. To analyze the effects of UI tax policy on labor market dynamics, this paper develops a search model of unemployment with heterogeneous firms and realistic UI financing. The model predicts that higher experience rating reduces both job creation and job destruction. Using firm-level data from the Quarterly Census of Employment and Wages, the model is tested by comparing job creation and job destruction across states and industries with different UI tax schedules. The empirical analysis shows a strong negative relationship between job flows and experience rating. Consistent with the empirical results, comparative steady state tax experiments show that a 5% increase in experience rating reduces job flows by an average of 1.4%. While the unemployment rate falls on average by .21 percentage points, the effect on tax revenues is ambiguous. The model has implications for UI financing reform currently being considered at the state and national level. Two alternative reforms that close half of the UI financing gap are considered: the reform that increases experience rating is shown to improve labor market outcomes. In a version of the model with aggregate shocks, higher experience rating dampens the response of layoffs and unemployment over the business cycle. Experience rating also induces nonlinear responses of unemployment to proportionally larger shocks as well as asymmetry in response to booms and busts.
L3  - http://www.federalreserve.gov/pubs/feds/2013/201386/201386pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425965&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2013/201386/201386pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Li, Dan
AU  - Schurhoff, Norman
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Swiss Finance Institute
T1  - Dealer Networks
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-95
Y1  - 2014///
SP  - 68 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480176; Keywords: Municipal bonds;  over-the-counter financial market;  network analysis;  trading cost;  liquidity;  immediacy;  transparency; Publication Type: Working Paper; Update Code: 201502
N2  - Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation chains and speeds up trading. Investors face a tradeoff between execution speed and cost. Central dealers provide immediacy by pre-arranging fewer trades and holding larger inventory. However, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201495pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480176&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201495pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Irani, Rustom M.
AU  - Meisenzahl, Ralf R.
AD  - University of Illinois at Urbana-Champaign
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-115
Y1  - 2014///
SP  - 68 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480178; Keywords: Bank risk management;  financial crisis;  loan sales;  wholesale funding; Publication Type: Working Paper; Update Code: 201502
N2  - We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan share ownership in the secondary market using data from the Shared National Credit Program, a credit register of syndicated bank loans administered by U.S. regulators. We analyze the 2007-2009 financial crisis as a market-wide liquidity shock and control for loan demand using a loan-year fixed effects approach. We find that banks with greater reliance on wholesale funding at the onset of the crisis were more likely to exit loan syndicates during the crisis. Our analysis identifies the importance of bank liquidity risk management as a motivation for loan sales, in addition to the credit risk transfer motive emphasized in prior literature.
KW  - Financial Crises          G01
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015001pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480178&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2015/files/2015001pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Pool, Veronika K.
AU  - Sialm, Clemens
AU  - Stefanescu, Irina
AD  - Indiana University
AD  - University of Texas at Austin
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) plans
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-96
Y1  - 2014///
SP  - 71 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480184; Keywords: 401(k) pension plans;  mutual funds;  favoritism; Publication Type: Working Paper; Update Code: 201502
N2  - This paper investigates whether mutual fund families acting as service providers in 401(k) plans display favoritism toward their own funds. Using a hand-collected dataset on retirement investment options, we show that poorly-performing funds are less likely to be removed from and more likely to be added to a 401(k) menu if they are affiliated with the plan trustee. We find no evidence that plan participants undo this affiliation bias through their investment choices. Finally, the subsequent performance of poorly-performing affiliated funds indicates that these trustee decisions are not information driven.
L3  - http://www.federalreserve.gov/econresdata/feds/2014/files/201496pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480184&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/feds/2014/files/201496pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Choudhary, M. Ali
AU  - jain, Anil K.
AD  - State Bank of Pakistan
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - How Public Information Affects Asymmetrically Informed Lenders: Evidence from a Credit Registry Reform
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1125
Y1  - 2014///
SP  - 72 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480212; Keywords: Information;  Credit registries;  Financial Intermediation; Publication Type: Working Paper; Update Code: 201502
N2  - We exploit exogenous variation in the amount of public information available to banks about a firm to empirically evaluate the importance of adverse selection in the credit market. A 2006 reform introduced by the State Bank of Pakistan (SBP) reduced the amount of public information available to Pakistani banks about a firm's creditworthiness. Prior to 2006, the SBP published credit information not only about the firm in question but also (aggregate) credit information about the firm's group (where the group was defined as the set of all firms that shared one or more director with the firm in question). After the reform, the SBP stopped providing the aggregate group-level information. We propose a model with differentially informed banks and adverse selection, which generates predictions on how this reform is expected to affect a bank's willingness to lend. The model predicts that adverse selection leads less informed banks to reduce lending compared to more informed banks. We construct a measure for the amount of information each lender has about a firm's group using the set of firm-bank lending pairs prior to the reform. We empirically show those banks with private information about a firm lent relatively more to that firm than other, less-informed banks following the reform. Remarkably, this reduction in lending by less informed banks is true even for banks that had a pre-existing relationship with the firm, suggesting that the strength of prior relationships does not eliminate the problem of imperfect information.
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1125.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480212&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1125.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Arias, Jonas E.
AU  - Rubio-Ramirez, Juan F.
AU  - Waggoner, Daniel F.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Duke University
AD  - Federal Reserve Bank of Atlanta
T1  - Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1100
Y1  - 2014///
SP  - 72 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439642; Keywords: SVAR;  sign and zero restrictions;  optimism and fiscal shocks; Publication Type: Working Paper; Update Code: 201405
N2  - Are optimism shocks an important source of business cycle fluctuations? Are deficit-financed tax cuts better than deficit-financed spending to increase output? These questions have been previously studied using SVARs identified with sign and zero restrictions and the answers have been positive and definite in both cases. While the identification of SVARs with sign and zero restrictions is theoretically attractive because it allows the researcher to remain agnostic with respect to the responses of the key variables of interest, we show that current implementation of these techniques does not respect the agnosticism of the theory. These algorithms impose additional sign restrictions on variables that are seemingly unrestricted that bias the results and produce misleading confidence intervals. We provide an alternative and efficient algorithm that does not introduce any additional sign restriction, hence preserving the agnosticism of the theory. Without the additional restrictions, it is hard to support the claim that either optimism shocks are an important source of business cycle fluctuations or deficit-financed tax cuts work best at improving output. Our algorithm is not only correct but also faster than current ones.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439642&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - D'Amico, Stefania
AU  - Kim, Don H.
AU  - Wei, Min
AD  - Federal Reserve Bank of Chicago
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-24
Y1  - 2014///
SP  - 79 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439633; Keywords: TIPS;  liquidity premium;  no-arbitrage term structure model;  TIPS breakeven inflation;  expected inflation;  inflation risk premium;  survey forecasts; Publication Type: Working Paper; Update Code: 201405
N2  - TIPS are notes and bonds issued by the U.S. Treasury with coupons and principal payments indexed to inflation. Using no-arbitrage term structure models, we show that TIPS yields contained liquidity premiums as large as 100 basis points when TIPS were first issued, reflecting the newness of the instrument, and up to 350 basis points during the recent financial crisis, reflecting common funding constraints affecting a variety of financial markets. Applying our models to the U.K. data also reveals liquidity premiums in index-linked gilt yields that spiked to nearly 250 basis points at the height of the crisis. Ignoring TIPS liquidity premiums is shown to significantly distort the information content of TIPS yields and TIPS breakeven inflation rate, two widely-used empirical proxies for real rates and expected inflation.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439633&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Aaronson, Stephanie
AU  - Cajner, Tomaz
AU  - Fallick, Bruce C.
AU  - Galbis-Reig, Felix
AU  - Smith, Christopher
AU  - Wascher, William L.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Federal Reserve Bank of Cleveland
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Labor Force Participation: Recent Developments and Future Prospects
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-64
Y1  - 2014///
SP  - 90 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1456981; Keywords: Labor force participation;  retirement behavior;  disability insurance;  implications of an aging population;  youth employment;  labor market slack;  labor market fluctuations and the business cycle; Publication Type: Working Paper; Update Code: 201409
N2  - Since 2007, the labor force participation rate has fallen from about 66 percent to about 63 percent. The sources of this decline have been widely debated among academics and policymakers, with some arguing that the participation rate is depressed due to weak labor demand while others argue that the decline was inevitable due to structural forces such as the aging of the population. In this paper, we use a variety of approaches to assess reasons for the decline in participation. Although these approaches yield somewhat different estimates of the extent to which the recent decline in participation reflects cyclical weakness rather than structural factors, our overall assessment is that much--but not all--of the decline in the labor force participation rate since 2007 is structural in nature. As a result, while we see some of the current low level of the participation rate as indicative of labor market slack, we do not expect the participation rate to show a substantial increase from current levels as labor market conditions continue to improve.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201464/201464pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1456981&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201464/201464pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Akinci, Ozge
AU  - Chahrour, Ryan
AD  - Board of Governors of the Federal Reserve System
AD  - Boston College
T1  - Good News is Bad News: Leverage Cycles and Sudden Stops
PB  - Boston College Department of Economics, Boston College Working Papers in Economics: 866
Y1  - 2014///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1479577; Keywords: News Shocks, Sudden Stops, Leverage, Boom-Bust Cycle; Publication Type: Working Paper; Update Code: 201502
N2  - We show that a model with imperfectly forecastable changes in future productivity and an occasionally-binding collateral constraint can match a set of stylized facts about Sudden Stop events. "Good" news about future productivity raises leverage during times of expansions, increasing the probability that the constraint binds, and a Sudden Stop occurs, in future periods. During the Sudden Stop, the nonlinear effects of the constraint induce output, consumption and investment to fall substantially below trend, as they do in the data. Also consistent with data, the economy exhibits a boom period prior to the Sudden Stop, with output, consumption, and investment all above trend.
KW  - Business Fluctuations; Cycles          E32
KW  - Open Economy Macroeconomics          F41
KW  - International Business Cycles          F44
KW  - International Financial Markets          G15
L3  - http://fmwww.bc.edu/EC-P/wp866.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1479577&site=ehost-live&scope=site
UR  - http://fmwww.bc.edu/EC-P/wp866.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Goulding, William
AU  - Rice, Tara
T1  - Do small businesses still prefer community banks?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/12/15/
IS  - 1096
M3  - Article
SP  - 1
EP  - 27
AB  - We formulate and test hypotheses about the role of bank type - small versus large, single-market versus multimarket, and local versus nonlocal banks - in banking relationships. The conventional paradigm suggests that "community banks" - small, single-market, local institutions - are better able to form strong relationships with informationally opaque small businesses, while "megabanks" - large, multimarket, nonlocal institutions - tend to serve more transparent firms. Using the 2003 Survey of Small Business Finance (SSBF), we conduct two sets of tests. First, we test for the type of bank serving as the "main" relationship bank for small businesses with different firm and owner characteristics. Second, we test for the strength of these main relationships by examining the probability of multiple relationships and relationship length as functions of main bank type and financial fragility, as well as firm and owner characteristics. The results are often not consistent with the conventional paradigm, perhaps because of changes in lending technologies and deregulation of the banking industry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business
KW  - COMMUNITY banks
KW  - INDUSTRIAL surveys
KW  - BANKING industry
KW  - MONETARY policy
KW  - Banks
KW  - Government policy
KW  - Relationships
KW  - Small business
N1  - Accession Number: 94899457; Berger, Allen N. 1; Email Address: aberger@moore.sc.edu; Goulding, William 2; Email Address: bill.goulding@sloan.mit.edu; Rice, Tara 3; Email Address: tara.rice@frb.gov; Affiliations: 1: University of South Carolina, Wharton Financial Institutions Center, CentER - Tilburg University; 2: William Goulding, Massachusetts Institute of Technology, Sloan School of Management; 3: Board of Governors, Federal Reserve System; Issue Info: Dec2013, Issue 1096, preceding p1; Thesaurus Term: SMALL business; Thesaurus Term: COMMUNITY banks; Thesaurus Term: INDUSTRIAL surveys; Thesaurus Term: BANKING industry; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Government policy; Author-Supplied Keyword: Relationships; Author-Supplied Keyword: Small business; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AU  - Morse, Ari
AU  - Schlusche, Bernd
T1  - The Federal Reserve’s balance sheet and overnight interest rates: Empirical modeling of exit strategies.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2013/12//
VL  - 37
IS  - 12
M3  - Article
SP  - 5300
EP  - 5315
SN  - 03784266
AB  - Abstract: This paper provides a comprehensive study of the interplay between the Federal Reserve’s balance sheet and overnight interest rates. We model both the supply of and the demand for excess reserves. Treating outright securities holdings of the Federal Reserve as a policy tool, we estimate the effects of unconventional monetary policy on overnight funding rates. Further, we offer the first empirical assessment of the FOMC’s principles of the exit strategy. Assuming a path for removing monetary policy accommodation that is consistent with the FOMC’s exit principles, we project that the federal funds rate increases to 70 basis points by 2016, settling in a corridor bracketed by the discount rate and the interest rate on excess reserves, as excess reserves of depository institutions decline to near zero. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL statements
KW  - INTEREST rates
KW  - EMPIRICAL research
KW  - STRATEGIC planning
KW  - SUPPLY & demand
KW  - MONETARY policy
KW  - Balance sheet
KW  - Exit strategy
KW  - Federal funds rate
KW  - FIML
KW  - Reserve balances
N1  - Accession Number: 91267171; Marquez, Jaime 1; Morse, Ari 2; Schlusche, Bernd 1; Email Address: bernd.schlusche@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Mailstop 85, Washington, DC 20551, United States; 2: Carnegie Mellon University, Tepper School of Business, United States; Issue Info: Dec2013, Vol. 37 Issue 12, p5300; Thesaurus Term: FINANCIAL statements; Thesaurus Term: INTEREST rates; Thesaurus Term: EMPIRICAL research; Thesaurus Term: STRATEGIC planning; Thesaurus Term: SUPPLY & demand; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: Balance sheet; Author-Supplied Keyword: Exit strategy; Author-Supplied Keyword: Federal funds rate; Author-Supplied Keyword: FIML; Author-Supplied Keyword: Reserve balances; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jbankfin.2013.01.015
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=91267171&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tabova, Alexandra
T1  - Portfolio Diversification and the Cross-Sectional Distribution of Foreign Investment.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/11/08/
IS  - 1091
M3  - Article
SP  - 1
EP  - 29
AB  - In this paper I explore the role of portfolio diversification in explaining the distribution of foreign investment across countries. I capture the portfolio diversification motive by a measure of country-specific riskiness, "covariance risk", which I construct as how countries' growth rates covary with the stochastic discount factor of a representative international investor. My key new empirical finding is a strong and significant correlation between this new measure of country riskiness and foreign investment allocations. Less risky countries, i.e. countries whose growth rates are more highly correlated with the investor's stochastic discount factor, receive larger investment shares than more risky countries. I interpret this result as evidence that investors do take into account diversification opportunities, not only for portfolio investment decisions, but also for foreign direct investment decisions. My empirical results confirm the theoretical predictions of standard portfolio allocation models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PORTFOLIO management (Investments)
KW  - FOREIGN investments
KW  - DIVERSIFICATION (Finance)
KW  - CORRELATION (Statistics)
KW  - STOCHASTIC analysis
KW  - ANALYSIS of covariance
KW  - foreign direct investment
KW  - global risk
KW  - international portfolio choice
KW  - portfolio diversification
N1  - Accession Number: 94899445; Tabova, Alexandra 1; Email Address: alexandra.m.tabova@frb.gov; Affiliations: 1: Staff economist in the Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 USA; Issue Info: Nov2013, Issue 1091, preceding p1; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: FOREIGN investments; Thesaurus Term: DIVERSIFICATION (Finance); Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: ANALYSIS of covariance; Author-Supplied Keyword: foreign direct investment; Author-Supplied Keyword: global risk; Author-Supplied Keyword: international portfolio choice; Author-Supplied Keyword: portfolio diversification; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sowerbutts, Rhiannon
AU  - Zimmerman, Peter
AU  - Zer, Ilknur
T1  - Banks' disclosure and financial stability.
JO  - Bank of England Quarterly Bulletin
JF  - Bank of England Quarterly Bulletin
Y1  - 2013///2013 4th Quarter
VL  - 53
IS  - 4
M3  - Article
SP  - 326
EP  - 335
PB  - Bank of England Bulletin Group
SN  - 00055166
AB  - The article reports on inadequate disclosure by the banks in Great Britain that increased the risk of financial crisis as of November 2013. It informs that investors who invest in banks lack sufficient information about the risks which the banks are bearing and hence, suggests that they should know about the requisite of market discipline. The requisites discussed include getting sufficient data to assess the risks, ability to process the data and powers to exercise discipline over the banks.
KW  - INADEQUATE disclosure
KW  - BANKING industry
KW  - INVESTMENT risk
KW  - CAPITALISTS & financiers
KW  - ACCESS to information
KW  - GREAT Britain
N1  - Accession Number: 93627383; Sowerbutts, Rhiannon 1; Zimmerman, Peter 1; Zer, Ilknur 2; Affiliations: 1: Bank's Financial Stability Directorate; 2: Board of Governors, Federal Reserve System; Issue Info: 2013 4th Quarter, Vol. 53 Issue 4, p326; Thesaurus Term: INADEQUATE disclosure; Thesaurus Term: BANKING industry; Thesaurus Term: INVESTMENT risk; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ACCESS to information; Subject Term: GREAT Britain; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kandrac, John
AU  - Schlusche, Bernd
T1  - Flow effects of large-scale asset purchases.
JO  - Economics Letters
JF  - Economics Letters
Y1  - 2013/11//
VL  - 121
IS  - 2
M3  - Article
SP  - 330
EP  - 335
SN  - 01651765
AB  - Abstract: How large-scale asset purchase (LSAP) programs affect financial markets is an important question for policy makers that face the zero lower bound. While so-called “stock effects”–that is, persistent shifts in asset prices observed as the result of an LSAP program–are relatively well documented in the literature, there has been little study of “flow effects” that may occur at the time of LSAP transactions. Using security-level transaction data related to four distinct programs over a period of roughly four years, we test for the presence of flow effects in both price and liquidity of Treasury securities. We show that flow effects in security prices were present during early LSAPs by the Federal Reserve, but they were of little economic significance. Alternatively, we find no evidence for systematic liquidity flow effects in any of the LSAP programs. [Copyright &y& Elsevier]
AB  - Copyright of Economics Letters is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - PURCHASING
KW  - SECURITIES markets
KW  - ECONOMIC policy
KW  - STOCKS (Finance) -- Prices
KW  - LIQUIDITY (Economics)
KW  - Liquidity
KW  - LSAP
KW  - Monetary policy
KW  - Open market operations
KW  - Quantitative easing
N1  - Accession Number: 90628270; Kandrac, John 1; Email Address: john.p.kandrac@frb.gov; Schlusche, Bernd 1; Email Address: bernd.schlusche@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, 20th and Constitution Ave. NW, Washington, DC 20551, USA; Issue Info: Nov2013, Vol. 121 Issue 2, p330; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: PURCHASING; Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMIC policy; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: LIQUIDITY (Economics); Author-Supplied Keyword: Liquidity; Author-Supplied Keyword: LSAP; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Open market operations; Author-Supplied Keyword: Quantitative easing; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 6p; Document Type: Article
L3  - 10.1016/j.econlet.2013.09.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=90628270&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Akıncı, Özge
T1  - Global financial conditions, country spreads and macroeconomic fluctuations in emerging countries.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2013/11//
VL  - 91
IS  - 2
M3  - Article
SP  - 358
EP  - 371
SN  - 00221996
AB  - Abstract: This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries. The main findings are: (1) global financial risk shocks explain about 20% of movements both in the country spread and in the aggregate activity in emerging economies. (2) The contribution of global risk-free interest rate shocks to macroeconomic fluctuations in emerging economies is negligible. Its role, which was emphasized in the literature, is taken up by global financial risk shocks. (3) Country spread shocks explain about 15 percent of the business cycles in emerging economies. (4) Interdependence between economic activity and the country spread is a key mechanism through which global financial shocks are transmitted to emerging economies. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - EMERGING markets
KW  - INTEREST rate risk
KW  - SHOCK (Economics)
KW  - BUSINESS cycles
KW  - AUTOREGRESSIVE processes
KW  - Country risk premium
KW  - Global financial risk
KW  - International business cycles
KW  - Small open economy
N1  - Accession Number: 92644260; Akıncı, Özge 1; Email Address: ozge.akinci@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, 20th St and Constitution Ave NW, Washington, DC 20551, USA; Issue Info: Nov2013, Vol. 91 Issue 2, p358; Thesaurus Term: MACROECONOMICS; Thesaurus Term: EMERGING markets; Thesaurus Term: INTEREST rate risk; Thesaurus Term: SHOCK (Economics); Thesaurus Term: BUSINESS cycles; Subject Term: AUTOREGRESSIVE processes; Author-Supplied Keyword: Country risk premium; Author-Supplied Keyword: Global financial risk; Author-Supplied Keyword: International business cycles; Author-Supplied Keyword: Small open economy; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jinteco.2013.07.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, David E.
AU  - Orphanides, Athanasios
AU  - Rasche, Robert H.
T1  - The Reform of October 1979: How It Happened and Why.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2013/11//Nov/Dec2013
VL  - 95
IS  - 6
M3  - Article
SP  - 487
EP  - 542
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively on contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism; new, neo, or old-fashioned Keynesianism; nominal income targeting; and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates yet be politically acceptable, and convince financial market participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC reform
KW  - ADOPTION of ideas
KW  - KEYNESIAN economics
KW  - INFLATION (Finance) -- United States
KW  - FINANCIAL market reaction
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 93980189; Lindsey, David E. 1 Orphanides, Athanasios 2 Rasche, Robert H. 3; Affiliation:  1: Deputy director of the Division of Monetary Affairs, Board of Governors of the Federal Reserve System  2: Adviser, Division of Monetary Affairs at the Board of Governors of the Federal Reserve System  3: Director of research, Federal Reserve Bank of St. Louis; Source Info: Nov/Dec2013, Vol. 95 Issue 6, p487; Subject Term: MONETARY policy; Subject Term: ECONOMIC reform; Subject Term: ADOPTION of ideas; Subject Term: KEYNESIAN economics; Subject Term: INFLATION (Finance) -- United States; Subject Term: FINANCIAL market reaction; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 56p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Brunetti, Celso
AU  - Büyükşahin, Bahattin
AU  - Robe, Michel A.
AU  - Soneson, Kirsten R.
T1  - OPEC "Fair Price" Pronouncements and the Market Price of Crude Oil.
JO  - Energy Journal
JF  - Energy Journal
Y1  - 2013/10//
VL  - 34
IS  - 4
M3  - Article
SP  - 79
EP  - 108
PB  - International Association for Energy Economics, Inc.
SN  - 01956574
AB  - OPEC producers, individually or collectively, often make statements regarding the "fair price " of crude oil. In some cases, the officials commenting are merely affirming the market price prevailing at the time. In many cases, however, we document that they explicitly disagree with contemporaneous oil futures prices. A natural question is whether these "fair price" pronouncements contain information not already reflected in the market price of crude oil. To find the answer, we collect "fair price" statements made from 2000 through 2010 by officials from OPEC or OPEC member countries. Visually, the "fair price" series looks like a sampling discretely drawn (with a lag)from the daily futures market price series. Formally, we use two primary methodologies to establish that "fair price" pronouncements have little influence on the market price of crude oil and provide little or no new news to oil futures market participants. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Energy Journal is the property of International Association for Energy Economics, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Petroleum products -- Sales & prices
KW  - Energy futures -- Sales & prices
KW  - Futures -- Sales & prices
KW  - Prices
KW  - Autoregressive Distributed Lag (ADL)
KW  - Crude oil
KW  - Event study
KW  - Fair price
KW  - Market price
KW  - OPEC
KW  - Organization of Petroleum Exporting Countries
N1  - Accession Number: 90358061; Brunetti, Celso 1; Büyükşahin, Bahattin 2; Robe, Michel A. 3; Email Address: mrobe@american.edu; Soneson, Kirsten R. 4; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Bank of Canada, 234 Wellington Street, Ottawa K1A 0G9, Ontario, Canada; 3: Kogod School of Business at American University, 4400 Massachusetts Avenue NW, Washington, DC 20016, USA; 4: McDonough School of Business, Georgetown University, 37th and O Streets, NW, Washington, D.C. 20057; Issue Info: 2013, Vol. 34 Issue 4, p79; Subject Term: Petroleum products -- Sales & prices; Subject Term: Energy futures -- Sales & prices; Subject Term: Futures -- Sales & prices; Subject Term: Prices; Author-Supplied Keyword: Autoregressive Distributed Lag (ADL); Author-Supplied Keyword: Crude oil; Author-Supplied Keyword: Event study; Author-Supplied Keyword: Fair price; Author-Supplied Keyword: Market price; Author-Supplied Keyword: OPEC ; Company/Entity: Organization of Petroleum Exporting Countries; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; Number of Pages: 30p; Document Type: Article
L3  - 10.5547/01956574.34.4.5
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Carlson, Mark
AU  - Hui Shan
AU  - Warusawitharana, Missaka
T1  - Capital ratios and bank lending: A matched bank approach.
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2013/10//
VL  - 22
IS  - 4
M3  - Article
SP  - 663
EP  - 687
SN  - 10429573
AB  - This paper examines the impact of bank capital ratios on bank lending by comparing differences in loan growth to differences in capital ratios at sets of banks that are matched based on geographic area as well as size and various business characteristics. We argue that such comparisons are most effective at controlling for local loan demand and other environmental factors. For comparison we also control for local factors using MSA fixed effects. We find, based on data from 2001 to 2011, that the relationship between capital ratios and bank lending was significant during and shortly following the recent financial crisis but not at other times. We find that the relationship between capital ratios and loan growth is stronger for banks where loans are contracting than where loans are expanding. We also show that the elasticity of bank lending with respect to capital ratios is higher when capital ratios are relatively low, suggesting that the effect of capital ratio on bank lending is nonlinear. In addition, we present findings on the relationship between bank capital and lending by bank size and loan type. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - ECONOMIC impact
KW  - BANK capital
KW  - BUSINESS enterprises -- Size
KW  - DEMAND (Economic theory)
KW  - ELASTICITY (Economics)
KW  - Bank capital
KW  - Bank lending
KW  - Regulatory capital
N1  - Accession Number: 92892392; Carlson, Mark 1; Email Address: mark.a.carlson@frb.gov; Hui Shan 2; Email Address: huishan79@gmail.com; Warusawitharana, Missaka 1; Email Address: missaka.n.warusawitharana@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, United States; 2: Goldman Sachs, New York, NY, United States; Issue Info: Oct2013, Vol. 22 Issue 4, p663; Thesaurus Term: BANK loans; Thesaurus Term: ECONOMIC impact; Thesaurus Term: BANK capital; Thesaurus Term: BUSINESS enterprises -- Size; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: ELASTICITY (Economics); Author-Supplied Keyword: Bank capital; Author-Supplied Keyword: Bank lending; Author-Supplied Keyword: Regulatory capital; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jfi.2013.06.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=92892392&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Desai, Chintal
AU  - Elliehausen, Gregory
AU  - Steinbuks, Jevgenijs
T1  - Effects of Bankruptcy Exemptions and Foreclosure Laws on Mortgage Default and Foreclosure Rates.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2013/10//
VL  - 47
IS  - 3
M3  - Article
SP  - 391
EP  - 415
SN  - 08955638
AB  - This study analyzes the effects of state bankruptcy asset exemptions and foreclosure laws on mortgage default and foreclosure rates across different segments of the mortgage market. We found that the effects of these legal provisions are larger for subprime than for prime mortgages and larger for adjustable rate mortgages than for fixed rate mortgages. These results demonstrate that the effect of variation in bankruptcy exemptions and foreclosure laws is most pronounced in the most risky segments of the mortgage market, which are those that have been most affected by the continuing housing slump in the United States. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loan default
KW  - BANKRUPTCY exemptions
KW  - FORECLOSURE
KW  - SECONDARY mortgage market
KW  - SUBPRIME mortgages
KW  - ADJUSTABLE rate mortgages
KW  - REAL property -- Finance
KW  - Bankruptcy exemptions
KW  - Foreclosure laws
KW  - Foreclosures
KW  - Mortgage defaults
N1  - Accession Number: 90309486; Desai, Chintal 1; Elliehausen, Gregory 2; Steinbuks, Jevgenijs 3; Email Address: jsteinbu@purdue.edu; Affiliations: 1: University of Texas-Pan American, Edinburg USA; 2: Board of Governors of the Federal Reserve System, Washington USA; 3: Purdue University, West Lafayette USA; Issue Info: Oct2013, Vol. 47 Issue 3, p391; Thesaurus Term: MORTGAGE loan default; Thesaurus Term: BANKRUPTCY exemptions; Thesaurus Term: FORECLOSURE; Thesaurus Term: SECONDARY mortgage market; Thesaurus Term: SUBPRIME mortgages; Thesaurus Term: ADJUSTABLE rate mortgages; Thesaurus Term: REAL property -- Finance; Author-Supplied Keyword: Bankruptcy exemptions; Author-Supplied Keyword: Foreclosure laws; Author-Supplied Keyword: Foreclosures; Author-Supplied Keyword: Mortgage defaults; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 25p; Illustrations: 10 Charts, 1 Graph; Document Type: Article
L3  - 10.1007/s11146-012-9366-z
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=90309486&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warusawitharana, Missaka
T1  - The expected real return to equity.
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2013/09//
VL  - 37
IS  - 9
M3  - Article
SP  - 1929
EP  - 1946
SN  - 01651889
AB  - Abstract: The expected return to equity – typically measured as a historical average – is a key variable in the decision making of investors. A recent literature uses analysts' forecasts, investor surveys or present-value relationships and finds estimates of expected returns that are sometimes much lower than historical averages. This study extends the present-value approach to a dynamic optimizing framework. Given a model that captures this relationship, one can use data on dividends, earnings and valuations to infer the model-implied expected return. Using this method, the estimated expected real return to equity ranges from 4.9% to 5.6% . Furthermore, the analysis indicates that expected returns have declined by about 3 percentage points over the past 40 years. These results indicate that future returns to equity may be lower than past realized returns. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATE of return
KW  - STOCKS (Finance)
KW  - DECISION making
KW  - FINANCE literature
KW  - EXPECTED returns
KW  - CAPITALISTS & financiers
KW  - ECONOMIC indicators
KW  - Aggregate earnings
KW  - Production-based asset pricing
KW  - Simulated method of moments
KW  - Time-varying expected returns
N1  - Accession Number: 89133383; Warusawitharana, Missaka 1; Email Address: m1mnw00@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW Washington DC 20551, USA; Issue Info: Sep2013, Vol. 37 Issue 9, p1929; Thesaurus Term: RATE of return; Thesaurus Term: STOCKS (Finance); Thesaurus Term: DECISION making; Thesaurus Term: FINANCE literature; Thesaurus Term: EXPECTED returns; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: Aggregate earnings; Author-Supplied Keyword: Production-based asset pricing; Author-Supplied Keyword: Simulated method of moments; Author-Supplied Keyword: Time-varying expected returns; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jedc.2013.04.003
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=89133383&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Thomas, Charles P.
AU  - Warnock, Francis E.
T1  - On returns differentials.
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2013/09//
VL  - 36
M3  - Article
SP  - 1
EP  - 25
SN  - 02615606
AB  - Abstract: Estimates of U.S. returns differentials have ranged from exorbitant to quite small, in part because of their volatility coupled with the relatively short time series available. We shed light on underlying drivers of returns differentials by presenting a number of decompositions: a by-asset-class decomposition into yields and capital gains, the Gourinchas and Rey (2007a) composition and return effects, and further decompositions of capital gains that focus on exchange rate effects. While each decomposition informs thinking about returns differentials, one constant is evident throughout: to date the existing differential favoring the U.S. has owed primarily to one factor, a differential in direct investment yields. We discuss how our analysis informs the income puzzle (of positive net income flows to the U.S. even as its net international investment position is negative and substantial) and the position puzzle (of a sizeable gap between the reported U.S. net international position and cumulated current account deficits), provide an initial assessment of the literature on the dynamics of returns differentials, and present a framework to guide a forward-looking view of how returns differentials might evolve in the future. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATE of return
KW  - VOLATILITY (Finance)
KW  - FOREIGN exchange rates
KW  - CAPITAL investments
KW  - CAPITAL gains
KW  - BALANCE of payments deficit
KW  - ASSETS (Accounting)
KW  - UNITED States
KW  - Exorbitant privilege
KW  - Income puzzle
KW  - Returns differentials
N1  - Accession Number: 89274911; Curcuru, Stephanie E. 1; Thomas, Charles P. 1; Warnock, Francis E. 2,3,4,5; Email Address: few9t@virginia.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; 2: Darden Graduate School of Business, University of Virginia, Charlottesville, VA, USA; 3: Institute for International Integration Studies, Trinity College Dublin, Ireland; 4: Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, USA; 5: National Bureau of Economic Research, USA; Issue Info: Sep2013, Vol. 36, p1; Thesaurus Term: RATE of return; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: CAPITAL investments; Thesaurus Term: CAPITAL gains; Thesaurus Term: BALANCE of payments deficit; Thesaurus Term: ASSETS (Accounting); Subject: UNITED States; Author-Supplied Keyword: Exorbitant privilege; Author-Supplied Keyword: Income puzzle; Author-Supplied Keyword: Returns differentials; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jimonfin.2013.02.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=89274911&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bubb, Ryan
AU  - Kaufman, Alex
T1  - Consumer biases and mutual ownership.
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 2013/09//
VL  - 105
M3  - Article
SP  - 39
EP  - 57
SN  - 00472727
AB  - Abstract: We show how ownership of the firm by its customers, as well as nonprofit status, can prevent firms from using contractual terms that take advantage of consumer biases. By eliminating an outside residual claimant with control over the firm, these alternatives to investor ownership reduce the incentive of the firm to offer such terms. However, customers who are unaware of their behavioral biases may fail to recognize this advantage of non-investor-owned firms. We present evidence from the consumer financial services market that supports our theory. Comparing contract terms, we find that mutually owned firms offer lower penalties, such as default interest rates, and higher up-front prices, such as introductory interest rates, than do investor-owned firms. However, consumers most vulnerable to these penalties are no more likely to use mutually owned firms. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Public Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CUSTOMER relations
KW  - SECURITIES markets
KW  - NONPROFIT organizations
KW  - FINANCIAL services industry
KW  - COMPARATIVE studies
KW  - Consumer biases
KW  - Credit unions
KW  - K22
KW  - Mutual ownership
KW  - Nonprofits
N1  - Accession Number: 89739285; Bubb, Ryan 1; Email Address: ryan.bubb@nyu.edu; Kaufman, Alex 2; Email Address: alex.kaufman@frb.gov; Affiliations: 1: New York University School of Law, United States; 2: Board of Governors of the Federal Reserve System, United States; Issue Info: Sep2013, Vol. 105, p39; Thesaurus Term: CUSTOMER relations; Thesaurus Term: SECURITIES markets; Thesaurus Term: NONPROFIT organizations; Thesaurus Term: FINANCIAL services industry; Subject Term: COMPARATIVE studies; Author-Supplied Keyword: Consumer biases; Author-Supplied Keyword: Credit unions; Author-Supplied Keyword: K22; Author-Supplied Keyword: Mutual ownership; Author-Supplied Keyword: Nonprofits; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 813319 Other Social Advocacy Organizations; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jpubeco.2013.06.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=89739285&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Paciorek, Andrew
T1  - Supply constraints and housing market dynamics.
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2013/09//
VL  - 77
M3  - Article
SP  - 11
EP  - 26
SN  - 00941190
AB  - Abstract: Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have important and little-studied implications for housing dynamics. I illustrate the strong relationship between the volatility of house prices and the regulation of new housing supply. I then employ a dynamic structural model of housing investment to investigate the mechanisms underlying this relationship. I find that supply constraints increase volatility through two channels: First, regulation lowers the elasticity of new housing supply by increasing lags in the permit process and adding to the cost of supplying new houses on the margin. Second, geographic limitations on the area available for building houses, such as steep slopes and water bodies, lead to less investment on average relative to the size of the existing housing stock, leaving less scope for the supply response to attenuate the effects of a demand shock. My estimates and simulations confirm that regulation and geographic constraints play critical and complementary roles in decreasing the responsiveness of investment to demand shocks, which in turn amplifies house price volatility. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUPPLY & demand
KW  - HOUSING market
KW  - DEMAND (Economic theory)
KW  - VOLATILITY (Finance)
KW  - ECONOMIC policy
KW  - INVESTMENTS
KW  - HOME prices
KW  - House prices
KW  - Housing supply
KW  - Regulation
KW  - Supply lags
KW  - Volatility
N1  - Accession Number: 89033884; Paciorek, Andrew 1; Email Address: andrew.d.paciorek@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, United States; Issue Info: Sep2013, Vol. 77, p11; Thesaurus Term: SUPPLY & demand; Thesaurus Term: HOUSING market; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: INVESTMENTS; Thesaurus Term: HOME prices; Author-Supplied Keyword: House prices; Author-Supplied Keyword: Housing supply; Author-Supplied Keyword: Regulation; Author-Supplied Keyword: Supply lags; Author-Supplied Keyword: Volatility; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jue.2013.04.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=89033884&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Krimmel, Jacob
AU  - Moore, Kevin B.
AU  - Sabelhaus, John
AU  - Smith, Paul
T1  - The Current State of U.S. Household Balance Sheets.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2013/09//Sep/Oct2013
VL  - 95
IS  - 5
M3  - Article
SP  - 337
EP  - 359
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The Board of Governors of the Federal Reserve System is responsible for two of the most widely used datasets containing information about U.S. household balance sheets: the quarterly macro-level Financial Accounts of the United States (FA, formerly known as the Flow of Funds Accounts) and the triennial micro-level Survey of Consumer Finances (SCF). The FA is very timely, but the data can be used only to describe the household sector as a whole. The SCF provides the micro-level detail needed to capture heterogeneity in household finances, but the data are available only with a long lag. The authors' key contribution in this article is their use of the FA dataset and other macro data sources to "age" the microlevel SCF data forward through time to generate a representative sample for current-quarter policy analysis. They use this aging approach to compare and contrast pre- and post-recession trends in key indicators, such as net worth, debt-to-income ratios, debt service-to-income ratios, and housing loanto- value ratios across families grouped by characteristics including income, age, and geography. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL statements
KW  - FLOW of funds
KW  - HOUSEHOLDS
KW  - PERSONAL finance
KW  - RECESSIONS
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 92993761; Krimmel, Jacob 1 Moore, Kevin B. 2 Sabelhaus, John 3 Smith, Paul 4; Affiliation:  1: Senior research assistant in the Research and Statistics Division  2: Senior economist  3: Chief of the Microeconomic Surveys Section, Research and Statistics Division  4: Chief of the Flow of Funds Section, Research and Statistics Division, of the Board of Governors of the Federal Reserve System; Source Info: Sep/Oct2013, Vol. 95 Issue 5, p337; Subject Term: FINANCIAL statements; Subject Term: FLOW of funds; Subject Term: HOUSEHOLDS; Subject Term: PERSONAL finance; Subject Term: RECESSIONS; Subject Term: UNITED States; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 23p; Illustrations: 3 Charts, 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin S.
AU  - Trabandt, Mathias
T1  - Unemployment and Business Cycles.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/09//
IS  - 1089
M3  - Article
SP  - 1
EP  - 49
AB  - We develop and estimate a general equilibrium model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, wages are not subject to exogenous nominal rigidities. Instead we derive wage inertia from our specification of how firms and workers interact when negotiating wages. Our model outperforms the standard Diamond-Mortensen-Pissarides model both statistically and in terms of the plausibility of the estimated structural parameter values. Our model also outperforms an estimated sticky wage model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - UNEMPLOYMENT
KW  - BUSINESS cycles
KW  - EQUILIBRIUM (Economics)
KW  - MACROECONOMICS
KW  - KEYNESIAN economics
KW  - Bayesian estimation
KW  - business cycles
KW  - unemployment
KW  - wage inertia
N1  - Accession Number: 94899426; Christiano, Lawrence J. 1; Email Address: l-christiano@northwestern.edu; Eichenbaum, Martin S. 1; Email Address: eich@northwestern.edu; Trabandt, Mathias 2; Email Address: mathias.trabandt@gmail.com; Affiliations: 1: Northwestern University, Department of Economics, 2001 Sheridan Road, Evanston, Illinois 60208, USA; 2: Board of Governors of the Federal Reserve System, Division of International Finance, Trade and Financial Studies Section, 20th Street and Constitution Avenue N.W, Washington, DC 20551, USA; Issue Info: Sep2013, Issue 1089, p1; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: BUSINESS cycles; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: MACROECONOMICS; Thesaurus Term: KEYNESIAN economics; Author-Supplied Keyword: Bayesian estimation; Author-Supplied Keyword: business cycles; Author-Supplied Keyword: unemployment; Author-Supplied Keyword: wage inertia; Number of Pages: 62p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Alessandria, George
AU  - Pratap, Sangeeta
AU  - Yue, Vivian
T1  - Export Dynamics in Large Devaluations.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/08/11/
IS  - 1087
M3  - Article
SP  - 2
EP  - 63
AB  - We study the source and consequences of sluggish export dynamics in emerging markets following large devaluations. We document two main features of exports that are puzzling for standard trade models. First, given the change in relative prices, exports tend to grow gradually following a devaluation. Second, high interest rates tend to suppress exports. To address these features of export dynamics, we embed a model of endogenous export participation due to sunk and per period export costs into an otherwise standard small open economy. In response to shocks to productivity, the interest rate, and the discount factor, we find the model can capture the salient features of export dynamics documented. At the aggregate level, the features giving rise to sluggish exports lead to more gradual net export reversals, sharper contractions and recoveries in output, and endogenous stagnation in labor productivity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMERGING markets
KW  - ECONOMIC development
KW  - LABOR productivity
KW  - INTEREST rates
KW  - PRICES
KW  - DEVALUATION of currency
KW  - Devaluation
KW  - Export Dynamics
KW  - Net Exports
N1  - Accession Number: 94899559; Alessandria, George 1; Email Address: george.alessandria@phil.frb.org; Pratap, Sangeeta 2; Email Address: sangeeta.pratap@hunter.cuny.edu; Yue, Vivian 3; Email Address: vivian.yue@frb.gov; Affiliations: 1: Federal Reserve Bank, Philadelphia; 2: Hunter College & Graduate Center, City University of New York; 3: Board of Governors, Federal Reserve System; Issue Info: Aug2013, Issue 1087, p2; Thesaurus Term: EMERGING markets; Thesaurus Term: ECONOMIC development; Thesaurus Term: LABOR productivity; Thesaurus Term: INTEREST rates; Thesaurus Term: PRICES; Thesaurus Term: DEVALUATION of currency; Author-Supplied Keyword: Devaluation; Author-Supplied Keyword: Export Dynamics; Author-Supplied Keyword: Net Exports; Number of Pages: 62p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neuhierl, Andreas
AU  - Scherbina, Anna
AU  - Schlusche, Bernd
T1  - Market Reaction to Corporate Press Releases.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 2013/08//
VL  - 48
IS  - 4
M3  - Article
SP  - 1207
EP  - 1240
PB  - Cambridge University Press
SN  - 00221090
AB  - We classify a unique and comprehensive dataset of corporate press releases into topics and study the market reaction to various types of news. While confirming prior findings regarding strong stock price responses to financial news, we also document significant reactions to news about corporate strategy, customers and partners, products and services, management changes, and legal developments. Consistent with regulators' expectations, the level of informational asymmetry in the market declines following most types of press releases. At the same time, return volatility frequently increases in the post-announcement period, which we show can be attributed to higher levels of valuation uncertainty. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRESS releases
KW  - FINANCIAL market reaction
KW  - RESEARCH
KW  - PUBLIC relations
KW  - INFORMATION asymmetry
KW  - VOLATILITY (Securities)
KW  - STOCKS (Finance) -- Prices
KW  - MATHEMATICAL models
KW  - SECURITIES trading volume
KW  - ECONOMIC aspects
KW  - UNITED States. Sarbanes-Oxley Act of 2002
N1  - Accession Number: 93384136; Neuhierl, Andreas 1; Scherbina, Anna 2; Schlusche, Bernd 3; Affiliations: 1: a1 Kellogg Graduate School of Management, Northwestern University, 2001 Sheridan Rd, Evanston, IL 60208. E-mail: a-neuhierl@kellogg.northwestern.edu.; 2: Graduate School of Management, University of California at Davis, 1 Shields Ave, Davis, CA 95616. E-mail: ascherbina@ucdavis.edu. Phone: (530) 754-8076. Fax: (530) 725-2924.; 3: Board of Governors of the Federal Reserve System, Washington, DC 20551. E-mail: bernd.schlusche@frb.gov.; Issue Info: 2013, Vol. 48 Issue 4, p1207; Thesaurus Term: PRESS releases; Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: RESEARCH; Thesaurus Term: PUBLIC relations; Thesaurus Term: INFORMATION asymmetry; Thesaurus Term: VOLATILITY (Securities); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: SECURITIES trading volume; Subject Term: ECONOMIC aspects; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; NAICS/Industry Codes: 541820 Public Relations Agencies; Number of Pages: 34p; Document Type: Article
L3  - 10.1017/S002210901300046X
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - BERNANKE, BEN
T1  - ECONOMIC PROSPECTS FOR THE LONG RUN.
JO  - Vital Speeches of the Day
JF  - Vital Speeches of the Day
Y1  - 2013/08//
VL  - 79
IS  - 8
M3  - Speech
SP  - 244
EP  - 246
PB  - Pro Rhetoric, LLC
SN  - 0042742X
AB  - The article presents a commencement address by U.S. Federal Reserve Board chairman Ben Bernanke, delivered at the May 18, 2013, graduation ceremony of Bard College at Simon's Rock in Great Barrington, Massachusetts. He discusses the future of the U.S. economy, focusing on the likely economic impacts of technological innovations associated with information technology (IT) and biotechnology. He says that creative and critical thinking are important skills for the future.
KW  - BACCALAUREATE addresses
KW  - ECONOMIC forecasting
KW  - TECHNOLOGICAL innovations -- Economic aspects
KW  - INFORMATION technology
KW  - BIOTECHNOLOGY
KW  - CREATIVE ability
KW  - BERNANKE, Ben, 1953-
N1  - Accession Number: 90424600; BERNANKE, BEN 1; Affiliation:  1: Chairman, Board of Governors, Federal Reserve System; Source Info: Aug2013, Vol. 79 Issue 8, p244; Subject Term: BACCALAUREATE addresses; Subject Term: ECONOMIC forecasting; Subject Term: TECHNOLOGICAL innovations -- Economic aspects; Subject Term: INFORMATION technology; Subject Term: BIOTECHNOLOGY; Subject Term: CREATIVE ability; NAICS/Industry Codes: 541711 Research and Development in Biotechnology; People: BERNANKE, Ben, 1953-; Number of Pages: 3p; Document Type: Speech
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Brandao-Marques, Luis
AU  - Correa, Ricardo
AU  - Sapriza, Horacio
T1  - International evidence on government support and risk taking in the banking sector.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/08//
IS  - 1085/1086
M3  - Article
SP  - 1
EP  - 46
AB  - Government support to banks through the provision of explicit or implicit guarantees affects the willingness of banks to take on risk by reducing market discipline or by increasing charter value. We use an international sample of rated banks and find that government support is associated with more risk taking by banks, especially prior and during the 2008-2009 financial crisis. We also find that restricting banks' range of activities ameliorates the link between government support and bank risk taking. We conclude that strengthening market discipline by reducing bank complexity is needed to address this moral hazard problem. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT aid
KW  - SURETYSHIP & guaranty
KW  - DEPOSIT insurance
KW  - GOVERNMENT programs
KW  - BANKING industry -- Risk management
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - INCENTIVE grants
KW  - bank regulation
KW  - Bank risk
KW  - government support
KW  - market discipline
N1  - Accession Number: 90424435; Brandao-Marques, Luis 1; Email Address: lmarques@imf.org; Correa, Ricardo 1; Email Address: ricardo.correa@frb.gov; Sapriza, Horacio 1; Email Address: horacio.sapriza@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Aug2013, Issue 1085/1086, preceding p1; Thesaurus Term: GOVERNMENT aid; Thesaurus Term: SURETYSHIP & guaranty; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: GOVERNMENT programs; Thesaurus Term: BANKING industry -- Risk management; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: INCENTIVE grants; Author-Supplied Keyword: bank regulation; Author-Supplied Keyword: Bank risk; Author-Supplied Keyword: government support; Author-Supplied Keyword: market discipline; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; Number of Pages: 47p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Zarutskie, Rebecca
T1  - Competition, financial innovation and commercial bank loan portfolios.
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2013/07/01/
M3  - Article
SP  - 373
EP  - 396
SN  - 10429573
AB  - Abstract: I examine how US commercial bank loan portfolios change in response to the rise of securitization markets and banking market deregulations over 1976–2003. Banks increasingly tilt their portfolios toward real-estate-backed loans. However, there are significant differences across banks. Larger banks and younger banks disproportionately shift their lending toward real-estate-backed loans, particularly commercial real-estate-backed loans, whereas smaller banks and older banks maintain greater shares of their loan portfolios in commercial and personal loans. When larger banks make more real-estate-backed loans, they charge lower interest rates, consistent with these banks lowering the costs of lending and expanding credit for borrowers. In contrast, smaller banks charge higher interest rates, consistent with these banks restricting lending to a select group of borrowers. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
N1  - Accession Number: 89330905; Zarutskie, Rebecca 1; Email Address: rebecca.zarutskie@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Mailstop 97, 20th and C Streets NW, Washington, DC 20551, USA; Issue Info: p373; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.jfi.2013.02.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orlik, Anna
AU  - Presno, Ignacio
T1  - Optimal Monetary Policy under Model Uncertainty without Commitment.
JO  - Research Review
JF  - Research Review
Y1  - 2013/07//Jul-Dec2013
IS  - 20
M3  - Article
SP  - 65
EP  - 68
PB  - Federal Reserve Bank of Boston
SN  - 15522814
AB  - In this article, the authors develop a new theoretical model for designing optimal monetary policy. It discusses the assumption that the private sector fully trusts a single probability model that perfectly describes the evolution of the underlying state of the economy. It posits that the private sector contemplates a set of alternative probability models, which are hard to discriminate from one another given the data available.
KW  - MONETARY policy
KW  - INTEREST rates
KW  - MATHEMATICAL models
KW  - ECONOMIC policy
KW  - PRIVATE sector
N1  - Accession Number: 98529023; Orlik, Anna 1; Email Address: anna.a.orlik@frb.gov Presno, Ignacio 2,3; Email Address: presno@gmail.com; Affiliation:  1: Economist, monetary affairs division, Board of Governors, Federal Reserve System  2: Assistant professor, University of Montevideo  3: Economist, research department, Federal Reserve Bank of Boston; Source Info: Jul-Dec2013, Issue 20, p65; Subject Term: MONETARY policy; Subject Term: INTEREST rates; Subject Term: MATHEMATICAL models; Subject Term: ECONOMIC policy; Subject Term: PRIVATE sector; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory
AD  - Board of Governors of the Federal Reserve System
T1  - No Slack: The Financial Lives of Low-Income Americans
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 2013/06//
VL  - 51
IS  - 2
SP  - 544
EP  - 548
SN  - 00220515
N1  - Accession Number: 1371669. Author of Reviewed Book: Barr, Michael S.; Publisher Information: Washington, D.C.: Brookings Institution Press, 2012, Reviewed Book ISBN: 978-0-8157-2233-5; Keywords: Bankruptcy;  Consumer;  Need;  Needs; Publication Type: Book Review; Update Code: 201306
KW  - Household Saving; Personal Finance          D14
KW  - General Welfare; Well-Being          I31
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pierce, Justin
T1  - Antidumping Duties and Plant-Level Restructuring.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2013/06//
VL  - 42
IS  - 4
M3  - Article
SP  - 435
EP  - 447
SN  - 0889938X
AB  - This paper examines the effect of antidumping duties on the restructuring activities of protected plants. Using a dataset that contains the full population of U.S. manufacturers, I find that protected plants increase their capital intensities modestly relative to unprotected plants, but only when antidumping duties have been in place for a sufficient duration. I find little effect of antidumping duties on a proxy for the skilled labor intensity of protected plants. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ANTIDUMPING duties
KW  - CORPORATE reorganizations
KW  - DATA analysis
KW  - MANUFACTURES
KW  - CAPITAL intensity
KW  - SKILLED labor
KW  - UNITED States
KW  - Antidumping
KW  - F10
KW  - F13
KW  - L25
KW  - Restructuring
KW  - Temporary protection
N1  - Accession Number: 87785562; Pierce, Justin 1; Email Address: justin.r.pierce@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and C Streets NW Washington 20551 USA; Issue Info: Jun2013, Vol. 42 Issue 4, p435; Thesaurus Term: ANTIDUMPING duties; Thesaurus Term: CORPORATE reorganizations; Thesaurus Term: DATA analysis; Thesaurus Term: MANUFACTURES; Thesaurus Term: CAPITAL intensity; Thesaurus Term: SKILLED labor; Subject: UNITED States; Author-Supplied Keyword: Antidumping; Author-Supplied Keyword: F10; Author-Supplied Keyword: F13; Author-Supplied Keyword: L25; Author-Supplied Keyword: Restructuring; Author-Supplied Keyword: Temporary protection; Number of Pages: 13p; Illustrations: 4 Charts; Document Type: Article
L3  - 10.1007/s11151-013-9386-8
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, David E.
AU  - Orphanides, Athanasios
AU  - Rasche, Robert H.
T1  - The Reform of October 1979: How It Happened and Why.
JO  - Richmond Fed Economic Briefs
JF  - Richmond Fed Economic Briefs
Y1  - 2013/05//
VL  - 13
IS  - 5
M3  - Article
SP  - 187
EP  - 235
AB  - This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively on contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism; new, neo, or old-fashioned Keynesianism; nominal income targeting; and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates yet be politically acceptable, and convince financial market participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Richmond Fed Economic Briefs is the property of Federal Reserve Bank of Richmond and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - ECONOMIC indicators
KW  - CHICAGO school of economics
KW  - KEYNESIAN economics
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 108445869; Lindsey, David E.; Orphanides, Athanasios 1,2,3; Rasche, Robert H. 4; Affiliations: 1: Adviser, Division of Monetary Affairs, Board of Governors of the Federal Reserve System; 2: Research fellow , Centre for Economic Policy Research; 3: Fellow of the Center for Financial Studies; 4: Senior vice president and director of research, Federal Reserve Bank of St. Louis; Issue Info: May2013, Vol. 13 Issue 5, p187; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: CHICAGO school of economics; Thesaurus Term: KEYNESIAN economics ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 49p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nunes, Ricardo
T1  - Do central banks' forecasts take into account public opinion and views?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/05//
IS  - 1080
M3  - Article
SP  - 2
EP  - 28
AB  - The Federal Reserve through the Federal Open Market Committee (FOMC) regularly releases macroeconomic forecasts to the general public and the US congress with the purpose of explaining the likely evolution of the economy and the appropriate stance of monetary policy. Immediately before doing so, the FOMC receives a forecast produced by the Federal Reserve staff which remains private for five years. The literature has pointed out that, despite the informational advantage of the FOMC, its forecast differs from and is not always more accurate than the staff forecast. This finding has raised concerns regarding the loss of relevant information and the usefulness of the FOMC forecasts. This paper brings evidence that the FOMC forecast also incorporates other publicly available forecasts and views, and that the weight attributed to public forecasts is larger than what is optimal given a mean squared error objective. These findings are consistent with i) the institutional role of the FOMC in being representative of a variety of public views, ii) the academic literature recommendation to use equal weights and not to overfit specific forecasts based on past performance. The statistical model can also account for Several empirical regularities of the forecasts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CENTRAL banking industry
KW  - PUBLIC opinion
KW  - ECONOMIC forecasting
KW  - MONETARY policy
KW  - central banks' forecasts
KW  - monetary policy design
KW  - UNITED States. Federal Reserve Board
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 90424433; Nunes, Ricardo 1; Email Address: ricardo.p.nunes@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May2013, Issue 1080, p2; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: PUBLIC opinion; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: central banks' forecasts; Author-Supplied Keyword: monetary policy design ; Company/Entity: UNITED States. Federal Reserve Board ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bricker, Jesse
AU  - Hanson, Andrew
T1  - The Impact of Early Commitment on Games Played: Evidence from College Football Recruiting.
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 2013/04//
VL  - 79
IS  - 4
M3  - Article
SP  - 971
EP  - 983
PB  - John Wiley & Sons, Inc.
SN  - 00384038
AB  - We use data on athletic scholarship acceptance decisions to show that high school football players signal their ability level by delaying commitment. Although colleges can obtain information about student athletes, National Collegiate Athletic Association regulations limit information flow, making private information an important component of the scholarship market. Using ordinary least squares, censored regression, and negative binomial estimation, we show that for a given observed ability level, committing to a scholarship offer early is associated with less playing time after acceptance. In one season and at a typical average early signing date, early-committing athletes played in 0.21 fewer games per season, or about 4% of the average number of games played. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Southern Economic Journal is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ORGANIZATIONAL commitment
KW  - REGRESSION analysis
KW  - SCOUTING (Athletics)
KW  - ATHLETIC scholarships
KW  - HIGH school football players
KW  - LEAST squares
KW  - NEGATIVE binomial distribution
KW  - NATIONAL Collegiate Athletic Association
N1  - Accession Number: 87317203; Bricker, Jesse 1; Email Address: jesse.brickei@frb.gov; Hanson, Andrew 2; Email Address: hanson@marquette.edu; Affiliations: 1: Board of Governors of the Federal Reserve System. Division of Research & Statistics, 20th and C Street NW, MS-153, Washington, DC 20551, USA; 2: Department of Economics, Marquette University, P.O. Box 1881, Milwaukee, WI 53201; Issue Info: Apr2013, Vol. 79 Issue 4, p971; Thesaurus Term: ORGANIZATIONAL commitment; Thesaurus Term: REGRESSION analysis; Thesaurus Term: SCOUTING (Athletics); Subject Term: ATHLETIC scholarships; Subject Term: HIGH school football players; Subject Term: LEAST squares; Subject Term: NEGATIVE binomial distribution ; Company/Entity: NATIONAL Collegiate Athletic Association; Number of Pages: 13p; Document Type: Article; Full Text Word Count: 6185
L3  - 10.4284/0038-4038-2010.119
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Thomas, Charles P.
AU  - Warnock, Francis E.
T1  - On Returns Differentials.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/04//
IS  - 1076-1079
M3  - Article
SP  - 1
EP  - 53
AB  - Estimates of U.S. returns differentials have ranged from exorbitant to quite small, in part because of their volatility coupled with the relatively short time series available. We shed light on underlying drivers of returns differentials by presenting a number of decompositions: a by-asset-class decomposition into yields and capital gains, the Gourinchas and Rey (2007a) composition and return effects, and further decompositions of capital gains that focus on exchange rate effects. While each decomposition informs thinking about returns differentials, one constant is evident throughout: to date the existing differential favoring the U.S. has owed primarily to one factor, a differential in direct investment yields. We discuss how our analysis informs the income puzzle (of positive net income flows to the U.S. even as its net international investment position is negative and substantial) and the position puzzle (of a sizeable gap between the reported U.S. net international position and cumulated current account deficits), provide an initial assessment of the literature on the dynamics of returns differentials, and present a framework to guide a forward-looking view of how returns differentials might evolve in the future. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WAGE differentials
KW  - CAPITAL gains
KW  - INVESTMENT income
KW  - MONETARY policy
KW  - DIFFERENTIAL diagnosis
KW  - UNITED States
KW  - current account
KW  - direct investment
KW  - international investment position
N1  - Accession Number: 90424179; Curcuru, Stephanie E. 1; Thomas, Charles P. 1; Warnock, Francis E. 2,3,4,5; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Darden Graduate School of Business, University of Virginia; 3: Institute for International Integration Studies, Trinity College Dublin; 4: Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas; 5: National Bureau of Economic Research; Issue Info: Apr2013, Issue 1076-1079, p1; Thesaurus Term: WAGE differentials; Thesaurus Term: CAPITAL gains; Thesaurus Term: INVESTMENT income; Thesaurus Term: MONETARY policy; Subject Term: DIFFERENTIAL diagnosis; Subject: UNITED States; Author-Supplied Keyword: current account; Author-Supplied Keyword: direct investment; Author-Supplied Keyword: international investment position; Number of Pages: 53p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Epstein, Brendan
AU  - Nunn, Ryan
T1  - Taxation, Match Quality and Social Welfare.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/04//
IS  - 1076-1079
M3  - Article
SP  - 1
EP  - 29
AB  - A large public finance literature argues that taxable income elasticities are a suffcient statistic for the social welfare consequences of taxation. We develop calibrations that show such deadweight loss calculations are overestimates proportional to the quantitative significance of heterogeneity in amenities across job matches. In particular, the endogenous supply of amenities can substantially exacerbate this overestimation in both static and dynamic environments. Given the possibility of gradual migration of workers into more amenity-focused job matches in response to tax increases, welfare calculations based on long-run taxable income elasticities can be more misleading than those based on short-run elasticities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAXATION
KW  - PUBLIC finance
KW  - SOCIAL services
KW  - INCOME tax
KW  - SOCIAL problems
KW  - HETEROGENEITY
KW  - deadweight loss.
KW  - endogenous amenities
KW  - match quality
KW  - taxable income elasticity
N1  - Accession Number: 90424181; Epstein, Brendan 1; Email Address: brendan.epstein@frb.gov; Nunn, Ryan 2; Email Address: ryan.nunn@treasury.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; 20th and C Streets, NW; Washington, D.C. 20551; 2: U.S. Department of the Treasury; 1500 Pennsylvania Avenue, NW; Washington, D.C. 20220; Issue Info: Apr2013, Issue 1076-1079, p1; Thesaurus Term: TAXATION; Thesaurus Term: PUBLIC finance; Thesaurus Term: SOCIAL services; Thesaurus Term: INCOME tax; Subject Term: SOCIAL problems; Subject Term: HETEROGENEITY; Author-Supplied Keyword: deadweight loss.; Author-Supplied Keyword: endogenous amenities; Author-Supplied Keyword: match quality; Author-Supplied Keyword: taxable income elasticity; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 624190 Other Individual and Family Services; Number of Pages: 29p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DEBACKER, JASON
AU  - HElM, BRADLEY
AU  - PANOUSI, VASIA
AU  - RAMNATH, SHANTHI
AU  - VIDANGOS, IVAN
T1  - Rising Inequality: Transitory or Persistent? New Evidence from a Panel of U.S. Tax Returns.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2013///Spring2013
M3  - Article
SP  - 67
EP  - 122
PB  - Brookings Institution Press
SN  - 00072303
AB  - We use a new, large, and confidential panel of tax returns to study the persistent-versus-transitory nature of rising inequality in male labor earnings and in total household income, both before and after taxes, in the United States over the period 1987-2009. We apply various statistical decomposition methods that allow for different ways of characterizing persistent and transitory income components. For male labor earnings, we find that the entire increase in cross-sectional inequality over our sample period was driven by an increase in the dispersion of the persistent component of earnings. For total household income, we find that most of the increase in inequality reflects an increase in the dispersion of the persistent income component, but the transitory component also appears to have played some role. We also show that the tax system partly mitigated the increase in income inequality, but not sufficiently to alter its broadly increasing trend over the period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCOME
KW  - TAX returns
KW  - INCOME distribution
KW  - EQUALITY
KW  - DECOMPOSITION method (Mathematics)
KW  - UNITED States
N1  - Accession Number: 91718942; DEBACKER, JASON 1; HElM, BRADLEY 2; PANOUSI, VASIA 3; RAMNATH, SHANTHI 4; VIDANGOS, IVAN 3; Affiliations: 1: Middle Tennessee State University; 2: Indiana University; 3: Board of Governors of the Federal Reserve System; 4: U.S. Department of the Treasury; Issue Info: Spring2013, p67; Thesaurus Term: INCOME; Thesaurus Term: TAX returns; Thesaurus Term: INCOME distribution; Subject Term: EQUALITY; Subject Term: DECOMPOSITION method (Mathematics); Subject: UNITED States; Number of Pages: 56p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCABE, PATRICK E.
AU  - CIPRIANI, MARCO
AU  - HOLSCHER, MICHAEL
AU  - MARTIN, ANTOINE
T1  - The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2013///Spring2013
M3  - Article
SP  - 211
EP  - 256
PB  - Brookings Institution Press
SN  - 00072303
AB  - This paper introduces a proposal for money market fund (MMF) reform to mitigate the systemic risk and externalities that arise from the funds' vulnerability to runs and to protect shareholders who do not redeem quickly when runs occur. Our proposal would require that a small fraction of each MMF shareholder's recent balances, called the "minimum balance at risk" (MBR), be available for redemption only with a delay of 30 days. Most regular transactions in the fund would be unaffected; the requirement would only affect redemptions of the shareholder's MBR. In addition, in the rare event that a fund suffers losses, the MBRs of investors who have recently made large redemptions would absorb losses before those of nonredeeming investors. This subordination of redeeming investors' MBRs would create a disincentive to redeem if the fund is likely to have losses, but would have little effect on incentives when the risk of loss is remote. We use empirical evidence, including a novel data set from the U.S. Treasury and the U.S. Securities and Exchange Commission on MMF losses in 2008, to calibrate an MBR rule that would reduce the vulnerability of MMFs to runs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SYSTEMIC risk (Finance)
KW  - MONEY market funds
KW  - MUTUAL funds
KW  - STOCKHOLDERS
KW  - CAPITALISTS & financiers
KW  - UNITED States. Dept. of the Treasury
KW  - UNITED States. Securities & Exchange Commission
N1  - Accession Number: 91718946; McCABE, PATRICK E. 1; CIPRIANI, MARCO 2; HOLSCHER, MICHAEL 2; MARTIN, ANTOINE 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of New York; Issue Info: Spring2013, p211; Thesaurus Term: SYSTEMIC risk (Finance); Thesaurus Term: MONEY market funds; Thesaurus Term: MUTUAL funds; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CAPITALISTS & financiers ; Company/Entity: UNITED States. Dept. of the Treasury ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 526914 Money market funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 46p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chen, Bin
AU  - Song, Zhaogang
T1  - Testing whether the underlying continuous-time process follows a diffusion: An infinitesimal operator-based approach
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2013/03//
VL  - 173
IS  - 1
M3  - Article
SP  - 83
EP  - 107
SN  - 03044076
AB  - Abstract: We develop a nonparametric test to check whether a process can be represented by a stochastic differential equation driven only by a Brownian motion. Our testing procedure utilizes the infinitesimal operator-based martingale characterization combined with a generalized spectral approach. Such a testing procedure is feasible and convenient because the infinitesimal operator of the diffusion process has a closed-form expression. The proposed test is applicable to both univariate and multivariate processes and has an limit distribution under the diffusion hypothesis. Simulation and empirical studies show that the proposed test has reasonable performance in small samples. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NONPARAMETRIC statistics
KW  - CONTINUOUS distributions
KW  - INFINITESIMAL transformations
KW  - DIFFUSION processes
KW  - STOCHASTIC differential equations
KW  - BROWNIAN motion
KW  - MARTINGALES (Mathematics)
KW  - UNIVARIATE analysis
KW  - Diffusion
KW  - Infinitesimal operator
KW  - Martingale
KW  - Nonparametric
N1  - Accession Number: 85155007; Chen, Bin 1; Email Address: bchen8@mail.rochester.edu; Song, Zhaogang 2; Email Address: Zhaogang.Song@frb.gov; Affiliations: 1: Department of Economics, University of Rochester, Rochester, NY, 14627, United States; 2: Monetary and Financial Market Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Mail Stop 165, 20th Street and Constitution Avenue, Washington, DC 20551, United States; Issue Info: Mar2013, Vol. 173 Issue 1, p83; Thesaurus Term: NONPARAMETRIC statistics; Subject Term: CONTINUOUS distributions; Subject Term: INFINITESIMAL transformations; Subject Term: DIFFUSION processes; Subject Term: STOCHASTIC differential equations; Subject Term: BROWNIAN motion; Subject Term: MARTINGALES (Mathematics); Subject Term: UNIVARIATE analysis; Author-Supplied Keyword: Diffusion; Author-Supplied Keyword: Infinitesimal operator; Author-Supplied Keyword: Martingale; Author-Supplied Keyword: Nonparametric; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jeconom.2012.10.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GRISHCHENKO, OLESYA V.
AU  - JING-ZHI HUANG
T1  - The Inflation Risk Premium: Evidence from the TIPS Market.
JO  - Journal of Fixed Income
JF  - Journal of Fixed Income
Y1  - 2013///Spring2013
VL  - 22
IS  - 4
M3  - Article
SP  - 5
EP  - 30
PB  - Euromoney Institutional Investor PLC
SN  - 10598596
AB  - This article estimates inflation risk premia using data on prices of Treasury Inflation-Protected Securities (TIPS) from 2000 to 2008. The estimation approach is arbitrage-free, largely model-free, and easy to implement. It also distinguishes between TIPS yields and real yields by explicitly taking into account the three-month indexation lag of TIPS in the analysis. In addition, we consider three measures of TIPS liquidity, including one new measure based on TIPS prices only. We estimate the liquidity premium to be around 13 basis points over the full sample but substantially higher in the first subperiod. We find that the inflation risk premium is time-varying and, on average, considerably lower than suggested by various structural models. Depending on the proxy used for expected inflation, the unconditional 10-year inflation risk premium ranges from -9 basis points to 4 basis points over the full sample, and between 1 basis point and 6 basis points over the 2004-2008 subperiod. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Fixed Income is the property of Euromoney Institutional Investor PLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT securities
KW  - INFLATION (Finance)
KW  - SECURITIES -- Prices
KW  - INFLATION risk
KW  - RISK premiums
KW  - LIQUIDITY (Economics)
KW  - RATE of return
KW  - UNITED States
N1  - Accession Number: 86703839; GRISHCHENKO, OLESYA V. 1; Email Address: olesya.v.grishchenko@frb.gov; JING-ZHI HUANG 2; Email Address: jxh56@psu.edu; Affiliations: 1: Economist, Division of Monetary Affairs, Board of Governors of the Federal Reserve System in Washington, DC; 2: McKinley Professor of Business and associate professor of finance, Smeal College of Business, The Pennsylvania State University, University Park, PA; Issue Info: Spring2013, Vol. 22 Issue 4, p5; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: INFLATION (Finance); Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: INFLATION risk; Thesaurus Term: RISK premiums; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: RATE of return; Subject: UNITED States; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Document Type: Article; Full Text Word Count: 16101
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Blonigen, Bruce A.
AU  - Liebman, Benjamin H.
AU  - Pierce, Justin R.
AU  - Wilson, Wesley W.
T1  - Are all trade protection policies created equal? Empirical evidence for nonequivalent market power effects of tariffs and quotas
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2013/03//
VL  - 89
IS  - 2
M3  - Article
SP  - 369
EP  - 378
SN  - 00221996
AB  - Abstract: Over the past 50years, the steel industry has been protected by a wide variety of trade policies, both tariff- and quota-based. We exploit this extensive heterogeneity in trade protection to examine the well-established theoretical literature predicting nonequivalent effects of tariffs and quotas on domestic firms'' market power. Using plant-level Census Bureau data for steel plants from 1967 to 2002, we find evidence for significant market power effects for binding quota-based protection, but not tariff-based protection, particularly with respect to integrated and minimill steel producers. Our results are robust to calculation with two standard measures of market power and controlling for potential endogeneity of trade policies. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC policy
KW  - MARKET power
KW  - TARIFF
KW  - IMPORT quotas
KW  - SALES quotas
KW  - STEEL industry
KW  - COMMERCIAL policy
KW  - EMPIRICAL research
KW  - Antidumping
KW  - Market structure
KW  - Mini-mills
KW  - Nonequivalence of tariffs and quotas
KW  - VRAs
N1  - Accession Number: 85585357; Blonigen, Bruce A. 1,2; Email Address: bruceb@uoregon.edu; Liebman, Benjamin H. 3; Email Address: bliebman@sju.edu; Pierce, Justin R. 4; Email Address: justin.r.pierce@frb.gov; Wilson, Wesley W. 1; Email Address: wwilson@uoregon.edu; Affiliations: 1: Department of Economics, 1285 University of Oregon, Eugene, OR 97401, United States; 2: NBER, United States; 3: Department of Economics, St. Joseph's University, 5600 City Avenue, Philadelphia, PA 19131‐1395, United States; 4: Board of Governors of the Federal Reserve System, 20th & C Streets NW, Washington, DC 20551, United States; Issue Info: Mar2013, Vol. 89 Issue 2, p369; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MARKET power; Thesaurus Term: TARIFF; Thesaurus Term: IMPORT quotas; Thesaurus Term: SALES quotas; Thesaurus Term: STEEL industry; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: EMPIRICAL research; Author-Supplied Keyword: Antidumping; Author-Supplied Keyword: Market structure; Author-Supplied Keyword: Mini-mills; Author-Supplied Keyword: Nonequivalence of tariffs and quotas; Author-Supplied Keyword: VRAs; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 331221 Rolled Steel Shape Manufacturing; NAICS/Industry Codes: 331110 Iron and Steel Mills and Ferroalloy Manufacturing; NAICS/Industry Codes: 416210 Metal service centres; NAICS/Industry Codes: 911910 Other federal government public administration; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.jinteco.2012.08.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coenen, Günter
AU  - Straub, Roland
AU  - Trabandt, Mathias
T1  - Gauging the effects of fiscal stimulus packages in the euro area
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2013/02//
VL  - 37
IS  - 2
M3  - Article
SP  - 367
EP  - 386
SN  - 01651889
AB  - Abstract: We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008–2009. To do so, we estimate an extended version of the ECB''s New Area-Wide Model with a richly specified fiscal sector. The estimation results point to the existence of important complementarities between private and government consumption and, to a lesser extent, between private and public capital. We first examine the implied present-value multipliers for seven distinct fiscal instruments and show that the estimated complementarities result in fiscal multipliers larger than one for government consumption and investment. We highlight the importance of monetary accommodation for these findings. We then show that the EERP, if implemented as initially enacted, had a sizeable, although short-lived impact on euro area GDP. Since the EERP comprised both revenue and expenditure-based fiscal stimulus measures, the total multiplier is below unity. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - FINANCIAL crises
KW  - ESTIMATION theory
KW  - CONSUMPTION (Economics)
KW  - EUROZONE
KW  - GOVERNMENT revenue
KW  - FISCAL policy
KW  - MULTIPLIERS (Mathematical analysis)
KW  - Bayesian inference
KW  - C11
KW  - DSGE modelling
KW  - Euro area
KW  - European Economic Recovery Plan
KW  - Fiscal multiplier
KW  - Fiscal policy
N1  - Accession Number: 84154362; Coenen, Günter 1; Email Address: gunter.coenen@ecb.int; Straub, Roland 2; Email Address: roland.straub@ecb.int; Trabandt, Mathias 3; Email Address: mathias.trabandt@gmail.com; Affiliations: 1: Directorate General Research, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; 2: Directorate General International and European Relations, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; 3: Division of International Finance, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC, 20551, USA; Issue Info: Feb2013, Vol. 37 Issue 2, p367; Thesaurus Term: GROSS domestic product; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ESTIMATION theory; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: EUROZONE; Thesaurus Term: GOVERNMENT revenue; Thesaurus Term: FISCAL policy; Subject Term: MULTIPLIERS (Mathematical analysis); Author-Supplied Keyword: Bayesian inference; Author-Supplied Keyword: C11; Author-Supplied Keyword: DSGE modelling; Author-Supplied Keyword: Euro area; Author-Supplied Keyword: European Economic Recovery Plan; Author-Supplied Keyword: Fiscal multiplier; Author-Supplied Keyword: Fiscal policy; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 20p; Document Type: Article
L3  - 10.1016/j.jedc.2012.09.006
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=84154362&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nadauld, Taylor D.
AU  - Sherlund, Shane M.
T1  - The impact of securitization on the expansion of subprime credit
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2013/02//
VL  - 107
IS  - 2
M3  - Article
SP  - 454
EP  - 476
SN  - 0304405X
AB  - Abstract: This paper investigates the relationship between securitization activity and the extension of subprime credit. The analysis is motivated by two sets of compelling empirical facts. First, the origination of subprime mortgages exploded between the years 2003 and 2005. Second, the securitization of subprime loans increased substantially over the same time period, driven primarily by the five largest independent broker/dealer investment banks. We argue that the relative shift in the securitization activity of investment banks was driven by forces exogenous to factors impacting lending decisions in the primary mortgage market and resulted in lower ZIP code denial rates, higher subprime origination rates, and higher subsequent default rates. Consistent with recent findings in the literature, we provide evidence that the increased securitization activity of investment banks reduced lenders'' incentives to carefully screen borrowers. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUBPRIME mortgages
KW  - ASSET-backed financing
KW  - RESEARCH
KW  - INVESTMENT banking
KW  - DEFAULT (Finance)
KW  - DEBTOR & creditor
KW  - SUBPRIME loans
KW  - ECONOMIC aspects
KW  - Financial intermediation
KW  - G24
KW  - Securitization
KW  - Subprime mortgages
N1  - Accession Number: 85253602; Nadauld, Taylor D. 1; Email Address: Taylor.Nadauld@byu.edu; Sherlund, Shane M. 2; Email Address: Shane.M.Sherlund@frb.gov; Affiliations: 1: Marriott School of Management, Department of Finance, Brigham Young University, United States; 2: Household and Real Estate Finance, Board of Governors of the Federal Reserve System, United States; Issue Info: Feb2013, Vol. 107 Issue 2, p454; Thesaurus Term: SUBPRIME mortgages; Thesaurus Term: ASSET-backed financing; Thesaurus Term: RESEARCH; Thesaurus Term: INVESTMENT banking; Thesaurus Term: DEFAULT (Finance); Thesaurus Term: DEBTOR & creditor; Thesaurus Term: SUBPRIME loans; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Financial intermediation; Author-Supplied Keyword: G24; Author-Supplied Keyword: Securitization; Author-Supplied Keyword: Subprime mortgages; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jfineco.2012.09.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=85253602&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kilian, Lutz
AU  - Vigfusson, Robert J.
T1  - Do Oil Prices Help Forecast U.S. Real GDP? The Role of Nonlinearities and Asymmetries.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2013/01//
VL  - 31
IS  - 1
M3  - Article
SP  - 78
EP  - 93
SN  - 07350015
AB  - There is a long tradition of using oil prices to forecast U.S. real GDP. It has been suggested that the predictive relationship between the price of oil and one-quarter-ahead U.S. real GDP is nonlinear in that (a) oil price increases matter only to the extent that they exceed the maximum oil price in recent years, and that (b) oil price decreases do not matter at all. We examine, first, whether the evidence of in-sample predictability in support of this view extends to out-of-sample forecasts. Second, we discuss how to extend this forecasting approach to higher horizons. Third, we compare the resulting class of nonlinear models to alternative economically plausible nonlinear specifications and examine which aspect of the model is most useful for forecasting. We show that the asymmetry embodied in commonly used nonlinear transformations of the price of oil is not helpful for out-of-sample forecasting; more robust and often more accurate real GDP forecasts are obtained from symmetric nonlinear models based on the 3-year net oil price change. Finally, we quantify the extent to which the 2008 recession could have been forecast using the latter class of time-varying threshold models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - ECONOMIC forecasting
KW  - ECONOMIC models
KW  - PETROLEUM products -- Sales & prices -- United States
KW  - NONLINEAR theories
KW  - PREDICTION theory
KW  - UNITED States
KW  - Asymmetry
KW  - Nonlinearity
KW  - Out-of-sample forecast
N1  - Accession Number: 85198699; Kilian, Lutz 1; Email Address: lkilian@umich.edu; Vigfusson, Robert J. 2; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Department of Economics, University of Michigan, Ann Arbor, MI, 48109-1220; 2: Board of Governors of the Federal Reserve System, Federal Reserve Board, Washington, DC, 20551; Issue Info: Jan2013, Vol. 31 Issue 1, p78; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC models; Subject Term: PETROLEUM products -- Sales & prices -- United States; Subject Term: NONLINEAR theories; Subject Term: PREDICTION theory; Subject: UNITED States; Author-Supplied Keyword: Asymmetry; Author-Supplied Keyword: Nonlinearity; Author-Supplied Keyword: Out-of-sample forecast; Number of Pages: 16p; Document Type: Article
L3  - 10.1080/07350015.2012.740436
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Peterman, William B.
T1  - Determining the motives for a positive optimal tax on capital
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2013/01//
VL  - 37
IS  - 1
M3  - Article
SP  - 265
EP  - 295
SN  - 01651889
AB  - Abstract: Previous literature demonstrates that in a standard life cycle model the optimal tax on capital is large. This paper highlights that after changing two assumptions in the standard model the optimal tax drops by almost half. First, the utility function is altered such that it implies that an agent''s Frisch labor supply elasticity is constant over his lifetime. Second, the government is allowed to tax accidental bequests and ordinary capital income at separate rates. Quantifying the effect of these assumptions is important because the first has limited empirical evidence and the second confounds a motive for taxing capital and accidental bequests. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC models
KW  - ELASTICITY (Economics)
KW  - LABOR supply
KW  - EMPIRICAL research
KW  - INCOME
KW  - TAXATION
KW  - Capital taxation
KW  - Optimal taxation
N1  - Accession Number: 83160378; Peterman, William B. 1; Email Address: william.peterman@gmail.com; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Street NW, Washington, DC 20551, United States; Issue Info: Jan2013, Vol. 37 Issue 1, p265; Thesaurus Term: ECONOMIC models; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: LABOR supply; Thesaurus Term: EMPIRICAL research; Thesaurus Term: INCOME; Thesaurus Term: TAXATION; Author-Supplied Keyword: Capital taxation; Author-Supplied Keyword: Optimal taxation; NAICS/Industry Codes: 561320 Temporary Help Services; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Document Type: Article
L3  - 10.1016/j.jedc.2012.08.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=83160378&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carpenter, Seth
AU  - Ihrig, Jane
AU  - Klee, Elizabeth
AU  - Quinn, Daniel
AU  - Boote, Alexander
T1  - The Federal Reserve's Balance Sheet and Earnings A primer and projections.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2013/01//
M3  - Article
SP  - 1
EP  - 48
AB  - Over the past few years, the Federal Reserve's use of unconventional monetary policy tools has led it to hold a large portfolio of securities. The asset purchases are intended to put downward pressure on longer-term interest rates, but also affect the Federal Reserve's balance sheet and income. We begin with a primer on the Federal Reserve's balance sheet and income statement. Then, we present a framework for projecting Federal Reserve assets and liabilities and income through time. The projections are based on public economic forecasts and announced Federal Open Market Committee policy principles. The projections imply that for the next several years, the Federal Reserve's balance sheet remains large by historical standards, and earnings remain high. Using the FOMC's stated exit strategy principles and the Blue Chip financial forecasts of the federal funds rate, the projections have the Federal Reserve's portfolio beginning to contract in 2015. The portfolio returns to a more normal size in early 2018 or 2019, and returns to a more normal composition a year thereafter. The projections imply that Federal Reserve remittances to the Treasury will likely decline for a time, and in some cases fall to zero. Once the portfolio is normalized, however, earnings are projected to return to their long-run trend. On net over the entire period of unconventional monetary policy actions, cumulative earnings are higher than what they likely would have been without the Federal Reserve asset purchase programs. To illustrate the interest rate sensitivity of the portfolio and earnings, we consider scenarios where interest rates are 100 basis points higher or 100 basis points lower than in the baseline projections. With higher interest rates, earnings tend to fall a bit more and remittances to the Treasury stop for a longer period than in our baseline projections, while with lower interest rates earnings are a bit larger and remittances continue throughout the projection period. With either interest rate path, earnings follow the same general contour as in the baseline analysis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTEREST rates
KW  - GOVERNMENT policy
KW  - BUSINESS forecasting
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 86679105; Carpenter, Seth 1; Ihrig, Jane 1; Klee, Elizabeth 1; Quinn, Daniel 1; Boote, Alexander 1; Affiliations: 1: Economists and research assistants in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2013, preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: BUSINESS forecasting; Subject Term: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 63p; Illustrations: 8 Charts, 17 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=86679105&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Challenges for the Future of Chinese Economic Growth.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2013/01//
IS  - 1072
M3  - Article
SP  - 1
EP  - 30
AB  - The Chinese economy has been growing at a rapid pace for over thirty years. Most of this growth has come from higher labor productivity, while growth of employment has diminished along with a slower rate of increase in the working-age population. This paper looks at the challenges that China will face over the next two decades in maintaining its rapid pace of economic growth, especially as working-age population growth slows further and then begins to decline. Key questions include whether China will be able to continue to devote nearly half of its GDP to investment, whether such investment will become less productive as the capital-labor ratio continues to rise, whether labor participation and employment rates will fall as the population becomes less rural, and whether future shifts out of rural employment will go more toward the services rather than the manufacturing sector, where productivity is higher. In the baseline scenario economic growth falls gradually from its current pace of about 10 percent to near 6½ percent by 2030. However, a combination of less optimistic, but still reasonable assumptions, results in a reduction in the growth rate to about 1½ percent by 2030. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - LABOR productivity
KW  - EMPLOYMENT (Economic theory)
KW  - GROSS domestic product
KW  - MANUFACTURING industries
KW  - ECONOMIC aspects
KW  - CHINA
KW  - China
KW  - growth
KW  - potential
N1  - Accession Number: 90424047; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Senior Adviser, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; Issue Info: Jan2013, Issue 1072, p1; Thesaurus Term: ECONOMIC development; Thesaurus Term: LABOR productivity; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: GROSS domestic product; Thesaurus Term: MANUFACTURING industries; Subject Term: ECONOMIC aspects; Subject: CHINA; Author-Supplied Keyword: China; Author-Supplied Keyword: growth; Author-Supplied Keyword: potential; Number of Pages: 30p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=90424047&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Ruffino, Doriana
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A Robust Capital Asset Pricing Model
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-1
Y1  - 2013///
SP  - 15 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439612; Keywords: Model uncertainty;  Mean-variance portfolio-selection theory;  Two-fund separation theorem;  Capital asset pricing model; Publication Type: Working Paper; Update Code: 201405
N2  - We build a market equilibrium theory of asset prices under Knightian uncertainty. Adopting the mean-variance decisionmaking model of Maccheroni, Marinacci, and Ruffino (2013a), we derive explicit demands for assets and formulate a robust version of the two-fund separation theorem. Upon market clearing, all investors hold ambiguous assets in the same relative proportions as the assets' market values. The resulting uncertainty-return tradeoff is a robust security market line in which the ambiguous return on an asset is measured by its beta (systematic ambiguity). A simple example on portfolio performance measurement illustrates the importance of writing ambitious, robust asset-pricing models.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439612&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Berger, Allen N.
AU  - Goulding, William
AU  - Rice, Tara
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Do Small Businesses Still Prefer Community Banks?
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1096
Y1  - 2013///
SP  - 27 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425969; Keywords: Banks;  relationships;  small business;  government policy; Publication Type: Working Paper; Update Code: 201403
N2  - We formulate and test hypotheses about the role of bank type--small versus large, single-market versus multimarket, and local versus nonlocal banks--in banking relationships. The conventional paradigm suggests that "community banks"--small, single market, local institutions--are better able to form strong relationships with informationally opaque small businesses, while "megabanks"--large, multimarket, nonlocal institutions--tend to serve more transparent firms. Using the 2003 Survey of Small Business Finance (SSBF), we conduct two sets of tests. First, we test for the type of bank serving as the "main" relationship bank for small businesses with different firm and owner characteristics. Second, we test for the strength of these main relationships by examining the probability of multiple relationships and relationship length as functions of main bank type and financial fragility, as well as firm and owner characteristics. The results are often not consistent with the conventional paradigm, perhaps because of changes in lending technologies and deregulation of the banking industry.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/pubs/ifdp/2013/1096/ifdp1096.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425969&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2013/1096/ifdp1096.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Lu, Yang
AU  - Siemer, Michael
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Learning, Rare Disasters, and Asset Prices
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2013-85
Y1  - 2013///
SP  - 33 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425964; Keywords: Rare disasters;  Bayesian learning;  equity premium puzzle;  time-varying risk premia;  return predictability; Publication Type: Working Paper; Update Code: 201403
N2  - In this paper, we examine how learning about disaster risk affects asset pricing in an endowment economy. We extend the literature on rare disasters by allowing for two sources of uncertainty: (1) the lack of historical data results in unknown parameters for the disaster process, and (2) the disaster takes time to unfold and is not directly observable. The model generates time variation in the risk premium through Bayesian updating of agents' beliefs regarding the likelihood and severity of disaster realization. The model accounts for the level and volatility of U.S. equity returns and generates predictability in returns.
KW  - Search; Learning; Information and Knowledge; Communication; Belief          D83
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/pubs/feds/2013/201385/201385pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425964&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2013/201385/201385pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Firestone, Simon
AU  - Rezende, Marcelo
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2013-84
Y1  - 2013///
SP  - 35 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425966; Keywords: Probability of default;  loss given default;  bank capital; Publication Type: Working Paper; Update Code: 201403
N2  - This paper examines consistency in the estimates of probability of default (PD) and loss given default (LGD) that nine large U.S. banks assign to syndicated loans for regulatory capital purposes. Using internal bank data on loans that had PDs and LGDs assigned by more than one bank, we find substantial dispersion in these parameters. Banks differ substantially in PDs, but only a few set PDs systematically higher or lower than the median bank. However, many banks differ from the median bank systematically in LGDs, and these differences affect their Basel II minimum regulatory capital significantly. The differences in LGDs imply that, for an identical loan portfolio, the bank that sets the highest LGDs would have Basel II minimum regulatory capital twice as large as the bank that sets the lowest LGDs. We argue that these differences in risk parameters across banks can be at least partially explained by bank behavior that complies with the Basel rules. We also find a negative relation between banks' LGDs and their shares in loan syndicates, suggesting that differences in risk parameters have implications beyond bank capital.
L3  - http://www.federalreserve.gov/pubs/feds/2013/201384/201384pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425966&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2013/201384/201384pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Orlik, Anna
AU  - Presno, Ignacio
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of Boston
T1  - Optimal monetary policy under model uncertainty without commitment
PB  - Federal Reserve Bank of Boston, Working Papers: 13-20
Y1  - 2013///
SP  - 36 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439577; Keywords: monetary policy;  government credibility;  time consistency;  recursive methods;  model uncertainty;  robust control; Publication Type: Working Paper; Update Code: 201405
N2  - This paper studies the design of optimal time-consistent monetary policy in an economy where the planner trusts its own model, while a representative household uses a set of alternative probability distributions governing the evolution of the exogenous state of the economy. In such environments, unlike in the original studies of time-consistent monetary policy, managing households' expectations becomes an active channel of optimal policymaking per se, a feature that the paternalistic government seeks to exploit. We adapt recursive methods in the spirit of Abreu, Pearce, and Stacchetti (1990) as well as computational algorithms based on Judd, Yeltekin, and Conklin to fully characterize the equilibrium outcomes for a class of policy games between the government and a representative household that distrusts the model used by the government.
KW  - Optimization Techniques; Programming Models; Dynamic Analysis          C61
KW  - Criteria for Decision-Making under Risk and Uncertainty          D81
KW  - Monetary Policy          E52
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
L3  - http://www.bostonfed.org/economic/wp/wp2013/wp1320.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439577&site=ehost-live&scope=site
UR  - http://www.bostonfed.org/economic/wp/wp2013/wp1320.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Barnichon, Regis
AU  - Figura, Andrew
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Declining Labor Force Attachment and Downward Trends in Unemployment and Participation
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2013-88
Y1  - 2013///
SP  - 37 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425967; Keywords: Unemployment rate;  labor force participation rate;  individuals marginally attached to the labor force; Publication Type: Working Paper; Update Code: 201403
N2  - The U.S. labor market witnessed two apparently unrelated secular movements in the last 30 years: a decline in unemployment between the early 1980s and the early 2000s, and a decline in participation since the early 2000s. Using CPS micro data and a stock-flow accounting framework, we show that a substantial, and hitherto unnoticed, factor behind both trends is a decline in the share of nonparticipants who are at the margin of participation. A lower share of marginal nonparticipants implies a lower unemployment rate, because marginal nonparticipants enter the labor force mostly through unemployment, while other nonparticipants enter the labor force mostly through employment.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
L3  - http://www.federalreserve.gov/pubs/feds/2013/201388/201388pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425967&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2013/201388/201388pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilchrist, Simon
AU  - Lopez-Salido, J. David
AU  - Zakrajsek, Egon
AD  - Department of Economics, Boston University and NBER
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-3
Y1  - 2013///
SP  - 38 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439613; Keywords: Unconventional monetary policy;  LSAPs;  forward guidance;  term premia;  corporate bond yields;  mortgage interest rates; Publication Type: Working Paper; Update Code: 201405
N2  - This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the 2-year Treasury yield around policy announcements and changes in the 10-year Treasury yield that are orthogonal to those in the 2-year yield. The efficacy of unconventional policy in lowering real borrowing costs is comparable to that of conventional policy, in that it implies a complete pass-through of policy-induced movements in Treasury yields to comparable-maturity private yields.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439613&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sharpe, Steven A.
AU  - Suarez, Gustavo A.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - The insensitivity of investment to interest rates: Evidence from a survey of CFOs
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-2
Y1  - 2013///
SP  - 42 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439624; Keywords: Investment;  interest rates;  hurdle rates; Publication Type: Working Paper; Update Code: 201405
N2  - A fundamental tenet of investment theory and the traditional theory of monetary policy transmission is that investment expenditures by businesses are negatively affected by interest rates. Yet, a large body of empirical research offer mixed evidence, at best, for a substantial interest-rate effect on investment. In this paper, we examine the sensitivity of investment plans to interest rates using a set of special questions asked of CFOs in the Global Business Outlook Survey conducted in the third quarter of 2012. Among the more than 500 responses to the special questions, we find that most firms claim to be quite insensitive to decreases in interest rates, and only mildly more responsive to interest rate increases. Most CFOs cited ample cash or the low level of interest rates, as explanations for their own insensitivity. We also find that sensitivity to interest rate changes tends to be lower among firms that do not report being concerned about working capital management as well as those that do not expect to borrow over the coming year. Perhaps more surprisingly, we find that investment is also less interest sensitive among firms expecting greater revenue growth. These findings seem to be corroborated by a cursory meta-analysis of average hurdle rates drawn from firm-level surveys at different times over the past 30 years, which exhibit no apparent relation to market interest rates.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439624&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Haltenhof, Samuel
AU  - Lee, Seung Jung
AU  - Stebunovs, Viktors
AD  - University of Michigan
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Bank Lending Channels during the Great Recession
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-6
Y1  - 2013///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439617; Keywords: Bank credit channels;  bank lending standards;  home equity extraction;  credit crunch;  employment;  job losses;  Great Recession; Publication Type: Working Paper; Update Code: 201405
N2  - We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing industries. In particular, we address the question of how a dramatic worsening of firm and consumer access to bank credit, such as the one observed over the Great Recession, translates into job losses in these industries. To identify these channels, we rely on differences in the degree of external finance dependence and of asset tangibility across manufacturing industries and in the sensitivity of these industries' output to changes in the supply of consumer credit. We show that household access to bank loans matters more for employment than firm access to local bank loans. Our results suggest that, over the recent financial crisis, tightening access to commercial and industrial loans and consumer installment loans explains jointly about a quarter of the drop in employment in the manufacturing sector. In addition, a decrease in the availability of home equity loans explains an extra one-tenth of the drop.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439617&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Queralto, Albert
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - A Model of Slow Recoveries from Financial Crises
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1097
Y1  - 2013///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439643; Keywords: Business cycles;  financial crises;  total factor productivity; Publication Type: Working Paper; Update Code: 201405
N2  - This paper documents highly persistent effects of financial crises on output, labor productivity and employment in a sample of emerging economies. To address these facts, it introduces a quantitative macroeconomic model that includes endogenous TFP growth through firm creation. Firm creators obtain funding from a financial intermediation sector which is subject to frictions. These frictions become especially severe in a financial crisis, increasing the cost of credit for firm creators and thereby lowering the growth rate of aggregate TFP. As a consequence, the model produces medium-run dynamics following crises that are in line with the data.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439643&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Liang, J. Nellie
AU  - Falato, Antonio
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-61
Y1  - 2013///
SP  - 46 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1457008; Keywords: Covenant violations;  employment; Publication Type: Working Paper; Update Code: 201409
N2  - Using a regression discontinuity design, we provide evidence that incentive conflicts between firms and their creditors have a large impact on employees. There are sharp and substantial employment cuts following loan covenant violations, when creditors exercise their ex post control rights. The negative impact of violations on employment is stronger for firms that face more severe agency and financing frictions and those whose employees have weaker bargaining power. Employment cuts following violations are much larger during industry and macroeconomic downturns, when employees have fewer alternative job opportunities and reduced bargaining power. Union elections that create new labor bargaining units lead to higher loan spreads, consistent with creditors requiring compensation for their reduced control rights when labor is stronger. Overall, these findings enrich our understanding of the consequences of the state contingent transfer of control rights by identifying a risk-shifting channel from creditors to employees. Our analysis establishes an endogeneity-free link between financing frictions and employment and offers direct evidence that binding financial covenants are an important amplification mechanism of economic downturns.
L3  - http://www.federalreserve.gov/pubs/feds/2014/201461/201461pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1457008&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2014/201461/201461pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kondo, Illenin O.
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Trade Reforms, Foreign Competition, and Labor Market Adjustments in the U.S.
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1095
Y1  - 2013///
SP  - 54 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425968; Keywords: Foreign competition;  nonemployment;  job flows;  spatial heterogeneity; Publication Type: Working Paper; Update Code: 201403
N2  - Using data on trade-induced displacements, this paper documents that locations facing more foreign competition in the U.S. have: higher job destruction rates, lower job creation rates, and thereby lower employment rates. In contrast to standard trade theory, a model with variable markups and heterogeneous segmented labor markets is consistent with these facts. Foreign competition has a correlated effect on job destruction and job creation precisely because the most vulnerable locations also have lower productivity. Following an unexpected trade liberalization with limited mobility, employment sharply falls in the worse hit locations while welfare and employment increase in the aggregate.
KW  - Trade and Labor Market Interactions          F16
L3  - http://www.federalreserve.gov/pubs/ifdp/2013/1095/ifdp1095.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425968&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2013/1095/ifdp1095.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Pierce, Justin R.
AU  - Schott, Peter K.
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Yale School of Management & NBER
T1  - The Surprisingly Swift Decline of U.S. Manufacturing Employment
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-4
Y1  - 2013///
SP  - 55 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439610; Keywords: Manufacturing;  trade policy;  uncertainty;  offshoring;  China;  World Trade Organization;  supply chains; Publication Type: Working Paper; Update Code: 201405
N2  - This paper finds a link between the sharp drop in U.S. manufacturing employment beginning in 2001 and a change in U.S. trade policy that eliminated potential tariff increases on Chinese imports. Industries where the threat of tariff hikes declines the most experience more severe employment losses along with larger increases in the value of imports from China and the number of firms engaged in China-U.S. trade. These results are robust to other potential explanations of the employment loss, and we show that the U.S. employment trends differ from those in the E.U., where there was no change in policy.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439610&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Kara, Gazi
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Systemic Risk, International Regulation, and the Limits of Coordination
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2013-87
Y1  - 2013///
SP  - 59 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425963; Keywords: Systemic risk;  macroprudential regulation;  international policy coordination; Publication Type: Working Paper; Update Code: 201403
N2  - This paper examines the incentives of national regulators to coordinate regulatory policies in the presence of systemic risk in global financial markets. In a two-country and three-period model, correlated asset fire sales by banks generate systemic risk across national financial markets. Relaxing regulatory standards in one country increases both the cost and the severity of crises for both countries in this framework. In the absence of coordination, independent regulators choose inefficiently low levels of macro-prudential regulation. A central regulator internalizes the systemic risk and thereby can improve the welfare of coordinating countries. Symmetric countries always benefit from coordination. Asymmetric countries choose different levels of macro-prudential regulation when they act independently. Common central regulation will voluntarily emerge only between sufficiently similar countries.
L3  - http://www.federalreserve.gov/pubs/feds/2013/201387/201387pap.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425963&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/feds/2013/201387/201387pap.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Cairo, Isabel
AU  - Cajner, Tomaz
AD  - Universitat Pompeu Fabra
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Human Capital and Unemployment Dynamics: Why More Educated Workers Enjoy Greater Employment Stability
PB  - Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2014-9
Y1  - 2013///
SP  - 60 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1439626; Keywords: Unemployment;  education;  on-the-job training;  specific human capital; Publication Type: Working Paper; Update Code: 201405
N2  - Why do more educated workers experience lower unemployment rates and lower employment volatility? A closer look at the data reveals that these workers have similar job finding rates, but much lower and less volatile separation rates than their less educated peers. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce the outside option of workers, implying less incentives to separate. The model generates unemployment dynamics that are quantitatively consistent with the cross-sectional empirical patterns.
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1439626&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Du, Wenxin
AU  - Schreger, Jesse
AD  - Board of Governors of the Federal Reserve System (U.S.)
AD  - Board of Governors of the Federal Reserve System (U.S.)
T1  - Local Currency Sovereign Risk
PB  - Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 1094
Y1  - 2013///
SP  - 69 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1425970; Keywords: Local currency;  sovereign debt;  currency swaps; Publication Type: Working Paper; Update Code: 201403
N2  - Do governments default on debt denominated in their own currency? We introduce a new measure of sovereign credit risk, the local currency credit spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross currency swaps. We find that local currency credit spreads are positive and sizable. Compared with credit spreads on foreign currency denominated debt, local currency credit spreads have lower means, lower cross-country correlations, and are less sensitive to global risk factors. Global risk aversion and liquidity factors can explain more time variation in these credit spread differentials than macroeconomic fundamentals.
KW  - Foreign Exchange          F31
KW  - International Lending and Debt Problems          F34
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/pubs/ifdp/2013/1094/ifdp1094.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1425970&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/ifdp/2013/1094/ifdp1094.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Brevoort, Kenneth P.
AU  - Canner, Glenn
T1  - Does Credit Scoring Produce a Disparate Impact?
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2012/12/02/Winter2012 Supplement
VL  - 40
M3  - Article
SP  - S65
EP  - S114
PB  - Wiley-Blackwell
SN  - 10808620
AB  - The widespread use of credit scoring in the underwriting and pricing of mortgage and consumer credit has raised concerns that the use of these scores may unfairly disadvantage minority populations. A specific concern has been that the independent variables that comprise these models may have a disparate impact on these demographic groups. By 'disparate impact' we mean that a variable's predictive power might arise not from its ability to predict future performance within any demographic group, but rather from acting as a surrogate for group membership. Using a unique source of data that combines a nationally representative sample of credit bureau records with demographic information from the Social Security Administration and a demographic information company, we examine the extent to which credit history scores may have such a disparate impact. Our examination yields no evidence of disparate impact by race (or ethnicity) or gender. However, we do find evidence of some limited disparate impact by age, in which the use of variables related to an individual's length of credit history appear to lower the credit scores of older individuals and increase them for the young. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT scoring systems
KW  - CREDIT ratings
KW  - SOCIAL security taxes
KW  - INSTALLMENT loans
KW  - PERSONAL finance
KW  - CONSUMER credit
N1  - Accession Number: 84488376; Avery, Robert B. 1; Email Address: ravery@frb.gov; Brevoort, Kenneth P. 2; Email Address: brevoort@frb.gov; Canner, Glenn 1; Email Address: gcanner@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551 or .; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551 or kenneth.p..; Issue Info: Winter2012 Supplement, Vol. 40, pS65; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: CREDIT ratings; Thesaurus Term: SOCIAL security taxes; Thesaurus Term: INSTALLMENT loans; Thesaurus Term: PERSONAL finance; Thesaurus Term: CONSUMER credit; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 50p; Illustrations: 9 Charts, 2 Graphs; Document Type: Article
L3  - 10.1111/j.1540-6229.2012.00348.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=84488376&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Covas, Francisco
AU  - Den Haan, Wouter J.
T1  - The Role of Debt and Equity Finance Over the Business Cycle* The Role of Debt and Equity Finance Over the Business Cycle.
JO  - Economic Journal
JF  - Economic Journal
Y1  - 2012/12//
VL  - 122
IS  - 565
M3  - Article
SP  - 1262
EP  - 1286
PB  - Wiley-Blackwell
SN  - 00130133
AB  - If equity issuance is introduced into the costly state verification framework and the friction firms face in raising equity is acyclical, then the model cannot simultaneously generate procyclical equity issuance and a countercyclical default rate. This requires a countercyclical equity issuance friction. With a countercyclical friction, the model can also overturn an undesirable feature of the standard debt-only model: dampening of shocks. To quantitatively match observed patterns, the friction in the cost of raising equity has to vary a lot more over the business cycle than can be justified by estimates of cyclical changes in direct equity issuance costs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - DEBT
KW  - BUSINESS enterprises -- Finance
KW  - BUSINESS conditions
KW  - BANKRUPTCY
KW  - FINANCE
KW  - ECONOMIC policy
KW  - EQUITY
KW  - ECONOMIC aspects
KW  - UNITED States
N1  - Accession Number: 83350040; Covas, Francisco 1; Den Haan, Wouter J. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: London School of Economics and Political Science and CEPR; Issue Info: Dec2012, Vol. 122 Issue 565, p1262; Thesaurus Term: BUSINESS cycles; Thesaurus Term: DEBT; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: BUSINESS conditions; Thesaurus Term: BANKRUPTCY; Thesaurus Term: FINANCE; Thesaurus Term: ECONOMIC policy; Subject Term: EQUITY; Subject Term: ECONOMIC aspects; Subject: UNITED States; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 25p; Illustrations: 2 Charts, 4 Graphs; Document Type: Article
L3  - 10.1111/j.1468-0297.2012.02528.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=83350040&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Herbst, Edward
AU  - Schorfheide, Frank
T1  - Evaluating DSGE model forecasts of comovements
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2012/12//
VL  - 171
IS  - 2
M3  - Article
SP  - 152
EP  - 166
SN  - 03044076
AB  - Abstract: This paper develops and applies tools to assess multivariate aspects of Bayesian Dynamic Stochastic General Equilibrium (DSGE) model forecasts and their ability to predict comovements among key macroeconomic variables. We construct posterior predictive checks to evaluate conditional and unconditional density forecasts, in addition to checks for root-mean-squared errors and event probabilities associated with these forecasts. The checks are implemented on a three-equation DSGE model as well as the Smets and Wouters (2007) model using real-time data. We find that the additional features incorporated into the Smets–Wouters model do not lead to a uniform improvement in the quality of density forecasts and prediction of comovements of output, inflation, and interest rates. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MATHEMATICAL models
KW  - MULTIVARIATE analysis
KW  - DATA analysis
KW  - INFLATION (Finance)
KW  - INTEREST rates
KW  - PREDICTION (Logic)
KW  - VARIABLES (Mathematics)
KW  - Bayesian methods
KW  - C11
KW  - DSGE models
KW  - E27
KW  - Forecast evaluation
KW  - Macroeconomic forecasting
N1  - Accession Number: 82599378; Herbst, Edward 1; Email Address: edward.p.herbst@frb.gov; Schorfheide, Frank 2; Email Address: schorf@ssc.upenn.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, United States; 2: Department of Economics, 3718 Locust Walk, University of Pennsylvania, Philadelphia, PA 19104-6297, United States; Issue Info: Dec2012, Vol. 171 Issue 2, p152; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: DATA analysis; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INTEREST rates; Subject Term: PREDICTION (Logic); Subject Term: VARIABLES (Mathematics); Author-Supplied Keyword: Bayesian methods; Author-Supplied Keyword: C11; Author-Supplied Keyword: DSGE models; Author-Supplied Keyword: E27; Author-Supplied Keyword: Forecast evaluation; Author-Supplied Keyword: Macroeconomic forecasting; Number of Pages: 15p; Document Type: Article
L3  - 10.1016/j.jeconom.2012.06.008
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=82599378&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mertens, Elmar
T1  - Are spectral estimators useful for long-run restrictions in SVARs?
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2012/12//
VL  - 36
IS  - 12
M3  - Article
SP  - 1831
EP  - 1844
SN  - 01651889
AB  - Abstract: No, not really. In response to concerns about the reliability of SVARs, one proposal has been to combine OLS estimates of a VAR with non-parametric estimates of the spectral density. But as shown here, spectral estimators are no panacea for implementing long-run restrictions. They can suffer from small sample and misspecification biases just as VARs do. As a novelty, this paper uses a spectral factorization to ensure a correct representation of the data''s variance. But this cannot overcome the basic small sample issues, which arise when trying to estimate long-run properties from relatively short samples of time-series data. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PARAMETER estimation
KW  - TIME series analysis
KW  - VALUE-added resellers
KW  - ANALYSIS of variance
KW  - DATA analysis
KW  - FACTORIZATION (Mathematics)
KW  - Long-run identification
KW  - Non-parametric estimation
KW  - Spectral factorization
KW  - Structural VAR
N1  - Accession Number: 79957186; Mertens, Elmar 1; Email Address: elmar.mertens@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; Issue Info: Dec2012, Vol. 36 Issue 12, p1831; Thesaurus Term: PARAMETER estimation; Thesaurus Term: TIME series analysis; Thesaurus Term: VALUE-added resellers; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: DATA analysis; Subject Term: FACTORIZATION (Mathematics); Author-Supplied Keyword: Long-run identification; Author-Supplied Keyword: Non-parametric estimation; Author-Supplied Keyword: Spectral factorization; Author-Supplied Keyword: Structural VAR; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jedc.2012.06.007
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=79957186&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GRUBER, JOSEPH W.
AU  - KAMIN, STEVEN B.
T1  - Fiscal Positions and Government Bond Yields in OECD Countries.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2012/12//
VL  - 44
IS  - 8
M3  - Article
SP  - 1563
EP  - 1587
PB  - Wiley-Blackwell
SN  - 00222879
AB  - We examine the effect of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the Organisation for Economic Co-operation and Development (OECD). To control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, we find a robust and significant effect of fiscal positions on long-term bond yields. Our estimates imply that the marginal effect of the projected deterioration of fiscal positions adds about 60 basis points to U.S. bond yields by 2015, with effects on other G-7 bond yields generally being smaller. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT securities -- Rate of return
KW  - ENDOGENEITY (Econometrics)
KW  - BUSINESS cycles
KW  - FISCAL policy
KW  - PUBLIC debts
KW  - INTEREST rates
KW  - GOVERNMENT securities
KW  - GROUP of Seven countries
KW  - OECD countries
KW  - UNITED States
KW  - E43
KW  - E62
KW  - fiscal balances
KW  - fiscal policy
KW  - government debt
KW  - interest rates
N1  - Accession Number: 83710660; GRUBER, JOSEPH W. 1; Email Address: joseph.w.gruber@frb.gov; KAMIN, STEVEN B. 1; Email Address: joseph.w.gruber@frb.gov; Affiliations: 1: JosephW. Gruber is Chief of the Trade & Quantitative Studies Section at the Board of Governors of the Federal Reserve System (E-mail: ). Steven B. Kamin is a Deputy Director of the International Finance Division at the Board of Governors of the Federal Reserve System (E-mail: ).; Issue Info: Dec2012, Vol. 44 Issue 8, p1563; Thesaurus Term: GOVERNMENT securities -- Rate of return; Thesaurus Term: ENDOGENEITY (Econometrics); Thesaurus Term: BUSINESS cycles; Thesaurus Term: FISCAL policy; Thesaurus Term: PUBLIC debts; Thesaurus Term: INTEREST rates; Thesaurus Term: GOVERNMENT securities; Subject Term: GROUP of Seven countries; Subject: OECD countries; Subject: UNITED States; Author-Supplied Keyword: E43; Author-Supplied Keyword: E62; Author-Supplied Keyword: fiscal balances; Author-Supplied Keyword: fiscal policy; Author-Supplied Keyword: government debt; Author-Supplied Keyword: interest rates; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 25p; Illustrations: 1 Color Photograph, 9 Charts, 7 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2012.00544.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=83710660&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - De Veirman, Emmanuel
AU  - Levin, Andrew T.
T1  - When did firms become more different? Time-varying firm-specific volatility in Japan
JO  - Journal of the Japanese & International Economies
JF  - Journal of the Japanese & International Economies
Y1  - 2012/12//
VL  - 26
IS  - 4
M3  - Article
SP  - 578
EP  - 601
SN  - 08891583
AB  - Abstract: We document how firm-specific volatility in sales, earnings and employment growth evolved year by year in Japan. Our volatility measure also indicates the evolution of firm turnover. We find that patterns in firm-specific volatility have changed when macroeconomic circumstances have. Firm turnover declined during the economic stagnation of 1991–1997. The deep downturn of fiscal years 1998–2002 coincided with a substantial increase in turnover in market, profit and employment shares. Firm volatility tended to decline during the recovery after 2002. We assess whether the rise in firm turnover and deep downturn in 1998–2002 indicate that after a period of stagnation, weak firms were finally allowed to shrink or fail. Our evidence suggests that the widening in the firm growth distribution at that time did not reflect weak firms shrinking relative to healthy firms, indicating that the two recessions in 1998–2002 were not “cleansing”. [Copyright &y& Elsevier]
AB  - Copyright of Journal of the Japanese & International Economies is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - VOLATILITY (Finance)
KW  - EMPLOYMENT (Economic theory)
KW  - MACROECONOMICS
KW  - STAGNATION (Economics)
KW  - RECESSIONS
KW  - TURNOVER (Business)
KW  - STOCKS (Finance)
KW  - JAPAN
KW  - Cleansing recessions
KW  - Firm health
KW  - Firm volatility
KW  - Zombie lending
N1  - Accession Number: 83315002; De Veirman, Emmanuel 1; Email Address: Manu.Veirman@dnb.nl; Levin, Andrew T. 2,3; Email Address: Andrew.Levin@frb.gov; Affiliations: 1: De Nederlandsche Bank, P.O. Box 98, 1000 AB Amsterdam, The Netherlands; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington DC 20551, United States; 3: International Monetary Fund, 700 19th Street NW, Washington DC 20431, United States; Issue Info: Dec2012, Vol. 26 Issue 4, p578; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: MACROECONOMICS; Thesaurus Term: STAGNATION (Economics); Thesaurus Term: RECESSIONS; Thesaurus Term: TURNOVER (Business); Thesaurus Term: STOCKS (Finance); Subject: JAPAN; Author-Supplied Keyword: Cleansing recessions; Author-Supplied Keyword: Firm health; Author-Supplied Keyword: Firm volatility; Author-Supplied Keyword: Zombie lending; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.jjie.2012.09.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=83315002&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Moore, Kevin B.
T1  - EFFECTIVE TAX RATES AND MEASURES OF BUSINESS SIZE.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2012/12//
VL  - 65
IS  - 4
M3  - Article
SP  - 841
EP  - 862
PB  - National Tax Association
SN  - 00280283
AB  - This paper uses data from the Survey of Consumer Finances (SCF) and the NBER TAXSIM model to estimate marginal and average tax rates for households that own businesses that are pass-thru entities. We examine how marginal and average tax rates vary by the size of business using four different measures of the size: net income, gross receipts, business value, and number of employees. The analysis also uses the long-time series of SCF cross-sections to examine how tax rates for business owners have evolved over the various changes in tax policy of the last two decades. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAX rates & tables
KW  - BUSINESS enterprises
KW  - TAXATION
KW  - CUSTOMER satisfaction
KW  - businesses
KW  - tax policy
KW  - tax rates
KW  - NATIONAL Bureau of Economic Research
N1  - Accession Number: 83766395; Moore, Kevin B. 1; Email Address: kevin.b.moore@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA.; Issue Info: Dec2012, Vol. 65 Issue 4, p841; Thesaurus Term: TAX rates & tables; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: TAXATION; Thesaurus Term: CUSTOMER satisfaction; Author-Supplied Keyword: businesses; Author-Supplied Keyword: tax policy; Author-Supplied Keyword: tax rates ; Company/Entity: NATIONAL Bureau of Economic Research; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 22p; Illustrations: 11 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Do Recessions Affect Potential Output?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/12//
IS  - 1066/1071
M3  - Article
SP  - 1
EP  - 30
AB  - A number of previous studies have looked at the effect of financial crises on actual output several years beyond the crisis. The purpose of this paper is to examine whether the growth of potential output also is affected by recessions, whether or not they include financial crises. Trend per capita output growth is calculated using HP filters, and average growth is compared for the two years preceding a recession, the two years immediately following a recession peak, and the two years after that. Panel regressions are run to determine whether characteristics of recessions, including depth, length, extent to which they are synchronized across countries, and whether or not they include a financial crisis, can explain the cumulative four-year loss in the level of potential output following an output peak preceding a recession. The main result is that the depth of a recession has a significant effect on the loss of potential for advanced countries, while the length is important for emerging markets. These results imply that the Great Recession might have resulted in declines in trend output growth averaging about 3 percent for the advanced economies, but appear to have had little effect on emerging market trend growth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - FINANCIAL crises
KW  - PRODUCTION (Economic theory)
KW  - REGRESSION analysis
KW  - GROWTH
KW  - SYNCHRONIZATION
KW  - cycles
KW  - growth
KW  - potential
N1  - Accession Number: 90403062; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Senior Adviser, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Dec2012, Issue 1066/1071, preceding p1; Thesaurus Term: RECESSIONS; Thesaurus Term: FINANCIAL crises; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: REGRESSION analysis; Subject Term: GROWTH; Subject Term: SYNCHRONIZATION; Author-Supplied Keyword: cycles; Author-Supplied Keyword: growth; Author-Supplied Keyword: potential; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fang Cai
AU  - Song Han
AU  - Dan Li
T1  - Institutional Herding in the Corporate Bond Market.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/12//
IS  - 1066/1071
M3  - Article
SP  - 2
EP  - 42
AB  - We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven by different factors. In particular, sell herding increases on negative news about bond ratings and corporate earnings. Interestingly, increases in ex-post transparency in corporate bond trading through Trade Reporting and Compliance Engine (TRACE) led to higher buy herding but not to higher sell herding. Finally, we find significant return reversals in the post-herding quarters, especially for sell herding and for junk bonds. Price reversal is most prominent when funds herd to sell illiquid bonds, which suggests that temporary price pressure is the reason behind price reversal. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE bonds
KW  - BONDS (Finance)
KW  - LIQUIDITY (Economics)
KW  - INSTITUTIONAL investors
KW  - CORPORATE profits
KW  - JUNK bonds
KW  - CREDIT ratings
KW  - SECURITIES trading
KW  - UNITED States
KW  - corporate bond
KW  - herding
KW  - institutional investors
KW  - liquidity
N1  - Accession Number: 90403067; Fang Cai 1; Email Address: fang.cai@frb.gov; Song Han 1; Dan Li 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Dec2012, Issue 1066/1071, p2; Thesaurus Term: CORPORATE bonds; Thesaurus Term: BONDS (Finance); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: INSTITUTIONAL investors; Thesaurus Term: CORPORATE profits; Thesaurus Term: JUNK bonds; Thesaurus Term: CREDIT ratings; Thesaurus Term: SECURITIES trading; Subject Term: UNITED States; Author-Supplied Keyword: corporate bond; Author-Supplied Keyword: herding; Author-Supplied Keyword: institutional investors; Author-Supplied Keyword: liquidity; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 41p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee Domestic Policy Directive of October 23-24, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/11/26/
VL  - 77
IS  - 227
M3  - Article
SP  - 70439
EP  - 70439
SN  - 00976326
AB  - The article focuses on a notice issued by the U.S. Federal Reserve System regarding issuance of domestic policy directive by the U.S. Federal Open Market Committee (FOMC).
KW  - GOVERNMENT policy
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 84346001; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee; Issue Info: 11/26/2012, Vol. 77 Issue 227, p70439; Thesaurus Term: GOVERNMENT policy ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 1/3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Datta, Deepa Dhume
AU  - Wenxin Du
T1  - Nonparametric HAC Estimation for Time Series Data with Missing Observations.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/11//
IS  - 1058/1065
M3  - Article
SP  - 1
EP  - 48
AB  - The Newey and West (1987) estimator has become the standard way to estimate a heteroskedasticity and autocorrelation consistent (HAC) covariance matrix, but it does not immediately apply to time series with missing observations. We demonstrate that the intuitive approach to estimate the true spectrum of the underlying process using only the observed data leads to incorrect inference. Instead, we propose two simple consistent HAC estimators for time series with missing data. First, we develop the Amplitude Modulated estimator by applying the Newey-West estimator and treating the missing observations as non-serially correlated. Secondly, we develop the Equal Spacing estimator by applying the Newey-West estimator to the series formed by treating the data as equally spaced. We show asymptotic consistency of both estimators for inference purposes and discuss finite sample variance and bias tradeoff. In Monte Carlo simulations, we demonstrate that the Equal Spacing estimator is preferred in most cases due to its lower bias, while the Amplitude Modulated estimator is preferred for small sample size and low autocorrelation due to its lower variance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONTE Carlo method
KW  - VARIANCES
KW  - CONJOINT analysis (Marketing)
KW  - AUTOCORRELATION (Statistics)
KW  - HETEROSCEDASTICITY
KW  - COVARIANCE matrices
KW  - heteroskedasticity
KW  - missing data
KW  - robust inference
KW  - serial correlation
N1  - Accession Number: 90403056; Datta, Deepa Dhume 1; Email Address: deepa.d.datta@frb.gov; Wenxin Du 2; Email Address: wdu@fas.harvard.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Department of Economics, Harvard University, Cambridge, MA, USA; Issue Info: Nov2012, Issue 1058/1065, preceding p1; Thesaurus Term: MONTE Carlo method; Thesaurus Term: VARIANCES; Thesaurus Term: CONJOINT analysis (Marketing); Subject Term: AUTOCORRELATION (Statistics); Subject Term: HETEROSCEDASTICITY; Subject Term: COVARIANCE matrices; Author-Supplied Keyword: heteroskedasticity; Author-Supplied Keyword: missing data; Author-Supplied Keyword: robust inference; Author-Supplied Keyword: serial correlation; Number of Pages: 49p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goulding, William
AU  - Nolle, Daniel E.
T1  - Foreign Banks in the U.S.: A Primer.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/11//
IS  - 1058/1065
M3  - Article
SP  - 1
EP  - 31
AB  - This paper describes the foreign banking landscape in the United States. It begins by establishing a vocabulary for discussion of the subject, and then identifies a number of important data-related issues. With that information in hand, the remainder of the paper focuses on identifying the most important underlying trends on both sides of the balance sheets of foreign-owned banks' U.S. operations. At each step, the investigation considers how foreign-owned banks compare to U.S.-owned domestic banks, and how two types of foreign banks operations in the U.S. -- branches and agencies of foreign banks (FBAs), and foreign-owned subsidiary banks (FSUBs) -- compare to each other. The banking sector in the U.S. experienced substantial swings in performance and stability over the decade surrounding the 2008-2009 financial crisis and changes in every major dimension of foreign-owned banks' assets and liabilities were even larger than for domestic banks. Changes were especially large at FBAs. For example, cash balances came to dominate the assets side of FBAs' aggregate balance sheet, with the absolute level of cash balances larger than those of domestic U.S. banks beginning in 2011, despite the fact that total assets of domestic U.S. banks are five times the assets of FBAs. Further, the recent unprecedented build-up of cash balances by FBAs was almost entirely composed of excess reserves. Changes in FBAs' liabilities-side activities have also been large, with much funding coming from large wholesale deposits and net borrowing from their foreign parents and related offices abroad. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN banking industry
KW  - CAPITAL market
KW  - FINANCIAL statements
KW  - FINANCIAL crises
KW  - LIABILITIES (Accounting)
KW  - ASSETS (Accounting)
KW  - UNITED States
KW  - branches and agencies of foreign banks
KW  - foreign banking
KW  - Foreign banks
KW  - foreign-owned subsidiary banks
KW  - internal capital markets
KW  - intra-company funding flows
KW  - net due-to balances
N1  - Accession Number: 90403060; Goulding, William 1; Email Address: bill.goulding@frb.gov; Nolle, Daniel E. 2; Email Address: daniel.nolle@occ.treas.gov; Affiliations: 1: International Finance Division of Board of Governors of Federal Reserve System, Washington, DC 20551; 2: Senior Financial Economist, Office of the Comptroller of the Currency, Washington, DC 20219; Issue Info: Nov2012, Issue 1058/1065, preceding p1; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: CAPITAL market; Thesaurus Term: FINANCIAL statements; Thesaurus Term: FINANCIAL crises; Thesaurus Term: LIABILITIES (Accounting); Thesaurus Term: ASSETS (Accounting); Subject Term: UNITED States; Author-Supplied Keyword: branches and agencies of foreign banks; Author-Supplied Keyword: foreign banking; Author-Supplied Keyword: Foreign banks; Author-Supplied Keyword: foreign-owned subsidiary banks; Author-Supplied Keyword: internal capital markets; Author-Supplied Keyword: intra-company funding flows; Author-Supplied Keyword: net due-to balances; Number of Pages: 83p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph W.
AU  - Vigfusson, Robert J.
T1  - Interest Rates and the Volatility and Correlation of Commodity Prices.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/11//
IS  - 1058/1065
M3  - Article
SP  - 1
EP  - 17
AB  - We propose a novel explanation for the observed increase in the correlation of commodity prices over the past decade. In contrast to theories that rely on the increased influence of financial speculators, we show that price correlation can increase as a result of a decline in interest rates. More generally, we examine the effect of interest rates on the volatility and correlation of commodity prices, theoretically through the framework of Deaton and Laroque (1992) and empirically via a panel GARCH model. In theory, we show that lower interest rates decrease the volatility of prices, as lower inventory costs promote the smoothing of transient shocks, and can increase price correlation if common shocks are more persistent than idiosyncratic shocks. Empirically, as predicted by theory, we find that price volatility attributable to transitory shocks declines with interest rates, while, particularly for metals prices, price correlation increases as interest rates decline. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - CORRELATION (Statistics)
KW  - INTEREST rates
KW  - VOLATILITY (Finance)
KW  - IDIOSYNCRATIC risk (Securities)
KW  - INVENTORY costs
KW  - SHOCK (Economics)
KW  - GARCH model
KW  - Commodity Storage
KW  - Dynamic Factor Model
KW  - Panel GARCH
N1  - Accession Number: 90403061; Gruber, Joseph W. 1; Email Address: joseph.w.gruber@frb.gov; Vigfusson, Robert J. 1; Email Address: robert.vigfusson@frb.gov; Affiliations: 1: Division of the International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551 U.S.A.; Issue Info: Nov2012, Issue 1058/1065, preceding p1; Thesaurus Term: PRICES; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: INTEREST rates; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: IDIOSYNCRATIC risk (Securities); Thesaurus Term: INVENTORY costs; Thesaurus Term: SHOCK (Economics); Subject Term: GARCH model; Author-Supplied Keyword: Commodity Storage; Author-Supplied Keyword: Dynamic Factor Model; Author-Supplied Keyword: Panel GARCH; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Judson, Ruth
T1  - Crisis and Calm: Demand for U.S. Currency at Home and Abroad from the Fall of the Berlin Wall to 2011.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/11//
IS  - 1058/1065
M3  - Article
SP  - 1
EP  - 34
AB  - U.S. currency has long been a desirable store of value and medium of exchange in times and places where local currency or bank deposits are inferior in one or more respects. Indeed, as noted in earlier work, a substantial share of U.S. currency circulates outside the United States. Although precise measurements of stocks and flows of U.S. currency outside the United States are not available, a variety of data sources and methods have been developed to provide estimates. This paper reviews the raw data available for measuring international banknote flows and presents updates on indirect methods of estimating the stock of currency held abroad: the seasonal method and the biometric method. These methods require some adjustments, but they continue to indicate that a large share of U.S. currency is held abroad, especially in the $100 denomination. In addition to these existing indirect methods, I develop a framework and basic variants of a new method to estimate the share of U.S. currency held abroad. Although the methods and estimates are disparate, they provide support for several hypotheses regarding cross-border dollar stocks and flows. First, once a country or region begins using dollars, subsequent crises result in additional inflows: the dominant sources of international demand over the past decade and a half are the countries and regions that were known to be heavy dollar users in the early to mid-1990s. Second, economic stabilization and modernization appear to result in reversal of these inflows. Specifically, demand for U.S. currency was extremely strong through the 1990s, a period of turmoil for the former Soviet Union and for Argentina, two of the largest overseas users of U.S. currency. Demand eased in the early 2000s as conditions gradually stabilized and as financial institutions developed. However, this trend reversed sharply with the onset of the financial crisis in late 2008 and has continued since then. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY
KW  - BANK notes
KW  - FINANCIAL crises
KW  - UNITED States
KW  - DOLLARIZATION
KW  - MODERNIZATION (Social science)
KW  - BIOMETRIC identification
KW  - banknotes
KW  - crisis
KW  - Currency
KW  - dollarization
N1  - Accession Number: 90403054; Judson, Ruth 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551 U.S. A.; Issue Info: Nov2012, Issue 1058/1065, preceding p1; Thesaurus Term: MONEY; Thesaurus Term: BANK notes; Thesaurus Term: FINANCIAL crises; Subject Term: UNITED States; Subject Term: DOLLARIZATION; Subject Term: MODERNIZATION (Social science); Subject Term: BIOMETRIC identification; Author-Supplied Keyword: banknotes; Author-Supplied Keyword: crisis; Author-Supplied Keyword: Currency; Author-Supplied Keyword: dollarization; NAICS/Industry Codes: 323119 Other printing; Number of Pages: 46p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of September 12-13, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/10/15/
VL  - 77
IS  - 199
M3  - Article
SP  - 62513
EP  - 62514
SN  - 00976326
AB  - The article focuses on a notice issued by the Board of Governors of the U.S. Federal Reserve System regarding issuance of the domestic policy directive by the U.S. Federal Open Market Committee at the meeting held on September 12-13, 2012.
KW  - GOVERNMENT policy
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 82831592; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee.; Issue Info: 10/15/2012, Vol. 77 Issue 199, p62513; Thesaurus Term: GOVERNMENT policy ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - The Effects of the Great Recession on Central Bank Doctrine and Practice.
JO  - B.E. Journal of Macroeconomics
JF  - B.E. Journal of Macroeconomics
Y1  - 2012/10//
VL  - 12
IS  - 3
M3  - Article
SP  - 1
EP  - 10
SN  - 19351690
AB  - The article presents the author's views on the impact of the 2008-2009 global economic crisis on the doctrine and practices of central banks. An overview of the economic crisis is provided which was a historic event as its economic impact has been significant. Other topics include the framework of monetary policy, monetary policy tools, and the integration of monetary policy and financial stability policies.
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - CENTRAL banking industry
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - RECESSIONS
KW  - BANKING industry
KW  - ECONOMIC aspects
N1  - Accession Number: 108381125; Bernanke, Ben S. 1; Affiliations: 1: Chairman, Board of Governors, Federal Reserve System; Issue Info: 2012, Vol. 12 Issue 3, preceding p1; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: RECESSIONS; Thesaurus Term: BANKING industry; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 11p; Document Type: Article
L3  - 10.1515/1935-1690.120
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Vázquez, Jesús
AU  - María-Dolores, Ramón
AU  - Londoño, Juan M.
T1  - The Effect of Data Revisions on the Basic New Keynesian Model
JO  - International Review of Economics & Finance
JF  - International Review of Economics & Finance
Y1  - 2012/10//
VL  - 24
M3  - Article
SP  - 235
EP  - 249
SN  - 10590560
AB  - Abstract: This paper proposes an extended version of the basic New Keynesian monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the importance of data revisions on the estimated monetary policy rule parameters and the transmission of policy shocks. Our empirical evidence based on a structural econometric approach suggests that although the initial announcements of output and inflation are not rational forecasts of revised output and inflation data, ignoring the presence of non well-behaved revision processes may not be a serious drawback in the analysis of monetary policy in this framework. However, the transmission of inflation-push shocks is largely affected by considering data revisions. The latter being especially true when the nominal stickiness parameter is estimated taking into account data revision processes. [Copyright &y& Elsevier]
AB  - Copyright of International Review of Economics & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - KEYNESIAN economics
KW  - ECONOMIC models
KW  - MONETARY policy
KW  - ECONOMIC structure
KW  - EMPIRICAL research
KW  - PARAMETER estimation
KW  - INFLATION (Finance)
KW  - ECONOMIC forecasting
KW  - (non-)rational forecast error
KW  - indirect inference
KW  - monetary policy rule
KW  - NKM model
KW  - real-time data
N1  - Accession Number: 76917439; Vázquez, Jesús 1; Email Address: jesus.vazquez@ehu.es; María-Dolores, Ramón 2; Email Address: ramonmar@um.es; Londoño, Juan M. 3; Email Address: Juan-miguel.londono-yarce@frb.gov; Affiliations: 1: Universidad del País Vasco UPV/EHU; 2: Departamento de Fundamentos del Análisis Económico, Facultad de Economía y Empresa, Universidad de Murcia, Campus de Espinardo, 30100 Murcia (SPAIN); 3: Division of International Finance. Mailstop 43, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, D.C. 20551 (USA); Issue Info: Oct2012, Vol. 24, p235; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC structure; Thesaurus Term: EMPIRICAL research; Thesaurus Term: PARAMETER estimation; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC forecasting; Author-Supplied Keyword: (non-)rational forecast error; Author-Supplied Keyword: indirect inference; Author-Supplied Keyword: monetary policy rule; Author-Supplied Keyword: NKM model; Author-Supplied Keyword: real-time data; Number of Pages: 15p; Document Type: Article
L3  - 10.1016/j.iref.2012.03.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=76917439&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Black, Lamont
AU  - Chu, Chenghuan
AU  - Cohen, Andrew
AU  - Nichols, Joseph
T1  - Differences Across Originators in CMBS Loan Underwriting.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2012/10//
VL  - 42
IS  - 1/2
M3  - Article
SP  - 115
EP  - 134
SN  - 09208550
AB  - There is considerable heterogeneity in the organizational structures of CMBS loan originators that may influence originators' underwriting incentives. We examine data on over 30,000 commercial mortgages securitized into CMBS since 1999, and find significant differences in the propensity to become delinquent depending upon whether a loan was originated by a commercial bank, investment bank, insurance company, finance company, conduit lender, or foreign-owned entity. These differences hold both before and after controlling for key loan characteristics. We then explore possible explanations for these results. Reliance on external financing during a loan's warehousing period-the period between origination and securitization-could explain the relatively poor performance of loans originated by conduit lenders. Also, despite the potential for engaging in adverse selection, balance-sheet lenders-commercial banks, insurance companies and finance companies-actually underwrote higher-quality loans. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - ORGANIZATIONAL structure
KW  - INCENTIVES in industry
KW  - INVESTMENT banking
KW  - MORTGAGES
KW  - FINANCIAL security
KW  - Commercial mortgage backed securities
KW  - G20
KW  - G32
KW  - L15
KW  - Organizational structure
KW  - Securitization
N1  - Accession Number: 77837084; Black, Lamont 1; Email Address: lamont.black@frb.gov; Chu, Chenghuan 1; Email Address: sean.chu@frb.gov; Cohen, Andrew 1; Email Address: andrew.cohen@frb.gov; Nichols, Joseph 1; Email Address: joseph.b.nichols@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington 20551 USA; Issue Info: Oct2012, Vol. 42 Issue 1/2, p115; Thesaurus Term: BANK loans; Thesaurus Term: ORGANIZATIONAL structure; Thesaurus Term: INCENTIVES in industry; Thesaurus Term: INVESTMENT banking; Thesaurus Term: MORTGAGES; Thesaurus Term: FINANCIAL security; Author-Supplied Keyword: Commercial mortgage backed securities; Author-Supplied Keyword: G20; Author-Supplied Keyword: G32; Author-Supplied Keyword: L15; Author-Supplied Keyword: Organizational structure; Author-Supplied Keyword: Securitization; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 20p; Illustrations: 4 Charts, 5 Graphs; Document Type: Article
L3  - 10.1007/s10693-011-0120-0
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=77837084&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Head, Allen
AU  - Liu, Lucy Qian
AU  - Menzio, Guido
AU  - Wright, Randall
T1  - STICKY PRICES: A NEW MONETARIST APPROACH.
JO  - Journal of the European Economic Association
JF  - Journal of the European Economic Association
Y1  - 2012/10//
VL  - 10
IS  - 5
M3  - Article
SP  - 939
EP  - 973
PB  - Wiley-Blackwell
SN  - 15424766
AB  - Why do some sellers set nominal prices that apparently do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption; here it is a result. We use search theory, with two consequences: prices are set in dollars, since money is the medium of exchange; and equilibrium implies a nondegenerate price distribution. When the money supply increases, some sellers may keep prices constant, earning less per unit but making it up on volume so profit stays constant. The calibrated model matches price-change data well. But, in contrast to typical sticky-price models, money is neutral. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - DEALERS (Retail trade)
KW  - PRICES
KW  - ECONOMIC models
KW  - EQUILIBRIUM (Economics)
KW  - DISTRIBUTION (Economic theory)
KW  - PROFIT
KW  - E31
KW  - E42
KW  - E52
N1  - Accession Number: 79722321; Head, Allen 1; Liu, Lucy Qian 2; Menzio, Guido 3; Wright, Randall 4; Affiliations: 1: Queen's University; 2: International Monetary Fund; 3: University of Pennsylvania; 4: University of Wisconsin, and Federal Reserve Banks of Chicago and Minneapolis; Issue Info: Oct2012, Vol. 10 Issue 5, p939; Thesaurus Term: MONETARY policy; Thesaurus Term: DEALERS (Retail trade); Thesaurus Term: PRICES; Thesaurus Term: ECONOMIC models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: DISTRIBUTION (Economic theory); Thesaurus Term: PROFIT; Author-Supplied Keyword: E31; Author-Supplied Keyword: E42; Author-Supplied Keyword: E52; Number of Pages: 35p; Illustrations: 4 Diagrams, 5 Graphs; Document Type: Article
L3  - 10.1111/j.1542-4774.2012.01081.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=79722321&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - Reisman, Erica L.
T1  - Evaluating a Global Vector Autoregression for Forecasting.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/10//
IS  - 1056-1057
M3  - Article
SP  - 1
EP  - 20
AB  - Global vector autoregressions (GVARs) have several attractive features: multiple potential channels for the international transmission of macroeconomic and financial shocks, a standardized economically appealing choice of variables for each country or region examined, systematic treatment of long-run properties through cointegration analysis, and flexible dynamic specification through vector error correction modeling. Pesaran, Schuermann, and Smith (2009) generate and evaluate forecasts from a paradigm GVAR with 26 countries, based on Dées, di Mauro, Pesaran, and Smith (2007). The current paper empirically assesses the GVAR in Dées, di Mauro, Pesaran, and Smith (2007) with impulse indicator saturation (IIS)--a new generic procedure for evaluating parameter constancy, which is a central element in model-based forecasting. The empirical results indicate substantial room for an improved, more robust specification of that GVAR. Some tests are suggestive of how to achieve such improvements. (Esperanto) [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - COINTEGRATION
KW  - VECTOR error-correction models
KW  - VECTOR autoregression model
KW  - AUTOREGRESSION (Statistics)
KW  - cointegration
KW  - error correction
KW  - forecasting
KW  - GVAR
KW  - impulse indicator saturation
KW  - model design
KW  - model evaluation
KW  - model selection
KW  - parameter constancy
KW  - VAR
N1  - Accession Number: 84381068; Ericsson, Neil R. 1; Email Address: ericsson@frb.gov; Reisman, Erica L. 2; Email Address: erica.reisman@gmail.com; Affiliations: 1: Research Professor, Department of Economics, The George Washington University, Washington, D.C. 20052 U.S.A; 2: Research Assistant, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; Issue Info: Oct2012, Issue 1056-1057, preceding p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: COINTEGRATION; Thesaurus Term: VECTOR error-correction models; Subject Term: VECTOR autoregression model; Subject Term: AUTOREGRESSION (Statistics); Author-Supplied Keyword: cointegration; Author-Supplied Keyword: error correction; Author-Supplied Keyword: forecasting; Author-Supplied Keyword: GVAR; Author-Supplied Keyword: impulse indicator saturation; Author-Supplied Keyword: model design; Author-Supplied Keyword: model evaluation; Author-Supplied Keyword: model selection; Author-Supplied Keyword: parameter constancy; Author-Supplied Keyword: VAR; Number of Pages: 22p; Illustrations: 1 Chart, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - Exports, borders, distance, and plant size
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2012/09//
VL  - 88
IS  - 1
M3  - Article
SP  - 91
EP  - 103
SN  - 00221996
AB  - Abstract: The fact that large manufacturing plants export relatively more than small plants has been at the foundation of much work in the international trade literature. We examine this fact using Census microdata on plant shipments from the Commodity Flow Survey. We show that the fact is not entirely an international trade phenomenon; part of it can be accounted for by the effect of distance, distinct from any border effect. Export destinations tend to be farther than domestic destinations, and large plants tend to ship farther distances even to domestic locations compared with small plants. We develop an extension of the Melitz (2003) model and use it to set up an analysis with model interpretations of ratios between large plant and small plant shipments that can be calculated with the data. We obtain a decomposition of the overall ratio into a term that varies with distance, holding fixed the border, and a term that varies with the border, holding fixed the distance. The distance term accounts for more than half of the overall difference. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORTS
KW  - BORDER trade
KW  - FACTORIES
KW  - PHYSICAL distribution of goods
KW  - INTERNATIONAL trade
KW  - DISTANCES
KW  - Border effect
KW  - Commodity Flow Survey
KW  - F10
KW  - International trade
KW  - L60
KW  - Plant size
N1  - Accession Number: 79562818; Holmes, Thomas J. 1,2,3; Email Address: holmes@econ.umn.edu; Stevens, John J. 4; Email Address: john.j.stevens@frb.gov; Affiliations: 1: Department of Economics, University of Minnesota, Minneapolis, MN 55455, USA; 2: Federal Reserve Bank of Minneapolis, Minneapolis, MN 55401, USA; 3: NBER, 1050 Massachusetts Avenue, Cambridge, MA 02138, USA; 4: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep2012, Vol. 88 Issue 1, p91; Thesaurus Term: EXPORTS; Thesaurus Term: BORDER trade; Thesaurus Term: FACTORIES; Thesaurus Term: PHYSICAL distribution of goods; Thesaurus Term: INTERNATIONAL trade; Subject Term: DISTANCES; Author-Supplied Keyword: Border effect; Author-Supplied Keyword: Commodity Flow Survey; Author-Supplied Keyword: F10; Author-Supplied Keyword: International trade; Author-Supplied Keyword: L60; Author-Supplied Keyword: Plant size; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jinteco.2012.02.012
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=79562818&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kandrac, John
T1  - Monetary policy and bank lending to small firms
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2012/09//
VL  - 34
IS  - 3
M3  - Article
SP  - 741
EP  - 748
SN  - 01640704
AB  - Abstract: This paper presents an empirical test of the balance sheet channel of monetary policy. I take advantage of a panel data set containing nearly all domestic banks to search for an adjustment in lending patterns induced by changes in the stance of monetary policy. I find that in response to monetary policy tightening, banks decrease the proportion of credit extended to high-agency-cost “small” borrowers. Additionally, I provide evidence that this result is in fact driven by a balance sheet effect working on small borrowers rather than on small lenders. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - SMALL business
KW  - EMPIRICAL research
KW  - FINANCIAL statements
KW  - BANKING industry
KW  - MONEYLENDERS
KW  - ECONOMICS -- Research
KW  - PANEL analysis
KW  - Balance sheet channel
KW  - Banking industry
KW  - Credit channel
KW  - Monetary policy
N1  - Accession Number: 79110188; Kandrac, John 1; Email Address: john.p.kandrac@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St., Constitution Ave., NW, Washington, DC 20551, United States; Issue Info: Sep2012, Vol. 34 Issue 3, p741; Thesaurus Term: MONETARY policy; Thesaurus Term: SMALL business; Thesaurus Term: EMPIRICAL research; Thesaurus Term: FINANCIAL statements; Thesaurus Term: BANKING industry; Thesaurus Term: MONEYLENDERS; Thesaurus Term: ECONOMICS -- Research; Subject Term: PANEL analysis; Author-Supplied Keyword: Balance sheet channel; Author-Supplied Keyword: Banking industry; Author-Supplied Keyword: Credit channel; Author-Supplied Keyword: Monetary policy; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 8p; Document Type: Article
L3  - 10.1016/j.jmacro.2012.06.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=79110188&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
ID  - 2012-25984-008
AN  - 2012-25984-008
AU  - Bricker, Jesse
AU  - Bucks, Brian
AU  - Kennickell, Arthur
AU  - Mach, Traci
AU  - Moore, Kevin
T1  - The financial crisis from the family's perspective: Evidence from the 2007–2009 SCF panel.
JF  - Journal of Consumer Affairs
JO  - Journal of Consumer Affairs
JA  - J Consum Aff
Y1  - 2012///Fal 2012
VL  - 46
IS  - 3
SP  - 537
EP  - 555
CY  - United Kingdom
PB  - Wiley-Blackwell Publishing Ltd.
SN  - 0022-0078
SN  - 1745-6606
AD  - Bricker, Jesse
N1  - Accession Number: 2012-25984-008. Partial author list: First Author & Affiliation: Bricker, Jesse; Division of Research and Statistics, Board of Governors, Federal Reserve System, DC, US. Other Publishers: Blackwell Publishing. Release Date: 20121231. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Family; Financial Strain; Socioeconomic Status. Classification: Consumer Attitudes & Behavior (3920). Population: Human (10). Methodology: Empirical Study; Interview; Quantitative Study. References Available: Y. Page Count: 19. Issue Publication Date: Fal 2012. Copyright Statement: The American Council on Consumer Interests. 2012. 
AB  - This paper examines changes in families' finances as captured in the 2007–2009 Survey of Consumer Finances panel. The broad contours of changes in families' assets, debts, and wealth align with changes in the corresponding aggregate measures, but the microdata from the panel highlight substantial variation in families' experiences between 2007 and 2009. Although more than 60% of families saw their wealth decline over the two‐year period, a sizable fraction experienced gains in wealth, while some families' financial situations saw little change on net. The shifts in wealth do not appear to be correlated in a simple way with families' characteristics. Instead, the patterns of mixed losses, gains, and modest shifts in wealth generally hold within groups defined by demographic characteristics or by 2007 wealth or income. On the whole, changes in wealth appear to stem from changes in asset values rather than from changes in portfolio composition or debt levels. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - financial crisis
KW  - family finances
KW  - wealth decline
KW  - 2012
KW  - Family
KW  - Financial Strain
KW  - Socioeconomic Status
KW  - 2012
DO  - 10.1111/j.1745-6606.2012.01243.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2012-25984-008&site=ehost-live&scope=site
UR  - kevin.b.moore@frb.gov
UR  - traci.l.mach@frb.gov
UR  - arthur.kennickell@frb.gov
UR  - brian.bucks@cfpb.gov
UR  - jesse.bricker@frb.gov
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of July 31- August 1, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/08/31/
VL  - 77
IS  - 170
M3  - Article
SP  - 53201
EP  - 53202
SN  - 00976326
AB  - The article informs about a notice issued by the U.S. Federal Open Market Committee which directs to maintain its existing domestic policy of reinvesting principal payments on all agency debt and agency mortgage-backed securities.
KW  - GOVERNMENT policy
KW  - MORTGAGE-backed securities
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 79811932; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee.; Issue Info: 8/31/2012, Vol. 77 Issue 170, p53201; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: MORTGAGE-backed securities ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BARNICHON, REGIS
AU  - NEKARDA, CHRISTOPHER J.
T1  - The Ins and Outs of Forecasting Unemployment: Using Labor Force Flows to Forecast the Labor Market.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2012///Fall2012
IS  - 2
M3  - Article
SP  - 83
EP  - 131
PB  - Brookings Institution Press
SN  - 00072303
AB  - This paper presents a forecasting model of unemployment based on labor force flows data that, in real time, dramatically outperforms the Survey of Professional Forecasters, historical forecasts from the Federal Reserve Board's Greenbook, and basic time-series models. Our model's forecast has a root-mean-squared error about 30 percent below that of the next-best forecast in the near term and performs especially well surrounding large recessions and cyclical turning points. Further, because our model uses information on labor force flows that is likely not incorporated by other forecasts, a combined fore-cast including our model's forecast and the SPF forecast yields an improvement over the latter alone of about 35 percent for current-quarter forecasts, and 15 percent for next-quarter forecasts, as well as improvements at longer horizons. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT forecasting -- Mathematical models
KW  - UNEMPLOYMENT
KW  - STANDARD deviations
KW  - RECESSIONS
KW  - BUSINESS cycles
N1  - Accession Number: 86859354; BARNICHON, REGIS 1; NEKARDA, CHRISTOPHER J. 2; Affiliations: 1: Centre de Recerca en Economia International, Barcelona; 2: Board of Governors of the Federal Reserve System; Issue Info: Fall2012, Issue 2, p83; Thesaurus Term: EMPLOYMENT forecasting -- Mathematical models; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: STANDARD deviations; Thesaurus Term: RECESSIONS; Thesaurus Term: BUSINESS cycles; Number of Pages: 49p; Illustrations: 8 Charts, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Zheng Sun
AU  - Ashley Wang
AU  - Lu Zheng
T1  - The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance.
JO  - CFA Digest
JF  - CFA Digest
Y1  - 2012/08//
VL  - 42
IS  - 3
M3  - Article
SP  - 5
EP  - 7
SN  - 00469777
AB  - The article offers information on the distinguishing features of fund managers for different investment strategies. It states that funds of skilled managers have lower hedge ration as compared to that of unskilled managers. It further informs that generally hedge fund managers do not disclose their strategies regarding investments hence making it difficult to gather information.
KW  - INVESTMENTS
KW  - INVESTMENT advisors
KW  - INVESTMENT policy
KW  - SKILLED labor
KW  - HEDGE funds
KW  - FINANCE
N1  - Accession Number: 83194493; Zheng Sun 1; Ashley Wang 2; Lu Zheng 1; Affiliations: 1: University of California, Irvine; 2: Board of Governors of the Federal Reserve System; Issue Info: Aug2012, Vol. 42 Issue 3, p5; Thesaurus Term: INVESTMENTS; Thesaurus Term: INVESTMENT advisors; Thesaurus Term: INVESTMENT policy; Thesaurus Term: SKILLED labor; Thesaurus Term: HEDGE funds; Thesaurus Term: FINANCE; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wieland, Volker
AU  - Cwik, Tobias
AU  - Müller, Gernot J.
AU  - Schmidt, Sebastian
AU  - Wolters, Maik
T1  - A new comparative approach to macroeconomic modeling and policy analysis
JO  - Journal of Economic Behavior & Organization
JF  - Journal of Economic Behavior & Organization
Y1  - 2012/08//
VL  - 83
IS  - 3
M3  - Article
SP  - 523
EP  - 541
SN  - 01672681
AB  - Abstract: In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the database and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Behavior & Organization is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - FINANCIAL crises
KW  - ECONOMISTS
KW  - COMPETITION (Economics)
KW  - QUANTITATIVE research
KW  - ECONOMIC development
KW  - COMPARATIVE economics
KW  - ECONOMIC models
KW  - Fiscal policy
KW  - Macroeconomic models
KW  - Model comparison
KW  - Model uncertainty
KW  - Monetary policy
KW  - Policy rules
KW  - Robustness
N1  - Accession Number: 83448380; Wieland, Volker 1; Email Address: wieland@wiwi.uni-frankfurt.de Cwik, Tobias 2; Email Address: tobias.cwik@frb.gov Müller, Gernot J. 3; Email Address: gernot.mueller@uni-bonn.de Schmidt, Sebastian 1; Email Address: s.schmidt@wiwi.uni-frankfurt.de Wolters, Maik 1; Email Address: wolters@wiwi.uni-frankfurt.de; Affiliation:  1: Goethe University of Frankfurt, Grueneburgplatz 1, House of Finance, 60323 Frankfurt am Main, Germany  2: Board of Governors of the Federal Reserve System, Division of Research and Statistics, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA  3: University of Bonn, Adenauerallee 24-42, 53113 Bonn, Germany; Source Info: Aug2012, Vol. 83 Issue 3, p523; Subject Term: MACROECONOMICS; Subject Term: ECONOMIC policy; Subject Term: FINANCIAL crises; Subject Term: ECONOMISTS; Subject Term: COMPETITION (Economics); Subject Term: QUANTITATIVE research; Subject Term: ECONOMIC development; Subject Term: COMPARATIVE economics; Subject Term: ECONOMIC models; Author-Supplied Keyword: Fiscal policy; Author-Supplied Keyword: Macroeconomic models; Author-Supplied Keyword: Model comparison; Author-Supplied Keyword: Model uncertainty; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Policy rules; Author-Supplied Keyword: Robustness; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jebo.2012.01.006
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - The Other, Other Half: Changes in the Finances of the Least Wealthy 50 Percent, 2007-2009.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2012/08//
M3  - Article
SP  - 2
EP  - 23
AB  - In discussions of household wealth, it is not surprising that discussion often tends to focus on the upper half of the wealth distribution: According to the 2007 Survey of Consumer Finances(SCF), that group held 97.5 percent of all directly owned household wealth. This paper investigates the wealth dynamics of the lower half of the distribution using data from the 2007-2009 SCF panel to examine the degree of distributional mobility among this group, the demographic characteristics associated with such change and the role of initial portfolio allocation. It also provides information from earlier SCFs and the 2010 SCF to put the results in perspective. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - INVESTMENTS
KW  - ASSETS (Accounting)
KW  - DEBT
KW  - HOUSEHOLDS
KW  - DEMOGRAPHIC characteristics
KW  - SURVEYS
N1  - Accession Number: 82236968; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@frb.gov; Affiliations: 1: Assistant Director, Division of Research and Statistics Board of Governors of the Federal Reserve System Mail Stop 153 Washington, DC 20551; Issue Info: 2012, preceding p2; Thesaurus Term: WEALTH; Thesaurus Term: INVESTMENTS; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: DEBT; Subject Term: HOUSEHOLDS; Subject Term: DEMOGRAPHIC characteristics; Subject Term: SURVEYS; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 24p; Illustrations: 10 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Epstein, Brendan
T1  - Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/08//
IS  - 1051-1055
M3  - Article
SP  - 1
EP  - 40
AB  - In the United States, the aggregate vacancy-unemployment (V/U) ratio is strongly pro-cyclical, and a large fraction of its adjustment associated with changes in productivity is sluggish. The latter is entirely unexplained by the benchmark homogeneous-agent model of equilibrium unemployment theory. I show that endogenous search and worker- side horizontal heterogeneity in production capacity can be important in accounting for this propagation puzzle. Driven by differences in unemployed and on-the-job seekers' search incentives, the probability that any given firm with a job opening matches with a worker endowed with a comparative advantage in that job exhibits a stage of procyclical slow-moving adjustment. Consequently, so do the expected gains from posting vacancies and, hence, the V/U ratio. The model has channels through which the majority of both the V/U ratio's sluggish-adjustment properties and its elasticity with respect to output per worker can be accounted for. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR market
KW  - COMPARATIVE advantage (International trade)
KW  - JOB hunting
KW  - UNEMPLOYMENT
KW  - JOB vacancies
KW  - ampli.cation
KW  - comparative advantage
KW  - endogenous search
KW  - heterogeneity
KW  - market tightness
KW  - mismatch
KW  - on-the-job search
KW  - propagation
KW  - search and matching
KW  - search intensity
KW  - unemployment
KW  - vacancies
N1  - Accession Number: 82330635; Epstein, Brendan 1; Email Address: Brendan.Epstein@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C. 20551; Issue Info: Aug2012, Issue 1051-1055, preceding p1; Thesaurus Term: LABOR market; Thesaurus Term: COMPARATIVE advantage (International trade); Thesaurus Term: JOB hunting; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: JOB vacancies; Author-Supplied Keyword: ampli.cation; Author-Supplied Keyword: comparative advantage; Author-Supplied Keyword: endogenous search; Author-Supplied Keyword: heterogeneity; Author-Supplied Keyword: market tightness; Author-Supplied Keyword: mismatch; Author-Supplied Keyword: on-the-job search; Author-Supplied Keyword: propagation; Author-Supplied Keyword: search and matching; Author-Supplied Keyword: search intensity; Author-Supplied Keyword: unemployment; Author-Supplied Keyword: vacancies; Number of Pages: 42p; Illustrations: 7 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of June 19-20, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/07/20/
VL  - 77
IS  - 140
M3  - Article
SP  - 42730
EP  - 42730
SN  - 00976326
AB  - The article presents a notice from U.S. Federal Reserve System on the domestic policy directive issued by the Federal Open Market Committee in accordance with Section 271.7(d) on availability of information, set forth at the Committee's meeting held June 19-20, 2011.
KW  - GOVERNMENT information -- United States
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 78125364; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee; Issue Info: 7/20/2012, Vol. 77 Issue 140, p42730; Subject Term: GOVERNMENT information -- United States; Subject: UNITED States ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 1/3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - WILLIAMSON, STEPHEN D.
T1  - New Monetarist Economics: Understanding Unconventional Monetary Policy*.
JO  - Economic Record
JF  - Economic Record
Y1  - 2012/06/02/Jun2012 Supplement
VL  - 88
M3  - Article
SP  - 10
EP  - 21
PB  - Wiley-Blackwell
SN  - 00130249
AB  - This paper focuses on Federal Reserve policy in the United States after the financial crisis. Two key interventions - QE1 and QE2 - are reviewed, and a model is outlined that can be used to help understand some of the consequences of the financial crisis, and the policy responses to the crisis. Liquidity traps play an important role in the analysis, and it is shown how the financial crisis led to an unconventional liquidity shortage, requiring an unconventional policy response. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Record is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - FINANCIAL crises
KW  - LIQUIDITY (Economics)
KW  - UNITED States
KW  - E4
KW  - E5
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 77350932; WILLIAMSON, STEPHEN D. 1; Affiliations: 1: Washington University in St. Louis, Federal Reserve Banks of Richmond and St. Louis; Issue Info: Jun2012 Supplement, Vol. 88, p10; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCIAL crises; Thesaurus Term: LIQUIDITY (Economics); Subject: UNITED States; Author-Supplied Keyword: E4; Author-Supplied Keyword: E5 ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 12p; Illustrations: 1 Diagram, 2 Charts, 3 Graphs; Document Type: Article
L3  - 10.1111/j.1475-4932.2012.00810.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Board of Governors of the Federal Reserve System
AD  - Unlisted
T1  - Models to Project Net Income and Stressed Capital
JO  - Economic and Financial Modelling
JF  - Economic and Financial Modelling
Y1  - 2012///Summer
VL  - 19
IS  - 2
SP  - 53
EP  - 98
SN  - 13507419
N1  - Accession Number: 1321242; Keywords: Credit;  Credit Card;  Federal Reserve System;  Financial Market;  Forecast;  Lending;  Macroeconomics;  Modeling;  Mortgage;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201209
N2  - There are two general approaches taken to modelling losses on the accrual loan portfolio: (1) the models attempt to capture the historical behaviour of net charge-offs relative to changes in macroeconomic and financial market variables and loan portfolio characteristics; (2) the models estimate losses by projecting the probability of default, loss given default, and exposure at default for each quarter of the stress scenario horizon. The models applied by the Federal Reserve System to forecast income and stressed capital ratio which are presented here cover the models developed for the major categories of wholesale and retail loans. Wholesale loans include commercial and industrial loans and commercial real estate loans. Retail loans include various types of residential mortgages, credit cards, student loans, auto loans, small business loans, and other consumer lending.
KW  - Forecasting Models; Simulation Methods          C53
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.eefclondon.org/pubs/efm.html
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UR  - http://www.eefclondon.org/pubs/efm.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ajello, Andrea
AU  - Benzoni, Luca
AU  - Chyruk, Olena
T1  - No-arbitrage restrictions and the U.S. Treasury market.
JO  - Economic Perspectives
JF  - Economic Perspectives
Y1  - 2012/06//
IS  - 2
M3  - Article
SP  - 55
EP  - 74
PB  - Federal Reserve Bank of Chicago
SN  - 1048115X
AB  - The article focuses on the pricing of U.S. Treasury securities via no-arbitrage arguments. It describes what an arbitrage is and offers an intuitive example that depicts how to create an arbitrage investment strategy in a frictionless capital market. It discusses the limitations of the Vasicek model which obtains a bond pricing formula that expresses the price of bonds of several maturities as a function of the spot interest rate, the market price of risk, and other model parameters.
KW  - GOVERNMENT securities
KW  - TREASURY stock
KW  - COMMODITY exchanges
KW  - CAPITAL market
KW  - PROGRAM trading (Securities)
KW  - SWAPS (Finance)
KW  - BONDS (Finance)
KW  - UNITED States
N1  - Accession Number: 77393272; Ajello, Andrea 1 Benzoni, Luca 2 Chyruk, Olena 3; Affiliation:  1: Economist, Division of Monetary Affairs, Board of Governors of the Federal Reserve System  2: Senior financial economist, Economic Research Department, Federal Reserve Bank of Chicago  3: Senior research analyst, Economic Research Department, Federal Reserve Bank of Chicago; Source Info: Jun2012, Issue 2, p55; Subject Term: GOVERNMENT securities; Subject Term: TREASURY stock; Subject Term: COMMODITY exchanges; Subject Term: CAPITAL market; Subject Term: PROGRAM trading (Securities); Subject Term: SWAPS (Finance); Subject Term: BONDS (Finance); Subject Term: UNITED States; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 20p; Illustrations: 4 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Scherbina, Anna
AU  - Schlusche, Bernd
T1  - Asset Bubbles: an Application to Residential Real Estate.
JO  - European Financial Management
JF  - European Financial Management
Y1  - 2012/06//
VL  - 18
IS  - 3
M3  - Article
SP  - 464
EP  - 491
PB  - Wiley-Blackwell
SN  - 13547798
AB  - Behavioural models offer new insights into why bubbles are ubiquitous in residential real estate markets. These markets are dominated by unsophisticated households who often develop optimistic views by extrapolating from past returns. Rational investors cannot easily trade against an overvaluation of housing assets because of high transaction costs and a binding short sale constraint. Circumventing the effect of the latter, the supply of housing frequently increases in response to rising prices. This helps to mitigate bubbles but often leads to overbuilding, which slows down the recovery after a bubble bursts. Models that incorporate the effects of perverse incentives and limits to arbitrage are especially helpful in explaining the bubble that developed in mortgage-backed securities and helped fuel the recent real estate bubble by relaxing home buyers' borrowing constraints. The literature is ambiguous about whether governments should intervene to burst bubbles, as a better response may lie in improving incentives of key market players. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Financial Management is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESIDENTIAL real estate
KW  - CAPITALISTS & financiers
KW  - ECONOMIC bubbles
KW  - HUMAN behavior models
KW  - HOUSEHOLDS
KW  - bubbles
KW  - financial crisis
KW  - G00
KW  - G01
KW  - G02
KW  - G10
KW  - limits to arbitrage
KW  - R31
KW  - residential real estate
N1  - Accession Number: 75275516; Scherbina, Anna 1; Email Address: ascherbina@ucdavis.edu; Schlusche, Bernd 2; Email Address: bernd.schlusche@frb.gov; Affiliations: 1: Graduate School of Management, University of California, Davis, One Shields Avenue, Davis, CA 95616, USA E-mail:; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA E-mail:; Issue Info: Jun2012, Vol. 18 Issue 3, p464; Thesaurus Term: RESIDENTIAL real estate; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ECONOMIC bubbles; Subject Term: HUMAN behavior models; Subject Term: HOUSEHOLDS; Author-Supplied Keyword: bubbles; Author-Supplied Keyword: financial crisis; Author-Supplied Keyword: G00; Author-Supplied Keyword: G01; Author-Supplied Keyword: G02; Author-Supplied Keyword: G10; Author-Supplied Keyword: limits to arbitrage; Author-Supplied Keyword: R31; Author-Supplied Keyword: residential real estate; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531311 Residential Property Managers; Number of Pages: 28p; Document Type: Article
L3  - 10.1111/j.1468-036X.2012.00647.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GARRISON, LORETTA
AU  - HASTAK, MANOJ
AU  - HOGARTH, JEANNE M.
AU  - KLEIMANN, SUSAN
AU  - LEVY, ALAN S.
T1  - Designing Evidence-based Disclosures: A Case Study of Financial Privacy Notices.
JO  - Journal of Consumer Affairs
JF  - Journal of Consumer Affairs
Y1  - 2012///Summer2012
VL  - 46
IS  - 2
M3  - Article
SP  - 204
EP  - 234
PB  - Wiley-Blackwell
SN  - 00220078
AB  - Disclosure is a key component of consumer protection policy. By informing consumers about a product or service, disclosures can help consumers understand product features and shop among products and providers to find the combination of features and price that best meets their needs. For example, the Gramm-Leach-Bliley Act (GLBA, 15 U.S.C. 6801-6809) provides for disclosures of information-sharing practices of financial institutions and, in some cases, requires that these institutions offer consumers the opportunity to limit some of this sharing. Using these disclosures as a case study, this paper explores how research can help policymakers shift from a perspective of developing disclosures that are in technical compliance with the law to one of developing disclosures that consumers pay attention to, understand and use in their decision making. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Consumer Affairs is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL disclosure
KW  - CONSUMER education
KW  - FINANCIAL services industry
KW  - CASE studies
KW  - UNITED States
KW  - UNITED States. Gramm-Leach-Bliley Act
N1  - Accession Number: 77499935; GARRISON, LORETTA 1; Email Address: lorettagarrison@mac.com HASTAK, MANOJ 2; Email Address: mhastak@american.edu HOGARTH, JEANNE M. 3; Email Address: jeanne.m.hogarth@frb.gov KLEIMANN, SUSAN 4; Email Address: skleimann@kleimann.com LEVY, ALAN S. 5; Email Address: alan.levy@cfsan.fda.gov; Affiliation:  1: Loretta Garrison  is a Washington attorney and, until September 2011, was a Senior Attorney at the Federal Trade Commission. The views expressed do not necessarily represent the official views of the Federal Trade Commission or of any individual Commissioner.  2: Manoj Hastak  is a Professor in the Kogod School of Business at American University.  3: Jeanne M. Hogarth  is a Manager at Federal Reserve Board. The analysis and conclusions set forth in this presentation represent the work of the authors and do not indicate concurrence of the Federal Reserve Board, the Federal Reserve Banks, or their staff. Mention or display of a trademark, proprietary product, or firm by the authors does not constitute an endorsement or criticism by the Federal Reserve System, and does not imply approval to the exclusion of other suitable products or firms.  4: Susan Kleimann  is a President at Kleimann Communications Group.  5: Alan S. Levy  is a Senior Scientist at the Food and Drug Administration.; Source Info: Summer2012, Vol. 46 Issue 2, p204; Subject Term: FINANCIAL disclosure; Subject Term: CONSUMER education; Subject Term: FINANCIAL services industry; Subject Term: CASE studies; Subject Term: UNITED States; Company/Entity: UNITED States. Gramm-Leach-Bliley Act; Number of Pages: 31p; Illustrations: 1 Diagram, 9 Charts; Document Type: Article
L3  - 10.1111/j.1745-6606.2012.01226.x
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ER  - 

TY  - JOUR
AU  - FRAME, W. SCOTT
AU  - HANCOCK, DIANA
AU  - PASSMORE, WAYNE
T1  - Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2012/06//
VL  - 44
IS  - 4
M3  - Article
SP  - 661
EP  - 684
PB  - Wiley-Blackwell
SN  - 00222879
AB  - Federal Home Loan Bank (FHLB) advances are a source of government-sponsored liquidity intended to encourage housing finance, although 'community financial institutions' may use such funds more generally. Because money is fungible, it is an empirical question as to how advances are actually employed. Using panel-vector autoregression techniques, we estimate dynamic responses of U.S. commercial bank portfolios to: FHLB advance shocks, bank lending shocks, and macroeconomic shocks. We find that FHLB advances: (i) are used as a general source of liquidity by U.S. commercial banks of all sizes and (ii) dampen the sensitivity of mortgage lending to macroeconomic shocks at small banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - advances
KW  - Federal Home Loan Bank
KW  - G18
KW  - G21
KW  - G38
KW  - government-sponsored enterprise
KW  - mortgage funding
KW  - panel-VAR
KW  - portfolio shocks
N1  - Accession Number: 75409205; FRAME, W. SCOTT 1; Email Address: diana.hancock@frb.gov; HANCOCK, DIANA 1; Email Address: scott.frame@atl.frb.org; PASSMORE, WAYNE 1; Email Address: diana.hancock@frb.gov; Affiliations: 1: W. S cott F rame is a Financial Economist and Senior Policy Advisor, Federal Reserve Bank of Atlanta, Atlanta, GA ( E-mail: ). D iana H ancock is a Deputy Associate Director, Research & Statistics, Board of Governors of the Federal Reserve System, Washington, DC ( E-mail: ). W ayne P assmore is an Associate Director, Research & Statistics, Board of Governors of the Federal Reserve System, Washington, DC ( E-mail: ).; Issue Info: Jun2012, Vol. 44 Issue 4, p661; Author-Supplied Keyword: advances; Author-Supplied Keyword: Federal Home Loan Bank; Author-Supplied Keyword: G18; Author-Supplied Keyword: G21; Author-Supplied Keyword: G38; Author-Supplied Keyword: government-sponsored enterprise; Author-Supplied Keyword: mortgage funding; Author-Supplied Keyword: panel-VAR; Author-Supplied Keyword: portfolio shocks; Number of Pages: 24p; Document Type: Article
L3  - 10.1111/j.1538-4616.2012.00505.x
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ER  - 

TY  - JOUR
AU  - Bhutta, Neil
T1  - GSE Activity and Mortgage Supply in Lower-Income and Minority Neighborhoods: The Effect of the Affordable Housing Goals.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2012/06//
VL  - 45
IS  - 1
M3  - Article
SP  - 238
EP  - 261
SN  - 08955638
AB  - I estimate the credit supply effect of the Underserved Areas Goal (UAG), which establishes GSE purchase goals for mortgages to lower-income and minority neighborhoods. Taking advantage of discontinuous census tract eligibility rules and abrupt changes in tract eligibility, I find some evidence of a small UAG effect on GSE purchases and mortgage originations, without crowding-out of FHA and subprime lending. The results also suggest that the GSEs exploit the law's lack of precision-targeting, yielding effects that might diverge from the law's intent. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - MORTGAGES
KW  - HOME prices
KW  - LOANS
KW  - PURCHASING
KW  - NEIGHBORHOODS
KW  - Affordable housing goals
KW  - GSE
KW  - Low and moderate income
KW  - Mortgage
N1  - Accession Number: 76634115; Bhutta, Neil 1; Email Address: Neil.bhutta@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 149 Washington 20551 USA; Issue Info: Jun2012, Vol. 45 Issue 1, p238; Thesaurus Term: HOUSING market; Thesaurus Term: MORTGAGES; Thesaurus Term: HOME prices; Thesaurus Term: LOANS; Thesaurus Term: PURCHASING; Subject Term: NEIGHBORHOODS; Author-Supplied Keyword: Affordable housing goals; Author-Supplied Keyword: GSE; Author-Supplied Keyword: Low and moderate income; Author-Supplied Keyword: Mortgage; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 24p; Document Type: Article
L3  - 10.1007/s11146-010-9258-z
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Samir Jahjah
AU  - Bin Wei
AU  - Vivian Zhanwei Yue
T1  - Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/06//
IS  - 1049/1050
M3  - Article
SP  - 1
EP  - 36
AB  - This paper empirically analyzes how exchange rate policy affects the issuance and pricing of international bonds for developing countries. We find that countries with less fiexible exchange rate regimes pay higher sovereign bond spreads and are less likely to issue bonds. Quantitatively, changing a free-fioating regime to a fixed regime decreases the likelihood of bond issuance by 4.6% and increases the bond spread by 1.3% on average. Furthermore, countries with real exchange rate overvaluation have higher bond spreads and higher bond issuance probabilities. Moreover, such positive effects of real exchange rate overvaluation tend to be magnified for countries with fixed exchange rate regimes. Our results suggest that choosing a less fiexible exchange rate regime in general leads to higher borrowing costs for developing countries, especially when their currencies are overvalued. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT securities
KW  - FOREIGN exchange rates
KW  - BONDS (Finance)
KW  - MONETARY policy
KW  - DEVELOPING countries
KW  - Debt Crisis
KW  - Exchange Rate Regime
KW  - Overvaluation
KW  - Sovereign Bond Spread
N1  - Accession Number: 78392241; Samir Jahjah 1; Email Address: sjahjah@imf.org; Bin Wei 2; Email Address: bin.wei@frb.gov; Vivian Zhanwei Yue 2; Email Address: vivian.yue@frb.gov; Affiliations: 1: International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431; 2: Board of Governors of the Federal Reserve System, 20 Constitution Avenue Northwest, Washington, D.C. 20551; Issue Info: Jun2012, Issue 1049/1050, p1; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BONDS (Finance); Thesaurus Term: MONETARY policy; Subject Term: DEVELOPING countries; Author-Supplied Keyword: Debt Crisis; Author-Supplied Keyword: Exchange Rate Regime; Author-Supplied Keyword: Overvaluation; Author-Supplied Keyword: Sovereign Bond Spread; Number of Pages: 36p; Illustrations: 10 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of April 24- 25, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/05/24/
VL  - 77
IS  - 101
M3  - Article
SP  - 31015
EP  - 31016
SN  - 00976326
AB  - The article presents information on a notice issued by the U.S. Federal Reserve System regarding the solicitation of monetary and financial conditions for fostering the price stability and promoting sustainable growth in output by the U.S. Federal Open Market Committee.
KW  - PRICE regulation
KW  - UNITED States. Federal Open Market Committee
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 76338799; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee; Issue Info: 5/24/2012, Vol. 77 Issue 101, p31015; Thesaurus Term: PRICE regulation ; Company/Entity: UNITED States. Federal Open Market Committee ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mendoza, Enrique G.
AU  - Yue, Vivian Z.
T1  - A General Equilibrium Model of Sovereign Default and Business Cycles*.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 2012/05//
VL  - 127
IS  - 2
M3  - Article
SP  - 889
EP  - 946
PB  - Oxford University Press / USA
SN  - 00335533
AB  - Why are episodes of sovereign default accompanied by deep recessions? The existing literature cannot answer this question. On one hand, sovereign default models treat income fluctuations as an exogenous endowment process with ad hoc default costs. On the other hand, emerging markets business cycle models abstract from modeling default and treat default risk as part of an exogenous interest rate on working capital. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing, and default triggers an efficiency loss as these inputs are replaced by imperfect substitutes, because both firms and the government are excluded from credit markets. Default is an optimal decision of a benevolent planner for whom, even after internalizing the adverse effects of default on economic activity, financial autarky has a higher payoff than debt repayment. The model explains the main features of observed cyclical dynamics around defaults, countercyclical spreads, high debt ratios, and key long-run business cycle moments. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMIC development
KW  - BUSINESS cycles
KW  - INTEREST rates
KW  - CAPITAL financing
KW  - FINANCIAL market reaction
KW  - DEBT
KW  - ECONOMIC aspects
N1  - Accession Number: 75055182; Mendoza, Enrique G. 1; Yue, Vivian Z. 2; Affiliations: 1: University of Maryland and National Bureau of Economic Research; 2: Board of Governors of The Federal Reserve System; Issue Info: May2012, Vol. 127 Issue 2, p889; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMIC development; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INTEREST rates; Thesaurus Term: CAPITAL financing; Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: DEBT; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 58p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hall, Stephen G.
AU  - Swamy, P. A. V. B.
AU  - Tavlas, George S.
T1  - Milton Friedman, the Demand for Money, and the ECB's Monetary Policy Strategy.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2012/05//May/Jun2012
VL  - 94
IS  - 3
M3  - Article
SP  - 153
EP  - 187
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The European Central Bank (ECB) assigns greater weight to the role of money in its monetary policy strategy than most, if not all, other major central banks. Nevertheless, reflecting the view that the demand for money became unstable in the early 2000s, some commentators have reported that the ECB has "downgraded" the role of money demand functions in its strategy. This paper explains the ECB's monetary policy strategy and shows the considerable influence of Milton Friedman's contributions on the formulation of that strategy. The paper also provides new evidence on the stability of euro area money demand. Following a conjecture made by Friedman (1956), the authors assign a role to uncertainty in the money demand function. They find that although uncertainty is nonstationary and subject to wide swings, it is nonetheless mean reverting and has substantial effects on the demand for money. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEMAND for money
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - EUROZONE
KW  - EUROPEAN Union countries
KW  - EUROPEAN Central Bank
KW  - FRIEDMAN, Milton, 1912-2006
N1  - Accession Number: 76287037; Hall, Stephen G. 1 Swamy, P. A. V. B. 2 Tavlas, George S. 3; Affiliation:  1: Professor of economics, Leicester University, visiting professor at Pretoria University, and a consultant to the Bank of Greece  2: Former senior economist at the Board of Governors of the Federal Reserve System  3: Director general of the Bank of Greece; Source Info: May/Jun2012, Vol. 94 Issue 3, p153; Subject Term: DEMAND for money; Subject Term: MONETARY policy; Subject Term: CENTRAL banking industry; Subject Term: EUROZONE; Subject Term: EUROPEAN Union countries; Company/Entity: EUROPEAN Central Bank; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; People: FRIEDMAN, Milton, 1912-2006; Number of Pages: 34p; Illustrations: 4 Charts, 13 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Trabandt, Mathias
AU  - Uhlig, Harald
T1  - How Do Laffer Curves Differ Across Countries.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/05//
IS  - 1047/1048
M3  - Article
SP  - 1
EP  - 48
AB  - We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt. As an application, we analyze the consequences for the permanent sustainability of current debt levels, when interest rates are permanently increased e.g. due to default fears. We build on the analysis in Trabandt and Uhlig (2011) and extend it in several ways. To obtain a better _t to the data, we allow for monopolistic competition as well as partial taxation of pure profit income. We update the sample to 2010, thereby including recent increases in government spending and their fiscal consequences. We provide new tax rate data. We conduct an analysis for the pessimistic case that the recent fiscal shifts are permanent. We include a cross-country analysis on consumption taxes as well as a more detailed investigation of the inclusion of human capital considerations for labor taxation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LAFFER curve
KW  - PUBLIC spending
KW  - PUBLIC debts
KW  - MONOPOLISTIC competition
KW  - INCOME tax
KW  - UNITED States
KW  - cross country comparison
KW  - debt sustainability
KW  - fiscal limits
KW  - human capital and labor taxation
KW  - Laffer curve
KW  - quantitative endogenous growth
KW  - taxation
KW  - EUROPEAN Union
N1  - Accession Number: 77566768; Trabandt, Mathias 1; Email Address: mathias.trabandt@gmail.com; Uhlig, Harald 2,3; Email Address: huhlig@uchicago.edu; Affiliations: 1: Mathias Trabandt, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, D.C. 20551, USA; 2: Harald Uhlig, Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60637, USA; 3: NBER, CEPR, CentER, Deutsche Bundesbank; Issue Info: May2012, Issue 1047/1048, p1; Thesaurus Term: LAFFER curve; Thesaurus Term: PUBLIC spending; Thesaurus Term: PUBLIC debts; Thesaurus Term: MONOPOLISTIC competition; Thesaurus Term: INCOME tax; Subject: UNITED States; Author-Supplied Keyword: cross country comparison; Author-Supplied Keyword: debt sustainability; Author-Supplied Keyword: fiscal limits; Author-Supplied Keyword: human capital and labor taxation; Author-Supplied Keyword: Laffer curve; Author-Supplied Keyword: quantitative endogenous growth; Author-Supplied Keyword: taxation ; Company/Entity: EUROPEAN Union; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 48p; Illustrations: 16 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of March 13, 2012.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2012/04/16/
VL  - 77
IS  - 73
M3  - Article
SP  - 22577
EP  - 22577
SN  - 00976326
AB  - The article presents information on a domestic policy directive issued by the U.S. Federal Open Market Committee as per the Code of Federal Regulations.
KW  - GOVERNMENT policy
KW  - FEDERAL regulation
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 74619483; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee.; Issue Info: 4/16/2012, Vol. 77 Issue 73, p22577; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: FEDERAL regulation ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 1/3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Grishchenko, Olesya V.
AU  - Rossi, Marco
T1  - The Role of Heterogeneity in Asset Pricing: The Effect of a Clustering Approach.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2012/04//
VL  - 30
IS  - 2
M3  - Article
SP  - 297
EP  - 311
SN  - 07350015
AB  - In this article we use a novel clustering approach to study the role of heterogeneity in asset pricing. We present evidence that the equity premium is consistent with a stochastic discount factor (SDF) calculated as the average of the household clusters’ intertemporal marginal rates of substitution in the 1984–2002 period. The result is driven by the skewness of the cluster-based cross-sectional distribution of consumption growth, but cannot be explained by the cross-sectional variance and mean alone. We find that nine clusters are sufficient to explain the equity premium with relative risk aversion coefficient equal to six. The result is robust to various averaging schemes of cluster-based consumption growth used to construct the SDF. Lastly, the analysis reveals that standard approximation schemes of the SDF using individual household data produce unreliable results, implying a negative SDF. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK aversion
KW  - CONSUMPTION (Economics)
KW  - APPROXIMATION theory
KW  - STOCHASTIC analysis
KW  - UTILITY theory
N1  - Accession Number: 75910519; Grishchenko, Olesya V. 1; Email Address: Olesya.V.Grishchenko@frb.gov; Rossi, Marco 2; Email Address: marco.rossi@nd.edu; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC, 20551; 2: Mendoza College of Business, University of Notre Dame, Notre Dame, IN, 46556; Issue Info: Apr2012, Vol. 30 Issue 2, p297; Thesaurus Term: RISK aversion; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: APPROXIMATION theory; Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: UTILITY theory; Number of Pages: 15p; Document Type: Article
L3  - 10.1080/07350015.2012.670544
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Board of Governors of the Federal Reserve System
AD  - Unlisted
T1  - Methodology for Stress Scenario Projections
JO  - Economic and Financial Review
JF  - Economic and Financial Review
Y1  - 2012///Spring
VL  - 19
IS  - 1
SP  - 3
EP  - 41
SN  - 13513621
N1  - Accession Number: 1313898; Keywords: Bank;  Capital;  Holding Companies;  Macroeconomics;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201208
N2  - This paper provides an overview of the analytical framework and empirical methods used by the Federal Reserve to make a supervisory assessment of the capital planning processes of bank holding companies (BHCs) over a nine-quarter planning horizon. The Comprehensive Capital Analysis and Review (CCAR) is the Federal Reserve's central mechanism for developing supervisory assessments of capital adequacy at BHCs. To maintain these capital plans, the Federal Reserve projects losses, revenues, expenses, and capital ratios for each of the 19 BHCs under a hypothetical severely adverse macroeconomic scenario. The stress scenario projections were calculated by using a set of models developed or selected by the Federal Reserve and incorporate detailed information about the risk characteristics and business activities of each BHC. Some results are presented.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.eefclondon.org/pubs/efr.html
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UR  - http://www.eefclondon.org/pubs/efr.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Francis, William B.
AU  - Osborne, Matthew
T1  - Capital requirements and bank behavior in the UK: Are there lessons for international capital standards?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2012/03//
VL  - 36
IS  - 3
M3  - Article
SP  - 803
EP  - 816
SN  - 03784266
AB  - Abstract: The financial crisis prompted widespread interest in developing a better understanding of how capital regulation drives bank behavior. This paper uses a unique, comprehensive database of regulatory capital requirements on all UK banks to examine their effects on capital, lending and balance sheet management behavior. We find that capital requirements that include firm-specific, time-varying add-ons set by supervisors affect banks’ desired capital ratios and that resulting adjustments to capital and lending depend on the gap between actual and target ratios. We use these results to measure the effects of a capital regime that includes features similar to those embedded in the UK framework. Our results suggest that countercyclical capital requirements may be less effective in slowing credit activity when banks can readily satisfy them with lower-quality (lower-costing) capital elements versus higher-quality common equity. Given the size of the UK banking sector and the global nature of many of the largest institutions in the UK banking sector, the results have implications for the ongoing debate surrounding the design and calibration of international capital standards. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL requirements
KW  - FINANCIAL crises
KW  - FINANCIAL statements
KW  - BUSINESS enterprises
KW  - BANK compliance
KW  - DATABASES
KW  - EQUITY
KW  - UNITED States
KW  - Bank capital channel
KW  - Bank capital ratios
KW  - Bank credit supply
KW  - Countercyclical capital policy
KW  - Macroprudential tools
KW  - Regulatory capital requirements
N1  - Accession Number: 71335376; Francis, William B. 1; Email Address: william.b.francis@frb.gov; Osborne, Matthew 2; Email Address: matthew.osborne@fsa.gov.uk; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Financial Services Authority, London, England E14 5HS, UK; Issue Info: Mar2012, Vol. 36 Issue 3, p803; Thesaurus Term: CAPITAL requirements; Thesaurus Term: FINANCIAL crises; Thesaurus Term: FINANCIAL statements; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: BANK compliance; Thesaurus Term: DATABASES; Subject Term: EQUITY; Subject: UNITED States; Author-Supplied Keyword: Bank capital channel; Author-Supplied Keyword: Bank capital ratios; Author-Supplied Keyword: Bank credit supply; Author-Supplied Keyword: Countercyclical capital policy; Author-Supplied Keyword: Macroprudential tools; Author-Supplied Keyword: Regulatory capital requirements; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jbankfin.2011.09.011
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, Justin R.
AU  - Schott, Peter K.
T1  - A concordance between ten-digit U.S. harmonized system codes and SIC/NAICS product classes and industries.
JO  - Journal of Economic & Social Measurement
JF  - Journal of Economic & Social Measurement
Y1  - 2012/03//
VL  - 37
IS  - 1/2
M3  - Article
SP  - 61
EP  - 96
PB  - IOS Press
SN  - 07479662
AB  - While the relationship between international trade and domestic economic activity is an important topic in economics, research in this area has been slowed due to data limitations. In this paper we provide tools that improve the existing data in two ways. First, we develop an algorithm that yields concordances between the ten-digit Harmonized System (HS) codes used to classify products in U.S. international trade and the SIC and NAICS industry codes used to classify domestic economic activity. These concordances then yield novel time series of industry-level international trade data for the years 1989 to 2009. Second, we provide concordances between HS codes and the SIC and NAICS product classes used to classify U.S. manufacturing production, allowing for matching at a more disaggregated level than was previously available. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic & Social Measurement is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL trade
KW  - ECONOMICS
KW  - COMMERCIAL products
KW  - ECONOMIC activity
KW  - UNITED States
KW  - industry classification
KW  - International trade
N1  - Accession Number: 82470198; Pierce, Justin R. 1; Schott, Peter K. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Yale School of Management and NBER, New Haven, CT, USA; Issue Info: 2012, Vol. 37 Issue 1/2, p61; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: ECONOMICS; Thesaurus Term: COMMERCIAL products; Thesaurus Term: ECONOMIC activity; Subject: UNITED States; Author-Supplied Keyword: industry classification; Author-Supplied Keyword: International trade; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 36p; Illustrations: 1 Diagram, 11 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carpenter, Seth
AU  - Demiralp, Selva
T1  - Money, reserves, and the transmission of monetary policy: Does the money multiplier exist?
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2012/03//
VL  - 34
IS  - 1
M3  - Article
SP  - 59
EP  - 75
SN  - 01640704
AB  - Abstract: With the use of non-traditional policy tools, the level of reserve balances has risen in the US from roughly $20 billion before the financial crisis to well past $1 trillion. The effect of reserve balances in macroeconomic models often comes through the money multiplier, affecting the money supply and the bank lending. In this paper, we document that the mechanism does not work through the standard multiplier model or the bank lending channel. If the level of reserve balances is expected to have an impact on the economy, it seems unlikely that a standard multiplier story will explain the effect. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - FINANCIAL crises
KW  - ECONOMIC models
KW  - MONEY supply
KW  - BANK reserves
KW  - UNITED States
KW  - Lending channel
KW  - Monetary transmission mechanism
KW  - Money multiplier
N1  - Accession Number: 72339456; Carpenter, Seth 1; Email Address: scarpenter@frb.gov; Demiralp, Selva 2; Email Address: sdemiralp@ku.edu.tr; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, United States; 2: Department of Economics, Koc University, Rumeli Feneri Yolu, Sariyer, Istanbul 34450, Turkey; Issue Info: Mar2012, Vol. 34 Issue 1, p59; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONEY supply; Thesaurus Term: BANK reserves; Subject: UNITED States; Author-Supplied Keyword: Lending channel; Author-Supplied Keyword: Monetary transmission mechanism; Author-Supplied Keyword: Money multiplier; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmacro.2011.09.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mandelman, Federico S.
AU  - Zlate, Andrei
T1  - Immigration, remittances and business cycles
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2012/03//
VL  - 59
IS  - 2
M3  - Article
SP  - 196
EP  - 213
SN  - 03043932
AB  - Abstract: Using data on border enforcement and macroeconomic indicators from the U.S. and Mexico, we estimate a two-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of unskilled migration, and documents the insurance role of remittances in consumption smoothing. Over the cycle, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk emigration cost. Migration barriers slow the adjustment of the stock of immigrant labor, enhancing the volatility of unskilled wages and remittances. Changes in border enforcement have asymmetric welfare implications for the skilled and unskilled households. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - BUSINESS models
KW  - CONSUMPTION (Economics)
KW  - PUBLIC welfare
KW  - EMIGRATION & immigration
KW  - VOLATILITY (Finance)
KW  - WAGES
KW  - MEXICO
N1  - Accession Number: 73527750; Mandelman, Federico S. 1; Email Address: federico.mandelman@atl.frb.org; Zlate, Andrei 2; Email Address: andrei.zlate@frb.gov; Affiliations: 1: Federal Reserve Bank of Atlanta, Research Department, Atlanta, GA 30309, USA; 2: Board of Governors of the Federal Reserve System, Division of International Finance, Washington, DC 20551, USA; Issue Info: Mar2012, Vol. 59 Issue 2, p196; Thesaurus Term: BUSINESS cycles; Thesaurus Term: BUSINESS models; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PUBLIC welfare; Thesaurus Term: EMIGRATION & immigration; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: WAGES; Subject: MEXICO; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); NAICS/Industry Codes: 624190 Other Individual and Family Services; NAICS/Industry Codes: 624230 Emergency and Other Relief Services; NAICS/Industry Codes: 525120 Health and Welfare Funds; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jmoneco.2012.01.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brueckner, Jan K.
AU  - Calem, Paul S.
AU  - Nakamura, Leonard I.
T1  - Subprime mortgages and the housing bubble
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2012/03//
VL  - 71
IS  - 2
M3  - Article
SP  - 230
EP  - 243
SN  - 00941190
AB  - Abstract: This paper explores the link between the house-price expectations of mortgage lenders and the extent of subprime lending. It argues that bubble conditions in the housing market are likely to spur subprime lending, with favorable price expectations easing the default concerns of lenders and thus increasing their willingness to extend loans to risky borrowers. Since the demand created by subprime lending feeds back onto house prices, such lending also helps to fuel an emerging housing bubble. These ideas are illustrated in a theoretical model, and tentative support is found in empirical work exploring the connection between price expectations and the extent of subprime lending. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUBPRIME mortgages
KW  - MORTGAGES
KW  - HOME prices
KW  - SUBPRIME loans
KW  - HOUSING market
KW  - MONEYLENDERS
KW  - LOANS
KW  - EMPIRICAL research
KW  - Bubble
KW  - Default
KW  - Mortgage
KW  - Subprime
N1  - Accession Number: 70023805; Brueckner, Jan K. 1; Email Address: jkbrueck@uci.edu; Calem, Paul S. 2; Email Address: Paul.Calem@frb.gov; Nakamura, Leonard I. 3; Email Address: Leonard.Nakamura@phil.frb.org; Affiliations: 1: Department of Economics, University of California, Irvine, 3151 Social Science Plaza, Irvine, CA 92697, United States; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; 3: Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PA 19106, United States; Issue Info: Mar2012, Vol. 71 Issue 2, p230; Thesaurus Term: SUBPRIME mortgages; Thesaurus Term: MORTGAGES; Thesaurus Term: HOME prices; Thesaurus Term: SUBPRIME loans; Thesaurus Term: HOUSING market; Thesaurus Term: MONEYLENDERS; Thesaurus Term: LOANS; Thesaurus Term: EMPIRICAL research; Author-Supplied Keyword: Bubble; Author-Supplied Keyword: Default; Author-Supplied Keyword: Mortgage; Author-Supplied Keyword: Subprime; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jue.2011.09.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Holland, Sara B.
AU  - Smith, David C.
AU  - Warnock, Francis E.
T1  - U.S. International Equity Investment.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/03//
IS  - 1043-1045
M3  - Article
SP  - 1
EP  - 62
AB  - U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITALISTS & financiers
KW  - STOCKS (Finance)
KW  - EXCHANGE
KW  - INVESTMENTS
KW  - UNITED States
KW  - Corporate Governance
KW  - Financial Disclosure
KW  - Home Bias
KW  - Portfolio Choice
N1  - Accession Number: 76479548; Ammer, John 1; Holland, Sara B. 2; Smith, David C. 3; Warnock, Francis E. 4; Affiliations: 1: Chief of the Global Capital Markets section in the Division of International Finance of the Board of Governors of the Federal Reserve System; 2: Terry School of Business, University of Georgia; 3: McIntire School of Commerce, University of Virginia; 4: Darden Graduate School of Business Administration, University of Virginia; Issue Info: Mar2012, Issue 1043-1045, preceding p1; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKS (Finance); Thesaurus Term: EXCHANGE; Thesaurus Term: INVESTMENTS; Subject: UNITED States; Author-Supplied Keyword: Corporate Governance; Author-Supplied Keyword: Financial Disclosure; Author-Supplied Keyword: Home Bias; Author-Supplied Keyword: Portfolio Choice; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 64p; Illustrations: 12 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Black, Lamont
AU  - Hazelwood, Lieu
T1  - The Effect of TARP on Bank Risk-Taking.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/03//
IS  - 1043-1045
M3  - Article
SP  - 1
EP  - 33
AB  - One of the largest responses of the U.S. government to the recent financial crisis was the Troubled Asset Relief Program (TARP). TARP was originally intended to stabilize the financial sector through the increased capitalization of banks. However, recipients of TARP funds were then encouraged to make additional loans despite increased borrower risk. In this paper, we consider the effect of the TARP capital injections on bank risktaking by analyzing the risk ratings of banks' commercial loan originations during the crisis. The results indicate that, relative to non-TARP banks, the risk of loan originations increased at large TARP banks but decreased at small TARP banks. Interest spreads and loan levels also moved in different directions for large and small banks. For large banks, the increase in risk-taking without an increase in lending is suggestive of moral hazard due to government ownership. These results may also be due to the conflicting goals of the TARP program for bank capitalization and bank lending [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATIONS -- Finance
KW  - LOANS
KW  - BANKING industry
KW  - UNITED States
KW  - Banking
KW  - government regulation
KW  - macroeconomic stabilization policy
KW  - TROUBLED Asset Relief Program (U.S.)
N1  - Accession Number: 76479547; Black, Lamont 1; Email Address: lamont.black@frb.gov; Hazelwood, Lieu 1; Affiliations: 1: Economist in the Division of International Finance and financial analyst in the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; Issue Info: Mar2012, Issue 1043-1045, preceding p1; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: LOANS; Thesaurus Term: BANKING industry; Subject: UNITED States; Author-Supplied Keyword: Banking; Author-Supplied Keyword: government regulation; Author-Supplied Keyword: macroeconomic stabilization policy ; Company/Entity: TROUBLED Asset Relief Program (U.S.); NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 35p; Illustrations: 8 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rice, Tara
AU  - Rose, Jonathan
T1  - WHEN GOOD INVESTMENTS GO BAD: THE CONTRACTION IN COMMUNITY BANK LENDING AFTER THE 2008 GSE TAKEOVER.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/03//
IS  - 1043-1045
M3  - Article
SP  - 1
EP  - 43
AB  - In September 2008, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were placed into conservatorship and dividend payments on common and preferred shares were suspended. As a result, share prices fell to nearly zero and many banks across the country lost the value of their investments in the preferred shares. We estimate more than 600 depository institutions in the United States were exposed to at least $8 billion in investment losses from these securities. In addition, fifteen failures and two distressed mergers either directly or indirectly resulted from the takeover. Since these GSE investments were considered to be safe investments by banks, regulators, and rating agencies, we consider these losses to be exogenous shocks to bank capital, and use this event to examine the relationship between community bank condition and lending during this crisis. We find that in the quarter following the takeover of Fannie Mae and Freddie Mac, the measured Tier 1 capital ratio at exposed banks fell about three percent on average, and loan growth at exposed banks with median capitalization was about 2 percentage points lower compared to other banks in the following quarter. Consequently, considering the set of community banks that incurred about $2 billion in GSE-related losses, and assuming that each bank reduced loan growth by 2 percentage points, the estimated aggregate lending drop among these banks would be roughly $4 billion. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT-sponsored enterprises
KW  - DIVIDENDS
KW  - INVESTMENTS
KW  - CORPORATIONS -- Finance
KW  - COMMUNITY banks
KW  - UNITED States
KW  - Banking
KW  - credit contraction
KW  - financial crisis
KW  - government sponsored enterprise
N1  - Accession Number: 76479549; Rice, Tara 1; Email Address: tara.n.rice@frb.gov; Rose, Jonathan 1; Email Address: jonathan.d.rose@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar2012, Issue 1043-1045, preceding p1; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: DIVIDENDS; Thesaurus Term: INVESTMENTS; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: COMMUNITY banks; Subject: UNITED States; Author-Supplied Keyword: Banking; Author-Supplied Keyword: credit contraction; Author-Supplied Keyword: financial crisis; Author-Supplied Keyword: government sponsored enterprise; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 45p; Illustrations: 9 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Wei, Min
T1  - Evolving macroeconomic perceptions and the term structure of interest rates
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2012/02//
VL  - 36
IS  - 2
M3  - Article
SP  - 239
EP  - 254
SN  - 01651889
AB  - Abstract: We explore the role of evolving beliefs regarding the structure of the macroeconomy in improving our understanding of the term structure of interest rates within the context of a simple macro-finance model. Using quarterly vintages of real-time data and survey forecasts for the United States over the past 40 years, we show that a recursively estimated VAR on real GDP growth, inflation and the nominal short-term interest rate generates predictions that are more consistent with survey forecasts than a benchmark fixed-coefficient counterpart. We then estimate a simple term structure model under the assumption that investor risk attitude is driven by near-term expectations of the three state variables. When we allow for evolving beliefs about the macroeconomy, the resulting term structure model provides a better fit to the cross section of yields than the benchmark model, especially at longer maturities, and exhibits better performance in out-of-sample predictions of future yield movements. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - YIELD curve (Finance)
KW  - INTEREST rates
KW  - FUTURES
KW  - ECONOMIC models
KW  - GROSS domestic product
KW  - Adaptive learning
KW  - Anticipated utility
KW  - Blue chip economic indicators
KW  - Macro term structure model
KW  - Real-time data
KW  - Recursive least squares
KW  - SPF
KW  - Survey forecasts
N1  - Accession Number: 69952495; Orphanides, Athanasios 1; Email Address: http://www.centralbank.gov.cy; Wei, Min 2; Email Address: http://www.federalreserve.gov/research/staff/weiminx.htm; Affiliations: 1: Central Bank of Cyprus, 80 Kennedy Avenue, Nicosia, Cyprus; 2: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Washington, DC 20551, USA; Issue Info: Feb2012, Vol. 36 Issue 2, p239; Thesaurus Term: MACROECONOMICS; Thesaurus Term: YIELD curve (Finance); Thesaurus Term: INTEREST rates; Thesaurus Term: FUTURES; Thesaurus Term: ECONOMIC models; Thesaurus Term: GROSS domestic product; Author-Supplied Keyword: Adaptive learning; Author-Supplied Keyword: Anticipated utility; Author-Supplied Keyword: Blue chip economic indicators; Author-Supplied Keyword: Macro term structure model; Author-Supplied Keyword: Real-time data; Author-Supplied Keyword: Recursive least squares; Author-Supplied Keyword: SPF; Author-Supplied Keyword: Survey forecasts; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jedc.2011.08.011
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AU  - DeMarco, Laurie Pounder
T1  - How did a domestic housing slump turn into a global financial crisis?
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2012/02//
VL  - 31
IS  - 1
M3  - Article
SP  - 10
EP  - 41
SN  - 02615606
AB  - Abstract: The global financial crisis clearly started with problems in the U.S. sub-prime sector and spread across the world from there. But was the direct exposure of foreigners to the U.S. financial system a key driver of the crisis, or did other factors account for its rapid contagion across the world? To answer this question, we assessed whether countries that held large amounts of U.S. mortgage-backed securities (MBS) and were highly dependent on dollar funding experienced a greater degree of financial distress during the crisis. We found little evidence of such direct spillovers from the United States to abroad. Although CDS spreads generally rose higher and bank stocks generally fell lower in countries with more exposure to U.S. MBS and greater dollar funding needs, these correlations were not robust, and they fail to explain the lion’s share of the deterioration in asset prices that took place during the crisis. Accordingly, less tangible channels of contagion may have played a more important role in the global spread of the crisis: a generalized run on global financial institutions, given the opacity of their balance sheets; excessive dependence on short-term funding; vicious cycles of mark-to-market losses driving fire sales of MBS; the realization that financial firms around the world were pursuing similar (flawed) business models; and global swings in risk aversion. The U.S. sub-prime crisis, rather than being a fundamental driver of the global crisis, may have been merely a trigger for a global bank run and for disillusionment with a risky business model that already had spread around the world. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - MORTGAGE-backed securities
KW  - RISK aversion
KW  - FINANCIAL statements
KW  - FINANCIAL risk
KW  - GENERALIZATION
KW  - ROBUST control
KW  - UNITED States
KW  - F40
KW  - Financial crisis
KW  - Mortgage-backed securities
KW  - Transmission
N1  - Accession Number: 70385992; Kamin, Steven B. 1; Email Address: steven.kamin@frb.gov; DeMarco, Laurie Pounder; Email Address: laurie.p.demarco@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors, The Federal Reserve System, USA; Issue Info: Feb2012, Vol. 31 Issue 1, p10; Thesaurus Term: FINANCIAL crises; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: RISK aversion; Thesaurus Term: FINANCIAL statements; Thesaurus Term: FINANCIAL risk; Subject Term: GENERALIZATION; Subject Term: ROBUST control; Subject: UNITED States; Author-Supplied Keyword: F40; Author-Supplied Keyword: Financial crisis; Author-Supplied Keyword: Mortgage-backed securities; Author-Supplied Keyword: Transmission; Number of Pages: 32p; Document Type: Article
L3  - 10.1016/j.jimonfin.2011.11.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - WANG, JIAN
AU  - WU, JASON J.
T1  - The Taylor Rule and Forecast Intervals for Exchange Rates.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2012/02//
VL  - 44
IS  - 1
M3  - Article
SP  - 103
EP  - 144
PB  - Wiley-Blackwell
SN  - 00222879
AB  - In this paper, we examine the Meese-Rogoff puzzle from a different perspective: out-of-sample interval forecasting. While most studies in the literature focus on point forecasts, we apply semiparametric interval forecasting to a group of exchange rate models. Forecast intervals for 10 OECD exchange rates are generated and the performance of the empirical exchange rate models are compared with the random walk. Our contribution is twofold. First, we find that in general, exchange rate models generate tighter forecast intervals than the random walk, given that their intervals cover out-of-sample exchange rate realizations equally well. Our results suggest a connection between exchange rates and economic fundamentals: economic variables contain information useful in forecasting distributions of exchange rates. We also find that the benchmark Taylor rule model performs better than the monetary, PPP and forward premium models, and its advantages are more pronounced at longer horizons. Second, the bootstrap inference framework proposed in this paper for forecast interval evaluation can be applied in a broader context, such as inflation forecasting. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates -- Forecasting
KW  - INFLATION (Finance) -- Forecasting
KW  - ECONOMICS -- Research
KW  - PURCHASING power parity
KW  - MONETARY policy
KW  - RESEARCH
KW  - TAYLOR'S rule
N1  - Accession Number: 70607173; WANG, JIAN 1; Email Address: jason.j.wu@frb.gov; WU, JASON J. 1; Email Address: jason.j.wu@frb.gov; Affiliations: 1: Jian Wang  is at the Research Department, Federal Reserve Bank of Dallas ( E-mail: ). Jason J. Wu  is at the Board of Governors of the Federal Reserve System ( E-mail: ).; Issue Info: Feb2012, Vol. 44 Issue 1, p103; Thesaurus Term: FOREIGN exchange rates -- Forecasting; Thesaurus Term: INFLATION (Finance) -- Forecasting; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: PURCHASING power parity; Thesaurus Term: MONETARY policy; Thesaurus Term: RESEARCH; Subject Term: TAYLOR'S rule; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 42p; Illustrations: 9 Charts, 2 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2011.00470.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - NALEWAIK, JEREMY J.
T1  - Estimating Probabilities of Recession in Real Time Using GDP and GDI.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2012/02//
VL  - 44
IS  - 1
M3  - Article
SP  - 235
EP  - 253
PB  - Wiley-Blackwell
SN  - 00222879
AB  - This work estimates Markov switching models on real-time data and shows that the growth rate of gross domestic income (GDI), deflated by the gross domestic product (GDP) deflator, has done a better job recognizing the start of recessions than has the growth rate of real GDP. This result suggests that placing an increased focus on GDI may be useful in assessing the current state of the economy. In addition, the paper shows that the definition of a low-growth phase in the Markov switching models changed considerably from 1978 to 2005. The models increasingly came to define this phase as an extended period of around zero rather than negative growth, diverging somewhat from the traditional definition of a recession. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - MARKOV processes
KW  - RESEARCH
KW  - RECESSIONS
KW  - NEGATIVE growth (Economics)
KW  - BUSINESS cycles
KW  - REAL-time computing
KW  - HISTORY
N1  - Accession Number: 70607166; NALEWAIK, JEREMY J. 1; Email Address: jeremy.j.nalewaik@frb.gov; Affiliations: 1: Jeremy J. Nalewaik  is an Economist, at the Board of Governors of the Federal Reserve System ( E-mail: ).; Issue Info: Feb2012, Vol. 44 Issue 1, p235; Thesaurus Term: GROSS domestic product; Thesaurus Term: MARKOV processes; Thesaurus Term: RESEARCH; Thesaurus Term: RECESSIONS; Thesaurus Term: NEGATIVE growth (Economics); Thesaurus Term: BUSINESS cycles; Thesaurus Term: REAL-time computing; Subject Term: HISTORY; Number of Pages: 19p; Illustrations: 6 Charts, 10 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2011.00475.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=70607166&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
T1  - Monetary Policy in Emerging Market Economies: What Lessons from the Global Financial Crisis?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2012/02//
IS  - 1042
M3  - Article
SP  - 1
EP  - 29
AB  - During the 2008-2009 global financial crisis, emerging market economies (EMEs) loosened monetary policy considerably to cushion the shock. In previous crises episodes, by contrast, EMEs generally had to tighten monetary policy to defend the value of their currencies, to contain capital flight, and to bolster policy credibility. Our study aims to understand the factors that enabled this remarkable shift in monetary policy, and also to assess whether this marks a new era in which EMEs can now conduct countercyclical policy, more in line with advanced economies. The results indicate statistically significant linkages between some characteristics of the economies and their ability to conduct countercyclical monetary policy. We find that macroeconomic fundamentals and lower vulnerabilities, openness to trade, and international capital flows, financial reforms, and the adoption of inflation targeting all facilitated the conduct of countercyclical policy. Of these factors, the most important have been the financial reforms achieved over the past decades and the adoption of inflation targeting. As long as EMEs maintain these strong economic fundamentals, continue to reform their financial sector, and adopt credible and transparent monetary policy frameworks such as inflation targeting, the conduct of countercyclical monetary policy will likely be sustainable. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - EMERGING markets
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - MONETARY theory
KW  - PUBLIC spending
KW  - ECONOMIC policy
KW  - BUSINESS cycles
KW  - crises
KW  - macroeconomic stabilization
KW  - Monetary policy
N1  - Accession Number: 76437767; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Affiliations: 1: Senior Economist in the Division of International Finance of the Federal Reserve System. Mailing address: Division of International Finance, Board of Governors, Federal Reserve System, Mail Stop 24, Washington, DC 20551,USA; Issue Info: Feb2012, Issue 1042, preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: EMERGING markets; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: MONETARY theory; Thesaurus Term: PUBLIC spending; Thesaurus Term: ECONOMIC policy; Thesaurus Term: BUSINESS cycles; Author-Supplied Keyword: crises; Author-Supplied Keyword: macroeconomic stabilization; Author-Supplied Keyword: Monetary policy; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Illustrations: 6 Charts, 5 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=76437767&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
ID  - 2012-14389-017
AN  - 2012-14389-017
AU  - Bowman, David
AU  - Minehart, Deborah
AU  - Rabin, Matthew
ED  - McDonald, Ian M.
ED  - McDonald, Ian M., (Ed)
T1  - Loss aversion in a consumption-savings model.
T2  - Behavioural macroeconomics.
T3  - The international library of critical writings in economics
Y1  - 2012///
SP  - 307
EP  - 330
CY  - Northampton, MA, US
PB  - Edward Elgar Publishing
SN  - 978-1-78100-258-2
AD  - Bowman, David, Board of Governors of the Federal Reserve System, Division of International Finance, Mail Stop 24, Washington, DC, US, 20551
N1  - Accession Number: 2012-14389-017. Partial author list: First Author & Affiliation: Bowman, David; Board of Governors of the Federal Reserve System, Division of International Finance, Washington, DC, US. Release Date: 20130527. Publication Type: Book (0200), Edited Book (0280). Format Covered: Print. Document Type: Chapter; Reprint. ISBN: 978-1-78100-258-2, Hardcover. Language: English. Major Descriptor: Consumer Behavior; Economics; Finance; Income Level; Theories. Classification: Consumer Attitudes & Behavior (3920). Population: Human (10). Location: Canada; France; Germany; Japan; United Kingdom. Intended Audience: Psychology: Professional & Research (PS). References Available: Y. Page Count: 24. 
AB  - This reprinted article originally appeared in Journal of Economic Behavior and Organization, 1999(February), 38(2), 155-178. We propose a model of consumption and saving based on Kahneman and Tversky's Prospect Theory that implies a fundamental asymmetry in consumption behavior inconsistent with other models of consumption. When there is sufficient income uncertainty, a person resists lowering consumption in response to bad news about future income. This resistance is greater than the resistance to increasing consumption in response to good news. We present empirical evidence from five countries that confirms this behavior. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - consumption
KW  - saving
KW  - Prospect Theory
KW  - behavior
KW  - income
KW  - 2012
KW  - Consumer Behavior
KW  - Economics
KW  - Finance
KW  - Income Level
KW  - Theories
KW  - 2012
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2012-14389-017&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - Bottega, John A.
AU  - Powell, Linda F.
T1  - Creating a linchpin for financial data: Toward a universal legal entity identifier
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2012/01//
VL  - 64
IS  - 1
M3  - Article
SP  - 105
EP  - 115
SN  - 01486195
AB  - Abstract: The financial industry, like many others, is powered by information and data. While the subjects of the data (balance sheet items or counterparty information, for example) may vary dramatically, they all describe a particular financial institution or legal entity. Yet a standard way to uniquely identify one financial entity from another does not currently exist. A Social Security number distinguishes one John Smith from another John Smith, but at present no single identifier distinguishes one First National Bank from another. This paper summarizes the current environment of entity identification and the problems that are currently encountered in both the private and public sectors by the lack of an industry-wide legal entity identifier (LEI). The key components that should be incorporated into the LEI, such as uniqueness, persistence, and public availability, are explored and possible alternative approaches to solving the LEI problem evaluated. The authors support a collaborative public- and private-sector approach and highlight the need for an international solution as financial markets grow ever more interconnected across the globe. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DATA analysis
KW  - FINANCIAL institutions
KW  - INFORMATION theory in economics
KW  - FINANCIAL statements
KW  - SECURITIES markets
KW  - PRIVATE sector
KW  - SOCIAL security
KW  - Data
KW  - Data access
KW  - Estimating and organizing microeconomic data
KW  - Methodology for collecting
KW  - Reference data
N1  - Accession Number: 73767285; Bottega, John A. 1; Email Address: John.bottega@ny.frb.org; Powell, Linda F. 2; Email Address: Linda.powell@frb.gov; Affiliations: 1: Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045, United States; 2: Board of Governors of the Federal Reserve System, Mail Stop 158, 20th and C Streets, NW, Washington, DC 20551, United States; Issue Info: Jan2012, Vol. 64 Issue 1, p105; Thesaurus Term: DATA analysis; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: INFORMATION theory in economics; Thesaurus Term: FINANCIAL statements; Thesaurus Term: SECURITIES markets; Thesaurus Term: PRIVATE sector; Thesaurus Term: SOCIAL security; Author-Supplied Keyword: Data; Author-Supplied Keyword: Data access; Author-Supplied Keyword: Estimating and organizing microeconomic data; Author-Supplied Keyword: Methodology for collecting; Author-Supplied Keyword: Reference data; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 11p; Document Type: Article
L3  - 10.1016/j.jeconbus.2011.06.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=73767285&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ohanian, Lee E.
AU  - Raffo, Andrea
T1  - Aggregate hours worked in OECD countries: New measurement and implications for business cycles
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2012/01//
VL  - 59
IS  - 1
M3  - Article
SP  - 40
EP  - 56
SN  - 03043932
AB  - Abstract: We build a dataset of quarterly hours worked for 14 OECD countries. We document that hours are as volatile as output, that a large fraction of labor adjustment takes place along the intensive margin, and that the volatility of hours relative to output has increased over time. We use these data to reassess the Great Recession and prior recessions. The Great Recession in many countries is a puzzle in that labor wedges are small, while those in the U.S. Great Recession – and those in previous European recessions – are much larger. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC impact
KW  - BUSINESS cycles
KW  - ECONOMIC stabilization
KW  - VOLATILITY (Finance)
KW  - RECESSIONS
KW  - MEASUREMENT
KW  - WEDGES
KW  - UNITED States
KW  - OECD countries
N1  - Accession Number: 71693694; Ohanian, Lee E. 1; Email Address: ohanian@econ.ucla.edu; Raffo, Andrea 2; Email Address: andrearaffo@hotmail.com; Affiliations: 1: UCLA, NBER, Hoover Institution, Department of Economics, 405 Hilgard Avenue, Los Angeles, CA 90024, United States; 2: Board of Governors of the Federal Reserve System, United States; Issue Info: Jan2012, Vol. 59 Issue 1, p40; Thesaurus Term: ECONOMIC impact; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: RECESSIONS; Subject Term: MEASUREMENT; Subject Term: WEDGES; Subject: UNITED States; Subject: OECD countries; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2011.11.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=71693694&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sun, Zheng
AU  - Wang, Ashley
AU  - Zheng, Lu
T1  - The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance.
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2012/01//
VL  - 25
IS  - 1
M3  - Article
SP  - 96
EP  - 143
SN  - 08939454
AB  - We investigate whether skilled hedge fund managers are more likely to pursue unique investment strategies that result in superior performance. We propose a measure of the distinctiveness of a fund's investment strategy based on historical fund return data. We call the measure the “Strategy Distinctiveness Index” (SDI). We document substantial cross-sectional variations as well as strong persistence in SDI. Our main result indicates that, on average, a higher SDI is associated with better subsequent performance. After adjusting for risk, funds in the highest SDI quintile outperform funds in the lowest quintile by 3.5% in the subsequent year. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HEDGE funds
KW  - INVESTMENT advisors
KW  - HEDGE funds -- Rate of return
KW  - PORTFOLIO management (Investments)
KW  - ASSET allocation
KW  - PORTFOLIO performance
N1  - Accession Number: 69708852; Sun, Zheng 1; Wang, Ashley 2; Zheng, Lu 3; Affiliations: 1: Paul Merage School of Business, University of California at Irvine; 2: Board of Governors of the Federal Reserve System; 3: Paul Merage School of Business, University of California at Irvine and China Academy of Financial Research; Issue Info: Jan2012, Vol. 25 Issue 1, p96; Thesaurus Term: HEDGE funds; Thesaurus Term: INVESTMENT advisors; Thesaurus Term: HEDGE funds -- Rate of return; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: ASSET allocation; Thesaurus Term: PORTFOLIO performance; NAICS/Industry Codes: 526917 Balanced funds / asset allocation funds; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 48p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=69708852&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Coenen, Gunter
AU  - Straub, Roland
AU  - Trabandt, Mathias
AD  - European Central Bank
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue N.W, Washington, DC 20551, USA.
T1  - Fiscal policy and the great recession in the Euro area
PB  - European Central Bank, Working Paper Series: 1429
Y1  - 2012///
SP  - 15 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1330839; Keywords: Fiscal policy, DSGE modelling, Bayesian inference, euro area.; Publication Type: Working Paper; Update Code: 201210
N2  - How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank's New Area--Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series appear pivotal for our result.
KW  - Bayesian Analysis: General          C11
KW  - Business Fluctuations; Cycles          E32
KW  - Fiscal Policy          E62
L3  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1429.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1330839&site=ehost-live&scope=site
UR  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1429.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Coenen, Gunter
AU  - Straub, Roland
AU  - Trabandt, Mathias
AD  - European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.
AD  - European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.
AD  - Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue N.W, Washington, DC 20551, USA.
T1  - Fiscal policy and the great recession in the Euro area
PB  - European Central Bank, Working Paper Series: 1429
Y1  - 2012///
SP  - 15 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1310973; Keywords: Fiscal policy, DSGE modelling, Bayesian inference, euro area.; Publication Type: Working Paper; Update Code: 201207
N2  - How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of the European Central Bank's New Area-Wide Model with a rich specification of the fiscal sector. A detailed modeling of the fiscal sector and the incorporation of as many as eight fiscal time series appear pivotal for our result.
KW  - Bayesian Analysis: General          C11
KW  - Business Fluctuations; Cycles          E32
KW  - Fiscal Policy          E62
L3  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1429.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1310973&site=ehost-live&scope=site
UR  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1429.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ericsson, Neil R.
AU  - Reisman, Erica L.
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
T1  - Evaluating a Global Vector Autoregression for Forecasting
PB  - The George Washington University, Department of Economics, Research Program on Forecasting, Working Papers: 2012-006
Y1  - 2012///
SP  - 21 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1348169; Keywords: cointegration, error correction, forecasting, GVAR, impulse indicator saturation, model design, model evaluation, model selection, parameter constancy, VAR; Publication Type: Working Paper; Update Code: 201301
N2  - Global vector autoregressions (GVARs) have several attractive features: multiple potential channels for the international transmission of macroeconomic and financial shocks, a standardized economically appealing choice of variables for each country or region examined, systematic treatment of long-run properties through cointegration analysis, and flexible dynamic specification through vector error correction modeling. Pesaran, Schuermann, and Smith (2009) generate and evaluate forecasts from a paradigm GVAR with 26 countries, based on Dees, di Mauro, Pesaran, and Smith (2007). The current paper empirically assesses the GVAR in Dees, di Mauro, Pesaran, and Smith (2007) with impulse indicator saturation (IIS)--a new generic procedure for evaluating parameter constancy, which is a central element in model-based forecasting. The empirical results indicate substantial room for an improved, more robust specification of that GVAR. Some tests are suggestive of how to achieve such improvements.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
KW  - Open Economy Macroeconomics          F41
L3  - http://www.gwu.edu/~forcpgm/2012-006.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1348169&site=ehost-live&scope=site
UR  - http://www.gwu.edu/~forcpgm/2012-006.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Coenen, Gunter
AU  - Straub, Roland
AU  - Trabandt, Mathias
AD  - European Central Bank
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System
T1  - Gauging the effects of fiscal stimulus packages in the euro area
PB  - European Central Bank, Working Paper Series: 1483
Y1  - 2012///
SP  - 47 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1347886; Keywords: Fiscal policy, fiscal multiplier, European Economic Recovery Plan, DSGE modelling, Bayesian inference, euro area; Publication Type: Working Paper; Update Code: 201301
N2  - We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB's New Area-Wide Model with a richly specified fiscal sector. The estimation results point to the existence of important complementarities between private and government consumption and, to a lesser extent, between private and public capital. We first examine the implied present-value multipliers for seven distinct fiscal instruments and show that the estimated complementarities result in fiscal multipliers larger than one for government consumption and investment. We highlight the importance of monetary accommodation for these findings. We then show that the EERP, if implemented as initially enacted, had a sizeable, although short-lived impact on euro area GDP. Since the EERP comprised both revenue and expenditure-based fiscal stimulus measures, the total multiplier is below unity.
KW  - Bayesian Analysis: General          C11
KW  - Business Fluctuations; Cycles          E32
KW  - Fiscal Policy          E62
L3  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1483.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1347886&site=ehost-live&scope=site
UR  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1483.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Ajello, Andrea
AU  - Benzoni, Luca
AU  - Chyruk, Olena
AD  - Board of Governors of the Federal Reserve System
AD  - Federal Reserve Bank of Chicago
AD  - Federal Reserve Bank of Chicago
T1  - Core and 'Crust': Consumer Prices and the Term Structure of Interest Rates
PB  - Federal Reserve Bank of Chicago, Working Paper Series: WP-2014-11
Y1  - 2012///
SP  - 57 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1480231; Keywords: term structure of interest rates;  real rates;  inflation;  inflation risk premium;  real rate risk premium; Publication Type: Working Paper; Update Code: 201502
N2  - We propose a no-arbitrage model that jointly explains the dynamics of consumer prices as well as the nominal and real term structures of risk-free rates. In our framework, distinct core, food, and energy price series combine into a measure of total inflation to price nominal Treasuries. This approach captures different frequencies in inflation fluctuations: Shocks to core are more persistent and less volatile than shocks to food and, especially, energy (the 'crust'). We find that a common structure of latent factors determines and predicts the term structure of yields and inflation. The model outperforms popular benchmarks and is at par with the Survey of Professional Forecasters in forecasting inflation. Real rates implied by our model uncover the presence of a time-varying component in TIPS yields that we attribute to disruptions in the inflation-indexed bond market. Finally, we find a pronounced declining pattern in the inflation risk premium that illustrates the changing nature of inflation risk in nominal Treasuries.
KW  - Price Level; Inflation; Deflation          E31
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.chicagofed.org/digital_assets/publications/working_papers/2014/wp2014_11.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1480231&site=ehost-live&scope=site
UR  - http://www.chicagofed.org/digital_assets/publications/working_papers/2014/wp2014_11.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of November 1-2, 2011.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2011/12/06/
VL  - 76
IS  - 234
M3  - Article
SP  - 76162
EP  - 76162
SN  - 00976326
AB  - The article presents information on the domestic policy directive which has been issued by the U.S. Federal Open Market Committee.
KW  - GOVERNMENT policy
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 73305158; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee.; Issue Info: 12/6/2011, Vol. 76 Issue 234, p76162; Thesaurus Term: GOVERNMENT policy ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 1/2p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=73305158&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Arteta, Carlos
AU  - Kamin, Steven B.
AU  - Vitanza, Justin
T1  - The puzzling peso
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2011/12//
VL  - 30
IS  - 8
M3  - Article
SP  - 1814
EP  - 1835
SN  - 02615606
AB  - Abstract: In the past decade, some observers have noted an unusual aspect of the Mexican peso’s behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso’s correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 currencies, we find that most of the cross-country variation in exchange rate correlations with the dollar and the euro can be explained by just a few variables. First, a country’s currency is more likely to rise against the dollar as the dollar rises against the euro, the closer it is to the United States and the farther it is from the euro area. In this result, distance likely proxies for the role of economic integration in affecting exchange rate correlations. Second, a country’s currency is more likely to exhibit this unusual pattern when its sovereign credit rating is more risky. This may reflect that currencies of riskier countries are less substitutable in investor portfolios than those of better-rated countries. All told, these factors well explain the peso’s unusual behavior, as Mexico both is very close to the United States and has a lower credit rating than most industrial economies. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PESO (Mexican currency)
KW  - DOLLAR
KW  - EURO
KW  - CAPITALISM
KW  - FOREIGN exchange rates
KW  - CORRELATION (Statistics)
KW  - CREDIT ratings
KW  - Dollar
KW  - Exchange rates
KW  - Inflation
KW  - Interest rate differentials
KW  - Mexico
KW  - Output gap
KW  - Output growth differentials
KW  - Peso
N1  - Accession Number: 67321106; Arteta, Carlos 1; Kamin, Steven B. 1; Email Address: steven.kamin@frb.gov; Vitanza, Justin 2; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 23, Washington D.C. 20551, USA; 2: University of Rochester, Rochester, New York, USA; Issue Info: Dec2011, Vol. 30 Issue 8, p1814; Thesaurus Term: PESO (Mexican currency); Thesaurus Term: DOLLAR; Thesaurus Term: EURO; Thesaurus Term: CAPITALISM; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: CREDIT ratings; Author-Supplied Keyword: Dollar; Author-Supplied Keyword: Exchange rates; Author-Supplied Keyword: Inflation; Author-Supplied Keyword: Interest rate differentials; Author-Supplied Keyword: Mexico; Author-Supplied Keyword: Output gap; Author-Supplied Keyword: Output growth differentials; Author-Supplied Keyword: Peso; Language of Keywords: English; Language of Keywords: Spanish; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jimonfin.2011.09.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lewis, Logan T.
T1  - Exports versus Multinational Production under Nominal Uncertainty.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/12//
IS  - 1038/1039
M3  - Article
SP  - 1
EP  - 41
AB  - This paper examines how nominal uncertainty a effects the choice firms face to serve a foreign market through exports or to produce abroad as a multinational. I develop a two-country, stochastic general equilibrium model in which firms make production and pricing decisions in advance, and I consider its implications on this relative choice. For foreign firms, both exports and multinational production are priced in the destination currency, and this uncertainty has no effect on the relative decision. In the data, U.S. firms set nearly all of their export prices in dollars. Therefore, home firms price exports in their own currency in the model. Home exporters gain an advantage over home multinationals: during a foreign contraction, the foreign exchange rate appreciates, causing exported goods from the home country to be relatively cheaper. This pricing advantage a effects exporters non-linearly through demand, which translates to convex profits. As foreign volatility rises, the model implies that the home country should serve the foreign country relatively more through exports. I take this implication to bilateral U.S. data, using ination volatility as a proxy for nominal volatility. Using seffectoral data on sales by majority-owned foreign affiliates matched with U.S. exports, I find that higher ination volatility is associated with a signifficantly lower ratio of multinational production to total foreign sales. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORTS
KW  - STOCHASTIC analysis
KW  - INTERNATIONAL business enterprises
KW  - FOREIGN sales corporations
KW  - UNITED States
KW  - International Trade
KW  - Multinational Production
KW  - Nominal Uncertainty
KW  - Proximity-Concentration
N1  - Accession Number: 76479545; Lewis, Logan T. 1; Affiliations: 1: Staff economist in the Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Dec2011, Issue 1038/1039, preceding p1; Thesaurus Term: EXPORTS; Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: FOREIGN sales corporations; Subject: UNITED States; Author-Supplied Keyword: International Trade; Author-Supplied Keyword: Multinational Production; Author-Supplied Keyword: Nominal Uncertainty; Author-Supplied Keyword: Proximity-Concentration; Number of Pages: 43p; Illustrations: 1 Diagram, 6 Charts, 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ohanian, Lee E.
AU  - Raffo, Andrea
T1  - Aggregate Hours Worked in OECD Countries: New Measurement and Implications for Business Cycles.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/12//
IS  - 1038/1039
M3  - Article
SP  - 1
EP  - 38
AB  - We build a dataset of quarterly hours worked for 14 OECD countries. We document that hours are as volatile as output, that a large fraction of labor adjustment takes place along the intensive margin, and that the volatility of hours relative to output has increased over time. We use these data to reassess the Great Recession and prior recessions. The Great Recession in many countries is a puzzle in that labor wedges are small, while those in the U.S. Great Recession - and those in previous European recessions - are much larger. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR
KW  - RECESSIONS
KW  - BUSINESS cycles
KW  - UNITED States
KW  - Great Recession
KW  - Hours Worked
KW  - Labor Wedge
KW  - ORGANISATION for Economic Co-operation & Development
N1  - Accession Number: 76479546; Ohanian, Lee E. 1; Email Address: ohanian@econ.ucla.edu; Raffo, Andrea 2; Email Address: andrea.raffo@frb.gov; Affiliations: 1: UCLA, NBER, Hoover Institution; 2: Board of Governors of the Federal Reserve System; Issue Info: Dec2011, Issue 1038/1039, preceding p1; Thesaurus Term: LABOR; Thesaurus Term: RECESSIONS; Thesaurus Term: BUSINESS cycles; Subject: UNITED States; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: Hours Worked; Author-Supplied Keyword: Labor Wedge ; Company/Entity: ORGANISATION for Economic Co-operation & Development; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; Number of Pages: 39p; Illustrations: 9 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
T1  - Federal Open Market Committee; Domestic Policy Directive of September 20 and 21, 2011.
JO  - Federal Register (National Archives & Records Service, Office of the Federal Register)
JF  - Federal Register (National Archives & Records Service, Office of the Federal Register)
Y1  - 2011/11/02/
VL  - 76
IS  - 212
M3  - Article
SP  - 67731
EP  - 67731
SN  - 00976326
AB  - The article focuses on the move of the Federal Open Market Committee of the U.S. Federal Reserve System to issue its domestic policy directive in accordance with Section 271.7(d) of its rules regarding availability of information.
KW  - FREE trade
KW  - UNITED States. Federal Open Market Committee
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 69902891; English, William B. 1; Affiliations: 1: Secretary, Federal Open Market Committee; Issue Info: 11/2/2011, Vol. 76 Issue 212, p67731; Thesaurus Term: FREE trade ; Company/Entity: UNITED States. Federal Open Market Committee ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 1/3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bubb, Ryan
AU  - Kaufman, Alex
T1  - Further Investigations into the Origin of Credit Score Cutoff Rules.
JO  - Working Paper Series (Federal Reserve Bank of Boston)
JF  - Working Paper Series (Federal Reserve Bank of Boston)
Y1  - 2011/11//
VL  - 11
IS  - 12
M3  - Article
SP  - 1
EP  - 42
AB  - Keys, Mukherjee, and Vig (2010a) argue that the evidence presented in Bubb and Kaufman (2009) is based on an inappropriate pooling of loans sold to private-label securitizers with loans sold to the government sponsored enterprises (GSEs). In this paper we investigate the issues raised by the authors and conclude that they do not change our basic analytical approach or conclusions. We examine samples that do not pool together loans sold to these two types of purchasers--a sample of loans bought by the GSEs, a sample of loans originated in 2008--2009 after the private-label market collapsed, and a sample of jumbo loans--and find discontinuities in the number and default rate of loans at credit score cutoffs in the absence of corresponding discontinuities in the securitization rate. We also examine a key assumption underlying their estimates--that no loans are both at risk of being sold to the GSEs and at risk of being sold to private-label securitizers--and show that the data are inconsistent with that assumption. We find that 18 percent of conforming loans in our sample at some time switched between GSE and private-label ownership, demonstrating that the GSEs and private-label securitizers competed for the same loans. Additionally, we show that lender screening cutoffs grew steadily over the period 1997-2010 during which the private-label market rose and collapsed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Boston) is the property of Federal Reserve Bank of Boston and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - CREDIT ratings
KW  - GOVERNMENT-sponsored enterprises
KW  - CREDIT
KW  - POOLINGS of interest
N1  - Accession Number: 70108053; Bubb, Ryan 1; Email Address: ryan.bubb@nyu.edu; Kaufman, Alex 2; Email Address: alex.kaufman@frb.gov; Affiliations: 1: Assistant Professor of Law, New York University School of Law; 2: Economist, Board of Governors of the Federal Reserve System; Issue Info: Nov2011, Vol. 11 Issue 12, p1; Thesaurus Term: LOANS; Thesaurus Term: CREDIT ratings; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: CREDIT; Thesaurus Term: POOLINGS of interest; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 43p; Illustrations: 5 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Londono, Juan M.
T1  - The Variance Risk Premium Around the World.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/11//
IS  - 1033-1037
M3  - Article
SP  - 1
EP  - 45
AB  - This paper investigates the variance risk premium in an international setting. First, I provide new evidence on the basic stylized facts traditionally documented for the US. I show that while the variance premiums in several other countries are, on average, positive and display significant time variation, they do not predict local equity returns. Then, I extend the domestic model in Bollerslev, Tauchen and Zhou (2009) to an international setting. In light of the qualitative implications of my model, I provide empirical evidence that the US variance premium outperforms that of all other countries in predicting local and foreign equity returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK premiums
KW  - RATE of return
KW  - INTERNATIONAL economic relations
KW  - ECONOMIC policy
KW  - MACROECONOMICS
KW  - comovements
KW  - economic uncertainty
KW  - interdependence
KW  - international integration
KW  - return predictability
KW  - variance risk premium
N1  - Accession Number: 76454430; Londono, Juan M. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Nov2011, Issue 1033-1037, preceding p1; Thesaurus Term: RISK premiums; Thesaurus Term: RATE of return; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: comovements; Author-Supplied Keyword: economic uncertainty; Author-Supplied Keyword: interdependence; Author-Supplied Keyword: international integration; Author-Supplied Keyword: return predictability; Author-Supplied Keyword: variance risk premium; NAICS/Industry Codes: 911420 International assistance; Number of Pages: 47p; Illustrations: 5 Charts, 13 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Peneva, Ekaterina
T1  - Some evidence on factor intensity and price rigidity
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2011/10//
VL  - 35
IS  - 10
M3  - Article
SP  - 1652
EP  - 1658
SN  - 01651889
AB  - Abstract: This paper establishes a new empirical finding: the degree of labor intensity and the degree of price flexibility are negatively correlated across industrial sectors in the U.S. economy. This finding suggests that varying factor intensity can potentially generate different degrees of price stickiness across sectors and remove the need to exogenously impose the latter. Of course, labor intensity is just one more feature—in addition to others like the durability of goods produced and the degree of competition—that can explain some of the heterogeneity in price durations across sectors. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICE flexibility
KW  - LABOR
KW  - EMPIRICAL research
KW  - COMPETITION (Economics)
KW  - INDUSTRIES
KW  - FACTOR analysis
KW  - HETEROGENEITY
KW  - UNITED States
KW  - Factor intensity
KW  - Price rigidity
N1  - Accession Number: 65043082; Peneva, Ekaterina 1; Email Address: ekaterina.v.peneva@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: Oct2011, Vol. 35 Issue 10, p1652; Thesaurus Term: PRICE flexibility; Thesaurus Term: LABOR; Thesaurus Term: EMPIRICAL research; Thesaurus Term: COMPETITION (Economics); Thesaurus Term: INDUSTRIES; Subject Term: FACTOR analysis; Subject Term: HETEROGENEITY; Subject: UNITED States; Author-Supplied Keyword: Factor intensity; Author-Supplied Keyword: Price rigidity; Number of Pages: 7p; Document Type: Article
L3  - 10.1016/j.jedc.2011.03.011
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Evans, Carolyn L.
AU  - Sherlundf, Shane M.
T1  - Are Antidumping Duties for Sale? Case-Level Evidence on the Grossman-Helpman Protection for Sale Model.
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 2011/10//
VL  - 78
IS  - 2
M3  - Article
SP  - 330
EP  - 357
PB  - John Wiley & Sons, Inc.
SN  - 00384038
AB  - Do contributions to politicians affect trade policy? To examine this question, we have compiled a new, unique database containing information on political donations by the specific firms and labor organizations that have petitioned for antidumping protection from imports, as well as data on the outcomes of their requests. Using an empirical framework based on the Grossman and Helpman (1994) "protection for sale" model, we examine the relationship between antidumping decisions and political activism. Our results indicate that money does matter. We find that politically active petitioners are more likely to receive protection and that antidumping duty rates tend to be higher for that group. In addition, the relationship between the import penetration ratio and duties imposed depends on whether or not petitioners are politically active -- antidumping duties are positively correlated with the import penetration ratio for politically inactive petitioners but negatively correlated for politically active petitioners, consistent with the Grossman-Helpman model's predictions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Southern Economic Journal is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DUMPING (International trade)
KW  - ANTIDUMPING duties
KW  - POLITICAL action committees
KW  - TARIFF -- Law & legislation
KW  - TARIFF agreements
KW  - BUSINESS & politics
N1  - Accession Number: 67153516; Evans, Carolyn L. 1; Email Address: clevans@scu.edu; Sherlundf, Shane M. 2; Email Address: shane.m.sherlund@frb.gov; Affiliations: 1: Department of Economics, Santa Clara University, 500 El Camino Real, Santa Clara, CA 95053, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Oct2011, Vol. 78 Issue 2, p330; Thesaurus Term: DUMPING (International trade); Thesaurus Term: ANTIDUMPING duties; Thesaurus Term: POLITICAL action committees; Thesaurus Term: TARIFF -- Law & legislation; Thesaurus Term: TARIFF agreements; Thesaurus Term: BUSINESS & politics; NAICS/Industry Codes: 813940 Political Organizations; NAICS/Industry Codes: 911910 Other federal government public administration; Number of Pages: 28p; Document Type: Article; Full Text Word Count: 14815
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Durdu, C. Bora
T1  - Book review: Emerging Markets: Resilience and Growth amid Global Turmoil
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2011/09//
VL  - 85
IS  - 1
M3  - Book Review
SP  - 160
EP  - 162
SN  - 00221996
N1  - Accession Number: 65231160; Durdu, C. Bora 1; Email Address: bora.durdu@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, International Finance Division, 20th Street and Constitution Avenue NW, Washington DC 20551, United States; Issue Info: Sep2011, Vol. 85 Issue 1, p160; Number of Pages: 3p; Document Type: Book Review
L3  - 10.1016/j.jinteco.2011.05.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Empirical Estimation of Trend and Cyclical Export Elasticities.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/09//
IS  - 1030
M3  - Article
SP  - 1
EP  - 39
AB  - This paper uses an adaptation of Vahid and Engle's common trend/common cycle analysis to estimate trend and cyclical export elasticities for trading partner income and real exchange rates for 36 countries. For the countries for which both types of income elasticities can be identified, the cyclical elasticity is on average more than twice as large as the trend elasticity. The methodology is applied to forecasting exports during the recent cycle and it appears to improve on simpler models for about half of the countries. For an aggregate of all of the countries for which separate elasticities can be identified, the RMSE is about half as large for the trend/cycle model as for the simple model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORTS
KW  - INTERNATIONAL trade -- Forecasting
KW  - ELASTICITY (Economics)
KW  - BUSINESS cycles
KW  - ECONOMIC activity
KW  - FOREIGN exchange rates
KW  - cycles
KW  - exports
KW  - forecasting
N1  - Accession Number: 76359692; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 20, Washington D.C., USA; Issue Info: Sep2011, Issue 1030, preceding p1; Thesaurus Term: EXPORTS; Thesaurus Term: INTERNATIONAL trade -- Forecasting; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC activity; Thesaurus Term: FOREIGN exchange rates; Author-Supplied Keyword: cycles; Author-Supplied Keyword: exports; Author-Supplied Keyword: forecasting; Number of Pages: 41p; Illustrations: 5 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy J.
T1  - The Income- and Expenditure-Side Estimates of U.S. Output Growth -- An Update to 2011Q2.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2011///Fall2011
IS  - 2
M3  - Article
SP  - 385
EP  - 403
PB  - Brookings Institution Press
SN  - 00072303
AB  - In light of recent large revisions to the official measures of U.S. output, this update reviews the evidence in my 2010 Brookings Paper showing that the income-side estimate of output (currently called gross domestic income, or GDI) likely captures business cycle fluctuations in true output better than its better-known expenditure-side counterpart (called gross domestic product, or GDP). Most notably, over the 2007-09 downturn, the revisions moved the expenditure-side estimates closer to the income-side estimates, which showed that the downturn was considerably worse than reported initially by the expenditure-side estimates. The tendency for the expenditure-side estimates to be revised toward the income-side estimates is clearer now, as is a tendency for the smoothed income-side estimates to be revised away from the smoothed expenditure-side estimates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - GROSS domestic income
KW  - BUSINESS cycles
KW  - NATIONAL income
KW  - PUBLIC spending
KW  - UNITED States
N1  - Accession Number: 76336331; Nalewaik, Jeremy J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Fall2011, Issue 2, p385; Thesaurus Term: GROSS domestic product; Thesaurus Term: GROSS domestic income; Thesaurus Term: BUSINESS cycles; Thesaurus Term: NATIONAL income; Thesaurus Term: PUBLIC spending; Subject: UNITED States; Number of Pages: 19p; Illustrations: 4 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reeve, Trevor A
AU  - Vigfusson, Robert J.
T1  - Evaluating the Forecasting Performance of Commodity Futures Prices.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/08//
IS  - 1025-1029
M3  - Article
SP  - 1
EP  - 19
AB  - Commodity futures prices are frequently criticized as being uninformative for forecasting purposes because (1) they seem to do no better than a random walk or an extrapolation of recent trends and (2) futures prices for commodities often trace out a relatively flat trajectory even though global demand is steadily increasing. In this paper, we attempt to shed light on these concerns by discussing the theoretical relationship between spot and futures prices for commodities and by evaluating the empirical forecasting performance of futures prices relative to some alternative benchmarks. The key results of our analysis are that futures prices have generally outperformed a random walk forecast, but not by a large margin, while both futures and a random walk noticeably outperform a simple extrapolation of recent trends (a random walk with drift). Importantly, however, futures prices, on average, outperform a random walk by a considerable margin when there is a sizeable difference between spot and futures prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - PRICES
KW  - SECURITIES markets
KW  - DEMAND (Economic theory)
KW  - BENCHMARKING (Management)
KW  - commodities
KW  - financial markets
KW  - forecasting
N1  - Accession Number: 76384828; Reeve, Trevor A 1; Vigfusson, Robert J. 1; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Aug2011, Issue 1025-1029, preceding p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: PRICES; Thesaurus Term: SECURITIES markets; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: BENCHMARKING (Management); Author-Supplied Keyword: commodities; Author-Supplied Keyword: financial markets; Author-Supplied Keyword: forecasting; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 20p; Illustrations: 6 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bech, Morten L.
AU  - Klee, Elizabeth
T1  - The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2011/07//
VL  - 58
IS  - 5
M3  - Article
SP  - 415
EP  - 431
SN  - 03043932
AB  - Abstract: To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. In response, the Federal Reserve revised its operational framework for implementing monetary policy and began to pay interest on reserve balances in an attempt to provide a floor for the federal funds rate. Nevertheless, following the policy change, the effective federal funds rate remained below not only the target but also the rate paid on reserve balances. We develop a model to explain this phenomenon and use data from the federal funds market to evaluate it empirically. In turn, we show how successful the Federal Reserve may be in raising the federal funds rate even in an environment with substantial reserve balances. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST (Finance)
KW  - RESERVES (Accounting)
KW  - FEDERAL funds market (U.S.)
KW  - PRICES
KW  - BANKING industry
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 66412594; Bech, Morten L. 1; Email Address: morten.bech@ny.frb.org; Klee, Elizabeth 2; Email Address: elizabeth.klee@frb.gov; Affiliations: 1: Federal Reserve Bank of New York, 1 [1] The views expressed do not necessarily reflect those of the Federal Reserve Bank of New York, the Federal Reserve Board or the Federal Reserve System. Comments from Seth Carpenter, Craig Furfine, Jane Ihrig, Marvin Goodfriend (the editor), Steve Meyer, Simon Potter and Stanley Zin, and from participants in seminars at the Federal Reserve Banks of Atlanta, Kansas City, New York, and Philadelphia, the Federal Reserve Board, the International Monetary Fund, Copenhagen Business School, The Riksbank, Norges Bank, Bank of Canada, Bank for International Settlements, Danmarks Nationalbank, the Federal Reserve Conference on Real-time Policy Making, the New York Area Workshop on Monetary Policy, the CEPR/ESI 14th annual conference on “how has our view of central banking changed with the recent financial crisis?”, and the European Central Bank workshop on “Challenges to monetary policy implementation beyond the financial market turbulence” are genuinely appreciated. Amanda McLean and Ari Morse provided expert research assistance. USA; 2: Board of Governors of the Federal Reserve System, USA; Issue Info: Jul2011, Vol. 58 Issue 5, p415; Thesaurus Term: INTEREST (Finance); Thesaurus Term: RESERVES (Accounting); Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: PRICES; Thesaurus Term: BANKING industry; Subject: UNITED States ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2011.05.007
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - Did the Federal Reserve's MBS purchase program lower mortgage rates?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2011/07//
VL  - 58
IS  - 5
M3  - Article
SP  - 498
EP  - 514
SN  - 03043932
AB  - Abstract: On November 25, 2008, the Federal Reserve announced it would purchase mortgage-backed securities (MBS). This program affected mortgage rates through three channels: (1) improved market functioning in both primary and secondary mortgage markets, (2) clearer government backing for Fannie Mae and Freddie Mac, and (3) anticipation of portfolio rebalancing effects. We use empirical pricing models for MBS yields and for mortgage rates to measure relative importance of channels: The first two were important during the height of the financial crisis, but the effects of the third depended on market conditions. Overall, the program put significant downward pressure on mortgage rates. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE-backed securities
KW  - PURCHASING
KW  - MORTGAGE rates
KW  - PORTFOLIO management (Investments)
KW  - FINANCIAL management
KW  - UNITED States
KW  - Federal Reserve
KW  - GSEs
KW  - MBS
KW  - Mortgage
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 66412624; Hancock, Diana 1; Passmore, Wayne; Email Address: Wayne.Passmore@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Jul2011, Vol. 58 Issue 5, p498; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: PURCHASING; Thesaurus Term: MORTGAGE rates; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: FINANCIAL management; Subject: UNITED States; Author-Supplied Keyword: Federal Reserve; Author-Supplied Keyword: GSEs; Author-Supplied Keyword: MBS; Author-Supplied Keyword: Mortgage ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2011.05.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nolle, Daniel E.
T1  - U.S. Domestic and International Financial Reform Policy: Are G20 Commitments and the Dodd-Frank Act in Sync?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/07//
IS  - 1022-1024
M3  - Article
SP  - 1
EP  - 57
AB  - The Dodd-Frank Act of 2010 is the keystone policy response directed at reforming U.S. financial system activities and oversight in the wake of the 2007-2009 financial crisis. The United States also has financial system reform policy commitments in the international arena, including in particular by virtue of its membership in the G20. This analysis considers U.S. policy initiatives related to a core dimension of financial system reform: risks posed by systemically important financial institutions ("SIFIs"). It provides a comparison of SIFI policy initiatives and timetables under both the Dodd-Frank Act and the G20 agenda, as reflected in the ongoing work plan of the Financial Stability Board (FSB), and poses the question "Are U.S. domestic and international financial system reform commitments in sync?" While finding that, fundamentally, the answer is "yes," the detailed comparison yields two caveats with potential policy implications. First, the two agendas differ in their relative emphasis on the coverage of both banks and nonbanks. The G20/FSB focus, at least over the near-term, is bank-centric compared with the Dodd-Frank Act, which consistently addresses both bank and nonbank financial firms. Second, implementation of Dodd-Frank Act provisions is subject to long-established U.S. law mandating that there be sufficient opportunity for public input into the rulemaking process, whereas the G20/FSB process has been less systematic and transparent on public consultation and feedback. The lesser emphasis on transparency and public input characterizing the G20/FSB policy development process may be attributable in part to the somewhat more rapid pace of the G20/FSB agenda relative to corresponding Dodd-Frank Act timelines. These observations may be relevant to the current debate over the speed and scope of Dodd-Frank Act implementation measures, and to the discussion about the future international competitiveness of U.S. banks and nonbank financial firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - FINANCIAL crises
KW  - INTERNATIONAL finance
KW  - BANKING industry -- United States
KW  - UNITED States
KW  - Dodd-Frank Act
KW  - Financial Stability Board
KW  - financial system reform
KW  - G-SIB
KW  - G-SIFI
KW  - G20
KW  - global financial system
KW  - systemically important financial institutions
KW  - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act
N1  - Accession Number: 69798663; Nolle, Daniel E. 1,2; Email Address: daniel.nolle@frb.gov; Affiliations: 1: Senior Financial Economist, Office of the Comptroller of the Currency, Washington, D.C.; 2: Visiting Economist, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Jul2011, Issue 1022-1024, preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCIAL crises; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: BANKING industry -- United States; Subject: UNITED States; Author-Supplied Keyword: Dodd-Frank Act; Author-Supplied Keyword: Financial Stability Board; Author-Supplied Keyword: financial system reform; Author-Supplied Keyword: G-SIB; Author-Supplied Keyword: G-SIFI; Author-Supplied Keyword: G20; Author-Supplied Keyword: global financial system; Author-Supplied Keyword: systemically important financial institutions; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; Number of Pages: 59p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul
AU  - Henderson, Christopher
AU  - Liles, Jonathan
T1  - “Cherry picking” in subprime mortgage securitizations: Which subprime mortgage loans were sold by depository institutions prior to the crisis of 2007?
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2011/06//
VL  - 20
IS  - 2
M3  - Article
SP  - 120
EP  - 140
SN  - 10511377
AB  - Abstract: Depository institutions may utilize securitization to “cherry pick,” meaning to transfer risk to investors along dimensions that the investors tend to disregard or misperceive. Using Home Mortgage Disclosure Act data merged with data on subprime loan delinquency by ZIP code, this paper examines sale of “high cost” mortgages by depository institutions during the subprime lending boom of 2005 and 2006. We find that the likelihood of sale increases with risk along dimensions viewed as indicative of cherry picking; for instance, it is positively associated with future, subprime delinquency rates across neighborhoods. In contrast, along the dimension of mutually observed and priced risk as represented by APR spread, likelihood of sale decreases with risk. Thus, the paper reinforces the view, increasingly prevalent in the literature, that inattention to or misperception of risk by the securitization market played a significant role in the subprime lending boom and subsequent market collapse. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE-backed securities
KW  - SUBPRIME mortgages
KW  - SAVINGS & loan associations
KW  - CAPITALISTS & financiers
KW  - SUBPRIME loans
KW  - CREDIT risk
KW  - ASSET-backed financing
KW  - Credit risk
KW  - Securitization
KW  - Subprime mortgages
N1  - Accession Number: 61494089; Calem, Paul 1; Email Address: paul.calem@frb.gov Henderson, Christopher 2; Email Address: chris.henderson@phil.frb.org Liles, Jonathan 3; Email Address: jonathan_liles@freddiemac.com; Affiliation:  1: Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, Mail Stop 1813, 20th and C Streets NW, Washington, DC 20551, USA  2: Department of Supervision, Regulation and Credit, Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PA 19106-1521, USA  3: Mission Division, Freddie Mac, 1551 Park Run Drive MS D3F, McLean, VA 22102, USA; Source Info: Jun2011, Vol. 20 Issue 2, p120; Subject Term: MORTGAGE-backed securities; Subject Term: SUBPRIME mortgages; Subject Term: SAVINGS & loan associations; Subject Term: CAPITALISTS & financiers; Subject Term: SUBPRIME loans; Subject Term: CREDIT risk; Subject Term: ASSET-backed financing; Author-Supplied Keyword: Credit risk; Author-Supplied Keyword: Securitization; Author-Supplied Keyword: Subprime mortgages; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jhe.2011.04.002
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Adams, Robert M.
AU  - Amel, Dean F.
T1  - Market structure and the pass-through of the federal funds rate
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2011/05//
VL  - 35
IS  - 5
M3  - Article
SP  - 1087
EP  - 1096
SN  - 03784266
AB  - Abstract: We study the effect of local market bank concentration on business loan originations and on the pass-through of the federal funds rate to business loan originations. Economic theory on the relationship between concentration and the pass-through of input prices to quantity (or price) is ambiguous. We find that more concentrated markets have lower business loan originations and experience smaller changes in business loan originations in response to changes in the federal funds rate. Our results support the idea that market concentration dampens quantity reactions to input price changes. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - COMMERCIAL credit
KW  - INDUSTRIAL organization (Economic theory)
KW  - PRICE levels
KW  - MORTGAGE-backed securities
KW  - PRICE flexibility
KW  - MONETARY policy
KW  - UNITED States
KW  - Federal funds rate
KW  - Market structure
KW  - Monetary policy
N1  - Accession Number: 59455479; Adams, Robert M.; Email Address: Robert.m.adams@frb.gov; Amel, Dean F. 1; Email Address: damel@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; Issue Info: May2011, Vol. 35 Issue 5, p1087; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: COMMERCIAL credit; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: PRICE levels; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: PRICE flexibility; Thesaurus Term: MONETARY policy; Subject: UNITED States; Author-Supplied Keyword: Federal funds rate; Author-Supplied Keyword: Market structure; Author-Supplied Keyword: Monetary policy; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.jbankfin.2010.09.020
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brevoort, Kenneth P.
T1  - CREDIT CARD REDLINING REVISITED.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2011/05//
VL  - 93
IS  - 2
M3  - Article
SP  - 714
EP  - 724
PB  - MIT Press
SN  - 00346535
AB  - Using a proprietary data set of credit bureau records, Cohen-Cole (2011) finds evidence that lenders are using the racial composition of a borrower's neighborhood to set credit limits on revolving accounts. Using the same credit bureau data, I revisit this work and reach two main findings. First, an undocumented decision in constructing the variables appears to have introduced a distortion that is highly correlated with neighborhood racial composition and appears to increase the size of the reported disparity. Second, when neighborhood income is controlled for, the results presented as evidence of redlining disappear. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT scoring systems
KW  - CREDIT ratings
KW  - DISCRIMINATION in credit cards
KW  - DISCRIMINATION in consumer credit
KW  - SOCIOECONOMICS
KW  - RESEARCH
KW  - RACE discrimination
KW  - ECONOMIC aspects
N1  - Accession Number: 60276818; Brevoort, Kenneth P. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May2011, Vol. 93 Issue 2, p714; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: CREDIT ratings; Thesaurus Term: DISCRIMINATION in credit cards; Thesaurus Term: DISCRIMINATION in consumer credit; Thesaurus Term: SOCIOECONOMICS; Thesaurus Term: RESEARCH; Thesaurus Term: RACE discrimination; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 11p; Illustrations: 6 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cai, Beilei
AU  - Cameron, Trudy Ann
AU  - Gerdes, Geoffrey R.
T1  - Distal order effects in stated preference surveys
JO  - Ecological Economics
JF  - Ecological Economics
Y1  - 2011/04/15/
VL  - 70
IS  - 6
M3  - Article
SP  - 1101
EP  - 1108
SN  - 09218009
AB  - Stated preference researchers have previously demonstrated that a good's placement among a sequence of goods in a set of valuation questions (i.e. proximal order effects) can have a substantial impact on people's valuations of these different goods. However, the economic consequences of potential order effects stemming from other questions in a survey, prior to the valuation tasks, have received surprisingly little attention. Using an online climate change survey, we identify order effects created by prior attitude-elicitation questions, and we assess the potential impact of these distal order effects on willingness to pay (WTP) estimates for stylized climate change policies. We find that the order used in prior questions may change people's opinions toward various attributes of the good to be valued, and thereby change WTP by a substantial amount. This paper emphasizes the significance of order effects stemming from preliminary survey questions, and supports a call for diligence in the random ordering of all potentially influential preliminary information in stated preference surveys to minimize inadvertent effects from any single arbitrary ordering. [Copyright &y& Elsevier]
AB  - Copyright of Ecological Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESEARCH
KW  - Climatic changes -- Government policy
KW  - Consumers' preferences
KW  - Surveys
KW  - Questioning
KW  - Willingness to pay
KW  - Public opinion polls -- Evaluation
KW  - Conjoint choice
KW  - Non-market valuation
KW  - Order effects
KW  - Payment vehicle
KW  - Stated preference
KW  - Survey design
N1  - Accession Number: 59927169; Cai, Beilei 1; Email Address: cblbud@hotmail.com; Cameron, Trudy Ann 1; Email Address: cameron@uoregon.edu; Gerdes, Geoffrey R. 2; Email Address: Geoffrey.R.Gerdes@frb.gov; Affiliations: 1: Department of Economics, 435 PLC, 1285 University of Oregon, Eugene, OR 97403-1285, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Apr2011, Vol. 70 Issue 6, p1101; Thesaurus Term: RESEARCH; Thesaurus Term: Climatic changes -- Government policy; Subject Term: Consumers' preferences; Subject Term: Surveys; Subject Term: Questioning; Subject Term: Willingness to pay; Subject Term: Public opinion polls -- Evaluation; Author-Supplied Keyword: Conjoint choice; Author-Supplied Keyword: Non-market valuation; Author-Supplied Keyword: Order effects; Author-Supplied Keyword: Payment vehicle; Author-Supplied Keyword: Stated preference; Author-Supplied Keyword: Survey design; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 8p; Document Type: Article
L3  - 10.1016/j.ecolecon.2010.12.018
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy J.
T1  - Incorporating vintage differences and forecasts into Markov switching models
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 2011/04//
VL  - 27
IS  - 2
M3  - Article
SP  - 281
EP  - 307
SN  - 01692070
AB  - Abstract: This paper incorporates vintage differences and forecasts into the Markov switching models described by . The vintage differences and forecasts induce parameter breaks close to the end of the sample, too close for standard maximum likelihood techniques to produce precise parameter estimates. A supplementary procedure estimates the statistical properties of the end-of-sample observations that behave differently from the rest, allowing inferred probabilities to reflect the breaks. Empirical results using real-time data show that these techniques improve the ability of a Markov switching model based on GDP and GDI to recognize the start of the 2001 recession. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Forecasting is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - MARKOV processes
KW  - BUSINESS cycles
KW  - ECONOMIC models
KW  - RECESSIONS
KW  - PROBABILITY theory
KW  - PARAMETER estimation
KW  - EMPIRICAL research
KW  - MAXIMUM likelihood statistics
KW  - Business cycles
KW  - Markov switching models
KW  - Real-time data analysis
KW  - Recession probabilities
N1  - Accession Number: 57296842; Nalewaik, Jeremy J. 1; Email Address: jeremy.j.nalewaik@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 5400 41st Street NW, 20015 Washington, DC, United States; Issue Info: Apr2011, Vol. 27 Issue 2, p281; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MARKOV processes; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC models; Thesaurus Term: RECESSIONS; Thesaurus Term: PROBABILITY theory; Thesaurus Term: PARAMETER estimation; Thesaurus Term: EMPIRICAL research; Subject Term: MAXIMUM likelihood statistics; Author-Supplied Keyword: Business cycles; Author-Supplied Keyword: Markov switching models; Author-Supplied Keyword: Real-time data analysis; Author-Supplied Keyword: Recession probabilities; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/j.ijforecast.2010.05.017
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Altig, David
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AU  - Lindé, Jesper
T1  - Firm-specific capital, nominal rigidities and the business cycle
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2011/04//
VL  - 14
IS  - 2
M3  - Article
SP  - 225
EP  - 247
SN  - 10942025
AB  - Abstract: This paper formulates and estimates a three-shock U.S. business cycle model. The estimated model accounts for a substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true even though firms in the model re-optimize prices on average once every 1.8 quarters. The key feature of our model underlying this result is that capital is firm-specific. If we adopt the standard assumption that capital is homogeneous and traded in economy-wide rental markets, we find that firms re-optimize their prices on average once every 9 quarters. We argue that the micro implications of the model strongly favor the firm-specific capital specification. [Copyright &y& Elsevier]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - ECONOMICS -- Mathematical models
KW  - BUSINESS enterprises
KW  - CAPITAL
KW  - WAGES
KW  - PRICES
KW  - UNITED States
KW  - Inflation inertia
KW  - Monetary policy shocks
KW  - Neutral and investment-specific technology shocks
KW  - Sticky prices and wages
KW  - Structural vector autoregressive (VAR) model
N1  - Accession Number: 59167586; Altig, David 1; Christiano, Lawrence J. 2; Eichenbaum, Martin 3; Lindé, Jesper 4; Email Address: Jesper.L.Linde@frb.gov; Affiliations: 1: Federal Reserve Bank of Atlanta, United States; 2: Northwestern University, National Bureau of Economic Research, and Federal Reserve Banks of Chicago, Atlanta and Minneapolis, United States; 3: Northwestern University, National Bureau of Economic Research, and Federal Reserve Banks of Chicago and Atlanta, United States; 4: Board of Governors of the Federal Reserve System and CEPR, Washington, DC, United States; Issue Info: Apr2011, Vol. 14 Issue 2, p225; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: CAPITAL; Thesaurus Term: WAGES; Thesaurus Term: PRICES; Subject: UNITED States; Author-Supplied Keyword: Inflation inertia; Author-Supplied Keyword: Monetary policy shocks; Author-Supplied Keyword: Neutral and investment-specific technology shocks; Author-Supplied Keyword: Sticky prices and wages; Author-Supplied Keyword: Structural vector autoregressive (VAR) model; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.red.2010.01.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Agarwal, Sumit
AU  - Chomsisengphet, Souphala
AU  - Driscoll, John C.
T1  - How do private firms use credit lines?
JO  - Economic Perspectives
JF  - Economic Perspectives
Y1  - 2011///2011 1st Quarter
VL  - 35
IS  - 1
M3  - Article
SP  - 71
EP  - 79
PB  - Federal Reserve Bank of Chicago
SN  - 1048115X
N1  - Accession Number: 89989373; Agarwal, Sumit 1 Chomsisengphet, Souphala 2 Driscoll, John C. 3; Affiliation:  1: Senior economist, Economic Research Department, Federal Reserve Bank of Chicago  2: Senior economist, Office of the Comptroller of the Currency  3: Senior economist, Divison of Monetary Affairs, Board of Governors of the Federal Reserve System; Source Info: 2011 1st Quarter, Vol. 35 Issue 1, p71; Number of Pages: 9p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 
TY  - JOUR
AU  - Berger, Allen N.
AU  - Black, Lamont K.
T1  - Bank size, lending technologies, and small business finance
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2011/03//
VL  - 35
IS  - 3
M3  - Article
SP  - 724
EP  - 735
SN  - 03784266
AB  - Abstract: Under the current paradigm in small business lending research, large banks tend to specialize in lending to relatively large, informationally transparent firms using “hard” information, while small banks have advantages in lending to smaller, less transparent firms using “soft” information. We go beyond this paradigm to analyze the comparative advantages of large and small banks in specific lending technologies. Our analysis begins with the identification of fixed-asset lending technologies used to make small business loans. Our results suggest that large banks do not have equal advantages in all of these hard lending technologies and these advantages are not all increasing monotonically in firm size, contrary to the predictions of the current paradigm. We also analyze lines of credit without fixed-asset collateral to focus on relationship lending. We confirm that small banks have a comparative advantage in relationship lending, but this appears to be strongest for lending to the largest firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - SMALL business -- Finance
KW  - LOANS
KW  - CAPITAL
KW  - BUSINESS enterprises
KW  - RELATIONSHIP banking
KW  - TECHNOLOGY
KW  - COMPARATIVE studies
KW  - Banks
KW  - L14
KW  - Lending technologies
KW  - Relationship lending
KW  - Small business
N1  - Accession Number: 57371367; Berger, Allen N. 1,2,3; Email Address: aberger@moore.sc.edu; Black, Lamont K. 4; Email Address: lamont.black@frb.gov; Affiliations: 1: Moore School of Business, University of South Carolina, Columbia, SC 29208, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: CentER, Tilburg University, The Netherlands; 4: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Mar2011, Vol. 35 Issue 3, p724; Thesaurus Term: BANKING industry; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: LOANS; Thesaurus Term: CAPITAL; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: RELATIONSHIP banking; Thesaurus Term: TECHNOLOGY; Subject Term: COMPARATIVE studies; Author-Supplied Keyword: Banks; Author-Supplied Keyword: L14; Author-Supplied Keyword: Lending technologies; Author-Supplied Keyword: Relationship lending; Author-Supplied Keyword: Small business; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jbankfin.2010.09.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Copeland, Adam
AU  - Dunn, Wendy
AU  - Hall, George
T1  - Inventories and the automobile market.
JO  - RAND Journal of Economics (Wiley-Blackwell)
JF  - RAND Journal of Economics (Wiley-Blackwell)
Y1  - 2011///Spring2011
VL  - 42
IS  - 1
M3  - Article
SP  - 121
EP  - 149
PB  - Wiley-Blackwell
SN  - 07416261
AB  - This article studies the within-model-year pricing, production, and inventory management of new automobiles. Using new monthly data on U.S. transaction prices, we document that, for the typical vehicle, prices fall over the model year at a 9.0% annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate an industry model for new automobiles in which inventory and pricing decisions are made simultaneously. The model predicts that automakers' build-to-stock inventory management policy substantially influences the time series of prices and sales, accounting for four tenths of the price decline observed over the model year. [ABSTRACT FROM AUTHOR]
AB  - Copyright of RAND Journal of Economics (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INVENTORIES
KW  - AUTOMOBILE industry
KW  - ECONOMIC models
KW  - STOCKS (Finance) -- Prices
KW  - DECISION making
KW  - TRANSACTION costs
KW  - PRODUCTION (Economic theory)
KW  - ECONOMIC aspects
N1  - Accession Number: 58094678; Copeland, Adam 1; Email Address: adam.copeland@gmail.com; Dunn, Wendy 2; Email Address: wendy.e.dunn@frb.gov; Hall, George 3; Email Address: ghall@brandeis.edu; Affiliations: 1: Federal Reserve Bank of New York; .; 2: Board of Governors of the Federal Reserve System; .; 3: Brandeis University; .; Issue Info: Spring2011, Vol. 42 Issue 1, p121; Thesaurus Term: INVENTORIES; Thesaurus Term: AUTOMOBILE industry; Thesaurus Term: ECONOMIC models; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: DECISION making; Thesaurus Term: TRANSACTION costs; Thesaurus Term: PRODUCTION (Economic theory); Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 441110 New Car Dealers; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 415110 New and used automobile and light-duty truck merchant wholesalers; NAICS/Industry Codes: 336211 Motor Vehicle Body Manufacturing; NAICS/Industry Codes: 336110 Automobile and light-duty motor vehicle manufacturing; NAICS/Industry Codes: 336111 Automobile Manufacturing; Number of Pages: 29p; Document Type: Article
L3  - 10.1111/j.1756-2171.2010.00128.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph W.
AU  - di Mauro, Filippo
AU  - Schnatz, Bernd
AU  - Zorell, Nico
T1  - Where are Global and U.S. Trade Heading in the Aftermath of the Trade Collapse: Issues and Alternative Scenarios.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/03//
IS  - 1017
M3  - Article
SP  - 1
EP  - 25
AB  - Global and U.S. trade declined dramatically in the wake of the global financial crisis in late 2008 and early 2009. The subsequent recovery in trade, while vigorous at first, gradually lost momentum in 2010. Against this backdrop, this paper explores the prospects for global and U.S. trade in the medium term. We develop a unified empirical framework - an error correction model - that exploits the cointegrating relationship between trade and economic activity. The model allows us to juxtapose several scenarios with different assumptions about the strength of GDP growth going forward and the relationship between trade and economic activity. Our analysis suggests that during the crisis both world trade and U.S. exports declined significantly more than would have been expected on the basis of historical relationships with economic activity. Moreover, this gap between actual and equilibrium trade is closing only slowly and could persist for some time to come. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GLOBAL Financial Crisis, 2008-2009
KW  - INTERNATIONAL trade
KW  - GROSS domestic product
KW  - ECONOMIC activity
KW  - FINANCIAL crises
KW  - UNITED States
KW  - Error Correction Model
KW  - Great Recession
KW  - International Trade
N1  - Accession Number: 61263258; Gruber, Joseph W. 1; Email Address: joseph.w.gruber@frb.gov; di Mauro, Filippo 2; Email Address: filippo.di•mauro@ecb.int; Schnatz, Bernd 2; Email Address: bernd.schnatz@ecb.int; Zorell, Nico 2; Email Address: Nico.Zorell@ecb.int; Affiliations: 1: International Finance Division, Board of Governors, Federal Reserve System, Washington DC 20511, U. S. A.; 2: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; Issue Info: Mar2011, Issue 1017, preceding p1; Thesaurus Term: GLOBAL Financial Crisis, 2008-2009; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMIC activity; Thesaurus Term: FINANCIAL crises; Subject: UNITED States; Author-Supplied Keyword: Error Correction Model; Author-Supplied Keyword: Great Recession; Author-Supplied Keyword: International Trade; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 27p; Illustrations: 12 Charts, 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
AU  - Bertaut, Carol
AU  - DeMarco, Laurie Pounder
AU  - Kamin, Steven
T1  - International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2011/02//
IS  - 1014-1016
M3  - Article
SP  - 1
EP  - 35
AB  - A broad array of domestic institutional factors-including problems with the originate-to-distribute model for mortgage loans, deteriorating lending standards, deficiencies in risk management, conflicting incentives for the GSEs, and shortcomings of supervision and regulation-were the primary sources of the U.S. housing boom and bust and the associated financial crisis. In addition, the extended rise in U.S. house prices was likely also supported by long-term interest rates (including mortgage rates) that were surprisingly low, given the level of short-term rates and other macro fundamentals-a development that Greenspan (2005) dubbed a "conundrum." The "global saving glut" (GSG) hypothesis (Bernanke, 2005 and 2007) argues that increased capital inflows to the United States from countries in which desired saving greatly exceeded desired investment-including Asian emerging markets and commodity exporters- were an important reason that U.S. longer-term interest rates during this period were lower than expected. This essay investigates further the effects of capital inflows to the United States on U.S. longer-term interest rates; however, we look beyond the overall size of the inflows emphasized by the GSG hypothesis to examine the implications for U.S. yields of the portfolio preferences of foreign creditors. We present evidence that, in the spirit of Caballero and Krishnamurthy (2009), foreign investors during this period tended to prefer U.S. assets perceived to be safe. In particular, foreign investors-especially the GSG countries-acquired a substantial share of the new issues of U.S. Treasuries, Agency debt, and Agency-sponsored mortgage-backed securities. The downward pressure on yields exerted by inflows from the GSG countries was reinforced by the portfolio preferences of other foreign investors. We focus particularly on the case of Europe: Although Europe did not run a large current account surplus as did the GSG countries, we show that it leveraged up its international balance sheet, issuing external liabilities to finance substantial purchases of apparently safe U.S. "private-label" mortgage-backed securities and other fixed-income products. The strong demand for apparently safe assets by both domestic and foreign investors not only served to reduce yields on these assets but also provided additional incentives for the U.S. financial services industry to develop structured investment products that "transformed" risky loans into highly-rated securities. Our findings do not challenge the view that domestic factors, including those listed above, were the primary sources of the housing boom and bust in the United States. However, examining how changes in the pattern of international capital flows affected yields on U.S. assets helps provide a deeper understanding of the origins and dynamics of the crisis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK management in business
KW  - RETURN on assets
KW  - CAPITAL movements
KW  - HOME prices
KW  - FINANCIAL crises
KW  - EMERGING markets
KW  - ASIA
KW  - UNITED States
KW  - capital inflows
KW  - Global saving glut
KW  - interest rates
KW  - mortgage-backed securities
N1  - Accession Number: 61263257; Bernanke, Ben S. 1; Bertaut, Carol 1; DeMarco, Laurie Pounder 1; Kamin, Steven 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Feb2011, Issue 1014-1016, preceding p1; Thesaurus Term: RISK management in business; Thesaurus Term: RETURN on assets; Thesaurus Term: CAPITAL movements; Thesaurus Term: HOME prices; Thesaurus Term: FINANCIAL crises; Thesaurus Term: EMERGING markets; Subject: ASIA; Subject: UNITED States; Author-Supplied Keyword: capital inflows; Author-Supplied Keyword: Global saving glut; Author-Supplied Keyword: interest rates; Author-Supplied Keyword: mortgage-backed securities; Number of Pages: 38p; Illustrations: 1 Chart, 10 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
AU  - Millar, Jonathan N.
T1  - The "Elusive" Capital-User Cost Elasticity Revisited.
JO  - B.E. Journal of Macroeconomics: Contributions to Macroeconomics
JF  - B.E. Journal of Macroeconomics: Contributions to Macroeconomics
Y1  - 2011/01//
VL  - 11
IS  - 1
M3  - Article
SP  - 1
EP  - 39
SN  - 15346005
AB  - This paper sheds new light on the estimation of the long-run elasticity of the demand for business capital-for a measure of capital that includes both equipment and structures-to changes in its user cost using a quarterly panel of two-digit manufacturing industries from South Africa from 1970 to 2000. Highly significant estimates of the user cost elasticity that are in the vicinity of the -1.0 benchmark implied by a Cobb-Douglas production function are obtained using a variety of specifications, including panel cointegration techniques that correct for small sample bias. Unlike most previous studies, meaningful elasticity estimates are also obtained using stationary panel specifications. The robustness of these estimates may be due, in part, to the possibility that the capital demand curve is better identified in a small open economy where shocks to capital supply are more likely to be exogenous. The economic embargo imposed on South Africa from 1985 to early 1994 temporarily forced its economy to become more closed and therefore provides a unique opportunity to assess the importance of identification in the estimation of the user cost elasticity. User cost elasticity estimates using embargo and non-embargo period data are consistent with a substantial bias from endogeneity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Macroeconomics: Contributions to Macroeconomics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELASTICITY (Economics)
KW  - INVESTMENTS
KW  - CAPITAL
KW  - ECONOMICS
KW  - SOUTH Africa
KW  - capital accumulation
KW  - fixed investment
KW  - interest rate
KW  - price of capital
KW  - South Africa
KW  - user cost elasticity
N1  - Accession Number: 75015448; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Millar, Jonathan N. 1; Email Address: jonathan.n.millar@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2011, Vol. 11 Issue 1, preceding p1; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITAL; Thesaurus Term: ECONOMICS; Subject: SOUTH Africa; Author-Supplied Keyword: capital accumulation; Author-Supplied Keyword: fixed investment; Author-Supplied Keyword: interest rate; Author-Supplied Keyword: price of capital; Author-Supplied Keyword: South Africa; Author-Supplied Keyword: user cost elasticity; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 41p; Document Type: Article
L3  - 10.2202/1935-1690.2178
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - D'Amico, Stefania
AU  - Farka, Mira
T1  - The Fed and the Stock Market: An Identification Based on Intraday Futures Data.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2011/01//
VL  - 29
IS  - 1
M3  - Article
SP  - 126
EP  - 137
SN  - 07350015
AB  - This article develops a new identification procedure to estimate the contemporaneous relation between monetary policy and the stock market within a vector autoregression (VAR) framework. The approach combines high-frequency data from the futures market with the VAR methodology to circumvent exclusion restrictions and achieve identification. Our analysis casts doubt on VAR models imposing a recursive structure between innovations in policy rates and stock returns. We find that a tightening in policy rates has a negative impact on stock prices and that the Federal Reserve (Fed) has responded significantly to movements in the stock market. Estimates are robust to various model specifications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK exchanges
KW  - CAPITAL market
KW  - REGRESSION analysis
KW  - STOCHASTIC processes
KW  - STOCKS (Finance) -- Prices
KW  - AUTOREGRESSION (Statistics)
KW  - Identification
KW  - Monetary policy
KW  - Stock market
KW  - Structural VAR
N1  - Accession Number: 55171739; D'Amico, Stefania 1; Email Address: stefania.d'amico@frb.gov; Farka, Mira 2; Email Address: efarka@fullerton.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: Department of Economics, Mihaylo College of Business and Economics, California State University, Fullerton, Fullerton, CA 92834; Issue Info: Jan2011, Vol. 29 Issue 1, p126; Thesaurus Term: STOCK exchanges; Thesaurus Term: CAPITAL market; Thesaurus Term: REGRESSION analysis; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: STOCKS (Finance) -- Prices; Subject Term: AUTOREGRESSION (Statistics); Author-Supplied Keyword: Identification; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Stock market; Author-Supplied Keyword: Structural VAR; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 12p; Document Type: Article
L3  - 10.1198/jbes.2009.08019
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pinto, Eugénio
T1  - Firms' relative sensitivity to aggregate shocks and the dynamics of gross job flows
JO  - Labour Economics
JF  - Labour Economics
Y1  - 2011/01//
VL  - 18
IS  - 1
M3  - Article
SP  - 111
EP  - 119
SN  - 09275371
AB  - Abstract: We propose the coefficient of variation as a measure of the cyclical volatility of gross job flows that is immune to trends in net job creation. In addition, we show that this measure is intrinsically related to the importance of aggregate shocks for fluctuations in job flows at the firm level. Using data for the Portuguese economy, we conclude that the coefficient of variation is a more robust measure for the underlying volatility of gross job flows. We also find that large and old firms exhibit higher relative sensitivity to aggregate shocks than small and young firms, and have a disproportional influence over the dynamics of aggregate job reallocation. In particular, since large and old firms tend to reallocate jobs less procyclically than small and young firms, job reallocation is less procyclical than if all firm classes were equally sensitive to aggregate shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Labour Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - JOB creation
KW  - BUSINESS cycles
KW  - BUSINESS enterprises
KW  - VOLATILITY (Finance)
KW  - ECONOMIC trends
KW  - SENSITIVITY analysis
KW  - HETEROGENEITY
KW  - Aggregate shocks
KW  - Firm heterogeneity
KW  - Gross job flows
N1  - Accession Number: 57163492; Pinto, Eugénio 1; Email Address: eugenio.p.pinto@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th St and Constitution Ave, NW, Stop 80, Washington, DC 20551, USA; Issue Info: Jan2011, Vol. 18 Issue 1, p111; Thesaurus Term: JOB creation; Thesaurus Term: BUSINESS cycles; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMIC trends; Subject Term: SENSITIVITY analysis; Subject Term: HETEROGENEITY; Author-Supplied Keyword: Aggregate shocks; Author-Supplied Keyword: Firm heterogeneity; Author-Supplied Keyword: Gross job flows; Number of Pages: 9p; Document Type: Article
L3  - 10.1016/j.labeco.2010.07.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Sahm, Claudia R.
AU  - Shapiro, Matthew D.
AU  - Slemrod, Joel
AD  - Board of Governors, Federal Reserve System, Federal Reserve Board, Washington, DC 20551, USA.
AD  - University of Michigan, Department of Economics, Ann Arbor, MI 48109-1220, USA.
AD  - University of Michigan, Department of Economics, Ann Arbor, MI 48109-1220, USA.
T1  - Check in the mail or more in the paycheck--does the effectiveness of fiscal stimulus depend on how it is delivered?
PB  - European Central Bank, Working Paper Series: 1298
Y1  - 2011///
SP  - 40 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1155427; Keywords: Fiscal stimulus, tax rebates, marginal propensity to consume, survey responses.; Publication Type: Working Paper; Update Code: 201103
N2  - Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received one-time payments. This paper quantifies the spending response to these different policies and examines whether the spending response differed according to whether the stimulus was delivered as a one-time payment or as a flow of payments in the form of reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters/University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding led to a substantially lower rate of spending than the one-time payments. Specifically, 25 percent of households reported that the one-time economic stimulus payment in 2008 led them to mostly increase their spending while only 13 percent reported that the extra pay from the lower withholding in 2009 led them to mostly increase their spending. The paper uses several approaches to isolate the effect of the delivery mechanism from the changing aggregate and individual conditions. Responses to a hypothetical stimulus in 2009, examination of "free responses" concerning differing responses to the policies, and regression analysis controlling for individual economic conditions and demographics all support the primary importance of the income delivery mechanism in determining the spending response to the policies.
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
KW  - Fiscal Policy          E62
KW  - Survey Methods; Sampling Methods          C83
L3  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1298.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1155427&site=ehost-live&scope=site
UR  - http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1298.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - FRANCIS, WILLIAM B.
AU  - OSBORNE, MATTHEW
T1  - On the Behavior and Determinants of Risk-Based Capital Ratios: Revisiting the Evidence from UK Banking Institutions On the Behavior and Determinants of Risk-Based Capital Ratios: Revisiting the Evidence from UK Banking Institutions On the Behavior and Determinants of Risk-Based Capital Ratios
JO  - International Review of Finance
JF  - International Review of Finance
Y1  - 2010/12//
VL  - 10
IS  - 4
M3  - Article
SP  - 485
EP  - 518
PB  - Wiley-Blackwell
SN  - 1369412X
AB  - Using bank-level panel data from the United Kingdom, this paper investigates the factors that influence banks' choice of risk-based capital ratios. The study focuses on evaluating the role of regulatory capital requirements. Findings indicate that such requirements, even when not binding, affect banks' capital management practices and suggest that banks maintain targeted buffers above regulatory thresholds. That behavior differs across several dimensions, including bank size, nearness to regulatory minimum, reliance on core (equity) capital and exposure to market discipline. Capital ratios also vary over the economic cycle. These findings have implications for the ongoing review of international capital standards. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Review of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BEHAVIORAL economics
KW  - BANKING industry
KW  - CAPITAL requirements
KW  - FINANCIAL risk
KW  - DATA analysis
KW  - CAPITAL
KW  - MANAGEMENT
KW  - BUSINESS enterprises -- Size
KW  - GREAT Britain
N1  - Accession Number: 55203385; FRANCIS, WILLIAM B. 1; OSBORNE, MATTHEW 2; Affiliations: 1: Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, Washington, DC; 2: Economics of Financial Regulation Department, Financial Services Authority, London, UK; Issue Info: Dec2010, Vol. 10 Issue 4, p485; Thesaurus Term: BEHAVIORAL economics; Thesaurus Term: BANKING industry; Thesaurus Term: CAPITAL requirements; Thesaurus Term: FINANCIAL risk; Thesaurus Term: DATA analysis; Thesaurus Term: CAPITAL; Thesaurus Term: MANAGEMENT; Thesaurus Term: BUSINESS enterprises -- Size; Subject: GREAT Britain; Number of Pages: 34p; Document Type: Article
L3  - 10.1111/j.1468-2443.2010.01112.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph W.
AU  - Kamin, Steven B.
T1  - Fiscal Positions and Government Bond Yields in OECD Countries.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2010/12//
IS  - 1011/1012
M3  - Article
SP  - 1
EP  - 40
AB  - We examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, we find a robust and significant effect of fiscal performance on long-term bond yields. Our estimates imply that the marginal effect of the projected deterioration of fiscal positions associated with the recent financial crisis is to add about 60 basis points to U.S. bond yields by 2015, with effects on other G7 bond yields generally being smaller. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BONDS (Finance)
KW  - FINANCIAL crises
KW  - BUSINESS cycles
KW  - FISCAL policy
KW  - OECD countries
KW  - UNITED States
KW  - Fiscal Balances
KW  - Fiscal Policy
KW  - Government Debt
KW  - Interest Rates
N1  - Accession Number: 61263255; Gruber, Joseph W. 1; Email Address: joseph.w.gruber@frb.gov; Kamin, Steven B. 2; Email Address: steven.kamin@frb.gov; Affiliations: 1: Section Chief, Trade & Quantitative Studies, Board of Governors of the Federal Reserve System, Washington DC 20551, U. S. A.; 2: Deputy Director, Trade & Quantitative Studies, Board of Governors of the Federal Reserve System, Washington DC 20551, U. S. A.; Issue Info: Dec2010, Issue 1011/1012, preceding p1; Thesaurus Term: BONDS (Finance); Thesaurus Term: FINANCIAL crises; Thesaurus Term: BUSINESS cycles; Thesaurus Term: FISCAL policy; Subject: OECD countries; Subject: UNITED States; Author-Supplied Keyword: Fiscal Balances; Author-Supplied Keyword: Fiscal Policy; Author-Supplied Keyword: Government Debt; Author-Supplied Keyword: Interest Rates; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 42p; Illustrations: 12 Charts, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Hall, Stephen
AU  - Hondroyiannis, George
AU  - Swamy, P.A.V.B.
AU  - Tavlas, George
AU  - Ulan, Michael
T1  - Exchange-rate volatility and export performance: Do emerging market economies resemble industrial countries or other developing countries?
JO  - Economic Modelling
JF  - Economic Modelling
Y1  - 2010/11//
VL  - 27
IS  - 6
M3  - Article
SP  - 1514
EP  - 1521
SN  - 02649993
AB  - Abstract: Authors who do not distinguish between Emerging Market Economies (EMEs) and other developing countries, find evidence of negative and significant effects of exchange-rate volatility on trade. We investigate the effects of real exchange-rate volatility on exports of ten EMEs and eleven other developing countries that were not classified as EMEs over our estimation period. We use panel-data sets that cover the periods 1980:Q1–2006:Q4 for the EMEs and 1980:Q1–2005:Q4 for the other developing countries. We use two estimation methods — generalized method of moments (GMM) estimation and time-varying-coefficient (TVC) estimation. The TVC procedure removes specification biases from the coefficients, revealing the underlying stable parameters of interest. We obtain similar results as previous authors for only the eleven non-EME developing countries we consider. In contrast, our results for the EMEs do not show a negative and significant effect of exchange-rate volatility on the exports of the countries considered. Our findings suggest that the open capital markets of EMEs may have reduced the effects of exchange-rate fluctuations on exports compared with those effects in the cases of other developing countries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Modelling is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INTERNATIONAL trade
KW  - GENERALIZED method of moments
KW  - CAPITAL market
KW  - VOLATILITY (Finance)
KW  - DEVELOPING countries
KW  - PANEL analysis
KW  - DEVELOPED countries
KW  - Exchange-rate volatility
KW  - Generalized method of moments
KW  - Panel data
KW  - Random-coefficient estimation
KW  - Trade
N1  - Accession Number: 54608281; Hall, Stephen 1,2; Hondroyiannis, George 2,3; Swamy, P.A.V.B. 4; Tavlas, George 2; Email Address: gtavlas@bankofgreece.gr; Ulan, Michael 5; Affiliations: 1: Leicester University, UK; 2: Bank of Greece, Greece; 3: Harokopio University, Greece; 4: Board of Governors of the U. S. Federal Reserve System, United States; 5: U.S. Department of State, United States; Issue Info: Nov2010, Vol. 27 Issue 6, p1514; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: GENERALIZED method of moments; Thesaurus Term: CAPITAL market; Thesaurus Term: VOLATILITY (Finance); Subject Term: DEVELOPING countries; Subject Term: PANEL analysis; Subject: DEVELOPED countries; Author-Supplied Keyword: Exchange-rate volatility; Author-Supplied Keyword: Generalized method of moments; Author-Supplied Keyword: Panel data; Author-Supplied Keyword: Random-coefficient estimation; Author-Supplied Keyword: Trade; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 8p; Document Type: Article
L3  - 10.1016/j.econmod.2010.01.014
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rezende, Marcelo
T1  - The effects of accountability on higher education
JO  - Economics of Education Review
JF  - Economics of Education Review
Y1  - 2010/10//
VL  - 29
IS  - 5
M3  - Article
SP  - 842
EP  - 856
SN  - 02727757
AB  - Abstract: This paper analyzes the effects of a higher education accountability system in Brazil. For each discipline, colleges were assigned a grade that depended on the scores of their students on the ENC, an annual mandatory exam. These grades were then disclosed to the public and colleges were rewarded or penalized based on them. I find that the ENC had a positive effect on the education and the proportion of full-time faculty and that it increased the number of vacancies offered, applicants and enrollments. Colleges were affected differently depending on grades, ownership and academic organization, changing the distribution of students among them. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economics of Education Review is the property of Pergamon Press - An Imprint of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EDUCATIONAL accountability
KW  - HIGHER education
KW  - SCHOOL enrollment
KW  - UNIVERSITIES & colleges -- Curricula
KW  - GRADING & marking (Students)
KW  - TEST scoring
KW  - EDUCATIONAL psychology
KW  - BRAZIL
KW  - Economic impact
KW  - Educational economics
KW  - I20
N1  - Accession Number: 52877366; Rezende, Marcelo 1; Email Address: marcelo.rezende@frb.gov; Affiliation:  1: Board of Governors of the Federal Reserve System, 20th and Constitution Avenue NW, Washington, DC 20551, USA; Source Info: Oct2010, Vol. 29 Issue 5, p842; Subject Term: EDUCATIONAL accountability; Subject Term: HIGHER education; Subject Term: SCHOOL enrollment; Subject Term: UNIVERSITIES & colleges -- Curricula; Subject Term: GRADING & marking (Students); Subject Term: TEST scoring; Subject Term: EDUCATIONAL psychology; Subject Term: BRAZIL; Author-Supplied Keyword: Economic impact; Author-Supplied Keyword: Educational economics; Author-Supplied Keyword: I20; NAICS/Industry Codes: 611710 Educational Support Services; NAICS/Industry Codes: 611310 Colleges, Universities, and Professional Schools; Number of Pages: 15p; Document Type: Article
L3  - 10.1016/j.econedurev.2010.03.002
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Klee, Elizabeth
T1  - Operational outages and aggregate uncertainty in the federal funds market
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2010/10//
VL  - 34
IS  - 10
M3  - Article
SP  - 2386
EP  - 2402
SN  - 03784266
AB  - Abstract: This paper uses operational problems at depository institutions in sending Fedwire payments as a proxy for aggregate uncertainty in end-of-day Fed account positions and then examines funds market behavior on those days. The results suggest that increased uncertainty is associated with a deviation of the federal funds rate from the Federal Open Market Committee’s (FOMC’s) target rate; the magnitude depends on the severity of the difficulty, the payment volume of the affected participant, and the time of day. The intraday standard deviation of the federal funds rate is also affected by operational outages. Moreover, extensions to Fedwire are more likely on days with possible outages, and discount window borrowing picks up on these days as well. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - PAYMENT systems
KW  - MONETARY policy
KW  - OPEN market operations
KW  - STANDARD deviations
KW  - UNCERTAINTY (Information theory)
KW  - UNITED States
KW  - Discount window
KW  - Federal funds market
KW  - Monetary policy implementation
KW  - Payment systems
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 52825894; Klee, Elizabeth 1; Email Address: elizabeth.klee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, United States; Issue Info: Oct2010, Vol. 34 Issue 10, p2386; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: PAYMENT systems; Thesaurus Term: MONETARY policy; Thesaurus Term: OPEN market operations; Thesaurus Term: STANDARD deviations; Thesaurus Term: UNCERTAINTY (Information theory); Subject: UNITED States; Author-Supplied Keyword: Discount window; Author-Supplied Keyword: Federal funds market; Author-Supplied Keyword: Monetary policy implementation; Author-Supplied Keyword: Payment systems ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jbankfin.2010.03.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JOHNSON, KATHLEEN W.
AU  - LI, GENG
T1  - The Debt-Payment-to-Income Ratio as an Indicator of Borrowing Constraints: Evidence from Two Household Surveys.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2010/10//
VL  - 42
IS  - 7
M3  - Article
SP  - 1373
EP  - 1390
PB  - Wiley-Blackwell
SN  - 00222879
AB  - Liquidity constraints have been proposed as an important explanation for deviations from the rational expectations/permanent income hypothesis. This paper introduces to the liquidity constraint literature the ratio of a household's debt payments to its disposable personal income, the debt service ratio (DSR). We find that a household with a high DSR is significantly more likely to be turned down for credit than other households. Also, the consumption growth of likely constrained households, identified using the DSR along with the liquid-asset-to-income ratio, is significantly more sensitive to past income than that of other households, confirming the DSR's value in identifying constrained households. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBT service
KW  - DEBT
KW  - CONSUMPTION (Economics)
KW  - DISPOSABLE income
KW  - CONSUMER credit
KW  - CREDIT
KW  - borrowing constraints
KW  - consumption smoothing
KW  - debt service ratio
KW  - E21
N1  - Accession Number: 53418367; JOHNSON, KATHLEEN W. 1; LI, GENG 2; Affiliations: 1: * Kathleen W. Johnson is a Senior Economist at the Division of Research and Statistics, Board of Governors of the Federal Reserve System ( E-mail: ).; 2: † Geng Li is an Economist at the Division of Research and Statistics, Board of Governors of the Federal Reserve System ( E-mail: ).; Issue Info: Oct2010, Vol. 42 Issue 7, p1373; Thesaurus Term: DEBT service; Thesaurus Term: DEBT; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DISPOSABLE income; Thesaurus Term: CONSUMER credit; Thesaurus Term: CREDIT; Author-Supplied Keyword: borrowing constraints; Author-Supplied Keyword: consumption smoothing; Author-Supplied Keyword: debt service ratio; Author-Supplied Keyword: E21; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 18p; Illustrations: 8 Charts; Document Type: Article
L3  - 10.1111/j.1538-4616.2010.00345.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ramey, Valerie A.
AU  - Vine, Daniel J.
T1  - Oil, Automobiles, and the U.S. Economy: How Much Have Things Really Changed?
JO  - NBER/Macroeconomics Annual (University of Chicago Press)
JF  - NBER/Macroeconomics Annual (University of Chicago Press)
Y1  - 2010/10//
VL  - 25
M3  - Article
SP  - 333
EP  - 385
SN  - 08893365
AB  - The article examines how the impact of oil shocks on the U.S. economy has changed over time, particularly within the motor vehicle industry. It explores the influence of dynamic stochastic general equilibrium (DSGE) macro models on the role of oil in the economy. It discusses the role of the motor vehicle industry on the economy as well as mentions how demands for vehicles is affected by gas prices.
KW  - MOTOR vehicle industry
KW  - GAS prices -- United States
KW  - ECONOMIC aspects
KW  - PETROLEUM products -- Sales & prices -- United States
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 60906784; Ramey, Valerie A. 1; Vine, Daniel J. 2; Affiliations: 1: University of California, San Diego; 2: Board of Governors of the Federal Reserve System; Issue Info: 2010, Vol. 25, p333; Thesaurus Term: MOTOR vehicle industry; Subject Term: GAS prices -- United States; Subject Term: ECONOMIC aspects; Subject Term: PETROLEUM products -- Sales & prices -- United States; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 336211 Motor Vehicle Body Manufacturing; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 415190 Recreational and other motor vehicles merchant wholesalers; Number of Pages: 50p; Illustrations: 2 Charts, 15 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - AMMER, JOHN
AU  - VEGA, CLARA
AU  - WONGSWAN, JON
T1  - International Transmission of U.S. Monetary Policy Shocks: Evidence from Stock Prices.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2010/09/02/Sep2010 Supplement 1
VL  - 42
M3  - Article
SP  - 179
EP  - 198
PB  - Wiley-Blackwell
SN  - 00222879
AB  - This paper analyzes intraday changes in firm-level equity prices around interest rate announcements to assess the transmission of U.S. monetary policy to the global economy. We document that foreign firms on average are roughly as sensitive to U.S. monetary policy as U.S. firms, although we also find considerable cross-sectional variation across firms. In particular, foreign stocks in cyclically sensitive industries show stronger responses to interest rate surprises, consistent with a demand channel of policy transmission. In addition, transmission of U.S. policy appears to be stronger to economies with fixed exchange rates. Evidence for a credit channel is weaker. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - STOCKS (Finance) -- Prices
KW  - INTEREST rates
KW  - INTERNATIONAL competition
KW  - FOREIGN exchange rates
KW  - ECONOMIC policy
KW  - 2009-2017
KW  - UNITED States
KW  - credit channel
KW  - E44
KW  - E52
KW  - G14
KW  - G15
KW  - high-frequency data
KW  - monetary policy announcements
N1  - Accession Number: 52927900; AMMER, JOHN 1; VEGA, CLARA 2; WONGSWAN, JON 3; Affiliations: 1: * John Ammer  is a Senior Economist at the Division of International Finance, Board of Governors of the Federal Reserve System ( E-mail:  ).; 2: † Clara Vega  is a Senior Economist at the Division of International Finance, Board of Governors of the Federal Reserve System ( E-mail:  ).; 3: ‡ Jon Wongswan  is a Vice President at the Equity and Derivatives Trading Group, Phatra Securities Public Company Limited ( E-mail:  ).; Issue Info: Sep2010 Supplement 1, Vol. 42, p179; Thesaurus Term: MONETARY policy; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: INTEREST rates; Thesaurus Term: INTERNATIONAL competition; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: ECONOMIC policy; Subject Term: 2009-2017; Subject: UNITED States; Author-Supplied Keyword: credit channel; Author-Supplied Keyword: E44; Author-Supplied Keyword: E52; Author-Supplied Keyword: G14; Author-Supplied Keyword: G15; Author-Supplied Keyword: high-frequency data; Author-Supplied Keyword: monetary policy announcements; Number of Pages: 20p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
L3  - 10.1111/j.1538-4616.2010.00333.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=52927900&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edge, Rochelle M.
AU  - Gurkaynak, Refet S.
AD  - Federal Reserve System
AD  - Bilkent U
T1  - How Useful Are Estimated DSGE Model Forecasts for Central Bankers?
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2010///Fall
SP  - 209
EP  - 244
SN  - 00072303
N1  - Accession Number: 1160956; Keywords: Equilibrium;  Forecast;  Forecasting;  GDP;  Macroeconomics;  Monetary;  Monetary Policy;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201104
N2  - Dynamic stochastic general equilibrium (DSGE) models are a prominent tool for forecasting at central banks, and the competitive forecasting performance of these models relative to alternatives, including official forecasts, has been documented. When evaluating DSGE models on an absolute basis, however, we find that the benchmark estimated medium-scale DSGE model forecasts inflation and GDP growth very poorly, although statistical and judgmental forecasts do equally poorly. Our finding is the DSGE model analogue of the literature documenting the recent poor performance of macroeconomic forecasts relative to simple naive forecasts since the onset of the Great Moderation. Although this finding is broadly consistent with the DSGE model we employ--the model itself implies that especially under strong monetary policy, inflation deviations should be unpredictable--a "wrong" model may also have the same implication. We therefore argue that forecasting ability during the Great Moderation is not a good metric by which to judge models.
KW  - Forecasting Models; Simulation Methods          C53
KW  - General Aggregative Models: Neoclassical          E13
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Firestone, Simon
AU  - Wachter, Susan M.
T1  - Credit impairment and housing tenure status
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2010/09//
VL  - 19
IS  - 3
M3  - Article
SP  - 219
EP  - 232
SN  - 10511377
AB  - Abstract: We revisit the relationship between financing constraints and homeownership rates using the 2004 wave of the 1979 National Longitudinal Survey of Youth. The survey respondents are a nationally representative sample of Americans 39–47years of age as of this wave. As most of the sample had been in their current residence prior to 2004, this study reflects housing tenure status decisions made prior to the recent credit expansion and subsequent crisis. Past research has emphasized wealth constraints, and income constraints as limiting homeownership. The estimation results here point to primary roles for credit impairment and lack of credit history. We also find that excluding controls for the endogeneity of wealth and income may mask the impact of credit factors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT
KW  - DECISION making
KW  - ESTIMATION theory
KW  - ECONOMIC impact
KW  - LAND tenure
KW  - LONGITUDINAL method
KW  - Credit constraints
KW  - D14
KW  - Tenure choice
N1  - Accession Number: 53381178; Calem, Paul S. 1; Email Address: paul.calem@frb.gov Firestone, Simon 2; Email Address: simon.b.firestone@frb.gov Wachter, Susan M. 3; Email Address: wachter@wharton.upenn.edu; Affiliation:  1: Board of Governors of the Federal Reserve System, MS 3440, Washington, DC 20551, USA  2: Board of Governors of the Federal Reserve System, MS 803, Washington, DC 20551, USA  3: Richard B. Worley Professor of Financial Management, The Wharton School, University of Pennsylvania, 3733 Spruce Street, Philadelphia PA 19104-6301, USA; Source Info: Sep2010, Vol. 19 Issue 3, p219; Subject Term: CREDIT; Subject Term: DECISION making; Subject Term: ESTIMATION theory; Subject Term: ECONOMIC impact; Subject Term: LAND tenure; Subject Term: LONGITUDINAL method; Author-Supplied Keyword: Credit constraints; Author-Supplied Keyword: D14; Author-Supplied Keyword: Tenure choice; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jhe.2010.07.003
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Judson, Ruth A.
AU  - Klee, Elizabeth
T1  - Whither the liquidity effect: The impact of Federal Reserve open market operations in recent years
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 2010/09//
VL  - 32
IS  - 3
M3  - Article
SP  - 713
EP  - 731
SN  - 01640704
AB  - Abstract: Previous research indicated that the daily liquidity effect, or the change in the federal funds rate associated with an exogenous change in Fed balances, varies with several factors including the day of the maintenance period. In this paper, we examine data from 1998 to 2007, the recent period of increased Federal Reserve transparency before the financial crisis, and find that the liquidity effect stabilized across days of the maintenance period. We conclude that the liquidity effect may be a function of the uncertainty about banks’ end-of-day balances, as well as pure maintenance period effects. Moreover, we find that increased transparency led to a larger liquidity effect on the days prior to an FOMC meeting. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Macroeconomics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIQUIDITY (Economics)
KW  - FEDERAL funds market (U.S.)
KW  - FINANCIAL crises
KW  - OPEN market operations
KW  - SECURITIES markets
KW  - ECONOMICS -- Research
KW  - UNITED States
KW  - Federal funds market
KW  - Liquidity effect
KW  - Open market operations
N1  - Accession Number: 50694643; Judson, Ruth A. 1; Email Address: rjudson@frb.gov; Klee, Elizabeth; Email Address: elizabeth.c.klee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 59, 20th and C Streets NW, Washington, DC 20551, USA; Issue Info: Sep2010, Vol. 32 Issue 3, p713; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: FINANCIAL crises; Thesaurus Term: OPEN market operations; Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMICS -- Research; Subject: UNITED States; Author-Supplied Keyword: Federal funds market; Author-Supplied Keyword: Liquidity effect; Author-Supplied Keyword: Open market operations; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jmacro.2010.01.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brennan, Michael J.
AU  - Wang, Ashley W.
T1  - The Mispricing Return Premium.
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2010/09//
VL  - 23
IS  - 9
M3  - Article
SP  - 3437
EP  - 3468
SN  - 08939454
AB  - We show that, when stock prices are subject to stochastic mispricing errors, expected rates of return may depend not only on the fundamental risk that is captured by a standard asset pricing model, but also on the type and degree of asset mispricing, even when the mispricing is zero on average. Empirically, the mispricing induced return premium, either estimated using a Kalman filter or proxied by the volatility and variance ratio of residual returns, is shown to be significantly associated with realized risk-adjusted returns. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance) -- Prices
KW  - STOCKS (Finance)
KW  - CAPITAL assets pricing model
KW  - FINANCE -- Mathematical models
KW  - VOLATILITY (Finance)
KW  - KALMAN filtering
N1  - Accession Number: 53442768; Brennan, Michael J. 1; Wang, Ashley W. 2; Affiliations: 1: Anderson School at UCLA and Manchester University; 2: Board of Governors of the Federal Reserve System; Issue Info: Sep2010, Vol. 23 Issue 9, p3437; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCKS (Finance); Thesaurus Term: CAPITAL assets pricing model; Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: VOLATILITY (Finance); Subject Term: KALMAN filtering; Number of Pages: 32p; Illustrations: 7 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aaronson, Stephanie
AU  - Figura, Andrew
T1  - HOW BIASED ARE MEASURES OF CYCLICAL MOVEMENTS IN PRODUCTIVITY AND HOURS?
JO  - Review of Income & Wealth
JF  - Review of Income & Wealth
Y1  - 2010/09//
VL  - 56
IS  - 3
M3  - Article
SP  - 539
EP  - 558
PB  - Wiley-Blackwell
SN  - 00346586
AB  - The movement of hours worked over the business cycle is an important input into the estimation of many key parameters in macroeconomics. Unfortunately, the available data on hours do not correspond precisely to the concept required for accurate inference. We study one source of mismeasurement—that the most commonly used source data measure hours paid instead of hours worked. In particular, we focus our attention on salaried workers, a group for whom the gap between hours paid and hours worked is likely to be large. We show that the measurement gap varies significantly and positively with changes in labor demand. As a result, we estimate that the standard deviations of the workweek and of total hours worked are 27 and 5 percent larger, respectively, than published measures of hours suggest. We also find that this measurement gap is unlikely to be the source of the acceleration in published measures of productivity in the early 2000s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Income & Wealth is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - MACROECONOMICS
KW  - PRODUCTIVITY accounting
KW  - ACCELERATION principle (Economics)
KW  - LABOR demand
KW  - WAGES & labor productivity
KW  - INCOME distribution
KW  - LABOR costs
KW  - LABOR market
N1  - Accession Number: 52902924; Aaronson, Stephanie 1; Figura, Andrew 1; Email Address: Andrew.Figura@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System 20th & C Streets, NW Washington DC 20551, USA; Issue Info: Sep2010, Vol. 56 Issue 3, p539; Thesaurus Term: BUSINESS cycles; Thesaurus Term: MACROECONOMICS; Thesaurus Term: PRODUCTIVITY accounting; Thesaurus Term: ACCELERATION principle (Economics); Thesaurus Term: LABOR demand; Thesaurus Term: WAGES & labor productivity; Thesaurus Term: INCOME distribution; Thesaurus Term: LABOR costs; Thesaurus Term: LABOR market; Number of Pages: 20p; Document Type: Article
L3  - 10.1111/j.1475-4991.2010.00401.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Eichner, Matthew J.
AU  - Natalucci, Fabio M.
T1  - Capturing the Evolution of Dealer Credit Terms Related to Securities Financing and OTC Derivatives: Some Initial Results from the New Senior Credit Officer Opinion Survey On Dealer Financing Terms.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/09//
M3  - Article
SP  - 1
EP  - 13
AB  - In the period prior to the financial crisis, leverage in the financial system increased substantially. This buildup was likely facilitated by, among other factors, a loosening of credit terms related to OTC derivatives and securities financing transactions. However, little or no systematic data on these trends were available at the time. The new Senior Credit Officer Opinion Survey on Dealer Financing Terms, which was conducted for the first time in June 2010, partially fills this gap. The new survey provides qualitative information about changes in credit terms and conditions across the entire range of these transactions, and the evolution of market conditions and conventions applicable to such activities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT
KW  - RESEARCH
KW  - SECURITIES trading
KW  - FINANCIAL crises
KW  - SECURITIES markets
KW  - ECONOMIC surveys
N1  - Accession Number: 54377620; Eichner, Matthew J. 1; Natalucci, Fabio M. 1; Affiliations: 1: Board of Governors/Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: CREDIT; Thesaurus Term: RESEARCH; Thesaurus Term: SECURITIES trading; Thesaurus Term: FINANCIAL crises; Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMIC surveys; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - An Analysis of Government Guarantees and the Functioning of Asset-Backed Securities Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/09//
M3  - Article
SP  - 1
EP  - 33
AB  - Mortgage securitization has been tried several times in the United States and each time it has failed amid a credit bust. In what is now a familiar recurring history, during the credit boom, underwriting standards are violated and guarantees are inadequately funded; subsequently, defaults increase and investors in mortgage-backed securities attempt to dump their investments. We focus on a specific market failure that is associated with asset-backed securitization and propose a tailored government remedy. Our analysis of loan market equilibriums shows that the additional liquidity provided by securitization may (or may not) lower primary loan rates, but such liquidity comes at a cost. More specifically, if guarantee-sensitive investors doubt the credit quality of asset-backed bonds, significant risk premiums can develop. If a financial crisis ensues, securitization can disappear from the market entirely, leaving banks that originate just the highest quality loans as the only source of credit. This abrupt increase in lending standards can tighten credit, exacerbate asset price declines, and impinge on economic growth. We argue that an institutional structure for stemming "runs," analogous to the current set up for the Federal Deposit Insurance Corporation, could be deployed to insure pre-specified asset backed instruments. Such an insurer would likely benefit from the accumulated information and infrastructure that is embodied in the Fannie Mae and Freddie Mac organizations. Hence, the provision of federally-backed catastrophic insurance on pre-specified asset-backed instruments provided at risk-based premiums could provide a rationale for restructuring the housing-related GSEs towards a public purpose. Regardless of its institutional structure, a federally-backed catastrophic bond insurer would provide greater financial stability and ensure that credit is provided at reasonable cost both in times of prosperity and during downturns. Moreover, the explicit pricing of the government-backed guarantee would mitigate the market distortions that have been created by implicit government guarantees during prosperity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSET-backed financing
KW  - RESEARCH
KW  - SURETYSHIP & guaranty
KW  - MORTGAGE-backed securities
KW  - EQUILIBRIUM (Economics)
KW  - CAPITALISTS & financiers
KW  - INVESTMENTS
KW  - SECURITY measures
KW  - UNITED States
N1  - Accession Number: 54377617; Hancock, Diana 1; Passmore, Wayne 1; Affiliations: 1: Division of Research/Statistics at the Board of Governors of the Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: ASSET-backed financing; Thesaurus Term: RESEARCH; Thesaurus Term: SURETYSHIP & guaranty; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INVESTMENTS; Subject Term: SECURITY measures; Subject: UNITED States; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 42p; Illustrations: 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCabe, Patrick E.
T1  - The Cross Section of Money Market Fund Risks and Financial Crises.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/09//
M3  - Article
SP  - 1
EP  - A-5
AB  - This paper examines the relationship between money market fund (MMF) risks and outcomes during crises, with a focus on the ABCP crisis in 2007 and the run on money funds in 2008. I analyze three broad types of MMF risks: portfolio risks arising from a fund's assets, investor risk reflecting the likelihood that a fund's shareholders will redeem shares disruptively, and sponsor risk due to uncertainty about MMF sponsors' support for distressed funds. I find that during the run on MMFs in September and October 2008, outflows were larger for MMFs that had previously exhibited greater degrees of all three types of risk. In contrast, as the asset-backed commercial paper (ABCP) crisis unfolded in 2007, many MMFs suffered capital losses, but investor flows were relatively unresponsive to risks, probably because investors correctly believed that sponsors would absorb the losses. However, the consequences of MMF risks were quite costly for some sponsors: Using a unique data set of sponsor interventions, I show that sponsor financial support was more likely for MMFs that previously earned higher gross yields (a measure of portfolio risk) and funds with bank-affiliated sponsors. Funds' gross yields and bank affiliation (but not funds' ratings) also would have helped forecast holdings of distressed ABCP. This paper provides some useful lessons for investors and policymakers. The significance of MMF risks in predicting poor outcomes in past crises highlights the importance of monitoring such risks, and I offer some useful proxies for doing so. The paper also argues for greater attention to the systemic risks posed by the industry's reliance on discretionary sponsor support. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY market funds
KW  - FINANCIAL crises
KW  - FINANCIAL risk
KW  - INVESTMENTS
KW  - CAPITALISTS & financiers
KW  - CROSS-sectional method
N1  - Accession Number: 54377660; McCabe, Patrick E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: MONEY market funds; Thesaurus Term: FINANCIAL crises; Thesaurus Term: FINANCIAL risk; Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITALISTS & financiers; Subject Term: CROSS-sectional method; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 526914 Money market funds; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; Number of Pages: 63p; Illustrations: 13 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hjalmarsson, Erik
AU  - Österholm, Pär
T1  - Testing for cointegration using the Johansen methodology when variables are near-integrated: size distortions and partial remedies.
JO  - Empirical Economics
JF  - Empirical Economics
Y1  - 2010/08//
VL  - 39
IS  - 1
M3  - Article
SP  - 51
EP  - 76
PB  - Springer Science & Business Media B.V.
SN  - 03777332
AB  - We investigate the properties of Johansen’s (J Econ Dyn Control 12:231–254, 1988; Econometrica 59:1551–1580, 1991) maximum eigenvalue and trace tests for cointegration under the empirically relevant situation of near-integrated variables. Using Monte Carlo techniques, we show that in a system with near-integrated variables, the probability of reaching an erroneous conclusion regarding the cointegrating rank of the system is generally substantially higher than the nominal size. The risk of concluding that completely unrelated series are cointegrated is therefore non-negligible. We suggest ways of identifying the problem and different approaches to reduce the size distortions of the tests. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Empirical Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COINTEGRATION
KW  - MONTE Carlo method
KW  - STATISTICS
KW  - MATHEMATICAL economics
KW  - SAMPLING (Statistics)
KW  - PROBABILITY theory
KW  - TEST theory
KW  - INSTRUMENTAL variables (Statistics)
KW  - EXAMINATION item analysis
KW  - C12
KW  - C15
KW  - C32
KW  - Cointegration
KW  - Near unit root
KW  - Spurious rejection
N1  - Accession Number: 52057808; Hjalmarsson, Erik 1; Email Address: erik.hjalmarsson@frb.gov; Österholm, Pär 2; Email Address: par.osterholm@konj.se; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington 20551 USA; 2: National Institute of Economic Research, 103 62 Stockholm Sweden; Issue Info: Aug2010, Vol. 39 Issue 1, p51; Thesaurus Term: COINTEGRATION; Thesaurus Term: MONTE Carlo method; Thesaurus Term: STATISTICS; Thesaurus Term: MATHEMATICAL economics; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: PROBABILITY theory; Subject Term: TEST theory; Subject Term: INSTRUMENTAL variables (Statistics); Subject Term: EXAMINATION item analysis; Author-Supplied Keyword: C12; Author-Supplied Keyword: C15; Author-Supplied Keyword: C32; Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Near unit root; Author-Supplied Keyword: Spurious rejection; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 26p; Illustrations: 6 Charts, 8 Graphs; Document Type: Article
L3  - 10.1007/s00181-009-0294-6
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cai, Beilei
AU  - Cameron, Trudy
AU  - Gerdes, Geoffrey
T1  - Distributional Preferences and the Incidence of Costs and Benefits in Climate Change Policy.
JO  - Environmental & Resource Economics
JF  - Environmental & Resource Economics
Y1  - 2010/08//
VL  - 46
IS  - 4
M3  - Article
SP  - 429
EP  - 458
PB  - Springer Science & Business Media B.V.
SN  - 09246460
AB  - We explore the relationship between willingness to pay (WTP) for climate change mitigation and distributional preferences, by which we mean individuals’ opinions about who should be responsible for climate change prevention and whether the share of climate change impacts borne by the poor is a cause for concern. We use 1,770 responses to an online stated preference survey. The domestic costs in our survey’s policy choice scenarios are expressed as a set of randomized shares across four different payment vehicles, and the international cost shares are randomized across four groups of countries. We also elicit respondents’ perceptions of the likely regressivity of climate change impacts under a policy of business-as-usual. WTP is higher when larger cost shares are borne by parties deemed to bear a greater responsibility for mitigation, and when respondents believe (and care) that the impacts of climate change may be borne disproportionately by the world’s poor. That WTP for an environmental policy depends on the distributional consequences of the policy is an unsettling result: efficiency assessments are typically assumed to be separate from equity considerations in most benefit-cost analyses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Environmental & Resource Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Climate change mitigation
KW  - Environmental policy
KW  - Cost effectiveness
KW  - Willingness to pay
KW  - Climatic changes -- Social aspects
KW  - Equity
KW  - Test validity
KW  - C35
KW  - Climate change
KW  - Construct validity
KW  - Distributional preferences
KW  - H41
KW  - Payment vehicle
KW  - Q51
KW  - Regressivity
KW  - Stated preference
N1  - Accession Number: 52196267; Cai, Beilei 1; Cameron, Trudy 1; Email Address: cameron@uoregon.edu; Gerdes, Geoffrey 2; Affiliations: 1: Department of Economics, 435 PLC, 1285 University of Oregon, Eugene 97403-1285 USA; 2: Payment System Studies, Board of Governors of the Federal Reserve System, Washington USA; Issue Info: Aug2010, Vol. 46 Issue 4, p429; Thesaurus Term: Climate change mitigation; Thesaurus Term: Environmental policy; Thesaurus Term: Cost effectiveness; Subject Term: Willingness to pay; Subject Term: Climatic changes -- Social aspects; Subject Term: Equity; Subject Term: Test validity; Author-Supplied Keyword: C35; Author-Supplied Keyword: Climate change; Author-Supplied Keyword: Construct validity; Author-Supplied Keyword: Distributional preferences; Author-Supplied Keyword: H41; Author-Supplied Keyword: Payment vehicle; Author-Supplied Keyword: Q51; Author-Supplied Keyword: Regressivity; Author-Supplied Keyword: Stated preference; NAICS/Industry Codes: 924110 Administration of Air and Water Resource and Solid Waste Management Programs; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; Number of Pages: 30p; Illustrations: 5 Charts; Document Type: Article
L3  - 10.1007/s10640-010-9348-7
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Carpenter, Seth B.
AU  - Demiralp, Selva
T1  - Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/08//
M3  - Article
SP  - 1
EP  - 38
AB  - With the use of nontraditional policy tools, the level of reserve balances has risen significantly in the United States since 2007. Before the financial crisis, reserve balances were roughly $20 billion whereas the level has risen well past $1 trillion. The effect of reserve balances in simple macro-economic models often comes through the money multiplier, affecting the money supply and the amount of bank lending in the economy. Most models currently used for macro-economic policy analysis, however, either exclude money or model money demand as entirely endogenous, thus precluding any causal role for reserves and money. Nevertheless, some academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore the institutional structure of the transmission mechanism beginning with open market operations through to money and loans. We then undertake empirical analysis of the relationship among reserve balances, money, and bank lending. We use aggregate as well as bank-level data in a VAR framework and document that the mechanism does not work through the standard multiplier model or the bank lending channel. In particular, if the level of reserve balances is expected to have an impact on the economy, it seems unlikely that a standard multiplier story will explain the effect. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MULTIPLIER (Economics)
KW  - FINANCIAL crises
KW  - TRANSMISSION mechanism (Monetary policy)
KW  - UNITED States -- Economic conditions -- 21st century
KW  - UNITED States
KW  - lending channel
KW  - Monetary transmission mechanism
KW  - money multiplier
N1  - Accession Number: 54378211; Carpenter, Seth B. 1; Email Address: scarpenter@frb.gov; Demiralp, Selva 2; Email Address: sdemiralp@ku.edu.tr; Affiliations: 1: Division of Monetary Affairs Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue NW, Washington, DC 20551, U.S.A.; 2: Department of Economics Koc University Rumeli Feneri Yolu Sariyer, Istanbul 34450, Turkey; Issue Info: 2010, p1; Thesaurus Term: MULTIPLIER (Economics); Thesaurus Term: FINANCIAL crises; Subject Term: TRANSMISSION mechanism (Monetary policy); Subject Term: UNITED States -- Economic conditions -- 21st century; Subject: UNITED States; Author-Supplied Keyword: lending channel; Author-Supplied Keyword: Monetary transmission mechanism; Author-Supplied Keyword: money multiplier; Number of Pages: 58p; Illustrations: 5 Charts, 13 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sahm, Claudia R.
AU  - Shapiro, Matthew D.
AU  - Slemrod, Joel
T1  - Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/07//
M3  - Article
SP  - 1
EP  - 40
AB  - Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received one-time payments. This paper quantifies the spending response to these different policies and examines whether the spending response differed according to whether the stimulus was delivered as a one-time payment or as a flow of payments in the form of reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters/University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding led to a substantially lower rate of spending than the one-time payments. Specifically, 25 percent of households reported that the one-time economic stimulus payment in 2008 led them to mostly increase their spending while only 13 percent reported that the extra pay from the lower withholding in 2009 led them to mostly increase their spending. The paper uses several approaches to isolate the effect of the delivery mechanism from the changing aggregate and individual conditions. Responses to a hypothetical stimulus in 2009, examination of "free responses" concerning differing responses to the policies, and regression analysis controlling for individual economic conditions and demographics all support the primary importance of the income delivery mechanism in determining the spending response to the policies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CHECKS
KW  - FISCAL policy
KW  - TAX credits
KW  - WITHHOLDING tax
KW  - FAMILY budgets
KW  - REGRESSION analysis
KW  - THOMSON Reuters Corp.
KW  - UNIVERSITY of Michigan
N1  - Accession Number: 54376647; Sahm, Claudia R. 1; Email Address: claudia.r.sahm@frb.gov; Shapiro, Matthew D. 2,3; Email Address: shapiro@umich.edu; Slemrod, Joel 2,3; Email Address: jslemrod@umich.edu; Affiliations: 1: Federal Reserve System, U.S.A.; 2: University of Michigan/NBER, U.S.A.; 3: Department of Economics Ann Arbor MI 48109-1220/ NBER,, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: CHECKS; Thesaurus Term: FISCAL policy; Thesaurus Term: TAX credits; Thesaurus Term: WITHHOLDING tax; Thesaurus Term: FAMILY budgets; Thesaurus Term: REGRESSION analysis ; Company/Entity: THOMSON Reuters Corp. ; Company/Entity: UNIVERSITY of Michigan; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 43p; Illustrations: 12 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ASTRADA, SEBASTIAN R.
T1  - EXPORTING THE RULE OF LAW TO MONGOLIA: POST-SOCIALIST LEGAL AND JUDICIAL REFORMS.
JO  - Denver Journal of International Law & Policy
JF  - Denver Journal of International Law & Policy
Y1  - 2010///Summer2010
VL  - 38
IS  - 3
M3  - Article
SP  - 461
EP  - 525
SN  - 01962035
AB  - This article analyzes Mongolia's legal and judicial reforms and the efforts of international organizations and outside states to assist or encourage those reforms. Most international organizations and outside states predicate their legal assistance on establishing the "rule of law," but they rarely operate from a developed definition of this concept. This article analyzes what the concept of "rule of law" commonly means, and establishes a cogent and tangible, and procedurally-minimalist, rule of law definition. This article then uses this formulation to analyze Mongolia's legal and judicial reforms. Mongolia's experiences demonstrate four important best practices for future rule of law promotion: (1) judicial independence is the cornerstone of the rule of law; (2) formal government action plans offer "more bang for your buck;" (3) public participation and sentiment is a proxy for the institutionalization of the norms and culture of the rule of law; and (4) the leverage of donor coordination pays dividends. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Denver Journal of International Law & Policy is the property of University of Denver Sturm College of Law and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RULE of law
KW  - LAW reform
KW  - JUDICIAL reform
KW  - JUDICIAL independence
KW  - MONGOLIA -- Politics & government -- 1992-
KW  - MONGOLIA
N1  - Accession Number: 51284322; ASTRADA, SEBASTIAN R. 1; Affiliation:  1: Attorney, Board of Governors, Federal Reserve System, Washington D.C.; Source Info: Summer2010, Vol. 38 Issue 3, p461; Subject Term: RULE of law; Subject Term: LAW reform; Subject Term: JUDICIAL reform; Subject Term: JUDICIAL independence; Subject Term: MONGOLIA -- Politics & government -- 1992-; Subject Term: MONGOLIA; Number of Pages: 65p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Mertens, Elmar
T1  - Structural shocks and the comovements between output and interest rates
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2010/06//
VL  - 34
IS  - 6
M3  - Article
SP  - 1171
EP  - 1186
SN  - 01651889
AB  - Abstract: Stylized facts on U.S. output and interest rates have so far proved hard to match with simple DSGE models. I estimate covariances between output, nominal and real interest rate conditional on structural shocks, since such evidence has largely been lacking in previous discussions of the output-interest rate puzzle. Conditional on shocks to technology and monetary policy, the results square with simple models. Moreover, permanent inflation shocks accounted for the counter-cyclical and inversely leading behavior of the real rate during the Great Inflation (1959–1979). Over the Great Moderation (1982–2006), technology shocks were more dominant and the real rate has been pro-cyclical. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - PRODUCTION (Economic theory)
KW  - ECONOMICS -- Mathematical models
KW  - BUSINESS cycles
KW  - MONETARY policy
KW  - TECHNOLOGY
KW  - REGRESSION analysis
KW  - INFLATION (Finance)
KW  - BANDPASS filters
KW  - LAW & legislation
KW  - UNITED States
KW  - Bandpass filter
KW  - Business cycles
KW  - Interest rates
KW  - News shocks
KW  - Structural VAR
N1  - Accession Number: 49816078; Mertens, Elmar 1; Email Address: em@elmarmertens.com; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington DC 20551, USA; Issue Info: Jun2010, Vol. 34 Issue 6, p1171; Thesaurus Term: INTEREST rates; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: BUSINESS cycles; Thesaurus Term: MONETARY policy; Thesaurus Term: TECHNOLOGY; Thesaurus Term: REGRESSION analysis; Thesaurus Term: INFLATION (Finance); Subject Term: BANDPASS filters; Subject Term: LAW & legislation; Subject: UNITED States; Author-Supplied Keyword: Bandpass filter; Author-Supplied Keyword: Business cycles; Author-Supplied Keyword: Interest rates; Author-Supplied Keyword: News shocks; Author-Supplied Keyword: Structural VAR; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jedc.2010.02.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Black, Lamont K.
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - The Bank Lending Channel of Monetary Policy and Its Effect on Mortgage Lending.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/06//
M3  - Article
SP  - 1
EP  - 38
AB  - The bank lending channel of monetary policy suggests that banks play a special role in the transmission of monetary policy. We look for this special role by examining the business strategies of banks as it relates to mortgage funding and mortgage lending. "Traditional banks" have a large supply of excess core deposits and specialize in information-intensive lending to borrowers (which is proxied here using mortgage lending in subprime communities), whereas "market-based banks" are funded with managed liabilities and mainly lend to relatively easy-to-evaluate borrowers. We predict that only "transition banks" operating between these business strategies are likely to increase their loan rate spreads substantially in response to monetary tightening. To fund ongoing mortgage originations, these banks must substitute from core deposits to managed liabilities, which have a large external finance premium due to these banks' information-intensive lending. Consistent with this prediction, we find evidence of a bank lending channel only among transition banks - they significantly reduce mortgage lending in response to monetary contractions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - MARKETING channels
KW  - MORTGAGE loans
KW  - DEPOSIT banking
KW  - BANKING industry
KW  - FINANCE
KW  - TRANSMISSION mechanism (Monetary policy)
N1  - Accession Number: 54378158; Black, Lamont K. 1; Hancock, Diana 1; Passmore, Wayne 1; Affiliations: 1: Federal Reserve System Washington, DC 20551, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: BANK loans; Thesaurus Term: MARKETING channels; Thesaurus Term: MORTGAGE loans; Thesaurus Term: DEPOSIT banking; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Subject Term: TRANSMISSION mechanism (Monetary policy); NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 39p; Illustrations: 5 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edgerton, Jesse
T1  - Effects of the 2003 Dividend Tax Cut: Evidence from Real Estate Investment Trusts.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/06//
M3  - Article
SP  - 1
EP  - 41
AB  - Recent literature has estimated that the 2003 dividend tax cut caused a large in-crease in aggregate dividend layouts, which would imply that dividend taxation creates large efficiency costs relative to the amount of revenue raised. I document that dividend layouts by real estate investment trusts also rose sharply following the tax cut, even though REIT dividends did not qualify for the cut. Using REITs as a control group in a simple difference-in-differences framework produces small and statistically insignificant estimates of the effect of the tax cut on aggregate dividend layouts. I further document that the ratio of dividend layouts to corporate earnings changed little after the tax cut, and that the ratio of dividend layouts to share repurchases fell dramatically. These facts suggest that contemporaneous increases in earnings and investor demand for layouts drove the observed increases in aggregate dividend layouts, with at most a modest role for the tax cut. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAX cuts
KW  - DIVIDENDS -- Taxation
KW  - REAL estate investment trusts
KW  - CORPORATE profits
KW  - CAPITAL stock
KW  - dividends
KW  - Payout policy
KW  - share repurchases
KW  - taxes
N1  - Accession Number: 54377758; Edgerton, Jesse 1; Email Address: jesse.j.edgerton@frb.gov; Affiliations: 1: Federal Reserve Board/Federal Reserve system, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: TAX cuts; Thesaurus Term: DIVIDENDS -- Taxation; Thesaurus Term: REAL estate investment trusts; Thesaurus Term: CORPORATE profits; Thesaurus Term: CAPITAL stock; Author-Supplied Keyword: dividends; Author-Supplied Keyword: Payout policy; Author-Supplied Keyword: share repurchases; Author-Supplied Keyword: taxes; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; NAICS/Industry Codes: 531120 Lessors of Nonresidential Buildings (except Miniwarehouses); NAICS/Industry Codes: 531111 Lessors of residential buildings and dwellings (except social housing projects); NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 526989 All other miscellaneous funds and financial vehicles; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 42p; Illustrations: 4 Charts, 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - Exports, Borders, Distance, and Plant Size.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/06//
M3  - Article
SP  - 1
EP  - 22
AB  - The fact that large manufacturing plants export relatively more than small plants has been at the foundation of much work in the international trade literature. We examine this fact using Census micro data on plant shipments from the Commodity Flow Survey. We show the fact is not entirely an international trade phenomenon; part of it can be accounted for by the effect of distance, distinct from any border effect. Export destinations tend to be further than domestic destinations, and large plants tend to ship further distances even to domestic locations, as compared with small plants. We develop an extension of the Melitz (2003) model and use it to set up an analysis with model interpretations of ratios between large plant and small plant shipments that can be calculated with the data. We obtain a decomposition of the overall ratio into a term that varies with distance, holding fixed the border, and a term that varies with the border, holding fixed the distance. The distance term accounts for more than half of the overall difference. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FACTORIES
KW  - INTERNATIONAL trade
KW  - EXPORTS
KW  - INTERNATIONAL cooperation
KW  - SHIPMENT of goods
KW  - HOME economics
N1  - Accession Number: 54378156; Holmes, Thomas J. 1; Stevens, John J. 2; Affiliations: 1: Federal Reserve Bank of Minneapolis, and NBER, U.S.A.; 2: Board of Governors of the Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: FACTORIES; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: EXPORTS; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: SHIPMENT of goods; Subject Term: HOME economics; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 31p; Illustrations: 6 Charts, 1 Map; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Demers, Elizabeth
AU  - Vega, Clara
T1  - Soft Information in Earnings Announcements: News or Noise?
JO  - INSEAD Working Papers Collection
JF  - INSEAD Working Papers Collection
Y1  - 2010/05/24/
IS  - 33
M3  - Article
SP  - 1
EP  - 67
AB  - This paper examines whether, and under what conditions, the "soft" information contained in the text of management's quarterly earnings press releases is incrementally informative over company-issued "hard" information. We use several textual-analysis programs to extract various dimensions of managerial net optimism from more than 20,000 corporate earnings announcements over the period 1998 to 2006 and document that unanticipated net optimism in managers' language affects announcement period abnormal returns and predicts post-earnings announcement drift. We further find, consistent with economic theory, that two key aspects of the information environment influence the price-responsiveness to net optimism: (i) the informativeness of the contemporaneously available hard information; and (ii) the likely credibility of the net optimism itself. We also show that the second moment of soft information, the level of uncertainty in the text, attenuates the market's response to earnings announcement surprises, is associated with contemporaneous announcement period idiosyncratic volatility, and predicts future idiosyncratic volatility incrementally to "hard" information. [ABSTRACT FROM AUTHOR]
AB  - Copyright of INSEAD Working Papers Collection is the property of INSEAD and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL statements
KW  - SALES reporting
KW  - REVENUE management
KW  - CORPORATE profits
KW  - CONTENT analysis (Communication)
KW  - Earnings Announcements
KW  - Earnings Quality
KW  - Information Uncertainty
KW  - Momentum
KW  - Post-earnings Drift;;Cheap Talk;Languge Tone
KW  - Soft Information
KW  - Voluntary Disclosure
N1  - Accession Number: 51924346; Demers, Elizabeth 1; Email Address: liz.demers@insead.edu; Vega, Clara 2; Email Address: clara.vega@frb.gov; Affiliations: 1: Assistant Professor of Accounting & Control at INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex; 2: Board of Governors of the United States Federal Reserve System International Finance Division 20th Street & Constitution Avenue, NW Washington, DC 20551; Issue Info: 2010, Issue 33, preceding p1; Thesaurus Term: FINANCIAL statements; Thesaurus Term: SALES reporting; Thesaurus Term: REVENUE management; Thesaurus Term: CORPORATE profits; Subject Term: CONTENT analysis (Communication); Author-Supplied Keyword: Earnings Announcements; Author-Supplied Keyword: Earnings Quality; Author-Supplied Keyword: Information Uncertainty; Author-Supplied Keyword: Momentum; Author-Supplied Keyword: Post-earnings Drift;;Cheap Talk;Languge Tone; Author-Supplied Keyword: Soft Information; Author-Supplied Keyword: Voluntary Disclosure; Number of Pages: 68p; Illustrations: 20 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bodenstein, Martin
T1  - Trade elasticity of substitution and equilibrium dynamics
JO  - Journal of Economic Theory
JF  - Journal of Economic Theory
Y1  - 2010/05//
VL  - 145
IS  - 3
M3  - Article
SP  - 1033
EP  - 1059
SN  - 00220531
AB  - Abstract: The empirical literature provides a wide range of estimates for trade elasticities at the aggregate level. Recent contributions in international macroeconomics suggest that low (implied) values of the trade elasticity may play an important role in understanding the disconnect between international prices and real variables. However, a standard model of the international business cycle displays multiple locally isolated equilibria if the trade is sufficiently low. The main contribution of this paper is to compute and characterize some dynamic properties of these equilibria. In simulations, the presence of multiple equilibria is shown to imply a volatile and persistent real exchange rate. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Theory is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELASTICITY (Economics)
KW  - EQUILIBRIUM (Economics)
KW  - FOREIGN exchange rates
KW  - BUSINESS cycles
KW  - SUBSTITUTION (Economics)
KW  - EMPIRICAL research
KW  - MACROECONOMICS
KW  - SIMULATION methods & models
KW  - International business cycle
KW  - Multiple equilibria
KW  - Real exchange rate
N1  - Accession Number: 50226060; Bodenstein, Martin 1; Email Address: Martin.R.Bodenstein@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: May2010, Vol. 145 Issue 3, p1033; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BUSINESS cycles; Thesaurus Term: SUBSTITUTION (Economics); Thesaurus Term: EMPIRICAL research; Thesaurus Term: MACROECONOMICS; Thesaurus Term: SIMULATION methods & models; Author-Supplied Keyword: International business cycle; Author-Supplied Keyword: Multiple equilibria; Author-Supplied Keyword: Real exchange rate; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/j.jet.2010.01.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - An Alternative Theory of the Plant Size Distribution With an Application to Trade.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/05//
M3  - Article
SP  - 1
EP  - 44
AB  - There is wide variation in the sizes of manufacturing plants, even within the most narrowly defined industry classifications used by statistical agencies. Standard theories attribute all such size differences to productivity differences. This paper develops an alternative theory in which industries are made up of large plants producing standardized goods and small plants making custom or specialty goods. It uses confidential Census data to estimate the parameters of the model, including estimates of plant counts in the standardized and specialty segments by industry. The estimated model fits the data relatively well compared with estimates based on standard approaches. In particular, the predictions of the model for the impacts of a surge in imports from China are consistent with what happened to U.S. manufacturing industries that experienced such a surge over the period 1997-2007. Large-scale standardized plants were decimated, while small-scale specialty plants were relatively less impacted. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - IMPORT credit
KW  - INFLATION (Finance)
KW  - INTERNATIONAL trade
KW  - INDUSTRIES
KW  - MANUFACTURING industries
KW  - UNITED States
KW  - CHINA
N1  - Accession Number: 54375435; Holmes, Thomas J. 1; Stevens, John J. 2; Affiliations: 1: University of Minnesota, Federal Reserve Bank of Minneapolis, and NBER, U.S.A.; 2: Board of Governors of the Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: ECONOMICS; Thesaurus Term: IMPORT credit; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: INDUSTRIES; Thesaurus Term: MANUFACTURING industries; Subject: UNITED States; Subject: CHINA; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 62p; Illustrations: 18 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Boivin, Jean
AU  - Kiley, Michael T.
AU  - Mishkin, Frederic S.
T1  - How Has the Monetary Transmission Mechanism Evolved Over Time?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/05//
M3  - Article
SP  - i
EP  - 88
AB  - We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission - the neoclassical links between short-term policy interest rates, other asset prices such as longterm interest rates, equity prices, and the exchange rate, and the consequent effects on household and business demand have remained steady from early policy-oriented models (like the Penn-MIT-SSRC MPS model) to modern dynamic-stochastic-general-equilibrium (DSGE) models. In contrast, non -neoclassical channels, such as credit-based channels, have remained outside the core models. In conjunction with this evolution in theory and modeling, there have been notable changes in policy behavior (with policy more focused on price stability) and in the reduced form correlations of policy interest rates with activity in the United States. Regulatory effects on credit provision have also changed significantly. As a result, we review the empirical evidence on the changes in the effect of monetary policy actions on real activity and inflation and present new evidence, using both a relatively unrestricted factor-augmented vector autoregression (FAVAR) and a DSGE model. Both approaches yield similar results: Monetary policy innovations have a more muted effect on real activity and inflation in recent decades as compared to the effects before 1980. Our analysis suggests that these shifts are accounted for by changes in policy behavior and the effect of these changes on expectations, leaving little role for changes in underlying private-sector behavior (outside shifts related to monetary policy changes). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - GOVERNMENT policy
KW  - MARKETING channels
KW  - SECURITIES markets
KW  - ECONOMIC models
KW  - TRANSMISSION mechanism (Monetary policy)
N1  - Accession Number: 54375419; Boivin, Jean 1,2; Kiley, Michael T. 3; Mishkin, Frederic S. 2,4; Affiliations: 1: Bank of Canada, HEC Montréal, Canada; 2: National Bureau of Economic Research, Canada; 3: Board of Governors of the Federal Reserve System, Canada; 4: Graduate School of Business, Columbia University, Canada; Issue Info: 2010, pi; Thesaurus Term: INTEREST rates; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: MARKETING channels; Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMIC models; Subject Term: TRANSMISSION mechanism (Monetary policy); NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 91p; Illustrations: 6 Charts, 12 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cuadra, Gabriel
AU  - Sanchez, Juan M.
AU  - Sapriza, Horacio
T1  - Fiscal policy and default risk in emerging markets
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2010/04//
VL  - 13
IS  - 2
M3  - Article
SP  - 452
EP  - 469
SN  - 10942025
AB  - Abstract: Emerging market economies typically exhibit a procyclical fiscal policy: public expenditures rise (fall) in economic expansions (recessions), whereas tax rates rise (fall) in bad (good) times. Additionally, the business cycle of these economies is characterized by countercyclical default risk. In this paper we develop a quantitative dynamic stochastic small open economy model with incomplete markets, endogenous fiscal policy and sovereign default where public expenditures and tax rates are optimally procyclical. The model also accounts for the dynamics of other key macroeconomic variables in emerging economies. [Copyright &y& Elsevier]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FISCAL policy
KW  - EMERGING markets
KW  - PUBLIC spending
KW  - ECONOMIC expansion
KW  - TAX rates & tables
KW  - BUSINESS cycles
KW  - STOCHASTIC processes
KW  - MACROECONOMICS
KW  - FINANCIAL risk
KW  - Endogenous borrowing constraints
KW  - Procyclical fiscal policy
KW  - Sovereign default risk
N1  - Accession Number: 48453095; Cuadra, Gabriel 1; Email Address: gcuadra@banxico.org.mx; Sanchez, Juan M. 2; Email Address: juan.m.sanchez@rich.frb.org; Sapriza, Horacio 3; Email Address: hsapriza@andromeda.rutgers.edu; Affiliations: 1: Dirección General de Inv. Económica, Banco de México, Mexico; 2: Federal Reserve Bank of Richmond, United States; 3: Board of Governors of the Federal Reserve System and Rutgers University, United States; Issue Info: Apr2010, Vol. 13 Issue 2, p452; Thesaurus Term: FISCAL policy; Thesaurus Term: EMERGING markets; Thesaurus Term: PUBLIC spending; Thesaurus Term: ECONOMIC expansion; Thesaurus Term: TAX rates & tables; Thesaurus Term: BUSINESS cycles; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: MACROECONOMICS; Thesaurus Term: FINANCIAL risk; Author-Supplied Keyword: Endogenous borrowing constraints; Author-Supplied Keyword: Procyclical fiscal policy; Author-Supplied Keyword: Sovereign default risk; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.red.2009.07.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Brevoort, Kenneth P.
AU  - Canner, Glenn B.
T1  - Credit Where None Is Due? Authorized User Account Status and "Piggybacking Credit".
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/04//
M3  - Article
SP  - 1
EP  - 23
AB  - An "authorized user" is a person who is permitted by a revolving account holder to use an account without being legally liable for any charges incurred. The Federal Reserve's Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, without indicating which are spouses and which are not, credit scoring modelers cannot distinguish spousal from non-spousal authorized user accounts. This effectively requires that all authorized user accounts receive similar treatment. Consequently, becoming an authorized user on an old account with a good payment history, may improve an individual's credit score, potentially increasing access to credit or reducing borrowing costs. As a result, the practice of "piggybacking credit" has developed. In a piggybacking arrangement, an individual pays a fee to be added as an authorized user on an account to "rent" the account's credit history. This paper provides the first comprehensive look at authorized user accounts in individual credit records and how their importance differs across demographic groups. Our analysis suggests that piggybacking credit can materially improve credit scores, particularly for individuals with thin or short credit histories. We also evaluate the effect that eliminating authorized user accounts from credit scoring models would have on individual credit scores. Our results suggest that removing this information has relatively little effect on credit scores, but may reduce model predictiveness. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBTOR & creditor
KW  - RESEARCH
KW  - CREDIT ratings
KW  - BANKING industry -- United States
KW  - GOVERNMENT policy
KW  - BANKING regulatory agencies
KW  - CREDIT risk
KW  - ROLL-over credits
KW  - ECONOMIC aspects
N1  - Accession Number: 54376633; Avery, Robert B. 1; Email Address: ravery@frb.gov; Brevoort, Kenneth P. 1; Email Address: kenneth.p.brevoort@frb.gov; Canner, Glenn B. 1; Email Address: gcanner@frb.gov; Affiliations: 1: Federal Reserve System, Washington, D.C., U.S.A.; Issue Info: 2010, p1; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: RESEARCH; Thesaurus Term: CREDIT ratings; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: BANKING regulatory agencies; Thesaurus Term: CREDIT risk; Thesaurus Term: ROLL-over credits; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; Number of Pages: 32p; Illustrations: 7 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chin, Alycia
AU  - Warusawitharana, Missaka
T1  - Financial Market Shocks during the Great Depression.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/04//
M3  - Article
SP  - 1
EP  - 28
AB  - This study examines the effect of shocks observed in financial markets on output and employment during the Great Depression. We present three main findings. First, an adverse financial shock leads to a decline in the manufacturing sector's output and employment that peaks about 11 months afterward. Next, this shock has a much greater impact on the durables sector than the nondurables sector. Last, continuing financial market weakness in 1933 and 1934 may have restrained the recovery from the Great Depression. The findings suggest that financial market weakness contributed to the length and depth of the Great Depression, and that this occurred mainly through the investment channel. In addition, we use the estimates from the Great Depression data to evaluate the effect of recent financial market disruptions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES markets
KW  - PRODUCTION functions (Economic theory)
KW  - DEPRESSIONS (Economics) -- 1929
KW  - EMPLOYMENT (Economic theory)
KW  - ECONOMIC forecasting
N1  - Accession Number: 54376630; Chin, Alycia 1,2; Email Address: m1mnw00@frb.gov; Warusawitharana, Missaka 1; Affiliations: 1: Federal Reserve System, U.S.A.; 2: Federal Reserve System, Mail Stop 97, 20th and C Street NW, Washington, DC 20551, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: SECURITIES markets; Thesaurus Term: PRODUCTION functions (Economic theory); Thesaurus Term: DEPRESSIONS (Economics) -- 1929; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: ECONOMIC forecasting; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 30p; Illustrations: 1 Chart, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Keys, Benjamin J.
T1  - The Credit Market Consequences of Job Displacement.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/04//
M3  - Article
SP  - 1
EP  - 59
AB  - This paper demonstrates the important role of job displacement in the household bankruptcy decision. I develop a dynamic, forward-looking model of unemployment and bankruptcy where persistent negative income shocks increase a household's likelihood of ling for bankruptcy both immediately and in the future. Consistent with the model's predictions, I find that households in the NLSY are 2.5 times more likely to file for bankruptcy in the year immediately following a job loss, at a rate of an additional 10 bankruptcies per 1000 job losses. Heightened bankruptcy risk then declines in magnitude but persists for two to three years. Aggregate patterns in job loss and bankruptcy are also consistent with the micro model. Using county-level data, I similarly and that 1000 job losses are associated with 8 to 11 bankruptcies and that the effects also last two to three years. In addition, the loss of a manufacturing job, a proxy for a more persistent separation, is three times more likely to lead to bankruptcy than the loss of a non-manufacturing job. The results suggest that even relatively brief unemployment spells can have significant long-term consequences on households' credit market outcomes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EFFECT of monetary policy on unemployment
KW  - VOLATILITY (Finance)
KW  - FINANCIAL market reaction
KW  - BANKRUPTCY
KW  - BUSINESS failures
KW  - ECONOMIC aspects
N1  - Accession Number: 54376635; Keys, Benjamin J. 1; Email Address: benjamin.j.keys@frb.gov; Affiliations: 1: Federal Reserve System, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: EFFECT of monetary policy on unemployment; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: BANKRUPTCY; Thesaurus Term: BUSINESS failures; Subject Term: ECONOMIC aspects; Number of Pages: 60p; Illustrations: 8 Charts, 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mertens, Elmar
T1  - Structural Shocks and the Comovements Between Output and Interest Rates.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/04//
M3  - Article
SP  - 1
EP  - 54
AB  - Stylized facts on U.S. output and interest rates have so far proved hard to match with DSGE models. But model predictions hinge on the joint specification of economic structure and a set of driving processes. In a model, different shocks often induce different comovements, such that the overall pattern depends as much on the specified transmission mechanisms from shocks to outcomes, as well as on the composition of these driving processes. I estimate covariances between output, nominal and real interest rate conditional on several shocks, since such evidence has largely been lacking in previous discussions of the output-interest rate puzzle. Conditional on shocks to neutral technology and monetary policy, the results square with simple models, like the standard RBC model or a textbook version of the New Keynesian model. In addition, news about future productivity help to explain the overall counter-cyclical behavior of the real rate. A sub-sample analysis documents also interesting changes in these pattern. During the Great Inflation (1959-1979), permanent shocks to inflation accounted for the counter-cyclical behavior of the real rate and its inverted leading indicator property. Over the Great Moderation (1982-2006), neutral technology shocks were more dominant in explaining comovements between output and interest rates, and the real rate has been pro-cyclical. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rate risk
KW  - ECONOMIC structure
KW  - RISK management in business
KW  - BUSINESS cycles
KW  - UNITED States
KW  - Bandpass Filter
KW  - Business Cycles
KW  - Interest Rates
KW  - News Shocks
KW  - Structural VAR
N1  - Accession Number: 54376627; Mertens, Elmar 1; Email Address: elmar.mertens@frb.gov; Affiliations: 1: Federal Reserve System/Federal Open Market Committee, U.S.A.; Issue Info: 2010, p1; Thesaurus Term: INTEREST rate risk; Thesaurus Term: ECONOMIC structure; Thesaurus Term: RISK management in business; Thesaurus Term: BUSINESS cycles; Subject: UNITED States; Author-Supplied Keyword: Bandpass Filter; Author-Supplied Keyword: Business Cycles; Author-Supplied Keyword: Interest Rates; Author-Supplied Keyword: News Shocks; Author-Supplied Keyword: Structural VAR; Number of Pages: 55p; Illustrations: 4 Charts, 20 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy J.
T1  - The Income- and Expenditure-Side Estimates of US. Output Growth.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2010///Spring2010
IS  - 1
M3  - Article
SP  - 71
EP  - 127
PB  - Brookings Institution Press
SN  - 00072303
AB  - The two official measures of U.S. economic output, gross domestic product (GDP) and gross domestic income (GDI), have shown markedly different business cycle fluctuations over the past 25 years, with GDI showing a more pronounced cycle than GDP. This paper reports a broad range of results that indicate that GDI better reflects the business cycle fluctuations in true output growth. Results on revisions to the estimates, and correlations with numerous other cyclically sensitive variables, are particularly favorable to GDI. The most recent GDI data show the 2007-09 downturn to have been considerably worse than is reflected in GDP. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC history
KW  - GROSS domestic product
KW  - BUSINESS cycles
KW  - UNITED States -- Economic conditions -- 2009-2017
KW  - UNITED States
N1  - Accession Number: 54575580; Nalewaik, Jeremy J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Spring2010, Issue 1, p71; Thesaurus Term: ECONOMIC history; Thesaurus Term: GROSS domestic product; Thesaurus Term: BUSINESS cycles; Subject Term: UNITED States -- Economic conditions -- 2009-2017; Subject: UNITED States; Number of Pages: 57p; Illustrations: 5 Charts, 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Anderson, Gary S.
T1  - A reliable and computationally efficient algorithm for imposing the saddle point property in dynamic models
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2010/03//
VL  - 34
IS  - 3
M3  - Article
SP  - 472
EP  - 489
SN  - 01651889
AB  - Abstract: This paper describes a set of algorithms for quickly and reliably solving linear rational expectations models. The utility, reliability and speed of these algorithms are a consequence of (1) the algorithm for computing the minimal dimension state space transition matrix for models with arbitrary numbers of lags or leads, (2) the availability of a simple modeling language for characterizing a linear model and (3) the use of the QR Decomposition and Arnoldi type eigenspace calculations. The paper also presents new formulae for computing and manipulating solutions for arbitrary exogenous processes. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ALGORITHMS
KW  - MATHEMATICAL models
KW  - LINEAR models (Statistics)
KW  - ECONOMICS
KW  - METHOD of steepest descent (Numerical analysis)
KW  - STATE-space methods
KW  - RELIABILITY (Personality trait)
KW  - Blanchard–Kahn
KW  - C61
KW  - Linear rational expectations
KW  - Saddle point solution
N1  - Accession Number: 48401535; Anderson, Gary S. 1; Email Address: gary.anderson@frb.gov; Affiliations: 1: Federal Reserve System, 21st & C Street, NW, Washington, DC, USA; Issue Info: Mar2010, Vol. 34 Issue 3, p472; Thesaurus Term: ALGORITHMS; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: LINEAR models (Statistics); Thesaurus Term: ECONOMICS; Subject Term: METHOD of steepest descent (Numerical analysis); Subject Term: STATE-space methods; Subject Term: RELIABILITY (Personality trait); Author-Supplied Keyword: Blanchard–Kahn; Author-Supplied Keyword: C61; Author-Supplied Keyword: Linear rational expectations; Author-Supplied Keyword: Saddle point solution; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jedc.2009.10.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mertens, Elmar
T1  - Managing Beliefs about Monetary Policy under Discretion.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/03//
M3  - Article
SP  - 1
EP  - 70
AB  - In models of monetary policy, discretionary policymaking often lacks the ability to manage public beliefs, which explains the theoretical appeal of policy rules and commitment strategies. But as shown in this paper, when a policymaker possesses private information, belief management becomes an integral part of optimal discretion policies and improves their performance. Solving for optimal policy in a simple New Keynesian model, this paper shows how discretionary losses are reduced when the policymaker has private information. Furthermore, disinflations are pursued more vigorously, when the hidden information problem is larger, even when inflation is partly backward-looking. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - FISCAL policy
KW  - MONEY supply
KW  - KEYNESIAN economics
KW  - POLICY sciences
KW  - KALMAN filtering
KW  - UNITED States
KW  - Discretion
KW  - Incomplete Information
KW  - Kalman Filter
KW  - Markov-Perfect Equilibrium
KW  - Optimal Monetary Policy
KW  - Time-Consistent Policy
N1  - Accession Number: 49064986; Mertens, Elmar 1; Email Address: elmar.mertens@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System,Washington D.C. 20551; Issue Info: 2010, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Thesaurus Term: MONEY supply; Thesaurus Term: KEYNESIAN economics; Subject Term: POLICY sciences; Subject Term: KALMAN filtering; Subject: UNITED States; Author-Supplied Keyword: Discretion; Author-Supplied Keyword: Incomplete Information; Author-Supplied Keyword: Kalman Filter; Author-Supplied Keyword: Markov-Perfect Equilibrium; Author-Supplied Keyword: Optimal Monetary Policy; Author-Supplied Keyword: Time-Consistent Policy; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 70p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bowman, David
AU  - Gagnon, Etienne
AU  - Leahy, Mike
T1  - Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2010/03//
M3  - Article
SP  - 1
EP  - 47
AB  - This paper reviews the experience of eight major foreign central banks with policy interest rates comparable to the interest rate on excess reserves paid by the Federal Reserve. We pursue two main lines of inquiry: 1) To what extent have these policy interest rates been lower bounds for short-term market rates, and 2) to what extent has tightening that included increasing these policy rates been achieved without reliance on reductions in reserves or other deposits held at the central bank? The foreign experience suggests that policy rate floors can be effective lower bounds for market rates, although incomplete access to central bank accounts and interest on them weakens this result. In addition, the foreign experience suggests that tightening by increasing the interest rate paid on central bank balances can help reduce or eliminate the need to drain balances. These results are consistent with theoretical results that show that tightening without draining is possible, irrespective of whether excess reserves are large or small. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - CENTRAL banking industry
KW  - FEDERAL Reserve banks
KW  - MONETARY policy
KW  - BANK deposits
KW  - central bank balance sheet
KW  - deposit facility
KW  - excess reserves
KW  - fine-tuning operations
KW  - floor system
KW  - interest rate corridor
KW  - liquidity
KW  - open market operations
KW  - policy interest rate
KW  - quantitative easing
KW  - settlement balances
N1  - Accession Number: 52330831; Bowman, David 1; Gagnon, Etienne 1; Leahy, Mike 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2010, p1; Thesaurus Term: INTEREST rates; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: MONETARY policy; Thesaurus Term: BANK deposits; Author-Supplied Keyword: central bank balance sheet; Author-Supplied Keyword: deposit facility; Author-Supplied Keyword: excess reserves; Author-Supplied Keyword: fine-tuning operations; Author-Supplied Keyword: floor system; Author-Supplied Keyword: interest rate corridor; Author-Supplied Keyword: liquidity; Author-Supplied Keyword: open market operations; Author-Supplied Keyword: policy interest rate; Author-Supplied Keyword: quantitative easing; Author-Supplied Keyword: settlement balances; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 48p; Illustrations: 19 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hurst, Erik
AU  - Lusardi, Annamaria
AU  - Kennickell, Arthur
AU  - Torralba, Francisco
T1  - THE IMPORTANCE OF BUSINESS OWNERS IN ASSESSING THE SIZE OF PRECAUTIONARY SAVINGS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2010/02//
VL  - 92
IS  - 1
M3  - Article
SP  - 61
EP  - 69
PB  - MIT Press
SN  - 00346535
AB  - Not properly accounting for differences between business owners and nonbusiness owners in studies of household wealth can lead to erroneous conclusions about the significance of different saving motives. Using data from the Panel Study of Income Dynamics from the 1980s and 1990s, we show that within samples of both business owners and non-business owners, the amount of precautionary savings with respect to labor income risk is modest and accounts for less than 10% of total household wealth. Previous large estimates of the size of precautionary balances resulted from pooling these two groups together. Such pooling is inappropriate given that business owners face higher labor risk and accumulate more wealth than non-business owners for reasons unrelated to precautionary motives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - SAVING & investment
KW  - CORPORATION reserves
KW  - RESERVES (Accounting)
KW  - INCOME
KW  - WEALTH
KW  - BUSINESS enterprises
N1  - Accession Number: 47797896; Hurst, Erik 1,2; Lusardi, Annamaria 2,3; Kennickell, Arthur 4; Torralba, Francisco 1; Affiliations: 1: University of Chicago; 2: NBER; 3: Dartmouth College; 4: Board of Governors of the Federal Reserve System; Issue Info: Feb2010, Vol. 92 Issue 1, p61; Thesaurus Term: ECONOMICS; Thesaurus Term: SAVING & investment; Thesaurus Term: CORPORATION reserves; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: INCOME; Thesaurus Term: WEALTH; Thesaurus Term: BUSINESS enterprises; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 9p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chin, Alycia
AU  - Warusawitharana, Missaka
T1  - Financial Market Shocks during the Great Depression.
JO  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
JF  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
Y1  - 2010/01//
VL  - 10
IS  - 1
M3  - Article
SP  - 1
EP  - 25
SN  - 15345998
AB  - This study examines the effect of shocks observed in financial markets on output and employment during the Great Depression. We present three main findings. First, an adverse financial shock leads to a decline in the manufacturing sector’s output and employment that peaks about 11 months afterward. Next, this shock has a much greater impact on the durables sector than the nondurables sector. Last, continuing financial market weakness in 1933 and 1934 may have restrained the recovery from the Great Depression. The findings suggest that financial market weakness contributed to the length and depth of the Great Depression, and that this occurred mainly through the investment channel. In addition, a counterfactual analysis using the estimates from the Great Depression suggests that the recent recession would have been less severe without the financial market disruptions in the fall of 2008. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Macroeconomics: Topics in Macroeconomics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES markets
KW  - DEPRESSIONS (Economics) -- 1929
KW  - ECONOMIC recovery
KW  - FINANCIAL market reaction
KW  - UNITED States -- Economic conditions -- 1918-1945
KW  - UNITED States
N1  - Accession Number: 57825156; Chin, Alycia 1; Email Address: alycia.chin@frb.gov; Warusawitharana, Missaka 1; Email Address: m1mnw00@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2010, Vol. 10 Issue 1, preceding p1; Thesaurus Term: SECURITIES markets; Thesaurus Term: DEPRESSIONS (Economics) -- 1929; Thesaurus Term: ECONOMIC recovery; Thesaurus Term: FINANCIAL market reaction; Subject Term: UNITED States -- Economic conditions -- 1918-1945; Subject: UNITED States; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 27p; Illustrations: 1 Chart, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edge, Rochelle M.
AU  - Laubach, Thomas
AU  - Williams, John C.
T1  - Welfare-maximizing monetary policy under parameter uncertainty.
JO  - Journal of Applied Econometrics
JF  - Journal of Applied Econometrics
Y1  - 2010/01//Jan/Feb2010
VL  - 25
IS  - 1
M3  - Article
SP  - 129
EP  - 143
SN  - 08837252
AB  - This paper examines welfare-maximizing monetary policy in an estimated micro-founded general equilibrium model of the US economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences and technology implies uncertainty about the model's dynamics, utility-based welfare criterion and the ‘natural’ rates of output and interest that would prevail absent nominal rigidities. We estimate the degree of uncertainty regarding natural rates due to parameter uncertainty. We find that optimal Taylor rules under parameter uncertainty respond less to the output gap and more to price inflation than would be optimal absent parameter uncertainty. We also show that policy rules that focus solely on stabilizing wages and prices yield welfare outcomes very close to the first-best. Copyright © 2009 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Applied Econometrics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - MATHEMATICAL models
KW  - MONETARY theory
KW  - EQUILIBRIUM (Economics)
KW  - INFLATION (Finance)
KW  - TAYLOR'S rule
N1  - Accession Number: 47686982; Edge, Rochelle M. 1; Laubach, Thomas 2; Williams, John C. 3; Email Address: john.c.williams@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Goethe University Frankfurt, Germany; 3: Federal Reserve Bank of San Francisco, CA, USA; Issue Info: Jan/Feb2010, Vol. 25 Issue 1, p129; Thesaurus Term: MONETARY policy; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: MONETARY theory; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INFLATION (Finance); Subject Term: TAYLOR'S rule; Number of Pages: 15p; Illustrations: 3 Charts, 1 Graph; Document Type: Article
L3  - 10.1002/jae.1136
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Korniotis, George M.
T1  - Estimating Panel Models With Internal and External Habit Formation.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2010/01//
VL  - 28
IS  - 1
M3  - Article
SP  - 145
EP  - 158
SN  - 07350015
AB  - A new bias-corrected estimator is developed for dynamic panel model with both fixed and spatial effects. The estimator is asymptotically unbiased, normally distributed, and it has good finite sample properties (low finite sample bias and root mean squared error). Applying the estimator to annual consumption data for the continental U.S. states shows that state consumption growth is not significantly affected by its own (lagged) consumption growth. However, it is affected by lagged consumption growth of nearby states. These results support external habit formation model, which have been used to explain the behavior of U.S. stock retums. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ESTIMATION theory
KW  - ECONOMETRIC models
KW  - CONSUMPTION (Economics) -- Mathematical models
KW  - STOCKS (Finance) -- Rate of return
KW  - U.S. states
KW  - UNITED States
KW  - Asset pricing
KW  - Bias correction
KW  - Instrumental variables
KW  - Spatial and dynamic effects
KW  - U.S. state consumption
N1  - Accession Number: 47727062; Korniotis, George M. 1; Email Address: George.M.Korniotis@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Risk Analysis Section (Mail Stop 91), 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: Jan2010, Vol. 28 Issue 1, p145; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: CONSUMPTION (Economics) -- Mathematical models; Thesaurus Term: STOCKS (Finance) -- Rate of return; Subject Term: U.S. states; Subject: UNITED States; Author-Supplied Keyword: Asset pricing; Author-Supplied Keyword: Bias correction; Author-Supplied Keyword: Instrumental variables; Author-Supplied Keyword: Spatial and dynamic effects; Author-Supplied Keyword: U.S. state consumption; Number of Pages: 14p; Document Type: Article
L3  - 10.1198/jbes.2009.08041
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Dvorak, Tomas
AU  - Warnock, Francis E.
T1  - Decomposing the U.S. external returns differential
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2010/01//
VL  - 80
IS  - 1
M3  - Article
SP  - 22
EP  - 32
SN  - 00221996
AB  - Abstract: We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor timing of foreign investors–caused primarily by deliberate trading, not a lack of portfolio rebalancing–contributes positively to the U.S. external returns differential. We find no evidence that the poor timing is driven by mechanical reserve accumulation by emerging market countries; rather, it is driven almost entirely by the poor timing of rich, developed (mainly European) countries. Finally, while poor foreign timing appears to be persistent across subsamples, other terms in our decomposition (the composition and return effects and U.S. timing abroad), as well as the overall differential, are sometimes negative, sometimes positive, and usually indistinguishable from zero. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIABILITIES (Accounting)
KW  - FOREIGN investments
KW  - BOND market
KW  - EMERGING markets
KW  - DECOMPOSITION (Mathematics)
KW  - DEVELOPED countries
KW  - UNITED States
KW  - Returns differential
KW  - Timing effect
N1  - Accession Number: 47153207; Curcuru, Stephanie E. 1; Dvorak, Tomas 2; Warnock, Francis E. 3,4,5,6; Email Address: warnockf@darden.virginia.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, United States; 2: Union College, 807 Union Street, Schenectady, NY 12308, United States; 3: Darden Graduate School of Business, University of Virginia, Charlottesville, VA 22906-6550, United States; 4: Institute for International Integration Studies, Trinity College, Dublin, Ireland; 5: Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, 2200 N. Pearl Street, Dallas, Texas 75201, United States; 6: National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138, United States; Issue Info: Jan2010, Vol. 80 Issue 1, p22; Thesaurus Term: LIABILITIES (Accounting); Thesaurus Term: FOREIGN investments; Thesaurus Term: BOND market; Thesaurus Term: EMERGING markets; Subject Term: DECOMPOSITION (Mathematics); Subject: DEVELOPED countries; Subject: UNITED States; Author-Supplied Keyword: Returns differential; Author-Supplied Keyword: Timing effect; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 11p; Document Type: Article
L3  - 10.1016/j.jinteco.2009.06.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Benmelech, Efraim
AU  - Dlugosz, Jennifer
AD  - Harvard U
AD  - Federal Reserve System
A2  - Acemoglu, Daron
A2  - Rogoff, Kenneth
A2  - Woodford, Michael
T1  - The Credit Rating Crisis
T2  - NBER Macroeconomics Annual 2009
PB  - Chicago and London: University of Chicago Press
Y1  - 2010///
SP  - 161
EP  - 207
N1  - Accession Number: 1251788; Reviewed Book ISBN: 978-0-226-00209-5 (cloth); 978-0-226-00210-1 (pbk); ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 201108
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanidesy, Athanasios
AU  - Weiz, Min
T1  - Evolving Macroeconomic Perceptions and the Term Structure of Interest Rates.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2010/01//
M3  - Article
SP  - 1
EP  - 47
AB  - We explore the role of evolving beliefs regarding the structure of the macroeconomy in improving our understanding of the term structure of interest rates within the context of a simple macro-finance model. Using quarterly vintages of real-time data and survey forecasts for the United States over the past 40 years, we show that a recursively estimated VAR on real GDP growth, inflation and the nominal short-term interest generates predictions that are more consistent with survey forecasts than a benchmark fixed-coefficient counterpart. We then estimate a simple term structure model under the assumption that the investors' risk attitude is driven by near-term expectations of the three state variables. When we allow for evolving beliefs about the macroeconomy, the resulting term structure model provides a better fit to the cross section of yields than the benchmark model, especially at longer maturities, and exhibits better performance in out-of-sample predictions of future yield movements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - YIELD curve (Finance)
KW  - INTEREST rates
KW  - MACROECONOMICS
KW  - INVESTMENT analysis
KW  - GROSS domestic product
KW  - INTEREST rate risk
KW  - UNITED States
KW  - Anticipated Utility
KW  - Macro Term Structure Model
KW  - Recursive VAR
KW  - Survey Forecasts
N1  - Accession Number: 49063302; Orphanidesy, Athanasios 1; Email Address: Athanasios.Orphanides@centralbank.gov.cy; Weiz, Min 2; Affiliations: 1: Central Bank of Cyprus, 80 Kennedy Avenue, Nicosia, Cyprus; 2: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Washington, DC 20551, USA; Issue Info: 2010, p1; Thesaurus Term: YIELD curve (Finance); Thesaurus Term: INTEREST rates; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: GROSS domestic product; Thesaurus Term: INTEREST rate risk; Subject: UNITED States; Author-Supplied Keyword: Anticipated Utility; Author-Supplied Keyword: Macro Term Structure Model; Author-Supplied Keyword: Recursive VAR; Author-Supplied Keyword: Survey Forecasts; Number of Pages: 50p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Altigy, David
AU  - Christianoz, Lawrence J.
AU  - Eichenbaumx, Martin
AU  - Lindé, Jesper
T1  - Firm-Specific Capital, Nominal Rigidities and the Business Cycle.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2010/01//
M3  - Article
SP  - 1
EP  - 47
AB  - This paper formulates and estimates a three-shock US business cycle model. The estimated model accounts for a substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true even though firms in the model reoptimize prices on average once every 1.8 quarters. The key feature of our model underlying this result is that capital is firm-specific. If we adopt the standard assumption that capital is homogeneous and traded in economy-wide rental markets, we find that firms reoptimize their prices on average once every 9 quarters. We argue that the micro implications of the model strongly favor the firm-specific capital specification. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL investments
KW  - BUSINESS cycles
KW  - INFLATION (Finance)
KW  - ECONOMIC activity
KW  - BUSINESS enterprises
KW  - UNITED States
N1  - Accession Number: 51972501; Altigy, David 1; Christianoz, Lawrence J. 2; Eichenbaumx, Martin 2; Lindé, Jesper 3; Affiliations: 1: Federal Reserve Bank of Atlanta; 2: Northwestern University, National Bureau of Economic Research, and Federal Reserve Banks of Chicago, Atlanta and Minneapolis; 3: Board of Governors of the Federal Reserve System and CEPR; Issue Info: 2010, p1; Thesaurus Term: CAPITAL investments; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC activity; Thesaurus Term: BUSINESS enterprises; Subject: UNITED States; Number of Pages: 47p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mandel, Benjamin R.
T1  - Heterogenous Firms and Import Quality: Evidence from Transaction-Level Priced.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2010/01//
M3  - Article
SP  - 1
EP  - 49
AB  - A key emerging insight in international economics is that the scope for quality differentiation can help to explain patterns in export prices at the level of products or firms. In this paper, a unified theoretical framework of firm heterogeneity in cost and quality is brought to bear on an expansive data set of U.S. import transaction prices collected by the Bureau of Labor Statistics (BLS). The higher moments of the price distribution are used to identify the scope for quality differentiation at the detailed product level; highly differentiated products account for about half of U.S. import value. The product classification is then used to evaluate two claims in the nascent firm-level trade quality literature. First, the positive link between exporter capability and price is found to depend on the nature of the product: productive exporters simultaneously specialize in high-priced varieties in quality differentiated goods and low-priced varieties in more homogeneous goods. Second, a novel time series test documents firm sorting into export markets according to output quality. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL economic relations
KW  - COMMERCIAL products -- Export & import trade
KW  - EXPORT marketing
KW  - BUSINESS enterprises
KW  - PRICING
KW  - UNITED States
KW  - firm sorting
KW  - heterogeneous firms
KW  - Quality differentiation
N1  - Accession Number: 51972502; Mandel, Benjamin R. 1; Email Address: Benjamin.R.Mandel@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2010, p1; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: COMMERCIAL products -- Export & import trade; Thesaurus Term: EXPORT marketing; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: PRICING; Subject: UNITED States; Author-Supplied Keyword: firm sorting; Author-Supplied Keyword: heterogeneous firms; Author-Supplied Keyword: Quality differentiation; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 911420 International assistance; Number of Pages: 49p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Raff, Andrea
T1  - Technology Shocks: Novel Implications for International Business Cycles.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2010/01//
M3  - Article
SP  - 1
EP  - 54
AB  - Understanding the joint dynamics of international prices and quantities remains a central issue in international business cycles. International relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific technology shocks into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment specific technology shocks introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. The paper also presents implications for the transmission mechanism of technology shocks across countries and for the Barro and King (1984) critique of investment shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL economic relations
KW  - TECHNOLOGY
KW  - INTERNATIONAL trade
KW  - CONSUMPTION (Economics)
KW  - PRICES
KW  - BUSINESS cycles
KW  - LABOR supply
KW  - ECONOMIC aspects
N1  - Accession Number: 51972503; Raff, Andrea 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2010, p1; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: TECHNOLOGY; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PRICES; Thesaurus Term: BUSINESS cycles; Thesaurus Term: LABOR supply; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 55p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Ghironi, Fabio
AU  - Stebunovs, Viktors
AD  - Boston College
AD  - Board of Governors of the Federal Reserve System
T1  - The Domestic and International Effects of Interstate U.S. Banking
PB  - Boston College Department of Economics, Boston College Working Papers in Economics: 765
Y1  - 2010///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1146082; Keywords: Business cycle volatility;  Current account;  Deregulation;  Interstate banking;  Producer entry;  Real exchange rate; Publication Type: Working Paper; Update Code: 201101
N2  - This paper studies the domestic and international effects of the transition to an interstate banking system implemented by the U.S. since the late 1970s in a dynamic, stochastic, general equilibrium model with endogenous producer entry. Interstate banking reduces the degree of local monopoly power of financial intermediaries. We show that the an economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The rest of the world experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less volatile business creation, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank market integration thus contributes to a moderation of firm-level and aggregate output volatility. In turn, trade and financial ties between the two countries in our model allow also the foreign economy to enjoy lower GDP volatility in most scenarios we consider. The results of the model are consistent with features of the U.S. and international business cycle after the U.S. began its transition to interstate banking.
KW  - Business Fluctuations; Cycles          E32
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Open Economy Macroeconomics          F41
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://fmwww.bc.edu/EC-P/WP765.pdf
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UR  - http://fmwww.bc.edu/EC-P/WP765.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - Three Initiatives Enhancing the Mortgage Market and Promoting Financial Stability.
JO  - B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy
JF  - B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy
Y1  - 2009/12//
VL  - 9
IS  - 3
M3  - Article
SP  - 1
EP  - 23
SN  - 15380645
AB  - In recent years, the government has greatly extended its reach into the mortgage markets with the goals of (1) mitigating the deadweight losses associated with mortgage foreclosures, (2) promoting affordable homeownership, and (3) providing low cost mortgage financing. In this paper, we identify three innovations-one in each of these areas-that could be made to the American mortgage market that would help obtain the government's objectives while enhancing financial market stability-particularly if all are done together. These three innovations are: (1) "buy your own mortgage" options, (2) variable maturity mortgages, and (3) creation of a government mortgage bond insurer, with an emphasis on insuring covered bonds as well as GSE debt. The first innovation would allow homebuyers to repurchase their mortgage at the "market value" of their homes when they move, thereby helping society avoid some of the deadweight losses associated with unnecessary foreclosures. The second innovation would provide a mortgage that could promote affordable housing without unduly raising the default risks of low- and moderate-income families. The third innovation would help create a variety of financing options for mortgages in the United States. Moreover, it could be integrated into the current system of mortgage financing, which would include government-sponsored enterprises (GSEs), in a manner that would help the government manage the systemic risks associated with the quasi-government backing of mortgage credit and mortgage insurance. In particular, we propose that the government explicitly insure pre-designated financial instruments used to fund mortgage credit (such as covered bonds and GSE debt) by creating a government-backed insurance fund similar to that currently used for deposits. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGES
KW  - MORTGAGE life insurance
KW  - MORTGAGE loans
KW  - REAL obligations
KW  - UNITED States
N1  - Accession Number: 97597386; Hancock, Diana 1; Email Address: diana.hancock@frb.gov; Passmore, Wayne 1; Email Address: wpassmore@frb.gov; Affiliations: 1: Board of Governors of Federal Reserve System; Issue Info: 2009, Vol. 9 Issue 3, preceding p1; Thesaurus Term: MORTGAGES; Thesaurus Term: MORTGAGE life insurance; Thesaurus Term: MORTGAGE loans; Thesaurus Term: REAL obligations; Subject: UNITED States; NAICS/Industry Codes: 524126 Direct Property and Casualty Insurance Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kohn, Donald L.
AD  - Federal Reserve System
T1  - Monetary Policy and Asset Prices Revisited
JO  - Cato Journal
JF  - Cato Journal
Y1  - 2009///Winter
VL  - 29
IS  - 1
SP  - 31
EP  - 44
SN  - 02733072
N1  - Accession Number: 1042705; Keywords: Asset Price;  Monetary;  Monetary Policy;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200906
KW  - Macroeconomics: Production          E23
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Monetary Policy          E52
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.cato.org/pubs/journal/index.html
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UR  - http://www.cato.org/pubs/journal/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Correa, Ricardo
T1  - Cross-Border Bank Acquisitions: Is there a Performance Effect?
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2009/12//
VL  - 36
IS  - 2/3
M3  - Article
SP  - 169
EP  - 197
SN  - 09208550
AB  - This paper uses a unique database that includes deal and bank balance sheet information for 220 cross-border acquisitions between 1996 and 2003 to analyze the characteristics and performance effects of international takeovers on target banks. A discrete choice estimation shows that banks are more likely to get acquired in a cross-border deal if they are large, bad performers, in a small country, and when the banking sector is concentrated. Post-acquisition performance for target banks does not improve in the first 2 years relative to domestically-owned financial institutions. This result is explained by a decrease in the banks’ net interest margin in developed countries and an increase in overhead costs in emerging economies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - FINANCIAL performance
KW  - BANKING industry
KW  - FINANCE
KW  - DISCRETE choice models
KW  - ESTIMATION theory
KW  - CROSS border transactions
KW  - FINANCIAL institutions
KW  - International banking
KW  - Mergers and acquisitions
KW  - Performance
N1  - Accession Number: 44487258; Correa, Ricardo 1; Email Address: ricardo.correa@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and C Street, N.W., Mailstop 44, Washington, DC, 20551, USA; Issue Info: Dec2009, Vol. 36 Issue 2/3, p169; Thesaurus Term: BANK mergers; Thesaurus Term: FINANCIAL performance; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: DISCRETE choice models; Thesaurus Term: ESTIMATION theory; Thesaurus Term: CROSS border transactions; Thesaurus Term: FINANCIAL institutions; Author-Supplied Keyword: International banking; Author-Supplied Keyword: Mergers and acquisitions; Author-Supplied Keyword: Performance; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 29p; Illustrations: 13 Charts, 1 Graph; Document Type: Article
L3  - 10.1007/s10693-008-0043-6
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=44487258&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Johnson, Kathleen W.1, kathleen.w.johnson@frb.gov
AU  - Li, Geng1, geng.li@frb.gov
T1  - Household liability data in the Consumer Expenditure Survey.
JO  - Monthly Labor Review
JF  - Monthly Labor Review
J1  - Monthly Labor Review
PY  - 2009/12//
Y1  - 2009/12//
VL  - 132
IS  - 12
CP  - 12
M3  - Article
SP  - 18
EP  - 27
SN  - 00981818
AB  - Liability data from the Consumer Expenditure Survey (CE), the Survey of Consumer Finances, and an analogous aggregate measure show that the major types of household debt balances and payments are measured reasonably well in the CE; thus, CE data may be used to examine household debt and its relation to household economic decisions [ABSTRACT FROM AUTHOR]
KW  - Home economics
KW  - Research
KW  - Consumer credit
KW  - Income distribution
KW  - Wealth
KW  - Income tax
KW  - Debt management
KW  - Debt service
KW  - Consumption tax
N1  - Accession Number: 48414356; Authors:Johnson, Kathleen W. 1 Email Address: kathleen.w.johnson@frb.gov; Li, Geng 1 Email Address: geng.li@frb.gov; Affiliations:  1: Economist in the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC; Subject: Home economics; Subject: Research; Subject: Consumer credit; Subject: Income distribution; Subject: Wealth; Subject: Income tax; Subject: Debt management; Subject: Debt service; Subject: Consumption tax; Subject: United States; Number of Pages: 10p; Illustrations: 4 Charts, 5 Graphs; Record Type: Article; Full Text Word Count: 4978
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DP  - EBSCOhost
DB  - eft
ER  - 

TY  - JOUR
AU  - Hjalmarsson, Erik
AU  - Hjalmarsson, Randi
T1  - Efficiency in housing markets: Which home buyers know how to discount?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2009/11//
VL  - 33
IS  - 11
M3  - Article
SP  - 2150
EP  - 2163
SN  - 03784266
AB  - Abstract: We test for efficiency in the Swedish co-op market by examining the negative relationship between the sales price and the present value of future monthly payments or ‘rents’. If the co-op housing market is efficient, the present value of co-op rental payments due to underlying debt obligations of the cooperative should be fully reflected in the sales price. However, a one hundred kronor increase in the present value of future rents only leads to an approximately 75 kronor reduction in the sales price. These inefficiencies are larger at the lower end of the housing market and in poorer, less educated regions and appear to reflect both liquidity constraints and the existence of more ‘sophisticated’ buyers in higher educated areas. Overall, our findings suggest that there is some systematic failure to properly discount the future stream of rent payments relative to the up front sales price. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - HOUSE buying
KW  - DISCOUNT
KW  - PRICES
KW  - HOUSING -- Finance
KW  - LIQUIDITY (Economics)
KW  - RENT charges (Feudal law)
KW  - COOPERATIVE housing
KW  - Cooperative housing
KW  - Housing markets
KW  - Market efficiency
N1  - Accession Number: 44261087; Hjalmarsson, Erik 1; Email Address: erik.hjalmarsson@frb.gov; Hjalmarsson, Randi 2; Email Address: rhjalmar@umd.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 2: School of Public Policy, University of Maryland, Van Munching Hall, College Park, Maryland 20742, USA; Issue Info: Nov2009, Vol. 33 Issue 11, p2150; Thesaurus Term: HOUSING market; Thesaurus Term: HOUSE buying; Thesaurus Term: DISCOUNT; Thesaurus Term: PRICES; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: RENT charges (Feudal law); Subject Term: COOPERATIVE housing; Author-Supplied Keyword: Cooperative housing; Author-Supplied Keyword: Housing markets; Author-Supplied Keyword: Market efficiency; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jbankfin.2009.05.014
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adams, Robert
AU  - Johnson, Richard
AU  - Pilloff, Steven
T1  - Market Structure after Horizontal Mergers: Evidence from the Banking Industry.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2009/11//
VL  - 35
IS  - 3
M3  - Article
SP  - 217
EP  - 231
SN  - 0889938X
AB  - Antitrust agencies use measures of market structure to evaluate the likely competitive effects of proposed mergers, but little is known about how measures of market structure change over time, particularly after consummation of mergers and acquisitions. This paper analyzes the changes in market structure 3 and 5 years after mergers in the US banking industry. Our analysis suggests that concentration decreases and the number of banks increases in banking markets where mergers resulted in high concentration levels. In markets where the level of concentration changed by a relatively large amount, our findings are more ambiguous, as the level of concentration decreases, but no effect is found on the number of competitors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL organization (Economic theory)
KW  - BANKING industry
KW  - CONSOLIDATION & merger of corporations
KW  - ANTITRUST law
KW  - COMPETITION
KW  - UNITED States
KW  - Antitrust policy
KW  - Banking industry mergers
KW  - Competition
KW  - G21
KW  - G28
KW  - G34
KW  - L11
KW  - L13
KW  - Market structure
N1  - Accession Number: 44984720; Adams, Robert 1; Email Address: Robert.M.Adams@frb.gov; Johnson, Richard 2; Email Address: Richard.Johnson2@usdoj.gov; Pilloff, Steven 3; Email Address: spilloff@gmu.edu; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave, NW Washington 20551 USA; 2: Antitrust Division, Department of Justice, 450 Fifth Street, NW, Suite 3100 Washington 20530 USA; 3: School of Management, George Mason University, 4400 University Drive, Mailstop 5F5 Fairfax 22030 USA; Issue Info: Nov2009, Vol. 35 Issue 3, p217; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: BANKING industry; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: ANTITRUST law; Subject Term: COMPETITION; Subject: UNITED States; Author-Supplied Keyword: Antitrust policy; Author-Supplied Keyword: Banking industry mergers; Author-Supplied Keyword: Competition; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: G34; Author-Supplied Keyword: L11; Author-Supplied Keyword: L13; Author-Supplied Keyword: Market structure; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 15p; Illustrations: 6 Charts; Document Type: Article
L3  - 10.1007/s11151-009-9217-0
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hale, Galina
AU  - Arteta, Carlos
T1  - Currency crises and foreign credit in emerging markets: Credit crunch or demand effect?
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2009/10//
VL  - 53
IS  - 7
M3  - Article
SP  - 758
EP  - 774
SN  - 00142921
AB  - Abstract: Currency crises of the past decade highlighted the importance of balance-sheet effects of large devaluations. Currency crisis literature identified a decline in credit as one of the channels through which such crises affect real economic activity. We find empirical evidence of the existence of this channel and quantify its extent and persistence: controlling for a host of fundamentals, we find a decline in foreign credit to emerging market private firms of about 25 percent in the first year following large depreciations. This decline is especially large in the first five months, is less pronounced in the second year, and disappears entirely by the third year. We show that only about a quarter of the initial decline in credit could be attributed to the “credit crunch,” while the rest of the decline is due to contracting demand. After six months, however, most of the credit decline could be attributed to supply effects. [Copyright &y& Elsevier]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - CREDIT
KW  - DEMAND for money
KW  - FOREIGN investments
KW  - EMERGING markets
KW  - RATIONING
KW  - DEPRECIATION
KW  - Balance-sheet effects
KW  - Credit constraints
KW  - Credit rationing
KW  - Currency crises
N1  - Accession Number: 44418148; Hale, Galina 1; Email Address: galina.b.hale@sf.frb.org; Arteta, Carlos 2; Affiliations: 1: Federal Reserve Bank of San Francisco, 101 Market St., MS1130, San Francisco, CA 94105, USA; 2: Board of Governors of the Federal Reserve System, USA; Issue Info: Oct2009, Vol. 53 Issue 7, p758; Thesaurus Term: FINANCIAL crises; Thesaurus Term: CREDIT; Thesaurus Term: DEMAND for money; Thesaurus Term: FOREIGN investments; Thesaurus Term: EMERGING markets; Thesaurus Term: RATIONING; Thesaurus Term: DEPRECIATION; Author-Supplied Keyword: Balance-sheet effects; Author-Supplied Keyword: Credit constraints; Author-Supplied Keyword: Credit rationing; Author-Supplied Keyword: Currency crises; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.euroecorev.2009.03.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aruoba, S. Borağan
AU  - Diebold, Francis X.
AU  - Scotti, Chiara
T1  - Real-Time Measurement of Business Conditions.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2009/10//
VL  - 27
IS  - 4
M3  - Article
SP  - 417
EP  - 427
SN  - 07350015
AB  - We construct a framework for measuring economic activity at high frequency, potentially in real time. We use a variety of stock and flow data observed at mixed frequencies (including very high frequencies), and we use a dynamic factor model that permits exact filtering. We illustrate the framework in a prototype empirical example and a simulation study calibrated to the example. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC activity
KW  - ECONOMIC indicators
KW  - EMPIRICAL research
KW  - BUSINESS conditions
KW  - FILTERING of information
KW  - Business cycle
KW  - Contraction
KW  - Dynamic factor model
KW  - Expansion
KW  - Macroeconomic forecasting
KW  - Recession
KW  - State space model
KW  - Turning point
N1  - Accession Number: 44981137; Aruoba, S. Borağan 1; Email Address: aruoba@econ.umd.edu; Diebold, Francis X. 2,3; Email Address: fdiebold@sas.upenn.edu; Scotti, Chiara 4; Email Address: chiara.scotti@frb.gov; Affiliations: 1: Department of Economics, University of Maryland, College Park, MD 20742; 2: Departments of Economics, Finance and Statistics, University of Pennsylvania, Philadelphia, PA 19104; 3: NBER; 4: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Oct2009, Vol. 27 Issue 4, p417; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: EMPIRICAL research; Thesaurus Term: BUSINESS conditions; Subject Term: FILTERING of information; Author-Supplied Keyword: Business cycle; Author-Supplied Keyword: Contraction; Author-Supplied Keyword: Dynamic factor model; Author-Supplied Keyword: Expansion; Author-Supplied Keyword: Macroeconomic forecasting; Author-Supplied Keyword: Recession; Author-Supplied Keyword: State space model; Author-Supplied Keyword: Turning point; Number of Pages: 11p; Illustrations: 6 Graphs; Document Type: Article
L3  - 10.1198/jbes.2009.07205
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Benmelech, Efraim
AU  - Dlugosz, Jennifer
T1  - The Credit Rating Crisis.
JO  - NBER/Macroeconomics Annual (University of Chicago Press)
JF  - NBER/Macroeconomics Annual (University of Chicago Press)
Y1  - 2009/10//
VL  - 24
M3  - Article
SP  - 161
EP  - 225
SN  - 08893365
AB  - Since June 2007, the creditworthiness of structured finance products has deteriorated rapidly. The number of downgrades in November 2007 alone exceeded 2,000, and many downgrades were severe, with 500 tranches downgraded more than 10 notches. Massive downgrades continued in 2008. More than 11,000 of the downgrades affected securities that were rated AAA. This paper studies the credit rating crisis of 2007-8 and in particular describes the collapse of the credit ratings of collateralized debt obligations backed by asset-backed securities (ABS CDOs). Using data on ABS CDOs, we provide suggestive evidence that ratings shopping may have played a role in the current crisis. We find that tranches rated solely by one agency, and by Standard & Poor's in particular, were more likely to be downgraded by January 2008. Further, tranches rated solely by one agency are more likely to suffer more severe downgrades. [ABSTRACT FROM AUTHOR]
AB  - Copyright of NBER/Macroeconomics Annual (University of Chicago Press) is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT ratings
KW  - CREDIT risk
KW  - SECURITIES trading
KW  - COLLATERALIZED loan obligations
KW  - ASSET-backed financing
KW  - DEBT management
KW  - FINANCIAL management
N1  - Accession Number: 51692437; Benmelech, Efraim 1; Dlugosz, Jennifer 2; Affiliations: 1: Harvard University and NBER; 2: Federal Reserve System; Issue Info: 2009, Vol. 24, p161; Thesaurus Term: CREDIT ratings; Thesaurus Term: CREDIT risk; Thesaurus Term: SECURITIES trading; Thesaurus Term: COLLATERALIZED loan obligations; Thesaurus Term: ASSET-backed financing; Thesaurus Term: DEBT management; Thesaurus Term: FINANCIAL management; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 63p; Illustrations: 1 Diagram, 16 Charts, 13 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bertaut, Carol C.
AU  - Haliassos, Michael
AU  - Reiter, Michael
T1  - Credit Card Debt Puzzles and Debt Revolvers for Self Control*.
JO  - Review of Finance
JF  - Review of Finance
Y1  - 2009/10//
VL  - 13
IS  - 4
M3  - Article
SP  - 657
EP  - 692
SN  - 15723097
AB  - Most US credit card holders revolve high-interest debt, often with substantial liquid and retirement assets. We model separation of accounting from shopping allowed by credit cards, in a rational, dynamic game. When the shopper is more impatient than the accountant, selling assets to repay debt is not necessarily optimal, as the shopper can restore debt. Modest relative impatience generates asset-debt co-existence and target utilization rates, matching incidence and median assets of debt revolvers with substantial assets. Empirical evidence is consistent with a role for spending control considerations, after allowing for standard determinants of credit card debt. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Review of Finance is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT cards
KW  - REVOLVING credit
KW  - PENSIONS
KW  - DEBT
KW  - RETIREMENT planning
KW  - UNITED States
N1  - Accession Number: 47142781; Bertaut, Carol C. 1; Haliassos, Michael 2; Reiter, Michael 3; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Goethe University Frankfurt, CFS, MEA, NETSPAR; 3: Institute for Advanced Studies, Vienna and CESIfo; Issue Info: Oct2009, Vol. 13 Issue 4, p657; Thesaurus Term: CREDIT cards; Thesaurus Term: REVOLVING credit; Thesaurus Term: PENSIONS; Thesaurus Term: DEBT; Thesaurus Term: RETIREMENT planning; Subject: UNITED States; NAICS/Industry Codes: 526111 Trusteed pension funds; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 36p; Illustrations: 7 Charts, 5 Graphs; Document Type: Article
L3  - 10.1093/rof/rfn033
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chetty, Raj
AU  - Looney, Adam
AU  - Kroft, Kory
T1  - Salience and Taxation: Theory and Evidence.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2009/09//
VL  - 99
IS  - 4
M3  - Article
SP  - 1145
EP  - 1177
PB  - American Economic Association
SN  - 00028282
AB  - Using two strategies, we show that consumers underreact to taxes that are not salient. First, using a field experiment in a grocery store, we find that posting tax-inclusive price tags reduces demand by 8 percent. Second, increases in taxes included in posted prices reduce alcohol consumption more than increases in taxes applied at the register. We develop a theoretical framework for applied welfare analysis that accommodates salience effects and other optimization failures. The simple formulas we derive imply that the economic incidence of a tax depends on its statutory incidence, and that even policies that induce no change in behavior can create efficiency losses. (JEL C93, D12, H25, H71) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER behavior
KW  - TAXATION -- Law & legislation
KW  - TAXATION
KW  - PRICES
KW  - FISCAL policy
KW  - TAX incentives
KW  - CONSUMERS' preferences
KW  - CONSUMERS -- Attitudes
KW  - ALCOHOL
KW  - INDIVIDUAL differences
N1  - Accession Number: 44390241; Chetty, Raj 1; Looney, Adam 2; Kroft, Kory 3; Affiliations: 1: Department of Economics, University of California, Berkeley, 549 Evans Hall, #3880, Berkeley, CA 94720–3880.; 2: Division of Research and Statistics, Board of Governors of Federal Reserve System, 20th St. and Constitution Avenue, NW, Washington, DC 20551.; 3: Department of Economics, University of California, Berkeley, 549 Evans Hall, #3880, Berkeley, CA 94720–3882.; Issue Info: Sep2009, Vol. 99 Issue 4, p1145; Thesaurus Term: CONSUMER behavior; Thesaurus Term: TAXATION -- Law & legislation; Thesaurus Term: TAXATION; Thesaurus Term: PRICES; Thesaurus Term: FISCAL policy; Thesaurus Term: TAX incentives; Thesaurus Term: CONSUMERS' preferences; Thesaurus Term: CONSUMERS -- Attitudes; Subject Term: ALCOHOL; Subject Term: INDIVIDUAL differences; NAICS/Industry Codes: 325193 Ethyl Alcohol Manufacturing; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 33p; Illustrations: 1 Black and White Photograph, 2 Diagrams, 7 Charts, 3 Graphs; Document Type: Article
L3  - 10.1257/aer.99.4.1145
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Borzekowski, Ron
T1  - Measuring the cost impact of hospital information systems: 1987–1994
JO  - Journal of Health Economics
JF  - Journal of Health Economics
Y1  - 2009/09//
VL  - 28
IS  - 5
M3  - Article
SP  - 938
EP  - 949
SN  - 01676296
AB  - Abstract: This study measures the impact of information technology (IT) use on hospital operating costs during the late 1980s and early 1990s. Using a proprietary eight-year panel dataset (1987–1994) that catalogues application-level automation for the complete census of the 3000 U.S. hospitals with more than 100 beds, this study finds that both financial/administrative and clinical IT systems at the most thoroughly automated hospitals are associated with declining costs three and five years after adoption. At the application level, declining costs are associated with the adoption of some of the newest technologies, including systems designed for cost management, the administration of managed care contracts, and for both financial and clinical decision support. The association of cost declines with lagged IT as well as the cost patterns at the less automated hospitals both provide some evidence of learning effects. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Health Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MEDICAL informatics
KW  - INFORMATION technology
KW  - HOSPITALS -- Ownership
KW  - PROPRIETARY hospitals
KW  - INFORMATION resources management
KW  - HOSPITAL costs
KW  - MEDICAL care -- United States
KW  - UNITED States
KW  - Cost
KW  - Hospitals
KW  - Information systems
KW  - Productivity
N1  - Accession Number: 44696153; Borzekowski, Ron 1; Email Address: ron.borzekowski@frb.gov; Affiliation:  1: Board of Governors of the Federal Reserve System, 20th and C St NW, Washington, DC 20551, United States; Source Info: Sep2009, Vol. 28 Issue 5, p938; Subject Term: MEDICAL informatics; Subject Term: INFORMATION technology; Subject Term: HOSPITALS -- Ownership; Subject Term: PROPRIETARY hospitals; Subject Term: INFORMATION resources management; Subject Term: HOSPITAL costs; Subject Term: MEDICAL care -- United States; Subject Term: UNITED States; Author-Supplied Keyword: Cost; Author-Supplied Keyword: Hospitals; Author-Supplied Keyword: Information systems; Author-Supplied Keyword: Productivity; NAICS/Industry Codes: 519190 All Other Information Services; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jhealeco.2009.06.004
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
ID  - 105231678
T1  - Measuring the cost impact of hospital information systems: 1987-1994.
AU  - Borzekowski R
Y1  - 2009/09//
N1  - Accession Number: 105231678. Language: English. Entry Date: 20100226. Revision Date: 20150711. Publication Type: Journal Article; research. Journal Subset: Biomedical; Continental Europe; Europe; Health Services Administration; Peer Reviewed. NLM UID: 8410622. 
KW  - Financial Management -- Methods
KW  - Hospital Information Systems -- Economics
KW  - Human
KW  - Models, Statistical
KW  - United States
SP  - 938
EP  - 949
JO  - Journal of Health Economics
JF  - Journal of Health Economics
JA  - J HEALTH ECON
VL  - 28
IS  - 5
PB  - Elsevier Science
SN  - 0167-6296
AD  - Board of Governors of the Federal Reserve System, 20th and C St NW, Washington, DC 20551, United States.
U2  - PMID: 19699542.
DO  - 10.1016/j.jhealeco.2009.06.004
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DP  - EBSCOhost
DB  - rzh
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Pilloff, Steven J.
AD  - Federal Reserve System
AD  - George Mason U
T1  - Acquisition Targets and Motives in the Banking Industry
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2009/09//
VL  - 41
IS  - 6
SP  - 1167
EP  - 1187
SN  - 00222879
N1  - Accession Number: 1064273; Keywords: Acquisition;  Banking;  Ownership; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200910
N2  - This paper uses a large sample of individual banking organizations, observed from 1996 to 2005, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. We also employ a subsample of publicly traded banking organizations to investigate the role of managerial ownership in explaining the likelihood of acquisition. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Campbell, Sean D.
AU  - Davis, Morris A.
AU  - Gallin, Joshua
AU  - Martin, Robert F.
T1  - What moves housing markets: A variance decomposition of the rent–price ratio
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2009/09//
VL  - 66
IS  - 2
M3  - Article
SP  - 90
EP  - 102
SN  - 00941190
AB  - Abstract: We apply the dynamic Gordon growth model to the housing market in 23 US metropolitan areas, the four Census regions, and the nation from 1975 to 2007. The model allows the rent–price ratio at each date to be split into the expected present discounted values of rent growth, real interest rates, and a housing premium over real rates. We show that housing premia are variable and forecastable and account for a significant fraction of rent–price ratio volatility at the national and local levels, and that covariances among the three components damp fluctuations in rent–price ratios. Thus, explanations of house-price dynamics that focus only on interest rate movements and ignore these covariances can be misleading. These results are similar to those found for stocks and bonds. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - ECONOMIC development -- Mathematical models
KW  - METROPOLITAN areas
KW  - REAL property -- Sales & prices
KW  - RENT (Economic theory)
KW  - INTEREST rates
KW  - ANALYSIS of covariance
KW  - STOCKS (Finance)
KW  - BONDS (Finance)
KW  - UNITED States
KW  - House prices
KW  - Housing rents
KW  - Interest rates
KW  - Rent–price ratio
N1  - Accession Number: 43530779; Campbell, Sean D. 1; Davis, Morris A. 2; Email Address: mdavis@bus.wisc.edu; Gallin, Joshua 1; Martin, Robert F. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Wisconsin School of Business, University of Wisconsin-Madison, WI, USA; Issue Info: Sep2009, Vol. 66 Issue 2, p90; Thesaurus Term: HOUSING market; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: METROPOLITAN areas; Thesaurus Term: REAL property -- Sales & prices; Thesaurus Term: RENT (Economic theory); Thesaurus Term: INTEREST rates; Thesaurus Term: ANALYSIS of covariance; Thesaurus Term: STOCKS (Finance); Thesaurus Term: BONDS (Finance); Subject: UNITED States; Author-Supplied Keyword: House prices; Author-Supplied Keyword: Housing rents; Author-Supplied Keyword: Interest rates; Author-Supplied Keyword: Rent–price ratio; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jue.2009.06.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gruber, Joseph
AU  - Kamin, Steven
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2009/09//
VL  - 17
IS  - 4
SP  - 667
EP  - 688
SN  - 09657576
N1  - Accession Number: 1064909; Keywords: Capital Flow;  Current Account;  Saving;  Yield; Geographic Descriptors: Selected Countries; U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200910
N2  - Building on the panel-regression approach of Chinn and Prasad (2003) and Gruber and Kamin (2007), we assess whether differences in financial development can explain the large developing-country surpluses or large US deficits. We find little evidence to support these hypotheses. We also assess whether differences in asset returns, an alternative measure of the attractiveness of financial assets, can explain the international pattern of capital flows. Lower bond yields have been generally associated with larger current account deficits in industrial countries. However, US bond yields have not been significantly lower than those in other industrial economies, suggesting that US financial assets have not been unusually attractive. We consider an alternative hypothesis that spending in the United States was uniquely responsive to lower costs of capital. However, we found this hypothesis also to be weak, as household saving rates have declined throughout the industrial economies.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
ID  - 2009-17162-007
AN  - 2009-17162-007
AU  - Avery, Robert B.
AU  - Brevoort, Kenneth P.
AU  - Canner, Glenn B.
T1  - Credit scoring and its effects on the availability and affordability of credit.
JF  - Journal of Consumer Affairs
JO  - Journal of Consumer Affairs
JA  - J Consum Aff
Y1  - 2009///Fal 2009
VL  - 43
IS  - 3
SP  - 516
EP  - 537
CY  - United Kingdom
PB  - Wiley-Blackwell Publishing Ltd.
SN  - 0022-0078
SN  - 1745-6606
N1  - Accession Number: 2009-17162-007. Partial author list: First Author & Affiliation: Avery, Robert B.; Division of Research and Statistics, Board of Governors, Federal Reserve System Board, US. Other Publishers: Blackwell Publishing. Release Date: 20100322. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Business; Economy; Finance; Government Policy Making. Classification: Consumer Psychology (3900). Population: Human (10); Male (30); Female (40). Age Group: Adulthood (18 yrs & older) (300); Thirties (30-39 yrs) (340); Middle Age (40-64 yrs) (360). Methodology: Empirical Study; Quantitative Study. Page Count: 22. Issue Publication Date: Fal 2009. Copyright Statement: The American Council on Consumer Interests. 2009. 
AB  - The Fair and Accurate Credit Transaction Act of 2003 (the FACT Act) directed several federal agencies to conduct studies related to the credit reporting industry. A primary concern was the accuracy and fairness of the credit reporting and scoring systems. In this article, Federal Reserve System Board economists report on a study in which they examined various issues related to credit scoring, including how credit scoring has affected the availability and affordability of credit. In a responding commentary, Calvin Bradford notes flaws and deficiencies in the Federal Reserve System study. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - affordability
KW  - credit scoring
KW  - industry
KW  - economy
KW  - policy making
KW  - 2009
KW  - Business
KW  - Economy
KW  - Finance
KW  - Government Policy Making
KW  - 2009
DO  - 10.1111/j.1745-6606.2009.01151.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2009-17162-007&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - ENGEL, CHARLES
AU  - ROGERS, JOHN H.
T1  - Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets.
JO  - IMF Staff Papers
JF  - IMF Staff Papers
Y1  - 2009/08//
VL  - 56
IS  - 3
M3  - Article
SP  - 543
EP  - 573
PB  - Macmillan Publishers Ltd.
SN  - 10207635
AB  - Survey data show that the expected growth rates of consumption across countries vary widely and are not highly correlated. This data contradict the simplest of open-economy models in which there is a freely traded non-state-contingent bond and purchasing power parity holds. This paper explores two alternative explanations for the finding: that households in each country in effect face different ex ante real interest rates or that there are significant credit constraints, so that expected consumption growth rates are driven largely by expected income growth. The empirical evidence strongly supports the latter hypothesis. These findings challenge the modeling of consumption that is at the heart of many, if not most, macroeconomic models.IMF Staff Papers (2009) 56, 543–573. doi:10.1057/imfsp.2008.33; published online 27 January 2009 [ABSTRACT FROM AUTHOR]
AB  - Copyright of IMF Staff Papers is the property of Macmillan Publishers Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - ECONOMIC surveys
KW  - GROWTH rate
KW  - CAPITAL market
KW  - INTEREST rates
KW  - MACROECONOMICS
N1  - Accession Number: 43277270; ENGEL, CHARLES 1 ROGERS, JOHN H. 2; Affiliation:  1: Professor of Economics, Department of Economics, University of Wisconsin.  2: Deputy Associate Director of International Finance Division of Board of Governors of Federal Reserve System.; Source Info: Aug2009, Vol. 56 Issue 3, p543; Subject Term: CONSUMPTION (Economics); Subject Term: ECONOMIC surveys; Subject Term: GROWTH rate; Subject Term: CAPITAL market; Subject Term: INTEREST rates; Subject Term: MACROECONOMICS; Number of Pages: 31p; Illustrations: 12 Graphs; Document Type: Article
L3  - 10.1057/imfsp.2008.33
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Figura, Andrew
T1  - Explaining cyclical movements in employment: Creative-destruction or changes in utilization?
JO  - Labour Economics
JF  - Labour Economics
Y1  - 2009/08//
VL  - 16
IS  - 4
M3  - Article
SP  - 429
EP  - 439
SN  - 09275371
AB  - Abstract: An important step in understanding why employment fluctuates cyclically is determining the relative importance of cyclical movements in permanent and temporary plant-level employment changes. If movements in permanent employment changes are important, then recessions are times when the destruction of job-specific capital picks up and/or investment in new job capital slows. If movements in temporary employment changes are important, then employment fluctuations are related to the temporary movement of workers across activities (e.g. from work to home production or search and back again) as the relative costs/benefits of these activities change. I estimate that in the manufacturing sector temporary employment changes account for nearly 60% of the change in employment growth over the cycle. However, if permanent employment changes create and destroy more capital than temporary employment changes, then their economic consequences would be relatively greater. The correlation between gross permanent employment changes and capital intensity across industries supports the hypothesis that permanent employment changes do create and destroy more capital than temporary employment changes. [Copyright &y& Elsevier]
AB  - Copyright of Labour Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - ECONOMICS
KW  - CONTRACTS for work & labor
KW  - LABOR supply
KW  - Cyclical employment changes
KW  - Permanent and temporary employment changes
N1  - Accession Number: 39781333; Figura, Andrew 1; Email Address: jfigura@frb.gov; Affiliations: 1: Mail Stop 80, Board of Governors of the Federal Reserve System, Washington DC 20551, United States; Issue Info: Aug2009, Vol. 16 Issue 4, p429; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: ECONOMICS; Thesaurus Term: CONTRACTS for work & labor; Thesaurus Term: LABOR supply; Author-Supplied Keyword: Cyclical employment changes; Author-Supplied Keyword: Permanent and temporary employment changes; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 11p; Document Type: Article
L3  - 10.1016/j.labeco.2008.12.005
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=39781333&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seung Jung Lee
T1  - How Information Quality of Macro Aggregates Affects Sovereign Risk: An Empirical Investigation.
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2009/08//
VL  - 17
IS  - 3
M3  - Article
SP  - 510
EP  - 532
PB  - Wiley-Blackwell
SN  - 09657576
AB  - This paper looks at the relationship between data quality of macro aggregates and the repayment ratio for debt payments due in a given year after a country defaults. We find empirical evidence that good information of macro aggregates reduces sovereign risk by enhancing the repayment ratio conditional on default, while having an insignificant effect on the default probability. The estimation accounts for selection bias by using a cross-country panel data of 69 developing countries for 1989–2002. Careful consideration is taken to establish information quality of macro aggregates as an exogenous institutional variable. Results are robust to controlling for various governance factors, income levels, and regional factors, etc. Linking information quality to creditors' bargaining power is more consistent with our findings than linking poor information quality to information asymmetry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of International Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBT
KW  - PUBLIC debts
KW  - REPAYMENTS
KW  - INCOME
KW  - DEBTOR & creditor
KW  - DEVELOPING countries
N1  - Accession Number: 43198606; Seung Jung Lee 1; Email Address: seung.j.lee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 21st Street & Constitution Avenue, NW, Washington, DC 20551, USA; Issue Info: Aug2009, Vol. 17 Issue 3, p510; Thesaurus Term: DEBT; Thesaurus Term: PUBLIC debts; Thesaurus Term: REPAYMENTS; Thesaurus Term: INCOME; Thesaurus Term: DEBTOR & creditor; Subject Term: DEVELOPING countries; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 23p; Illustrations: 9 Charts; Document Type: Article
L3  - 10.1111/j.1467-9396.2009.00814.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=43198606&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - COULIBALY, BRAHIMA
T1  - Currency unions and currency crises: an empirical assessment.
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 2009/07//
VL  - 14
IS  - 3
M3  - Article
SP  - 199
EP  - 221
SN  - 10769307
AB  - Using panel data of 192 countries from 1970 through 1999, and 195 currency crisis episodes, this study examines the effect of membership in a currency union on the probability of experiencing a currency crisis. Both parametric and non-parametric estimates suggest that membership in a currency union reduces the likelihood of a currency crash. This finding is robust to various definitions of currency crises and exchange rates, across time, and across regions. The results are further confirmed by case studies of some countries that joined or left a currency union. We interpret these findings to suggest that the formation of currency unions should not be ruled out in the debate on stability and the new financial architecture. Copyright © 2008 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY unions
KW  - MONEY
KW  - CURRENCY question
KW  - CURRENCY crises
KW  - FINANCIAL crises
KW  - currency crises
KW  - Currency union
KW  - exchange rate
KW  - speculative attacks
KW  - speculative pressure
N1  - Accession Number: 42962566; COULIBALY, BRAHIMA 1; Email Address: brahima.coulibaly@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Jul2009, Vol. 14 Issue 3, p199; Thesaurus Term: MONETARY unions; Thesaurus Term: MONEY; Thesaurus Term: CURRENCY question; Thesaurus Term: CURRENCY crises; Thesaurus Term: FINANCIAL crises; Author-Supplied Keyword: currency crises; Author-Supplied Keyword: Currency union; Author-Supplied Keyword: exchange rate; Author-Supplied Keyword: speculative attacks; Author-Supplied Keyword: speculative pressure; Number of Pages: 23p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article
L3  - 10.1002/ijfe.363
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=42962566&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mishkin, Frederic S.
T1  - Globalization and financial development
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2009/07//
VL  - 89
IS  - 2
M3  - Article
SP  - 164
EP  - 169
SN  - 03043878
AB  - Abstract: This paper argues that globalization is a key factor in stimulating institutional reforms in developing countries that promote financial development and economic growth. Advanced countries can help in this process by supporting the opening of their markets to goods and services from emerging-market countries. By encouraging these countries to increase their participation in global markets, advanced countries can create exactly the right incentives for developing countries to implement the reforms that will enable them to have high economic growth. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Development Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GLOBALIZATION
KW  - INTERNATIONAL relations
KW  - ECONOMIC indicators
KW  - ECONOMIC development
KW  - Economic growth
KW  - F4
KW  - Financial development
KW  - Globalization
KW  - Institutional reform
KW  - O16
KW  - Trade liberalization
N1  - Accession Number: 38807278; Mishkin, Frederic S. 1; Email Address: fsm3@columbia.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, United States; Issue Info: Jul2009, Vol. 89 Issue 2, p164; Thesaurus Term: GLOBALIZATION; Thesaurus Term: INTERNATIONAL relations; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMIC development; Author-Supplied Keyword: Economic growth; Author-Supplied Keyword: F4; Author-Supplied Keyword: Financial development; Author-Supplied Keyword: Globalization; Author-Supplied Keyword: Institutional reform; Author-Supplied Keyword: O16; Author-Supplied Keyword: Trade liberalization; NAICS/Industry Codes: 911410 Foreign affairs; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 6p; Document Type: Article
L3  - 10.1016/j.jdeveco.2007.11.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ALBUQUERQUE, RUI
AU  - VEGA, CLARA
T1  - Economic News and International Stock Market Co-movement.
JO  - Review of Finance
JF  - Review of Finance
Y1  - 2009/07//
VL  - 13
IS  - 3
M3  - Article
SP  - 401
EP  - 465
SN  - 15723097
AB  - The article presents a study which investigated the effects of U.S. news announcements on stock market co-movement on the small, open economy of Portugal. It discusses the two leading theories on the reason stock markets around the world co-move and gives reasons why Portugal was chosen to represent small economies by the researchers. The study showed that U.S. news announcements affect the stock market returns in Portugal but not the correlation of stock returns across the two countries.
KW  - STOCK exchanges
KW  - SECURITIES markets
KW  - CAPITAL market
KW  - UNITED States
KW  - PORTUGAL
N1  - Accession Number: 45280079; ALBUQUERQUE, RUI 1; VEGA, CLARA 2; Affiliations: 1: Boston University School of Management and CEPR; 2: Board of Governors of the Federal Reserve System and William E. Simon School of Management; Issue Info: Jul2009, Vol. 13 Issue 3, p401; Thesaurus Term: STOCK exchanges; Thesaurus Term: SECURITIES markets; Thesaurus Term: CAPITAL market; Subject: UNITED States; Subject: PORTUGAL; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 65p; Illustrations: 8 Charts, 3 Graphs; Document Type: Article
L3  - 10.1093/rof/rfn020
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bally, Steffan
AU  - Lowz, Hamish
T1  - Do Self-Insurance and Disability Insurance Prevent Consumption Loss on Disability?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/07//
M3  - Article
SP  - 1
EP  - 34
AB  - In this paper we show the extent to which public insurance and self-insurance mitigate the cost of health shocks that limit the ability to work. We use consumption data from the UK to estimate the insurance provided by the government disability programme and account for the effectiveness of alternative self-insurance mechanisms. Individuals with a work-limiting health condition, but in receipt of disability insurance, have 7% lower consumption than those without such a condition. Self-insurance through savings and a working partner each provide some insurance benefit, improving outcomes from 2% to 4%. Reductions in the generosity of incapacity benefit after 1995 are associated with increases in the consumption loss associated with disability. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SELF-insurance
KW  - CONSUMPTION (Economics)
KW  - DISABILITY insurance
KW  - HEALTH insurance
KW  - GOVERNMENT policy
KW  - MEDICAL care costs
KW  - SELF-INSURANCE
KW  - GREAT Britain
KW  - consumption
KW  - disability insurance
KW  - liquidity constraints
KW  - living standards
N1  - Accession Number: 49061339; Bally, Steffan 1; Email Address: steffan.g.ball@frb.gov; Lowz, Hamish 2; Email Address: hamish.low@econ.cam.ac.uk; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C St., NW,Washington DC 20551; 2: Faculty of Economics, University of Cambridge, Sidgwick Avenue, Cambridge, CB3 9DD; Issue Info: 2009, p1; Thesaurus Term: SELF-insurance; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DISABILITY insurance; Thesaurus Term: HEALTH insurance; Thesaurus Term: GOVERNMENT policy; Subject Term: MEDICAL care costs; Subject Term: SELF-INSURANCE; Subject: GREAT Britain; Author-Supplied Keyword: consumption; Author-Supplied Keyword: disability insurance; Author-Supplied Keyword: liquidity constraints; Author-Supplied Keyword: living standards; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; NAICS/Industry Codes: 524299 All other insurance related activities; NAICS/Industry Codes: 526989 All other miscellaneous funds and financial vehicles; Number of Pages: 35p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Korniotis, George M.
T1  - Does Speculation Affect Spot Price Levels? The Case of Metals with and without Futures Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/07//
M3  - Article
SP  - 1
EP  - 37
AB  - This paper finds no evidence that speculative activity in futures markets for industrial metals caused higher spot prices in recent years. The empirical analysis focuses on industrial metals with and without futures contracts and is organized around two key themes. First, I show that the comovement between metals with and without futures contracts has not weakened in recent years as speculative activity has risen. Specifically, the annual and quarterly price growth rates of the two metal categories have been positively correlated with their growth rates experiencing a structural shift by the end of 2002. This comovement is driven by economic fundamentals because world GDP growth is strongly correlated with metal price growth, especially after 2002. The structural change in 2002 is also consistent with supply and demand information found in industry newsletters. In the second set of results, I focus more directly on financial speculation and spot price inflation. I use the S&P Goldman-Sachs Commodity Index returns to proxy for the volume of speculative activity and I show that these returns are unrelated to metal prices. The final test follows storage models, which suggest that speculation can affect spot markets only if it leads to physical hoarding. Focusing on metals with established futures markets, I find no evidence of physical hoarding because inventory growth is found to be negatively correlated with price growth rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - CONTRACTS
KW  - GROSS domestic product
KW  - INVENTORY control
KW  - METALS
KW  - UNITED States
KW  - GOLDMAN Sachs & Co.
N1  - Accession Number: 49061289; Korniotis, George M. 1; Email Address: George.M.Korniotis@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington DC; Issue Info: 2009, p1; Thesaurus Term: PRICES; Thesaurus Term: CONTRACTS; Thesaurus Term: GROSS domestic product; Thesaurus Term: INVENTORY control; Subject Term: METALS; Subject: UNITED States ; Company/Entity: GOLDMAN Sachs & Co. DUNS Number: 006984561; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; NAICS/Industry Codes: 561990 All Other Support Services; Number of Pages: 39p; Illustrations: 2 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wachter, Jessica A.
AU  - Warusawitharana, Missaka
T1  - What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/07//
M3  - Article
SP  - 1
EP  - 46
AB  - We examine the evidence on stock return predictability in a Bayesian setting that includes uncertainty about both the existence and strength of predictability. We consider an investor who believes that excess stock returns exhibit predictability with prior probability q < 1. In addition, the investor down-weights observed predictability by placing a prior distribution on the R2 of the predictability regression. When we apply our analysis to the dividend-price ratio, we find that even investors who are quite skeptical about the existence and strength of predictability sharply modify their views in favor of predictability when confronted by the evidence. We depart from previous model-selection work by treating the regressor as stochastic rather than known; we find that this has a large impact on inference about time- varying expected returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BAYESIAN analysis
KW  - CAPITALISTS & financiers
KW  - SECURITIES -- Prices
KW  - PROBABILITY theory
KW  - STOCHASTIC analysis
KW  - EVIDENCE
KW  - UNITED States
N1  - Accession Number: 49061185; Wachter, Jessica A. 1; Email Address: jwachter@wharton.upenn.edu; Warusawitharana, Missaka 2; Email Address: missaka.n.warusawitharana@frb.gov; Affiliations: 1: University of Pennsylvania; 2: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mail Stop 97, 20th and Constitution Ave, Washington D.C, 2055; Issue Info: 2009, p1; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: PROBABILITY theory; Thesaurus Term: STOCHASTIC analysis; Subject Term: EVIDENCE; Subject: UNITED States; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 47p; Illustrations: 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Judson, Ruth
AU  - Klee, Elizabeth
T1  - A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/06//
M3  - Article
SP  - 1
EP  - 33
AB  - This paper provides new estimates of banks' demand for excess reserve balances on a period average basis. Consistent with theoretical work, we find that the demand for excess depends critically on uncertainty of flows in and out of reserve accounts. We also document the variability of demand for excess reserve balances by institution size, evaluate different models for forecasting demand for excess on a period average basis, and report the forecasting performance of each of these models. Finally, we present analysis of the period of financial turmoil seen over the year since August, 2007. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - RESERVES (Accounting)
KW  - BANK reserves
KW  - FISCAL policy
KW  - OPEN market operations
KW  - CENTRAL banking industry
KW  - MONETARY theory
KW  - UNITED States
N1  - Accession Number: 49061013; Judson, Ruth 1; Klee, Elizabeth 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2009, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: BANK reserves; Thesaurus Term: FISCAL policy; Thesaurus Term: OPEN market operations; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONETARY theory; Subject: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 34p; Illustrations: 4 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Arteta, Carlos
AU  - Kamin, Steven B.
AU  - Vitanza, Justin
T1  - The Puzzling Peso.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2009/06//
M3  - Article
SP  - 1
EP  - 42
AB  - In the past decade, some observers have noted an unusual aspect of the Mexican peso's behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso's correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 currencies, we find that most of the cross-country variation in exchange rate correlations with the dollar and the euro can be explained by just a few variables. First, a country's currency is more likely to rise against the dollar as the dollar rises against the euro, the closer it is to the United States and the farther it is from the euro area. In this result, distance likely proxies for the role of economic integration in affecting exchange rate correlations. Second, and perhaps more surprisingly, a country's currency is more likely to exhibit this unusual pattern when its sovereign credit rating is more risky. This may reflect that currencies of riskier countries are less substitutable in investor portfolios than those of better-rated countries. All told, these factors well explain the peso's unusual behavior, as Mexico both is very close to the United States and has a lower credit rating than most industrial economies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange
KW  - PESO (Mexican currency)
KW  - NATIONAL currencies
KW  - MONEY
KW  - MONETARY policy
KW  - MEXICO
KW  - dollar
KW  - exchange rates
KW  - inflation
KW  - interest rate differentials
KW  - Mexico
KW  - output gap
KW  - output growth differentials
KW  - peso
N1  - Accession Number: 44475166; Arteta, Carlos 1; Kamin, Steven B. 1; Vitanza, Justin 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2009, preceding p1; Thesaurus Term: FOREIGN exchange; Thesaurus Term: PESO (Mexican currency); Thesaurus Term: NATIONAL currencies; Thesaurus Term: MONEY; Thesaurus Term: MONETARY policy; Subject Term: MEXICO; Author-Supplied Keyword: dollar; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: inflation; Author-Supplied Keyword: interest rate differentials; Author-Supplied Keyword: Mexico; Author-Supplied Keyword: output gap; Author-Supplied Keyword: output growth differentials; Author-Supplied Keyword: peso; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 42p; Illustrations: 4 Charts, 38 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chabot, Benjamin
AU  - Kurz, Christopher J.
T1  - That's Where the Money Was: Foreign Bias and English Investment Abroad, 1866-1907.
JO  - Working Papers -- Yale School of Management's Economics Research Network
JF  - Working Papers -- Yale School of Management's Economics Research Network
Y1  - 2009/06//
M3  - Article
SP  - 1
EP  - 34
AB  - Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international diversification and revisit the question of whether British Victorian investor bias starved new domestic industries of capital. We find no evidence of bias. A British investor who increased his investment in new British industry at the expense of foreign diversification would have been worse off. The addition of foreign assets significantly expanded the mean-variance frontier and resulted in utility gains equivalent to a meaningful increase in lifetime consumption. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- Yale School of Management's Economics Research Network is the property of Yale School of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - CAPITALISTS & financiers
KW  - SECURITIES trading
KW  - STOCK exchanges
KW  - INTERNATIONAL finance
KW  - GREAT Britain -- Foreign economic relations
KW  - UNITED States -- Foreign economic relations
KW  - GREAT Britain
KW  - UNITED States
KW  - Capital markets
KW  - History
KW  - Home bias
KW  - Victorian overseas investment
N1  - Accession Number: 49051528; Chabot, Benjamin 1; Email Address: Benjamin.chabot@yale.edu; Kurz, Christopher J. 2; Email Address: Christopher.J.Kurz@frb.gov; Affiliations: 1: Yale University and NBER; 2: Board of Governors of the Federal Reserve System; Issue Info: 2009, p1; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES trading; Thesaurus Term: STOCK exchanges; Thesaurus Term: INTERNATIONAL finance; Subject Term: GREAT Britain -- Foreign economic relations; Subject Term: UNITED States -- Foreign economic relations; Subject: GREAT Britain; Subject: UNITED States; Author-Supplied Keyword: Capital markets; Author-Supplied Keyword: History; Author-Supplied Keyword: Home bias; Author-Supplied Keyword: Victorian overseas investment; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 35p; Illustrations: 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
AU  - Logan, Trevon D
T1  - South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2009/05//
VL  - 99
IS  - 2
M3  - Article
SP  - 275
EP  - 281
SN  - 00028282
AB  - The article discusses the political and economic situation in South Africa in 2009, in view of the competing goals of increased social spending and maintaining macroeconomic stability. Topics discussed include positive macroeconomic indicators from 1995 (the year after apartheid ended) to 2009, including increasing economic growth, falling inflation and government debt, and a positive approval rating from foreign investors. Contrasting negative social indicators are also discussed, including consistently high unemployment and income inequality. Domestic political pressure to redress social imbalances is discussed, and possible options for gradual social spending increases that do not derail economic stability are outlined.
KW  - SOUTH Africa -- Economic policy
KW  - SOUTH Africa -- Economic conditions -- 1991-
KW  - SOUTH Africa -- Social conditions -- 1994-
KW  - SOUTH Africa -- Politics & government -- 1994-
KW  - POST-apartheid era
KW  - MACROECONOMICS
KW  - SOUTH Africa
N1  - Accession Number: 39782147; Coulibaly, Brahima 1; Logan, Trevon D 2; Affiliations: 1 : Division of International Finance, Federal Reserve System, Mail Stop 24, Washington, DC 20551.; 2 : Department of Economics, The Ohio State University, 410 Arps Hall, Columbus, OH 43210.;  Source Info: May2009, Vol. 99 Issue 2, p275; Historical Period: 1995 to 2009; Subject Term: SOUTH Africa -- Economic policy; Subject Term: SOUTH Africa -- Economic conditions -- 1991-; Subject Term: SOUTH Africa -- Social conditions -- 1994-; Subject Term: SOUTH Africa -- Politics & government -- 1994-; Subject Term: POST-apartheid era; Subject Term: MACROECONOMICS; Subject: SOUTH Africa; Number of Pages: 7p; Illustrations: 2 Graphs; Document Type: Article
L3  - 10.1257/aer.99.2.275
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DP  - EBSCOhost
DB  - hia
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
AU  - Hjalmarsson, Erik
AU  - Österholm, Pär
T1  - Testing the expectations hypothesis when interest rates are near integrated
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2009/05//
VL  - 33
IS  - 5
M3  - Article
SP  - 934
EP  - 943
SN  - 03784266
AB  - Abstract: Nominal interest rates are unlikely to be generated by unit-root processes. Using data on short and long interest rates from eight developed and six emerging economies, we test the expectations hypothesis using cointegration methods under the assumption that interest rates are near integrated. If the null hypothesis of no cointegration is rejected, we then test whether the estimated cointegrating vector is consistent with that suggested by the expectations hypothesis. The results show support for cointegration in 10 of the 14 countries we consider, and the cointegrating vector is similar across countries. However, the parameters differ from those suggested by theory. We relate our findings to existing literature on the failure of the expectations hypothesis and to the role of term premia. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - ECONOMIC development
KW  - COINTEGRATION
KW  - ECONOMIC forecasting
KW  - MONEY supply
KW  - ECONOMIC indicators
KW  - Bonferroni tests
KW  - Cointegration
KW  - Expectations hypothesis
KW  - Near integration
KW  - Term premium
N1  - Accession Number: 36769752; Beechey, Meredith 1; Email Address: meredith.j.beechey@frb.gov; Hjalmarsson, Erik 2; Email Address: erik.hjalmarsson@frb.gov; Österholm, Pär 3; Email Address: par.osterholm@nek.uu.se; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 2: Division of International Finance, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 3: Department of Economics, Uppsala University, Box 513, 751 20 Uppsala, Sweden; Issue Info: May2009, Vol. 33 Issue 5, p934; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC development; Thesaurus Term: COINTEGRATION; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: Bonferroni tests; Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Expectations hypothesis; Author-Supplied Keyword: Near integration; Author-Supplied Keyword: Term premium; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.jbankfin.2008.10.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pounder, Laurie
T1  - Consumption Response to Expected Future Income.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2009/05//
M3  - Article
SP  - 1
EP  - 35
AB  - This paper shows empirical evidence in favor of forward-looking household consumption—that consumption today depends directly on household-specific ex-ante expectations of future income. This analysis is unique in using a direct consumption measure combined with an exante household-specific measure of expected future income, constructed from detailed survey and administrative data on Social Security, pensions, and retirement plans. Households with high expected future income spend more today than households that have lower future income but identical current income and net worth. Omitting household-specific future income can cause mis-estimation of key consumption questions. Furthermore, when all three resources for consumption (current income, net worth, and future income) are accounted for, the average propensity to spend out of current income is similar to predictions of optimal consumption under uncertainty in a dynamic stochastic model, although the propensities to spend out of accumulated net worth and expected future income are notably lower in the data than the optimal model. Finally, these data also provide evidence on the effect of risk on consumption while controlling for all three resources. Households with high measured risk aversion consume less out of future income. All households, on average, consume more out of the more predictable sources of future income, such as future Social Security benefits. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - INCOME
KW  - SOCIAL security
KW  - ECONOMIC security
KW  - PENSIONS
KW  - RETIREMENT income
KW  - GOVERNMENT insurance
KW  - FINANCIAL planning
KW  - OLD age assistance
KW  - RETIREMENT policies
KW  - consumption
KW  - permanent income hypothesis
N1  - Accession Number: 42732414; Pounder, Laurie 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2009, p1; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: INCOME; Thesaurus Term: SOCIAL security; Thesaurus Term: ECONOMIC security; Thesaurus Term: PENSIONS; Thesaurus Term: RETIREMENT income; Thesaurus Term: GOVERNMENT insurance; Thesaurus Term: FINANCIAL planning; Thesaurus Term: OLD age assistance; Thesaurus Term: RETIREMENT policies; Author-Supplied Keyword: consumption; Author-Supplied Keyword: permanent income hypothesis; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); NAICS/Industry Codes: 526111 Trusteed pension funds; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 37p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Campbell, Sean D.
AU  - Sharpe, Steven A.
T1  - Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 2009/04//
VL  - 44
IS  - 2
M3  - Article
SP  - 369
EP  - 390
PB  - Cambridge University Press
SN  - 00221090
AB  - Previous empirical studies on the "rationality" of economic and financial forecasts generally test for generic properties such as bias or autocorrelated errors but provide only limited insight into the behavior behind inefficient forecasts. This paper tests for a specific form of forecast bias. In particular, we examine whether expert consensus forecasts of monthly economic releases are systematically biased toward the value of previous months' releases. Such a bias would be consistent with the anchoring and adjustment heuristic described by Tversky and Kahneman (1974) or could arise from professional forecasters' strategic incentives.1 We find broad-based and significant evidence for this form of bias, which in some cases results in sizable predictable forecast errors. To investigate whether market participants' expectations are influenced by this bias, we examine interest rate reactions to economic news. We find that bond yields react only to the residual, or unpredictable, component of the forecast error and not to the component induced by anchoring, suggesting that expectations of market participants anticipate this bias embedded in expert forecasts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - BONDS (Finance)
KW  - RATE of return
KW  - EARNINGS forecasting
KW  - MARKET prices
KW  - MACROECONOMICS
KW  - MATHEMATICAL models
KW  - FINANCIAL market reaction
KW  - INTEREST rates
KW  - MARKET pricing
KW  - EXPECTANCY theories
KW  - ANCHORING effect
KW  - STATISTICAL bias
N1  - Accession Number: 43509296; Campbell, Sean D. 1; Email Address: sean.d.campbell@frb.gov; Sharpe, Steven A. 1; Email Address: ssharpe@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551; Issue Info: Apr2009, Vol. 44 Issue 2, p369; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: BONDS (Finance); Thesaurus Term: RATE of return; Thesaurus Term: EARNINGS forecasting; Thesaurus Term: MARKET prices; Thesaurus Term: MACROECONOMICS; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: INTEREST rates; Thesaurus Term: MARKET pricing; Thesaurus Term: EXPECTANCY theories; Thesaurus Term: ANCHORING effect; Subject Term: STATISTICAL bias; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bacchetta, Philippe
AU  - Mertens, Elmar
AU  - van Wincoop, Eric
T1  - Predictability in financial markets: What do survey expectations tell us?
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2009/04//
VL  - 28
IS  - 3
M3  - Article
SP  - 406
EP  - 426
SN  - 02615606
AB  - Abstract: There is widespread evidence of excess return predictability in financial markets. For the foreign exchange market a number of studies have documented that the predictability of excess returns is closely related to the predictability of expectational errors of excess returns. In this paper we investigate the link between the predictability of excess returns and expectational errors in a much broader set of financial markets, using data on survey expectations of market participants in the stock market, the foreign exchange market, the bond market and money markets in various countries. The results are striking. First, in markets where there is significant excess return predictability, expectational errors of excess returns are predictable as well, with the same sign and often even with similar magnitude. This is the case for foreign exchange, stock and bond markets. Second, in the only market where excess returns are generally not predictable, the money market, expectational errors are not predictable either. These findings suggest that an explanation for the predictability of excess returns must be closely linked to an explanation for the predictability of expectational errors. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange market
KW  - MONEY market
KW  - EFFICIENT market theory
KW  - MONETARY policy
KW  - Excess returns
KW  - Expectations
KW  - Predictability
N1  - Accession Number: 37156900; Bacchetta, Philippe 1; Email Address: philippe.bacchetta@unil.ch; Mertens, Elmar 2; van Wincoop, Eric 3; Affiliations: 1: Faculty of Business and Economics, University of Lausanne, Swiss Finance Institute & CEPR, Extranef, CH-1015 Lausanne, Switzerland; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 3: Department of Economics, University of Virginia, NBER, 2015 Ivy Road, Charlottesville, VA 22904, USA; Issue Info: Apr2009, Vol. 28 Issue 3, p406; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: MONEY market; Thesaurus Term: EFFICIENT market theory; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: Excess returns; Author-Supplied Keyword: Expectations; Author-Supplied Keyword: Predictability; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jimonfin.2008.09.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
T1  - Effects of financial autarky and integration: The case of the South Africa embargo
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2009/04//
VL  - 28
IS  - 3
M3  - Article
SP  - 454
EP  - 478
SN  - 02615606
AB  - Abstract: The paper interprets the imposition in 1985 and removal in 1993 of the embargo on South Africa as financial autarky and financial integration ‘natural experiments’, and studies the effects on the economy. The aggregate data indicate a decrease in the levels and growth rates of investment, capital, and output during the embargo period relative to the pre-embargo and post-embargo periods. To further rationalize these findings, we calibrate a neoclassical growth model to the economy. During the transition to steady state, we limit the country''s ability to borrow for a period corresponding to the duration of the embargo. The derived dynamics for investment, capital, and output support the findings of a positive (negative) link between financial integration (isolation) and economic growth. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC sanctions
KW  - ECONOMIC indicators
KW  - GLOBAL custody (Securities)
KW  - GLOBAL depository receipts
KW  - Autarky
KW  - E13
KW  - Economic growth
KW  - Embargo
KW  - Financial integration
KW  - Financial isolation
KW  - International finance
KW  - O11
KW  - O16
N1  - Accession Number: 37156902; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors, Federal Reserve System, Mail Stop 24, Washington, DC 20551, USA; Issue Info: Apr2009, Vol. 28 Issue 3, p454; Thesaurus Term: ECONOMIC sanctions; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: GLOBAL custody (Securities); Thesaurus Term: GLOBAL depository receipts; Author-Supplied Keyword: Autarky; Author-Supplied Keyword: E13; Author-Supplied Keyword: Economic growth; Author-Supplied Keyword: Embargo; Author-Supplied Keyword: Financial integration; Author-Supplied Keyword: Financial isolation; Author-Supplied Keyword: International finance; Author-Supplied Keyword: O11; Author-Supplied Keyword: O16; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jimonfin.2008.11.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cagetti, Marco
AU  - De Nardi, Mariacristina
T1  - Estate Taxation, Entrepreneurship, and Wealth.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2009/03//
VL  - 99
IS  - 1
M3  - Article
SP  - 85
EP  - 111
PB  - American Economic Association
SN  - 00028282
AB  - This paper studies the estate tax in a quantitative framework with business investment, borrowing constraints, estate transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small businesses, but does distort the decisions of larger firms, thereby reducing aggregate output and savings. Removing such distortions by eliminating the estate tax does not necessarily imply that everyone would be better off. If other taxes were raised to reestablish fiscal balance, those at the top of the wealth distribution would experience a large welfare gain, but most of the population would lose. (JEL D31, E21, H2) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INHERITANCE & transfer tax
KW  - SAVING & investment
KW  - PUBLIC finance
KW  - BUSINESS enterprises -- Taxation
KW  - SMALL business
KW  - TAXATION
KW  - INVESTMENTS
KW  - TAXATION -- Law & legislation
KW  - INCOME distribution
KW  - WEALTH
KW  - INVESTMENT analysis
KW  - TAX rates & tables
KW  - INCOME tax -- Rates & tables
KW  - FISCAL policy
KW  - RICH people
KW  - UNITED States
N1  - Accession Number: 37041156; Cagetti, Marco 1; De Nardi, Mariacristina 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 97, Washington, DC 20551.; 2: Federal Reserve Bank of Chicago, Research Department, 230 South LaSalle Street, Chicago, IL 60615, and National Bureau of Economic Research.; Issue Info: Mar2009, Vol. 99 Issue 1, p85; Thesaurus Term: INHERITANCE & transfer tax; Thesaurus Term: SAVING & investment; Thesaurus Term: PUBLIC finance; Thesaurus Term: BUSINESS enterprises -- Taxation; Thesaurus Term: SMALL business; Thesaurus Term: TAXATION; Thesaurus Term: INVESTMENTS; Thesaurus Term: TAXATION -- Law & legislation; Thesaurus Term: INCOME distribution; Thesaurus Term: WEALTH; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: TAX rates & tables; Thesaurus Term: INCOME tax -- Rates & tables; Thesaurus Term: FISCAL policy; Subject Term: RICH people; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 27p; Illustrations: 8 Charts, 10 Graphs; Document Type: Article
L3  - 10.1257/aer.99.1.85
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
AU  - Österholm, Pär
T1  - Time-varying inflation persistence in the Euro area
JO  - Economic Modelling
JF  - Economic Modelling
Y1  - 2009/03//
VL  - 26
IS  - 2
M3  - Article
SP  - 532
EP  - 535
SN  - 02649993
AB  - Abstract: This paper investigates how inflation persistence in the Euro area has evolved between 1991 and 2006. Employing an ARMA(1,11) model with time-varying autoregressive parameter, we find that inflation persistence has fallen markedly since the third stage of the EMU began in January 1999 and inflation no longer exhibits unit-root behaviour. [Copyright &y& Elsevier]
AB  - Copyright of Economic Modelling is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NATIONAL currencies
KW  - MONETARY theory
KW  - INFLATION (Finance)
KW  - CURRENCY question
KW  - Central bank preferences
KW  - Monetary policy
N1  - Accession Number: 36194502; Beechey, Meredith 1; Email Address: meredith.j.beechey@frb.gov; Österholm, Pär 2; Email Address: par.osterholm@konj.se; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 20th and C streets, Washington, DC 20551, USA; 2: National Institute of Economic Research, Box 3116, 103 62 Stockholm, Sweden; Issue Info: Mar2009, Vol. 26 Issue 2, p532; Thesaurus Term: NATIONAL currencies; Thesaurus Term: MONETARY theory; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CURRENCY question; Author-Supplied Keyword: Central bank preferences; Author-Supplied Keyword: Monetary policy; Number of Pages: 4p; Document Type: Article
L3  - 10.1016/j.econmod.2008.11.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dokko, Jane K.
T1  - Does the NEA Crowd Out Private Charitable Contributions to the Arts?
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2009/03//
VL  - 62
IS  - 1
M3  - Article
SP  - 57
EP  - 75
PB  - National Tax Association
SN  - 00280283
AB  - This paper investigates the mechanism by which the federal government's funding of the arts through the National Endowment for the Arts (NEA) displaces private charitable contributions to non-profit arts organizations. I estimate that private charitable contributions to arts organizations increased by 50 to 60 cents due to a major funding cut to the NEA during the mid-1990s. These increases, however, also coincided with, on average, a 25 cent increase in fund-raising expenditures by arts organizations for every dollar decrease in government grants. The estimate of crowding out found in this paper is relatively large, particularly for a study using a micro-data set. I argue that an appropriate interpretation of an estimate of a crowding-out parameter, in general, depends crucially on the context. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CHARITABLE uses, trusts, & foundations (Law)
KW  - ENDOWMENTS
KW  - FEDERAL government
KW  - PUBLIC spending
KW  - TAX exemption
KW  - TAX deductions
KW  - EDUCATION & state
KW  - UNITED States
KW  - NATIONAL Endowment for the Arts
N1  - Accession Number: 38696468; Dokko, Jane K. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Mar2009, Vol. 62 Issue 1, p57; Thesaurus Term: CHARITABLE uses, trusts, & foundations (Law); Thesaurus Term: ENDOWMENTS; Thesaurus Term: FEDERAL government; Thesaurus Term: PUBLIC spending; Thesaurus Term: TAX exemption; Thesaurus Term: TAX deductions; Subject Term: EDUCATION & state; Subject: UNITED States ; Company/Entity: NATIONAL Endowment for the Arts; NAICS/Industry Codes: 813319 Other Social Advocacy Organizations; NAICS/Industry Codes: 813211 Grantmaking Foundations; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; NAICS/Industry Codes: 923110 Administration of Education Programs; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 19p; Illustrations: 5 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/03//
M3  - Article
SP  - 1
EP  - 87
AB  - Much discussion treats the working definitions of wealth and income as if they were self-evident, but definitional choices can make substantial differences in the overall picture. To provide a clear basis on which to examine family wealth and income their interrelationship, this paper begins with a basic discussion of a range of possible measures of those concepts. Using the measures developed, the paper examines the distributions of wealth and income and their joint properties using data from the 1989-2007 waves of the Survey of Consumer Finances (SCF). Among other things, the data show a complicated pattern of shifts in the wealth distribution, with clear gains across the broad middle and at the top. For income, there is a more straightforward picture of rising inequality. Over this period, wealth as a fraction of income moved up across both the distributions of wealth and income. Nonetheless, their joint copula distributions (a type of distribution with uniform margins) do not show noticeable changes over this time. The consistent pattern is that very high wealth and income and very low wealth and income go together, but in between these poles, the relationship is fairly diffuse. The paper also presents information on the composition of wealth and income over the 18-year period; the general patterns of holdings across the distributions did not change markedly, but there were some important shifts. For wealth, debt increased as a share of assets across the wealth distribution, the share of principal residences rose mainly below the median of net worth, the share of tax-deferred retirement accounts rose and the share of other financial assets declined. For income, the clearest change was a general decline in the relative importance of capital income other than that from businesses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCOME
KW  - INCOME distribution
KW  - PERSONAL finance
KW  - ASSETS (Accounting)
KW  - COPULAS (Mathematical statistics)
KW  - UNITED States
N1  - Accession Number: 49059936; Kennickell, Arthur B. 1; Email Address: Arthur.Kennickell@frb.gov; Affiliations: 1: Chief, Microeconomic Surveys Section, Board of Governors of the Federal Reserve System, Mail Stop 153, Washington, DC 20551; Issue Info: 2009, p1; Thesaurus Term: INCOME; Thesaurus Term: INCOME distribution; Thesaurus Term: PERSONAL finance; Thesaurus Term: ASSETS (Accounting); Subject Term: COPULAS (Mathematical statistics); Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 89p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gerardi, Kristopher S.
AU  - Lehnert, Andreas
AU  - Sherland, Shane M.
AU  - Willen, Paul S.
T1  - Making Sense of the Subprime Crisis.
JO  - Working Paper Series (Federal Reserve Bank of Atlanta)
JF  - Working Paper Series (Federal Reserve Bank of Atlanta)
Y1  - 2009/02/02/
IS  - 2
M3  - Working Paper
SP  - 1
EP  - 74
AB  - This paper explores the question of whether market participants could have or should have anticipated the large increase in foreclosures that occurred in 2007 and 2008. Most of these foreclosures stemmed from loans originated in 2005 and 2006, leading many to suspect that lenders originated a large volume of extremely risky loans during this period. However, the authors show that while loans originated in this period did carry extra risk factors, particularly increased leverage, underwriting standards alone cannot explain the dramatic rise in foreclosures. Focusing on the role of house prices, the authors ask whether market participants underestimated the likelihood of a fall in house prices or the sensitivity of foreclosures to house prices. The authors show that, given available data, market participants should have been able to understand that a significant fall in prices would cause a large increase in foreclosures although loan-level (as opposed to ownership-level) models would have predicted a smaller rise than actually occurred. Examining analyst reports and other contemporary discussions of the mortgage market to see what market participants thought would happen, the authors find that analysts, on the whole, understood that a fall in prices would have disastrous consequences for the market but assigned a low probability to such an outcome. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Atlanta) is the property of Federal Reserve Bank of Atlanta and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - FORECLOSURE
KW  - MORTGAGE loans
KW  - HOME prices
KW  - PRICE variance
KW  - HOUSING market
KW  - RESIDENTIAL real estate
KW  - HOUSING -- Finance
KW  - REAL property -- Finance
KW  - foreclosure
KW  - house prices
KW  - subprime
KW  - underwriting standards
N1  - Accession Number: 36631431; Gerardi, Kristopher S. 1; Email Address: kristopher.gerardi@atl.frb.org Lehnert, Andreas 2; Email Address: andreas.lehnert@frb.gov Sherland, Shane M. 3; Email Address: shane.m.sherlund@frb.gov Willen, Paul S. 4; Email Address: paul.willen@bos.frb.org; Affiliation:  1: Research Economist and Assistant Policy Adviser, Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree Street, N.E., Atlanta, GA 30309-4470, 404-498-8561.  2: Chief, Household and Real Estate Finance Section, Board of Governors of the Federal Reserve System, 20th & C Streets, N.W., Washington, D.C. 20551, 202-452-3325.  3: Senior Economist, Household and Real Estate Finance Section, Board of Governors of the Federal Reserve System, 20th & C Streets, N.W., Washington, D.C. 20551, 202-452-3589.  4: Senior Economist and Policy Adviser, Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, MA 02210, 617-973-3149.; Source Info: Feb2009, Issue 2, p1; Subject Term: FINANCIAL crises; Subject Term: FORECLOSURE; Subject Term: MORTGAGE loans; Subject Term: HOME prices; Subject Term: PRICE variance; Subject Term: HOUSING market; Subject Term: RESIDENTIAL real estate; Subject Term: HOUSING -- Finance; Subject Term: REAL property -- Finance; Author-Supplied Keyword: foreclosure; Author-Supplied Keyword: house prices; Author-Supplied Keyword: subprime; Author-Supplied Keyword: underwriting standards; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531311 Residential Property Managers; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 74p; Illustrations: 16 Charts, 15 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Prager, Robin A.
T1  - The profitability of small single-market banks in an era of multi-market banking
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2009/02//
VL  - 33
IS  - 2
M3  - Article
SP  - 263
EP  - 271
SN  - 03784266
AB  - Abstract: This paper examines the relationship between the profitability of small single-market banks and the presence in the market of large banking organizations and banking organizations that operate primarily outside of the local banking market. We find that, in rural banking markets, the profitability of small single-market banks is significantly related to the presence of both large and small primarily-out-of-market banks. We also find that an increased presence of large or small primarily-out-of-market banks in rural banking markets reduces the positive effect of an increase in concentration on small single-market bank profits. This finding is consistent with theoretical predictions reported in the recent literature and has important implications for antitrust policy. In urban banking markets, we find little evidence of any relationship between the profitability of small single-market banks and the presence of large or primarily-out-of-market banks. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE profits
KW  - BANK profits
KW  - COST centers (Accounting)
KW  - BANKING research
KW  - BANKING industry -- Regional disparities
KW  - COMMUNITY banks
KW  - REGIONAL banks
KW  - UNIVERSAL banks
KW  - Banks
KW  - Competition
KW  - Pricing
N1  - Accession Number: 35504642; Hannan, Timothy H. 1; Email Address: THannan@frb.gov; Prager, Robin A.; Email Address: Robin.Prager@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; Issue Info: Feb2009, Vol. 33 Issue 2, p263; Thesaurus Term: CORPORATE profits; Thesaurus Term: BANK profits; Thesaurus Term: COST centers (Accounting); Thesaurus Term: BANKING research; Thesaurus Term: BANKING industry -- Regional disparities; Thesaurus Term: COMMUNITY banks; Thesaurus Term: REGIONAL banks; Thesaurus Term: UNIVERSAL banks; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Competition; Author-Supplied Keyword: Pricing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 9p; Document Type: Article
L3  - 10.1016/j.jbankfin.2008.07.018
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wachter, Jessica A.
AU  - Warusawitharana, Missaka
T1  - Predictable returns and asset allocation: Should a skeptical investor time the market?
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2009/02//
VL  - 148
IS  - 2
M3  - Article
SP  - 162
EP  - 178
SN  - 03044076
AB  - Abstract: We investigate optimal portfolio choice for an investor who is skeptical about the degree to which excess returns are predictable. Skepticism is modeled as an informative prior over the of the predictive regression. We find that the evidence is sufficient to convince even an investor with a highly skeptical prior to vary his portfolio on the basis of the dividend-price ratio and the yield spread. The resulting weights are less volatile and deliver superior out-of-sample performance as compared to the weights implied by an entirely model-based or data-based view. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSET allocation
KW  - INVESTMENTS -- Mathematical models
KW  - MARKET timing
KW  - SPREAD (Finance)
KW  - ECONOMIC forecasting -- Mathematical models
KW  - MATHEMATICAL optimization
KW  - PORTFOLIO management (Investments)
KW  - PREDICTION models
KW  - WEIGHTING
N1  - Accession Number: 36480924; Wachter, Jessica A. 1,2; Email Address: jwachter@wharton.upenn.edu; Warusawitharana, Missaka 3; Email Address: missaka.n.warusawitharana@frb.gov; Affiliations: 1: Department of Finance, The Wharton School, University of Pennsylvania, 2300 SH-DH, Philadelphia, PA, 19104, United States; 2: NBER, Cambridge, MA 02138, United States; 3: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mail Stop 97, 20th and Constitution Ave, Washington DC, 20551, United States; Issue Info: Feb2009, Vol. 148 Issue 2, p162; Thesaurus Term: ASSET allocation; Thesaurus Term: INVESTMENTS -- Mathematical models; Thesaurus Term: MARKET timing; Thesaurus Term: SPREAD (Finance); Thesaurus Term: ECONOMIC forecasting -- Mathematical models; Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: PORTFOLIO management (Investments); Subject Term: PREDICTION models; Subject Term: WEIGHTING; NAICS/Industry Codes: 526917 Balanced funds / asset allocation funds; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jeconom.2008.10.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
T1  - Currency crashes and bond yields in industrial countries
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2009/02//
VL  - 28
IS  - 1
M3  - Article
SP  - 161
EP  - 181
SN  - 02615606
AB  - Abstract: This paper examines episodes of sudden large exchange rate depreciations (currency crashes) in industrial countries and characterizes the behavior of government bond yields during and after these crashes. The most important determinant of changes in bond yields appears to be inflationary expectations. When inflation is high and rising at the time of a currency crash, bond yields tend to rise. Otherwise—and in every currency crash since 1985—bond yields tend to fall. Over the past 20 years, inflation rates have been remarkably stable in industrial countries after currency crashes. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BOND market
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - DEVELOPED countries
KW  - Depreciation
KW  - Exchange rate
KW  - Inflation
KW  - Interest rate
N1  - Accession Number: 36189153; Gagnon, Joseph E. 1; Email Address: joseph.e.gagnon@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, 2000 C Street NW, Washington, DC 20551, USA; Issue Info: Feb2009, Vol. 28 Issue 1, p161; Thesaurus Term: BOND market; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONETARY policy; Subject: DEVELOPED countries; Author-Supplied Keyword: Depreciation; Author-Supplied Keyword: Exchange rate; Author-Supplied Keyword: Inflation; Author-Supplied Keyword: Interest rate; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jimonfin.2008.08.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Vigfusson, Robert J.
AU  - Sheets, Nathan
AU  - Gagnon, Joseph
T1  - Exchange Rate Passthrough to Export Prices: Assessing Cross-Country Evidence.
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2009/02//
VL  - 17
IS  - 1
M3  - Article
SP  - 17
EP  - 33
PB  - Wiley-Blackwell
SN  - 09657576
AB  - A growing empirical literature reports evidence of a decline in exchange rate passthrough to import prices in a number of industrial countries. Our paper complements this literature by examining passthrough from the other side of the transaction; that is, we assess the exchange rate sensitivity of export prices (denominated in the exporter's currency). We find that the prices charged on exports to the United States are more responsive to the exchange rate than are export prices to other destinations, which is consistent with results in the literature that import price passthrough in the US market is relatively low. In addition, the exchange rate sensitivity of export prices over time has been significantly affected by country- and region-specific factors, including the Asian financial crisis (for emerging Asia), deepening integration with the United States (for Canada), and the effects of the 1992 ERM crisis (for the United Kingdom). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of International Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - IMPORTS
KW  - EXPORTS
KW  - FINANCIAL crises
KW  - UNITED States
KW  - ASIA
KW  - CANADA
KW  - GREAT Britain
N1  - Accession Number: 36606337; Vigfusson, Robert J. 1; Email Address: robert.j.vigfusson@frb.gov; Sheets, Nathan 1; Gagnon, Joseph 1; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: Feb2009, Vol. 17 Issue 1, p17; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: IMPORTS; Thesaurus Term: EXPORTS; Thesaurus Term: FINANCIAL crises; Subject: UNITED States; Subject: ASIA; Subject: CANADA; Subject: GREAT Britain; Number of Pages: 17p; Illustrations: 3 Charts, 2 Graphs; Document Type: Article
L3  - 10.1111/j.1467-9396.2008.00801.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edge, Rochelle M.
AU  - Kiley, Michael T.
AU  - Laforte, Jean-Philippe
T1  - A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts, Simple Reduced-Form Models, and a DSGE Model.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/02//
M3  - Article
SP  - 1
EP  - 52
AB  - This paper considers the "real-time" forecast performance of the Federal Reserve staff, time-series models, and an estimated dynamic stochastic general equilibrium (DSGE) model-the Federal Reserve Board's new Estimated, Dynamic, Optimization-based (Edo) model. We evaluate forecast performance using out-of-sample predictions from 1996 through 2005, thereby examining over 70 forecasts presented to the Federal Open Market Committee (FOMC). Our analysis builds on previous real-time forecasting exercises along two dimensions. First, we consider time-series models, a structural DSGE model that has been employed to answer policy questions quite different from forecasting, and the forecasts produced by the staff at the Federal Reserve Board. In addition, we examine forecasting performance of our DSGE model at a relatively detailed level by separately considering the forecasts for various components of consumer expenditures and private investment. The results provide significant support to the notion that richly specified DSGE models belong in the forecasting toolbox of a central bank. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC models
KW  - TIME series analysis
KW  - CONSUMPTION (Economics)
KW  - PRIVATE investments in public equity
KW  - STOCHASTIC systems
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 49059785; Edge, Rochelle M. 1; Email Address: rochelle.m.edge@frb.gov; Kiley, Michael T. 1; Email Address: michael.t.kiley@frb.gov; Laforte, Jean-Philippe 1; Email Address: jean-philippe.laforte@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2009, p1; Thesaurus Term: ECONOMIC models; Thesaurus Term: TIME series analysis; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PRIVATE investments in public equity; Subject Term: STOCHASTIC systems; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 54p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ray, Sugata
AU  - Warusawitharana, Missaka
T1  - An Efficiency Perspective on the Gains from Mergers and Asset Purchases.
JO  - B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy
JF  - B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy
Y1  - 2009/01//
VL  - 9
IS  - 1
M3  - Article
SP  - 1
EP  - 25
SN  - 15380645
AB  - A rational, efficiency-based view of acquisitions implies that larger transactions generate greater gains for the acquirer and the seller. We test this prediction and find a positive relationship between acquirer abnormal returns and transaction size scaled by the acquirer size. This relationship holds for many classes of acquisitions, including asset purchases and mergers that target private firms. We find a similar relationship between total abnormal returns and relative transaction size. The results suggest that, in general, acquisitions help shift capital to more productive owners. Furthermore, we present evidence demonstrating that the average acquirer captures a significant portion of the total gains generated from an acquisition. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Economic Analysis & Policy: Contributions to Economic Analysis & Policy is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSOLIDATION & merger of corporations
KW  - INDUSTRIAL efficiency
KW  - CAPITAL
KW  - RATE of return
KW  - PRIVATE companies
KW  - ASSET acquisitions
KW  - acquisitions
KW  - Capital reallocation
KW  - efficiency gains
N1  - Accession Number: 50123821; Ray, Sugata 1; Email Address: sugata.ray@ufl.edu; Warusawitharana, Missaka 2; Email Address: m1mnw00@frb.gov; Affiliations: 1: University of Florida; 2: Board of Governors of the Federal Reserve System; Issue Info: 2009, Vol. 9 Issue 1, preceding p1; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: CAPITAL; Thesaurus Term: RATE of return; Thesaurus Term: PRIVATE companies; Thesaurus Term: ASSET acquisitions; Author-Supplied Keyword: acquisitions; Author-Supplied Keyword: Capital reallocation; Author-Supplied Keyword: efficiency gains; Number of Pages: 27p; Illustrations: 9 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hasan, Iftekhar
AU  - Zhou, Mingming
T1  - Bank ownership and efficiency in China: What will happen in the world’s largest nation?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2009/01//
VL  - 33
IS  - 1
M3  - Article
SP  - 113
EP  - 130
SN  - 03784266
AB  - Abstract: China is reforming its banking system, partially privatizing and taking on minority foreign ownership of three of its dominant “Big Four” state-owned banks. This paper helps predict the effects by analyzing the efficiency of Chinese banks over 1994–2003. Findings suggest that Big Four banks are by far the least efficient; foreign banks are most efficient; and minority foreign ownership is associated with significantly improved efficiency. We present corroborating robustness checks and offer several credible mechanisms through which minority foreign owners may increase Chinese bank efficiency. These findings suggest that minority foreign ownership of the Big Four will likely improve performance significantly. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANKING research
KW  - FOREIGN banking industry
KW  - INTERNATIONAL banking industry
KW  - FOREIGN investments
KW  - CHINA
KW  - Banks
KW  - China
KW  - Efficiency
KW  - Foreign ownership
N1  - Accession Number: 35504684; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Hasan, Iftekhar 3,4; Email Address: hasan@rpi.edu; Zhou, Mingming 5; Email Address: m.zhou@uaf.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 153, 20th and C Streets, NW, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Rensselaer Polytechnic Institute, Troy, NY 12180, USA; 4: Bank of Finland, Helsinki 00101, Finland; 5: School of Management, University of Alaska Fairbanks, Fairbanks, AK 99775, USA; Issue Info: Jan2009, Vol. 33 Issue 1, p113; Thesaurus Term: BANKING industry; Thesaurus Term: BANKING research; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: FOREIGN investments; Subject: CHINA; Author-Supplied Keyword: Banks; Author-Supplied Keyword: China; Author-Supplied Keyword: Efficiency; Author-Supplied Keyword: Foreign ownership; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jbankfin.2007.05.016
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gerardi, Kristopher S.
AU  - Lehnert, Andreas
AU  - Sherland, Shane M.
AU  - Willen, Paul S.
T1  - Public Policy Discussion Papers.
JO  - Research Review
JF  - Research Review
Y1  - 2009/01//Jan-Jun2009
IS  - 11
M3  - Article
SP  - 4
EP  - 6
PB  - Federal Reserve Bank of Boston
SN  - 15522814
AB  - The article discusses a research on the possibility that financial analysts are able to foretell the large volume of losses in 2007 and 2008, from housing investment in the U.S. The researchers examined information on high-risk mortgage loans taken out in 2005 that gave a clue to the housing crisis. The financiers failed to forecast the decrease of house prices and the increase in the volume of borrowers who reneged on their loan payments due to the economic recession.
KW  - FINANCIAL planners
KW  - INVESTMENT advisors
KW  - BUSINESS losses
KW  - CAPITALISTS & financiers
KW  - MORTGAGE loans
N1  - Accession Number: 44140043; Gerardi, Kristopher S. 1; Email Address: kristopher.gerardi@atl.frb.org Lehnert, Andreas 2; Email Address: ndreas.lehnert@frb.gov Sherland, Shane M.; Email Address: shane.m.sherlund@frb.gov Willen, Paul S.; Email Address: paul.willen@bos.frb.org; Affiliation:  1: Visiting scholar, Federal Reserve Bank of Boston  2: Board of Governors of the Federal Reserve System; Source Info: Jan-Jun2009, Issue 11, p4; Subject Term: FINANCIAL planners; Subject Term: INVESTMENT advisors; Subject Term: BUSINESS losses; Subject Term: CAPITALISTS & financiers; Subject Term: MORTGAGE loans; NAICS/Industry Codes: 541611 Administrative Management and General Management Consulting Services; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 3p; Illustrations: 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Follette, Glenn
AU  - Kusko, Andrea
AU  - Lutz, Byron
T1  - State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2009/01//
M3  - Article
SP  - 1
EP  - 26
AB  - We examine the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. We find that a 1 percentage point increase in cyclical GDP results in a 0.1 percentage point increase in NIPA-based net saving through the automatic response of taxes and expenditures. State and local budget policies are found to be modestly procyclical. Stimulus to aggregate demand is about 0.2 percentage point less following a business cycle peak than it is during the period before the business cycle peak. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOCAL finance
KW  - MACROECONOMICS
KW  - FISCAL policy
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - GOVERNMENT spending policy
KW  - BUSINESS cycles
KW  - AGGREGATE demand (Economics)
N1  - Accession Number: 49059335; Follette, Glenn; Email Address: glenn.follette@frb.gov; Kusko, Andrea; Email Address: andrea.kusko@frb.gov; Lutz, Byron 1; Email Address: byron.f.lutz@frb.gov; Affiliations: 1: Mail Stop 83, Board of Governors of the Federal Reserve System, Washington DC 20551.; Issue Info: 2009, p1; Thesaurus Term: LOCAL finance; Thesaurus Term: MACROECONOMICS; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: GOVERNMENT spending policy; Thesaurus Term: BUSINESS cycles; Thesaurus Term: AGGREGATE demand (Economics); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
T1  - Currency Crashes in Industrial Countries: Much Ado About Nothing?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2009/01//
M3  - Article
SP  - 1
EP  - 54
AB  - Sharp exchange rate depreciations, or currency crashes, are associated with poor economic outcomes in industrial countries only when they are caused by inflationary macroeconomic policies. Moreover, the poor outcomes are attributable to inflationary policies in general and not the currency crashes in particular. On the other hand, crashes caused by rising unemployment or external deficits have always had good economic consequences with stable or falling inflation rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - MONEY
KW  - INFLATION (Finance)
KW  - EMPLOYMENT (Economic theory)
KW  - VOLATILITY (Finance)
KW  - ECONOMIC impact
KW  - current account
KW  - depreciation
KW  - Exchange rate
KW  - inflation
KW  - unemployment
N1  - Accession Number: 38021948; Gagnon, Joseph E. 1; Affiliations: 1: Visiting Associate Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551 U.S.A.; Issue Info: 2009, p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONEY; Thesaurus Term: INFLATION (Finance); Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMIC impact; Author-Supplied Keyword: current account; Author-Supplied Keyword: depreciation; Author-Supplied Keyword: Exchange rate; Author-Supplied Keyword: inflation; Author-Supplied Keyword: unemployment; Number of Pages: 56p; Illustrations: 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Chabot, Benjamin
AU  - Kurz, Christopher
AD  - Yale University and NBER
AD  - Board of Governors of the Federal Reserve System
T1  - That's Where the Money Was: Foreign Bias and English Investment Abroad, 1866-1907
PB  - Economic Growth Center, Yale University, Working Papers
Y1  - 2009///
SP  - 34 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1045559; Keywords: Capital markets, Home bias, History, Victorian overseas investment; Publication Type: Working Paper; Update Code: 200907
N2  - Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international diversification and revisit the question of whether British Victorian investor bias starved new domestic industries of capital. We find no evidence of bias. A British investor who increased his investment in new British industry at the expense of foreign diversification would have been worse off. The addition of foreign assets significantly expanded the mean-variance frontier and resulted in utility gains equivalent to a meaningful increase in lifetime consumption.
KW  - Financial Markets and the Macroeconomy          E44
KW  - International Migration          F22
KW  - Portfolio Choice; Investment Decisions          G11
KW  - International Financial Markets          G15
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913          N21
KW  - Economic History: Financial Markets and Institutions: Europe: Pre-1913          N23
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.econ.yale.edu/growth_pdf/cdp972.pdf
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UR  - http://www.econ.yale.edu/growth_pdf/cdp972.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
AU  - Österholm, PÄr
T1  - A Bayesian Vector Autoregressive Model with Informative Steady-state Priors for the Australian Economy.
JO  - Economic Record
JF  - Economic Record
Y1  - 2008/12//
VL  - 84
IS  - 267
M3  - Article
SP  - 449
EP  - 465
PB  - Wiley-Blackwell
SN  - 00130249
AB  - This article applies a Bayesian vector autoregressive model with informative steady-state priors to a parsimonious model of the Australian economy. The model captures economic linkages among key Australian and US variables and is estimated on quarterly data from 1985 to 2006. An out-of-sample forecast exercise shows that the model with informative steady-state priors generally outperforms a traditional Bayesian vector autoregressive model as well as naïve forecasts. The model can also be used to generate density forecasts and analyse alternative scenarios, which we illustrate with the effect on the Australian economy of a substantial real depreciation of the US dollar. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Record is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BAYESIAN analysis
KW  - DOLLAR (United States currency)
KW  - CONSUMER price indexes
KW  - DEPRECIATION
KW  - FOREIGN exchange rates
KW  - FORECASTING
KW  - INFLATION (Finance)
KW  - ECONOMIC aspects
KW  - AUSTRALIA -- Economic aspects
KW  - AUSTRALIA
N1  - Accession Number: 35538736; Beechey, Meredith 1; Österholm, PÄr 2; Email Address: par.osterholm@nek.uu.se; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 2: International Monetary Fund and Department of Economics, Uppsala University, Uppsala, Sweden; Issue Info: Dec2008, Vol. 84 Issue 267, p449; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: CONSUMER price indexes; Thesaurus Term: DEPRECIATION; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FORECASTING; Thesaurus Term: INFLATION (Finance); Subject Term: ECONOMIC aspects; Subject Term: AUSTRALIA -- Economic aspects; Subject: AUSTRALIA; Number of Pages: 17p; Illustrations: 5 Charts, 8 Graphs; Document Type: Article
L3  - 10.1111/j.1475-4932.2008.00510.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=35538736&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Todd, Walker
T1  - Forget Bretton Woods II -- we need a gold standard.
JO  - Christian Science Monitor
JF  - Christian Science Monitor
Y1  - 2008/11/17/
VL  - 100
IS  - 247
M3  - Article
SP  - 9
EP  - 9
PB  - Christian Science Publishing Society
SN  - 08827729
N1  - Accession Number: 35290243; Todd, Walker 1,2; Affiliation:  1: Federal Reserve Banks of New York and Cleveland  2: research fellow and conference organizer, American Institute for Economic Research, Great Barrington, Mass; Source Info: 11/17/2008, Vol. 100 Issue 247, p9; Number of Pages: 1/2p; Illustrations: 1 Black and White Photograph; Document Type: Article; Full Text Word Count: 941
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Ohanian, Lee
AU  - Raffo, Andrea
AU  - Rogerson, Richard
T1  - Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956–2004
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2008/11//
VL  - 55
IS  - 8
M3  - Article
SP  - 1353
EP  - 1362
SN  - 03043932
AB  - Abstract: We document large differences in trend changes in hours worked across OECD countries between 1956 and 2004. We assess the extent to which these changes are consistent with the intratemporal first order condition from the neoclassical growth model, augmented with taxes on labor income and consumption expenditures. We find that the model can account for most of the trend changes in hours worked measured in the data. Differences in taxes explain much of the variation in hours worked both over time and across countries. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - NEOCLASSICAL school of economics
KW  - ECONOMIC development
KW  - ECONOMIC models
KW  - WORKING hours
KW  - ECONOMICS
KW  - WORKWEEK
KW  - LABOR time
KW  - TAXATION
KW  - E60
KW  - Labor supply
KW  - Taxes
KW  - Wedges
KW  - ORGANISATION for Economic Co-operation & Development
N1  - Accession Number: 35508677; Ohanian, Lee 1,2,3; Email Address: ohanian@econ.ucla.edu; Raffo, Andrea 4; Email Address: andrearaffo@hotmail.com; Rogerson, Richard 3,5; Affiliations: 1: University of California, Los Angeles, CA 90024, USA; 2: Federal Reserve Bank of Minneapolis, MN 55401, USA; 3: NBER, Boston, MA 02138, USA; 4: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 5: Arizona State University, AZ 85287, USA; Issue Info: Nov2008, Vol. 55 Issue 8, p1353; Thesaurus Term: MONETARY policy; Thesaurus Term: NEOCLASSICAL school of economics; Thesaurus Term: ECONOMIC development; Thesaurus Term: ECONOMIC models; Thesaurus Term: WORKING hours; Thesaurus Term: ECONOMICS; Thesaurus Term: WORKWEEK; Thesaurus Term: LABOR time; Thesaurus Term: TAXATION; Author-Supplied Keyword: E60; Author-Supplied Keyword: Labor supply; Author-Supplied Keyword: Taxes; Author-Supplied Keyword: Wedges ; Company/Entity: ORGANISATION for Economic Co-operation & Development; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/j.jmoneco.2008.09.012
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Curcuru, Stephanie E.
AU  - Dvorak, Tomas
AU  - Warnock, Francis E.
T1  - CROSS-BORDER RETURNS DIFFERENTIALS.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 2008/11//
VL  - 123
IS  - 4
M3  - Article
SP  - 1495
EP  - 1530
PB  - Oxford University Press / USA
SN  - 00335533
AB  - Using a monthly data set on the foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential for portfolio securities is far smaller than previously reported. Examining all U.S. claims and liabilities, we find that previous estimates of large differentials are biased upward. The bias owes to computing implied returns from an internally inconsistent data set of revised data; original data produce a much smaller differential. We also attempt to reconcile our findings with observed patterns of cumulated current account deficits, the net international investment position, and the net income balance. Overall, we find no evidence that the United States can count on earning substantially more on its claims than it pays on its liabilities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATE of return
KW  - INVESTMENTS
KW  - CAPITALISTS & financiers
KW  - FOREIGN investments
KW  - SECURITIES trading
KW  - CORPORATE bonds
KW  - CAPITAL gains
KW  - FOREIGN source income
KW  - GROSS domestic product
KW  - DOLLAR (United States currency)
KW  - LIQUIDITY (Economics)
KW  - EQUITY
KW  - UNITED States
N1  - Accession Number: 34922415; Curcuru, Stephanie E. 1; Dvorak, Tomas 2; Warnock, Francis E. 3,4,5,6; Affiliations: 1: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM; 2: UNION COLLEGE; 3: DARDEN GRADUATE SCHOOL OF BUSINESS, UNIVERSITY OF VIRGINIA;; 4: INSTITUTE FOR INTERNATIONAL INTEGRATION STUDIES, TRINITY COLLEGE DUBLIN;; 5: GLOBALIZATION AND MONETARY POLICY INSTITUTE, FEDERAL RESERVE BANK OF DALLAS;; 6: NATIONAL BUREAU OF ECONOMIC RESEARCH; Issue Info: Nov2008, Vol. 123 Issue 4, p1495; Thesaurus Term: RATE of return; Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FOREIGN investments; Thesaurus Term: SECURITIES trading; Thesaurus Term: CORPORATE bonds; Thesaurus Term: CAPITAL gains; Thesaurus Term: FOREIGN source income; Thesaurus Term: GROSS domestic product; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: LIQUIDITY (Economics); Subject Term: EQUITY; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 36p; Illustrations: 8 Charts, 3 Graphs; Document Type: Article; Full Text Word Count: 13714
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
T1  - The Fragility of Sensitivity Analysis: An Encompassing Perspective.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/11//
M3  - Article
SP  - 1
EP  - 23
AB  - Robustness and fragility in Leamer's sense are defined with respect to a particular coefficient over a class of models. This paper shows that inclusion of the data generation process in that class of models is neither necessary nor sufficient for robustness. This result holds even if the properly specified model has well-determined, statistically significant coefficients. The encompassing principle explains how this result can occur. Encompassing also provides a link to a more common-sense notion of robustness, which is still a desirable property empirically; and encompassing clarifies recent discussion on model averaging and the pooling of forecasts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL learners
KW  - FORECASTING
KW  - PROPERTY
KW  - ROBUST control
KW  - SENSITIVITY (Personality trait)
KW  - MODELS & modelmaking
KW  - encompassing
KW  - exogeneity
KW  - extreme bounds analysis
KW  - model averaging
KW  - parameter nonconstancy
KW  - pooling of forecasts
KW  - regime shifts
KW  - robustness
KW  - sensitivity analysis
N1  - Accession Number: 35779965; Ericsson, Neil R. 1; Email Address: ericsson@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: 2008, preceding p1; Thesaurus Term: INDUSTRIAL learners; Thesaurus Term: FORECASTING; Thesaurus Term: PROPERTY; Subject Term: ROBUST control; Subject Term: SENSITIVITY (Personality trait); Subject Term: MODELS & modelmaking; Author-Supplied Keyword: encompassing; Author-Supplied Keyword: exogeneity; Author-Supplied Keyword: extreme bounds analysis; Author-Supplied Keyword: model averaging; Author-Supplied Keyword: parameter nonconstancy; Author-Supplied Keyword: pooling of forecasts; Author-Supplied Keyword: regime shifts; Author-Supplied Keyword: robustness; Author-Supplied Keyword: sensitivity analysis; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Malin, Benjamin A.
T1  - Hyperbolic discounting and uniform savings floors
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 2008/10//
VL  - 92
IS  - 10/11
M3  - Article
SP  - 1986
EP  - 2002
SN  - 00472727
AB  - Abstract: Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias – such as hyperbolic discounters who tend to over-consume – will be in favor of having a floor imposed on their savings. In this paper, I show it is quite difficult for the introduction of a savings floor to be Pareto improving in general equilibrium. Indeed, a necessary condition for the floor to be Pareto improving is that it is high enough to be binding for all individuals. Even in that case, because the equilibrium interest rate adjusts with the level of the savings floor, some individuals may prefer to commit to a future time path of consumption by facing a high interest rate (and no floor) rather than a high floor. An essential insight for understanding this result is to note that even those with little self-control (in an absolute sense) will choose to save a lot when the interest rate is high enough. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Public Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DECISION making
KW  - EQUILIBRIUM (Economics)
KW  - INTEREST rates
KW  - CONSUMPTION (Economics)
KW  - Commitment
KW  - General equilibrium
KW  - Hyperbolic discounting
N1  - Accession Number: 34743244; Malin, Benjamin A. 1; Email Address: benjamin.a.malin@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 97, 20th St. and Constitution Ave. NW, Washington, DC 20551, United States; Issue Info: Oct2008, Vol. 92 Issue 10/11, p1986; Thesaurus Term: DECISION making; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: CONSUMPTION (Economics); Author-Supplied Keyword: Commitment; Author-Supplied Keyword: General equilibrium; Author-Supplied Keyword: Hyperbolic discounting; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jpubeco.2008.03.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hui Shan
T1  - Property Taxes and Elderly Mobility.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 47
AB  - The recent housing market boom in the U.S. has caused sharp increases in residential property taxes. Housing-rich but income-poor elderly homeowners often complain about rising tax burdens, and anecdotal evidence suggests that some move to reduce their tax burden. There has been little systematic analysis, however, of the link between property tax levels and the mobility rate of elderly homeowners. This paper investigates this link using household-level panel data from the Health and Retirement Study (HRS) and a newly collected dataset on state-provided property tax relief programs. These relief programs generate variation in effective property tax burdens that is not due solely to arguably endogenous local community choices about taxes and expenditure programs. The findings provide evidence suggesting that higher property taxes raise mobility among elderly homeowners. The point estimates from instrumental variable estimation using relief programs to generate instruments suggest that a $100 increase in annual property taxes is associated with a 0.76 percentage point increase in the two-year mobility rate for homeowners over the age of 50. This is an eight percent increase from the baseline two-year mobility rate of nine percent. These results are robust to alternative specifications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - RESIDENTIAL real estate
KW  - TAX assessment
KW  - CAPITAL levy
KW  - TAXATION
KW  - TAX & expenditure limitations
KW  - CORRELATION (Statistics)
KW  - OLDER people -- Orientation & mobility
KW  - HOMEOWNERS
KW  - UNITED States
KW  - Elderly mobility
KW  - Property tax
KW  - Property tax relief program
N1  - Accession Number: 35909746; Hui Shan 1; Email Address: hui.shan@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: 2008, preceding p1; Thesaurus Term: HOUSING market; Thesaurus Term: RESIDENTIAL real estate; Thesaurus Term: TAX assessment; Thesaurus Term: CAPITAL levy; Thesaurus Term: TAXATION; Thesaurus Term: TAX & expenditure limitations; Thesaurus Term: CORRELATION (Statistics); Subject Term: OLDER people -- Orientation & mobility; Subject Term: HOMEOWNERS; Subject: UNITED States; Author-Supplied Keyword: Elderly mobility; Author-Supplied Keyword: Property tax; Author-Supplied Keyword: Property tax relief program; NAICS/Industry Codes: 531311 Residential Property Managers; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 48p; Illustrations: 7 Charts, 1 Map; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hui Shan
T1  - Property Taxes and Elderly Labor Supply.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 45
AB  - The recent housing market boom in the U.S. has caused sharp increases in residential property taxes. Anecdotal evidence suggests that rising property taxes have induced elderly homeowners to increase their labor supply. This paper uses 1992-2004 panel data from the Health and Retirement Study (HRS) as well as a newly collected dataset on state-provided property tax relief programs to investigate the effect of property taxes on the labor supply of elderly homeowners. It is the first rigorous study on the link between property taxes and elderly labor supply. I examine both the extensive margin - whether elderly homeowners delay retirement or reenter the labor market in the face of rising property taxes, and the intensive margin - whether elderly homeowners work longer hours when property taxes increase. A simulated IV approach is used to address the potential endogeneity problem associated with property taxes. I find little evidence that property taxes have a significant impact on elderly homeowners' decisions to retire, to re-enter the labor force, or to increase working hours. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PROPERTY tax relief
KW  - TAX assessment
KW  - EFFECT of taxation on labor supply
KW  - TAXATION
KW  - LABOR economics
KW  - HOUSING market
KW  - LABOR mobility
KW  - OLDER people
KW  - HOMEOWNERS
KW  - UNITED States
KW  - Elderly
KW  - Labor supply
KW  - Property tax
KW  - Property tax relief programs
N1  - Accession Number: 35909749; Hui Shan 1; Email Address: hui.shan@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: 2008, preceding p1; Thesaurus Term: PROPERTY tax relief; Thesaurus Term: TAX assessment; Thesaurus Term: EFFECT of taxation on labor supply; Thesaurus Term: TAXATION; Thesaurus Term: LABOR economics; Thesaurus Term: HOUSING market; Thesaurus Term: LABOR mobility; Subject Term: OLDER people; Subject Term: HOMEOWNERS; Subject: UNITED States; Author-Supplied Keyword: Elderly; Author-Supplied Keyword: Labor supply; Author-Supplied Keyword: Property tax; Author-Supplied Keyword: Property tax relief programs; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 46p; Illustrations: 9 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Korniotis, George M.
AU  - Kumar, Alok
T1  - Do Behavioral Biases Adversely Affect the Macro-Economy?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 54
AB  - This study investigates whether the adverse effects of investors' behavioral biases extend beyond the domain of financial markets to the broad macro-economy. We focus on the risk sharing (or income smoothing) role of financial markets and demonstrate that risk sharing levels are higher in U.S. states in which investors have higher cognitive abilities and exhibit weaker behavioral biases. Further, states with better risk sharing opportunities achieve higher levels of risk sharing if investors in those states exhibit greater financial sophistication. Among the various determinants of risk sharing, behavioral factors have the strongest effects. The average level of risk sharing in states with unsophisticated investors (= 0.121) is less than half of the average risk sharing level in states with financially sophisticated investors (= 0.308). Collectively, our evidence indicates that the high risk sharing potential of financial markets is not fully realized because the aggregate behavioral biases of individual investors impede state-level risk sharing. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RISK sharing
KW  - RISK management in business
KW  - SECURITIES markets
KW  - MUTUAL funds
KW  - SYNDICATED loans
KW  - FINANCIAL risk management
KW  - CAPITALISTS & financiers
KW  - BEHAVIORAL assessment
KW  - U.S. states
KW  - behavioral biases
KW  - cognitive abilities
KW  - financial markets
KW  - income risk
KW  - investor sophistication
KW  - Risk sharing
N1  - Accession Number: 35909744; Korniotis, George M. 1; Kumar, Alok 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Texas at Austin, McCombs School of Business; Issue Info: 2008, preceding p1; Thesaurus Term: RISK sharing; Thesaurus Term: RISK management in business; Thesaurus Term: SECURITIES markets; Thesaurus Term: MUTUAL funds; Thesaurus Term: SYNDICATED loans; Thesaurus Term: FINANCIAL risk management; Thesaurus Term: CAPITALISTS & financiers; Subject Term: BEHAVIORAL assessment; Subject Term: U.S. states; Author-Supplied Keyword: behavioral biases; Author-Supplied Keyword: cognitive abilities; Author-Supplied Keyword: financial markets; Author-Supplied Keyword: income risk; Author-Supplied Keyword: investor sophistication; Author-Supplied Keyword: Risk sharing; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 56p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warusawitharana, Missaka
T1  - Research and development, profits and firm value: A structuralestimation.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 42
AB  - Is the return to private R&D as high as believed? This study identifies a flaw in the production function approach to estimating the return to R&D. I provide new estimates based on a structural estimation approach that incorporates uncertainty about the outcome from R&D. The results shed light on the rate of innovation, the impact of an innovation on profits, and the market value of the R&D stock. The parameter estimates imply a mean return to R&D of 3.7-5.5%, much lower than previous values. The analysis also demonstrates the unsuitability of using the return to R&D as a basis for policy decisions on tax subsidies to R&D. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESEARCH & development
KW  - MANAGEMENT science
KW  - MARK to market accounting
KW  - INNOVATION adoption
KW  - INNOVATION management
KW  - ESTIMATION theory
KW  - MARKET value
KW  - PRODUCTION (Economic theory)
KW  - MATHEMATICAL optimization
KW  - PRODUCTION possibility curve
N1  - Accession Number: 35909752; Warusawitharana, Missaka 1; Email Address: m1mnw00@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mail Stop 97, 20th Street and Constitution Avenue NW, Washington, DC 20551; Issue Info: 2008, preceding p1; Thesaurus Term: RESEARCH & development; Thesaurus Term: MANAGEMENT science; Thesaurus Term: MARK to market accounting; Thesaurus Term: INNOVATION adoption; Thesaurus Term: INNOVATION management; Thesaurus Term: ESTIMATION theory; Thesaurus Term: MARKET value; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: PRODUCTION possibility curve; NAICS/Industry Codes: 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology); NAICS/Industry Codes: 541711 Research and Development in Biotechnology; Number of Pages: 44p; Illustrations: 7 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
AU  - Hjalmarsson, Erik
AU  - Österholm, Pär
T1  - Testing the expectations hypothesis when interest rates are near integrated.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 33
AB  - Nominal interest rates are unlikely to be generated by unit-root processes. Using data on short and long interest rates from eight developed and six emerging economies, we test the expectations hypothesis using cointegration methods under the assumption that interest rates are near integrated. If the null hypothesis of no cointegration is rejected, we then test whether the estimated cointegrating vector is consistent with that suggested by the expectations hypothesis. The results show support for cointegration in ten of the fourteen countries we consider, and the cointegrating vector is similar across countries. However, the parameters differ from those suggested by theory. We relate our findings to existing literature on the failure of the expectations hypothesis and to the role of term premia. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - ECONOMIC indicators
KW  - EMERGING markets
KW  - COINTEGRATION
KW  - DEMAND for money
KW  - MONETARY policy
KW  - INTEREST rate parity theorem
KW  - HYPOTHESIS
KW  - VECTOR analysis
KW  - Bonferroni tests
KW  - Cointegration
KW  - Expectations hypothesis
KW  - Near integration
KW  - Term premium
N1  - Accession Number: 35233888; Beechey, Meredith 1; Email Address: meredith.j.beechey@frb.gov; Hjalmarsson, Erik 2; Email Address: erik.hjalmarsson@frb.gov; Österholm, Pär 3; Email Address: par.osterholm@nek.uu.se; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 2: Division of International Finance, Board of Governors of the Federal Reserve System, 20th and C Streets, Washington, DC 20551, USA; 3: Department of Economics, Uppsala University, Box 513, 751 20 Uppsala, Sweden; Issue Info: 2008, p1; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: EMERGING markets; Thesaurus Term: COINTEGRATION; Thesaurus Term: DEMAND for money; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rate parity theorem; Subject Term: HYPOTHESIS; Subject Term: VECTOR analysis; Author-Supplied Keyword: Bonferroni tests; Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Expectations hypothesis; Author-Supplied Keyword: Near integration; Author-Supplied Keyword: Term premium; Number of Pages: 33p; Illustrations: 1 Chart, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bertaut, Carol C.
T1  - Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/10//
M3  - Article
SP  - 1
EP  - 54
AB  - Since 2001, foreign investors have acquired roughly $5 trillion in U.S. securities - more than doubling their holdings of U.S. equities and bonds - as both official and private inflows have financed record U.S. current account deficits. Although the rapid growth of foreign holdings of U.S. securities raises concerns that foreign investors may have become too heavily weighted in U.S. assets, foreign investors have not in fact materially changed the relative allocations between U.S. and other foreign securities in their portfolios in recent years. Based on data from the most recent comprehensive surveys of foreign portfolio investment, the 2006 IMF Coordinated Portfolio Investment Surveys (CPIS), most foreign investors remain relatively more underweight in both U.S. equities and bonds than they do in foreign securities in general. Although the underweight position suggests that there remains potential for foreign investors to continue to acquire U.S. securities, econometric evidence indicates that the underweight position itself reflects a preference by foreign investors for securities of countries with which they have strong economic or cultural ties, consistent with recent research that suggests "location" or "information" preferences in both domestic and international portfolios. As securities markets abroad continue to deepen, such factors are likely to continue to attract investment from "nearby" markets, especially from European investors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - CAPITALISTS & financiers
KW  - INTERNATIONAL economic assistance
KW  - SECURITIES industry
KW  - FUTURES market
KW  - FOREIGN exchange market
KW  - BUDGET deficits
KW  - EQUITY
KW  - UNITED States
KW  - bonds
KW  - equities
KW  - home bias
KW  - international portfolio allocation
N1  - Accession Number: 35233885; Bertaut, Carol C. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INTERNATIONAL economic assistance; Thesaurus Term: SECURITIES industry; Thesaurus Term: FUTURES market; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: BUDGET deficits; Subject Term: EQUITY; Subject: UNITED States; Author-Supplied Keyword: bonds; Author-Supplied Keyword: equities; Author-Supplied Keyword: home bias; Author-Supplied Keyword: international portfolio allocation; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 54p; Illustrations: 1 Chart, 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bucks, Brian
AU  - Pence, Karen
T1  - Do borrowers know their mortgage terms?
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2008/09//
VL  - 64
IS  - 2
M3  - Article
SP  - 218
EP  - 233
SN  - 00941190
AB  - Abstract: We assess whether borrowers know their mortgage terms by comparing the distributions of these variables in the household-reported Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the characteristics of SCF respondents who report not knowing these contract terms. Although most borrowers seem to know basic mortgage terms, borrowers with adjustable-rate mortgages appear likely to underestimate or to not know how much their interest rates could change. Borrowers who could experience large payment changes if interest rates rose are more likely to report not knowing these contract terms. Difficulties with gathering and processing information appear to be a factor in borrowers'' lack of knowledge. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - INTEREST rates
KW  - PAYMENT
KW  - CONTRACTS
KW  - INFORMATION processing
KW  - PRICE increases
N1  - Accession Number: 34371105; Bucks, Brian 1; Email Address: brian.k.bucks@frb.gov; Pence, Karen; Email Address: karen.pence@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Street, Washington, DC 20551, USA; Issue Info: Sep2008, Vol. 64 Issue 2, p218; Thesaurus Term: MORTGAGE loans; Thesaurus Term: INTEREST rates; Thesaurus Term: PAYMENT; Thesaurus Term: CONTRACTS; Thesaurus Term: INFORMATION processing; Thesaurus Term: PRICE increases; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jue.2008.07.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Follette, Glenn
AU  - Kusko, Andrea
AU  - Lutz, Byron
T1  - State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2008/09//
VL  - 61
IS  - 3
M3  - Article
SP  - 531
EP  - 545
PB  - National Tax Association
SN  - 00280283
AB  - We use two measures of fiscal policy—the high—employment budget and fiscal impetus-to examine the interplay of the macroeconomy and state and local government budgets. We find that each one percent increase in GDP raises state and local net saving (as measured in the NIPA) by 0.1 percent of GDP through the automatic cyclical response of taxes and expenditures. We also find that the sector's budget policies have been modestly pro-cyclical: The direct contribution to growth in real GDP has been about 0.2 percentage points smaller, on average, following business cycle peaks than it was before the peaks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAXATION
KW  - FISCAL policy
KW  - PUBLIC finance
KW  - PUBLIC spending
KW  - TAX expenditures
KW  - GROSS domestic product
KW  - BUSINESS cycles
KW  - LOCAL budgets
KW  - ECONOMIC indicators
N1  - Accession Number: 34991378; Follette, Glenn 1; Kusko, Andrea 1; Lutz, Byron 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: Sep2008, Vol. 61 Issue 3, p531; Thesaurus Term: TAXATION; Thesaurus Term: FISCAL policy; Thesaurus Term: PUBLIC finance; Thesaurus Term: PUBLIC spending; Thesaurus Term: TAX expenditures; Thesaurus Term: GROSS domestic product; Thesaurus Term: BUSINESS cycles; Thesaurus Term: LOCAL budgets; Thesaurus Term: ECONOMIC indicators; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 15p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
T1  - Lowering the Anchor: How the Bank of England's Inflation-Targeting Policies have Shaped Inflation Expectations and Perceptions of Inflation Risk.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/09//
M3  - Article
SP  - 1
EP  - 29
AB  - Inflation targeting as practiced by the Bank of England has undergone several changes since its adoption in 1992, including redefinition of the goal, measures to increase transparency and the granting of independence to the central bank. These changes are likely to have affected long-run inflation expectations and perceptions of future inflation risk. To that end, this paper estimates a no-arbitrage, affine, factor model of the term structure of inflation compensation in the United Kingdom. The model yields time series of expected inflation and inflation risk premia at short and long horizons estimated in a theoretically consistent manner. The results reveal that long-run inflation expectations drifted down slowly during the first five years of inflation targeting, but inflation risk premia moved down abruptly only once the Bank of England was granted independence. This event, which arguably signalled more credible commitment by the central bank to its inflation anchor, appears to have been more important in shaping inflation expectations and perceptions of inflation risk than changes in the definition of the target or measures to increase transparency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - INFLATION (Finance)
KW  - EFFECT of inflation on the banking industry
KW  - ECONOMIC forecasting
KW  - ECONOMIC indicators
KW  - LONG run (Economics)
KW  - TRANSPARENCY (Optics)
KW  - GREAT Britain
KW  - BANK of England
N1  - Accession Number: 35910983; Beechey, Meredith 1; Email Address: meredith.j.beechey@frb.gov.; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2008, preceding p1; Thesaurus Term: BANKING industry; Thesaurus Term: INFLATION (Finance); Thesaurus Term: EFFECT of inflation on the banking industry; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: LONG run (Economics); Subject Term: TRANSPARENCY (Optics); Subject: GREAT Britain ; Company/Entity: BANK of England; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 30p; Illustrations: 2 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mach, Traci L.
AU  - Holmes, John A.
T1  - The use of alternative employment arrangements by small businesses: Evidence from the 2003 Survey of Small Business Finances.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/09//
M3  - Article
SP  - 1
EP  - 34
AB  - According to the CPS, employees in alternative work arrangements make up over 10 percent of U.S. workers. Because of the pervasiveness of these types of arrangements, it is important to understand why firms are choosing to use them. Using data from the 2003 Survey of Small Business Finances, we model the firm's decision to use alternative employment arrangements using a large representative sample of small businesses in the U.S. In general, our results are similar to previous establishment-level studies that have examined the use of these types of employment arrangements. However, many of these previous studies have been narrow in scope because of data limitations. We find evidence to support each of the following hypotheses: 1) firms may be using alternative employment arrangements (AEA) in an attempt to generate cost savings by substituting standard employees with AEA employees when internal wages and benefit costs are high; 2) firms may be using AEA to meet irregular product demand constraints; and 3) firms may be using AEA to take advantage of economies of scale for certain tasks or services. Additionally, we present some additional findings that add to the relatively limited establishment level literature on alternative employment arrangements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL surveys
KW  - BUSINESS enterprises
KW  - SMALL business -- Finance
KW  - ALTERNATIVE work arrangements
KW  - EMPLOYMENT (Economic theory)
KW  - LABOR costs
KW  - LABOR economics
KW  - INDUSTRIES -- Size
KW  - UNITED States
N1  - Accession Number: 35910987; Mach, Traci L. 1; Holmes, John A. 1; Affiliations: 1: Federal Reserve System Conference on Applied Microeconomics in Atlanta; Issue Info: 2008, preceding p1; Thesaurus Term: INDUSTRIAL surveys; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: ALTERNATIVE work arrangements; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: LABOR costs; Thesaurus Term: LABOR economics; Thesaurus Term: INDUSTRIES -- Size; Subject: UNITED States; Number of Pages: 36p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nason, James M.
AU  - Rogersy, John H.
T1  - Exchange Rates and Fundamentals: A Generalization.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/09//
M3  - Article
SP  - 1
EP  - 44
AB  - Exchange rates have raised the ire of economists for more than 20 years. The problem is that few, if any, exchange rate models are known to systematically beat a naive random walk in out of sample forecasts. Engel and West (2005) show that these failures can be explained by the standard-present value model (PVM) because it predicts random walk exchange rate dynamics if the discount factor approaches one and fundamentals have a unit root. This paper generalizes the Engel and West (EW) hypothesis to the larger class of open economy dynamic stochastic general equilibrium (DSGE) models. The EW hypothesis is shown to hold for a canonical open economy DSGE model. We show that all the predictions of the standard-PVM carry over to the DSGE-PVM. The DSGE-PVM also yields an unobserved components (UC) models that we estimate using Bayesian methods and a quarterly Canadian—U.S. sample. Bayesian model evaluation reveals that the data support a UC model that calibrates the discount factor to one implying the Canadian dollar—U.S. dollar exchange rate is a random walk dominated by permanent cross-country monetary and productivity shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - RANDOM walks (Mathematics)
KW  - BAYESIAN analysis
KW  - DEMAND functions (Economic theory)
KW  - ECONOMICS -- Mathematical models
KW  - PURCHASING power parity
KW  - INTEREST rate parity theorem
KW  - FOREIGN exchange
KW  - Bayesian model comparison
KW  - DSGE model
KW  - Exchange rates
KW  - present-value model and fundamentals
KW  - random walk
KW  - unobserved components model
N1  - Accession Number: 34761735; Nason, James M. 1; Email Address: jim.nason@atl.frb.org; Rogersy, John H. 2; Email Address: john.h.rogers@frb.gov; Affiliations: 1: Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree St., N.E., Atlanta, GA 30309; 2: International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: 2008, preceding p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: RANDOM walks (Mathematics); Thesaurus Term: BAYESIAN analysis; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: PURCHASING power parity; Thesaurus Term: INTEREST rate parity theorem; Thesaurus Term: FOREIGN exchange; Author-Supplied Keyword: Bayesian model comparison; Author-Supplied Keyword: DSGE model; Author-Supplied Keyword: Exchange rates; Author-Supplied Keyword: present-value model and fundamentals; Author-Supplied Keyword: random walk; Author-Supplied Keyword: unobserved components model; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 45p; Illustrations: 9 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GERARDI, KRISTOPHER
AU  - LEHNERT, ANDREAS
AU  - SHERLUND, SHANE M.
AU  - WILLEN, PAUL
T1  - Making Sense of the Subprime Crisis.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2008/08//
IS  - 2
M3  - Article
SP  - 69
EP  - 145
PB  - Brookings Institution Press
SN  - 00072303
AB  - Should market participants have anticipated the large increase in home foreclosures in 2007 and 2008? Most of these foreclosures stemmed from mortgage loans originated in 2005 and 2006, raising suspicions that lenders originated many extremely risky loans during this period. We show that although these loans did carry extra risk factors, particularly increased leverage, reduced underwriting standards alone cannot explain the dramatic rise in foreclosures. We also investigate whether market participants underestimated the likelihood of a fall in home prices or the sensitivity of foreclosures to falling prices. We show that given available data, they should have understood that a significant price drop would raise foreclosures sharply, although loan-level (as opposed to ownership-level) models would have predicted a smaller rise than occurred. Analyst reports and other contemporary discussions reveal that analysts generally understood that falling prices would have disastrous consequences but assigned that outcome a low probability. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUBPRIME mortgages
KW  - SUBPRIME loans
KW  - FORECLOSURE
KW  - FINANCIAL crises
KW  - RISK
KW  - HOME prices
KW  - REAL property -- Finance
KW  - SUBPRIME interest rate
KW  - LOANS
KW  - FINANCIAL leverage
KW  - MONEYLENDERS
KW  - ECONOMIC aspects
N1  - Accession Number: 38613881; GERARDI, KRISTOPHER 1; LEHNERT, ANDREAS 2; SHERLUND, SHANE M. 2; WILLEN, PAUL 3; Affiliations: 1: Federal Reserve Bank of Atlanta.; 2: Board of Governors, Federal Reserve System.; 3: Federal Reserve Bank of Boston.; Issue Info: 2008, Issue 2, p69; Thesaurus Term: SUBPRIME mortgages; Thesaurus Term: SUBPRIME loans; Thesaurus Term: FORECLOSURE; Thesaurus Term: FINANCIAL crises; Thesaurus Term: RISK; Thesaurus Term: HOME prices; Thesaurus Term: REAL property -- Finance; Thesaurus Term: SUBPRIME interest rate; Thesaurus Term: LOANS; Thesaurus Term: FINANCIAL leverage; Thesaurus Term: MONEYLENDERS; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 77p; Illustrations: 16 Charts, 15 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beechey, Meredith
AU  - Österholm, Pär
T1  - Revisiting the uncertain unit root in GDP and CPI: Testing for non-linear trend reversion
JO  - Economics Letters
JF  - Economics Letters
Y1  - 2008/08//
VL  - 100
IS  - 2
M3  - Article
SP  - 221
EP  - 223
SN  - 01651765
AB  - Abstract: We test for the presence of a unit root in U.S. GDP and CPI, allowing for non-linear trend reversion under the alternative hypothesis. In contrast to most previous results, we find evidence in favour of trend stationarity for both variables. [Copyright &y& Elsevier]
AB  - Copyright of Economics Letters is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESEARCH
KW  - GROSS domestic product
KW  - ECONOMIC indicators
KW  - HYPOTHESIS
KW  - Exponential smooth transition
KW  - Unit-root test
N1  - Accession Number: 32731506; Beechey, Meredith 1; Email Address: meredith.j.beechey@frb.gov; Österholm, Pär 2; Email Address: par.osterholm@nek.uu.se; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Sveriges Riksbank and Department of Economics, Uppsala University, Box 513, 751 20 Uppsala, Sweden; Issue Info: Aug2008, Vol. 100 Issue 2, p221; Thesaurus Term: RESEARCH; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMIC indicators; Subject Term: HYPOTHESIS; Author-Supplied Keyword: Exponential smooth transition; Author-Supplied Keyword: Unit-root test; Number of Pages: 3p; Document Type: Article
L3  - 10.1016/j.econlet.2008.01.013
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Kennickell, Arthur B.
AU  - Moore, Kevin B.
T1  - Banking Market Definition: Evidence from the Survey of Consumer Finances.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/08//
M3  - Article
SP  - 1
EP  - 24
AB  - This paper uses data from the triennial waves of the Survey of Consumer Finances from 1992 to 2004 to examine changes in the use of financial services with implications for the definition of banking markets. Despite powerful technological and regulatory shifts over this period, households' banking markets overall remained largely local--the median distance to a provider of financial services remained under four miles. However, there has been rapid growth in the use of non-depository financial institutions over the period, particularly non-local ones. This increase occurred across a wide variety of demographic and other household classifications. The evidence on the clustering of financial services is mixed. Households showed a slightly greater tendency to buy multiple banking services from their primary provider of such services in 2004 than in 1992, while they also became much more likely to procure services from firms that were not their primary provider. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC surveys
KW  - BANKING industry
KW  - CUSTOMER satisfaction
KW  - CUSTOMER services
KW  - FINANCIAL services industry
KW  - EFFICIENT consumer response
KW  - FINANCIAL institutions
KW  - LENDER liability
KW  - MONEYLENDERS
KW  - HOUSEHOLD surveys
N1  - Accession Number: 35910899; Amel, Dean F. 1; Kennickell, Arthur B. 1; Moore, Kevin B. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: 2008, preceding p1; Thesaurus Term: ECONOMIC surveys; Thesaurus Term: BANKING industry; Thesaurus Term: CUSTOMER satisfaction; Thesaurus Term: CUSTOMER services; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: EFFICIENT consumer response; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: LENDER liability; Thesaurus Term: MONEYLENDERS; Subject Term: HOUSEHOLD surveys; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 27p; Illustrations: 8 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beltran, Daniel O.
AU  - Pounder, Laurie
AU  - Thomas, Charles
T1  - Foreign Exposure to Asset-Backed Securities of U.S. Origin.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/08//
M3  - Article
SP  - 1
EP  - 27
AB  - The financial turmoil which began in August 2007 originated, in part, because investors reassessed the quality of the assets underlying many asset-backed securities (ABS), particularly U.S. mortgages. The prominence of European banks in the early stages of the turmoil created the perception that foreigners held an outsized share of risky U.S. securities and prompted questions of why Europeans were so exposed. This paper evaluates that perception by quantifying foreign exposure to ABS with U.S. underlying collateral. Using the latest survey data on foreign portfolio holdings of U.S. securities, we find that the ultimate losses that foreigners could incur arising from U.S. underlying assets are small relative to most scale variables, although initial total mark-to-market losses are estimated to be significantly larger. Among other reasons for this difference between ultimate and initial losses, we demonstrate that the securitization chain can amplify mark-to-market price declines in the presence of uncertainty or illiquidity. Finally, we show that, relative to the size of the market, foreigners' holdings of U.S. mortgage-backed securities do not appear to be elevated compared with their holdings of other U.S. assets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - ASSET-backed financing
KW  - CAPITALISTS & financiers
KW  - MORTGAGES
KW  - ECONOMIC bubbles
KW  - BANKING industry
KW  - DERIVATIVE securities
KW  - FINANCIAL services industry
KW  - UNITED States
KW  - ABS
KW  - Financial turmoil
KW  - Mark-to-Market
KW  - Securitization
N1  - Accession Number: 34761726; Beltran, Daniel O. 1; Pounder, Laurie 1; Thomas, Charles 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ASSET-backed financing; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: MORTGAGES; Thesaurus Term: ECONOMIC bubbles; Thesaurus Term: BANKING industry; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: FINANCIAL services industry; Subject: UNITED States; Author-Supplied Keyword: ABS; Author-Supplied Keyword: Financial turmoil; Author-Supplied Keyword: Mark-to-Market; Author-Supplied Keyword: Securitization; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 27p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
AU  - Millar, Jonathan
T1  - The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from A Micro Study.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/08//
M3  - Article
SP  - 1
EP  - 39
AB  - This study assesses the role of the Asian financial crisis of the late 1990s in the emergence and persistence of the large current account surpluses across non-China emerging Asia, which have been a significant counterpart to the U.S. current account de?cit. Using panel data encompassing nearly 3,750 firms, we trace the current account surpluses to a marked and broad-based decline in corporate expenditures on fixed investment in the aftermath of the crisis that cuts across a wide spectrum of countries, industries, and firms. The lower corporate spending in turn depressed aggregate investment rates, widened the saving-investment gap, and allowed the region to turn into a net exporter of capital. We then consider the factors behind this reduction in postcrisis corporate investment. While weaker firm-level fundamentals in the postcrisis period seem to explain part of the drop in investment rates, ongoing re-structuring owing to large debts accumulated and excess investment undertaken in the run-up to the crisis has been the main source of restraint postcrisis corporate investment. The results suggest that even after a decade, the effect of the financial crisis is still affecting corporate investment decisions in emerging Asia, and that as the restructuring completes its course, investment rates will likely rise to contribute to a gradual reduction in the region's current account surpluses. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - CAPITAL
KW  - BUSINESS cycles
KW  - RECESSIONS
KW  - SECURITIES markets
KW  - INVESTMENTS
KW  - INVESTMENT analysis
KW  - COMMERCIAL credit
KW  - ASIA
KW  - Current Account
KW  - Emerging Asia
KW  - Global Imbalance
KW  - Investment
N1  - Accession Number: 34761729; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Millar, Jonathan; Affiliations: 1: Economist, Division of International Finance of the International, Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: FINANCIAL crises; Thesaurus Term: CAPITAL; Thesaurus Term: BUSINESS cycles; Thesaurus Term: RECESSIONS; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENTS; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: COMMERCIAL credit; Subject: ASIA; Author-Supplied Keyword: Current Account; Author-Supplied Keyword: Emerging Asia; Author-Supplied Keyword: Global Imbalance; Author-Supplied Keyword: Investment; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 39p; Illustrations: 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kotter, Jason
AU  - Lel, Ugur
T1  - Friends or Foes? The Stock Price Impact of Sovereign Wealth Fund of Investments and the Price of Keeping Secrets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/08//
M3  - Article
SP  - 1
EP  - 59
AB  - This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund (SWF) investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. The announcement effect is both statistically and economically significant. A multivariate analysis shows that the degree of transparency of SWF activities is an important determinant of the market reaction, and both the SWF and the existing shareholders of the target firm benefit from improved SWF disclosure. In addition, target firms' profitability, growth, and governance do not change significantly in the three-year period following the SWF investment relative to a control sample. These results are robust to a battery of tests. Overall, our findings suggest that SWF investments convey a positive signal to market participants about the target firm, increased SWF transparency is enjoyed by both the SWF and existing shareholders, and SWFs are passive investors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance) -- Prices
KW  - SOVEREIGN wealth funds
KW  - FOREIGN investments
KW  - RESERVE assets
KW  - INVESTMENT of public funds
KW  - MULTIVARIATE analysis
KW  - COST centers (Accounting)
KW  - STOCKHOLDERS
KW  - Cross-border Investment
KW  - International Finance
KW  - Market Efficiency
KW  - Sovereign Wealth Fund
KW  - Transparency
N1  - Accession Number: 34761727; Kotter, Jason; Lel, Ugur 1; Affiliations: 1: Research Assistant, Division of International Finance of the Board of Governors, Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: SOVEREIGN wealth funds; Thesaurus Term: FOREIGN investments; Thesaurus Term: RESERVE assets; Thesaurus Term: INVESTMENT of public funds; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: COST centers (Accounting); Thesaurus Term: STOCKHOLDERS; Author-Supplied Keyword: Cross-border Investment; Author-Supplied Keyword: International Finance; Author-Supplied Keyword: Market Efficiency; Author-Supplied Keyword: Sovereign Wealth Fund; Author-Supplied Keyword: Transparency; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 59p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Sichel, Daniel E.
AU  - Stiroh, Kevin J.
T1  - Explaining a productive decade
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 2008/07//
VL  - 30
IS  - 4
M3  - Article
SP  - 633
EP  - 673
SN  - 01618938
AB  - This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. We confirm the central role for information technology (IT) in the productivity revival during 1995–2000 and show that IT played a significant, though smaller, role after 2000. Productivity growth after 2000 appears to have been boosted by industry restructuring and cost cutting in response to profit pressures, an unlikely source of future strength. In addition, the incorporation of intangible capital into the growth accounting framework takes some of the luster off the performance of labor productivity since 2000 and makes the gain during 1995–2000 look larger than in the official data. Finally, we examine the outlook for trend growth in labor productivity; our estimate, though subject to much uncertainty, is centered at a year, faster than the lackluster pace that prevailed before 1995 but somewhat slower than the 1995–2006 average. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Policy Modeling is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL productivity
KW  - COMPUTER software development
KW  - ECONOMIC development -- Research
KW  - CORPORATE reorganizations
KW  - ECONOMICS -- Statistical methods
KW  - ECONOMIC aspects
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - Information technology
KW  - Intangible capital
KW  - Labor productivity
KW  - Productivity growth
N1  - Accession Number: 33459868; Oliner, Stephen D. 1; Email Address: soliner@frb.gov Sichel, Daniel E. 1 Stiroh, Kevin J. 2; Affiliation:  1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA  2: Private sector, New York, NY 10045, USA; Source Info: Jul2008, Vol. 30 Issue 4, p633; Subject Term: INDUSTRIAL productivity; Subject Term: COMPUTER software development; Subject Term: ECONOMIC development -- Research; Subject Term: CORPORATE reorganizations; Subject Term: ECONOMICS -- Statistical methods; Subject Term: ECONOMIC aspects; Subject Term: UNITED States -- Economic conditions; Subject Term: UNITED States; Author-Supplied Keyword: Information technology; Author-Supplied Keyword: Intangible capital; Author-Supplied Keyword: Labor productivity; Author-Supplied Keyword: Productivity growth; NAICS/Industry Codes: 541514 Computer systems design and related services (except video game design and development); NAICS/Industry Codes: 541511 Custom Computer Programming Services; Number of Pages: 41p; Document Type: Article
L3  - 10.1016/j.jpolmod.2008.04.007
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - NEWS
AU  - Levin, Andrew T.
T1  - Commentary.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2008/07//Jul/Aug2008
VL  - 90
IS  - 4
M3  - Editorial
SP  - 301
EP  - 305
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The article presents the author's perspectives on the study by Lars Svensson and Noah Williams on addressing uncertainty in optimal monetary policy through experimentation using Markov jump linear-quadratic control algorithms in the U.S. He remarks that the study is an important contribution in analyzing Bayesian optimal monetary policy in an environment in which the central bank faces a set of competing models to update its probability assessments of the actual economic model.
KW  - MONETARY policy
KW  - MARKOV processes
KW  - ECONOMIC models
KW  - CENTRAL banking industry
KW  - UNITED States
N1  - Accession Number: 33160156; Levin, Andrew T. 1; Affiliation:  1: Deputy Associate Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System; Source Info: Jul/Aug2008, Vol. 90 Issue 4, p301; Subject Term: MONETARY policy; Subject Term: MARKOV processes; Subject Term: ECONOMIC models; Subject Term: CENTRAL banking industry; Subject Term: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 5p; Document Type: Editorial
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - NEWS
AU  - Bernanke, Ben S.
T1  - Monetary Policy Under Uncertainty.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2008/07//Jul/Aug2008
VL  - 90
IS  - 4
M3  - Editorial
SP  - 410
EP  - 415
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - The author reflects on the contributions of Bill Poole in the policy debate on monetary policy making under uncertainty. He remarks that Poole's theories on monetary policy have helped policymakers on how to make policy in an uncertain environment by taking into account a range of possible scenarios about the state or structure of the economy. He notes that the economy's structure and the inferences that the public will draw from policy actions are a pervasive features of monetary policymaking.
KW  - MONETARY policy
KW  - MONETARY systems
KW  - ECONOMIC policy
KW  - PUBLIC spending
KW  - FISCAL policy
KW  - POOLE, Bill
N1  - Accession Number: 33160167; Bernanke, Ben S. 1; Affiliation:  1: Chairman of the Board of Governors of the Federal Reserve System; Source Info: Jul/Aug2008, Vol. 90 Issue 4, p410; Subject Term: MONETARY policy; Subject Term: MONETARY systems; Subject Term: ECONOMIC policy; Subject Term: PUBLIC spending; Subject Term: FISCAL policy; NAICS/Industry Codes: 921130 Public Finance Activities; People: POOLE, Bill; Number of Pages: 6p; Document Type: Editorial
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Rules-of-Thumb for Guiding Monetary Policy.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2008/07//Jul/Aug2008
VL  - 90
IS  - 4
M3  - Article
SP  - 447
EP  - 497
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - This article was originally published in the Board of Governors of the Federal Reserve System Open Market Policies and Operating Procedures—Staff Studies, July 1971. It is reprinted here as an addendum to these conference proceedings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review (00149187) is the property of Federal Reserve Bank of St. Louis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - MONETARY systems
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 33160171; Poole, William 1; Affiliation:  1: Senior Economist in the Special Studies Section of the Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Source Info: Jul/Aug2008, Vol. 90 Issue 4, p447; Subject Term: FEDERAL Reserve monetary policy; Subject Term: MONETARY policy; Subject Term: ECONOMIC policy; Subject Term: MONETARY systems; Subject Term: UNITED States; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 51p; Illustrations: 11 Diagrams, 3 Charts, 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Bodenstein, Martin
T1  - International asset markets and real exchange rate volatility
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2008/07//
VL  - 11
IS  - 3
M3  - Article
SP  - 688
EP  - 705
SN  - 10942025
AB  - Abstract: The real exchange rate is very volatile relative to major macroeconomic aggregates and its correlation with the ratio of domestic over foreign consumption is negative (Backus–Smith puzzle). These two observations constitute a puzzle to standard international macroeconomic theory. This paper develops a two country model with complete asset markets and limited enforcement for international financial contracts that provides a possible explanation of these two puzzles. The model performs better than a standard incomplete markets model with a single non-contingent bond unless very tight borrowing constraints are imposed in the latter. With limited enforcement for both domestic and international financial contracts, the model''s asset pricing implications are brought into line with the empirical evidence, albeit at the expense of raising real exchange rate volatility. [Copyright &y& Elsevier]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - VOLATILITY (Finance)
KW  - INTERNATIONAL finance
KW  - CONSUMPTION (Economics)
KW  - Asset prices
KW  - Backus–Smith puzzle
KW  - Limited enforcement
KW  - Real exchange rate
KW  - Risk-sharing
N1  - Accession Number: 32560792; Bodenstein, Martin 1; Email Address: Martin.R.Bodenstein@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: Jul2008, Vol. 11 Issue 3, p688; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: CONSUMPTION (Economics); Author-Supplied Keyword: Asset prices; Author-Supplied Keyword: Backus–Smith puzzle; Author-Supplied Keyword: Limited enforcement; Author-Supplied Keyword: Real exchange rate; Author-Supplied Keyword: Risk-sharing; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.red.2007.12.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Demers, Elizabeth
AU  - Vega, Clara
T1  - Soft Information in Earnings Announcements: News or Noise?
JO  - INSEAD Working Papers Collection
JF  - INSEAD Working Papers Collection
Y1  - 2008/06/23/
IS  - 44
M3  - Article
SP  - 1
EP  - 58
AB  - This paper examines whether the "soft" information contained in the text of management's quarterly earnings press releases is incrementally informative over the company's reported "hard" earnings news. We use Diction, a textual-analysis program, to extract various dimensions of managerial net optimism from more than 20,000 corporate earnings announcements over the period 1998 to 2006 and document that unanticipated net optimism in managers' language affects announcement period abnormal returns and predicts postearnings announcement drift. We find that the market response varies by firm size, turnover, media and analyst coverage, and the extent to which the standard accounting model captures the underlying economics of the firm. We also show that the second moment of soft information, the level of certainty in the text, is an important determinant of contemporaneous idiosyncratic volatility, and it predicts future idiosyncratic volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of INSEAD Working Papers Collection is the property of INSEAD and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL statements
KW  - PRESS releases
KW  - CORPORATE profits
KW  - BUSINESS communication
KW  - VOLATILITY (Finance)
KW  - cheap talk
KW  - earnings announcements
KW  - earnings quality
KW  - information uncertainty
KW  - momentum
KW  - post-earnings drift
KW  - Soft information
KW  - voluntary disclosure
N1  - Accession Number: 48585919; Demers, Elizabeth 1; Email Address: liz.demers@insead.edu; Vega, Clara 2; Email Address: clara.vega@frb.gov; Affiliations: 1: Assistant Professor of Accounting & Control at INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex; 2: Board of Governors, United States Federal Reserve System International Finance Division 20th Street & Constitution Avenue, NW Washington, DC 20551; Issue Info: 2008, Issue 44, p1; Thesaurus Term: FINANCIAL statements; Thesaurus Term: PRESS releases; Thesaurus Term: CORPORATE profits; Thesaurus Term: BUSINESS communication; Thesaurus Term: VOLATILITY (Finance); Author-Supplied Keyword: cheap talk; Author-Supplied Keyword: earnings announcements; Author-Supplied Keyword: earnings quality; Author-Supplied Keyword: information uncertainty; Author-Supplied Keyword: momentum; Author-Supplied Keyword: post-earnings drift; Author-Supplied Keyword: Soft information; Author-Supplied Keyword: voluntary disclosure; Number of Pages: 58p; Illustrations: 15 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Nason, James M.
AU  - Rogers, John H.
T1  - Exchange Rates and Fundamentals: A Generalization.
JO  - Working Paper Series (Federal Reserve Bank of Atlanta)
JF  - Working Paper Series (Federal Reserve Bank of Atlanta)
Y1  - 2008/06/15/
IS  - 16
M3  - Working Paper
SP  - 1
EP  - 52
AB  - The article discusses exchange rate models including the present value model (PVM) and dynamic stochastic general equilibrium (DSGE) models. It mentions of the hypothesis of Engel and West on open-economy DSGE models and shows how PVM predictions of exchange rate dynamics are carried over to DSGE PVM. Moreover, authors estimate unobserved components (UC) yielded from DSGE PVM through a Bayesian model evaluation. As a result, the Bayesian method of analyzing a quarterly Canadian-U.S. sample shows that their exchange rate is a random walk of monetary and productivity shocks of the country.
KW  - ECONOMIC development -- Mathematical models
KW  - FOREIGN exchange accounting
KW  - BAYESIAN analysis
KW  - RANDOM walks (Mathematics)
KW  - INVESTMENT analysis
KW  - STATISTICAL decision making
KW  - ECONOMICS -- Statistical methods
KW  - FOREIGN exchange rates
KW  - ECONOMIC models
KW  - Bayesian model comparison
KW  - DSGE model
KW  - exchange rates
KW  - present value model and fundamentals
KW  - random walk
KW  - unobserved components model
N1  - Accession Number: 33930822; Nason, James M. 1; Email Address: jim.nason@atl.frb.org Rogers, John H. 2; Email Address: john.h.rogers@frb.gov; Affiliation:  1: Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree Street, N.E., Atlanta, GA 30309  2: International Finance, Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551, 202-452-2873; Source Info: Jun2008, Issue 16, p1; Subject Term: ECONOMIC development -- Mathematical models; Subject Term: FOREIGN exchange accounting; Subject Term: BAYESIAN analysis; Subject Term: RANDOM walks (Mathematics); Subject Term: INVESTMENT analysis; Subject Term: STATISTICAL decision making; Subject Term: ECONOMICS -- Statistical methods; Subject Term: FOREIGN exchange rates; Subject Term: ECONOMIC models; Author-Supplied Keyword: Bayesian model comparison; Author-Supplied Keyword: DSGE model; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: present value model and fundamentals; Author-Supplied Keyword: random walk; Author-Supplied Keyword: unobserved components model; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 52p; Illustrations: 9 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - UNPB
AU  - Nason, James M.
AU  - Rogers, John H.
T1  - Exchange Rates and Fundamentals: A Generalization.
JO  - Working Paper Series (Federal Reserve Bank of Atlanta)
JF  - Working Paper Series (Federal Reserve Bank of Atlanta)
Y1  - 2008/06/15/
IS  - 16
M3  - Working Paper
SP  - 1
EP  - 52
AB  - The article discusses exchange rate models including the present value model (PVM) and dynamic stochastic general equilibrium (DSGE) models. It mentions of the hypothesis of Engel and West on open-economy DSGE models and shows how PVM predictions of exchange rate dynamics are carried over to DSGE PVM. Moreover, authors estimate unobserved components (UC) yielded from DSGE PVM through a Bayesian model evaluation. As a result, the Bayesian method of analyzing a quarterly Canadian-U.S. sample shows that their exchange rate is a random walk of monetary and productivity shocks of the country.
KW  - ECONOMIC development -- Mathematical models
KW  - FOREIGN exchange accounting
KW  - BAYESIAN analysis
KW  - RANDOM walks (Mathematics)
KW  - INVESTMENT analysis
KW  - STATISTICAL decision making
KW  - ECONOMICS -- Statistical methods
KW  - FOREIGN exchange rates
KW  - ECONOMIC models
KW  - Bayesian model comparison
KW  - DSGE model
KW  - exchange rates
KW  - present value model and fundamentals
KW  - random walk
KW  - unobserved components model
N1  - Accession Number: 33930822; Nason, James M. 1; Email Address: jim.nason@atl.frb.org; Rogers, John H. 2; Email Address: john.h.rogers@frb.gov; Affiliations: 1: Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree Street, N.E., Atlanta, GA 30309; 2: International Finance, Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551, 202-452-2873; Issue Info: Jun2008, Issue 16, p1; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: FOREIGN exchange accounting; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: RANDOM walks (Mathematics); Thesaurus Term: INVESTMENT analysis; Thesaurus Term: STATISTICAL decision making; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: ECONOMIC models; Author-Supplied Keyword: Bayesian model comparison; Author-Supplied Keyword: DSGE model; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: present value model and fundamentals; Author-Supplied Keyword: random walk; Author-Supplied Keyword: unobserved components model; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 52p; Illustrations: 9 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berkman, Steve
AU  - Boswell, Nancy Z.
AU  - Brüner, Franz H.
AU  - Gough, Mark
AU  - McCormick, John T.
AU  - Pedersen, Peter Egens
AU  - Ugaz, Jose
AU  - Zimmermann, Stephen
T1  - The fight against corruption: international organizations at a cross-roads.
JO  - Journal of Financial Crime
JF  - Journal of Financial Crime
Y1  - 2008/06//
VL  - 15
IS  - 2
M3  - Article
SP  - 124
EP  - 154
SN  - 13590790
AB  - The article presents an anti-corruption expert's personal assessments of the progress of international organizations in fighting corruption. It highlights a survey of the viewpoints of a number of anti-corruption experts who are able to offer a unique and distanced perspective on the key corruption-related issues and challenges facing international organizations. The survey results shows that international organizations are currently at a turning point in their individual and collective fight against corruption, and that international organizations must endure the corruption scandals that have plagued several organizations. It also offers information on how international organizations can address the challenges they are facing with regards to corruption.
KW  - INTERNATIONAL agencies
KW  - CORRUPTION
KW  - INTERNATIONAL cooperation
KW  - NEEDS assessment
KW  - INTERNATIONAL relations
KW  - INTERORGANIZATIONAL relations
KW  - INTERNATIONAL organization
KW  - SURVEYS -- Evaluation
KW  - SCANDALS
KW  - Corruption
KW  - Fraud
KW  - International banks
KW  - International organizations
KW  - Monetary policy
N1  - Accession Number: 32631742; Berkman, Steve 1; Boswell, Nancy Z. 2; Brüner, Franz H. 3; Gough, Mark 4; McCormick, John T. 5; Email Address: john.t.mccormick@frb.gov; Pedersen, Peter Egens 6; Ugaz, Jose 7; Zimmermann, Stephen 8; Affiliations: 1: Leesburgh, Virginia, USA; 2: Transparency International-USA, Washington, DC, USA; 3: European Anti-Fraud Office (OLAF), Brussels, Belgium; 4: United Nations Investigation Division, Vienna International Centre, Vienna, Austria; 5: Board of Governors of the Federal Reserve System, Washington, DC, USA; 6: Svendborg, Denmark; 7: Benites, Forno & Ugaz Law Firms, Lima, Peru; 8: International American Development Bank Washington, DC, USA; Issue Info: 2008, Vol. 15 Issue 2, p124; Thesaurus Term: INTERNATIONAL agencies; Thesaurus Term: CORRUPTION; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: NEEDS assessment; Thesaurus Term: INTERNATIONAL relations; Thesaurus Term: INTERORGANIZATIONAL relations; Subject Term: INTERNATIONAL organization; Subject Term: SURVEYS -- Evaluation; Subject Term: SCANDALS; Author-Supplied Keyword: Corruption; Author-Supplied Keyword: Fraud; Author-Supplied Keyword: International banks; Author-Supplied Keyword: International organizations; Author-Supplied Keyword: Monetary policy; NAICS/Industry Codes: 911410 Foreign affairs; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 31p; Document Type: Article; Full Text Word Count: 15102
L3  - 10.1108/13590790810866863
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MISHKIN, FREDERIC S.
AU  - WESTELIUS, NIKLAS J.
T1  - Inflation Band Targeting and Optimal Inflation Contracts.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2008/06//
VL  - 40
IS  - 4
M3  - Article
SP  - 557
EP  - 582
PB  - Wiley-Blackwell
SN  - 00222879
AB  - In this paper we provide a theoretical treatment of how inflation target ranges cope with the time-inconsistency problem arising from incentives for the monetary policymaker to exploit the short-run trade-off between employment and inflation to pursue short-run employment objectives, as in a Barro-Gordon (1983) model. Inflation band targets are able to achieve many of the benefits that arise under practically less attractive solutions such as the conservative central banker and optimal inflation contracts. Our theoretical model also shows how an inflation targeting range should be set and how it should respond to changes in the nature of shocks to the economy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - EMPLOYMENT (Economic theory)
KW  - BANKERS
KW  - CENTRAL banking industry
KW  - FINANCE
KW  - discretionary policy
KW  - E52
KW  - E58
KW  - inflation band targeting
KW  - inflation contracts
KW  - time-inconsistency
N1  - Accession Number: 32032734; MISHKIN, FREDERIC S. 1; Email Address: frederic.mishkin@frb.gov; WESTELIUS, NIKLAS J. 2; Email Address: niklas.westelius@hunter.cuny.edu; Affiliations: 1: Member, Board of Governors, Federal Reserve System; 2: Assistant Professor, Department of Economics, Hunter College, City University of New York; Issue Info: Jun2008, Vol. 40 Issue 4, p557; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: BANKERS; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: FINANCE; Author-Supplied Keyword: discretionary policy; Author-Supplied Keyword: E52; Author-Supplied Keyword: E58; Author-Supplied Keyword: inflation band targeting; Author-Supplied Keyword: inflation contracts; Author-Supplied Keyword: time-inconsistency; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 26p; Illustrations: 3 Charts, 8 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2008.00128.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AD  - Board of Governors of the Federal Reserve System
T1  - Inflation Regimes and Inflation Expectations
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2008/05/02/Part 2 May-June 2008
VL  - 90
IS  - 3
SP  - 229
EP  - 243
SN  - 00149187
N1  - Accession Number: 0992383; Keywords: Inflation;  Monetary;  Monetary Policy;  Policy; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200809
N2  - This paper examines the formation of expectations about future inflation over long horizons. A key issue that agents must confront is the possibility that the economic policy framework--especially the monetary policy regime--could change at some future date. Agents are likely to base inferences about possible future regimes on experience over many years and decades past. This aspect of expectations formation may explain why inflation premiums in long-term bond yields are higher in countries with a long history of high inflation.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Han, Song
AU  - Mulligan, Casey B.
AD  - Board of Governors of the Federal Reserve System
AD  - U Chicago
T1  - Inflation and the Size of Government
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2008/05/02/Part 2 May-June 2008
VL  - 90
IS  - 3
SP  - 245
EP  - 267
SN  - 00149187
N1  - Accession Number: 0992384; Keywords: Government;  Inflation; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200809
N2  - It is commonly supposed in public and academic discourse that inflation and big government are related. The authors show that economic theory delivers such a prediction only in special cases. As an empirical matter, inflation is significantly positively related to the size of government mainly when periods of war and peace are compared. The authors find a weak positive peacetime time-series correlation between inflation and the size of government and a negative cross-country correlation of inflation with non-defense spending.
KW  - Price Level; Inflation; Deflation          E31
KW  - Structure, Scope, and Performance of Government          H11
KW  - National Government Expenditures and Related Policies: General          H50
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, David W.
AU  - Chaboud, Alain P.
AU  - Chernenko, Sergey V.
AU  - Howorka, Edward
AU  - Wright, Jonathan H.
T1  - Order flow and exchange rate dynamics in electronic brokerage system data
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2008/05//
VL  - 75
IS  - 1
M3  - Article
SP  - 93
EP  - 109
SN  - 00221996
AB  - Abstract: We analyze the association between order flow and exchange rates using a new dataset representing a majority of global interdealer transactions in the two most-traded currency pairs at the one minute frequency over a six-year time period. This long span of high-frequency data allows us to gain new insights about the joint behavior of these series. We first confirm the presence of a substantial association between interdealer order flow and exchange rate returns at horizons ranging from 1 min to two weeks, but find that the association is substantially weaker at longer horizons. We study the time-variation of the association between exchange rate returns and order flow both intradaily and over the long term, and show that the relationship appears to be stronger when market liquidity is lower. Overall, our study supports the view that liquidity effects play an important role in the relationship between order flow and exchange rate changes. This by no means rules out a role for order flow as a channel by which fundamental information is transmitted to the market, as we show that our findings are quite consistent with a recent model by Bacchetta and Van Wincoop (2006: Can information heterogeneity explain the exchange rate determination puzzle? American Economic Review, 96, pp. 552–576.) that combines both liquidity and information effects. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange
KW  - INTEREST rate parity theorem
KW  - RATES
KW  - Foreign exchange
KW  - High-frequency data
KW  - Micro exchange rate economics
KW  - News announcements
KW  - Order flow
KW  - Private information
N1  - Accession Number: 32054794; Berger, David W. 1; Email Address: david.berger@yale.edu; Chaboud, Alain P. 2; Email Address: alain.p.chaboud@frb.gov; Chernenko, Sergey V. 3; Email Address: schernenko@hbs.edu; Howorka, Edward 4; Email Address: ehoworka@ebs.com; Wright, Jonathan H. 2; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: Department of Economics, Yale University, New Haven, CT 06520, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC, 20551, USA; 3: Harvard Business School, Boston, MA, 02163, USA; 4: EBS, 535 Madison Avenue, New York, NY 10022, USA; Issue Info: May2008, Vol. 75 Issue 1, p93; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange; Thesaurus Term: INTEREST rate parity theorem; Thesaurus Term: RATES; Author-Supplied Keyword: Foreign exchange; Author-Supplied Keyword: High-frequency data; Author-Supplied Keyword: Micro exchange rate economics; Author-Supplied Keyword: News announcements; Author-Supplied Keyword: Order flow; Author-Supplied Keyword: Private information; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jinteco.2007.10.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Giannone, Domenico
AU  - Reichlin, Lucrezia
AU  - Small, David
T1  - Nowcasting: The real-time informational content of macroeconomic data
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2008/05//
VL  - 55
IS  - 4
M3  - Article
SP  - 665
EP  - 676
SN  - 03043932
AB  - Abstract: A formal method is developed for evaluating the marginal impact that intra-monthly data releases have on current-quarter forecasts (nowcasts) of real gross domestic product (GDP) growth. The method can track the real-time flow of the type of information monitored by central banks because it can handle large data sets with staggered data-release dates. Each time new data are released, the nowcasts are updated on the basis of progressively larger data sets that, reflecting the unsynchronized data-release dates, have a “jagged edge” across the most recent months. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CENTRAL banking industry
KW  - ECONOMIC forecasting
KW  - GROSS domestic product
KW  - ACCOUNTING
KW  - BUSINESS forecasting
KW  - BANKING industry -- Data processing
KW  - DATA analysis
KW  - INFORMATION resources management
KW  - DATABASE design
KW  - GROWTH rate
KW  - ECONOMIC indicators
KW  - FINANCIAL performance
KW  - MACROECONOMICS
KW  - Factor model
KW  - Forecasting
KW  - Monetary policy
KW  - Nowcast
KW  - Real-time data
N1  - Accession Number: 33137981; Giannone, Domenico 1; Email Address: Domenico.giannone@ecb.int; Reichlin, Lucrezia 2; Small, David 3; Affiliations: 1: European Central Bank, ECARES and CEPR, Germany; 2: European Central Bank and CEPR, Germany; 3: Board of Governors of the Federal Reserve System, Germany; Issue Info: May2008, Vol. 55 Issue 4, p665; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: GROSS domestic product; Thesaurus Term: ACCOUNTING; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: BANKING industry -- Data processing; Thesaurus Term: DATA analysis; Thesaurus Term: INFORMATION resources management; Thesaurus Term: DATABASE design; Thesaurus Term: GROWTH rate; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: FINANCIAL performance; Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: Factor model; Author-Supplied Keyword: Forecasting; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Nowcast; Author-Supplied Keyword: Real-time data; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 519190 All Other Information Services; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jmoneco.2008.05.010
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=33137981&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Burstein, Ariel
AU  - Kurz, Christopher
AU  - Tesar, Linda
T1  - Trade, production sharing, and the international transmission of business cycles
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2008/05//
VL  - 55
IS  - 4
M3  - Article
SP  - 775
EP  - 795
SN  - 03043932
AB  - Abstract: Countries that are more engaged in production sharing exhibit higher bilateral manufacturing output correlations. We use data on trade flows between US multinationals and their affiliates as well as trade between the United States and Mexican maquiladoras to measure production-sharing trade and its link with the business cycle. We then develop a quantitative model of international business cycles that generates a positive link between the extent of vertically integrated production-sharing trade and internationally synchronized business cycles. A key assumption in the model is a relatively low elasticity of substitution between home and foreign inputs in the production of the vertically integrated good. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - INDUSTRIAL productivity
KW  - ECONOMICS
KW  - INTERNATIONAL business enterprises
KW  - PRODUCTION (Economic theory)
KW  - BUSINESS conditions
KW  - BALANCE of trade
KW  - OVERPRODUCTION
KW  - ECONOMIC activity
KW  - MANUFACTURING industries
KW  - ECONOMIC aspects
KW  - MEXICO
KW  - UNITED States
KW  - Business cycles
KW  - F4
KW  - Maquiladora
KW  - Multinational
KW  - Production sharing
N1  - Accession Number: 33138001; Burstein, Ariel 1; Kurz, Christopher 2; Tesar, Linda 3; Email Address: ltesar@umich.edu; Affiliations: 1: UCLA and NBER, USA; 2: Board of Governors of the Federal Reserve System, USA; 3: Department of Economics, University of Michigan, 611 Tappan Street, Ann Arbor, MI 48109, USA and NBER; Issue Info: May2008, Vol. 55 Issue 4, p775; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: ECONOMICS; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: BUSINESS conditions; Thesaurus Term: BALANCE of trade; Thesaurus Term: OVERPRODUCTION; Thesaurus Term: ECONOMIC activity; Thesaurus Term: MANUFACTURING industries; Subject Term: ECONOMIC aspects; Subject: MEXICO; Subject: UNITED States; Author-Supplied Keyword: Business cycles; Author-Supplied Keyword: F4; Author-Supplied Keyword: Maquiladora; Author-Supplied Keyword: Multinational; Author-Supplied Keyword: Production sharing; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jmoneco.2008.03.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=33138001&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kurt F. Lewis
T1  - The Two-Period Rational Inattention Model: Accelerations and Analyses.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/05//
M3  - Article
SP  - 1
EP  - 20
AB  - This paper demonstrates the properties of and a solution method for the more general two-period Rational Inattention model of Sims (2006). It is shown that the corresponding optimization problem is convex and can be solved very quickly. This paper also demonstrates a computational tool well- suited to solving Rational Inattention models and further illustrates a critique raised in Sims (2006) regarding Rational Inattention models whose solutions assume parametric formulations rather than solve for their optimally-derived, non-parametric counterparts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MATHEMATICAL optimization
KW  - SIMULATION methods & models
KW  - MATHEMATICAL models
KW  - PARAMETER estimation
KW  - SIMS (Information retrieval system)
KW  - Information-Processing Constraints
KW  - Numerical Optimization
KW  - Rational Inattention
N1  - Accession Number: 35912688; Kurt F. Lewis 1; Email Address: kurt.f.lewis@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: 2008, p1; Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: SIMULATION methods & models; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: PARAMETER estimation; Subject Term: SIMS (Information retrieval system); Author-Supplied Keyword: Information-Processing Constraints; Author-Supplied Keyword: Numerical Optimization; Author-Supplied Keyword: Rational Inattention; Number of Pages: 21p; Illustrations: 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Holland, Sara B.
AU  - Smith, David C.
AU  - Warnock, Francis E.
T1  - Why Do U.S. Cross-Listings Matter?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/05//
M3  - Article
SP  - 1
EP  - 33
AB  - This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and show that increases in U.S. investment are largest in firms from weak accounting backgrounds and in firms that are otherwise informationally opaque, indicating that U.S. investors value the improvements in disclosure associated with cross-listing. We confirm that relative equity valuations rise for cross-listed stocks, and provide evidence suggesting that valuation increases are due in part to increases in U.S. shareholder demand and in part to the fact that the equities become more attractive to non-U.S. shareholders. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance)
KW  - STOCK transfer
KW  - DEBT-to-equity ratio
KW  - STOCKHOLDERS
KW  - CAPITALISTS & financiers
KW  - INVESTMENTS
KW  - VALUATION
KW  - BUSINESS enterprises
KW  - UNITED States
KW  - Corporate Governance
KW  - Financial Disclosure
KW  - Home Bias
KW  - Portfolio Choice
N1  - Accession Number: 33004833; Ammer, John 1; Holland, Sara B. 2; Smith, David C. 3; Warnock, Francis E. 4; Affiliations: 1: Division of International Finance of the Board of Governors of the Federal Reserve System; 2: Haas School of Business, University of California at Berkeley; 3: McIntire School of Commerce, University of Virginia; 4: Darden Graduate School of Business Administration, University of Virginia; Issue Info: 2008, p1; Thesaurus Term: STOCKS (Finance); Thesaurus Term: STOCK transfer; Thesaurus Term: DEBT-to-equity ratio; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INVESTMENTS; Thesaurus Term: VALUATION; Thesaurus Term: BUSINESS enterprises; Subject: UNITED States; Author-Supplied Keyword: Corporate Governance; Author-Supplied Keyword: Financial Disclosure; Author-Supplied Keyword: Home Bias; Author-Supplied Keyword: Portfolio Choice; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 33p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Klee, Elizabeth
T1  - How people pay: Evidence from grocery store data
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2008/04//
VL  - 55
IS  - 3
M3  - Article
SP  - 526
EP  - 541
SN  - 03043932
AB  - Empirical evidence based on grocery store transaction data shows that consumer payment behavior at the point of sale is important for understanding models of money demand. There are statistically significant effects of transaction costs, opportunity costs, and product characteristics on the choice of payment instrument, which then, in turn, affect money demand. These results emphasize the overlap between the work of empirical researchers in payment choice and theoretical modelers of monetary economics and should inform both literatures. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PAYMENT
KW  - GROCERY industry
KW  - DEMAND for money
KW  - OPPORTUNITY costs
KW  - CONSUMER behavior
KW  - TRANSACTION costs
KW  - MONEY supply
KW  - CONSUMER goods
KW  - LIQUIDITY (Economics)
KW  - QUANTITY theory of money
KW  - CAPITAL investments -- Mathematical models
KW  - MONETARY policy
KW  - MATHEMATICAL models
KW  - ECONOMIC aspects
KW  - Consumer behavior
KW  - Media of exchange
KW  - Monetary and payment economics
N1  - Accession Number: 32053630; Klee, Elizabeth 1; Email Address: elizabeth.klee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 59, 20th and C Streets, Washington, DC 20551, USA; Issue Info: Apr2008, Vol. 55 Issue 3, p526; Thesaurus Term: PAYMENT; Thesaurus Term: GROCERY industry; Thesaurus Term: DEMAND for money; Thesaurus Term: OPPORTUNITY costs; Thesaurus Term: CONSUMER behavior; Thesaurus Term: TRANSACTION costs; Thesaurus Term: MONEY supply; Thesaurus Term: CONSUMER goods; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: QUANTITY theory of money; Thesaurus Term: CAPITAL investments -- Mathematical models; Thesaurus Term: MONETARY policy; Thesaurus Term: MATHEMATICAL models; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Consumer behavior; Author-Supplied Keyword: Media of exchange; Author-Supplied Keyword: Monetary and payment economics; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 445110 Supermarkets and Other Grocery (except Convenience) Stores; NAICS/Industry Codes: 424490 Other Grocery and Related Products Merchant Wholesalers; NAICS/Industry Codes: 424410 General Line Grocery Merchant Wholesalers; NAICS/Industry Codes: 413110 General-line food merchant wholesalers; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/j.jmoneco.2008.01.009
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=32053630&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mills, David C.
AU  - Nesmith, Travis D.
T1  - Risk and concentration in payment and securities settlement systems
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2008/04//
VL  - 55
IS  - 3
M3  - Article
SP  - 542
EP  - 553
SN  - 03043932
AB  - What drives the intraday patterns of settlement in payment and securities settlement systems? Using a model of the strategic interaction of participants in these systems to capture some stylized facts about the Federal Reserve's Fedwire funds and securities systems, this paper identifies three factors that influence a participant's decision on when to send transactions intraday: cost of intraday liquidity, extent of settlement risk, and system design. With these factors, the model can make predictions regarding the impact of policy on the concentration of transactions, amount of intraday overdrafts, central bank credit exposure, costs to system participants, and other risks. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PAYMENT systems
KW  - TRANSACTION costs
KW  - SYSTEMS design
KW  - CENTRAL banking industry
KW  - OVERDRAFT banking
KW  - COLLECTING of accounts
KW  - TRANSACTION cost theory of the firm
KW  - LIQUIDITY (Economics)
KW  - LINES of credit
KW  - FEDERAL Reserve monetary policy
KW  - ELECTRONIC funds transfers
KW  - ECONOMIC aspects
KW  - Bank behavior
KW  - Interbank payments
KW  - Securities settlement
KW  - Strategic games
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 32053631; Mills, David C.; Email Address: david.c.mills@frb.gov; Nesmith, Travis D. 1; Email Address: travis.d.nesmith@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, MS 188, Washington, DC 20551, USA; Issue Info: Apr2008, Vol. 55 Issue 3, p542; Thesaurus Term: PAYMENT systems; Thesaurus Term: TRANSACTION costs; Thesaurus Term: SYSTEMS design; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: OVERDRAFT banking; Thesaurus Term: COLLECTING of accounts; Thesaurus Term: TRANSACTION cost theory of the firm; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: LINES of credit; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: ELECTRONIC funds transfers; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Bank behavior; Author-Supplied Keyword: Interbank payments; Author-Supplied Keyword: Securities settlement; Author-Supplied Keyword: Strategic games ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 561440 Collection Agencies; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 12p; Document Type: Article
L3  - 10.1016/j.jmoneco.2008.01.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=32053631&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lehnert, Andreas
AU  - Passmore, Wayne
AU  - Sherlund, Shane
T1  - GSEs, Mortgage Rates, and Secondary Market Activities.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2008/04//
VL  - 36
IS  - 3
M3  - Article
SP  - 343
EP  - 363
SN  - 08955638
AB  - Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that securitize mortgages and issue mortgage-backed securities (MBS). In addition, the GSEs are active participants in the secondary mortgage market on behalf of their own investment portfolios. Because these portfolios have grown quite large, portfolio purchases (in addition to MBS issuance) are often thought to be an important force in the mortgage market. Using monthly data from 1993 to 2005 we estimate a VAR model of the relationship between GSE secondary market activities and mortgage interest rate spreads. We find that GSE portfolio purchases have no significant effects on either primary or secondary mortgage rate spreads. Further, we examine GSE activities and mortgage rate spreads in the wake of the 1998 debt crisis, and find that GSE portfolio purchases did little to affect mortgage rates. This empirical finding is robust to alternative identification assumptions and to alternative model and variable specifications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT-sponsored enterprises
KW  - MORTGAGE rates
KW  - SECONDARY markets
KW  - MORTGAGE-backed securities
KW  - INVESTMENTS
KW  - SECURITIES markets
KW  - MORTGAGES
KW  - BUSINESS enterprises
KW  - FINANCIAL institutions
KW  - Financial stability
KW  - G18
KW  - G21
KW  - Government-sponsored enterprises
KW  - H81
KW  - Mortgage finance
N1  - Accession Number: 30105480; Lehnert, Andreas 1; Email Address: andreas.lehnert@frb.gov; Passmore, Wayne 1; Email Address: wayne.passmore@frb.gov; Sherlund, Shane 1; Email Address: shane.m.sherlund@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System , Washington USA; Issue Info: Apr2008, Vol. 36 Issue 3, p343; Thesaurus Term: GOVERNMENT-sponsored enterprises; Thesaurus Term: MORTGAGE rates; Thesaurus Term: SECONDARY markets; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: INVESTMENTS; Thesaurus Term: SECURITIES markets; Thesaurus Term: MORTGAGES; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCIAL institutions; Author-Supplied Keyword: Financial stability; Author-Supplied Keyword: G18; Author-Supplied Keyword: G21; Author-Supplied Keyword: Government-sponsored enterprises; Author-Supplied Keyword: H81; Author-Supplied Keyword: Mortgage finance; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Illustrations: 2 Charts, 5 Graphs; Document Type: Article
L3  - 10.1007/s11146-007-9047-5
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=30105480&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CORSETTI, GIANCARLO
AU  - DEDOLA, LUCA
AU  - LEDUC, SYLVAIN
T1  - International Risk Sharing and the Transmission of Productivity Shocks.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 2008/04//
VL  - 75
IS  - 2
M3  - Article
SP  - 443
EP  - 473
PB  - Oxford University Press / USA
SN  - 00346527
AB  - This paper shows that standard international business cycle models can be reconciled with the empirical evidence on the lack of consumption risk sharing. First, we show analytically that with incomplete asset markets productivity disturbances can have large uninsurable effects on wealth, depending on the value of the trade elasticity and shock persistence. Second, we investigate these findings quantitatively in a model calibrated to the U.S. economy. With the low trade elasticity estimated via a method of moments procedure, the consumption risk of productivity shocks is magnified by high terms of trade and real exchange rate (RER) volatility. Strong wealth effects in response to shocks raise the demand for domestic goods above supply, crowding out external demand and appreciating the terms of trade and the RER. Building upon the literature on incomplete markets, we then show that similar results are obtained when productivity shocks are nearly permanent, provided the trade elasticity is set equal to the high values consistent with micro-estimates. Under both approaches the model accounts for the low and negative correlation between the RER and relative (domestic to foreign) consumption in the data—the “Backus–Smith puzzle”. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL business enterprises
KW  - RISK sharing
KW  - BUSINESS cycles
KW  - CONSUMPTION (Economics) -- Mathematical models
KW  - FOREIGN exchange rates
KW  - VOLATILITY (Finance)
KW  - ECONOMICS in literature
KW  - HEDGING (Finance)
KW  - ECONOMIC models
KW  - ASSETS (Accounting)
KW  - MARKETS
KW  - ECONOMIC aspects
KW  - UNITED States
N1  - Accession Number: 31147746; CORSETTI, GIANCARLO 1; DEDOLA, LUCA 2; LEDUC, SYLVAIN 3; Affiliations: 1: European University Institute and CEPR; 2: European Central Bank and CEPR; 3: Board of Governors of the Federal Reserve System; Issue Info: Apr2008, Vol. 75 Issue 2, p443; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: RISK sharing; Thesaurus Term: BUSINESS cycles; Thesaurus Term: CONSUMPTION (Economics) -- Mathematical models; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMICS in literature; Thesaurus Term: HEDGING (Finance); Thesaurus Term: ECONOMIC models; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: MARKETS; Subject Term: ECONOMIC aspects; Subject: UNITED States; Number of Pages: 31p; Illustrations: 3 Charts, 2 Graphs; Document Type: Article
L3  - 10.1111/j.1467-937X.2008.00475.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=31147746&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane
T1  - Predicting Cycles in Economic Activity.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2008/04//
M3  - Article
SP  - 1
EP  - 49
AB  - Predicting cycles in economic activity is one of the more challenging but important aspects of economic forecasting. This paper reports the results from estimation of binary probit models that predict the probability of an economy being in a recession using a variety of financial and real activity indicators. The models are estimated for eight countries, both individually and using a panel regression. Although the success of the models varies, they are all able to identify a significant number of recessionary periods correctly. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - ECONOMIC activity
KW  - ECONOMICS -- Research
KW  - ECONOMIC forecasting
KW  - ECONOMIC indicators
KW  - DISTRIBUTION (Probability theory)
KW  - ESTIMATION theory
KW  - ECONOMIC recovery
KW  - PREDICTION theory
KW  - business cycles
KW  - economic indicators
KW  - forecasting
KW  - turning points
N1  - Accession Number: 31931994; Haltmaier, Jane 1; Email Address: Jane.T.Haltmaier@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: 2008, p1; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: DISTRIBUTION (Probability theory); Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMIC recovery; Subject Term: PREDICTION theory; Author-Supplied Keyword: business cycles; Author-Supplied Keyword: economic indicators; Author-Supplied Keyword: forecasting; Author-Supplied Keyword: turning points; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 49p; Illustrations: 46 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - THE FED'S ROAD TOWARD GREATER TRANSPARENCY.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2008///Spring/Summer2008
VL  - 28
IS  - 2
M3  - Article
SP  - 175
EP  - 186
PB  - Cato Institute
SN  - 02733072
AB  - The article discusses the U.S. Federal Reserve (Fed), examining the need for transparent communications between the leadership of the Fed with the public. The author indicates that central bank transparency make monetary policy more effective and improves a country's financial and economic performance. Topics include the objectives of the central bank, performance of bond yields and asset prices, and expectations of the public regarding inflationary trends. The Fed's semiannual presentations to Congress are also discussed.
KW  - CENTRAL banking industry -- Management
KW  - COMMUNICATION
KW  - BANKING industry -- United States
KW  - FEDERAL Reserve banks
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - UNITED States
N1  - Accession Number: 33968794; Bernanke, Ben S. 1; Affiliation:  1: Chairman, Board of Governors of Federal Reserve System.; Source Info: Spring/Summer2008, Vol. 28 Issue 2, p175; Subject Term: CENTRAL banking industry -- Management; Subject Term: COMMUNICATION; Subject Term: BANKING industry -- United States; Subject Term: FEDERAL Reserve banks; Subject Term: MONETARY policy; Subject Term: ECONOMIC policy; Subject Term: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Durham, J. Benson
T1  - Implied Interest Rate Skew, Term Premiums, and the "Conundrum.".
JO  - Journal of Fixed Income
JF  - Journal of Fixed Income
Y1  - 2008///Spring2008
VL  - 17
IS  - 4
M3  - Article
SP  - 88
EP  - 99
PB  - Euromoney Institutional Investor PLC
SN  - 10598596
AB  - This article discusses the option-implied interest rate skew and the time-varying affine term structure models(ATSM)-based term premiums. It is stated that the correlation between 6-month ahead skew derived from options on Eurodollar futures and the ATSM-based 10-year zero-coupon term premium is positive. It concludes that the empirical relation between skew and term premiums is sensitive to the horizon of skew and to the precise measure of the term premium. Also, term premium estimates are not very closely correlated.
KW  - INTEREST rates
KW  - PREMIUMS (Retail trade)
KW  - EMPIRICAL research
KW  - INTEREST rate futures
KW  - FUTURES
KW  - INVESTMENT interest
N1  - Accession Number: 31706317; Durham, J. Benson 1,2; Email Address: j.benson.durham@frb.gov; Affiliations: 1: Assistant Director, Division of Monetary Affairs, Washington, DC; 2: Chief, Monetary and Financial Market Analysis Section, Board of Governors, Federal Reserve System, Washington, DC; Issue Info: Spring2008, Vol. 17 Issue 4, p88; Thesaurus Term: INTEREST rates; Thesaurus Term: PREMIUMS (Retail trade); Thesaurus Term: EMPIRICAL research; Thesaurus Term: INTEREST rate futures; Thesaurus Term: FUTURES; Thesaurus Term: INVESTMENT interest; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Dokko, Jane K.
T1  - Does the NEA Crowd Out Private Charitable Contributions to the Arts?
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/03//
M3  - Article
SP  - 1
EP  - 46
AB  - In this paper, I extend a theoretical model of the crowding out hypothesis, whereby government contributions to a public good displace private giving, in order to illustrate how dollar-for-dollar crowding out is possible even when individuals regard their own contributions and government grants as imperfect substitutes. I estimate that private charitable contributions to arts organizations increased by 60 cents to a dollar due to a major funding cut to the National Endowment for the Arts (NEA) during the mid-1990s. These increases, however, also coincided with, on average, a 25 cent increase in fund-raising expenditures by arts organizations for every dollar decrease in government grants. The estimate of crowding out found in this paper is large, particularly for a study using a micro-data set. I argue that an appropriate interpretation of an estimate of a crowding out parameter, in general, depends crucially on the context. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CHARITABLE giving
KW  - SUPPORT services (Management)
KW  - PUBLIC spending
KW  - GRANTS in aid (Public finance)
KW  - FUNDRAISING
KW  - TAX exemption
KW  - HERMENEUTICS
KW  - NATIONAL Endowment for the Arts
N1  - Accession Number: 35911257; Dokko, Jane K. 1; Email Address: jane.k.dokko@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: CHARITABLE giving; Thesaurus Term: SUPPORT services (Management); Thesaurus Term: PUBLIC spending; Thesaurus Term: GRANTS in aid (Public finance); Thesaurus Term: FUNDRAISING; Thesaurus Term: TAX exemption; Subject Term: HERMENEUTICS ; Company/Entity: NATIONAL Endowment for the Arts; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 813211 Grantmaking Foundations; NAICS/Industry Codes: 813210 Grant-making and giving services; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 561110 Office Administrative Services; NAICS/Industry Codes: 561210 Facilities Support Services; NAICS/Industry Codes: 561490 Other business support services; NAICS/Industry Codes: 561499 All Other Business Support Services; Number of Pages: 47p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pinto, Eugénio
T1  - Firm Dynamics with Infrequent Adjustment and Learning.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/03//
M3  - Article
SP  - 1
EP  - 38
AB  - We propose an explanation for the rapid post-entry growth of surviving firms found in recent studies. At the core of our theory is the interaction between adjustment costs and learning by entering firms about their efficiency. We show that linear adjustment costs, i.e., proportional costs, create incentives for firms to enter smaller and for successful firms to grow faster after entry. Initial uncertainty about profitability makes entering firms prudent since they want to avoid incurring superfluous costs on jobs that prove to be excessive ex post. Because higher adjustment costs imply less pruning of inefficient firms and faster growth of surviving firms, the contribution of survivors to growth in a cohort's average size increases. For the cohort of 1988 entrants in the Portuguese economy, we conclude that survivors' growth is the main factor behind growth in the cohort's average size. However, initial selection is higher and the survivors' contribution to growth is smaller in services than in manufacturing. An estimation of the model shows that the proportional adjustment cost is the key parameter to account for the high empirical survivors' contribution. In addition, firms in manufacturing learn relatively less initially about their efficiency and are subject to larger adjustment costs than firms in services. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - BUSINESS planning
KW  - FINANCIAL performance
KW  - BUSINESS forecasting
KW  - BREAK-even analysis
KW  - COST effectiveness
KW  - PROFIT
KW  - BUSINESS conditions
KW  - BUSINESS development
KW  - LEARNING
N1  - Accession Number: 35919637; Pinto, Eugénio 1; Email Address: eugenio.p.pinto@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, 20th Street and Constitution Avenue NW, Stop 80, Washington, DC 20511; Issue Info: 2008, p1; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: BUSINESS planning; Thesaurus Term: FINANCIAL performance; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: BREAK-even analysis; Thesaurus Term: COST effectiveness; Thesaurus Term: PROFIT; Thesaurus Term: BUSINESS conditions; Thesaurus Term: BUSINESS development; Subject Term: LEARNING; Number of Pages: 49p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - Benzoni, Luca
AU  - Collin-Dufresne, Pierre
AU  - Goldstein, Robert S.
T1  - Portfolio Choice over the Life-Cycle When the Stock and Labor Markets Are Cointegrated.
JO  - CFA Digest
JF  - CFA Digest
Y1  - 2008/02//
VL  - 38
IS  - 1
M3  - Abstract
SP  - 74
EP  - 76
SN  - 00469777
AB  - An abstract of the article "Portfolio Choice over the Life-Cycle When the Stock and Labor Markets Are Cointegrated," by Luca Benzoni, Pierre Collin-Fufresne and Robert S. Goldstein is presented.
KW  - STOCKS (Finance)
KW  - LABOR market
N1  - Accession Number: 29408405; Benzoni, Luca 1; Collin-Dufresne, Pierre 2; Goldstein, Robert S. 3; Affiliations: 1: Federal Reserve Banks of Chicago and St. Louis; 2: University of California, Berkeley; 3: University of Minnesota; Issue Info: Feb2008, Vol. 38 Issue 1, p74; Thesaurus Term: STOCKS (Finance); Thesaurus Term: LABOR market; Number of Pages: 3p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warusawitharana, Missaka
T1  - Corporate asset purchases and sales: Theory and evidence
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2008/02//
VL  - 87
IS  - 2
M3  - Article
SP  - 471
EP  - 497
SN  - 0304405X
AB  - Abstract: Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fundamental properties of the firm. Empirical tests confirm the predictions of the model. In particular, return on assets and size strongly predict when firms purchase or sell assets, and the transaction size covaries with the value of capital employed by the firm. These findings indicate that corporate asset purchases and sales are consistent with efficient investment decisions. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - OPERATING costs
KW  - STOCKHOLDERS
KW  - CONSOLIDATION & merger of corporations
KW  - EMPIRICAL research
KW  - CORPORATIONS -- Valuation
KW  - SAVING & investment
KW  - SALES
KW  - CAPITAL
KW  - ANALYSIS of covariance
KW  - TRANSACTION cost theory of the firm
KW  - ENDOGENOUS growth (Economics)
KW  - STOCKHOLDERS wealth
KW  - Acquisitions
KW  - Asset sales
KW  - Selection models
KW  - Tobin's Q
N1  - Accession Number: 28609988; Warusawitharana, Missaka 1; Email Address: m1mnw00@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Feb2008, Vol. 87 Issue 2, p471; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: OPERATING costs; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: EMPIRICAL research; Thesaurus Term: CORPORATIONS -- Valuation; Thesaurus Term: SAVING & investment; Thesaurus Term: SALES; Thesaurus Term: CAPITAL; Thesaurus Term: ANALYSIS of covariance; Thesaurus Term: TRANSACTION cost theory of the firm; Thesaurus Term: ENDOGENOUS growth (Economics); Thesaurus Term: STOCKHOLDERS wealth; Author-Supplied Keyword: Acquisitions; Author-Supplied Keyword: Asset sales; Author-Supplied Keyword: Selection models; Author-Supplied Keyword: Tobin's Q; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/j.jfineco.2007.02.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CARPENTER, SETH
AU  - DEMIRALP, SELVA
T1  - The Liquidity Effect in the Federal Funds Market: Evidence at the Monthly Frequency.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2008/02//
VL  - 40
IS  - 1
M3  - Article
SP  - 1
EP  - 24
PB  - Wiley-Blackwell
SN  - 00222879
AB  - In this paper, we argue that much of the research into the link between money and interest rates suffers from misspecification. The measure of money and the measure of interest rates are not always well matched. In examining the transmission of monetary policy, we show that using an appropriate measure of money, Federal Reserve balances, and the appropriate interest rate, the federal funds rate, a clear liquidity effect exists. Furthermore, we explain how a lack of a clear institutional understanding may have contributed to the finding of a “liquidity puzzle” in the past. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - LIQUIDITY (Economics)
KW  - INTEREST rates
KW  - MONETARY policy
KW  - UNITED States
KW  - E43
KW  - E52
KW  - E58
KW  - federal funds market
KW  - liquidity effect
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 28651500; CARPENTER, SETH 1; DEMIRALP, SELVA 2; Affiliations: 1: * Seth Carpenter is Assistant Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System ( E-mail: ).; 2: † Selva Demiralp is Assistant Professor, Department of Economics, Koç University ( E-mail: ).; Issue Info: Feb2008, Vol. 40 Issue 1, p1; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Subject: UNITED States; Author-Supplied Keyword: E43; Author-Supplied Keyword: E52; Author-Supplied Keyword: E58; Author-Supplied Keyword: federal funds market; Author-Supplied Keyword: liquidity effect ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Illustrations: 2 Charts, 13 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2008.00102.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Vigfusson, Robert
T1  - HOW DOES THE BORDER AFFECT PRODUCTIVITY? EVIDENCE FROM AMERICAN AND CANADIAN MANUFACTURING INDUSTRIES.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2008/02//
VL  - 90
IS  - 1
M3  - Article
SP  - 49
EP  - 64
PB  - MIT Press
SN  - 00346535
AB  - This study reports on how much productivity fluctuations are industry specific versus country specific. For the manufacturing industries in Canada and the United States, the correlation between cross-border pairings of the same industry are found to be more often highly correlated than previously thought. Furthermore, the study confirms earlier findings that the similarity of input use can help describe the co movement of productivity fluctuations across industries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR productivity
KW  - INDUSTRIAL productivity
KW  - LABOR economics
KW  - MANUFACTURING industries
KW  - INTERNATIONAL trade
KW  - BORDER trade
KW  - PRODUCTION (Economic theory)
KW  - INDUSTRIAL statistics
KW  - BOUNDARIES
KW  - CULTURAL boundaries
KW  - GEOPOLITICS
KW  - UNITED States
N1  - Accession Number: 29338586; Vigfusson, Robert 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Feb2008, Vol. 90 Issue 1, p49; Thesaurus Term: LABOR productivity; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: LABOR economics; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: BORDER trade; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: INDUSTRIAL statistics; Subject Term: BOUNDARIES; Subject Term: CULTURAL boundaries; Subject Term: GEOPOLITICS; Subject Term: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 16p; Illustrations: 13 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Roush, Jennifer E.
T1  - The "Growing Pains" of TIPS Issuance.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/02//
M3  - Article
SP  - 1
EP  - 19
AB  - This paper provides updated calculations of the relative cost to the U.S. Treasury of previously issued TIPS by comparing the payment stream on each security to that of hypothetical nominal counterpart. While the costs of the program (so measured) are large, totaling $5 to $8 billion to date, I show that they owe largely to market illiquidity in the early years of the program. Indeed, absent these market growing pains, the program would have yielded a substantial net savings to the government as investors were willing to pay a premium to insure against inflation risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - CAPITALISTS & financiers
KW  - LIQUIDITY (Economics)
KW  - FINANCE
KW  - ECONOMIC policy
KW  - PAYMENT
KW  - MONEY supply
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 35910931; Roush, Jennifer E. 1; Email Address: Jennifer.roush@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2008, p1; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FINANCE; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PAYMENT; Thesaurus Term: MONEY supply; Subject: UNITED States ; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Klapper, Leora F.
AU  - Martinez Peria, Maria Soledad
AU  - Zaidi, Rida
T1  - Bank ownership type and banking relationships
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2008/01//
VL  - 17
IS  - 1
M3  - Article
SP  - 37
EP  - 62
SN  - 10429573
AB  - Abstract: We formulate and test hypotheses about the role of bank ownership type—foreign, state-owned, and private domestic banks—in banking relationships. Our application uses data from India, an important developing nation. The empirical results are consistent with all of our hypotheses with regard to foreign banks. First, these banks tend to establish relationships with relatively transparent firms. Second, firms that have relationships with foreign banks are more likely to enter into multiple banking relationships and to maintain a larger number of such relationships. Finally, firms banking with foreign banks are more likely than others to diversify relationships across bank ownership types. The data are also consistent with the hypotheses that firms with relationships with state-owned banks are relatively unlikely to maintain multiple banking relationships, tend to interact with a smaller number of banks, and less often diversify across ownership types. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRIVATE banks
KW  - FOREIGN banking industry
KW  - INTERNATIONAL banking industry
KW  - INDIA
KW  - Banks
KW  - Government policies
KW  - International
N1  - Accession Number: 27691987; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Klapper, Leora F. 3; Email Address: lklapper@worldbank.org; Martinez Peria, Maria Soledad 3; Email Address: mmartinezperia@worldbank.org; Zaidi, Rida 4; Email Address: rz213@hermes.cam.ac.uk; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Development Research Group, The World Bank, Washington, DC 20433, USA; 4: Wolfson College, University of Cambridge, Cambridge CB3 9BB, UK; Issue Info: Jan2008, Vol. 17 Issue 1, p37; Thesaurus Term: PRIVATE banks; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: INTERNATIONAL banking industry; Subject: INDIA; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Government policies; Author-Supplied Keyword: International; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/j.jfi.2006.11.001
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ER  - 

TY  - JOUR
AU  - Arteta, Carlos
AU  - Hale, Galina
T1  - Sovereign debt crises and credit to the private sector
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2008/01//
VL  - 74
IS  - 1
M3  - Article
SP  - 53
EP  - 69
SN  - 00221996
AB  - Abstract: We use micro-level data to analyze emerging markets'' private sector access to international debt markets during sovereign debt crises. We find that these crises are systematically accompanied by a decline in foreign credit to domestic private firms, both during debt renegotiations and for over two years after restructuring agreements are reached. This decline is large, statistically significant, and robust. We find that this effect is concentrated in the non-financial sector and is different for firms in the exporting and in the non-exporting sectors. We also find that the magnitude of the effect depends on the type of debt restructuring agreement. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBT
KW  - FINANCE
KW  - LOANS
KW  - PRIVATE sector
KW  - Credit constraints
KW  - Credit rationing
KW  - Debt crisis
KW  - F32
KW  - F34
KW  - G32
KW  - International capital flows
KW  - Sovereign debt
N1  - Accession Number: 28113058; Arteta, Carlos 1; Hale, Galina 2; Email Address: galina.b.hale@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, Federal Reserve Board, MS 24, 20th and C Streets, NW, Washington, DC 20551, United States; 2: Federal Reserve Bank of San Francisco, 101 Market St., MS 1130, San Francisco, CA 94105, United States; Issue Info: Jan2008, Vol. 74 Issue 1, p53; Thesaurus Term: DEBT; Thesaurus Term: FINANCE; Thesaurus Term: LOANS; Thesaurus Term: PRIVATE sector; Author-Supplied Keyword: Credit constraints; Author-Supplied Keyword: Credit rationing; Author-Supplied Keyword: Debt crisis; Author-Supplied Keyword: F32; Author-Supplied Keyword: F34; Author-Supplied Keyword: G32; Author-Supplied Keyword: International capital flows; Author-Supplied Keyword: Sovereign debt; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jinteco.2007.05.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fernald, John G.
AD  - US Federal Reserve System
T1  - Carreteras hacia la prosperidad? Evaluacion del vinculo entre el capital publico y la productividad. (With English summary.)
JO  - Papeles de Economia Espanola
JF  - Papeles de Economia Espanola
Y1  - 2008///
IS  - 118
SP  - 278
EP  - 300
SN  - 02109107
N1  - Accession Number: 1039616; Keywords: Infrastructure;  Roads;  Vehicles; Geographic Descriptors: U.S.; Geographic Region: Northern America; Language: Spanish; Publication Type: Journal Article; Update Code: 200905
N2  - Does the positive correlation between infrastructure and productivity reflect causation? If so, in which direction? I find that when growth in roads (the largest component of infrastructure) changes, productivity growth changes disproportionately in U.S. industries with more vehicles. That vehicle-intensive industries benefit more from road-building suggests that roads are productive. At the margin, however, road investments do not appear unusually productive. Intuitively, the interstate system was highly productive, but a second one would not be. Road-building thus explains much of the productivity slowdown through a one-time, unrepeatable productivity boost in the 1950s and 1960s.
KW  - Macroeconomics: Production          E23
KW  - National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock          H54
KW  - State and Local Government: Other Expenditure Categories          H76
KW  - Transportation Economics: Government and Private Investment Analysis; Road Maintenance, Transportation Planning          R42
KW  - Public Facility Location Analysis; Public Investment and Capital Stock          R53
L3  - http://www.funcas.es/Publicaciones/Index.aspx?Id=24&ddg=0
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UR  - http://www.funcas.es/Publicaciones/Index.aspx?Id=24&ddg=0
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sherlund, Shane M.
T1  - The Jumbo-Conforming Spread: A Semiparametric Approach.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2008/01//
M3  - Article
SP  - 1
EP  - 30
AB  - This paper estimates the jumbo-conforming spread using data from the Federal Housing Finance Board's Monthly Interest Rate Survey from January 1993 to June 2007. Importantly, this paper augments the typical parametric approach by adding state-level foreclosure laws and ZIP-level demographic variables to the model, estimating the effects of loan size and loan-to-value ratio on mortgage rates nonparametrically, and including geographic location as a control for some potentially unobserved borrower and market characteristics that might vary over geography, such as credit scores, debt-to-income ratios, and house price volatility. A partial local-linear regression approach is used to estimate the jumbo-conforming spread, on the premise that loans similar to each other in terms of loan size, loan-to-value ratio, or geographic location might also be similar in other, unobservable borrower and market characteristics. I find estimates of the jumbo-conforming spread of 13 to 24 basis points-50 to 24 percent smaller since about 1996, when credit scores became widely used in mortgage underwriting, than estimates from a commonly used parametric model. I therefore attribute the difference in estimates to credit quality and other unobserved characteristics, among other potential explanations, making these controls an important issue in estimating the jumbo-conforming spread. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FORECLOSURE
KW  - MORTGAGE loans
KW  - COST estimates
KW  - DEBT-to-equity ratio
KW  - INTEREST rate risk
KW  - SPREAD (Finance)
KW  - HOME prices
KW  - REGRESSION analysis
KW  - UNITED States
KW  - jumbo-conforming spread
KW  - locallinear regression
KW  - Mortgages
KW  - partial-linear regression
N1  - Accession Number: 35910903; Sherlund, Shane M. 1; Email Address: Shane.M.Sherlund@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551; Issue Info: 2008, p1; Thesaurus Term: FORECLOSURE; Thesaurus Term: MORTGAGE loans; Thesaurus Term: COST estimates; Thesaurus Term: DEBT-to-equity ratio; Thesaurus Term: INTEREST rate risk; Thesaurus Term: SPREAD (Finance); Thesaurus Term: HOME prices; Thesaurus Term: REGRESSION analysis; Subject: UNITED States; Author-Supplied Keyword: jumbo-conforming spread; Author-Supplied Keyword: locallinear regression; Author-Supplied Keyword: Mortgages; Author-Supplied Keyword: partial-linear regression; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 33p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mishkin, Frederic S.
T1  - Inflation Dynamics.
JO  - International Finance
JF  - International Finance
Y1  - 2007///Winter2007
VL  - 10
IS  - 3
M3  - Article
SP  - 317
EP  - 334
PB  - Wiley-Blackwell
SN  - 13670271
AB  - This paper first outlines the key stylized facts about changes in inflation dynamics in recent years: (1) inflation persistence has declined, (2) the Phillips-curve has flattened and (3) inflation has become less responsive to other shocks. These changes in inflation dynamics are interpreted as resulting from an anchoring of inflation expectations as a result of better monetary policy. The paper then goes on to draw implications for monetary policy from this interpretation, as well as implications for inflation forecasts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - PHILLIPS curve
KW  - ECONOMICS
KW  - MONEY
KW  - MONETARY policy
KW  - MONEY supply
KW  - ECONOMIC policy
KW  - ECONOMIC indicators
N1  - Accession Number: 28024778; Mishkin, Frederic S. 1; Email Address: frederic.mishkin@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Winter2007, Vol. 10 Issue 3, p317; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Thesaurus Term: PHILLIPS curve; Thesaurus Term: ECONOMICS; Thesaurus Term: MONEY; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC indicators; Number of Pages: 18p; Illustrations: 3 Graphs; Document Type: Article
L3  - 10.1111/j.1468-2362.2007.00205.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Black, Lamont
AU  - Hancock, Diana
AU  - Passmore, Wayne
T1  - Bank Core Deposits and the Mitigation of Monetary Policy.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2007/12//
M3  - Article
SP  - 1
EP  - 34
AB  - We consider the business strategy of some banks that provide relationship loans (where they have loan origination and monitoring advantages relative to capital markets) with core deposit funding (where they can pass along the benefit of a sticky price on deposits). These "traditional banks" tend to lend out less than the deposits they take in, so they have a "buffer stock" of core deposits. This buffer stock of core deposits can be used to mitigate the full effect of tighter monetary policy on their bank-dependent borrowers. In this manner, the business strategy of "traditional banks" acts as a "core deposit mitigation channel" to provide funds to bank-dependent borrowers when there are monetary shocks. In effect, there is no bank lending channel of monetary policy associated with these traditional banks. In contrast, other banks mainly rely on managed liabilities that are priced at market rates. These banks do not have to shift from insured deposits to managed liabilities in response to tighter monetary policy. At the margin, their loans are already funded with managed liabilities. For these banks as well, there is no unique bank lending channel of monetary policy. The only banks that are likely to raise loan rates substantially in response to an increase in the federal funds rate are banks with a high proportion of relationship loans that are close to a loan-to-core deposit ratio of one. These banks must substitute higher cost nondeposit liabilities, which have an external finance premium, for core deposits, which do not because of deposit insurance. Some of these banks may also face higher marginal costs as their loan-to-core deposit ratio approaches one because of the costs associated with lending to default-prone relationship borrowers. It is among these banks (which we refer to as high relationship lenders), and only these banks, that we find evidence of a bank lending channel - they significantly reduce lending in response to a monetary contraction. Importantly, these banks hold only a small fraction of U.S. banking assets. Thus, in the United States, the bank lending channel seems limited in scope and importance, mainly because so few banks that specialize in relationship lending switch from core deposits to managed liabilities in response to changes in interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - RELATIONSHIP banking
KW  - DEPOSIT banking
KW  - DEPOSIT insurance
KW  - MONETARY policy
KW  - MONEYLENDERS
KW  - ASSET management
KW  - LOANS
KW  - UNITED States
N1  - Accession Number: 35912772; Black, Lamont 1; Hancock, Diana 1; Passmore, Wayne 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20511; Issue Info: 2007, p1; Thesaurus Term: BANKING industry; Thesaurus Term: RELATIONSHIP banking; Thesaurus Term: DEPOSIT banking; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEYLENDERS; Thesaurus Term: ASSET management; Thesaurus Term: LOANS; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; Number of Pages: 46p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Sichel, Daniel E.
AU  - Stiroh, Kevin J.
T1  - Explaining a Productive Decade.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2007/12//
M3  - Article
SP  - 1
EP  - 95
AB  - This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. We confirm the central role for information technology (IT) in the productivity revival during 1995-2000 and show that IT played a significant, though smaller, role after 2000. Productivity growth after 2000 appears to have been boosted by industry restructuring and cost cutting in response to profit pressures, an unlikely source of future strength. In addition, the incorporation of intangible capital into the growth accounting framework takes some of the luster off the performance of labor productivity since 2000 and makes the gain during 1995-2000 look larger than in the official data. Finally, we examine the outlook for trend growth in labor productivity; our estimate, though subject to much uncertainty, is centered at 2-1/4 percent a year, faster than the lackluster pace that prevailed before 1995 but somewhat slower than the 1995-2006 average. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFORMATION technology
KW  - INDUSTRIAL productivity
KW  - COST effectiveness
KW  - LABOR productivity
KW  - PERFORMANCE standards
KW  - LABOR
KW  - BUSINESS development
KW  - UNITED States
N1  - Accession Number: 35912763; Oliner, Stephen D. 1; Sichel, Daniel E. 1; Stiroh, Kevin J. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of New York; Issue Info: 2007, p1; Thesaurus Term: INFORMATION technology; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: COST effectiveness; Thesaurus Term: LABOR productivity; Thesaurus Term: PERFORMANCE standards; Thesaurus Term: LABOR; Thesaurus Term: BUSINESS development; Subject: UNITED States; Number of Pages: 98p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bertaut, Carol C.
AU  - Tryon, Ralph W.
T1  - Monthly Estimates of U.S. Cross-border Securities Positions.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2007/11//
M3  - Article
SP  - 2
EP  - 52
AB  - This paper reports monthly estimates of U.S. cross-border securities positions obtained by combining the (now) annual TIC surveys with monthly transactions data adjusted for various differences in the two reporting standards. Our approach is similar to that of Thomas, Warnock and Wongswan (2004), but in addition to having a somewhat larger dataset we are able to make some simplifications to the numerical procedure used and we incorporate additional adjustments to the transactions data. This paper describes the procedure used and presents the monthly results. In addition, we discuss how the procedure can be extended to extrapolate holdings estimates beyond the most recent survey values. We focus primarily on U.S. liabilities to foreign holders, because more data is available than for U.S. claims, but we show how our methodology can be applied to U.S. claims as well. We also provide some guidance on how the changes in estimated holdings can be decomposed into flows, valuation changes, and other factors. Time series of estimates of holdings, by country, are available for download. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - SECURITIES markets
KW  - SECURITIES trading
KW  - INTERNATIONAL finance
KW  - FEDERAL Reserve banks
KW  - DEBT-to-equity ratio
KW  - VALUATION
KW  - COMMODITY exchanges
KW  - UNITED States
KW  - Cross-border Securities Holdings
KW  - International Investment Position
KW  - Treasury International Capital
N1  - Accession Number: 29982406; Bertaut, Carol C. 1; Tryon, Ralph W. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: 2007, p2; Thesaurus Term: FOREIGN investments; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES trading; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: DEBT-to-equity ratio; Thesaurus Term: VALUATION; Thesaurus Term: COMMODITY exchanges; Subject: UNITED States; Author-Supplied Keyword: Cross-border Securities Holdings; Author-Supplied Keyword: International Investment Position; Author-Supplied Keyword: Treasury International Capital; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 51p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adams, Robert M.
AU  - Sickles, Robin C.
T1  - Semiparametric Efficient Distribution Free Estimation of Panel Models.
JO  - Communications in Statistics: Theory & Methods
JF  - Communications in Statistics: Theory & Methods
Y1  - 2007/10//
VL  - 36
IS  - 13
M3  - Article
SP  - 2425
EP  - 2442
SN  - 03610926
AB  - This article generalizes results from Park et al. (1998) and Adams et al. (1999) on semiparametric efficient estimation of panel models. The form of semiparametric efficient estimators depends on the statistical assumptions imposed. Normality assumptions on the transitory error are sometimes inappropriate. We relax the normality assumption used in the articles above to derive more general semiparametric efficient estimators. These estimators are illustrated in a Monte Carlo simulation and an analysis of banking productivity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Communications in Statistics: Theory & Methods is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ESTIMATION theory
KW  - REGRESSION analysis
KW  - BANKING industry
KW  - ECONOMETRICS
KW  - MATHEMATICAL analysis
KW  - ROBUST control
KW  - Banking efficiency
KW  - Efficient estimation
KW  - Information bound
KW  - Panel models
KW  - Semiparametric estimation
N1  - Accession Number: 26774444; Adams, Robert M. 1; Sickles, Robin C. 2; Email Address: rsickles@rice.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C., USA; 2: Department of Economics, Rice University, Houston, Texas, USA; Issue Info: Oct2007, Vol. 36 Issue 13, p2425; Thesaurus Term: ESTIMATION theory; Thesaurus Term: REGRESSION analysis; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICAL analysis; Subject Term: ROBUST control; Author-Supplied Keyword: Banking efficiency; Author-Supplied Keyword: Efficient estimation; Author-Supplied Keyword: Information bound; Author-Supplied Keyword: Panel models; Author-Supplied Keyword: Semiparametric estimation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 18p; Illustrations: 7 Charts; Document Type: Article
L3  - 10.1080/03610920701215563
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCracken, Michael W.
T1  - Asymptotics for out of sample tests of Granger causality
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2007/10//
VL  - 140
IS  - 2
M3  - Article
SP  - 719
EP  - 752
SN  - 03044076
AB  - Abstract: This paper presents analytical, Monte Carlo and empirical evidence concerning out-of-sample tests of Granger causality. The environment is one in which the relative predictive ability of two nested parametric regression models is of interest. Results are provided for three statistics: a regression-based statistic suggested by Granger and Newbold [1977. Forecasting Economic Time Series. Academic Press Inc., London], a t-type statistic comparable to those suggested by Diebold and Mariano [1995, Comparing Predictive Accuracy. Journal of Business and Economic Statistics, 13, 253–263] and West [1996. Asymptotic Inference About Predictive Ability, Econometrica, 64, 1067–1084], and an F-type statistic akin to Theil''s U. Since the asymptotic distributions under the null are nonstandard, tables of asymptotically valid critical values are provided. Monte Carlo evidence supports the theoretical results. An empirical example evaluates the predictive content of the Chicago Fed National Activity Index for growth in Industrial Production and core PCE-based inflation. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ESTIMATION theory
KW  - DISTRIBUTION (Probability theory)
KW  - REGRESSION analysis
KW  - ECONOMICS -- Statistical methods
KW  - ECONOMIC forecasting
KW  - ECONOMETRICS
KW  - C12
KW  - C32
KW  - C52
KW  - C53
KW  - Forecast evaluation
KW  - Granger causality
KW  - Hypothesis testing
KW  - Model selection
N1  - Accession Number: 26151664; McCracken, Michael W. 1; Email Address: michael.w.mccracken@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and Constitution N.W., Washington, DC 20551, USA; Issue Info: Oct2007, Vol. 140 Issue 2, p719; Thesaurus Term: ESTIMATION theory; Thesaurus Term: DISTRIBUTION (Probability theory); Thesaurus Term: REGRESSION analysis; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMETRICS; Author-Supplied Keyword: C12; Author-Supplied Keyword: C32; Author-Supplied Keyword: C52; Author-Supplied Keyword: C53; Author-Supplied Keyword: Forecast evaluation; Author-Supplied Keyword: Granger causality; Author-Supplied Keyword: Hypothesis testing; Author-Supplied Keyword: Model selection; Number of Pages: 34p; Document Type: Article
L3  - 10.1016/j.jeconom.2006.07.020
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Brevoort, Kenneth P.
AU  - Canner, Glenn B.
T1  - Opportunities and Issues in Using HMDA Data.
JO  - Journal of Real Estate Research
JF  - Journal of Real Estate Research
Y1  - 2007/10//Oct-Dec2007
VL  - 29
IS  - 4
M3  - Article
SP  - 351
EP  - 379
PB  - American Real Estate Society
SN  - 08965803
AB  - Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions to disclose to the public information about the home loans they originate or purchase during a calendar year. In using these data, however, researchers need to be aware of a number of issues and potential problems that characterize HMDA. This article provides a comprehensive enumeration of these issues, focusing on practical problems that can potentially influence choices researchers make in using the data or in interpreting the findings. The article also includes an illustrative example of how the data that is reported in HMDA can be used to gain a better understanding of trends and practices in the home mortgage market. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Research is the property of American Real Estate Society and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGES
KW  - HOUSING -- Finance -- Law & legislation
KW  - MORTGAGE loans
KW  - FINANCIAL statements
KW  - DISCLOSURE
KW  - REAL property
N1  - Accession Number: 27730487; Avery, Robert B. 1; Email Address: ravery@frb.gov; Brevoort, Kenneth P. 1; Canner, Glenn B. 1; Email Address: Glenn.B.Canner@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C. 20551-0001; Issue Info: Oct-Dec2007, Vol. 29 Issue 4, p351; Thesaurus Term: MORTGAGES; Thesaurus Term: HOUSING -- Finance -- Law & legislation; Thesaurus Term: MORTGAGE loans; Thesaurus Term: FINANCIAL statements; Thesaurus Term: DISCLOSURE; Thesaurus Term: REAL property; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 29p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - James, John A.
AU  - Palumbo, Michael G.
AU  - Thomas, Mark
T1  - Consumption smoothing among working-class American families before social insurance.
JO  - Oxford Economic Papers
JF  - Oxford Economic Papers
Y1  - 2007/10//
VL  - 59
IS  - 4
M3  - Article
SP  - 606
EP  - 640
SN  - 14643812
AB  - This paper examines the saving decisions of a large sample of turn-of-the-century working-class American families. We decompose each family's reported income into permanent and transitory components and then estimate marginal propensities to save from each component. Marginal propensities to save out of transitory income are large relative to the propensities based on permanent income, though the former lie much below one and the latter much above zero, remarkably similar to results based on contemporary data sets. Smoothing appears to have been primarily at medium rather than low frequencies, more consistent with precautionary than with life-cycle motives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Oxford Economic Papers is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - INCOME distribution
KW  - PROPENSITY to save
KW  - SOCIAL security
KW  - COST & standard of living
KW  - CONSUMPTION (Economics)
KW  - SUPPLY & demand
KW  - WORKING class families
KW  - UNITED States
N1  - Accession Number: 27475341; James, John A. 1; Palumbo, Michael G. 2; Thomas, Mark 3; Email Address: mt4w@virginia.edu; Affiliations: 1: Department of Economics, University of Virginia; 2: Board of Governors of the Federal Reserve System; 3: Department of History, University of Virginia, PO Box 400180, Randall Hall, Charlottesville, VA 22904, USA; Issue Info: Oct2007, Vol. 59 Issue 4, p606; Thesaurus Term: SAVING & investment; Thesaurus Term: INCOME distribution; Thesaurus Term: PROPENSITY to save; Thesaurus Term: SOCIAL security; Thesaurus Term: COST & standard of living; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: SUPPLY & demand; Subject Term: WORKING class families; Subject: UNITED States; Number of Pages: 35p; Illustrations: 5 Charts, 2 Graphs; Document Type: Article
L3  - 10.1093/oep/gpm007
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ER  - 

TY  - JOUR
AU  - Gibson, Michael S.
T1  - Credit Derivatives and Risk Management.
JO  - Economic Review (07321813)
JF  - Economic Review (07321813)
Y1  - 2007///2007 4th Quarter
VL  - 92
IS  - 4
M3  - Article
SP  - 25
EP  - 41
SN  - 07321813
AB  - In this article, the author documents the striking growth of credit derivatives in the U.S. According to the author, market participants--including commercial banks, investment banks and investors-- drive the growth. He discusses a number of the ways that credit derivatives can be useful for risk management. He also explores some significant risk-management challenges posed by credit derivatives. He claims that many of the challenges reflect the immaturity of the credit derivatives market. The author suggests that market participants must address the challenges for the credit derivatives market to develop and mature.
KW  - CREDIT derivatives
KW  - RISK management in business
KW  - MERCHANT banks
KW  - INVESTMENT banking
KW  - CAPITALISTS & financiers
KW  - DERIVATIVE securities
KW  - SECURITIES markets
KW  - UNITED States
N1  - Accession Number: 28453540; Gibson, Michael S. 1; Affiliation:  1: Deputy associate director, Division of Research and Statistics, Board of Governors of the Federal Reserve System; Source Info: 2007 4th Quarter, Vol. 92 Issue 4, p25; Subject Term: CREDIT derivatives; Subject Term: RISK management in business; Subject Term: MERCHANT banks; Subject Term: INVESTMENT banking; Subject Term: CAPITALISTS & financiers; Subject Term: DERIVATIVE securities; Subject Term: SECURITIES markets; Subject Term: UNITED States; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 17p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Roush, Jennifer E.
T1  - The expectations theory works for monetary policy shocks
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2007/09//
VL  - 54
IS  - 6
M3  - Article
SP  - 1631
EP  - 1643
SN  - 03043932
AB  - In practice, the expectations theory of the term structure is employed extensively in monetary policy analysis despite its empirical failure. This paper performs a conditional test of the theory that is directly relevant to monetary theory and policy. It finds that the theory holds quite well conditional on identified monetary policy shocks, but fails conditional on aggregate supply shocks that prompt an immediate jump in prices. It also finds that policy responses to movements in the term structure play an important role in uncovering evidence for the theory as predicted by McCallum [1994. Monetary policy and the term structure of interest rates. NBER Working Paper Series, no. 4938]. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - RATIONAL expectations (Economic theory)
KW  - CONSUMPTION (Economics) -- Mathematical models
KW  - ECONOMIC forecasting
KW  - MONETARY theory
KW  - SUPPLY & demand
KW  - RESEARCH
KW  - INTEREST rates
KW  - ECONOMICS -- Statistical methods
KW  - PRICE increases
KW  - AUTOREGRESSION (Statistics)
KW  - POLICY analysis
KW  - C11
KW  - C32
KW  - E43
KW  - E44
KW  - E52
KW  - Identification
KW  - Monetary policy
KW  - Simultaneity
KW  - Structural vector autoregression
KW  - Term structure
N1  - Accession Number: 26151618; Roush, Jennifer E. 1; Email Address: jennifer.roush@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep2007, Vol. 54 Issue 6, p1631; Thesaurus Term: MONETARY policy; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: CONSUMPTION (Economics) -- Mathematical models; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONETARY theory; Thesaurus Term: SUPPLY & demand; Thesaurus Term: RESEARCH; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: PRICE increases; Subject Term: AUTOREGRESSION (Statistics); Subject Term: POLICY analysis; Author-Supplied Keyword: C11; Author-Supplied Keyword: C32; Author-Supplied Keyword: E43; Author-Supplied Keyword: E44; Author-Supplied Keyword: E52; Author-Supplied Keyword: Identification; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Simultaneity; Author-Supplied Keyword: Structural vector autoregression; Author-Supplied Keyword: Term structure; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jmoneco.2006.06.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
T1  - Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance.
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2007/09//
VL  - 15
IS  - 4
M3  - Article
SP  - 639
EP  - 659
PB  - Wiley-Blackwell
SN  - 09657576
AB  - Most macroeconomic models imply that faster income growth tends either to lower a country’s trade balance by raising its imports with little change to its exports or to reduce its terms of trade in order to maintain balanced trade. Krugman (1989 ) proposed a model in which countries grow by producing new varieties of goods. In his model, faster-growing countries are able to export these new goods and maintain balanced trade without suffering any deterioration in their terms of trade. This paper analyzes the growth of US imports from different source countries and finds strong support for Krugman’s model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of International Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BALANCE of trade
KW  - INTERNATIONAL trade
KW  - IMPORTS
KW  - INTERNATIONAL competition
KW  - BALANCE of payments
KW  - UNITED States
N1  - Accession Number: 26334673; Gagnon, Joseph E. 1; Email Address: joseph.e.gagnon@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 2000 C Street NW,Washington, DC 20551, USA; Issue Info: Sep2007, Vol. 15 Issue 4, p639; Thesaurus Term: BALANCE of trade; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: IMPORTS; Thesaurus Term: INTERNATIONAL competition; Thesaurus Term: BALANCE of payments; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 21p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article
L3  - 10.1111/j.1467-9396.2007.00696.x
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ER  - 

TY  - JOUR
AU  - MINIANE, JACQUES
AU  - ROGERS, JOHN H.
T1  - Capital Controls and the International Transmission of U.S. Money Shocks.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/08//
VL  - 39
IS  - 5
M3  - Article
SP  - 1003
EP  - 1035
PB  - Wiley-Blackwell
SN  - 00222879
AB  - We assess whether capital controls effectively insulate countries from U.S. monetary shocks, examining a large range of country experiences in a unified estimation framework. We estimate the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries with less open capital accounts exhibit systematically smaller responses. We find essentially no evidence of this. Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross-country differences in responses. The significant differences in responses we do find are more pronounced at short horizons. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTEREST rates
KW  - INTERNATIONAL economic integration
KW  - INTERNATIONAL markets
KW  - FOREIGN exchange rates
KW  - UNITED States -- Foreign economic relations
KW  - UNITED States
KW  - capital mobility
KW  - F32
KW  - F34
KW  - foreign shocks
N1  - Accession Number: 25882153; MINIANE, JACQUES 1; ROGERS, JOHN H. 2; Affiliations: 1: * Jacques Miniane is from the International Monetary Fund ( E-mail: ); 2: † John H. Rogers is from Board of Governors of the Federal Reserve System ( E-mail: ).; Issue Info: Aug2007, Vol. 39 Issue 5, p1003; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: INTERNATIONAL economic integration; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: FOREIGN exchange rates; Subject Term: UNITED States -- Foreign economic relations; Subject: UNITED States; Author-Supplied Keyword: capital mobility; Author-Supplied Keyword: F32; Author-Supplied Keyword: F34; Author-Supplied Keyword: foreign shocks; Number of Pages: 33p; Illustrations: 10 Charts, 7 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2007.00056.x
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ER  - 

TY  - JOUR
AU  - Kroszner, Randall S.
T1  - The Changing Dynamics of Inflation.
JO  - Business Economics
JF  - Business Economics
Y1  - 2007/07//
VL  - 42
IS  - 3
M3  - Article
SP  - 7
EP  - 13
PB  - Palgrave Macmillan Ltd.
SN  - 0007666X
AB  - Inflation in the United States and elsewhere has become lower and more stable over the past two decades. It is likely that monetary policy has played an important role in this change in inflation dynamics by creating expectations of stability. This paper traces the evolution of the role of expectations in thinking about inflation, the supporting evidence over the past two decades, and role of central banks in influencing expectations. Increased global integration has magnified these effects. However, the importance of factors other than monetary policy implies that policymakers must consider a wide range of information before acting. Moreover, expectations of inflation stability cannot be taken for granted; and policymakers must be vigilant against complacency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Business Economics is the property of Palgrave Macmillan Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - CENTRAL banking industry
KW  - EFFECT of inflation on the banking industry
KW  - FINANCE
KW  - MONETARY policy
KW  - UNITED States
N1  - Accession Number: 26363373; Kroszner, Randall S. 1; Affiliations: 1: Member, Board of Governors, United States Federal Reserve System; Issue Info: Jul2007, Vol. 42 Issue 3, p7; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: EFFECT of inflation on the banking industry; Thesaurus Term: FINANCE; Thesaurus Term: MONETARY policy; Subject: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 7p; Document Type: Article; Full Text Word Count: 5057
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
T1  - Obstacles to a global banking system: “Old Europe” versus “New Europe”
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2007/07//
VL  - 31
IS  - 7
M3  - Article
SP  - 1955
EP  - 1973
SN  - 03784266
AB  - Abstract: “Old Europe” – the developed nations of continental Europe – averages only about 15% foreign bank ownership, whereas “New Europe” – the transition nations of Eastern Europe – averages about 70%. Similar findings hold elsewhere in the world – developed nations tend to have much lower foreign bank ownership shares than developing nations. We examine the causes of the differences within Europe with an eye toward more general conclusions. Our findings suggest that the low foreign bank shares in “Old Europe” – and perhaps developed nations more generally – may primarily result from net comparative disadvantages for foreign banks and relatively high implicit government entry barriers. The high foreign penetration in “New Europe” – and perhaps developing nations more generally – may be due to net comparative advantages for foreign banks and low government entry barriers, particularly in nations that reduced their state bank ownership. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL banking industry
KW  - STATE banks
KW  - COMPARATIVE advantage (International trade)
KW  - BANK holding companies
KW  - EUROPE, Western -- Economic conditions -- 1945-
KW  - EUROPE, Eastern -- Economic conditions -- 1989-
KW  - EUROPE, Western
KW  - EUROPE, Eastern
KW  - Banks
KW  - Cross-border
KW  - Europe
KW  - F23
KW  - G21
KW  - G28
KW  - Globalization
KW  - L10
N1  - Accession Number: 25343049; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets. NW, Mail Stop 153, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; Issue Info: Jul2007, Vol. 31 Issue 7, p1955; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: STATE banks; Thesaurus Term: COMPARATIVE advantage (International trade); Thesaurus Term: BANK holding companies; Subject Term: EUROPE, Western -- Economic conditions -- 1945-; Subject Term: EUROPE, Eastern -- Economic conditions -- 1989-; Subject: EUROPE, Western; Subject: EUROPE, Eastern; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Cross-border; Author-Supplied Keyword: Europe; Author-Supplied Keyword: F23; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: Globalization; Author-Supplied Keyword: L10; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jbankfin.2007.01.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levin, Andrew
AU  - Yun, Tack
T1  - Reconsidering the natural rate hypothesis in a New Keynesian framework
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2007/07//
VL  - 54
IS  - 5
M3  - Article
SP  - 1344
EP  - 1365
SN  - 03043932
AB  - This paper formulates a stylized New Keynesian model in which each individual firm can select the frequency of its price adjustments. The endogeneity of contract duration has a dramatic impact on the magnitude of the aggregate effects of steady-state inflation. With a plausible calibration of the magnitude of menu costs and other structural parameters, this model predicts a relationship between steady-state inflation and the frequency of price adjustment that is reasonably close to the empirical findings of cross-country studies. Furthermore, at moderate inflation rates, steady-state inflation generates relative price distortions that have a non-trivial impact on aggregate output, but this impact wanes and eventually disappears at much higher annual inflation rates because the frequency of price adjustment approaches that of the flexible-price economy. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - KEYNESIAN economics
KW  - ECONOMICS
KW  - INFLATION (Finance)
KW  - COST
KW  - ECONOMIC models
KW  - BUSINESS enterprises
KW  - ECONOMIC aspects
KW  - E31
KW  - E52
KW  - Endogenous contract duration
KW  - Indexation
KW  - Natural rate hypothesis
N1  - Accession Number: 26151628; Levin, Andrew 1; Yun, Tack; Email Address: tack.yun@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Jul2007, Vol. 54 Issue 5, p1344; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: ECONOMICS; Thesaurus Term: INFLATION (Finance); Thesaurus Term: COST; Thesaurus Term: ECONOMIC models; Thesaurus Term: BUSINESS enterprises; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: E31; Author-Supplied Keyword: E52; Author-Supplied Keyword: Endogenous contract duration; Author-Supplied Keyword: Indexation; Author-Supplied Keyword: Natural rate hypothesis; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jmoneco.2007.06.006
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Chaboud, Alain P.
T1  - What Can the Data Tell Us about Carry Trades in Japanese Yen?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2007/07//
M3  - Article
SP  - 1
EP  - 29
AB  - This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual or a sector to be engaged in the carry trade if it has a short position in yen and a long position in other currencies. The tendency of large yen movements to be skewed toward appreciations is consistent with the existence of substantial carry positions, and other evidence from market prices provides some modest support for an effect from the carry trade. Data on bank loans and bond holdings by currency reveal a large apparent yen carry position of the Japanese official sector and modest carry positions in the Japanese and foreign banking sectors. The Japanese private non-banking sector has a large long foreign-currency position, but does not have a short yen position, and is thus not engaged in the yen carry trade in the aggregate. However, it is possible that exporters and investors in Japan use the derivatives markets to hedge some of their long foreign-currency exposure, with the private non-banking sector outside of Japan (including most hedge funds) likely to be taking on most of the associated carry exposure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL institutions
KW  - YEN (Japanese currency)
KW  - MONEY market
KW  - HEDGE funds
KW  - MARKET prices
KW  - COMMERCIAL credit
KW  - SMALL business loans
KW  - FOREIGN banking industry
KW  - JAPAN
KW  - foreign exchange
KW  - hedge fund
KW  - interest rate parity
N1  - Accession Number: 28529523; Gagnon, Joseph E. 1; Chaboud, Alain P. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2007, preceding p1; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: YEN (Japanese currency); Thesaurus Term: MONEY market; Thesaurus Term: HEDGE funds; Thesaurus Term: MARKET prices; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: SMALL business loans; Thesaurus Term: FOREIGN banking industry; Subject: JAPAN; Author-Supplied Keyword: foreign exchange; Author-Supplied Keyword: hedge fund; Author-Supplied Keyword: interest rate parity; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 30p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Lacker, Jeffrey M.
AU  - Weinberg, John A.
T1  - Inflation and Unemployment: A Layperson's Guide to the Phillips Curve.
JO  - Economic Quarterly (10697225)
JF  - Economic Quarterly (10697225)
Y1  - 2007///Summer2007
VL  - 93
IS  - 3
M3  - Article
SP  - 201
EP  - 227
PB  - Federal Reserve Bank of Richmond
SN  - 10697225
AB  - The article examines the evolution of the people's understanding of the Phillips curve from its beginning to debate on economic policy. The Phillips curve, which refers to the concept of a tradeoff between two economic outcomes, was named after A. W. Phillips, a New Zealand-born economist. It is believed that the history of the Phillips curve indicate that the capacity of monetary policy to be included to economic variability by means of overreacting to shocks is greater than its capacity to lessen real variability.
KW  - PHILLIPS curve
KW  - INFLATION (Finance) -- Mathematical models
KW  - FISCAL policy
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - PHILLIPS, A. W.
N1  - Accession Number: 27166316; Lacker, Jeffrey M. 1 Weinberg, John A. 2; Affiliation:  1: President, Federal Reserve Bank, Richmond  2: Senior Vice President and Director of Research, Federal Reserve System; Source Info: Summer2007, Vol. 93 Issue 3, p201; Subject Term: PHILLIPS curve; Subject Term: INFLATION (Finance) -- Mathematical models; Subject Term: FISCAL policy; Subject Term: ECONOMIC policy; Subject Term: MONETARY policy; NAICS/Industry Codes: 921130 Public Finance Activities; People: PHILLIPS, A. W.; Number of Pages: 27p; Illustrations: 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Han, Song
AU  - Li, Wenli
T1  - Fresh Start or Head Start? The Effects of Filing for Personal Bankruptcy on Work Effort.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2007/06//
VL  - 31
IS  - 2/3
M3  - Article
SP  - 123
EP  - 152
SN  - 09208550
AB  - The key feature of the modern US personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. It has long been believed that the primary goal of the discharge policy is to preserve human capital by maintaining incentives to work. We provide the first test of this fresh start argument by estimating the effect of personal bankruptcy filing on work effort using data from the Panel Study of Income Dynamics. Our econometric approach controls for the endogenous self-selection of bankruptcy filing. We find that filing for bankruptcy does not have a positive impact on annual work hours for bankrupt households, a result mainly due to the wealth effects of debt discharge. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKRUPTCY
KW  - DISCHARGE of debt
KW  - HUMAN capital
KW  - BUSINESS failures
KW  - WEALTH management services
KW  - ECONOMETRICS
KW  - D14
KW  - fresh start
KW  - J22
KW  - K35
KW  - labor supply
KW  - Personal bankruptcy
KW  - wealth effect
N1  - Accession Number: 26090257; Han, Song 1; Email Address: Song.Han@frb.gov; Li, Wenli 2; Email Address: Wenli.li@phil.frb.org; Affiliations: 1: Division of Research and Statistics, Stop 89 , Board of Governors of the Federal Reserve System , Washington 20551 USA; 2: Department of Research , Federal Reserve Bank of Philadelphia , Ten Independence Mall Philadelphia 19106 USA; Issue Info: Jun2007, Vol. 31 Issue 2/3, p123; Thesaurus Term: BANKRUPTCY; Thesaurus Term: DISCHARGE of debt; Thesaurus Term: HUMAN capital; Thesaurus Term: BUSINESS failures; Thesaurus Term: WEALTH management services; Thesaurus Term: ECONOMETRICS; Author-Supplied Keyword: D14; Author-Supplied Keyword: fresh start; Author-Supplied Keyword: J22; Author-Supplied Keyword: K35; Author-Supplied Keyword: labor supply; Author-Supplied Keyword: Personal bankruptcy; Author-Supplied Keyword: wealth effect; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 30p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article
L3  - 10.1007/s10693-006-0001-0
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Gruber, Joseph W.
AU  - Kamin, Steven B.
T1  - Explaining the global pattern of current account imbalances
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2007/06//
VL  - 26
IS  - 4
M3  - Article
SP  - 500
EP  - 522
SN  - 02615606
AB  - Abstract: We assess some of the explanations that have been put forward for the global pattern of current account imbalances that has emerged in recent years, particularly the large U.S. current account deficit and the large surpluses of the Asian developing economies. Adopting a panel-regression approach, as in Chinn and Prasad (2003. Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration. Journal of International Economics 59, 47–76), we find that the Asian surpluses are well explained by a model that incorporates, in addition to standard determinants, the impact of financial crises on current accounts. However, our model, even when augmented by measures of institutional quality, fails to explain the large U.S. current account deficit. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES markets
KW  - FINANCIAL crises
KW  - BUSINESS cycles
KW  - UNITED States
KW  - Capital flows
KW  - Current account
KW  - Financial crisis
N1  - Accession Number: 25104363; Gruber, Joseph W.; Email Address: joseph.w.gruber@frb.gov; Kamin, Steven B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, International Finance Division, Washington DC 20551, USA; Issue Info: Jun2007, Vol. 26 Issue 4, p500; Thesaurus Term: SECURITIES markets; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BUSINESS cycles; Subject: UNITED States; Author-Supplied Keyword: Capital flows; Author-Supplied Keyword: Current account; Author-Supplied Keyword: Financial crisis; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jimonfin.2007.03.003
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ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - DICK, ASTRID A.
T1  - Entry into Banking Markets and the Early-Mover Advantage.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/06//
VL  - 39
IS  - 4
M3  - Article
SP  - 775
EP  - 807
PB  - Wiley-Blackwell
SN  - 00222879
AB  - Using a sample for 1972–2002 with over 10,000 bank entries into local markets, we find a market share advantage for early entrants. In particular, the earlier a bank enters, the larger is its market share relative to other banks, controlling for firm, market, and time effects, with a market share advantage for early movers between 1 and 15 percentage points, depending on the order of entry. The strongest early-mover advantage is for banks that were in our sample in 1972 and survive into the 1990s. Moreover, early entrants appear to have such hold in the market by strategically investing in larger branch networks. Even controlling for the potential survivorship bias, we find that a bank's share decreases by 0.1 percentage points for a change in its order of entry from nth to ( n+ 1)th. High growth markets show a smaller difference between late and early movers, consistent with a larger fraction of consumers yet to be locked in with a bank in these markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - MARKET entry
KW  - MARKET share
KW  - CORPORATIONS -- Growth
KW  - ECONOMIC aspects
KW  - EVALUATION
KW  - COMPETITION
KW  - banks
KW  - firm strategy
KW  - first-mover advantage
KW  - G2
KW  - L1
KW  - market entry
KW  - market structure
N1  - Accession Number: 25317631; BERGER, ALLEN N. 1; DICK, ASTRID A. 2; Affiliations: 1: * Allen N. Berger is at the Board of Governors of the Federal Reserve System, Washington, D.C., and at Wharton Financial Institutions Center, Philadelphia ( E-mail: ).; 2: † Astrid A. Dick is at INSEAD Business School, Fontainebleau, France ( E-mail: ).; Issue Info: Jun2007, Vol. 39 Issue 4, p775; Thesaurus Term: BANKING industry; Thesaurus Term: MARKET entry; Thesaurus Term: MARKET share; Thesaurus Term: CORPORATIONS -- Growth; Subject Term: ECONOMIC aspects; Subject Term: EVALUATION; Subject Term: COMPETITION; Author-Supplied Keyword: banks; Author-Supplied Keyword: firm strategy; Author-Supplied Keyword: first-mover advantage; Author-Supplied Keyword: G2; Author-Supplied Keyword: L1; Author-Supplied Keyword: market entry; Author-Supplied Keyword: market structure; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 33p; Illustrations: 13 Charts; Document Type: Article
L3  - 10.1111/j.1538-4616.2007.00046.x
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - Inflation Targeting under Imperfect Knowledge.
JO  - FRBSF Economic Letter
JF  - FRBSF Economic Letter
Y1  - 2007/05/05/2007 Economic Review
VL  - 2007
M3  - Article
SP  - 1
EP  - 23
PB  - Federal Reserve Bank of San Francisco
SN  - 0890927X
AB  - The article examines the role of key elements of the inflation targeting framework in the context of an economy where economic agents have an imperfect understanding of the macroeconomic landscape. To emphasize the concept of inflation targeting, the authors cite the monetary policy of the U.S. They conclude that simple difference rules at inflation expectations to the central bank's goal achieve superior stabilization of inflation and economic activity.
KW  - INFLATION (Finance)
KW  - ECONOMIC policy
KW  - CENTRAL banking industry
KW  - MACROECONOMICS
KW  - MONETARY policy
KW  - ECONOMIC activity
N1  - Accession Number: 25313789; Orphanides, Athanasios 1 Williams, John C. 2; Affiliation:  1: Senior Adviser, Board of Governors of the Federal Reserve System  2: Senior Vice President, Advisor Federal Reserve Bank of San Francisco; Source Info: 2007 Economic Review, Vol. 2007, p1; Subject Term: INFLATION (Finance); Subject Term: ECONOMIC policy; Subject Term: CENTRAL banking industry; Subject Term: MACROECONOMICS; Subject Term: MONETARY policy; Subject Term: ECONOMIC activity; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 23p; Illustrations: 2 Charts, 17 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Gürkaynak, Refet S.
AU  - Levin, Andrew T.
AU  - Marder, Andrew N.
AU  - Swanson, Eric T.
T1  - Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere.
JO  - FRBSF Economic Letter
JF  - FRBSF Economic Letter
Y1  - 2007/05/05/2007 Economic Review
VL  - 2007
M3  - Article
SP  - 25
EP  - 47
PB  - Federal Reserve Bank of San Francisco
SN  - 0890927X
AB  - The article examines the success of inflation targeting in anchoring long-term inflation expectations in three Western Hemisphere countries including Canada, Chile, and the U.S. Using the bond yield data, the authors compared the behavior of long-term nominal and indexed bond yields in response to the economic growth in these countries. The result suggested that the presence of inflation can play an important role in anchoring inflation expectation in emerging market economies.
KW  - INFLATION (Finance)
KW  - INFLATION-indexed bonds
KW  - CAPITALISM
KW  - ECONOMIC indicators
KW  - EMERGING markets
KW  - WESTERN Hemisphere
N1  - Accession Number: 25313790; Gürkaynak, Refet S. 1 Levin, Andrew T. 2 Marder, Andrew N. Swanson, Eric T. 3; Affiliation:  1: Assistant Professor, Bilkent University  2: Assistant Director, Section Chief, Board of Governors of the Federal Reserve System  3: Research Advisor Federal Reserve Bank of San Francisco; Source Info: 2007 Economic Review, Vol. 2007, p25; Subject Term: INFLATION (Finance); Subject Term: INFLATION-indexed bonds; Subject Term: CAPITALISM; Subject Term: ECONOMIC indicators; Subject Term: EMERGING markets; Subject Term: WESTERN Hemisphere; Number of Pages: 27p; Illustrations: 7 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Rogers, John H.
AU  - Wang, Shing-Yi B.
AU  - Wright, Jonathan H.
T1  - The high-frequency response of exchange rates and interest rates to macroeconomic announcements
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2007/05//
VL  - 54
IS  - 4
M3  - Article
SP  - 1051
EP  - 1068
SN  - 03043932
AB  - The joint movements of exchange rates and U.S. and foreign term structures over short-time windows around macro announcements are studied using a 14-year span of high-frequency data. In order to evaluate whether the joint effects can be reconciled with conventional theory, the implications of these joint movements for changes in expected future exchange rates and changes in foreign exchange risk premia are deduced. For several real macro announcements, a stronger than expected release appreciates the dollar today, and must either (i) lower the risk premium for holding foreign currency rather than dollars, or (ii) imply net expected dollar depreciation over the ensuing decade. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS -- Research
KW  - FOREIGN exchange rates
KW  - INTEREST rates
KW  - MACROECONOMICS
KW  - MONETARY policy
KW  - FOREIGN exchange
KW  - RISK premiums
KW  - FOREIGN exchange rate risk
KW  - C22
KW  - Data releases
KW  - Exchange rates
KW  - F31
KW  - Overshooting
KW  - Uncovered interest parity
N1  - Accession Number: 24867413; Faust, Jon 1; Rogers, John H. 1; Email Address: John.H.Rogers@frb.gov; Wang, Shing-Yi B. 2; Wright, Jonathan H. 3; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Department of Economics, Yale University, USA; 3: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: May2007, Vol. 54 Issue 4, p1051; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTEREST rates; Thesaurus Term: MACROECONOMICS; Thesaurus Term: MONETARY policy; Thesaurus Term: FOREIGN exchange; Thesaurus Term: RISK premiums; Thesaurus Term: FOREIGN exchange rate risk; Author-Supplied Keyword: C22; Author-Supplied Keyword: Data releases; Author-Supplied Keyword: Exchange rates; Author-Supplied Keyword: F31; Author-Supplied Keyword: Overshooting; Author-Supplied Keyword: Uncovered interest parity; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.jmoneco.2006.05.015
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bassett, William F.
T1  - Medicaid's Nursing Home Coverage and Asset Transfers.
JO  - Public Finance Review
JF  - Public Finance Review
Y1  - 2007/05//
VL  - 35
IS  - 3
M3  - Article
SP  - 414
EP  - 439
SN  - 10911421
AB  - Medicaid covers the costs of a long nursing home stay. This coverage may create an incentive for the elderly to transfer their assets to their children to qualify for Medicaid before entering a nursing home. Previous researchers had found little evidence that such behavior was widespread or that asset transfers were large. However, data from the Study of Asset and Health Dynamics Among the Oldest Old (AHEAD) suggest that the self-assessed probability of entering a nursing home is a significant determinant of the likelihood of making an asset transfer. The budgetary implications of these Medicaid-induced asset transfers were probably fairly small at the time of the study, but not insignificant, and are likely to have risen steadily since. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Public Finance Review is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MEDICAID
KW  - MEDICAL care costs
KW  - NURSING home care
KW  - MEDICAL policy
KW  - NURSING care facilities
KW  - HEALTH facilities
KW  - LONG-term care facilities
KW  - federal budget
KW  - inheritance and succession
KW  - Medicaid
KW  - nursing home care
N1  - Accession Number: 24858450; Bassett, William F. 1; Source Information: May2007, Vol. 35 Issue 3, p414; Subject: MEDICAID; Subject: MEDICAL care costs; Subject: NURSING home care; Subject: MEDICAL policy; Subject: NURSING care facilities; Subject: HEALTH facilities; Subject: LONG-term care facilities; Author-Supplied Keyword: federal budget; Author-Supplied Keyword: inheritance and succession; Author-Supplied Keyword: Medicaid; Author-Supplied Keyword: nursing home care; Number of Pages: 26p; Document Type: Article
L3  - 10.1177/1091142106293944
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DP  - EBSCOhost
DB  - hch
ER  - 

TY  - JOUR
AU  - Campbell, Sean D.
T1  - Macroeconomic Volatility, Predictability, and Uncertainty in the Great Moderation: Evidence From the Survey of Professional Forecasters.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2007/04//
VL  - 25
IS  - 2
M3  - Article
SP  - 191
EP  - 200
SN  - 07350015
AB  - I examine the extent to which the large decline in observed real output volatility, that is, the great moderation, can be attributed to changes in macroeconomic uncertainty and macroeconomic predictability using forecasts of future real output growth from tile Survey of Professional Forecasters (SPF). The results indicate that both predictability and uncertainty have declined over the great moderation. The results indicate that measuring the decline in macroeconomic uncertainty with the volatility of shocks from a fixed-parameter autoregressive model overstates the decline in uncertainty by between 20% and 25%. I examine how this overstatement affects predictions of the equity premium in the consumption capital asset pricing model (CCAPM), and I relate the decline in predictability to a significant change in the relationship between SPF forecasts and key measures of current macroeconomic performance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - VOLATILITY (Finance)
KW  - ECONOMIC forecasting
KW  - REGRESSION analysis
KW  - ECONOMIC models
KW  - UNCERTAINTY
KW  - Great moderation
KW  - Predictability
KW  - Uncertainty
KW  - Volatility
N1  - Accession Number: 24808652; Campbell, Sean D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Apr2007, Vol. 25 Issue 2, p191; Thesaurus Term: MACROECONOMICS; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: REGRESSION analysis; Thesaurus Term: ECONOMIC models; Subject Term: UNCERTAINTY; Author-Supplied Keyword: Great moderation; Author-Supplied Keyword: Predictability; Author-Supplied Keyword: Uncertainty; Author-Supplied Keyword: Volatility; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kroszner, Randall S.
AU  - Laeven, Luc
AU  - Klingebiel, Daniela
T1  - Banking crises, financial dependence, and growth
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2007/04//
VL  - 84
IS  - 1
M3  - Article
SP  - 187
EP  - 228
SN  - 0304405X
AB  - Abstract: This paper contributes to the literature that analyzes the mechanisms linking financial shocks and real activity. In particular, we investigate the growth impact of banking crises on industries with different levels of dependence on external finance. If banks are the key institutions allowing credit constraints to be relaxed, then a sudden loss of these intermediaries in a system in which such intermediaries are important should have a disproportionately contractionary impact on the sectors that flourished due to their reliance on banks. Using data from 38 developed and developing countries that experienced financial crises during the last quarter century, we find that those sectors that are highly dependent on external finance tend to experience a substantially greater contraction of value added during a banking crisis in countries with deeper financial systems than in countries with shallower financial systems. Our results do not suggest, however, that on net the externally dependent firms fare worse in deep financial systems. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCE
KW  - BANKING industry
KW  - FINANCIAL crises
KW  - ECONOMICS -- Research
KW  - VALUE added (Marketing)
KW  - INTERNATIONAL finance
KW  - DEVELOPING countries
KW  - ECONOMIC aspects
KW  - Banking and financial crises
KW  - Credit channel
KW  - Financial development
KW  - Financing constraints
KW  - G21
KW  - O16
N1  - Accession Number: 24546845; Kroszner, Randall S. 1; Laeven, Luc 2,3; Email Address: llaeven@imf.org; Klingebiel, Daniela 4; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, USA; 2: International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA; 3: CEPR, 90-98 Goswell Road, London, EC1 V 7RR, United Kingdom; 4: World Bank, 1818 H Street, NW, Washington, DC 20433, USA; Issue Info: Apr2007, Vol. 84 Issue 1, p187; Thesaurus Term: FINANCE; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ECONOMICS -- Research; Thesaurus Term: VALUE added (Marketing); Thesaurus Term: INTERNATIONAL finance; Subject Term: DEVELOPING countries; Subject Term: ECONOMIC aspects; Author-Supplied Keyword: Banking and financial crises; Author-Supplied Keyword: Credit channel; Author-Supplied Keyword: Financial development; Author-Supplied Keyword: Financing constraints; Author-Supplied Keyword: G21; Author-Supplied Keyword: O16; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 42p; Document Type: Article
L3  - 10.1016/j.jfineco.2006.05.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Curcuru, Stephanie E.
AU  - Dvorak, Tomas
AU  - Warnock, Francis E.
T1  - The Stability of Large External Imbalances: The Role of Returns Differentials.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2007/04//
M3  - Working Paper
SP  - 1
EP  - 50
AB  - Were the U.S. to persistently earn substantially more on its foreign investments (‘U.S. claims’) than foreigners earn on their U.S. investments (‘U.S. liabilities’), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, utilizing data on the actual foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential of U.S. claims over U.S. liabilities is essentially zero. Ending our sample in 2005, the differential is positive, whereas through 2004 it is negative; in both cases the differential is statistically indecipherable from zero. Moreover, were it not for the poor timing of investors from developed countries, who tend to shift their U.S. portfolios toward (or away from) equities prior to the subsequent underperformance (or strong performance) of equities, the returns differential would be even lower. Thus, in the context of equity and bond portfolios we find no evidence that the U.S. can count on earning more on its claims than it pays on its liabilities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - INTERNATIONAL economic relations
KW  - INTERNATIONAL finance
KW  - CORPORATE tax planning
KW  - CAPITAL movements
KW  - FINANCE
KW  - INVESTMENTS
KW  - TAX havens
KW  - UNITED States
KW  - current account imbalances
KW  - international investment
N1  - Accession Number: 27407935; Curcuru, Stephanie E. 1; Dvorak, Tomas 2; Warnock, Francis E. 3; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Union College; 3: Darden Graduate School of Business, University of Virginia Institute for International Integration Studies, Trinity College Dublin National Bureau of Economic Research; Issue Info: 2007, p1; Thesaurus Term: FOREIGN investments; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: CORPORATE tax planning; Thesaurus Term: CAPITAL movements; Thesaurus Term: FINANCE; Thesaurus Term: INVESTMENTS; Thesaurus Term: TAX havens; Subject: UNITED States; Author-Supplied Keyword: current account imbalances; Author-Supplied Keyword: international investment; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 50p; Illustrations: 9 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kroszner, Randall S.
T1  - THE CONQUEST OF WORLDWIDE INFLATION: CURRENCY COMPETITION AND ITS IMPLICATIONS FOR INTEREST RATES AND THE YIELD CURVE.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2007///Spring/Summer2007
VL  - 27
IS  - 2
M3  - Article
SP  - 135
EP  - 147
PB  - Cato Institute
SN  - 02733072
AB  - The article argues that globalization, deregulation and financial innovation, as well as experiences of high inflation in the 1980s, have fostered currency competition that has led to improved central bank performance, and the conquest of worldwide inflation. A worldwide decline in inflation in the 1990s was a result of the increased competition among currencies, which, in effect, allowed improvements in central bank independence, governance and credibility. From the average 7% inflation rate in the 1980s this has fallen to 2% in the 2000s.
KW  - INFLATION (Finance)
KW  - GLOBALIZATION
KW  - MONEY
KW  - CENTRAL banking industry
KW  - DEREGULATION
KW  - ECONOMIC aspects
KW  - COMPETITION
N1  - Accession Number: 26266303; Kroszner, Randall S. 1; Affiliation:  1: Member of Board of Governors of the Federal Reserve System; Source Info: Spring/Summer2007, Vol. 27 Issue 2, p135; Subject Term: INFLATION (Finance); Subject Term: GLOBALIZATION; Subject Term: MONEY; Subject Term: CENTRAL banking industry; Subject Term: DEREGULATION; Subject Term: ECONOMIC aspects; Subject Term: COMPETITION; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kroszner, Randall S.
T1  - THE CONQUEST OF WORLDWIDE INFLATION: CURRENCY COMPETITION AND ITS IMPLICATIONS FOR INTEREST RATES AND THE YIELD CURVE.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2007///Spring/Summer2007
VL  - 27
IS  - 2
M3  - Article
SP  - 135
EP  - 147
PB  - Cato Institute
SN  - 02733072
AB  - The article argues that globalization, deregulation and financial innovation, as well as experiences of high inflation in the 1980s, have fostered currency competition that has led to improved central bank performance, and the conquest of worldwide inflation. A worldwide decline in inflation in the 1990s was a result of the increased competition among currencies, which, in effect, allowed improvements in central bank independence, governance and credibility. From the average 7% inflation rate in the 1980s this has fallen to 2% in the 2000s.
KW  - INFLATION (Finance)
KW  - GLOBALIZATION
KW  - MONEY
KW  - CENTRAL banking industry
KW  - DEREGULATION
KW  - ECONOMIC aspects
KW  - COMPETITION
N1  - Accession Number: 26266303; Kroszner, Randall S. 1; Affiliations: 1: Member of Board of Governors of the Federal Reserve System; Issue Info: Spring/Summer2007, Vol. 27 Issue 2, p135; Thesaurus Term: INFLATION (Finance); Thesaurus Term: GLOBALIZATION; Thesaurus Term: MONEY; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: DEREGULATION; Subject Term: ECONOMIC aspects; Subject Term: COMPETITION; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - NEWS
AU  - Kwast, Myron L.
T1  - How Have the Banking System and the Process of Financial Intermediation Changed?
JO  - Economic Review (07321813)
JF  - Economic Review (07321813)
Y1  - 2007///2007 1st & 2nd Quarter
VL  - 92
IS  - 1/2
M3  - Editorial
SP  - 76
EP  - 82
SN  - 07321813
AB  - The article discusses some of the structural and financial changes in the U.S. banking system and the process of financial intermediation. It contrasts the present banking system from the banking system of 1986. It claims that the vast majority of U.S. banks have remained healthy, with strong rates of return on both equity and assets, solid capital ratios and strong reserves. It describes a number of bank supervisory reforms that have been implemented since 1986.
KW  - BANKING industry -- United States
KW  - INTERMEDIATION (Finance)
KW  - RATE of return
KW  - UNITED States
N1  - Accession Number: 25284426; Kwast, Myron L. 1; Affiliation:  1: Senior Associate Director, Division of Research and Statistics, Board of Governors, Federal Reserve System; Source Info: 2007 1st & 2nd Quarter, Vol. 92 Issue 1/2, p76; Subject Term: BANKING industry -- United States; Subject Term: INTERMEDIATION (Finance); Subject Term: RATE of return; Subject Term: UNITED States; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; Number of Pages: 7p; Document Type: Editorial
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - GERTLER, MARK
AU  - GILCHRIST, SIMON
AU  - NATALUCCI, FABIO M.
T1  - External Constraints on Monetary Policy and the Financial Accelerator.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/03//
VL  - 39
IS  - 2/3
M3  - Article
SP  - 295
EP  - 330
PB  - Wiley-Blackwell
SN  - 00222879
AB  - We develop a small open economy macroeconomic model where financial conditions influence aggregate behavior. Our goal is to explore the connection between the exchange rate regime and financial distress. We first show that a calibrated version of the model captures well the behavior of the Korean economy during its financial crisis period of 1997–98. In particular, the model accounts for the sharp increase in lending rates and the large drop in output, employment, investment, and measured productivity. The financial market frictions play an important role, further, explaining roughly half the decline in overall economic activity. We then perform some counterfactual exercises to illustrate how the fixed exchange rate regime likely exacerbated the crisis by tying the hands of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CURRENCY crises
KW  - FOREIGN exchange rates
KW  - FINANCIAL crises
KW  - CENTRAL banking industry
KW  - KOREA (South) -- Economic conditions -- 1960-1988
KW  - KOREA
KW  - E5
KW  - exchange rate policy
KW  - F3
KW  - F4
KW  - financial crises
N1  - Accession Number: 24814560; GERTLER, MARK 1; GILCHRIST, SIMON 2; NATALUCCI, FABIO M. 3; Affiliations: 1: *New York University and NBER (E-mail: ); 2: †Boston University and NBER (E-mail: ); 3: ‡Board of Governors of the Federal Reserve System (E-mail: ).; Issue Info: Mar2007, Vol. 39 Issue 2/3, p295; Thesaurus Term: CURRENCY crises; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FINANCIAL crises; Thesaurus Term: CENTRAL banking industry; Subject Term: KOREA (South) -- Economic conditions -- 1960-1988; Subject: KOREA; Author-Supplied Keyword: E5; Author-Supplied Keyword: exchange rate policy; Author-Supplied Keyword: F3; Author-Supplied Keyword: F4; Author-Supplied Keyword: financial crises; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 36p; Illustrations: 2 Charts, 9 Graphs; Document Type: Article
L3  - 10.1111/j.0022-2879.2007.00027.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - DICK, ASTRID A.
AU  - GOLDBERG, LAWRENCE G.
AU  - WHITE, LAWRENCE J.
T1  - Competition from Large, Multimarket Firms and the Performance of Small, Single-Market Firms: Evidence from the Banking Industry.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/03//
VL  - 39
IS  - 2/3
M3  - Article
SP  - 331
EP  - 368
PB  - Wiley-Blackwell
SN  - 00222879
AB  - We offer and test two competing hypotheses for the consolidation trend in banking using U.S. banking industry data over the period 1982–2000. Under the efficiency hypothesis, technological progress improved the performance of large, multimarket firms relative to small, single-market firms, whereas under the hubris hypothesis, consolidation was largely driven by corporate hubris. Our results are consistent with an empirical dominance of the efficiency hypothesis over the hubris hypothesis—on net, technological progress allowed large, multimarket banks to compete more effectively against small, single-market banks in the 1990s than in the 1980s. We also isolate the extent to which technological progress occurred through scale versus geographic effects and how they affected the performance of small, single-market banks through revenues versus costs. The results may shed light as well on some of the research and policy issues related to community banking. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - ECONOMIES of scale
KW  - RETAIL banking
KW  - CONSOLIDATION & merger of corporations
KW  - BIG business
KW  - BUSINESS enterprises -- Size
KW  - bank size
KW  - banks
KW  - community banking
KW  - G21
KW  - G28
KW  - L11
KW  - multimarket banks
KW  - O33
KW  - technological progress
N1  - Accession Number: 24814559; BERGER, ALLEN N. 1; DICK, ASTRID A. 2; GOLDBERG, LAWRENCE G. 3; WHITE, LAWRENCE J. 4; Affiliations: 1: *Board of Governors of the Federal Reserve System, Wharton Financial Institutions Center, Philadelphia (E-mail: ); 2: †Federal Reserve Bank of New York (E-mail: ); 3: ‡Department of Finance, University of Miami (deceased); 4: §Stern School of Business, New York University (E-mail: ).; Issue Info: Mar2007, Vol. 39 Issue 2/3, p331; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIES of scale; Thesaurus Term: RETAIL banking; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: BIG business; Thesaurus Term: BUSINESS enterprises -- Size; Author-Supplied Keyword: bank size; Author-Supplied Keyword: banks; Author-Supplied Keyword: community banking; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: L11; Author-Supplied Keyword: multimarket banks; Author-Supplied Keyword: O33; Author-Supplied Keyword: technological progress; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522130 Credit Unions; Number of Pages: 38p; Illustrations: 5 Charts; Document Type: Article
L3  - 10.1111/j.0022-2879.2007.00028.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCARTHY, JONATHAN
AU  - ZAKRAJŠEK, EGON
T1  - Inventory Dynamics and Business Cycles: What Has Changed?
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/03//
VL  - 39
IS  - 2/3
M3  - Article
SP  - 591
EP  - 613
PB  - Wiley-Blackwell
SN  - 00222879
AB  - To what extent can information-technology led improvements in inventory management account for the apparent moderation of economic fluctuations in the United States since the mid-1980s? We argue that changes in inventory dynamics played a reinforcing—rather than a leading—role in the reduction of output volatility. Since the mid-1980s, inventory dynamics have changed in a manner consistent with a faster resolution of inventory imbalances. However, these changes appear to be a consequence of changes in the response of industry-level sales and aggregate economic activity to monetary policy shocks. Our results suggest that it is the interaction between the changes in inventory behavior at the industry level and the macroeconomic environment—where the latter likely includes changes in the conduct of monetary policy and the responses of the economy to policy disturbances—rather than any single factor, that has contributed importantly to the observed decline in economic volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS domestic product
KW  - MONETARY policy
KW  - MACROECONOMICS
KW  - MANUFACTURING industries
KW  - INVENTORY management systems
KW  - INFORMATION technology
KW  - BUSINESS cycles
KW  - UNITED States
KW  - D24
KW  - E22
KW  - E32
KW  - GDP volatility
KW  - inventory dynamics
KW  - monetary policy
N1  - Accession Number: 24814550; McCARTHY, JONATHAN 1; ZAKRAJŠEK, EGON 2; Affiliations: 1: *Research Department, Federal Reserve Bank of New York, New York E-mail: ); 2: †Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington DC (E-mail: ).; Issue Info: Mar2007, Vol. 39 Issue 2/3, p591; Thesaurus Term: GROSS domestic product; Thesaurus Term: MONETARY policy; Thesaurus Term: MACROECONOMICS; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: INVENTORY management systems; Thesaurus Term: INFORMATION technology; Thesaurus Term: BUSINESS cycles; Subject: UNITED States; Author-Supplied Keyword: D24; Author-Supplied Keyword: E22; Author-Supplied Keyword: E32; Author-Supplied Keyword: GDP volatility; Author-Supplied Keyword: inventory dynamics; Author-Supplied Keyword: monetary policy; Number of Pages: 23p; Illustrations: 6 Charts, 2 Graphs; Document Type: Article
L3  - 10.1111/j.0022-2879.2007.00037.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ferreira, Daniel
AU  - Rezende, Marcelo
T1  - Corporate strategy and information disclosure.
JO  - RAND Journal of Economics (Wiley-Blackwell)
JF  - RAND Journal of Economics (Wiley-Blackwell)
Y1  - 2007/03//
VL  - 38
IS  - 1
M3  - Article
SP  - 164
EP  - 184
PB  - Wiley-Blackwell
SN  - 07416261
N1  - Accession Number: 90776009; Ferreira, Daniel 1; Rezende, Marcelo 2; Affiliations: 1: *London School of Economics and Political Science, CEPR and ECGI; <email>d.ferreira@lse.ac.uk.</email>; 2: **Board of Governors of the Federal Reserve System; <email>marcelo.rezende@frb.gov.</email>; Issue Info: 2007, Vol. 38 Issue 1, p164; Number of Pages: 21p; Document Type: Article
L3  - 10.1111/j.1756-2171.2007.tb00050.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LAFORTE, JEAN-PHILIPPE
T1  - Pricing Models: A Bayesian DSGE Approach for the U.S. Economy.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/02/02/Feb2007 Supplement
VL  - 39
M3  - Article
SP  - 127
EP  - 154
PB  - Wiley-Blackwell
SN  - 00222879
AB  - This paper compares and estimates three pricing mechanisms in the context of a small DSGE model of the U.S. economy. We interpret our results as favoring the pricing mechanism presented in Wolman (1999 Wolman model) over the New Keynesian model with indexation (Gali and Gertler 1999, Smets and Wouters 2004a) and the sticky information model of Mankiw and Reis (2002). The key factor that explains the performance of the Wolman model is that the data reject the key assumption of the New Keynesian model that the firm's probability of price change is constant over time and independent of the contract's vintage. Our results also show that incorporating indexation in the New Keynesian model represents a poor expedient in matching the autocorrelation function of the inflation process over the last 20 years. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BAYESIAN analysis
KW  - CORRELATION (Statistics)
KW  - KEYNESIAN economics
KW  - ECONOMICS -- Mathematical models
KW  - MATHEMATICAL models
KW  - ECONOMIC indicators
KW  - RESEARCH
KW  - STUDY & teaching
KW  - Bayesian analysis
KW  - C11
KW  - C52
KW  - DSGE models
KW  - E31
KW  - inflation persistence
N1  - Accession Number: 24075311; LAFORTE, JEAN-PHILIPPE 1; Affiliations: 1: * Jean-Philippe Laforte is an Economist in the Macroeconomic and Quantitative Studies Section at the Board of Governors of the Federal Reserve System (E-mail: ).; Issue Info: Feb2007 Supplement, Vol. 39, p127; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: KEYNESIAN economics; Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: RESEARCH; Subject Term: STUDY & teaching; Author-Supplied Keyword: Bayesian analysis; Author-Supplied Keyword: C11; Author-Supplied Keyword: C52; Author-Supplied Keyword: DSGE models; Author-Supplied Keyword: E31; Author-Supplied Keyword: inflation persistence; Number of Pages: 28p; Illustrations: 5 Charts, 3 Graphs; Document Type: Article
L3  - 10.1111/j.1538-4616.2007.00018.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - RUDD, JEREMY
AU  - WHELAN, KARL
T1  - Modeling Inflation Dynamics: A Critical Review of Recent Research.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/02/02/Feb2007 Supplement
VL  - 39
M3  - Article
SP  - 155
EP  - 170
PB  - Wiley-Blackwell
SN  - 00222879
AB  - In recent years, a broad academic consensus has arisen that favors using rational expectations sticky-price models to capture inflation dynamics. We review the principal conclusions of this literature concerning: (1) the ability of these models to fit the data; (2) the importance of rational forward-looking expectations in price setting; and (3) the appropriate measure of inflationary pressures. We argue that existing models fail to provide a useful empirical description of the inflation process. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PHILLIPS curve
KW  - RATIONAL expectations (Economic theory)
KW  - ECONOMICS -- Mathematical models
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - E31
KW  - Phillips curve
KW  - rational expectations
KW  - sticky prices
N1  - Accession Number: 24075310; RUDD, JEREMY 1; WHELAN, KARL 2; Affiliations: 1: *Senior Economist in the Division of Research and Statistics, Board of Governors of the Federal Reserve System (E-mail: ).; 2: †Deputy Head in the Economic Analysis and Research Department, Central Bank and Financial Services Authority of Ireland (E-mail: ).; Issue Info: Feb2007 Supplement, Vol. 39, p155; Thesaurus Term: PHILLIPS curve; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Author-Supplied Keyword: E31; Author-Supplied Keyword: Phillips curve; Author-Supplied Keyword: rational expectations; Author-Supplied Keyword: sticky prices; Number of Pages: 16p; Illustrations: 2 Charts, 1 Graph; Document Type: Article
L3  - 10.1111/j.1538-4616.2007.00019.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KOHN, DONALD L.
T1  - Inflation Modeling: A Policymaker's Perspective.
JO  - Journal of Money, Credit & Banking (Wiley-Blackwell)
JF  - Journal of Money, Credit & Banking (Wiley-Blackwell)
Y1  - 2007/02/02/Feb2007 Supplement
VL  - 39
M3  - Article
SP  - 181
EP  - 186
PB  - Wiley-Blackwell
SN  - 00222879
AB  - The article reflects on inflation modeling, offering a historical perspective. The author discusses how far policymakers' understanding of the inflation process has come since Milton Friedman's 1968 address to the American Economic Association, in which he states that any trade-off between inflation and unemployment is only temporary because of the dynamic nature of expectations. The article discusses several techniques that economists have developed to control inflation, such as raising nominal interest rates more than one for one in response to inflationary movements.
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - ECONOMISTS
KW  - MONETARY policy
KW  - RESEARCH
KW  - HISTORY
KW  - AMERICAN Economic Association
KW  - FRIEDMAN, Milton, 1912-2006
N1  - Accession Number: 24075308; KOHN, DONALD L. 1; Affiliations: 1: *Board of Governors of the Federal Reserve System, at the Quantitative Evidence on Price Determination Conference, Martin Building, Washington, D.C. (E-mail: ).; Issue Info: Feb2007 Supplement, Vol. 39, p181; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMISTS; Thesaurus Term: MONETARY policy; Thesaurus Term: RESEARCH; Subject Term: HISTORY ; Company/Entity: AMERICAN Economic Association DUNS Number: 053432811; People: FRIEDMAN, Milton, 1912-2006; Number of Pages: 6p; Document Type: Article
L3  - 10.1111/j.1538-4616.2007.00021.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - Inflation Targeting under Imperfect Knowledge.
JO  - Economic Review (03630021)
JF  - Economic Review (03630021)
Y1  - 2007/01//
M3  - Article
SP  - 1
EP  - 23
PB  - Federal Reserve Bank of San Francisco
SN  - 03630021
AB  - A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an imperfect understanding of the macroeconomic landscape within which the public forms expectations and policymakers must formulate and implement monetary policy. Using an estimated model of the U.S. economy, we show that monetary policy rules that would perform well under the assumption of rational expectations can perform very poorly when we introduce imperfect knowledge. We then examine the performance of an easily implemented policy rule that incorporates three key characteristics of inflation targeting: transparency, commitment to maintaining price stability, and close monitoring of inflation expectations, and find that all three play an important role in assuring its success. Our analysis suggests that simple difference rules in the spirit of Knut Wicksell excel at tethering inflation expectations to the central bank's goal and in so doing achieve superior stabilization of inflation and economic activity in an environment of imperfect knowledge. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Review (03630021) is the property of Federal Reserve Bank of San Francisco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - ECONOMIC models
KW  - MONETARY policy
KW  - ECONOMIC activity
KW  - UNITED States
N1  - Accession Number: 25142690; Orphanides, Athanasios 1 Williams, John C. 2; Affiliation:  1: Senior Adviser, Board of Governors of the Federal Reserve System  2: Senior Vice President and Advisor, Federal Reserve Bank of San Francisco; Source Info: 2007, p1; Subject Term: INFLATION (Finance); Subject Term: ECONOMIC models; Subject Term: MONETARY policy; Subject Term: ECONOMIC activity; Subject Term: UNITED States; Number of Pages: 23p; Illustrations: 2 Charts, 17 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Gürkaynak, Refet S.
AU  - Levin, Andrew T.
AU  - Marder, Andrew N.
AU  - Swanson, Eric T.
T1  - Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere.
JO  - Economic Review (03630021)
JF  - Economic Review (03630021)
Y1  - 2007/01//
M3  - Article
SP  - 25
EP  - 47
PB  - Federal Reserve Bank of San Francisco
SN  - 03630021
AB  - We investigate the extent to which long-run inflation expectations are well anchored in three Western Hemisphere countries--Canada, Chile, and the United States--using a high-frequency event-study analysis. Specifically, we use daily data on far-ahead forward inflation compensation--the difference between forward rates on nominal and inflation-indexed bonds--as an indicator of financial market perceptions of inflation risk and the expected level of inflation at long horizons. For the United States, we find that far-ahead forward inflation compensation has reacted significantly to macroeconomic data releases, suggesting that long-run inflation expectations have not been completely anchored. In contrast, the Canadian inflation compensation data have exhibited significantly less sensitivity to Canadian and U.S. macroeconomic news, suggesting that inflation targeting in Canada has helped to anchor long-run inflation expectations in that country. Finally, while the requisite data for Chile are available for only a limited sample period (2002-2005), our results are consistent with the hypothesis that inflation targeting in Chile has helped anchor long-run inflation expectations in that country as well. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Review (03630021) is the property of Federal Reserve Bank of San Francisco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - ECONOMIC forecasting
KW  - INFLATION risk
KW  - MACROECONOMICS
KW  - WESTERN Hemisphere
N1  - Accession Number: 25142691; Gürkaynak, Refet S. 1 Levin, Andrew T. 2 Marder, Andrew N. 3 Swanson, Eric T. 4; Affiliation:  1: Assistant Professor, Bilkent University  2: Assistant Director and Section Chief, Board of Governors of the Federal Reserve System  3: Princeton University  4: Research Advisor, Federal Reserve Bank of San Francisco; Source Info: 2007, p25; Subject Term: INFLATION (Finance); Subject Term: ECONOMIC forecasting; Subject Term: INFLATION risk; Subject Term: MACROECONOMICS; Subject Term: WESTERN Hemisphere; Number of Pages: 23p; Illustrations: 7 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Pingle, Jonathan F.
T1  - A note on measuring internal migration in the United States
JO  - Economics Letters
JF  - Economics Letters
Y1  - 2007/01//
VL  - 94
IS  - 1
M3  - Article
SP  - 38
EP  - 42
SN  - 01651765
AB  - Abstract: Census Bureau estimates of annual interstate migration indicate that internal migration in the U.S. has declined steadily since the 1950s. However, as this paper shows, that decline is largely due to the reduction in the relative size of the military. [Copyright &y& Elsevier]
AB  - Copyright of Economics Letters is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMIGRATION & immigration
KW  - MILITARY officers
KW  - ACCULTURATION
KW  - UNITED States
KW  - Current Population Survey
KW  - Migration
KW  - R23
KW  - UNITED States. Bureau of the Census
N1  - Accession Number: 23513789; Pingle, Jonathan F. 1; Email Address: Jonathan.F.Pingle@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20051, United States; Issue Info: Jan2007, Vol. 94 Issue 1, p38; Thesaurus Term: EMIGRATION & immigration; Subject Term: MILITARY officers; Subject Term: ACCULTURATION; Subject: UNITED States; Author-Supplied Keyword: Current Population Survey; Author-Supplied Keyword: Migration; Author-Supplied Keyword: R23 ; Company/Entity: UNITED States. Bureau of the Census; Number of Pages: 5p; Document Type: Article
L3  - 10.1016/j.econlet.2006.07.004
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ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Rosen, Richard J.
AU  - Udell, Gregory F.
T1  - Does market size structure affect competition? The case of small business lending
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2007/01//
VL  - 31
IS  - 1
M3  - Article
SP  - 11
EP  - 33
SN  - 03784266
AB  - Abstract: Market size structure refers to the distribution of shares of different size classes of local market participants, where the sizes are inclusive of assets both within and outside the local market. We apply this new measure of market structure in two empirical analyses of the US banking industry to address concerns regarding the effects of the consolidation in banking. Our quantity analysis of the likelihood that small businesses borrow from large versus small banks and our small business loan price analysis that includes market size structure as well as conventional measures yield very different findings from most of the literature on bank size and small business lending. Our results do not suggest a significant net advantage or disadvantage for large banks in small business lending overall, or in lending to informationally opaque small businesses in particular. We argue that the prior research that excluded market size structure may be misleading and offer some likely explanations of why our results differ. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - INDUSTRIAL organization (Economic theory)
KW  - SMALL business
KW  - BANK mergers
KW  - CONSOLIDATION & merger of corporations
KW  - SMALL business loans
KW  - COMMUNITY banks
KW  - Banks
KW  - G21
KW  - G28
KW  - G34
KW  - L11
KW  - Loan prices
KW  - Mergers
KW  - Relationship lending
KW  - Size structure
KW  - Small business
N1  - Accession Number: 23447497; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Rosen, Richard J. 2,3; Email Address: rrosen@frbchi.org; Udell, Gregory F. 4; Email Address: gudell@indiana.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Federal Reserve Bank of Chicago, Chicago, IL 60604, USA; 4: Kelley School of Business, Indiana University, Bloomington, IN 47405, USA; Issue Info: Jan2007, Vol. 31 Issue 1, p11; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: SMALL business; Thesaurus Term: BANK mergers; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: SMALL business loans; Thesaurus Term: COMMUNITY banks; Author-Supplied Keyword: Banks; Author-Supplied Keyword: G21; Author-Supplied Keyword: G28; Author-Supplied Keyword: G34; Author-Supplied Keyword: L11; Author-Supplied Keyword: Loan prices; Author-Supplied Keyword: Mergers; Author-Supplied Keyword: Relationship lending; Author-Supplied Keyword: Size structure; Author-Supplied Keyword: Small business; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jbankfin.2005.10.010
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carvalho, Vasco
AU  - Harvey, Andrew
AU  - Trimbur, Thomas
T1  - A Note on Common Cycles, Common Trends, and Convergence.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2007/01//
VL  - 25
IS  - 1
M3  - Article
SP  - 12
EP  - 20
SN  - 07350015
AB  - This article compares and contrasts structural time series models and the common features methodology. The way in which trends are handled is highlighted by describing a recent structural time series model that allows convergence to a common growth path. Postsample data are used to test its forecasting performance for income per head in U.S. regions. A test for common cycles is proposed, its asymptotic distribution is given, and small-sample properties are studied by Monte Carlo experiments. Applications are presented, with special attention given to the implications of using higher-order cycles. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - ECONOMIC trends
KW  - STOCHASTIC convergence
KW  - ECONOMIC development -- Mathematical models
KW  - STOCHASTIC models
KW  - FORECASTING
KW  - MONTE Carlo method
KW  - ASYMPTOTIC distribution (Probability theory)
KW  - Balanced growth
KW  - Common features
KW  - Error correction mechanism
KW  - Stochastic trend
KW  - Unobserved components
N1  - Accession Number: 23493662; Carvalho, Vasco 1; Harvey, Andrew 2; Email Address: andrew.harvey@econ.cam.ac; Trimbur, Thomas 3; Affiliations: 1: Department of Economics, University of Chicago, Chicago, IL 60637; 2: Faculty of Economics, University of Cambridge, Cambridge CB3 9DD, U.K.; 3: Division of Research and Statistics, Federal Reserve System, Washington, DC 20551; Issue Info: Jan2007, Vol. 25 Issue 1, p12; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC trends; Thesaurus Term: STOCHASTIC convergence; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: STOCHASTIC models; Thesaurus Term: FORECASTING; Thesaurus Term: MONTE Carlo method; Subject Term: ASYMPTOTIC distribution (Probability theory); Author-Supplied Keyword: Balanced growth; Author-Supplied Keyword: Common features; Author-Supplied Keyword: Error correction mechanism; Author-Supplied Keyword: Stochastic trend; Author-Supplied Keyword: Unobserved components; Number of Pages: 9p; Illustrations: 11 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Klee, Elizabeth
AU  - Kornhauser, Lewis
T1  - Comparisons of the Incentive for Insolvency under Different Legal Regimes.
JO  - Journal of Legal Studies (0047-2530)
JF  - Journal of Legal Studies (0047-2530)
Y1  - 2007/01//
VL  - 36
IS  - 1
M3  - Article
SP  - 141
EP  - 170
SN  - 00472530
AB  - This paper compares the effects of joint and several liability on capital and production decisions with the effects of several-only liability in the context of hazardous-waste generation. Our main result shows that increased potential liability causes firms to decrease asset exposure but may also lead firms to create less waste. First, we find that both several-only and joint and several liability induce firms to go bankrupt more often and create more waste than is socially optimal. Then we find that, for a given level of funds, joint and several liability induces firms to go bankrupt more often and to create more waste than does several-only liability. This implies that society will be responsible for a larger share of cleanup under joint and several liability than under several-only liability. Finally, we show that firms with potentially higher liabilities for cleanup will raise fewer funds, creating ‘smaller’ firms and thus the possibility of less waste generated overall. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Legal Studies (0047-2530) is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCENTIVES in industry
KW  - BANKRUPTCY
KW  - HAZARDOUS wastes
KW  - ECONOMIC policy
KW  - HAZARDOUS waste site remediation
KW  - BUSINESS enterprises
N1  - Accession Number: 23933670; Klee, Elizabeth 1; Kornhauser, Lewis 2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; 2: Alfred B. Engelberg Professor of Law, New York University School of Law; Issue Info: Jan2007, Vol. 36 Issue 1, p141; Thesaurus Term: INCENTIVES in industry; Thesaurus Term: BANKRUPTCY; Thesaurus Term: HAZARDOUS wastes; Thesaurus Term: ECONOMIC policy; Thesaurus Term: HAZARDOUS waste site remediation; Thesaurus Term: BUSINESS enterprises; NAICS/Industry Codes: 562910 Remediation Services; NAICS/Industry Codes: 562112 Hazardous Waste Collection; NAICS/Industry Codes: 562211 Hazardous Waste Treatment and Disposal; NAICS/Industry Codes: 562110 Waste collection; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Frame, W. Scott
T1  - Small Business Credit Scoring and Credit Availability.
JO  - Journal of Small Business Management
JF  - Journal of Small Business Management
Y1  - 2007/01//
VL  - 45
IS  - 1
M3  - Article
SP  - 5
EP  - 22
PB  - Wiley-Blackwell
SN  - 00472778
AB  - U.S. commercial banks are increasingly using small business credit-scoring models to underwrite small business credits. The paper discusses this lending technology, evaluates the research findings on the effects of this technology on small business credit availability, and links these findings to a number of research and policy issues. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Small Business Management is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business loans
KW  - COMMERCIAL credit
KW  - FINANCIAL institutions
KW  - CREDIT scoring systems
KW  - BUSINESS -- Research
KW  - EVALUATION
KW  - SOCIAL science research
N1  - Accession Number: 23481488; Berger, Allen N. 1; Frame, W. Scott; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: Jan2007, Vol. 45 Issue 1, p5; Thesaurus Term: SMALL business loans; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: BUSINESS -- Research; Subject Term: EVALUATION; Subject Term: SOCIAL science research; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 18p; Illustrations: 1 Chart; Document Type: Article
L3  - 10.1111/j.1540-627X.2007.00195.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gallin, Joshua
AU  - Verbrugge, Randal
AD  - Board of Governors of the Federal Reserve System
AD  - U.S. Bureau of Labor Statistics
T1  - Improving the CPI's Age-Bias Adjustment: Leverage, Disaggregation and Model Averaging
PB  - U.S. Bureau of Labor Statistics, Working Papers: 410
Y1  - 2007///
SP  - 39 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0938894; Keywords: Depreciation, Hedonics, Model Averaging, Inflation, CPI Bias; Publication Type: Working Paper; Update Code: 200711
N2  - As a rental unit ages, its quality typically falls; a failure to correct for this would result in downward bias in the CPI. We investigate the BLS age bias imputation and explore two potential categories of error: approximations related to the construction of the age bias factor, and model mis-specification. We find that, as long as one stays within the context of the current official regression specification, the approximation errors are innocuous. On the other hand, we find that the official regression specification--which is more or less of the form commonly used in the hedonic rent literature--is severely deficient in its ability to match the conditional log-rent vs. age relationship in the data, and performs poorly in out-of-sample tests. It is straightforward to improve the specification in order to address these deficiencies. However, basing estimates upon a single regression model is risky. Age-bias adjustment inherently suffers from a general problem facing some types of hedonic-based adjustments, which is related to model uncertainty. In particular, age-bias adjustment relies upon specific coefficient estimates, but there is no guarantee that the true marginal influence of a regressor is being estimated in any given model, since one cannot guarantee that the Gauss-Markov conditions hold. To address this problem, we advocate the use of model averaging, which is a method that minimizes downside risks related to model misspecification and generates more reliable coefficient estimates. Thus, after selecting several appropriate models, we estimate age-bias factors by taking a trimmed average over the factors derived from each model. We argue that similar methods may be readily implemented by statistical agencies (even very small ones) with little additional effort. We find that, in 2004 data, BLS age-bias factors were too small, on average, by nearly 40%. Since the age bias term itself is rather small, the implied downward-bias of the aggregate indexes is modest. On the other hand, errors in particular metropolitan areas were much larger, with annual downward-bias as large as 0.6%.
KW  - Price Level; Inflation; Deflation          E31
KW  - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access          C81
KW  - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access          C82
KW  - Housing Supply and Markets          R31
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand          R21
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://www.bls.gov/ore/pdf/ec070100.pdf
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UR  - http://www.bls.gov/ore/pdf/ec070100.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - RAMEY, VALERIE A.
AU  - VINE, DANIEL J.
T1  - Declining Volatility in the U.S. Automobile Industry.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2006/12//
VL  - 96
IS  - 5
M3  - Article
SP  - 1876
EP  - 1889
SN  - 00028282
AB  - Data from 103 assembly plants during 1967-2004 indicate that production and inventories in the US automobile industry were adjusted to meet changes in sales, while changes in production and inventories were met most often by changes in hours worked by factory workers rather than changes in the number of workers employed. This article analyzes these developments.
KW  - AUTOMOBILE industry
KW  - SELLING -- Automobiles
KW  - AUTOMOBILE industry workers
KW  - INVENTORY control
KW  - LAYOFFS
KW  - MOTOR vehicle industry
KW  - INVENTORIES
KW  - LABOR
KW  - INDUSTRIES
KW  - UNITED States
N1  - Accession Number: 23263219; RAMEY, VALERIE A. 1; Email Address: vramey@ucsd.edu; VINE, DANIEL J. 2; Email Address: Daniel.J.Vine@frb.gov; Affiliations: 1 : Department of Economics, University of California, San Diego; 2 : Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC;  Source Info: Dec2006, Vol. 96 Issue 5, p1876; Note: Based primarily on automobile industry-level data and microdata on production schedules; 3 tables, 16 graphs, biblio., appendix.; Historical Period: 1967 to 2004; Subject Term: AUTOMOBILE industry; Subject Term: SELLING -- Automobiles; Subject Term: AUTOMOBILE industry workers; Subject Term: INVENTORY control; Subject Term: LAYOFFS; Subject Term: MOTOR vehicle industry; Subject Term: INVENTORIES; Subject Term: LABOR; Subject Term: INDUSTRIES; Subject: UNITED States; Number of Pages: 14p; Illustrations: 4 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Wongswan, Jon
T1  - Transmission of Information across International Equity Markets.
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2006///Winter2006
VL  - 19
IS  - 4
M3  - Article
SP  - 1157
EP  - 1189
SN  - 08939454
AB  - This article provides evidence of information transmission from the United States and Japan to Korean and Thai equity markets. Information is defined as important macroeconomic announcements in the United Stales, Japan, Korea, and Thailand. Using high-frequency intraday data, I find a large and significant association between developed-economy macroeconomic announcements and emerging-economy equity volatility and trading volume at short time horizons. Previous studies' findings of at most weak evidence of transmission from developed to emerging economies may be due to their use of lower frequency data and their focus on developed-economy financial market innovations as a proxy for information. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES markets
KW  - SECURITIES -- Prices
KW  - INVESTMENT banking
KW  - STOCKS (Finance)
KW  - EMERGING markets
KW  - INTERNATIONAL markets
KW  - DATA transmission systems
KW  - EQUITY
KW  - DEVELOPED countries
KW  - UNITED States
N1  - Accession Number: 23084652; Wongswan, Jon 1; Email Address: Jon.Wongswan@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Winter2006, Vol. 19 Issue 4, p1157; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: INVESTMENT banking; Thesaurus Term: STOCKS (Finance); Thesaurus Term: EMERGING markets; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: DATA transmission systems; Subject Term: EQUITY; Subject: DEVELOPED countries; Subject: UNITED States; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 33p; Document Type: Article
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ER  - 

TY  - UNPB
AU  - Berger, Allen N.
AU  - Espinosa-Vega, Marco A.
AU  - Frame, W. Scott
AU  - Miller, Nathan H.
T1  - Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information.
JO  - Working Paper Series (Federal Reserve Bank of Atlanta)
JF  - Working Paper Series (Federal Reserve Bank of Atlanta)
Y1  - 2006/11/11/
IS  - 29
M3  - Working Paper
SP  - 1
EP  - 26
AB  - An impressive theoretical literature motivates collateral as a mechanism that reduces equilibrium credit rationing and other problems arising from asymmetric information between borrowers and lenders. However, no clear empirical evidence exists regarding the theory's central implication: that reducing asymmetric information reduces the incidence of collateral. We provide such evidence by exploiting exogenous variation in lender information sets related to their adoption of a new information technology and by comparing collateral outcomes before and after adoption. Our results are consistent with the central implication of the theoretical models and may also have efficiency and macroeconomic implications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Atlanta) is the property of Federal Reserve Bank of Atlanta and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COLLATERAL security
KW  - DEBTOR & creditor
KW  - MONEYLENDERS
KW  - EQUILIBRIUM (Economics)
KW  - CREDIT
KW  - RATIONING
KW  - INFORMATION technology
KW  - MACROECONOMICS
KW  - SECURITY deposits
KW  - asymmetric information
KW  - banks
KW  - collateral
KW  - credit scoring
KW  - small business
N1  - Accession Number: 23490832; Berger, Allen N. 1; Email Address: aberger@frb.gov Espinosa-Vega, Marco A. 2; Email Address: mespinosa@imf.org Frame, W. Scott 3; Email Address: scott.frame@atl.frb.org Miller, Nathan H. 4; Email Address: miller@uclink.berkeley.edu; Affiliation:  1: Board of Governors of Federal Reserve System, Wharton Financial Institutions Center.  2: International Monetary Fund.  3: Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree Street, N.E., GA 303090-4470.  4: University of California, Berkeley.; Source Info: Nov2006, Issue 29, p1; Subject Term: COLLATERAL security; Subject Term: DEBTOR & creditor; Subject Term: MONEYLENDERS; Subject Term: EQUILIBRIUM (Economics); Subject Term: CREDIT; Subject Term: RATIONING; Subject Term: INFORMATION technology; Subject Term: MACROECONOMICS; Subject Term: SECURITY deposits; Author-Supplied Keyword: asymmetric information; Author-Supplied Keyword: banks; Author-Supplied Keyword: collateral; Author-Supplied Keyword: credit scoring; Author-Supplied Keyword: small business; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 27p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
T1  - A more complete conceptual framework for SME finance
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2006/11//
VL  - 30
IS  - 11
M3  - Article
SP  - 2945
EP  - 2966
SN  - 03784266
AB  - Abstract: We propose a more complete conceptual framework for analysis of SME credit availability issues. In this framework, lending technologies are the key conduit through which government policies and national financial structures affect credit availability. We emphasize a causal chain from policy to financial structures, which affect the feasibility and profitability of different lending technologies. These technologies, in turn, have important effects on SME credit availability. Financial structures include the presence of different financial institution types and the conditions under which they operate. Lending technologies include several transactions technologies plus relationship lending. We argue that the framework implicit in most of the literature is oversimplified, neglects key elements of the chain, and often yields misleading conclusions. A common oversimplification is the treatment of transactions technologies as a homogeneous group, unsuitable for serving informationally opaque SMEs, and a frequent misleading conclusion is that large institutions are disadvantaged in lending to opaque SMEs. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT control
KW  - FINANCIAL performance
KW  - SMALL business -- Finance
KW  - SMALL business -- Cash position
KW  - LOANS
KW  - CORPORATE profits
KW  - COMMERCIAL policy
KW  - Banks
KW  - International ( Governance )
KW  - Relationship Lending
KW  - SMEs
N1  - Accession Number: 22717633; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Udell, Gregory F. 3; Email Address: gudell@indiana.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 153, Federal Reserve Board, 20th and C Streets, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Kelley School of Business, Indiana University, Bloomington, IN 47405, USA; Issue Info: Nov2006, Vol. 30 Issue 11, p2945; Thesaurus Term: CREDIT control; Thesaurus Term: FINANCIAL performance; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: SMALL business -- Cash position; Thesaurus Term: LOANS; Thesaurus Term: CORPORATE profits; Thesaurus Term: COMMERCIAL policy; Author-Supplied Keyword: Banks; Author-Supplied Keyword: International ( Governance ); Author-Supplied Keyword: Relationship Lending; Author-Supplied Keyword: SMEs; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jbankfin.2006.05.008
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aksoy, Yunus
AU  - Orphanides, Athanasios
AU  - Small, David
AU  - Wieland, Volker
AU  - Wilcox, David
T1  - A quantitative exploration of the opportunistic approach to disinflation
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2006/11//
VL  - 53
IS  - 8
M3  - Article
SP  - 1877
EP  - 1893
SN  - 03043932
AB  - Abstract: Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under “the opportunistic approach to disinflation” a central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output stabilization when inflation is close to its target, allowing supply shocks and unforeseen fluctuations in aggregate demand to move inflation within a certain band. We use stochastic simulations of a small-scale rational expectations model to contrast the behavior of output and inflation under opportunistic and linear rules. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - EQUILIBRIUM (Economics)
KW  - ANTI-inflationary policies
KW  - INFLATION (Finance)
KW  - INFLATION risk
KW  - CONSUMER behavior
KW  - ECONOMIC models
KW  - Disinflation
KW  - E61
KW  - Inflation targeting
KW  - Interest rates
KW  - Monetary policy
KW  - Policy rules
N1  - Accession Number: 23214464; Aksoy, Yunus 1; Orphanides, Athanasios 2; Email Address: athanasios.orphanides@frb.gov; Small, David 2; Wieland, Volker 3,4,5; Wilcox, David 2; Affiliations: 1: School of Economics, Mathematics and Statistics, Birkbeck College, University of London, London, WC1E 7HX, UK; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 3: Department of Economics, Goethe University of Frankfurt, Mertonstrasse 17, D-60054 Frankfurt am Main, Germany; 4: CEPR, 90-98 Goswell Road, London EC1V 7RR, UK; 5: Center for Financial Studies, Mertonstrasse 17, D-60054 Frankfurt am Main, Germany; Issue Info: Nov2006, Vol. 53 Issue 8, p1877; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ANTI-inflationary policies; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INFLATION risk; Thesaurus Term: CONSUMER behavior; Thesaurus Term: ECONOMIC models; Author-Supplied Keyword: Disinflation; Author-Supplied Keyword: E61; Author-Supplied Keyword: Inflation targeting; Author-Supplied Keyword: Interest rates; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Policy rules; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jmoneco.2005.08.015
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nalewaik, Jeremy J.
T1  - Current consumption and future income growth: Synthetic panel evidence
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2006/11//
VL  - 53
IS  - 8
M3  - Article
SP  - 2239
EP  - 2266
SN  - 03043932
AB  - Abstract: Using group means computed from 20 years of high quality survey data, I show a strong and robust relation between households’ consumption growth and subsequent realizations of their income growth, including realizations as distant as six years later. The relation appears in multiple types of variation in income growth: in variation across cohort-education groups, in variation over the life cycle, and in variation over the business cycle. While other explanations are explored, the results are likely due to forward-looking households altering their current consumption in response to information they receive about their income years into the future, information that turns out to be accurate. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - CONSUMER behavior
KW  - INCOME forecasting
KW  - CONSUMER confidence
KW  - INCOME
KW  - HOUSEHOLDS -- Economic aspects
KW  - Consumption (empirical analysis)
KW  - Intertemporal choice
N1  - Accession Number: 23214480; Nalewaik, Jeremy J. 1; Email Address: jeremy.j.nalewaik@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, Washington, DC 20551, USA; Issue Info: Nov2006, Vol. 53 Issue 8, p2239; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CONSUMER behavior; Thesaurus Term: INCOME forecasting; Thesaurus Term: CONSUMER confidence; Thesaurus Term: INCOME; Subject Term: HOUSEHOLDS -- Economic aspects; Author-Supplied Keyword: Consumption (empirical analysis); Author-Supplied Keyword: Intertemporal choice; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 28p; Document Type: Article
L3  - 10.1016/j.jmoneco.2005.08.016
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Andersen, Torben G.
AU  - Bollerslev, Tim
AU  - Diebold, Francis X.
AU  - Vega, Clara
T1  - Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 35
AB  - Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - MACROECONOMICS
KW  - BUSINESS cycles
KW  - STOCKS (Finance)
KW  - FUTURES
KW  - FOREIGN exchange
KW  - BOND market
KW  - STOCK exchanges
KW  - UNITED States -- Economic conditions -- 2001-2009
KW  - UNITED States
KW  - Asset Pricing
KW  - Asset Return Volatility
KW  - Financial Market Linkages
KW  - Forecasting
KW  - High-Frequency Data
KW  - Macroeconomic News Announcements
KW  - Market Microstructure
KW  - Survey Data
N1  - Accession Number: 24296875; Andersen, Torben G. 1,2; Email Address: t-andersen@kellogg.nwu.edu; Bollerslev, Tim 2,3; Email Address: boller@econ.duke.edu; Diebold, Francis X. 2,4; Email Address: fdiebold@sas.upenn.edu; Vega, Clara 5; Email Address: vega@simon.rochester.edu; Affiliations: 1: Department of Finance, Northwestern University; 2: NBER; 3: Department of Economics and Finance, Duke University; 4: Department of Economics, Finance and Statistics, University of Pennsylvania; 5: Board of Governors of the Federal Reserve System and William E. Simon Graduate School of Business Administration, University of Rochester; Issue Info: 2006, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: MACROECONOMICS; Thesaurus Term: BUSINESS cycles; Thesaurus Term: STOCKS (Finance); Thesaurus Term: FUTURES; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BOND market; Thesaurus Term: STOCK exchanges; Subject Term: UNITED States -- Economic conditions -- 2001-2009; Subject: UNITED States; Author-Supplied Keyword: Asset Pricing; Author-Supplied Keyword: Asset Return Volatility; Author-Supplied Keyword: Financial Market Linkages; Author-Supplied Keyword: Forecasting; Author-Supplied Keyword: High-Frequency Data; Author-Supplied Keyword: Macroeconomic News Announcements; Author-Supplied Keyword: Market Microstructure; Author-Supplied Keyword: Survey Data; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 35p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Arteta, Carlos
AU  - Hale, Galina
T1  - Sovereign Debt Crises and Credit to the Private Sector.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 42
AB  - We argue that, through its effect on aggregate demand and country risk premia, sovereign debt restructuring can adversely affect the private sector's access to foreign capital markets. Using fixed effect analysis, we estimate that sovereign debt rescheduling episodes are indeed systematically accompanied by a decline in foreign credit to emerging market private firms, both during debt renegotiations and for over two years after the agreements are reached. This decline is large (over 20%), statistically significant, and robust when we control for a host of fundamentals. We find that this effect is different for financial sector firms, for exporters, and for nonfinancial firms in the non-exporting sector. We also find that the effect depends on the type of debt rescheduling agreement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL market
KW  - PUBLIC debts
KW  - PRIVATE sector
KW  - FINANCIAL institutions
KW  - EMERGING markets
KW  - FINANCIAL crises
KW  - EXTERNAL debts
KW  - DEFAULT (Finance)
KW  - INTERNATIONAL markets
KW  - credit constraints
KW  - credit rationing
KW  - default
KW  - sovereign debt
N1  - Accession Number: 24296882; Arteta, Carlos 1; Hale, Galina 2; Email Address: galina.b.hale@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of San Francisco; Issue Info: 2006, p1; Thesaurus Term: CAPITAL market; Thesaurus Term: PUBLIC debts; Thesaurus Term: PRIVATE sector; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: EMERGING markets; Thesaurus Term: FINANCIAL crises; Thesaurus Term: EXTERNAL debts; Thesaurus Term: DEFAULT (Finance); Thesaurus Term: INTERNATIONAL markets; Author-Supplied Keyword: credit constraints; Author-Supplied Keyword: credit rationing; Author-Supplied Keyword: default; Author-Supplied Keyword: sovereign debt; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 42p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Bauer, Gregory H.
AU  - Vega, Clara
T1  - The Monetary Origins of Asymmetric Information in International Equity Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 56
AB  - Existing studies using low-frequency data have found that macroeconomic shocks contribute little to international stock market covariation. However, these papers have not accounted for the presence of asymmetric information where sophisticated investors generate private information about the fundamentals that drive returns in many countries. In this paper, we use a new microstructure data set to better identify the effects of private and public information shocks about U.S. interest rates and equity returns. High-frequency private and public information shocks help forecast domestic money and equity returns over daily and weekly intervals. In addition, these shocks are components of factors that are priced in a model of the cross section of international returns. Linking private information to U.S. macroeconomic factors is useful for many domestic and international asset pricing tests. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - STOCK exchanges
KW  - MONETARY policy
KW  - RATE of return
KW  - INTEREST rates
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange market
KW  - INTERNATIONAL markets
KW  - UNITED States
KW  - Exchanged Traded Funds
KW  - Foreign Exchange Rates
KW  - International Equity Returns
KW  - Monetary Policy
KW  - Private Information
N1  - Accession Number: 24296876; Bauer, Gregory H. 1; Email Address: gbauer@bankofcanada.ca; Vega, Clara 2; Email Address: vega@simon.rochester.edu; Affiliations: 1: Department of the Bank of Canada, 234 Wellington St., Ottawa, Ontario, Canada K1A 0G9; 2: Board of Governors of the Federal Reserve System and William E. Simon Graduate School of Business Administration, Carol Simon Hall, University of Rochester, Rochester, NY 14627; Issue Info: 2006, p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: STOCK exchanges; Thesaurus Term: MONETARY policy; Thesaurus Term: RATE of return; Thesaurus Term: INTEREST rates; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: INTERNATIONAL markets; Subject: UNITED States; Author-Supplied Keyword: Exchanged Traded Funds; Author-Supplied Keyword: Foreign Exchange Rates; Author-Supplied Keyword: International Equity Returns; Author-Supplied Keyword: Monetary Policy; Author-Supplied Keyword: Private Information; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 56p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Benediktsdóttir, Sigríður
T1  - An Empirical Analysis of Specialist Trading Behavior at the New York Stock Exchange.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 27
AB  - I establish stylized empirical facts about the trading behavior of New York Stock Exchange specialists. Specifically, I look at the effect of future price movements, the specialist's explicit role, and the specialist's inventory levels on specialist trading behavior. The motivation for this empirical study is to infer whether the specialist behaves like an active investor who has an information advantage which he obtains while acting as a broker for other traders. If this were the case, one would expect that the specialist would engage in a profit maximizing strategy, buying low and selling high, which is opposite to the prediction of the traditional inventory model. I find that specialists behave like active investors who seek to buy stocks when prices are low and to sell when prices are high. I also find that when specialists are not performing their trading obligations of being on the opposite side of the market they are in almost 85 percent of their trades, buying low and selling high. The findings of this paper indicate that the NYSE specialist is best represented in theoretical models as a constrained profit maximizing, informed investor rather than as a zero profit trader. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - MONEY market
KW  - FOREIGN exchange market
KW  - MARKET value
KW  - MARKET prices
KW  - ECONOMIC models
KW  - STOCKS (Finance)
KW  - MARKET makers
KW  - SECURITIES -- Prices
KW  - Market maker
KW  - Market microstructure
KW  - NYSE
KW  - Specialist
KW  - NEW York Stock Exchange
N1  - Accession Number: 24296880; Benediktsdóttir, Sigríður 1; Email Address: Sigridur.Benediktsdottir@frb.gov; Affiliations: 1: Economist in the Division of International Finance of the Board of Governors of the Federal Reserve System; Issue Info: 2006, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY market; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: MARKET value; Thesaurus Term: MARKET prices; Thesaurus Term: ECONOMIC models; Thesaurus Term: STOCKS (Finance); Thesaurus Term: MARKET makers; Thesaurus Term: SECURITIES -- Prices; Author-Supplied Keyword: Market maker; Author-Supplied Keyword: Market microstructure; Author-Supplied Keyword: NYSE; Author-Supplied Keyword: Specialist ; Company/Entity: NEW York Stock Exchange; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 27p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Bodenstein, Martin
T1  - Closing Open Economy Models.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 57
AB  - Several methods have been proposed to obtain stationarity in open economy models. I find substantial qualitative and quantitative differences between these methods in a two-country framework, in contrast to the results of Schmitt—Grohé and Uribe (2003). In models with a debt elastic interest rate premium or a convex portfolio cost, both the steady state and the equilibrium dynamics are unique if the elasticity of substitution between the domestic and the foreign traded good is high. However, there are three steady states if the elasticity of substitution is sufficiently low. With endogenous discounting, there is always a unique and stable steady state irrespective of the magnitude of the elasticity of substitution. Similar to the model with convex portfolio costs or a debt elastic interest rate premium, though, there can be multiple convergence paths for low values of the elasticity in response to shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS -- Statistical methods
KW  - ECONOMIC models
KW  - MATHEMATICAL economics
KW  - INTEREST rates
KW  - INVESTMENTS
KW  - ELASTICITY (Economics)
KW  - PRICE flexibility
KW  - EQUILIBRIUM (Economics)
KW  - STAGNATION (Economics)
KW  - INTERNATIONAL trade
KW  - incomplete markets
KW  - multiple equilibria
KW  - stationarity
N1  - Accession Number: 24296871; Bodenstein, Martin 1; Email Address: Martin.R.Bodenstein@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington D.C.; Issue Info: 2006, p1; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: ECONOMIC models; Thesaurus Term: MATHEMATICAL economics; Thesaurus Term: INTEREST rates; Thesaurus Term: INVESTMENTS; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: PRICE flexibility; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: STAGNATION (Economics); Thesaurus Term: INTERNATIONAL trade; Author-Supplied Keyword: incomplete markets; Author-Supplied Keyword: multiple equilibria; Author-Supplied Keyword: stationarity; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 57p; Illustrations: 2 Charts, 9 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Coulibaly, Brahima
T1  - Changes in Job Quality and Trends in Labor Hours.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 35
AB  - Many economic models featuring labor supply decisions, especially in macroeconomic analysis, assume away heterogeneity in the nature of work, or assume that the nature of work is irrelevant to the labor/leisure choice. This paper studies the macroeconomic implications of relaxing this assumption. Estimation from micro data using labor hours, wages, consumption, and nonpecuniary job characteristics suggests that labor supply responds to differences and to changes in the nature of work. Ceteris paribus, some job characteristics induce more labor hours than others do. Labeling the jobs that embed the labor-inducing characteristics as better quality jobs, the study estimates a Job Quality index for the aggregate U.S. economy from 1850 to 2000. The results suggest that over the same period, improvements in Job Quality accounted for at least 20.4 percent of growth in labor hours. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR supply
KW  - ECONOMIC models
KW  - LABOR market
KW  - QUALITY of work life
KW  - WORKING hours
KW  - LABOR productivity
KW  - WAGES
KW  - MACROECONOMICS
KW  - UNITED States -- Economic conditions -- History
KW  - UNITED States
KW  - Job Quality
KW  - Labor Supply
KW  - Trends in Labor Hours
N1  - Accession Number: 24296886; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors, Federal Reserve System, Mail Stop 24, Washington DC 20551,USA; Issue Info: 2006, p1; Thesaurus Term: LABOR supply; Thesaurus Term: ECONOMIC models; Thesaurus Term: LABOR market; Thesaurus Term: QUALITY of work life; Thesaurus Term: WORKING hours; Thesaurus Term: LABOR productivity; Thesaurus Term: WAGES; Thesaurus Term: MACROECONOMICS; Subject Term: UNITED States -- Economic conditions -- History; Subject: UNITED States; Author-Supplied Keyword: Job Quality; Author-Supplied Keyword: Labor Supply; Author-Supplied Keyword: Trends in Labor Hours; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 35p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Hausman, Joshua
AU  - Wongswan, Jon
T1  - Global Asset Prices and FOMC Announcements.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 60
AB  - This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate (target surprise) and the revision to the path of future monetary policy (path surprise). We find that different asset classes respond to different components of the monetary policy surprises. Global equity indexes respond mainly to the target surprise; exchange rates and long-term interest rates respond mainly to the path surprise; and short-term interest rates respond to both surprises. On average, a hypothetical surprise 25-basis-point cut in the federal funds target rate is associated with about a 1 percent increase in foreign equity indexes and a 5 basis point decline in foreign short-term interest rates. A surprise 25-basis-point downward revision in the path of future policy is associated with about a ½ percent decline in the exchange value of the dollar against foreign currencies and 5 and 8 basis points declines in short- and long-term interest rates, respectively. We also find that asset prices' responses to FOMC announcements vary greatly across countries, and that these cross-country variations in the response are related to a country's exchange rate regime. Equity indexes and interest rates in countries with a less flexible exchange rate regime respond more to U.S. monetary policy surprises. In addition, the cross-country variation in the equity market response is strongly related to the percentage of each country's equity market capitalization owned by U.S. investors (a financial linkage), and the cross-country variation in short-term interest rates' responses is strongly related to the share of each country's trade that is with the United States (a real linkage). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTERNATIONAL markets
KW  - GLOBALIZATION
KW  - ASSETS (Accounting)
KW  - PRICES
KW  - PRICE indexes
KW  - INTEREST rates
KW  - FOREIGN exchange rates
KW  - FEDERAL funds market (U.S.)
KW  - UNITED States
KW  - equity markets
KW  - exchange rate regime
KW  - exchange rates
KW  - interest rates
KW  - monetary policy announcements
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 24296890; Hausman, Joshua 1; Email Address: Joshua.K.Hausman@frb.gov; Wongswan, Jon 2; Email Address: Jon.Wongswan@frb.gov; Affiliations: 1: Research Assistant, Division of International Finance of the Board of Governors of the Federal Reserve System; 2: Economist, Division of International Finance of the Board of Governors of the Federal Reserve System; Issue Info: 2006, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: GLOBALIZATION; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: PRICES; Thesaurus Term: PRICE indexes; Thesaurus Term: INTEREST rates; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FEDERAL funds market (U.S.); Subject: UNITED States; Author-Supplied Keyword: equity markets; Author-Supplied Keyword: exchange rate regime; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: interest rates; Author-Supplied Keyword: monetary policy announcements ; Company/Entity: UNITED States. Federal Open Market Committee; Number of Pages: 60p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Pasquariello, Paolo
AU  - Vega, Clara
T1  - Informed and Strategic Order Flow in the Bond Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 47
AB  - We study the role played by private and public information in the process of price formation in the U.S. Treasury bond market. To guide our analysis, we develop a parsimonious model of speculative trading in the presence of two realistic market frictions — information heterogeneity and imperfect competition among informed traders — and a public signal. We test its equilibrium implications by analyzing the response of two-year, five-year, and ten-year U.S. bond yields to order flow and real-time U.S. macroeconomic news. We find strong evidence of informational effects in the U.S. Treasury bond market: unanticipated order flow has a significant and permanent impact on daily bond yield changes during both announcement and non-announcement days. Our analysis further shows that, consistent with our stylized model, the contemporaneous correlation between order flow and yield changes is higher when the dispersion of beliefs among market participants is high and public announcements are noisy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BOND market
KW  - MACROECONOMICS
KW  - RATIONAL expectations (Economic theory)
KW  - MONETARY policy
KW  - ASSETS (Accounting)
KW  - BONDS (Finance) -- Prices
KW  - CAPITAL market
KW  - COMPETITION
KW  - UNITED States
KW  - Dispersion of Beliefs
KW  - Expectations
KW  - Macroeconomic News Announcements
KW  - Market Microstructure
KW  - Order Flow
KW  - Real-Time Data
KW  - Strategic Trading
KW  - Treasury Bond Markets
N1  - Accession Number: 24296878; Pasquariello, Paolo 1; Email Address: ppasquar@bus.umich.edu; Vega, Clara 2,3; Email Address: vega@simon.rochester.edu; Affiliations: 1: Department of Finance, Ross School of Business, University of Michigan; 2: Board of Governors of the Federal Reserve System; 3: University of Rochester Simon School of Business; Issue Info: 2006, p1; Thesaurus Term: BOND market; Thesaurus Term: MACROECONOMICS; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: MONETARY policy; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: BONDS (Finance) -- Prices; Thesaurus Term: CAPITAL market; Subject Term: COMPETITION; Subject: UNITED States; Author-Supplied Keyword: Dispersion of Beliefs; Author-Supplied Keyword: Expectations; Author-Supplied Keyword: Macroeconomic News Announcements; Author-Supplied Keyword: Market Microstructure; Author-Supplied Keyword: Order Flow; Author-Supplied Keyword: Real-Time Data; Author-Supplied Keyword: Strategic Trading; Author-Supplied Keyword: Treasury Bond Markets; Number of Pages: 47p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Wright, Jonathan H.
AU  - Gagnon, Joseph E.
T1  - Predicting Sharp Depreciations in Industrial Country Exchange Rates.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/10//
M3  - Working Paper
SP  - 1
EP  - 28
AB  - This paper considers the prediction of large depreciations (both nominal and real) in a panel of industrialized countries using a probit methodology. The current account balance/GDP ratio has a modest but statistically significant effect on the estimated probability of a large depreciation, and gives slight predictive power in an out-of-sample forecasting exercise. The CPI inflation rate also has a modest but statistically significant effect in predicting nominal depreciations and has slight predictive power, but this effect is not present for real exchange rates. The GDP growth rate occasionally has a significant effect. A higher current account balance (surplus) tends to reduce the probability of a sharp depreciation; a higher inflation rate tends to increase the probability of a sharp depreciation; and a higher GDP growth rate perhaps tends to reduce the probability of a sharp depreciation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEPRECIATION
KW  - CAPITAL losses
KW  - BALANCE of payments
KW  - GROSS domestic product
KW  - INFLATION (Finance)
KW  - INTEREST rates
KW  - CONSUMER price indexes
KW  - FOREIGN exchange rates
KW  - GROWTH rate
KW  - ECONOMIC forecasting
KW  - current account
KW  - forecasting
N1  - Accession Number: 24296885; Wright, Jonathan H. 1; Gagnon, Joseph E. 2; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington DC 20551; 2: Division of International Finance, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2006, p1; Thesaurus Term: DEPRECIATION; Thesaurus Term: CAPITAL losses; Thesaurus Term: BALANCE of payments; Thesaurus Term: GROSS domestic product; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INTEREST rates; Thesaurus Term: CONSUMER price indexes; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: GROWTH rate; Thesaurus Term: ECONOMIC forecasting; Author-Supplied Keyword: current account; Author-Supplied Keyword: forecasting; Number of Pages: 28p; Illustrations: 1 Chart; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
T1  - Comments on S. Arndt: “Regional currency arrangements in North America”.
JO  - International Economics & Economic Policy
JF  - International Economics & Economic Policy
Y1  - 2006/09//
VL  - 3
IS  - 3/4
M3  - Article
SP  - 281
EP  - 286
SN  - 16124804
AB  - The article comments on the issues associated with the creation of the North American Monetary Union. The author stresses that he finds the reason behind the impact of production sharing arrangements on trade flows compelling. He emphasizes the implications for integrating business cycles in the region. He questions the practical implications of Canada, Mexico, and the U.S. in adopting a single currency.
KW  - MONETARY unions
KW  - CURRENCY question
KW  - MONEY
KW  - BUSINESS cycles
KW  - NORTH America
N1  - Accession Number: 23368885; Kamin, Steven B. 1; Email Address: steven.kamin@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551, USA; Issue Info: 2006, Vol. 3 Issue 3/4, p281; Thesaurus Term: MONETARY unions; Thesaurus Term: CURRENCY question; Thesaurus Term: MONEY; Thesaurus Term: BUSINESS cycles; Subject: NORTH America; Number of Pages: 6p; Illustrations: 8 Graphs; Document Type: Article
L3  - 10.1007/s10368-006-0060-6
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Whitesell, William
T1  - Interest rate corridors and reserves
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2006/09//
VL  - 53
IS  - 6
M3  - Article
SP  - 1177
EP  - 1195
SN  - 03043932
AB  - Abstract: This paper evaluates reserves regimes versus interest rate corridors, which have become competing frameworks for monetary policy implementation. Rate corridors, relying on lending and deposit facilities to create ceilings and floors for overnight interest rates, evince mixed results on controlling volatility. Reserve requirements allow period-average smoothing of interest rates but, even if remunerated, are subject to reserve avoidance activities. A system of voluntary, period-average reserve commitments could offer equivalent rate-smoothing advantages. If central banks created symmetric opportunity costs of meeting or falling short of period-average reserve requirements (or commitments), they could achieve flat reserve demand on settlement day. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - FEDERAL funds market (U.S.)
KW  - MONETARY policy
KW  - RESERVE requirements
KW  - BANK reserves
KW  - CENTRAL banking industry
KW  - VOLATILITY (Finance)
KW  - OPPORTUNITY costs
KW  - Monetary policy implementation
KW  - Rate corridor
KW  - Reserve requirements
N1  - Accession Number: 22135136; Whitesell, William 1; Email Address: wwhitesell@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep2006, Vol. 53 Issue 6, p1177; Thesaurus Term: INTEREST rates; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: MONETARY policy; Thesaurus Term: RESERVE requirements; Thesaurus Term: BANK reserves; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: OPPORTUNITY costs; Author-Supplied Keyword: Monetary policy implementation; Author-Supplied Keyword: Rate corridor; Author-Supplied Keyword: Reserve requirements; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jmoneco.2005.03.013
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - DEYOUNG, ROBERT
T1  - Technological Progress and the Geographic Expansion of the Banking Industry.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2006/09//
VL  - 38
IS  - 6
M3  - Article
SP  - 1483
EP  - 1513
PB  - Ohio State University Press
SN  - 00222879
AB  - We test some predictions about the effects of technological progress on geographic expansion using data on banks in U.S. multibank holding companies over 1985-98. Specifically, we test whether over time (1) parental control over affiliate banks has increased and (2) the agency costs of distance from the parent have decreased. The data suggest that banking organizations' control over affiliates has been increasing over time and that the agency costs of distance have decreased somewhat over time. The findings are consistent with the hypothesis that technological progress has facilitated the geographic expansion of the banking industry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGICAL progress
KW  - HOLDING companies
KW  - AFFILIATED corporations
KW  - PARENT companies
KW  - BANKING industry
KW  - UNITED States
KW  - banks
KW  - efficiency
KW  - mergers
KW  - productivity
KW  - technological progress
N1  - Accession Number: 21698771; BERGER, ALLEN N. 1; Email Address: aberger@frb.gov; DEYOUNG, ROBERT 2; Email Address: rdeyoung@fdic.gov; Affiliations: 1: Senior Economist of the Board of Governors, Federal Reserve System and Wharton Financial Institutions Center; 2: Associate Director, Research Branch, Federal Deposit Insurance Corporation; Issue Info: Sep2006, Vol. 38 Issue 6, p1483; Thesaurus Term: TECHNOLOGICAL progress; Thesaurus Term: HOLDING companies; Thesaurus Term: AFFILIATED corporations; Thesaurus Term: PARENT companies; Thesaurus Term: BANKING industry; Subject: UNITED States; Author-Supplied Keyword: banks; Author-Supplied Keyword: efficiency; Author-Supplied Keyword: mergers; Author-Supplied Keyword: productivity; Author-Supplied Keyword: technological progress; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 31p; Illustrations: 5 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fujiwara, Ippei
AU  - McAdam, Peter
AU  - Roberts, John M.
T1  - Monetary policy at the zero interest bound: A model comparison exercise
JO  - Journal of the Japanese & International Economies
JF  - Journal of the Japanese & International Economies
Y1  - 2006/09//
VL  - 20
IS  - 3
M3  - Article
SP  - 305
EP  - 313
SN  - 08891583
AB  - Abstract: In this paper, we summarize the findings from zero-interest-bound simulation exercises conducted on the policy/forecasting models of the three major central banks. After imposing a fixed-period zero-interest-bound episode on each model, we consider common variations in the monetary-policy reaction function to minimize the macro-economic consequences of such a deflationary regime. Although there is some heterogeneity in the ranking of these remedial policies, reflecting the different properties of the models, we find that more aggressive policy rules and price-targeting rules are potentially candidates for robust monetary strategies. J. Japanese Int. Economies 20 (3) (2006) 305–313. [Copyright &y& Elsevier]
AB  - Copyright of Journal of the Japanese & International Economies is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - CURRENCY boards
KW  - ECONOMIC policy
KW  - FISCAL policy
KW  - E61
KW  - Model comparison
KW  - Taylor rule
KW  - Zero interest bound
N1  - Accession Number: 22008603; Fujiwara, Ippei 1; McAdam, Peter 2; Roberts, John M. 3; Email Address: John.M.Roberts@frb.gov; Affiliations: 1: Research and Statistics Department, Bank of Japan; 2: Research Department, European Central Bank; 3: Board of Governors of the Federal Reserve System; Issue Info: Sep2006, Vol. 20 Issue 3, p305; Thesaurus Term: MONETARY policy; Thesaurus Term: CURRENCY boards; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FISCAL policy; Author-Supplied Keyword: E61; Author-Supplied Keyword: Model comparison; Author-Supplied Keyword: Taylor rule; Author-Supplied Keyword: Zero interest bound; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Article
L3  - 10.1016/j.jjie.2006.05.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reifschneider, David L.
AU  - Roberts, John M.
T1  - Expectations formation and the effectiveness of strategies for limiting the consequences of the zero bound
JO  - Journal of the Japanese & International Economies
JF  - Journal of the Japanese & International Economies
Y1  - 2006/09//
VL  - 20
IS  - 3
M3  - Article
SP  - 314
EP  - 337
SN  - 08891583
AB  - Abstract: We use simulations of the Federal Reserve''s FRB/US model to examine the efficacy of a number of proposals for reducing the consequences of the zero bound on nominal interest rates. Among the proposals are: a more aggressive monetary policy; promises to make up any shortfall in monetary ease during the zero-bound period by keeping interest rates lower in the future; and the adoption of a price-level target. We consider two assumptions about expectations formation. One assumption is fully model-consistent expectations (MCE)—a reasonable assumption when a policy has been in place for some time, but perhaps less so for a newly announced policy. We therefore also consider the possibility that only financial markets have MCE, and that other agents form their expectations using a small-scale VAR model estimated using historical data. All of the policies noted above are highly effective at reducing the adverse effects of the zero bound under MCE, but their efficacy drops considerably when households and firms base their expectations on the historical average behavior of the economy, and only investors fully recognize the economic implications of the various proposals. J. Japanese Int. Economies 20 (3) (2006) 314–337. [Copyright &y& Elsevier]
AB  - Copyright of Journal of the Japanese & International Economies is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - MONETARY policy
KW  - BANKING industry
KW  - ECONOMIC policy
KW  - Central bank models
KW  - E10
KW  - E61
KW  - Expectations formation
KW  - Monetary policy
KW  - Zero interest bound
N1  - Accession Number: 22008604; Reifschneider, David L. 1; Roberts, John M.; Email Address: john.m.roberts@frb.gov; Affiliations: 1: Mail Stop 61, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep2006, Vol. 20 Issue 3, p314; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Central bank models; Author-Supplied Keyword: E10; Author-Supplied Keyword: E61; Author-Supplied Keyword: Expectations formation; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Zero interest bound; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.jjie.2006.05.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Armenter, Roc
AU  - Bodenstein, Martin
T1  - Does The Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/09//
M3  - Article
SP  - 1
EP  - 34
AB  - The Barro-Gordon inflation bias has provided an influential argument for fixed exchange rate regimes. However, with low inflation rates now widespread, credibility concerns seem no longer relevant. Why give up independent monetary policy to contain an inflation bias that is already under control? We argue that credibility problems do not end with the inflation bias and they are a larger drawback for flexible exchange rates than usually thought. Absent commitment, independent monetary policy can induce expectation traps-that is, welfare ranked multiple equilibria-and perverse policy responses to real shocks, i.e., an equilibrium policy response that is welfare inferior to policy inaction. Both possibilities imply that flexible exchange rates feature unnecessary macroeconomic volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - VOLATILITY (Finance)
KW  - MACROECONOMICS
KW  - exchange rate regimes
KW  - independent monetary policy
KW  - Time inconsistency
N1  - Accession Number: 79748372; Armenter, Roc 1; Email Address: roc.armenter@ny.frb.org; Bodenstein, Martin 1; Email Address: martin.r.bodenstein@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2006, p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: exchange rate regimes; Author-Supplied Keyword: independent monetary policy; Author-Supplied Keyword: Time inconsistency; Number of Pages: 34p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CLARK, TODD E.
AU  - McCRACKEN, MICHAEL W.
T1  - The Predictive Content of the Output Gap for Inflation: Resolving In-Sample and Out-of-Sample Evidence.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2006/08//
VL  - 38
IS  - 5
M3  - Article
SP  - 1127
EP  - 1148
PB  - Ohio State University Press
SN  - 00222879
AB  - This paper evaluates potential explanations for the sometimes poor forecasting performance of the Phillips curve. One explanation is that out of-sample metrics are noisy or, equivalently, have relatively low power. Another potential explanation is instability in the coefficients of the model. To assess these forces, this paper compares sample forecasting results to results from bootstrap simulations of models that either assume stability or allow breaks in the coefficients of the model. This analysis indicates that a significant portion of the weakness of the out-of-sample evidence is attributable to power limitations. But instabilities in the coefficients on the output gap also play a role. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PHILLIPS curve
KW  - ECONOMIC forecasting
KW  - EXPECTATION gap
KW  - STATISTICAL reliability
KW  - ECONOMIC models
KW  - BOOTSTRAPPING (Statistics)
KW  - Break Test
KW  - causality
KW  - forecasts
KW  - Phillips curve
N1  - Accession Number: 21160231; CLARK, TODD E. 1; Email Address: todd.e.clark@kc.frb.org; McCRACKEN, MICHAEL W. 2; Email Address: Michael.W.McCracken@frb.gov; Affiliations: 1: vice president and economist, Federal Reserve Bank of Kansas City; 2: economist, Board of Governors of the Federal Reserve System; Issue Info: Aug2006, Vol. 38 Issue 5, p1127; Thesaurus Term: PHILLIPS curve; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: EXPECTATION gap; Thesaurus Term: STATISTICAL reliability; Thesaurus Term: ECONOMIC models; Subject Term: BOOTSTRAPPING (Statistics); Author-Supplied Keyword: Break Test; Author-Supplied Keyword: causality; Author-Supplied Keyword: forecasts; Author-Supplied Keyword: Phillips curve; Number of Pages: 22p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brown, Jeffrey R.
AU  - Liang, Nellie
AU  - Weisbenner, Scott
T1  - 401(k) matching contributions in company stock: Costs and benefits for firms and workers
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 2006/08//
VL  - 90
IS  - 6/7
M3  - Article
SP  - 1315
EP  - 1346
SN  - 00472727
AB  - Abstract: This paper tests for important determinants of why some employers provide matching contributions for 401(k) plans in company stock. We find that firms that match in company stock have lower stock price volatility and lower bankruptcy risk and are also more likely to offer a defined benefit plan, consistent with a recognition that imposing a concentrated portfolio can be costly for employees. Evidence also indicates that firms match with company stock to help deter takeovers by putting stock into friendly hands. Simulation results suggest that while portfolio-optimizing employees are made worse off by having their match restricted to company stock, sufficiently risk tolerant employees who follow naïve investment strategies might prefer a 401(k) plan at a company with a company stock match to a plan at a company with an unrestricted match. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Public Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PENSIONS
KW  - 401(K) plans
KW  - STOCK companies
KW  - DEFERRED compensation
KW  - 401(k) plan
KW  - Company stock
KW  - ESOP
KW  - Match policy
KW  - Pension
N1  - Accession Number: 20821127; Brown, Jeffrey R. 1,2; Liang, Nellie 3; Weisbenner, Scott 1,2; Email Address: weisbenn@uiuc.edu; Affiliations: 1: University of Illinois, United States; 2: NBER, United States; 3: Board of Governors of the Federal Reserve System, United States; Issue Info: Aug2006, Vol. 90 Issue 6/7, p1315; Thesaurus Term: PENSIONS; Thesaurus Term: 401(K) plans; Thesaurus Term: STOCK companies; Thesaurus Term: DEFERRED compensation; Author-Supplied Keyword: 401(k) plan; Author-Supplied Keyword: Company stock; Author-Supplied Keyword: ESOP; Author-Supplied Keyword: Match policy; Author-Supplied Keyword: Pension; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 32p; Document Type: Article
L3  - 10.1016/j.jpubeco.2005.05.007
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=20821127&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fallick, Bruce
AU  - Fleischman, Charles A.
AU  - Rebitzer, James B.
T1  - JOB-HOPPING IN SILICON VALLEY: SOME EVIDENCE CONCERNING THE MICROFOUNDATIONS OF A HIGH-TECHNOLOGY CLUSTER.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2006/08//
VL  - 88
IS  - 3
M3  - Article
SP  - 472
EP  - 481
PB  - MIT Press
SN  - 00346535
AB  - Observers of Silicon Valley's computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates the reallocation of talent and resources toward firms with superior innovations. Using new data on labor mobility, we find higher rates of job-hopping for college-educated men in Silicon Valley's computer industry than in computer clusters located out of the state. Mobility rates in other California computer clusters are similar to Silicon Valley's, suggesting some role for features of California law that make noncompete agreements unenforceable. Consistent with our model of innovation, mobility rates outside computer industries are no higher in California than elsewhere. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMPUTER industry
KW  - LABOR mobility
KW  - LABOR turnover
KW  - SANTA Clara Valley (Santa Clara County, Calif.)
KW  - CALIFORNIA
KW  - UNITED States
N1  - Accession Number: 22699805; Fallick, Bruce 1; Fleischman, Charles A. 2; Rebitzer, James B. 3,4; Affiliations: 1: Board of Governors, Federal Reserve System; 2: Board of Governor, Federal Reserve System; 3: The Levy Institute; 4: The National Bureau of Economic Research; Issue Info: Aug2006, Vol. 88 Issue 3, p472; Thesaurus Term: COMPUTER industry; Thesaurus Term: LABOR mobility; Thesaurus Term: LABOR turnover; Subject: SANTA Clara Valley (Santa Clara County, Calif.); Subject: CALIFORNIA; Subject: UNITED States; NAICS/Industry Codes: 334110 Computer and peripheral equipment manufacturing; NAICS/Industry Codes: 443142 Electronics Stores; NAICS/Industry Codes: 443144 Computer and software stores; NAICS/Industry Codes: 417310 Computer, computer peripheral and pre-packaged software merchant wholesalers; NAICS/Industry Codes: 334111 Electronic Computer Manufacturing; Number of Pages: 10p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
AU  - Howells, Bradley
T1  - Procyclicality in Basel II: Can we treat the disease without killing the patient?
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2006/07//
VL  - 15
IS  - 3
M3  - Article
SP  - 395
EP  - 417
SN  - 10429573
AB  - Abstract: The debate over the potential procyclicality of bank capital requirements under Basel II has focused overwhelmingly on peak-to-trough variation in minimum regulatory requirements. In this paper, we re-examine the problem from the perspective of market discipline. First, we show that the marginal impact of introducing Basel II depends strongly on the extent to which market discipline leads banks to vary lending standards procyclically in the absence of binding regulation. Second, we evaluate policy options not only by their efficacy in dampening cyclicality in capital requirements, but equally by how well the information value of Basel II market disclosures is preserved. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - BANK compliance
KW  - CAPITAL requirements
KW  - BANK management
KW  - Banking regulation
KW  - Basel II
KW  - G38
KW  - Procyclicality
N1  - Accession Number: 20981511; Gordy, Michael B. 1; Email Address: michael.gordy@frb.gov; Howells, Bradley 2; Email Address: bhowells@econ.berkeley.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551; 2: Department of Economics, University of California at Berkeley, 549 Evans Hall #3880, Berkeley, CA 94720–3880; Issue Info: Jul2006, Vol. 15 Issue 3, p395; Thesaurus Term: BANK capital; Thesaurus Term: BANK compliance; Thesaurus Term: CAPITAL requirements; Thesaurus Term: BANK management; Author-Supplied Keyword: Banking regulation; Author-Supplied Keyword: Basel II; Author-Supplied Keyword: G38; Author-Supplied Keyword: Procyclicality; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jfi.2005.12.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=20981511&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Engel, Charles
AU  - Rogers, John H.
T1  - The U.S. current account deficit and the expected share of world output
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2006/07//
VL  - 53
IS  - 5
M3  - Article
SP  - 1063
EP  - 1093
SN  - 03043932
AB  - Abstract: We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which the current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries—more modest than the growth over the past 20 years—the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. A test of current account sustainability suggests that the U.S. is not keeping on a long-run sustainable path. A direct test of our model finds that the dynamics of the U.S. current account—the increasing deficits over the past decade—are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G-7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender—though not the only legitimate contender—for explaining the U.S. current account deficit. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC policy
KW  - BALANCE of payments deficit
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMIC models
KW  - GROSS domestic product
KW  - ECONOMICS -- Statistical methods
KW  - PREDICTION models
KW  - UNITED States
KW  - Current account
KW  - Real exchange rates
N1  - Accession Number: 21921611; Engel, Charles 1; Email Address: cengel@ssc.wisc.edu; Rogers, John H. 2; Email Address: john.h.rogers@frb.gov; Affiliations: 1: Departments of Economics and Finance, University of Wisconsin and NBER, 1180 Observatory Drive, Madison, WI 53706-1393, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Jul2006, Vol. 53 Issue 5, p1063; Thesaurus Term: ECONOMIC policy; Thesaurus Term: BALANCE of payments deficit; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMIC models; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMICS -- Statistical methods; Subject Term: PREDICTION models; Subject: UNITED States; Author-Supplied Keyword: Current account; Author-Supplied Keyword: Real exchange rates; Number of Pages: 31p; Document Type: Article
L3  - 10.1016/j.jmoneco.2006.05.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21921611&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
T1  - The effect of exchange rates on prices, wages, and profits: A case study of the United Kingdom in the 1990s.
JO  - International Economic Journal
JF  - International Economic Journal
Y1  - 2006/06//
VL  - 20
IS  - 2
M3  - Article
SP  - 149
EP  - 160
SN  - 10168737
AB  - During the 1990s the United Kingdom experienced large and sudden exchange rate movements that had no apparent impact on overall consumer prices. This paper shows that the stability of UK consumer prices was made possible in part by offsetting movements in the price-cost margins of foreign exporters and in part by offsetting price-cost margins in the UK distribution sector. At the same time, UK manufacturers experienced margin swings in the opposite direction, largely due to their role as exporters. Thus, sterling depreciation boosted the profits of UK manufacturers and squeezed the profits of UK distributors, while sterling appreciation had the opposite effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Economic Journal is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - PRICES
KW  - WAGES
KW  - PROFIT
KW  - INDUSTRIALISTS
KW  - GREAT Britain
KW  - Appreciation
KW  - depreciation
KW  - operating surplus
KW  - pass-through
N1  - Accession Number: 21007564; Gagnon, Joseph E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, 20551, USA; Issue Info: Jun2006, Vol. 20 Issue 2, p149; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PRICES; Thesaurus Term: WAGES; Thesaurus Term: PROFIT; Thesaurus Term: INDUSTRIALISTS; Subject: GREAT Britain; Author-Supplied Keyword: Appreciation; Author-Supplied Keyword: depreciation; Author-Supplied Keyword: operating surplus; Author-Supplied Keyword: pass-through; Number of Pages: 12p; Illustrations: 6 Graphs; Document Type: Article
L3  - 10.1080/10168730600756570
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21007564&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Gordy, Michael B.
AU  - Mester, Loretta J.
T1  - Switching costs and adverse selection in the market for credit cards: New evidence
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2006/06//
VL  - 30
IS  - 6
M3  - Article
SP  - 1653
EP  - 1685
SN  - 03784266
AB  - Abstract: To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, we revisit the question using the 1998 and 2001 SCF. Further, we use new information on card interest rates to test for pricing effects consistent with information-based switching costs. We find that informational barriers to competition persist, although their role may have declined. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT cards
KW  - INTEREST rates
KW  - CONSUMER credit
KW  - CONSUMER finance companies
KW  - CREDIT ratings
KW  - CUSTOMER satisfaction
KW  - Adverse selection
KW  - Consumer switching costs
KW  - Credit cards
KW  - Search
N1  - Accession Number: 20821874; Calem, Paul S. 1; Email Address: paul.calem@loanperformance.com; Gordy, Michael B. 2; Email Address: michael.gordy@frb.gov; Mester, Loretta J. 3; Email Address: loretta.mester@phil.frb.org; Affiliations: 1: Loan Performance, 188 The Embarcadero, San Francisco, CA 94105, United States; 2: Board of Governors of the Federal Reserve System, Division of Research & Statistics, Washington, DC 20551, United States; 3: Federal Reserve Bank of Philadelphia, Finance Department, The Wharton School, University of Pennsylvania, Ten Independence Mall, Philadelphia, PA 19106-1574, United States; Issue Info: Jun2006, Vol. 30 Issue 6, p1653; Thesaurus Term: CREDIT cards; Thesaurus Term: INTEREST rates; Thesaurus Term: CONSUMER credit; Thesaurus Term: CONSUMER finance companies; Thesaurus Term: CREDIT ratings; Thesaurus Term: CUSTOMER satisfaction; Author-Supplied Keyword: Adverse selection; Author-Supplied Keyword: Consumer switching costs; Author-Supplied Keyword: Credit cards; Author-Supplied Keyword: Search; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522210 Credit Card Issuing; NAICS/Industry Codes: 326199 All Other Plastics Product Manufacturing; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 33p; Document Type: Article
L3  - 10.1016/j.jbankfin.2005.09.012
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=20821874&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCormick, John T.
AU  - Paterson, Nancy
T1  - The threat posed by transnational political corruption to global commercial and development banking.
JO  - Journal of Financial Crime
JF  - Journal of Financial Crime
Y1  - 2006/06//
VL  - 13
IS  - 2
M3  - Article
SP  - 183
EP  - 194
SN  - 13590790
AB  - The article examines the threat posed by transnational political corruption to global commercial and development banking in Great Britain. There are reputational and financial risks posed by transnational political corruption to the commercial and development banking sectors and these risks will potentially grow as more signatory nations to various anti-corruption treaties and conventions criminalize the bribery of foreign public officials.
KW  - DEVELOPMENT banks
KW  - INTERNATIONAL banking industry
KW  - CRIMINAL justice administration
KW  - POLITICAL corruption
KW  - GREAT Britain
KW  - Banking
KW  - Bribery
KW  - Corruption
KW  - Fraud
N1  - Accession Number: 21155761; McCormick, John T. 1; Email Address: john.t.mccormick@frb.gov; Paterson, Nancy 1; Affiliations: 1: Special Investigation Section, Board of Governors of the Federal Reserve System, Washington, District of Columbia, USA; Issue Info: Jun2006, Vol. 13 Issue 2, p183; Thesaurus Term: DEVELOPMENT banks; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: CRIMINAL justice administration; Subject Term: POLITICAL corruption; Subject: GREAT Britain; Author-Supplied Keyword: Banking; Author-Supplied Keyword: Bribery; Author-Supplied Keyword: Corruption; Author-Supplied Keyword: Fraud; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 922190 Other Justice, Public Order, and Safety Activities; Number of Pages: 12p; Document Type: Article; Full Text Word Count: 4298
L3  - 10.1108/13590790610660890
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21155761&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CARPENTER, SETH
AU  - DEMIRALP, SELVA
T1  - The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2006/06//
VL  - 38
IS  - 4
M3  - Article
SP  - 901
EP  - 920
PB  - Ohio State University Press
SN  - 00222879
AB  - We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. We find a liquidity effect on most days of the reserve maintenance period in addition to settlement day. The effect is nonlinear; large changes in supply more consistently have a measurable effect than do small changes. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days of the period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - OPEN market operations
KW  - FEDERAL funds market (U.S.)
KW  - ECONOMIC forecasting
KW  - LIQUIDITY (Economics)
KW  - ECONOMIC models
KW  - CENTRAL banking industry
KW  - UNITED States
KW  - federal funds market
KW  - Liquidity effect
KW  - open market operations
N1  - Accession Number: 20989057; CARPENTER, SETH 1; Email Address: scarpenter@frb.gov; DEMIRALP, SELVA 2; Email Address: sdemiralp@ku.edu.tr; Affiliations: 1: Division of Monetary Affairs, The Board of Governors, Federal Reserve System; 2: Department of Economics, Koç University; Issue Info: Jun2006, Vol. 38 Issue 4, p901; Thesaurus Term: OPEN market operations; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: ECONOMIC models; Thesaurus Term: CENTRAL banking industry; Subject: UNITED States; Author-Supplied Keyword: federal funds market; Author-Supplied Keyword: Liquidity effect; Author-Supplied Keyword: open market operations; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 20p; Illustrations: 3 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carpenter, Seth
AU  - Demiralp, Selva
AD  - Federal Reserve System
AD  - Koc U
T1  - The Liquidity Effect in the Federal FundsMarket: Evidence from Daily Open Market Operations
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2006/06//
VL  - 38
IS  - 4
SP  - 900
EP  - 920
SN  - 00222879
N1  - Accession Number: 0871253; Keywords: Fund;  Open Market Operations;  Open Market;  Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200611
N2  - We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. We find a liquidity effect on most days of the reserve maintenance period in addition to settlement day. The effect is nonlinear; large changes in supply more consistently have a measurable effect than do small changes. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days of the period.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jones, Yvonne D.
AU  - Bies, Susan Schmidt
AU  - Gruenberg, Martin J.
T1  - Bank Secrecy Act: Opportunities Exist for FinCEN and the Banking Regulators to Further Strengthen the Framework for Consistent BSA Oversight: GAO-06-386.
JO  - GAO Reports
JF  - GAO Reports
Y1  - 2006/05/30/
M3  - Article
SP  - 1
PB  - U.S. Government Accountability Office
AB  - The U.S.  government's framework for preventing, detecting, and prosecuting money laundering has been expanding through additional pieces of legislation since the passage of the Bank Secrecy Act (BSA) in 1970.  In recent years, noncompliance with BSA requirements has raised concerns in Congress about the ability of federal banking regulators to oversee compliance at depository institutions and ensure that these institutions have the controls necessary to identify suspicious activity.  In light of these concerns, GAO was asked to determine how federal banking regulators examine for BSA compliance and identify and track violations to ensure timely corrective action.  GAO also was asked to determine how enforcement actions are taken for violations of the BSA. Before 2005, each regulator used separately developed, but similar, examination procedures to assess compliance with the BSA.  However, in 2005, in an effort to establish more consistency in examination procedures and application, the regulators, with participation from the Financial Crimes Enforcement Network (FinCEN), jointly developed and issued an interagency BSA examination procedures manual.  The manual describes risk assessments for BSA examinations and recognizes that the risks evolve and vary among institutions.  They also conducted nationwide training on the new procedures for examiners and others.  The new procedures retain the risk-focused approach of the prior procedures, requiring examiners to apply a higher level of scrutiny to the institution's lines of business that carry a higher risk for potential money laundering or noncompliance with the BSA.  The regulators are committed to updating the manual annually.  Recent improvements to the automated tracking systems the regulators use to monitor BSA examinations have allowed regulators to better record and track BSA-related information.  The regulators' data showed that the number of BSA-related violations generally increased from 2000 to 2004.  Among the frequently cited violations in 2003 and 2004 were violations issued in connection with currency transaction reporting requirements.  The system upgrades also allowed regulators to more readily produce information for other users, such as FinCEN, which has overall responsibility for BSA administration.  Under a September 2004, memorandum of understanding signed by the regulators and FinCEN, the regulators now share more specific BSA-related examination and violation data with FinCEN.  The regulators have been conducting their own analyses of these data, and FinCEN has begun to provide analytic reports to the regulators that help identify compliance problems.  FinCEN and the regulators have not yet worked through these data together to determine if additional guidance is needed to correct problems they are seeing.  Also, despite their enhanced systems and reporting, GAO found differences in the regulators' guidance and the terminology used to classify certain BSA problems--with... [ABSTRACT FROM AUTHOR]
AB  - Copyright of GAO Reports is the property of U.S. Government Accountability Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING law & legislation
KW  - MONEY laundering
KW  - COMMERCIAL crimes
KW  - BANKING industry -- Corrupt practices
KW  - BANK examination
KW  - MONEY laundering investigation
KW  - PREVENTION
KW  - Bank management
KW  - Banking law
KW  - Banking regulation
KW  - Data collection
KW  - Federal regulations
KW  - Financial institutions
KW  - Internal controls
KW  - Money laundering
KW  - Noncompliance
KW  - Reporting requirements
KW  - Risk assessment
KW  - Risk management
N1  - Accession Number: 21017909; Jones, Yvonne D. 1; Bies, Susan Schmidt 2; Gruenberg, Martin J. 3; Affiliations: 1: Director, Financial Markets and Community Investment; 2: Governor, Board of Governors of the Federal Reserve System; 3: Acting Chairman, Federal Deposit Insurance Corporation; Issue Info: 5/30/2006, p1; Thesaurus Term: BANKING law & legislation; Thesaurus Term: MONEY laundering; Thesaurus Term: COMMERCIAL crimes; Thesaurus Term: BANKING industry -- Corrupt practices; Thesaurus Term: BANK examination; Subject Term: MONEY laundering investigation; Subject Term: PREVENTION; Author-Supplied Keyword: Bank management; Author-Supplied Keyword: Banking law; Author-Supplied Keyword: Banking regulation; Author-Supplied Keyword: Data collection; Author-Supplied Keyword: Federal regulations; Author-Supplied Keyword: Financial institutions; Author-Supplied Keyword: Internal controls; Author-Supplied Keyword: Money laundering; Author-Supplied Keyword: Noncompliance; Author-Supplied Keyword: Reporting requirements; Author-Supplied Keyword: Risk assessment; Author-Supplied Keyword: Risk management; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 135p; Illustrations: 1 Diagram, 9 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - The Road to Price Stability.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2006/05//
VL  - 96
IS  - 2
M3  - Article
SP  - 178
EP  - 181
SN  - 00028282
AB  - Describes how the economic policies of the Federal Open Market Committee of the Federal Reserve System under Paul Volcker and his successor, Alan Greenspan, established an environment for price stability and produced a period of economic prosperity and stability. There was an initial phase of disinflation and dislocation before inflation stabilized. It remained at close to 4% for some time, until it fell to almost 2% ca. 1994. The volatility of economic activity has decreased and productivity has accelerated since ca. 1996.
KW  - ECONOMIC reform
KW  - ECONOMIC policy
KW  - ECONOMIC activity
KW  - BANKING industry -- United States
KW  - ECONOMIC history
KW  - PRICES
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Reserve Board
KW  - VOLCKER, Paul A., 1927-
KW  - GREENSPAN, Alan, 1926-
N1  - Accession Number: 20837924; Orphanides, Athanasios 1; Email Address: Athanasios.Orphanides@frb.gov; Affiliations: 1 : Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551, USA;  Source Info: May2006, Vol. 96 Issue 2, p178; Historical Period: 1979 to 2006; Subject Term: ECONOMIC reform; Subject Term: ECONOMIC policy; Subject Term: ECONOMIC activity; Subject Term: BANKING industry -- United States; Subject Term: ECONOMIC history; Subject Term: PRICES; Subject: UNITED States; Number of Pages: 4p; Illustrations: 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Prager, Robin A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Multimarket Bank Pricing: An Empirical Investigation of Deposit Interest Rates
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 2006/05//May-June 2006
VL  - 58
IS  - 3
SP  - 256
EP  - 272
SN  - 01486195
N1  - Accession Number: 0863721; Keywords: Bank;  Banking;  Concentration;  Deposit;  Pricing; Geographic Descriptors: U.S.; Publication Type: Journal Article; Update Code: 200609
N2  - This paper examines the determinants of deposit interest rates offered by large, geographically diversified banking organizations. We find that these organizations offer lower deposit rates than do their smaller counterparts and that, even after controlling for organization size, deposit interest rates are negatively related to the number of local banking markets in which the organization operates. We also find that concentration measured at the state level is more strongly and consistently related to deposit interest rates than is a weighted average of local market concentration. These results have potentially important implications regarding the nature of competition in retail banking markets.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Firm Performance: Size, Diversification, and Scope          L25
L3  - http://www.sciencedirect.com/science/journal/01486195
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UR  - http://dx.doi.org/10.1016/j.jeconbus.2005.07.004
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AU  - Marazzi, Mario
AU  - Schindler, John W.
T1  - The Impact of Chinese Exports on Global Import Prices.
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2006/05//
VL  - 14
IS  - 2
M3  - Article
SP  - 179
EP  - 201
PB  - Wiley-Blackwell
SN  - 09657576
AB  - This paper evaluates the evidence bearing on the question of whether China's buoyant export growth has led to significant changes in the import prices, and thus inflation performance, of its trading partners. This evidence suggests that the impact of Chinese exports on global import prices has been, while non- negligible, fairly modest. We identify a statistically significant effect of US imports from China on US import prices, but given the size of this effect and the relatively low share of imports in US GDP, the ultimate impact on US consumer prices has likely been quite small. Moreover, imports from China had little apparent effect on US producer prices. Finally, using a multi-country database of trade transactions, we estimate that, since 1993, Chinese exports lowered annual import inflation in a large set of economies by 0.25 percentage point or less on average. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of International Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORTS
KW  - IMPORTS
KW  - PRICES
KW  - INFLATION (Finance)
KW  - PARTNERSHIP (Business)
N1  - Accession Number: 20439522; Kamin, Steven B. 1; Email Address: steven.kamin@frb.gov; Marazzi, Mario 1; Email Address: mario.marazzi@frb.gov; Schindler, John W. 1; Email Address: john.schindler@frb.gov; Affiliations: 1: Board of Governor, Federal Reserve System, Washington, DC 20551, USA; Issue Info: May2006, Vol. 14 Issue 2, p179; Thesaurus Term: EXPORTS; Thesaurus Term: IMPORTS; Thesaurus Term: PRICES; Thesaurus Term: INFLATION (Finance); Thesaurus Term: PARTNERSHIP (Business); Number of Pages: 23p; Illustrations: 4 Charts, 4 Graphs; Document Type: Article
L3  - 10.1111/j.1467-9396.2006.00569.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lel, Ugur
T1  - Currency Hedging and Corporate Governance: A Cross-country Analysis.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/05//
M3  - Article
SP  - 1
EP  - 56
AB  - Corporate governance can provide mechanisms to effectively monitor the use of derivatives. Using a sample of firms from 34 countries over the period 1990 to 1999, I find that firms with strong governance use currency derivatives for value-maximizing reasons as established by theory. On the other hand, firms with weak governance use such derivatives mostly for managerial self-interests and selective hedging. These results are robust to using a sample of U.S. firms, the use of foreign denominated debt as an alternative strategy to hedge currency risk, selection bias, and a possible endogeneity between hedging policies, corporate governance, and other financial policies. Overall, the results serve as the first comprehensive evidence on the impact of corporate governance on why firms use derivatives and consequently why they hedge. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE governance
KW  - HEDGING (Finance)
KW  - MONEY
KW  - EXTERNAL debts
KW  - FINANCIAL management
KW  - UNITED States
KW  - Corporate governance
KW  - Derivatives
KW  - Hedging
KW  - International finance
N1  - Accession Number: 79746535; Lel, Ugur 1; Email Address: ugur.lel@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors - Federal Reserve System; Issue Info: 2006, preceding p1; Thesaurus Term: CORPORATE governance; Thesaurus Term: HEDGING (Finance); Thesaurus Term: MONEY; Thesaurus Term: EXTERNAL debts; Thesaurus Term: FINANCIAL management; Subject: UNITED States; Author-Supplied Keyword: Corporate governance; Author-Supplied Keyword: Derivatives; Author-Supplied Keyword: Hedging; Author-Supplied Keyword: International finance; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 57p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Bonaccorsi di Patti, Emilia
T1  - Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2006/04//
VL  - 30
IS  - 4
M3  - Article
SP  - 1065
EP  - 1102
SN  - 03784266
AB  - Abstract: Corporate governance theory predicts that leverage affects agency costs and thereby influences firm performance. We propose a new approach to test this theory using profit efficiency, or how close a firm’s profits are to the benchmark of a best-practice firm facing the same exogenous conditions. We are also the first to employ a simultaneous-equations model that accounts for reverse causality from performance to capital structure. We find that data on the US banking industry are consistent with the theory, and the results are statistically significant, economically significant, and robust. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE governance
KW  - PROFIT
KW  - CAPITAL structure
KW  - COST
KW  - BANKING industry -- United States
KW  - UNITED States
KW  - Agency costs
KW  - Banking
KW  - Capital structure
KW  - Efficiency
N1  - Accession Number: 20559078; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Bonaccorsi di Patti, Emilia 3; Email Address: emilia.bonaccorsidipatti@bancaditalia.it; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets. NW, Mail Stop 153, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Bank of Italy, Research Department, Via Nazionale 91, 00184 Rome, Italy; Issue Info: Apr2006, Vol. 30 Issue 4, p1065; Thesaurus Term: CORPORATE governance; Thesaurus Term: PROFIT; Thesaurus Term: CAPITAL structure; Thesaurus Term: COST; Thesaurus Term: BANKING industry -- United States; Subject: UNITED States; Author-Supplied Keyword: Agency costs; Author-Supplied Keyword: Banking; Author-Supplied Keyword: Capital structure; Author-Supplied Keyword: Efficiency; Number of Pages: 38p; Document Type: Article
L3  - 10.1016/j.jbankfin.2005.05.015
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Oliver, Richard
AD  - Federal Reserve System
T1  - Federal Reserve System and International Payments
JO  - Journal of Financial Transformation
JF  - Journal of Financial Transformation
Y1  - 2006/04//
IS  - 16
SP  - 53
EP  - 56
SN  - 1755361X
N1  - Accession Number: 0943143; Keywords: Federal Reserve System;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200712
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.capco.com/capco-institute/capco-journal/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - MONETARY POLICY WITH IMPERFECT KNOWLEDGE.
JO  - Journal of the European Economic Association
JF  - Journal of the European Economic Association
Y1  - 2006/04//Apr/May2006
VL  - 4
IS  - 2/3
M3  - Article
SP  - 366
EP  - 375
PB  - Wiley-Blackwell
SN  - 15424766
AB  - We examine the performance and robustness of monetary policy rules when the central bank and the public have imperfect knowledge of the economy and continuously update their estimates of model parameters. We find that versions of the Taylor rule calibrated to perform well under rational expectations with perfect knowledge perform very poorly when agents are learning and the central bank faces uncertainty regarding natural rates. In contrast, difference rules, in which the change in the interest rate is determined by the inflation rate and the change in the unemployment rate, perform well when knowledge is both perfect and imperfect. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - UNEMPLOYMENT
KW  - NATURAL rate of unemployment
N1  - Accession Number: 21615483; Orphanides, Athanasios 1; Email Address: Athanasios.Orphanides@frb.gov; Williams, John C. 2; Email Address: John.C.Williams@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of San Francisco; Issue Info: Apr/May2006, Vol. 4 Issue 2/3, p366; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: INTEREST rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: NATURAL rate of unemployment; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 10p; Illustrations: 1 Chart, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 
TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Vigfusson, Robert
AU  - Eichenbaum, Martin
T1  - ALTERNATIVE PROCEDURES FOR ESTIMATING VECTOR AUTOREGRESSIONS IDENTIFIED WITH LONG-RUN RESTRICTIONS.
JO  - Journal of the European Economic Association
JF  - Journal of the European Economic Association
Y1  - 2006/04//Apr/May2006
VL  - 4
IS  - 2/3
M3  - Article
SP  - 475
EP  - 483
PB  - Wiley-Blackwell
SN  - 15424766
AB  - We show that the standard procedure for estimating long-run identified vector autoregressions uses a particular estimator of the zero-frequency spectral density matrix of the data. We develop alternatives to the standard procedure and evaluate the properties of these alternative procedures using Monte Carlo experiments in which data are generated from estimated real business cycle models. We focus on the properties of estimated impulse response functions. In our examples, the alternative procedures have better small sample properties than the standard procedure, with smaller bias, smaller mean square error, and better coverage rates for estimated confidence intervals. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - ECONOMIC models
KW  - AUTOREGRESSION (Statistics)
KW  - DENSITY matrices
KW  - SPECTRAL energy distribution
KW  - CONFIDENCE intervals
N1  - Accession Number: 21615494; Christiano, Lawrence J. 1; Email Address: l-christiano@northwestern.edu; Vigfusson, Robert 2; Email Address: robert.j.vigfusson@frb.gov; Eichenbaum, Martin 1; Email Address: eich@northwestern.edu; Affiliations: 1: Northwestern University; 2: Federal Reserve System; Issue Info: Apr/May2006, Vol. 4 Issue 2/3, p475; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC models; Subject Term: AUTOREGRESSION (Statistics); Subject Term: DENSITY matrices; Subject Term: SPECTRAL energy distribution; Subject Term: CONFIDENCE intervals; Number of Pages: 9p; Illustrations: 1 Chart, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Engel, Charles
AU  - Rogers, John H.
T1  - The U.S. Current Account Deficit and the Expected Share of World Output.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2006/04//
M3  - Article
SP  - 1
EP  - 48
AB  - We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which a country's current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries - more modest than the growth over the past 20 years - the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. Two empirical analyses of current account sustainability using actual data suggest that the U.S. is not keeping on a long-run sustainable path. One is a direct test of our model, which finds that the dynamics of the U.S. current account - the increasing deficits over the past decade - are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender - though not the only legitimate contender - for explaining the U.S. current account deficit. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - BALANCE of payments
KW  - BUDGET deficits
KW  - GROSS domestic product
KW  - UNITED States -- Economic conditions -- 2001-2009
KW  - UNITED States
N1  - Accession Number: 79746533; Engel, Charles 1; Email Address: cengel@ssc.wisc.edu; Rogers, John H. 2; Email Address: john.h.rogers@frb.gov; Affiliations: 1: University of Wisconsin and NBER; 2: Board of Governors of the Federal Reserve System; Issue Info: 2006, p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: BALANCE of payments; Thesaurus Term: BUDGET deficits; Thesaurus Term: GROSS domestic product; Subject Term: UNITED States -- Economic conditions -- 2001-2009; Subject: UNITED States; Number of Pages: 50p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rudd, Jeremy
AU  - Whelan, Karl
T1  - Can Rational Expectations Sticky-Price Models Explain Inflation Dynamics?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2006/03//
VL  - 96
IS  - 1
M3  - Article
SP  - 303
EP  - 320
PB  - American Economic Association
SN  - 00028282
AB  - The article discusses price-setting and economic models of inflation in the United States. Two methods are used to assess the forward-looking behavior of the hypothetical hybrid model, including the generalized method of moments. Other topics are the "persistence problem," the new-Keynesian Phillips curve, closed-form solutions, and sticky-price modeling that indicates empirical inflation behavior. Reduced-form and structural parameters are given for the driving variables in the hybrid inflation equation.
KW  - INFLATION (Finance) -- Mathematical models
KW  - PRICING
KW  - RESEARCH
KW  - RATIONAL expectations (Economic theory)
KW  - ECONOMIC policy
KW  - PRICE levels
KW  - MATHEMATICAL models
KW  - METHODOLOGY
KW  - UNITED States
N1  - Accession Number: 19991983; Rudd, Jeremy 1; Email Address: jeremy.b.rudd@frb.gov; Whelan, Karl 2; Email Address: karl.whelan@centralbank.ie; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Mailstop 80, Washington, DC 20551-0001; 2: Department of Economic Analysis, Research, and Publications, Central Bank and Financial Services Authority of Ireland, Dame Street, Dublin 2, Ireland; Issue Info: Mar2006, Vol. 96 Issue 1, p303; Thesaurus Term: INFLATION (Finance) -- Mathematical models; Thesaurus Term: PRICING; Thesaurus Term: RESEARCH; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ECONOMIC policy; Thesaurus Term: PRICE levels; Thesaurus Term: MATHEMATICAL models; Subject Term: METHODOLOGY; Subject: UNITED States; Number of Pages: 18p; Illustrations: 5 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Durham, J. Benson
T1  - Additional Analytical Approximizations of the Term Structure and Distributional Assumptions for Jump-Diffusion Processes.
JO  - Journal of Fixed Income
JF  - Journal of Fixed Income
Y1  - 2006/03//
VL  - 15
IS  - 4
M3  - Article
SP  - 61
EP  - 73
PB  - Euromoney Institutional Investor PLC
SN  - 10598596
AB  - Affine term structure models in which the short rate follows a jump--diffusion process are difficult to solve. Without analytical answers to the partial difference differential equation (PDDE) for bond prices implied by jump--diffusion processes, one must find a numerical solution to the PDDE or exactly solve an approximate PDDE. Although the literature focuses on a single linearization technique to estimate the PDDE, this article outlines alternative methods that seem to improve accuracy. Also, closed form solutions, numerical estimates, and closed form approximations of the PDDE each ultimately depend on the presumed distribution of jump sizes, and this article explores a broader set of possible densities more consistent with intuition. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Fixed Income is the property of Euromoney Institutional Investor PLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BONDS (Finance) -- Prices
KW  - SECURITIES
KW  - BOND funds
KW  - BOND market
KW  - PARTIAL differential equations
N1  - Accession Number: 20600036; Durham, J. Benson 1; Email Address: j.benson.durham@frb.gov; Affiliations: 1: Senior economist, Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: Mar2006, Vol. 15 Issue 4, p61; Thesaurus Term: BONDS (Finance) -- Prices; Thesaurus Term: SECURITIES; Thesaurus Term: BOND funds; Thesaurus Term: BOND market; Subject Term: PARTIAL differential equations; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GUERRIERI, LUCA
T1  - The Inflation Persistence of Staggered Contracts.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2006/03//
VL  - 38
IS  - 2
M3  - Article
SP  - 483
EP  - 494
PB  - Ohio State University Press
SN  - 00222879
AB  - One of the criticisms routinely advanced against models with staggered contracts is their inability to generate inflation persistence. This paper finds that staggered contracts à la Taylor are, in fact, capable of reproducing the inflation persistence implied by U.S. data. Following Fuhrer and Moore, I capture the moments that the model needs to replicate by using the correlograms from a small vector autoregression (VAR). I estimate the contract parameters using the method of maximum likelihood. The correlogram of inflation for the contract model is very close to the correlogram from the VAR. By the same metric, Taylor contracts fare poorly in reproducing the comovements of inflation and output. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - CONTRACTS
KW  - ECONOMIC policy
KW  - BUSINESS cycles
KW  - AUTOREGRESSION (Statistics)
KW  - UNITED States
KW  - maximum likelihood
KW  - Phillips curve
N1  - Accession Number: 19899292; GUERRIERI, LUCA 1; Affiliations: 1: economist, Board of Governors, Federal Reserve System, Washington DC; Issue Info: Mar2006, Vol. 38 Issue 2, p483; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CONTRACTS; Thesaurus Term: ECONOMIC policy; Thesaurus Term: BUSINESS cycles; Subject Term: AUTOREGRESSION (Statistics); Subject: UNITED States; Author-Supplied Keyword: maximum likelihood; Author-Supplied Keyword: Phillips curve; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Evans, Carolyn L.
T1  - Border effects and the availability of domestic products abroad.
JO  - Canadian Journal of Economics
JF  - Canadian Journal of Economics
Y1  - 2006/02//
VL  - 39
IS  - 1
M3  - Article
SP  - 211
EP  - 246
PB  - Wiley-Blackwell
SN  - 00084085
AB  - Trade between countries could fall short of trade within a country because (1) the volume of international trade is less than the volume of domestic trade for a given product (the intensive margin); or (2) some goods that are sold domestically are simply not exported (the extensive margin). My theoretical model illustrates that either of these two factors could explain a given aggregate ‘border effect.’ I examine the empirical relevance of this distinction by isolating the fraction of total domestic production attributable only to exporters, finding that around one-half of the border effect may be attributed to each explanation. JEL classification: F1 (English) [ABSTRACT FROM AUTHOR]
AB  - Les effets de frontières et la disponibilité de produits domestiques à l’étranger.  Le commerce entre pays peut être moindre que le commerce à l’intérieur d’un pays parce que (1) le volume de commerce international est moindre que le volume du commerce intérieur pour un produit donné(la marge intensive); ou (2) certains biens qui sont vendus à l’intérieur d’un pays ne sont tout simplement pas exportés (la marge extensive). Un modèle théorique montre que l’un et l’autre de ces facteurs pourraient expliquer un certain « effet de frontière » au niveau agrégé. On montre l’importance empirique de cette distinction en isolant la fraction de la production intérieure totale attribuable strictement aux exportateurs, et il s’avère qu’à peu près la moitié de l’effet de frontière est attribuable à chacune des deux explications. (French) [ABSTRACT FROM AUTHOR]
AB  - Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL trade
KW  - PRODUCTION (Economic theory)
KW  - EXPORTERS
KW  - EXPORTS
KW  - COMMERCIAL products
KW  - COMMERCE
KW  - INTERNATIONAL economic relations
KW  - MICROECONOMICS
KW  - BOUNDARIES
N1  - Accession Number: 19448255; Evans, Carolyn L. 1; Email Address: carolyn.l.evans@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Feb2006, Vol. 39 Issue 1, p211; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: EXPORTERS; Thesaurus Term: EXPORTS; Thesaurus Term: COMMERCIAL products; Thesaurus Term: COMMERCE; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: MICROECONOMICS; Subject Term: BOUNDARIES; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 36p; Illustrations: 11 Charts; Document Type: Article
L3  - 10.1111/j.0008-4085.2006.00345.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swanson, Eric T.
T1  - Optimal nonlinear policy: signal extraction with a non-normal prior
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2006/02//
VL  - 30
IS  - 2
M3  - Article
SP  - 185
EP  - 203
SN  - 01651889
AB  - Abstract: The literature on optimal monetary policy typically makes three major assumptions: (1) policymakers’ preferences are quadratic, (2) the economy is linear, and (3) stochastic shocks and policymakers’ prior beliefs about unobserved variables are normally distributed. This paper relaxes the third assumption and explores its implications for optimal policy. The separation principle continues to hold in this framework, allowing for tractability and application to forward-looking models, but policymakers’ beliefs are no longer updated in a linear fashion, allowing for plausible nonlinearities in optimal policy. We consider in particular a class of models in which policymakers’ priors about the natural rate of unemployment are diffuse in a region around the mean. When this is the case, optimal policy responds cautiously to small surprises in the observed unemployment rate, but becomes increasingly aggressive at the margin. These features match statements by Federal Reserve officials and the behavior of the Fed in the 1990s. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - MONEY supply
KW  - Beliefs
KW  - Learning
KW  - Non-Gaussian
KW  - Non-normal
KW  - Optimal monetary policy
KW  - Priors
KW  - Signal extraction
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 19394599; Swanson, Eric T. 1; Email Address: eswanson@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 71, Federal Reserve Board, 2000 C St., NW, Washington, DC 20551, USA; Issue Info: Feb2006, Vol. 30 Issue 2, p185; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONEY supply; Author-Supplied Keyword: Beliefs; Author-Supplied Keyword: Learning; Author-Supplied Keyword: Non-Gaussian; Author-Supplied Keyword: Non-normal; Author-Supplied Keyword: Optimal monetary policy; Author-Supplied Keyword: Priors; Author-Supplied Keyword: Signal extraction ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jedc.2004.10.007
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen
T1  - Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2006/02//
VL  - 29
IS  - 1
M3  - Article
SP  - 5
EP  - 36
SN  - 09208550
AB  - We examine the likely competitive effects of implementation of Basel II capital requirements on banks in the market for credit to SMEs in the U.S. Similar competitive effects from Basel II may occur for other credits and financial instruments in the U.S. and other nations. We address whether reduced risk weights for SME credits extended by large banking organizations that adopt the Advanced Internal Ratings-Based (A-IRB) approach of Basel II might significantly adversely affect the competitive positions of other organizations. The analyses suggest only relatively minor competitive effects on most community banks because the large A-IRB adopters tend to make very different types of SME loans to different types of borrowers than community banks. However, there may be significant adverse effects on the competitive positions of large non-A-IRB banking organizations because the data do not suggest any strong segmentation in SME credit markets among large organizations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - CAPITAL requirements
KW  - FINANCIAL instruments
KW  - COMMUNITY banks
KW  - INTERNAL rate of return
KW  - FINANCE
KW  - RESERVE requirements
KW  - LEGAL instruments
KW  - UNITED States
KW  - Basel II
KW  - capital requirements
KW  - SMEs
N1  - Accession Number: 19474092; Berger, Allen 1; Email Address: aberger@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System, Wharton Financial Institutions Center.; Issue Info: Feb2006, Vol. 29 Issue 1, p5; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: CAPITAL requirements; Thesaurus Term: FINANCIAL instruments; Thesaurus Term: COMMUNITY banks; Thesaurus Term: INTERNAL rate of return; Thesaurus Term: FINANCE; Thesaurus Term: RESERVE requirements; Subject Term: LEGAL instruments; Subject: UNITED States; Author-Supplied Keyword: Basel II; Author-Supplied Keyword: capital requirements; Author-Supplied Keyword: SMEs; NAICS/Industry Codes: 525990 Other Financial Vehicles; Number of Pages: 32p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
L3  - 10.1007/s10693-005-5106-3
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coulibaly, Brahima
AU  - Li, Geng
T1  - Do Homeowners Increase Consumption after the Last Mortgage Payment? An Alternative Test of the Permanent Income Hypothesis.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2006/02//
VL  - 88
IS  - 1
M3  - Article
SP  - 10
EP  - 19
PB  - MIT Press
SN  - 00346535
AB  - The maturity date of a mortgage loan marks the end of monthly mortgage payments for homeowners. In the period after the last payment, homeowners experience an increase in their disposable income. Our study interprets this event as an anticipated increase in income, and tests whether households smooth consumption over the transition period as predicted by the rational-expectation life-cycle–permanent-income hypothesis. We find households do not alter nondurable-goods consumption in the period following the last mortgage payment. Instead, they increase both financial savings and savings in durable goods such as house furnishings and entertainment equipment in the year of the last mortgage payment. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - MORTGAGES
KW  - MORTGAGE loans
KW  - INCOME
KW  - PAYMENT
N1  - Accession Number: 19596023; Coulibaly, Brahima 1; Li, Geng 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Feb2006, Vol. 88 Issue 1, p10; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: MORTGAGES; Thesaurus Term: MORTGAGE loans; Thesaurus Term: INCOME; Thesaurus Term: PAYMENT; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 10p; Illustrations: 8 Charts, 2 Graphs; Document Type: Article; Full Text Word Count: 7570
L3  - 10.1162/003465306775565693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19596023&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Juster, F. Thomas
AU  - Lupton, Joseph P.
AU  - Smith, James P.
AU  - Stafford, Frank
T1  - The Decline in Household Saving and the Wealth Effect.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2006/02//
VL  - 88
IS  - 1
M3  - Article
SP  - 20
EP  - 27
PB  - MIT Press
SN  - 00346535
AB  - Using a unique set of household-level panel data, we estimate the effect of capital gains on saving by asset type, controlling for observable and unobservable household-specific fixed effects. The results suggest that the decline in the personal saving rate since 1984 is largely due to the significant capital gains in corporate equities experienced over this period. Over 5-year periods, the effect of capital gains in corporate equities on saving is substantially larger than the effect of capital gains in housing or other assets. Failure to differentiate wealth effects across asset types results in a significant understatement of their size. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - CAPITAL gains
KW  - STOCKS (Finance)
KW  - CAPITAL
KW  - PROFIT
N1  - Accession Number: 19596022; Juster, F. Thomas 1; Lupton, Joseph P. 2; Smith, James P. 3; Stafford, Frank 1; Affiliations: 1: University of Michigan; 2: Board of Governors, Federal Reserve System; 3: RAND; Issue Info: Feb2006, Vol. 88 Issue 1, p20; Thesaurus Term: SAVING & investment; Thesaurus Term: CAPITAL gains; Thesaurus Term: STOCKS (Finance); Thesaurus Term: CAPITAL; Thesaurus Term: PROFIT; Number of Pages: 8p; Illustrations: 4 Charts; Document Type: Article; Full Text Word Count: 8605
L3  - 10.1162/003465306775565800
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19596022&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pence, Karen M.
T1  - Foreclosing on Opportunity: State Laws and Mortgage Credit.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2006/02//
VL  - 88
IS  - 1
M3  - Article
SP  - 177
EP  - 182
PB  - MIT Press
SN  - 00346535
AB  - Foreclosure laws govern the rights of borrowers and lenders when borrowers default on mortgages. In states with laws favoring the borrower, the supply of mortgage credit may decrease because lenders face higher costs. To examine the laws' effects, I compare approved mortgage applications in census tracts that border each other but are located in different states. Using a regression-discontinuity design and semiparametric estimation methods, I find that loan sizes are 3% to 7% smaller in defaulter-friendly states; this result suggests that defaulter-friendly laws impose material costs on borrowers at the time of loan origination. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FORECLOSURE
KW  - MORTGAGES
KW  - MONEYLENDERS
KW  - DEBTOR & creditor
KW  - LOANS
N1  - Accession Number: 19596010; Pence, Karen M. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Feb2006, Vol. 88 Issue 1, p177; Thesaurus Term: FORECLOSURE; Thesaurus Term: MORTGAGES; Thesaurus Term: MONEYLENDERS; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: LOANS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 6p; Illustrations: 2 Charts, 1 Map; Document Type: Article; Full Text Word Count: 4794
L3  - 10.1162/003465306775565774
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reeve, Trevor A.
T1  - Factor Endowments and Industrial Structure.
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2006/02//
VL  - 14
IS  - 1
M3  - Article
SP  - 30
EP  - 53
PB  - Wiley-Blackwell
SN  - 09657576
AB  - What determines industrial structure? Do sector-specific characteristics such as unionization, regulation, and trade policy dominate production patterns? One is inclined to believe so based on countless industry-level studies and the many political battles that are continually fought over trade and industrial policy. In contrast, standard neoclassical trade theory suggests that industrial structure is primarily driven by relative factor supplies. This paper demonstrates that aggregate factor endowments explain much of the structure of production—independent of industry idiosyncrasies—and quantifies the extent to which shifts in industrial structure in a cross-section of countries are driven by the broad forces of factor accumulation. These results are reached through an empirical application of the factor proportions model of production. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of International Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR organizing
KW  - COMMERCIAL policy
KW  - INDUSTRIAL policy
KW  - TRADE regulation
KW  - ECONOMIC policy
N1  - Accession Number: 19411642; Reeve, Trevor A. 1; Email Address: trevor.a.reeve@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Feb2006, Vol. 14 Issue 1, p30; Thesaurus Term: LABOR organizing; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: INDUSTRIAL policy; Thesaurus Term: TRADE regulation; Thesaurus Term: ECONOMIC policy; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 813930 Labor Unions and Similar Labor Organizations; Number of Pages: 24p; Illustrations: 12 Charts; Document Type: Article
L3  - 10.1111/j.1467-9396.2006.00559.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kimura, Takeshi
AU  - Small, David H.
T1  - Quantitative Monetary Easing and Risk in Financial Asset Markets.
JO  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
JF  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
Y1  - 2006/01//
VL  - 6
IS  - 1
M3  - Article
SP  - 1
EP  - 56
SN  - 15345998
AB  - In this paper, we empirically examine the portfolio-rebalancing effects stemming from the policy of ¿quantitative monetary easing¿ recently undertaken by the Bank of Japan when the nominal short-term interest rate was virtually at zero. Portfolio-rebalancing effects resulting from the open market purchase of long-term government bonds under this policy have been statistically significant. Our results also show that the portfolio-rebalancing effects were beneficial in that they reduced risk premiums on assets with counter-cyclical returns, such as government and high-grade corporate bonds. But, they may have generated the adverse effects of increasing risk premiums on assets with pro-cyclical returns, such as equities and low-grade corporate bonds. These results are consistent with a CAPM framework in which business-cycle risk importantly affects risk premiums. Our estimates capture only some of the effects of quantitative easing and thus do not imply that the complete set of effects were adverse on net for Japan¿s economy. However, our analysis counsels caution in accepting the view that, ceteris paribus, a massive large-scale purchase of long-term government bonds by a central bank provides unambiguously positive net benefits to financial markets at zero short-term interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Macroeconomics: Topics in Macroeconomics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - OPEN market operations
KW  - INSURANCE premiums
KW  - RISK
KW  - NIHON Ginko
N1  - Accession Number: 20382698; Kimura, Takeshi 1; Email Address: takeshi.kimura@boj.or.jp; Small, David H. 2; Email Address: dsmall@frb.gov; Affiliations: 1: Bank of Japan; 2: Board of Governors of the Federal Reserve System; Issue Info: 2006, Vol. 6 Issue 1, p1; Thesaurus Term: INTEREST rates; Thesaurus Term: OPEN market operations; Thesaurus Term: INSURANCE premiums; Thesaurus Term: RISK ; Company/Entity: NIHON Ginko DUNS Number: 622798981; Number of Pages: 56p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Palumbo, Michael
AU  - Rudd, Jeremy
AU  - Whelan, Karl
T1  - On the Relationships Between Real Consumption, Income, and Wealth.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2006/01//
VL  - 24
IS  - 1
M3  - Article
SP  - 1
EP  - 11
SN  - 07350015
AB  - Many studies relate real nondurables and services consumption to real income and wealth, with the latter measures obtained by deflating with a price index for total consumption expenditures. This procedure is appropriate only if real nondurables and services consumption is a constant multiple of aggregate real consumption outlays, which is not the case in U.S. data. We develop an alternative approach that exploits the fact that the ratio of these series has historically been stable in nominal terms, and demonstrate that the choice of deflation methodology has important implications for wealth effect estimation and tests of the permanent income hypothesis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - REAL income
KW  - ECONOMIC indicators
KW  - PRICE indexes
KW  - INDUSTRIAL statistics
KW  - PUBLIC spending
KW  - STOCK price indexes
KW  - MONEY market
KW  - UNITED States
KW  - Budget
KW  - constraints
KW  - Permanent income hypothesis
KW  - Price deflation
KW  - Wealth effects
N1  - Accession Number: 19523844; Palumbo, Michael 1; Rudd, Jeremy 1; Email Address: jeremy.b.rudd@frb.gov; Whelan, Karl 2; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551.; 2: Central Bank and Financial Services Authority of Ireland, Dublin, Ireland.; Issue Info: Jan2006, Vol. 24 Issue 1, p1; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: REAL income; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: PRICE indexes; Thesaurus Term: INDUSTRIAL statistics; Thesaurus Term: PUBLIC spending; Thesaurus Term: STOCK price indexes; Thesaurus Term: MONEY market; Subject: UNITED States; Author-Supplied Keyword: Budget; Author-Supplied Keyword: constraints; Author-Supplied Keyword: Permanent income hypothesis; Author-Supplied Keyword: Price deflation; Author-Supplied Keyword: Wealth effects; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 11p; Document Type: Article
L3  - 10.1198/073500105000000225
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Demiralp, Selva
AU  - Preslopsky, Brian
AU  - Whitesell, William
T1  - Overnight interbank loan markets
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2006/01//Jan/Feb2006
VL  - 58
IS  - 1
M3  - Article
SP  - 67
EP  - 83
SN  - 01486195
AB  - Abstract: This paper investigates the extent of arbitrage apparent in overnight interbank markets, expanding on previous work on markets for brokered federal funds, Eurodollars, and repurchase agreements by developing a new time series importantly representing direct (nonbrokered) trades of federal funds. We find evidence of close but incomplete arbitrage among these four major market segments, though the specific calendar-day patterns of spreads and volatilities differ from those reported in earlier studies. The divergences in interest rates do not necessarily represent unrealized profit opportunities, however, as calendar-related transaction costs or other market frictions may account for the apparent incompleteness of arbitrage. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ARBITRAGE
KW  - INTERBANK market
KW  - BANKING industry
KW  - MONEY market
KW  - FEDERAL funds market (U.S.)
KW  - Eurodollar
KW  - Federal funds
N1  - Accession Number: 19590914; Demiralp, Selva 1; Preslopsky, Brian 1; Whitesell, William; Email Address: william.c.whitesell@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, United States; Issue Info: Jan/Feb2006, Vol. 58 Issue 1, p67; Thesaurus Term: ARBITRAGE; Thesaurus Term: INTERBANK market; Thesaurus Term: BANKING industry; Thesaurus Term: MONEY market; Thesaurus Term: FEDERAL funds market (U.S.); Author-Supplied Keyword: Eurodollar; Author-Supplied Keyword: Federal funds; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jeconbus.2005.04.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nason, James M.
AU  - Rogers, John H.
T1  - The present-value model of the current account has been rejected: Round up the usual suspects
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2006/01//
VL  - 68
IS  - 1
M3  - Article
SP  - 159
EP  - 187
SN  - 00221996
AB  - Abstract: Tests of the present-value model (PVM) of the current account are frequently rejected by data. Standard explanations rely on the “usual suspects” of non-separable preferences, fiscal policy and world real interest rate shocks, external imperfect international capital mobility, and an internalized risk premium. We confirm these rejections on post-war Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model (RBC). Bayesian Monte Carlo experiments reveal that a “canonical” RBC model is close to the data, but far from the PVM predictions. Although each suspect matters in some way, none improve the fit to the data. However, the PVM restrictions are reproduced when the internalized risk premium is introduced into the canonical model. By adding the exogenous world real interest rate shock to this version of the model, it matches the data better and is moved closer to the PVM predictions. This suggests that there is an important common world component to current account fluctuations, which points to additional underlying macroeconomic factors that drive the current account. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BALANCE of payments
KW  - DEMAND for money
KW  - INTEREST rate parity theorem
KW  - INVESTMENT interest
KW  - Bayesian Monte Carlo
KW  - Current account
KW  - International capital mobility
KW  - Present value model
KW  - World real interest rate
N1  - Accession Number: 19202430; Nason, James M. 1; Email Address: jim.nason@atl.frb.org; Rogers, John H. 2; Email Address: John.H.Rogers@FRB.GOV; Affiliations: 1: Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree St., N.E. Atlanta, GA 30033, United States; 2: Mail Stop 20, International Finance Division, Board of Governors of the Federal Reserve System, Washington, DC 20551, United States; Issue Info: Jan2006, Vol. 68 Issue 1, p159; Thesaurus Term: BALANCE of payments; Thesaurus Term: DEMAND for money; Thesaurus Term: INTEREST rate parity theorem; Thesaurus Term: INVESTMENT interest; Author-Supplied Keyword: Bayesian Monte Carlo; Author-Supplied Keyword: Current account; Author-Supplied Keyword: International capital mobility; Author-Supplied Keyword: Present value model; Author-Supplied Keyword: World real interest rate; Number of Pages: 29p; Document Type: Article
L3  - 10.1016/j.jinteco.2005.01.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rudd, Jeremy
AU  - Whelan, Karl
T1  - Empirical proxies for the consumption–wealth ratio
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2006/01//
VL  - 9
IS  - 1
M3  - Article
SP  - 34
EP  - 51
SN  - 10942025
AB  - Abstract: Using a log-linearized approximation to an aggregate budget constraint, it is possible to show that the ratio of consumption to total (human and non-human) wealth summarizes agents'' expectations concerning both future labor income and future asset returns. In a series of recent papers, Lettau and Ludvigson construct an empirical analogue to the consumption–wealth ratio by approximating total wealth with a linear combination of labor income and observable non-human wealth. If valid, this framework suggests that consumption, assets, and labor income will be cointegrated. We demonstrate, however, that standard tests fail to reject the hypothesis of no cointegration once one employs measures of consumption, assets, and labor income that are jointly consistent with an underlying budget constraint. We also show that deviations of consumption, assets, and income from an estimated common trend are unable to predict future excess returns on stocks out of sample once theoretically consistent measures are used. [Copyright &y& Elsevier]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - RATIO analysis
KW  - BUDGET
KW  - INCOME
KW  - Budget constraint
KW  - cay
KW  - Cointegration
KW  - Return forecastability
N1  - Accession Number: 19308626; Rudd, Jeremy 1; Email Address: jeremy.b.rudd@frb.gov; Whelan, Karl 2; Email Address: karl.whelan@centralbank.ie; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, USA; 2: Central Bank and Financial Services Authority of Ireland, P.O. Box 559, Dame Street, Dublin 2, Ireland; Issue Info: Jan2006, Vol. 9 Issue 1, p34; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: RATIO analysis; Thesaurus Term: BUDGET; Thesaurus Term: INCOME; Author-Supplied Keyword: Budget constraint; Author-Supplied Keyword: cay; Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Return forecastability; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/j.red.2005.08.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Klee, Elizabeth
T1  - Families' Use of Payment Instruments During a Decade of Changein the U.S. Payment System.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2006/01//
M3  - Working Paper
SP  - 1
EP  - 52
AB  - In the U.S., the share of payments made "electronically"--with credit cards, debit cards and direct payments--grew from 25 percent in 1995 to over 50 percent in 2002 (BIS, 2004). This paper frames this aggregate change in the context of individual behavior. Family level data indicate that the share of families using or holding these instruments also increased over the same period. The personal characteristics that predict use and holdings are relatively constant overtime. Furthermore, the results indicate that the aggregate change may be correlated with a greater incidence in "multihoming", or use of multiple payment instruments. In addition, the paper offers evidence that the dimensions over which families multihome differ across payment instruments.The results presented in this paper document a significant change in the payment system, inform payment system policies and provide evidence of technology adoption behavior more generally. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELECTRONIC funds transfers
KW  - CONSUMER behavior
KW  - PAYMENT systems
KW  - TECHNOLOGY
KW  - PERSONAL finance
KW  - BUSINESS -- Research
KW  - RESEARCH
KW  - SOCIOLOGICAL aspects
KW  - METHODOLOGY
KW  - TECHNOLOGY assessment
KW  - UNITED States
KW  - consumer choice
KW  - multihoming
KW  - Payment systems
KW  - technology adoption
N1  - Accession Number: 20629277; Klee, Elizabeth 1; Email Address: elizabeth.klee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2006, Preceding p1; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: CONSUMER behavior; Thesaurus Term: PAYMENT systems; Thesaurus Term: TECHNOLOGY; Thesaurus Term: PERSONAL finance; Thesaurus Term: BUSINESS -- Research; Thesaurus Term: RESEARCH; Subject Term: SOCIOLOGICAL aspects; Subject Term: METHODOLOGY; Subject Term: TECHNOLOGY assessment; Subject: UNITED States; Author-Supplied Keyword: consumer choice; Author-Supplied Keyword: multihoming; Author-Supplied Keyword: Payment systems; Author-Supplied Keyword: technology adoption; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 54p; Illustrations: 8 Charts, 2 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Klee, Elizabeth
T1  - Paper or Plastic? The Effect of Time on Check and Debit Card Use at Grocery Stores.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2006/01//
M3  - Working Paper
SP  - 1
EP  - 46
AB  - Time is a significant cost of conducting transactions, and theoretical models predict that transactions costs significantly affect the type of media of exchange buyers use. However, there is little empirical work documenting the magnitude of this effect. This paper uses grocery store scanner data to examine how time affects consumer choices of checks and debit cards. On average, check transactions take thirty percent longer than debit card transactions. This time difference is a significant factor in the choice to use a debit card over a check and offers empirical evidence for transactions costs affecting the use of media of exchange. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TRANSACTION costs
KW  - CONSUMER behavior
KW  - ELECTRONIC funds transfers
KW  - PAYMENT systems
KW  - CONSUMER research
KW  - MONETARY theory
KW  - ECONOMETRIC models
KW  - ECONOMICS -- Research
KW  - UNITED States
N1  - Accession Number: 20629366; Klee, Elizabeth 1; Email Address: elizabeth.klee@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2006, Preceding p1; Thesaurus Term: TRANSACTION costs; Thesaurus Term: CONSUMER behavior; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: PAYMENT systems; Thesaurus Term: CONSUMER research; Thesaurus Term: MONETARY theory; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMICS -- Research; Subject: UNITED States; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; Number of Pages: 48p; Illustrations: 6 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Pritsker, Matthew
T1  - A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2006/01//
M3  - Working Paper
SP  - 1
EP  - 67
AB  - I present a fully-rational symmetric-information model of an IPO, and a dynamic imperfectly competitive model of trading in the IPO aftermarket. The model helps to explain IPO underpricing, underperformance, and why share allocations favor large institutional investors. In the model, underwriters need to sell a fixed number of shares at the IPO or in the aftermarket. To maximize revenue and avoid selling into the aftermarket where they can be exploited by large investors, underwriters distort share allocations towards investors with market power, and set the IPO offer price below the aftermarket trading price. Large investors who receive IPO share allocations sell them slowly afterwards to reduce their trade's price-impact. This curtails the shares that are available to small price-taking investors, causing them to bid up prices and bid down returns. In some simulations, the distorted share allocations and slow unwinding behavior generate post-IPO return underperformance that persists for several years. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOING public (Securities)
KW  - EFFICIENT market theory
KW  - SECURITIES trading
KW  - ECONOMIC models
KW  - INSTITUTIONAL investments
KW  - ECONOMICS -- Statistical methods
KW  - IMPERFECT competition
N1  - Accession Number: 20629354; Pritsker, Matthew 1; Email Address: mpritsker@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2006, Preceding p1; Thesaurus Term: GOING public (Securities); Thesaurus Term: EFFICIENT market theory; Thesaurus Term: SECURITIES trading; Thesaurus Term: ECONOMIC models; Thesaurus Term: INSTITUTIONAL investments; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: IMPERFECT competition; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 69p; Illustrations: 2 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Neumark, David
AU  - Wascher, William
AD  - Department of Economics, University of California-Irvine
AD  - Board of Governors of the Federal Reserve System
T1  - Minimum Wages and Employment: A Review of Evidence from the New Minimum Wage Research
PB  - University of California-Irvine, Department of Economics, Working Papers: 060708
Y1  - 2006///
SP  - 151 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0875828; Keywords: Minimum wage;  Employment; Publication Type: Working Paper; Update Code: 200612
N2  - We review the burgeoning literature on the employment effects of minimum wages--in the United States and other countries--that was spurred by the "new minimum wage research" beginning in the early 1990's. The wide range of existing estimates makes it difficult for us to draw broad generalizations about the implications of the new minimum wage research. Clearly, no consensus now exists about the overall effects on low-wage employment of an increase in the minimum wage. However, the oft-stated assertion that this recent research fails to support the traditional view that the minimum wage reduces the employment of low-wage workers is clearly incorrect. The overwhelming majority of the studies surveyed in this paper give a relatively consistent (although not always statistically significant) indication of negative employment effects of minimum wages. In addition, among the papers we view as providing the most credible evidence, almost all point to negative employment effects. Moreover, the evidence tends to point to disemployment effects of minimum wages in the United States as well as many other countries. Two potentially more important conclusions emerge from our review. First, we see very few--if any--cases where a study provides convincing evidence of positive employment effects of minimum wages, especially from studies that focus on broader groups (rather than a narrow industry) for which the competitive model predicts disemployment effects. Second, when researchers focus on the least-skilled groups most likely to be adversely affected by minimum wages, we regard the evidence as relatively overwhelming that there are stronger disemployment effects for these groups.
KW  - Labor Demand          J23
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
L3  - http://www.socsci.uci.edu/econ/paper/2006-07/Neumark-08.pdf
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UR  - http://www.socsci.uci.edu/econ/paper/2006-07/Neumark-08.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahearne, Alan
AU  - Shinada, Naoki
T1  - Zombie firms and economic stagnation in Japan.
JO  - International Economics & Economic Policy
JF  - International Economics & Economic Policy
Y1  - 2005/12//
VL  - 2
IS  - 4
M3  - Article
SP  - 363
EP  - 381
SN  - 16124804
AB  - It is often claimed that one contributing factor to Japan's weak economic performance over the past decade is that Japanese banks have continued to provide financial support for highly inefficient, debt-ridden companies, commonly referred to as ‘zombie’ firms. Such poor banking practices in turn prevent more productive companies from gaining market share, strangling a potentially important source of productivity gains for the overall economy. To explore further the zombie-firm hypothesis, we use industry- and firm-level Japanese data and find evidence that productivity growth is low in industries reputed to have heavy concentrations of zombie firms. We also find that the reallocation of market share is going in the wrong direction in these industries, adding to already weak productivity performance. In addition, we find evidence that financial support from Japanese banks may have played a role in sustaining this perverse reallocation of market share. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Economics & Economic Policy is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BUSINESS cycles
KW  - CORPORATE debt
KW  - FINANCIAL institutions
KW  - STAGNATION (Economics)
KW  - JAPAN
KW  - Banking system
KW  - Creative destruction
KW  - Productivity
N1  - Accession Number: 19072049; Ahearne, Alan 1; Email Address: alan.g.ahearne@frb.gov; Shinada, Naoki 2; Email Address: nashina@dbj.go.jp; Affiliations: 1: Division of International Finance , Board of Governors of the Federal Reserve System , 20th and C Streets NW Washington DC USA; 2: Development Bank of Japan , 1-9-1 Otemachi, Chiyoda-ku Tokyo Japan; Issue Info: 2005, Vol. 2 Issue 4, p363; Thesaurus Term: BANKING industry; Thesaurus Term: BUSINESS cycles; Thesaurus Term: CORPORATE debt; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: STAGNATION (Economics); Subject: JAPAN; Author-Supplied Keyword: Banking system; Author-Supplied Keyword: Creative destruction; Author-Supplied Keyword: Productivity; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 19p; Illustrations: 4 Color Photographs, 4 Diagrams, 5 Charts; Document Type: Article
L3  - 10.1007/s10368-005-0041-1
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - ESPINOSA-VEGA, MARCO A.
AU  - FRAME, W. SCOTT
AU  - MILLER, NATHAN H.
T1  - Debt Maturity, Risk, and Asymmetric Information.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 2005/12//
VL  - 60
IS  - 6
M3  - Article
SP  - 2895
EP  - 2923
PB  - Wiley-Blackwell
SN  - 00221082
AB  - We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity choices. We employ data on over 6,000 commercial loans from 53 large U.S. banks. Our results for low-risk firms are consistent with the predictions of both theoretical models, but our findings for high-risk firms conflict with the predictions of Diamond's model and with much of the empirical literature. Our findings also suggest a strong quantitative role for asymmetric information in explaining debt maturity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEBT management
KW  - INFORMATION asymmetry
KW  - RISK management in business
KW  - COMMERCIAL loans
KW  - BUSINESS records
KW  - BUSINESS intelligence
KW  - ACCESS to information
KW  - INFORMATION-seeking behavior
KW  - LIQUIDITY (Economics)
KW  - BUSINESS forecasting
N1  - Accession Number: 18795352; BERGER, ALLEN N. 1; ESPINOSA-VEGA, MARCO A. 2; FRAME, W. SCOTT 3; MILLER, NATHAN H. 4; Affiliations: 1: Board of Governors, Federal Reserve System and Wharton Financial Institutions Center; 2: International Monetary Fund; 3: Federal Reserve Bank of Atlanta; 4: University of California at Berkeley; Issue Info: Dec2005, Vol. 60 Issue 6, p2895; Thesaurus Term: DEBT management; Thesaurus Term: INFORMATION asymmetry; Thesaurus Term: RISK management in business; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: BUSINESS records; Thesaurus Term: BUSINESS intelligence; Thesaurus Term: ACCESS to information; Thesaurus Term: INFORMATION-seeking behavior; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: BUSINESS forecasting; NAICS/Industry Codes: 541611 Administrative Management and General Management Consulting Services; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 29p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
L3  - 10.1111/j.1540-6261.2005.00820.x
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Herrmann, Heinz
AU  - Orphanides, Athanasios
AU  - Siklos, Pierre L.
T1  - Real-time data and monetary policy
JO  - North American Journal of Economics & Finance
JF  - North American Journal of Economics & Finance
Y1  - 2005/12//
VL  - 16
IS  - 3
M3  - Article
SP  - 271
EP  - 276
SN  - 10629408
AB  - Abstract: This paper provides an introduction to the problems and opportunities provided by the availability of real-time data. We stress the importance of analyzing policy issues relying on real-time data. A summary of papers presented at a Conference hosted by the Bundesbank in 2004 is also provided. [Copyright &y& Elsevier]
AB  - Copyright of North American Journal of Economics & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REAL-time computing
KW  - MONETARY policy
KW  - CONFERENCES & conventions
KW  - ECONOMIC policy
KW  - Monetary policy
KW  - Real-time data
N1  - Accession Number: 19061455; Herrmann, Heinz 1; Orphanides, Athanasios 2; Siklos, Pierre L. 3; Email Address: psiklos@wlu.ca; Affiliations: 1: Deutsche Bundesbank, Wilhelm Epsteinstrasse 14, D-60431 Frankfurt, Germany; 2: Board of Governors of the Federal Reserve System, WA 20551, USA; 3: Department of Economics, Wilfrid Laurier University and Viessmann Research Centre on Modern Europe, 75 University Avenue, Waterloo, Ont., Canada N2L 3C5; Issue Info: Dec2005, Vol. 16 Issue 3, p271; Thesaurus Term: REAL-time computing; Thesaurus Term: MONETARY policy; Thesaurus Term: CONFERENCES & conventions; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Real-time data; NAICS/Industry Codes: 561920 Convention and Trade Show Organizers; Number of Pages: 6p; Document Type: Article
L3  - 10.1016/j.najef.2005.06.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
AU  - Kuttner, Kenneth N.
T1  - What Explains the Stock Market's Reaction to Federal Reserve Policy?
JO  - CFA Digest
JF  - CFA Digest
Y1  - 2005/11//
VL  - 35
IS  - 4
M3  - Article
SP  - 58
EP  - 60
SN  - 00469777
AB  - Examines the stock market's reaction to U.S. Federal Reserve Board rate change announcements. Evidence that unexpected monetary policy actions result in strong responses from the market; Use of regressions to verify whether the sign of the rate surprise affects the magnitude of the market's response; Suggestion that rate reversals are met with extreme market reactions.
KW  - STOCK exchanges
KW  - MONETARY policy
KW  - ECONOMICS
KW  - REGRESSION analysis
KW  - UNITED States
KW  - Equity Investments: fundamental analysis and valuation models; Economics: relationship of economic activity to the investment process
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 18798750; Bernanke, Ben S. 1; Kuttner, Kenneth N. 2; Affiliations: 1: Board of Governors of the Federal Reserve System and at Princeton University; 2: Board of Governors of the Federal Reserve System and at Oberlin College; Issue Info: Nov2005, Vol. 35 Issue 4, p58; Thesaurus Term: STOCK exchanges; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMICS; Thesaurus Term: REGRESSION analysis; Subject: UNITED States; Author-Supplied Keyword: Equity Investments: fundamental analysis and valuation models; Economics: relationship of economic activity to the investment process ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Clark, Todd E.
AU  - McCracken, Michael W.
T1  - Evaluating Direct Multistep Forecasts.
JO  - Econometric Reviews
JF  - Econometric Reviews
Y1  - 2005/11//
VL  - 24
IS  - 4
M3  - Article
SP  - 369
EP  - 404
PB  - Taylor & Francis Ltd
SN  - 07474938
AB  - This paper examines the asymptotic and finite-sample properties of tests of equal forecast accuracy and encompassing applied to direct, multistep predictions from nested regression models. We first derive asymptotic distributions; these nonstandard distributions depend on the parameters of the data-generating process. We then use Monte Carlo simulations to examine finite-sample size and power. Our asymptotic approximation yields good size and power properties for some, but not all, of the tests; a bootstrap works reasonably well for all tests. The paper concludes with a reexamination of the predictive content of capacity utilization for inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Econometric Reviews is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REGRESSION analysis
KW  - MATHEMATICAL models
KW  - SAMPLING (Statistics)
KW  - APPROXIMATION theory
KW  - INFLATION (Finance)
KW  - Causality
KW  - Long horizon
KW  - Prediction
N1  - Accession Number: 19114659; Clark, Todd E. 1; Email Address: todd.e.clark@kc.frb.org; McCracken, Michael W. 2; Affiliations: 1: Economic Research Department, Federal Reserve Bank of Kansas City, Kansas City, Missouri, USA; 2: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C., USA; Issue Info: 2005, Vol. 24 Issue 4, p369; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: APPROXIMATION theory; Thesaurus Term: INFLATION (Finance); Author-Supplied Keyword: Causality; Author-Supplied Keyword: Long horizon; Author-Supplied Keyword: Prediction; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 36p; Illustrations: 6 Charts; Document Type: Article
L3  - 10.1080/07474930500405683
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cavalluzzo, Ken
AU  - Wolken, John
T1  - Small Business Loan Turndowns, Personal Wealth, and Discrimination.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 2005/11//
VL  - 78
IS  - 6
M3  - Article
SP  - 2153
EP  - 2177
PB  - University of Chicago Press
SN  - 00219398
AB  - We examine the impact of personal wealth on small business loan turndowns across demographic groups. Information on home ownership, home equity, and personal net worth, in combination with a rich set of explanatory variables, furthers our understanding of the credit market experiences of small businesses across demographic groups. We find substantial unexplained differences in denial rates between African-American-, Hispanic-, Asian-, and white-owned firms. We find that greater personal wealth is associated with a lower probability of loan denial. However, even after controlling for personal wealth, large differences in denial rates across demographic groups remain. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business
KW  - SMALL business loans
KW  - COMMERCIAL loans
KW  - HOME ownership
KW  - HOME equity loans
KW  - WEALTH
N1  - Accession Number: 19402900; Cavalluzzo, Ken 1; Wolken, John 2; Affiliations: 1: Wisconsin Capital Management; 2: Board of Governors, Federal Reserve System; Issue Info: Nov2005, Vol. 78 Issue 6, p2153; Thesaurus Term: SMALL business; Thesaurus Term: SMALL business loans; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: HOME ownership; Thesaurus Term: HOME equity loans; Thesaurus Term: WEALTH; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - NEWS
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - Expectations, learning and monetary policy
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2005/11//
VL  - 29
IS  - 11
M3  - Editorial
SP  - 1807
EP  - 1808
SN  - 01651889
N1  - Accession Number: 18865065; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Williams, John C. 2; Email Address: john.c.williams@sf.frb.org; Affiliations: 1: 1 Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Washington, DC 20551, USA; 2: 1 Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105, USA; Issue Info: Nov2005, Vol. 29 Issue 11, p1807; Number of Pages: 2p; Document Type: Editorial
L3  - 10.1016/j.jedc.2005.06.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2005/11//
VL  - 29
IS  - 11
M3  - Article
SP  - 1927
EP  - 1950
SN  - 01651889
AB  - Abstract: We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers’ misperceptions of the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived natural rate and large real-time errors in estimates of the natural rate uprooted heretofore quiescent inflation expectations and contributed to poor macroeconomic performance. Had monetary policy reacted less aggressively to perceived unemployment gaps, inflation expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we find that less activist policies would have been more effective at stabilizing both inflation and unemployment. We argue that policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the achievement of price stability, contributing to the subsequent improvements in macroeconomic performance of the U.S. economy. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - EMPLOYMENT (Economic theory)
KW  - PUBLIC spending
KW  - MACROECONOMICS
KW  - Learning
KW  - Monetary policy
KW  - Rational expectations
KW  - Stagflation
N1  - Accession Number: 18865070; Orphanides, Athanasios 1; Email Address: Athanasios.Orphanides@frb.gov; Williams, John C. 2; Email Address: John.C.Williams@sf.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105, USA; Issue Info: Nov2005, Vol. 29 Issue 11, p1927; Thesaurus Term: MONETARY policy; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: PUBLIC spending; Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: Learning; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Rational expectations; Author-Supplied Keyword: Stagflation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/j.jedc.2005.06.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levin, Andrew T.
AU  - Onatski, Alexei
AU  - Williams, John C.
AU  - Williams, Noah
T1  - Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models.
JO  - NBER/Macroeconomics Annual (MIT Press)
JF  - NBER/Macroeconomics Annual (MIT Press)
Y1  - 2005/10//
VL  - 20
IS  - 1
M3  - Article
SP  - 229
EP  - 287
PB  - MIT Press
SN  - 08893365
AB  - This article discusses monetary policy under uncertainty in micro-founded macroeconomic models. The authors investigate the design of monetary policy when the central bank faces uncertainty in regards to the structure of the economy. Implications of uncertainty have been demonstrated by recent analysis of small stylized micro-founded models and they can be very different when the policy-maker's goal is to maximize household welfare. The welfare function is dependent on the specification and parameter values of the model. They examine the policy implications of several aspects of uncertainty using a micro-founded macroeconomic modeling framework.
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - MACROECONOMICS
KW  - ECONOMICS
KW  - ECONOMIC policy
KW  - UNCERTAINTY
N1  - Accession Number: 20652404; Levin, Andrew T. 1,2; Onatski, Alexei 3; Williams, John C. 4; Williams, Noah 5,6; Affiliations: 1: Federal Reserve System; 2: CEPR; 3: Columbia University; 4: Federal Reserve Bank of San Francisco; 5: Princeton University; 6: NBER; Issue Info: 2005, Vol. 20 Issue 1, p229; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMICS; Thesaurus Term: ECONOMIC policy; Subject Term: UNCERTAINTY; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 59p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Blinder, Alan S.
AU  - Reis, Ricardo
AU  - Meltzer, Allan H.
AU  - Hall, Robert E.
AU  - Trichet, Jean-Claude
AU  - Taylor, John B.
AU  - Mann, Catherine L.
AU  - Eichengreen, Barry
AU  - King, Mervyn A.
AU  - Macklem, Tiff
AU  - Woodford, Michael
AU  - Kohn, Donald L.
T1  - Thoughts on the Maestro.
JO  - International Economy
JF  - International Economy
Y1  - 2005///Fall2005
VL  - 19
IS  - 4
M3  - Article
SP  - 5
EP  - 6
PB  - International Economy Publications Inc.
SN  - 08984336
AB  - The article presents quotes from notable persons on economic reforms in the U.S. during the era of chairmanship of Alan Greenspan of the Federal Reserve Board. One of the authors remarks that the U. S. maintained low level of inflation and inflation volatility despite the lack of reference point. Another author states that during Greenspan era, rapid growth with few recessions, stability price inflation and low interest rates were key factors to led the policymakers for structural reforms at international level. He observes that the Board should had taken measures to prevent current account deficit to reduce the dollar collapsing.
KW  - ANTI-inflationary policies
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - GREENSPAN, Alan, 1926-
N1  - Accession Number: 19163269; Blinder, Alan S. 1; Reis, Ricardo 1; Meltzer, Allan H. 2; Hall, Robert E. 3; Trichet, Jean-Claude 4; Taylor, John B. 3; Mann, Catherine L. 5; Eichengreen, Barry 6; King, Mervyn A. 7; Macklem, Tiff 8; Woodford, Michael 9; Kohn, Donald L. 10; Affiliations: 1: Princeton University.; 2: Carnegie Mellon University.; 3: Stanford University.; 4: President, European Central Bank.; 5: Institute for International Economics.; 6: University of California, Berkeley.; 7: Governor, Bank of England.; 8: Deputy Governor, Bank of Canada.; 9: Columbia University.; 10: Governor, Board of Governors of the Federal Reserve System.; Issue Info: Fall2005, Vol. 19 Issue 4, p5; Thesaurus Term: ANTI-inflationary policies; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; People: GREENSPAN, Alan, 1926-; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Schweitzer, Mark
AU  - Wascher, William
T1  - The Effects of Minimum Wages on the Distribution of Family Incomes.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2005///Fall2005
VL  - 40
IS  - 4
M3  - Article
SP  - 867
EP  - 894
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - An oft-stated goal of the minimum wage is to raise incomes of poor or low-income families. We present nonparametric estimates of the effects of minimum wages on the distribution of family income relative to needs in the United States. Although minimum wages increase the incomes of some poor families, the evidence indicates that their overall net effect is, if anything, to increase the proportions of families with incomes below or near the poverty line. It would appear that reductions in the proportions of families that are poor or near-poor should not be counted among the potential benefits of minimum wages. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - INCOME
KW  - POVERTY
KW  - POOR families
KW  - UNITED States
N1  - Accession Number: 19221156; Neumark, David 1,2,3; Schweitzer, Mark 4; Email Address: Mark.E.Schweitzer@clev.frb.org; Wascher, William 5; Affiliations: 1: Senior Fellow, Public Policy Institute of California; 2: Research Associate, NBER; 3: Research Fellow, IZA Research, UC-Berkeley; 4: Assistant Vice President and Economist, the Federal Reserve Bank of Cleveland; 5: Deputy Associate Director, Division of Research and Statistics, Board of Governors of the Federal Reserve System; Issue Info: Fall2005, Vol. 40 Issue 4, p867; Thesaurus Term: MINIMUM wage; Thesaurus Term: INCOME; Thesaurus Term: POVERTY; Subject Term: POOR families; Subject: UNITED States; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brown, Gardner
AU  - Berger, Brett
AU  - Ikiara, Moses
T1  - A Predator-Prey Model with an Application to Lake Victoria Fisheries.
JO  - Marine Resource Economics
JF  - Marine Resource Economics
Y1  - 2005///Fall2005
VL  - 20
IS  - 3
M3  - Article
SP  - 221
EP  - 247
PB  - University of Chicago Press
SN  - 07381360
AB  - Greater complexity in renewable resource models is achieved by acknowledging that species interact through a predator-prey relationship in which both species are harvested. The price of greater complexity is that traditional concepts, such as maximum sustained yield (MSY), have to be revised dramatically. Moreover, having chosen greater complexity, fishery biologists and other researchers must choose an explicit value for each fish, a rate of exchange of one species for every other species. Policy makers and social scientists in Tanzania, Kenya, and Uganda with a keen interest in Lake Victoria fisheries regard the resource as a tool for furthering socioeconomic goals, such as foreign exchange earnings, employment for women, and nutrition. Comparative analysis allows policy makers to understand the consequences of choosing these goals in addition to economically efficient resource use. Foreign exchange earnings, employment for women, and healthy people are other goals promulgated by Tanzania, Kenya, and Uganda in the management of Lake Victoria Fisheries. The conflicts among social goals are evident in the bioeconomic predator-prey model: a goal favoring a particular species reduces the sustainable harvest of another species. Data from Kenya are used to estimate the population dynamics equations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Marine Resource Economics is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Predation (Biology)
KW  - Fisheries
KW  - Fishery policy
KW  - Tanzania
KW  - Kenya
KW  - Uganda
KW  - bioeconomic model
KW  - Lake Victoria
KW  - Predator-prey
N1  - Accession Number: 18883402; Brown, Gardner 1; Email Address: gbrown@u.washington.edu; Berger, Brett 2; Email Address: brett.d.berger@frb.gov; Ikiara, Moses 3; Email Address: mmikiara@kippra.or.ke; Affiliations: 1: University of Gothenburg, University of Washington; 2: Federal Reserve System; 3: Kenya Institute for Public Policy; Issue Info: Fall2005, Vol. 20 Issue 3, p221; Thesaurus Term: Predation (Biology); Thesaurus Term: Fisheries; Thesaurus Term: Fishery policy; Subject: Tanzania; Subject: Kenya; Subject: Uganda; Author-Supplied Keyword: bioeconomic model; Author-Supplied Keyword: Lake Victoria; Author-Supplied Keyword: Predator-prey; NAICS/Industry Codes: 112511 Finfish Farming and Fish Hatcheries; NAICS/Industry Codes: 924120 Administration of Conservation Programs; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Davis, Morris A.
AU  - Heathcote, Jonathan
T1  - HOUSING AND THE BUSINESS CYCLE.
JO  - International Economic Review
JF  - International Economic Review
Y1  - 2005/08//
VL  - 46
IS  - 3
M3  - Article
SP  - 751
EP  - 784
PB  - Wiley-Blackwell
SN  - 00206598
AB  - In the United States, the percentage standard deviation of residential investment is more than twice that of nonresidential investment. In addition, GDP, consumption, and both types of investment co-move positively. We reproduce these facts in a calibrated multisector growth model where construction, manufacturing, and services are combined, in different proportions, to produce consumption, business investment, and residential structures. New housing requires land in addition to new structures. The model can also account for important features of industry-level data. In particular, hours and output in all industries are positively correlated, and are most volatile in construction. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING
KW  - URBAN planning
KW  - RESIDENTIAL real estate
KW  - BUSINESS cycles
KW  - ECONOMIC history
KW  - ECONOMICS
KW  - DWELLINGS -- Social aspects
KW  - UNITED States
N1  - Accession Number: 17511913; Davis, Morris A. 1; Heathcote, Jonathan 2; Email Address: jhh9@georgetown.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, U.S.A.; 2: Georgetown University, U.S.A.; Issue Info: Aug2005, Vol. 46 Issue 3, p751; Thesaurus Term: HOUSING; Thesaurus Term: URBAN planning; Thesaurus Term: RESIDENTIAL real estate; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC history; Thesaurus Term: ECONOMICS; Subject Term: DWELLINGS -- Social aspects; Subject: UNITED States; NAICS/Industry Codes: 925120 Administration of Urban Planning and Community and Rural Development; NAICS/Industry Codes: 237210 Land Subdivision; NAICS/Industry Codes: 541310 Architectural Services; NAICS/Industry Codes: 238390 Other Building Finishing Contractors; NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531311 Residential Property Managers; Number of Pages: 34p; Document Type: Article
L3  - 10.1111/j.1468-2354.2005.00345.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17511913&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Clarke, George R. G.
AU  - Cull, Robert
AU  - Klapper, Leora
AU  - Udell, Gregory F.
T1  - Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2005/08//Aug/Sep2005
VL  - 29
IS  - 8/9
M3  - Article
SP  - 2179
EP  - 2221
SN  - 03784266
AB  - We jointly analyze the static, selection, and dynamic effects of domestic, foreign, and state ownership on bank performance. We argue that it is important to include indicators of all the relevant governance effects in the same model. "Nonrobustness" checks (which purposely exclude some indicators) support this argument. Using data from Argentina in the 1990s, our strongest and most robust results concern state ownership. State-owned banks have poor long-term performance (static effect), those undergoing privatization had particularly poor performance beforehand (selection effect), and these banks dramatically improved following privatization (dynamic effect), although much of the measured improvement is likely due to placing nonperforming loans into residual entities, leaving "good" privatized banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE governance
KW  - BANKING industry
KW  - PROXY statements
KW  - PRIVATIZATION
KW  - LOAN impairment
KW  - NONPERFORMING loans
KW  - Bank
KW  - Foreign acquisition
KW  - Governance
KW  - M&A
KW  - Privatization
N1  - Accession Number: 17567796; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Clarke, George R. G. 3; Cull, Robert 3; Klapper, Leora 3; Udell, Gregory F. 4; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, United States.; 2: Wharton Financial Institutions Center, 3301 Steinberg Hall-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104, United States.; 3: Developmental Research Group, The World Bank, 1818 H St NW, Mail Stop MC3-300, Washington, DC 20433, United States.; 4: Finance Department, Kelley School of Business, Indiana University, Bloomington, IN 47401, United States.; Issue Info: Aug/Sep2005, Vol. 29 Issue 8/9, p2179; Thesaurus Term: CORPORATE governance; Thesaurus Term: BANKING industry; Thesaurus Term: PROXY statements; Thesaurus Term: PRIVATIZATION; Thesaurus Term: LOAN impairment; Thesaurus Term: NONPERFORMING loans; Author-Supplied Keyword: Bank; Author-Supplied Keyword: Foreign acquisition; Author-Supplied Keyword: Governance; Author-Supplied Keyword: M&A; Author-Supplied Keyword: Privatization; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 43p; Document Type: Article
L3  - 10.1016/j.jbankfin.2005.03.013
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17567796&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
ID  - 2005-13727-007
AN  - 2005-13727-007
AU  - Mok, Shannon C.
AU  - Savage, Ian
T1  - Why Has Safety Improved at Rail-Highway Grade Crossings?
JF  - Risk Analysis
JO  - Risk Analysis
JA  - Risk Anal
Y1  - 2005/08//
VL  - 25
IS  - 4
SP  - 867
EP  - 882
CY  - United Kingdom
PB  - Blackwell Publishing
SN  - 0272-4332
SN  - 1539-6924
AD  - Savage, Ian, Department of Economics, Northwestern University, 2001 Sheridan Road, Evanston, IL, US, 60208
N1  - Accession Number: 2005-13727-007. Partial author list: First Author & Affiliation: Mok, Shannon C.; Board of Governors of the Federal Reserve System, Washington, DC, US. Other Publishers: Wiley-Blackwell Publishing Ltd. Release Date: 20060213. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Accidents; Highway Safety; Railroad Trains; Safety. Classification: Transportation (4090). Population: Human (10). Location: US. References Available: Y. Page Count: 16. Issue Publication Date: Aug, 2005. 
AB  - The number of collisions and fatalities at rail-highway intersections in the United States has declined significantly over the past 30 years, despite considerable increases in the volume of rail and highway traffic. This article disaggregates the improvement into its constituent causes. Negative binomial regressions are conducted on a pooled data set for 49 states from 1975 to 2001. The analysis concludes that about two-fifths of the decrease is due to factors such as reduced drunk driving and improved emergency medical response that have improved safety on all parts of the highway network. The installation of gates and/or flashing lights accounts for about a fifth of the reduction. The development in the 1970s and early 1980s of the Operation Lifesaver public education campaign, and the installation of additional lights on locomotives in the mid 1990s, each led to about a seventh of the reduction. Finally, about a tenth is due to closure of crossings resulting from line abandonments or consolidation of little-used crossings. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - railway intersections
KW  - safety
KW  - collisions
KW  - highway traffic
KW  - rail-highway grade crossings
KW  - 2005
KW  - Accidents
KW  - Highway Safety
KW  - Railroad Trains
KW  - Safety
KW  - 2005
DO  - 10.1111/j.1539-6924.2005.00642.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2005-13727-007&site=ehost-live&scope=site
UR  - ipsavage@northwestern.edu
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - Durham, J. Benson
T1  - More on Monetary Policy and Stock Price Returns.
JO  - Financial Analysts Journal
JF  - Financial Analysts Journal
Y1  - 2005/07//Jul/Aug2005
VL  - 61
IS  - 4
M3  - Article
SP  - 83
EP  - 90
PB  - CFA Institute
SN  - 0015198X
AB  - Recent research suggests a persistent empirical relation between U.S. monetary policy and stock returns since the mid-1980s. The findings seem questionable and incomplete, however, for at least three reasons. First, the results are sensitive to sample selection. Second, this research does not distinguish between anticipated and unanticipated monetary policy decisions. Third, such analysis does not satisfactorily consider that returns and policy are probably determined simultaneously because prices contain information about market expectations for the economy and, in turn, policy. Together, these issues suggest that investors are unlikely to profit from strategies based on past or anticipated Federal Reserve decisions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Financial Analysts Journal is the property of CFA Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - STOCKS (Finance) -- Rate of return
KW  - ECONOMIC policy
KW  - CAPITAL investments
KW  - FINANCIAL performance
KW  - UNITED States
N1  - Accession Number: 17753513; Durham, J. Benson 1; Affiliations: 1: Senior Economist, Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: Jul/Aug2005, Vol. 61 Issue 4, p83; Thesaurus Term: MONETARY policy; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: ECONOMIC policy; Thesaurus Term: CAPITAL investments; Thesaurus Term: FINANCIAL performance; Subject: UNITED States; Number of Pages: 8p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chaboud, Alain P.
AU  - Wright, Jonathan H.
T1  - Uncovered interest parity: it works, but not for long.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2005/07//
VL  - 66
IS  - 2
M3  - Article
SP  - 349
EP  - 362
SN  - 00221996
AB  - If an investor borrows in a low interest currency and invests in a high interest currency, the interest differential accrues in a lumpy manner, formally just like the dividend payments on a stock. The investor will receive the interest differential discretely at the point when a position is rolled over from one day to the next. A position that is not held open overnight receives no interest differential because intradaily interest rates are zero. Using a large data set of intradaily exchange rate data, we run uncovered interest parity (UIP) regressions over different short time intervals taking careful account of the settlement rules in the spot foreign exchange market. We find results that are supportive of the uncovered interest parity hypothesis over very short windows of data that span the time of the discrete interest payment. However, adding even a few hours to the span of the window destroys the positive uncovered interest parity results. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - DIVIDENDS
KW  - SECURITIES markets
KW  - INVESTMENT interest
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange
KW  - MONEY market
KW  - High frequency data
KW  - Settlement
KW  - Uncovered interest parity
N1  - Accession Number: 17632766; Chaboud, Alain P. 1; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, USA.; Issue Info: Jul2005, Vol. 66 Issue 2, p349; Thesaurus Term: INTEREST rates; Thesaurus Term: DIVIDENDS; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENT interest; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange; Thesaurus Term: MONEY market; Author-Supplied Keyword: High frequency data; Author-Supplied Keyword: Settlement; Author-Supplied Keyword: Uncovered interest parity; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.jinteco.2004.07.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17632766&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - NEWS
AU  - Orphanides, Athanasios
T1  - Comment on: “The incredible Volcker disinflation”
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2005/07//
VL  - 52
IS  - 5
M3  - Editorial
SP  - 1017
EP  - 1023
SN  - 03043932
N1  - Accession Number: 18865128; Orphanides, Athanasios 1; Email Address: Athanasios.Orphanides@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Jul2005, Vol. 52 Issue 5, p1017; Number of Pages: 7p; Document Type: Editorial
L3  - 10.1016/j.jmoneco.2005.07.002
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18865128&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ihrig, Jane
AU  - Prior, David
T1  - The effect of exchange rate fluctuations on multinationals’ returns
JO  - Journal of Multinational Financial Management
JF  - Journal of Multinational Financial Management
Y1  - 2005/07//
VL  - 15
IS  - 3
M3  - Article
SP  - 273
EP  - 286
SN  - 1042444X
AB  - Abstract: This paper examines if the type of exchange rate used or size of the movement in the exchange rate matters in estimating exchange-rate exposure of U.S. manufacturing firms. We find that switching from a broad trade-weighted exchange rate to a 2-digit SIC industry exchange rate increases slightly the number of significantly exposed firms. We also find that firms’ stock returns may be affected differently in periods of crisis and non-crisis; some firms have significant exposure only in crisis periods while others have significant exposure only during normal fluctuations in exchange rates. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Multinational Financial Management is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INTERNATIONAL business enterprises
KW  - MANUFACTURES
KW  - UNITED States
KW  - 2-Digit SIC industry exchange rate
KW  - Crisis indicators
KW  - Exposure
N1  - Accession Number: 18004671; Ihrig, Jane 1; Prior, David; Email Address: Ihrig@frb.gov; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, 2000 C Street NW, Washington, DC 20551, USA; Issue Info: Jul2005, Vol. 15 Issue 3, p273; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: MANUFACTURES; Subject: UNITED States; Author-Supplied Keyword: 2-Digit SIC industry exchange rate; Author-Supplied Keyword: Crisis indicators; Author-Supplied Keyword: Exposure; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; Number of Pages: 14p; Document Type: Article
L3  - 10.1016/j.mulfin.2004.09.004
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18004671&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sims, Christopher A.
T1  - Commentary.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2005/07//Jul/Aug2005
VL  - 87
IS  - 4
M3  - Article
SP  - 487
EP  - 492
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - Comments on a paper by Jordi Galí published in this same issue which revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked.  Investigation into how much of the business cycle is accounted for by technology shocks; Fundamental problem with identification of vector autoregressions by means of long-run restrictions; Graph showing the response of employment to technology shock.
KW  - BUSINESS cycles
KW  - MACROECONOMICS
KW  - EMPLOYMENT (Economic theory)
KW  - ECONOMIC models
KW  - ECONOMICS
KW  - GALI, Jordi
N1  - Accession Number: 17596214; Sims, Christopher A. 1,2; Affiliation:  1: Professor of economics, Princeton University  2: Visiting scholar, Federal Reserve Banks of New York and Atlanta; Source Info: Jul/Aug2005, Vol. 87 Issue 4, p487; Subject Term: BUSINESS cycles; Subject Term: MACROECONOMICS; Subject Term: EMPLOYMENT (Economic theory); Subject Term: ECONOMIC models; Subject Term: ECONOMICS; People: GALI, Jordi; Number of Pages: 6p; Illustrations: 3 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=17596214&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - BERNANKE, BEN S.
AU  - KUTTNER, KENNETH N.
T1  - What Explains the Stock Market's Reaction to Federal Reserve Policy?
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 2005/06//
VL  - 60
IS  - 3
M3  - Article
SP  - 1221
EP  - 1257
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives of both measuring the average reaction of the stock market and understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the Federal funds rate target is associated with about a 1% increase in broad stock indexes. Adapting a methodology due to Campbell and Ammer, we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - RESEARCH
KW  - STOCKS (Finance) -- Prices
KW  - STOCK exchanges
KW  - ECONOMIC policy
KW  - FINANCIAL market reaction
KW  - ECONOMIC impact
KW  - STOCK price indexes
KW  - EXPECTED returns
KW  - MONETARY theory
N1  - Accession Number: 16894029; BERNANKE, BEN S. 1; KUTTNER, KENNETH N. 2; Affiliations: 1: Board of Governors of the Federal Reserve System and Princeton University; 2: Board of Governors of the Federal Reserve System and Oberlin College; Issue Info: Jun2005, Vol. 60 Issue 3, p1221; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: MONETARY policy; Thesaurus Term: RESEARCH; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCK exchanges; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: ECONOMIC impact; Thesaurus Term: STOCK price indexes; Thesaurus Term: EXPECTED returns; Thesaurus Term: MONETARY theory; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 37p; Illustrations: 11 Charts, 6 Graphs; Document Type: Article
L3  - 10.1111/j.1540-6261.2005.00760.x
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16894029&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Van Norden, Simon
T1  - The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2005/06//
VL  - 37
IS  - 3
M3  - Article
SP  - 583
EP  - 601
PB  - Ohio State University Press
SN  - 00222879
AB  - A stable predictive relationship between inflation and the output gap, often referred to as a Phillips curve, provides the basis for countercyclical monetary policy in many models. In this paper, we evaluate the usefulness of alternative univariate and multivariate estimates of the output gap for predicting inflation. Many of the ex post output gap measures we examine appear to be quite useful for predicting inflation. However, forecasts using real-time estimates of the same measures do not perform nearly as well. The relative usefulness of real-time output gap estimates diminishes further when compared to simple bivariate forecasting models which use past inflation and output growth. Forecast performance also appears to be unstable over time, with models often performing differently over periods of high and low inflation. These results call into question the practical usefulness of the output gap concept for forecasting inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PHILLIPS curve
KW  - INFLATION (Finance)
KW  - MULTIVARIATE analysis
KW  - MONETARY policy
KW  - FORECASTING
KW  - PERFORMANCE
KW  - inflation forecasts
KW  - output gap
KW  - Phillips curve
KW  - real-time data
N1  - Accession Number: 17058673; Orphanides, Athanasios 1,2,3; Email Address: Athanasios.Orphanides@frb.gov; Van Norden, Simon 4,5; Email Address: simon.van-norden@hec.ca; Affiliations: 1: Adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System; 2: Research Fellow of the Centre for Economic Policy Research; 3: Fellow of the Center for Financial Studies; 4: Professeur Agrégé at the HEC Montréal; 5: Fellow, CIRANO; Issue Info: Jun2005, Vol. 37 Issue 3, p583; Thesaurus Term: PHILLIPS curve; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: MONETARY policy; Thesaurus Term: FORECASTING; Subject Term: PERFORMANCE; Author-Supplied Keyword: inflation forecasts; Author-Supplied Keyword: output gap; Author-Supplied Keyword: Phillips curve; Author-Supplied Keyword: real-time data; Number of Pages: 19p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - FAUCETTE, JILLIAN E.
AU  - ROTHENBERG, ALEXANDER D.
AU  - WARNOCK, FRANCIS E.
T1  - Outflows–induced sudden stops.
JO  - Journal of Policy Reform
JF  - Journal of Policy Reform
Y1  - 2005/06//
VL  - 8
IS  - 2
M3  - Article
SP  - 119
EP  - 130
PB  - Routledge
SN  - 13841289
AB  - The term ‘sudden stop’ refers to a scenario in which an emerging market is suddenly cut off from international capital markets. Losing access to capital markets can be devastating, often resulting in a currency crisis and recession. However, some sudden stop episodes are driven not by global investors heading for the exits, but rather by locals increasing their international claims. The source of the problem determines the policy response. To better focus on sources rather than outcomes, sudden stops should be identified as a cessation of inflows (inflows-induced) or a sudden surge in outflows (outflows-induced). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Policy Reform is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL market
KW  - INTERNATIONAL markets
KW  - RECESSIONS
KW  - CAPITALISTS & financiers
KW  - FOREIGN investments
KW  - DEVALUATION of currency
KW  - capital flight
KW  - capital flows
KW  - current account reversals
KW  - JEL Classification: F30, F32
KW  - Sudden stops
N1  - Accession Number: 17384929; FAUCETTE, JILLIAN E. 1 ROTHENBERG, ALEXANDER D. 1 WARNOCK, FRANCIS E. 1,2; Email Address: warnockf@darden.virginia.edu; Affiliation:  1: International Finance Division, Board of Governors of the Federal Reserve System  2: Darden Graduate School of Business,University of Virginia; Source Info: 2005, Vol. 8 Issue 2, p119; Subject Term: CAPITAL market; Subject Term: INTERNATIONAL markets; Subject Term: RECESSIONS; Subject Term: CAPITALISTS & financiers; Subject Term: FOREIGN investments; Subject Term: DEVALUATION of currency; Author-Supplied Keyword: capital flight; Author-Supplied Keyword: capital flows; Author-Supplied Keyword: current account reversals; Author-Supplied Keyword: JEL Classification: F30, F32; Author-Supplied Keyword: Sudden stops; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 12p; Document Type: Article
L3  - 10.1080/13841280500086305
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=17384929&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - CONF
AU  - Brady, Peter J.
AU  - Smith, Paul A.
T1  - TAXABLE CAPITAL INCOME AND LIFETIME SAVINGS ACCOUNTS.
JO  - Proceedings of the Annual Conference on Taxation
JF  - Proceedings of the Annual Conference on Taxation
Y1  - 2005/06//
M3  - Proceeding
SP  - 459
EP  - 467
PB  - National Tax Association
SN  - 10668608
AB  - The article discusses issues related to Lifetime Savings Accounts (LSAs) in the U.S. It discusses the basic patterns of capital income receipt over time, and estimates the impact of LSAs on capital income taxation. Using a large ten-year panel of individuals, it was found that in 1987 about 64 percent of individuals received some type of capital income, but that 79 percent of individuals received capital income at some point over the ten-year period of the panel. A high degree of persistence was found in capital income receipt for individuals who received capital income in the first year.
KW  - SAVINGS accounts
KW  - INCOME tax
KW  - SAVING & investment
KW  - EMPLOYEE savings plans
KW  - DIRECT taxation
KW  - UNITED States
N1  - Accession Number: 19217978; Brady, Peter J. 1; Smith, Paul A. 2; Affiliations: 1: Office of Tax Analysis, U. S. Department of Treasury.; 2: Board of Governors of the Federal Reserve System.; Issue Info: 2004, p459; Thesaurus Term: SAVINGS accounts; Thesaurus Term: INCOME tax; Thesaurus Term: SAVING & investment; Thesaurus Term: EMPLOYEE savings plans; Thesaurus Term: DIRECT taxation; Subject: UNITED States; Number of Pages: 9p; Document Type: Proceeding
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pingle, Jonathan
T1  - Welfare, Intergenerational Cohabitation Penalties, and Single Mothers’ Employment.
JO  - Review of Economics of the Household
JF  - Review of Economics of the Household
Y1  - 2005/06//
VL  - 3
IS  - 2
M3  - Article
SP  - 123
EP  - 144
SN  - 15695239
AB  - The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 changed welfare programs by increasing state income maintenance programs’ emphasis on employment. Following reform, several states paid reduced welfare benefits to single mothers who resided in their parents’ homes, compared to those single mothers who lived independently. This paper evaluates whether the benefit reductions lower the probability of intergenerational cohabitation or the employment of single mothers’ recognizing that family support might facilitate single mothers’ labor market attachment. The results suggest that family cohabitation penalties reduce the likelihood single mothers live in their parents’ households and work. Despite several empirical limitations, the results offer evidence that intergenerational living arrangements positively influence employment. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics of the Household is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - LABOR market
KW  - INTERGENERATIONAL relations
KW  - COHABITATION agreements
KW  - SINGLE mothers
KW  - AFDC
KW  - employment
KW  - intergenerational living arrangements
KW  - TANF
N1  - Accession Number: 17490311; Pingle, Jonathan 1; Email Address: Jonathan.F.Pingle@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington 20551. 202-452-3816 USA; Issue Info: Jun2005, Vol. 3 Issue 2, p123; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: LABOR market; Subject Term: INTERGENERATIONAL relations; Subject Term: COHABITATION agreements; Subject Term: SINGLE mothers; Author-Supplied Keyword: AFDC; Author-Supplied Keyword: employment; Author-Supplied Keyword: intergenerational living arrangements; Author-Supplied Keyword: TANF; Number of Pages: 22p; Document Type: Article
L3  - 10.1007/s11150-005-0707-z
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17490311&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ihrig, Jane
T1  - The Influence of Technology on Foreign Direct Investment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2005/05//
VL  - 95
IS  - 2
M3  - Article
SP  - 309
EP  - 313
PB  - American Economic Association
SN  - 00028282
AB  - This article presents a study on the influence of technology on foreign direct investment (DI). The study adds technology to the benchmark CMM model of DI and finds that horizontal DI is attracted to countries whose technology is near the world average, whereas vertical DI is amplified in countries with relatively low levels of technology. The results are robust to using real sales data of multinationals instead of their positions and to adding country and year dummies to the regressions. Since horizontal DI transfers the entire production process with the subsidiary, it is understandable that the firm is looking for a location where its process will be established with few complications, and this may be more likely to happen in countries with technology levels comparable to the world average. Vertical DI, on the other hand, is typically done by firms looking to cut costs of production, and less technology-abundant countries should have lower wage demands on the firm.
KW  - HIGH technology
KW  - FOREIGN investments
KW  - TECHNOLOGY
KW  - INVESTMENTS
KW  - MANUFACTURING processes
N1  - Accession Number: 18617435; Ihrig, Jane 1; Email Address: Ihrig@frb.gov; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, 2000 C Street NW, Washington, DC 20551; Issue Info: May2005, Vol. 95 Issue 2, p309; Thesaurus Term: HIGH technology; Thesaurus Term: FOREIGN investments; Thesaurus Term: TECHNOLOGY; Thesaurus Term: INVESTMENTS; Thesaurus Term: MANUFACTURING processes; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 333994 Industrial Process Furnace and Oven Manufacturing; NAICS/Industry Codes: 334513 Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables; Number of Pages: 5p; Illustrations: 2 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coenen, Günter
AU  - Levin, Andrew
AU  - Wieland, Volker
T1  - Data uncertainty and the role of money as an information variable for monetary policy.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2005/05//
VL  - 49
IS  - 4
M3  - Article
SP  - 975
EP  - 1006
SN  - 00142921
AB  - In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant role in providing information about current real output. We then proceed to analyze the information content of money in a forward-looking model in which monetary policy is optimally determined subject to incomplete information about the true state of the economy. We show that monetary aggregates may have substantial information content in an environment with high variability of output measurement errors, low variability of money demand shocks, and a strong contemporaneous linkage between money demand and real output. As a practical matter, however, we conclude that money has fairly limited information content as an indicator of contemporaneous aggregate demand in the euro area. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - MONEY supply
KW  - FISCAL policy
KW  - CREDIT control
KW  - Euro area
KW  - Kalman filter
KW  - Macroeconomic modelling
KW  - Measurement error
KW  - Monetary policy rules
KW  - Rational expectations
N1  - Accession Number: 16571588; Coenen, Günter 1; Email Address: gunter.coenen@ecb.int; Levin, Andrew 2; Email Address: Ievina@frb.gov; Wieland, Volker 1,3; Email Address: wieland@wiwi.uni-frankfurt.de; Affiliations: 1: Directorate General Research, European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.; 2: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; 3: Johann- Wolfgang-Goethe Universität Frankfurt, Mertonstrasse 17, D-60325 Frankfurt am Main, Germany.; Issue Info: May2005, Vol. 49 Issue 4, p975; Thesaurus Term: MONEY; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: FISCAL policy; Thesaurus Term: CREDIT control; Author-Supplied Keyword: Euro area; Author-Supplied Keyword: Kalman filter; Author-Supplied Keyword: Macroeconomic modelling; Author-Supplied Keyword: Measurement error; Author-Supplied Keyword: Monetary policy rules; Author-Supplied Keyword: Rational expectations; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 32p; Document Type: Article
L3  - 10.1016/j.euroecorev.2003.08.005
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Demiralp, Selva
AU  - Farley, Dennis
T1  - Declining required reserves, funds rate volatility, and open market operations.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2005/05//
VL  - 29
IS  - 5
M3  - Article
SP  - 1131
EP  - 1152
SN  - 03784266
AB  - The standard view of the monetary transmission mechanism rests on tile central bank's ability to manipulate the overnight interest rate by controlling reserve supply. In the 1990s, there was a significant decline in the level of reserve balances in the US accompanied at first by an increase iii federal funds rate volatility. However, following this initial rises volatility declined. In this paper, we find evidence of structural breaks in volatility. We estimate a Tobit model of temporary open market operations and conclude that there have been changes in the Desk's reaction function that played a major role in controlling volatility. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - BANKING industry
KW  - INTEREST rates
KW  - FEDERAL funds market (U.S.)
KW  - DEMAND for money
KW  - VOLATILITY (Finance)
KW  - UNITED States
KW  - Open market operations
KW  - Required reserves
KW  - Trading desk.
N1  - Accession Number: 16372188; Demiralp, Selva 1; Email Address: selva.demiralp@frb.gov; Farley, Dennis 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, 20th Street and Constitution Avenue, Mail stop 59, Washington, DC 20551, USA.; Issue Info: May2005, Vol. 29 Issue 5, p1131; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry; Thesaurus Term: INTEREST rates; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: DEMAND for money; Thesaurus Term: VOLATILITY (Finance); Subject: UNITED States; Author-Supplied Keyword: Open market operations; Author-Supplied Keyword: Required reserves; Author-Supplied Keyword: Trading desk.; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jbankfin.2004.05.030
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Miller, Nathan H.
AU  - Petersen, Mitchell A.
AU  - Rajan, Raghuram G.
AU  - Stein, Jeremy C.
T1  - Does function follow organizational form? Evidence from the lending practices of large and small banks.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2005/05//
VL  - 76
IS  - 2
M3  - Article
SP  - 237
EP  - 269
SN  - 0304405X
AB  - Theories based on incomplete contracting suggest that small organizations have a comparative advantage in activities that make extensive use of "soft" information. We provide evidence consistent with small banks being better able to collect and act on soft information than large banks. In particular, large banks are less willing to lend to informationally "difficult" credits, such as firms with no financial records. Moreover, after controlling for the endogeneity of bank-firm matching, we find that large banks lend at a greater distance, interact more impersonally with their borrowers, have shorter and less exclusive relationships, and do not alleviate credit constraints as effectively. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- Records & correspondence
KW  - ORGANIZATION
KW  - HECKSCHER-Ohlin principle
KW  - INTERNATIONAL trade
KW  - COMMUNITY banks
KW  - MONOPOLISTIC competition
KW  - Banking
KW  - Organizations
KW  - Soft information
N1  - Accession Number: 17118087; Berger, Allen N. 1; Miller, Nathan H. 2; Petersen, Mitchell A. 3; Rajan, Raghuram G. 4; Stein, Jeremy C. 5; Email Address: stein2@fas.harvard.edu; Affiliations: 1: Board of Governors of the Federal Reserve System and Wharton Financial Institutions Center; 2: University of California, Berkeley, USA; 3: Northwestern University and NBER, USA; 4: University of Chicago and NBER, USA; 5: Department of Economics, Harvard University. Cambridge, MA 02138 and NBER, USA; Issue Info: May2005, Vol. 76 Issue 2, p237; Thesaurus Term: BANKING industry -- Records & correspondence; Thesaurus Term: ORGANIZATION; Thesaurus Term: HECKSCHER-Ohlin principle; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: COMMUNITY banks; Thesaurus Term: MONOPOLISTIC competition; Author-Supplied Keyword: Banking; Author-Supplied Keyword: Organizations; Author-Supplied Keyword: Soft information; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jfineco.2004.06.003
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Mester, Loretta J.
T1  - Erratum to "Explaining the dramatic changes in performance of US banks: Technological change, deregulation, and dynamic changes in competition" [J. Fin. Intermed. 12 (2003) 57-95].
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2005/04//
VL  - 14
IS  - 2
M3  - Correction notice
SP  - 278
EP  - 279
SN  - 10429573
AB  - The article presents a correction to the article "Explaining the dramatic changes in performance of US banks: Technological change, deregulation, and dynamic changes in competition," published in the previous issue.
KW  - BANKING industry
N1  - Accession Number: 17093215; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Mester, Loretta J. 3,4; Email Address: Loretta.Mester@phil.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; 2: Wharton Financial Institutions Center University of Pennsylvania, Philadelphia, PA 19104, USA.; 3: Research Department, Federal Reserve Bank of Philadelphia, Ten Independence Mall, Philadelphia, PA 19106-1574, USA.; 4: Finance Department, Wharton School, University of Pennsylvania, Philadelphia, PA 19104, USA.; Issue Info: Apr2005, Vol. 14 Issue 2, p278; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 2p; Document Type: Correction notice
L3  - 10.1016/j.jfi.2005.01.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - FRAME, W. SCOTT
AU  - MILLER, NATHAN H.
T1  - Credit Scoring and the Availability, Price, and Risk of Small Business Credit.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2005/04//
VL  - 37
IS  - 2
M3  - Article
SP  - 191
EP  - 222
PB  - Ohio State University Press
SN  - 00222879
AB  - We find that small business credit scoring (SBCS) is associated with expanded quantities, higher average prices, and greater average risk levels for small business credits under $100,000, after controlling for bank size and other differences across banks. We also find that: (1) bank-specific and industry learning curves are important; (2) SBCS effects differ for banks that adhere to "rules" versus "discretion" in using the technology; and (3) SBCS effects differ for larger credits. The data do not support two alternative explanations of the main results under which the findings primarily represent statistical artifacts, rather than significant changes in lending behavior. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMMERCIAL credit
KW  - SMALL business banking
KW  - BUSINESS enterprises
KW  - LEARNING curve (Industrial engineering)
KW  - SMALL business
KW  - UNITED States
KW  - banks
KW  - credit scoring
KW  - risk
KW  - small business
N1  - Accession Number: 16351969; BERGER, ALLEN N. 1,2; Email Address: aberger@frb.gov; FRAME, W. SCOTT 3; Email Address: scott.frame@atl.frb.org; MILLER, NATHAN H.; Email Address: nmiller@uclink.berkeley.edu; Affiliations: 1: Senior Economist for the Board of Governors, Federal Reserve System; 2: Senior Fellow, Wharton Financial Institutions Center; 3: Financial Economist and Associate Policy Advisor, Federal Reserve Bank of Atlanta; Issue Info: Apr2005, Vol. 37 Issue 2, p191; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: SMALL business banking; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: LEARNING curve (Industrial engineering); Thesaurus Term: SMALL business; Subject: UNITED States; Author-Supplied Keyword: banks; Author-Supplied Keyword: credit scoring; Author-Supplied Keyword: risk; Author-Supplied Keyword: small business; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 32p; Illustrations: 8 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yun, Tack
T1  - Optimal Monetary Policy with Relative Price Distortions.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2005/03//
VL  - 95
IS  - 1
M3  - Article
SP  - 89
EP  - 109
PB  - American Economic Association
SN  - 00028282
AB  - This paper analyzes optimal monetary policy in a sticky price model with Calvo-type staggered price-setting. In the paper, the optimal monetary policy maximizes the expected utility of a representative household without having to rely on a set of linearly approximated equilibrium conditions, given the distortions associated with the staggered price-setting. It shows that the complete stabilization of the price level is optimal in the absence of initial price dispersion, while optimal inflation targets respond to changes in the level of relative price distortion in the presence of initial price dispersion. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - PRICING
KW  - PRICE levels
KW  - EQUILIBRIUM (Economics)
KW  - INFLATION (Finance)
N1  - Accession Number: 17018340; Yun, Tack 1,2; Email Address: Tack.Yun@frb.gov; Affiliations: 1: Department of Economics, Kookmin University, 861-1, Jeungnung-dong, Seungbuk-ku, Seoul 136-702, Korea; 2: Board of Governors of the Federal Reserve System, 20th and Constitution Ave., NW, Washington, DC 20551; Issue Info: Mar2005, Vol. 95 Issue 1, p89; Thesaurus Term: MONETARY policy; Thesaurus Term: PRICING; Thesaurus Term: PRICE levels; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INFLATION (Finance); Number of Pages: 21p; Illustrations: 1 Chart, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - Does home market size matter for the pattern of trade?
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2005/03//
VL  - 65
IS  - 2
M3  - Article
SP  - 489
EP  - 505
SN  - 00221996
AB  - Does home market size matter for the pattern of trade? Krugman started the literature, showing it does matter. Davis overturned his result, arguing that an assumption of convenience-transport costs only for the differentiated goods-conveniently obtained the result. Here we relax another persistent assumption of convenience-two industry types differentiated only by the degree of scale economies-and find that market size reemerges as a relevant force in determining industrial structure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - BUSINESS
KW  - INDUSTRIAL advertising
KW  - INDUSTRIES
KW  - ECONOMICS
KW  - AGRICULTURAL industries
KW  - Home market
KW  - Increasing returns
N1  - Accession Number: 16571617; Holmes, Thomas J. 1; Email Address: holmes@econ.urnn.edu; Stevens, John J. 2,3; Affiliations: 1: Department of Economics, University of Minnesota, 1035 Heller Hall, Minneapolis, MN 55455, USA; 2: Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, MN 55480, USA; 3: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW Washington, DC 20551, USA; Issue Info: Mar2005, Vol. 65 Issue 2, p489; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: BUSINESS; Thesaurus Term: INDUSTRIAL advertising; Thesaurus Term: INDUSTRIES; Thesaurus Term: ECONOMICS; Thesaurus Term: AGRICULTURAL industries; Author-Supplied Keyword: Home market; Author-Supplied Keyword: Increasing returns; Number of Pages: 17p; Document Type: Article
L3  - 10.1016/j.jinteco.2003.11.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - The Importance of Financial Education Today.
JO  - Social Education
JF  - Social Education
Y1  - 2005/03//
VL  - 69
IS  - 2
M3  - Article
SP  - 64
EP  - 65
SN  - 00377724
AB  - The article examines the importance of the financial education for consumers. It informs that today's financial world is highly complex than what it was twenty-five years ago. Today's consumers, however, must be able to differentiate among a wide range of products, services, and providers of financial products in order to manage their personal finances successfully. However beneficial it is, constant change can be unsettling, and one challenge one faces is overcoming such anxieties. But just as the rapid adoption of new information technologies has expanded the scope and utility of financial products, it has also increased means for addressing some of the challenges these changes pose.
KW  - EDUCATION -- Finance
KW  - CUSTOMER services
KW  - PERSONAL finance
KW  - SAVING & investment
KW  - HIGH technology
KW  - INFORMATION technology
N1  - Accession Number: 16403427; Greenspan, Alan 1; Affiliation:  1: Chairman of the Board of Governors of the Federal Reserve System.; Source Info: Mar2005, Vol. 69 Issue 2, p64; Subject Term: EDUCATION -- Finance; Subject Term: CUSTOMER services; Subject Term: PERSONAL finance; Subject Term: SAVING & investment; Subject Term: HIGH technology; Subject Term: INFORMATION technology; NAICS/Industry Codes: 611699 All Other Miscellaneous Schools and Instruction; NAICS/Industry Codes: 923110 Administration of Education Programs; NAICS/Industry Codes: 611710 Educational Support Services; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Carpenter, Seth B.
AU  - Rodgers, William M.
T1  - The disparate labor market impacts of monetary policy 1.
JO  - Labor History
JF  - Labor History
Y1  - 2005/02//
VL  - 46
IS  - 1
M3  - Article
SP  - 57
EP  - 77
PB  - Routledge
SN  - 0023656X
AB  - Employing two widely used approaches to identify the effects of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth, and less-skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use information on the Federal Reserve's contractionary initiatives indicate that the employment-population ratio of minorities is more sensitive to contractionary monetary policy than that of whites; the ratio falls primarily because of an increase in unemployment and not because of a decline in labor force participation. Monetary policy appears to have a disproportionate effect on the unemployment rate of teenagers, particularly African American teenagers. Their employment-population ratio falls because of increased difficulty in obtaining employment. The larger responses are not caused by their higher likelihood of having been employed in industries and occupations that are more sensitive to contractionary monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Labor History is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - LABOR market
KW  - LABOR supply
KW  - UNEMPLOYMENT
KW  - TEENAGERS
N1  - Accession Number: 16246146; Carpenter, Seth B. 1; Email Address: Seth.B.Carpenter@frb.gov; Rodgers, William M. 2; Email Address: wrodgers@rci.rutgers.edu; Affiliations: 1: Economist, Division of Monetary Affairs of the Board of Governors of the Federal Reserve System; 2: John J. Heldrich Center for Workforce Development, School of Planning and Public Policy, Rutgers, State University of New Jersey, New Brunswick, NJ 08901, USA; Issue Info: Feb2005, Vol. 46 Issue 1, p57; Thesaurus Term: MONETARY policy; Thesaurus Term: LABOR market; Thesaurus Term: LABOR supply; Thesaurus Term: UNEMPLOYMENT; Subject Term: TEENAGERS; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 21p; Illustrations: 2 Charts, 17 Graphs; Document Type: Article
L3  - 10.1080/0023656042000329873
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
AU  - Boivin, Jean
AU  - Eliasz, Piotr
T1  - Measuring the Effects of Monetary Policy: A Factor-augmented Vector Autoregressive (FAVAR) Approach.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 2005/02//
VL  - 120
IS  - 1
M3  - Article
SP  - 387
EP  - 422
PB  - Oxford University Press / USA
SN  - 00335533
AB  - Structural vector autoregressions (VARs) are widely used to trace out the effect of monetary policy innovations on the economy. However, the sparse information sets typically used in these empirical models lead to at least three potential problems with the results. First, to the extent that central banks and the private sector have information not reflected in the VAR, the measurement of policy innovations is likely to be contaminated. Second, the choice of a specific data series to represent a general economic concept such as "real activity" is often arbitrary to some degree. Third, impulse responses can be observed only for the included variables, which generally constitute only a small subset of the variables that the researcher and policy-maker care about. In this paper we investigate one potential solution to this limited information problem, which combines the standard structural VAR analysis with recent developments in factor analysis for large data sets. We find that the information that our factor-augmented VAR (FAVAR) methodology exploits is indeed important to properly identify the monetary transmission mechanism. Overall, our results provide a comprehensive and coherent picture of the effect of monetary policy on the economy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - ECONOMICS
KW  - REGRESSION analysis
KW  - AUTOREGRESSION (Statistics)
N1  - Accession Number: 16473683; Bernanke, Ben S. 1; Boivin, Jean 2,3; Eliasz, Piotr 4; Affiliations: 1: Board of Governors, The Federal Reserve System; 2: Columbia University; 3: NBER; 4: Princeton University; Issue Info: Feb2005, Vol. 120 Issue 1, p387; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMICS; Thesaurus Term: REGRESSION analysis; Subject Term: AUTOREGRESSION (Statistics); Number of Pages: 36p; Illustrations: 2 Charts, 5 Graphs; Document Type: Article; Full Text Word Count: 12345
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Roberts, John M.
T1  - How Well Does the New Keynesian Sticky-Price Model Fit the Data?
JO  - B.E. Journal of Macroeconomics: Contributions to Macroeconomics
JF  - B.E. Journal of Macroeconomics: Contributions to Macroeconomics
Y1  - 2005/01//
VL  - 5
IS  - 1
M3  - Article
SP  - 1
EP  - 39
SN  - 15346005
AB  - A number of hypotheses have been proposed to account for the role of lagged inflation in the New Keynesian price-adjustment model: (1) In the aftermath of abrupt structural change, rational learning may appear adaptive. (2) The model may have a serially correlated error term. (3) Estimating the model conditional on labor costs may remove or reduce the need for lagged inflation. I address the empirical support for these hypotheses and find that none eliminates the need for lagged inflation. In particular, lagged inflation enters with a coefficient in the range of 0.4 to 0.5, regardless of whether labor's share or detrended output is the measure of real marginal cost, or whether a serially correlated error term is allowed. Also, eliminating the period 1980-83 from the sample does not reduce the coefficient on lagged inflation. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of B.E. Journal of Macroeconomics: Contributions to Macroeconomics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MICROECONOMICS
KW  - INFLATION (Finance)
KW  - LABOR costs
KW  - LABOR market
KW  - ECONOMICS
N1  - Accession Number: 18447797; Roberts, John M. 1; Email Address: jroberts@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2005, Vol. 5 Issue 1, p1; Thesaurus Term: MICROECONOMICS; Thesaurus Term: INFLATION (Finance); Thesaurus Term: LABOR costs; Thesaurus Term: LABOR market; Thesaurus Term: ECONOMICS; Number of Pages: 39p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Small, David H.
AU  - Clouse, James
T1  - The Scope of Monetary Policy Actions Authorized Under the Federal Reserve Act.
JO  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
JF  - B.E. Journal of Macroeconomics: Topics in Macroeconomics
Y1  - 2005/01//
VL  - 5
IS  - 1
M3  - Article
SP  - 1
EP  - 41
SN  - 15345998
AB  - The  Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal Reserve might need to consider utilizing its statutory authority more broadly than it has in the past. We examine the limits imposed by the Federal Reserve Act along two dimensions: those  types of counterparties and financial instruments with which the Federal Reserve may conduct monetary policy. In doing so, we develop a theme not commonly pursued in the literature -- the ways and extent to which the Federal Reserve Act limits the Federal Reserve from taking credit risk onto its balance sheet. We also provide some historical perspective on how the current powers of the Federal Reserve came to be authorized. [ABSTRACT FROM AUTHOR]
AB  - Copyright of B.E. Journal of Macroeconomics: Topics in Macroeconomics is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - FEDERAL government
KW  - FISCAL policy
KW  - PUBLIC spending
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 16900620; Small, David H. 1; Email Address: dsmall@frb.gov; Clouse, James 1; Email Address: jclouse@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2005, Vol. 5 Issue 1, p1; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY policy; Thesaurus Term: FEDERAL government; Thesaurus Term: FISCAL policy; Thesaurus Term: PUBLIC spending; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 43p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - MONETARY POLICY IN A WORLD OF MOBILE CAPITAL.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2005///Winter2005
VL  - 25
IS  - 1
M3  - Article
SP  - 1
EP  - 12
PB  - Cato Institute
SN  - 02733072
AB  - Discusses the economic benefits of the free movement of capital across borders.  Reduction of risk through international portfolio diversification; Impact of access to international capital markets on the accumulation of foreign assets; Role of monetary policy in enabling economies to take advantage of the openness of international capital markets.
KW  - CAPITAL movements
KW  - CAPITAL market
KW  - CROSS border transactions
KW  - PORTFOLIO management (Investments)
KW  - MONETARY policy
N1  - Accession Number: 17020569; Bernanke, Ben S. 1; Affiliation:  1: Member of the Board of Governors of the Federal Reserve System; Source Info: Winter2005, Vol. 25 Issue 1, p1; Subject Term: CAPITAL movements; Subject Term: CAPITAL market; Subject Term: CROSS border transactions; Subject Term: PORTFOLIO management (Investments); Subject Term: MONETARY policy; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - MONETARY POLICY IN A WORLD OF MOBILE CAPITAL.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2005///Winter2005
VL  - 25
IS  - 1
M3  - Article
SP  - 1
EP  - 12
PB  - Cato Institute
SN  - 02733072
AB  - Discusses the economic benefits of the free movement of capital across borders.  Reduction of risk through international portfolio diversification; Impact of access to international capital markets on the accumulation of foreign assets; Role of monetary policy in enabling economies to take advantage of the openness of international capital markets.
KW  - CAPITAL movements
KW  - CAPITAL market
KW  - CROSS border transactions
KW  - PORTFOLIO management (Investments)
KW  - MONETARY policy
N1  - Accession Number: 17020569; Bernanke, Ben S. 1; Affiliations: 1: Member of the Board of Governors of the Federal Reserve System; Issue Info: Winter2005, Vol. 25 Issue 1, p1; Thesaurus Term: CAPITAL movements; Thesaurus Term: CAPITAL market; Thesaurus Term: CROSS border transactions; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: MONETARY policy; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bies, Susan Schmidt
T1  - Fair Value Accounting.
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2005///Winter2005
VL  - 91
IS  - 1
M3  - Article
SP  - 26
EP  - 29
PB  - Board of Governors of the Federal Reserve System
SN  - 00149209
AB  - Discusses the fair value measurement issues in the United States. Realiability and measurement; Management bias; Compound values and revenue recognition; Disclosures; Accounting treatment for credit derivatives.
KW  - FAIR value
KW  - ACCOUNTING
KW  - DISCLOSURE in accounting
KW  - CREDIT derivatives
KW  - VALUE (Economics)
KW  - UNITED States
N1  - Accession Number: 16351500; Bies, Susan Schmidt 1; Affiliation:  1: Member, Board of Governors, Federal Reserve System; Source Info: Winter2005, Vol. 91 Issue 1, p26; Subject Term: FAIR value; Subject Term: ACCOUNTING; Subject Term: DISCLOSURE in accounting; Subject Term: CREDIT derivatives; Subject Term: VALUE (Economics); Subject Term: UNITED States; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - CHAP
AU  - Evans, Carolyn L.
AU  - Harrigan, James
AD  - Federal Reserve System
AD  - Federal Reserve Bank of New York and NBER
A2  - Ito, Takatoshi
A2  - Rose, Andrew K.
T1  - Tight Clothing: How the MFA Affects Asian Apparel Exports
T2  - International Trade in East Asia
PB  - NBER-East Asia Seminar on Economics, vol. 14.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 2005///
SP  - 367
EP  - 386
N1  - Accession Number: 0860635; Reviewed Book ISBN: 0-226-37896-9; Keywords: Apparel;  Clothing;  Exports; Geographic Descriptors: Asia; U.S.; Geographic Region: Asia; Northern America; Publication Type: Collective Volume Article; Update Code: 200608
KW  - Trade Policy; International Trade Organizations          F13
KW  - Empirical Studies of Trade          F14
KW  - Other Consumer Nondurables          L67
KW  - International Linkages to Development; Role of International Organizations          O19
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Bernanke, Ben S.
A2  - Woodford, Michael
T1  - Inflation Targeting in the United States? Comment
T2  - The inflation-targeting debate
PB  - NBER Studies in Business Cycles, vol. 32.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 2005///
SP  - 337
EP  - 350
N1  - Accession Number: 0939433; Reviewed Book ISBN: 0-226-04471-8; Keywords: Inflation; Geographic Descriptors: Canada; Germany; Sweden; U.K.; U.S.; Geographic Region: Northern America; Europe; Publication Type: Collective Volume Article; Update Code: 200711
KW  - Expectations; Speculations          D84
KW  - Price Level; Inflation; Deflation          E31
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Calem, Paul S.
AU  - Gordy, Michael B.
AU  - Mester, Loretta J.
T1  - Switching Costs and Adverse Selection in the Market for Credit Cards: New Evidence.
JO  - Working Papers -- Financial Institutions Center at The Wharton School
JF  - Working Papers -- Financial Institutions Center at The Wharton School
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 43
AB  - To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, we revisit the question using the 1998 and 2001 SCF. Further, we use new information on card interest rates to test for pricing effects consistent with information-based switching costs. We find that informational barriers to competition persist, although their role may have declined. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- Financial Institutions Center at The Wharton School is the property of University of Pennsylvania, Wharton School of Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER credit
KW  - INTEREST rate parity theorem
KW  - CREDIT card fees
KW  - PRICING
KW  - RESEARCH
KW  - IMPERFECT competition
KW  - CREDIT risk
KW  - DISCRIMINATION in credit cards
KW  - BUSINESS -- Research
KW  - CREDIT cards
KW  - adverse selection
KW  - consumer switching costs
KW  - Credit cards
KW  - search
N1  - Accession Number: 20606471; Calem, Paul S. 1; Email Address: paul.calem@LoanPerformance.com; Gordy, Michael B. 2; Email Address: michael.gordy@frb.gov; Mester, Loretta J. 3; Email Address: Loretta.Mester@phil.frb.org; Affiliations: 1: LoanPerformance; 2: Board of Governors of the Federal Reserve System; 3: Finance Department, Wharton School, University of Pennsylvania; Issue Info: 2005, Preceding p1; Thesaurus Term: CONSUMER credit; Thesaurus Term: INTEREST rate parity theorem; Thesaurus Term: CREDIT card fees; Thesaurus Term: PRICING; Thesaurus Term: RESEARCH; Thesaurus Term: IMPERFECT competition; Thesaurus Term: CREDIT risk; Thesaurus Term: DISCRIMINATION in credit cards; Thesaurus Term: BUSINESS -- Research; Thesaurus Term: CREDIT cards; Author-Supplied Keyword: adverse selection; Author-Supplied Keyword: consumer switching costs; Author-Supplied Keyword: Credit cards; Author-Supplied Keyword: search; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 326199 All Other Plastics Product Manufacturing; NAICS/Industry Codes: 522210 Credit Card Issuing; Number of Pages: 45p; Illustrations: 5 Charts, 7 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Amromin, Gene
T1  - Precautionary Savings Motives and Tax Efficiency of Household Portfolios: An Empirical Analysis.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 35
AB  - Tax efficiency is the dominant consideration in theoretical portfolio models that allow for both taxable and tax-deferred accounts (TDAs). Investors are advised to locate higher-tax assets in their tax-deferred accounts, which in the United States commonly translates into "holding bonds inside TDAs and holding equities outside." Yet, observed portfolio allocations are not tax efficient. This paper empirically evaluates the predictions of a recent model designed to bridge the existing gap by explicitly incorporating uninsurable labor income risk and limited accessibility of TDA assets in household decisions [Amromin, 2003]. Together, these elements create tension between household's desire to maintain tax-efficient allocations and its concern over the need to make costly TDA withdrawals in the event of bad income draws. This leads some borrowing-constrained households facing labor income risk and TDA access penalties to forgo tax-efficiency in favor of allocations that provide more liquidity in bad income states--an outcome labeled as "precautionary portfolio choice". The empirical results based on household-level portfolio data from the Survey of Consumer Finances provide evidence that both the choice of whether to hold a tax-efficient portfolio and the degree of portfolio tax-inefficiency are related to the presence and severity of precautionary motives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEFERRED tax
KW  - ASSET allocation
KW  - RISK assessment
KW  - EMPIRICAL research
KW  - ECONOMIC models
KW  - LIQUIDITY (Economics)
KW  - ECONOMICS -- Statistical methods
KW  - UNITED States
N1  - Accession Number: 20919159; Amromin, Gene 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2005, Preceding p1; Thesaurus Term: DEFERRED tax; Thesaurus Term: ASSET allocation; Thesaurus Term: RISK assessment; Thesaurus Term: EMPIRICAL research; Thesaurus Term: ECONOMIC models; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: ECONOMICS -- Statistical methods; Subject: UNITED States; NAICS/Industry Codes: 526917 Balanced funds / asset allocation funds; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 36p; Illustrations: 6 Charts, 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Lindsey, David E.
AU  - Orphanides, Athanasios
AU  - Rasche, Robert H.
T1  - The Reform of October 1979: How It Happened and Why.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 93
AB  - This study offers a historical review of the monetary policy reform of October 6, 1979,and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism, new, neo, or old fashioned Keynesianism, nominal income targeting, and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates, yet be politically acceptable, and convince financial markets participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC history
KW  - MONETARY policy
KW  - ECONOMIC reform
KW  - MONETARY theory
KW  - 1971-1990
KW  - UNITED States
KW  - Federal Reserve
KW  - FOMC
KW  - monetary reform
KW  - Operating procedures
KW  - Paul Volcker
KW  - UNITED States. Federal Open Market Committee
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 20919162; Lindsey, David E.; Email Address: david42lindsey@aol.com; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Rasche, Robert H. 2; Email Address: rasche@stls.frb.org; Affiliations: 1: Adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System, a research fellow of the Centre for Economic Policy Research, and a fellow of the Center for Financial Studies; 2: Senior vice president and director of research at the Federal Reserve Bank of St. Louis; Issue Info: 2005, Preceding p1; Thesaurus Term: ECONOMIC history; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC reform; Thesaurus Term: MONETARY theory; Subject Term: 1971-1990; Subject: UNITED States; Author-Supplied Keyword: Federal Reserve; Author-Supplied Keyword: FOMC; Author-Supplied Keyword: monetary reform; Author-Supplied Keyword: Operating procedures; Author-Supplied Keyword: Paul Volcker ; Company/Entity: UNITED States. Federal Open Market Committee ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 95p; Illustrations: 1 Chart, 28 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Airaudo, Marco
AU  - Zanna, Luis-Felipe
T1  - Interest Rate Rules, Endogenous Cycles and Chaotic Dynamics in Open Economies.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 40
AB  - In this paper we present an extensive analysis of the consequences for global equilibrium determinacy of implementing active interest rate rules (i.e. monetary rules where the nominal interest rate responds more than proportionally to changes in inflation) in flexible-price open economies. We show that conditions under which these rules generate aggregate instability by inducing cyclical and chaotic equilibrium dynamics depend on particular characteristics of open economies such as the degree of (trade) openness and the degree of exchange rate pass-through implied by the presence of non-traded distribution costs. For instance, we find that a forward-looking rule is more prone to induce endogenous cyclical and chaotic dynamics the more open the economy and the higher the degree of exchange rate pass-through. The existence of these dynamics and their dependence on the degree of openness are in general robust to different timings of the rule (forward-looking versus contemporaneous rules), to the use of alternative measures of inflation in the rule (CPI versus Core inflation), as well as to changes in the timing of real money balances in liquidity services (‘cash-when-I-am-done’ timing versus ‘cash-in-advance’ timing). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - MONETARY policy
KW  - FOREIGN exchange rates
KW  - INFLATION (Finance)
KW  - DISTRIBUTION costs
KW  - MACROECONOMICS
KW  - INDUSTRIAL costs
KW  - CONSUMPTION (Economics)
KW  - LIQUIDITY (Economics)
KW  - Chaos and Endogenous Fluctuations.
KW  - Interest Rate Rules
KW  - Multiple Equilibria
KW  - Small Open Economy
KW  - Taylor Rules
N1  - Accession Number: 23659681; Airaudo, Marco 1; Email Address: marco.airaudo@staff.hu-berlin.de; Zanna, Luis-Felipe 2; Email Address: Luis-Felipe.Zanna@frb.gov; Affiliations: 1: Institute of Economic Policy I, Humboldt University, Spandauer Strasse 1, Berlin D-10178, Germany.; 2: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, D.C., 20551.; Issue Info: 2005, p1; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: DISTRIBUTION costs; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: LIQUIDITY (Economics); Author-Supplied Keyword: Chaos and Endogenous Fluctuations.; Author-Supplied Keyword: Interest Rate Rules; Author-Supplied Keyword: Multiple Equilibria; Author-Supplied Keyword: Small Open Economy; Author-Supplied Keyword: Taylor Rules; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 40p; Illustrations: 1 Chart, 6 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Berger, David W.
AU  - Chaboud, Alain P.
AU  - Chernenko, Sergey V.
AU  - Howorka, Edward
AU  - Krishnasami Iyer, Raj S.
AU  - Liu, David
AU  - Wright, Jonathan H.
T1  - Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 26
AB  - We study the association between order flow and exchange rate returns in five years of high-frequency intraday data from the leading interdealer electronic broking system, EBS. While the association between order flow and exchange rate returns has been studied in several previous papers, these have mostly used relatively short spans of daily data from older bilateral dealing systems and, usually, transaction counts instead of actual trading volume. Using a substantially longer span of recent high-frequency data and measuring order flow as actual signed trading volume, we find a strong positive association between order flow and exchange rate returns at frequencies ranging from one minute to one day, and a more modest but still sizeable association at the monthly frequency. We find, however, no evidence that order flow has predictive power for future exchange rate movements beyond, possibly, the next minute. Focusing on the behavior of order flow and exchange rates at the time of scheduled U.S. economic data releases, we find that the surprise components of these announcements are associated with order flow at high frequency immediately after the data releases. This finding seems inconsistent with a simple efficient markets view of how a public news announcement is incorporated into prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELECTRONIC data processing
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange market
KW  - PRICE indexes
KW  - INDUSTRIAL organization (Economic theory)
KW  - REGRESSION analysis
KW  - ECONOMIC forecasting
KW  - INTERNATIONAL markets
KW  - MACROECONOMICS
KW  - foreign exchange
KW  - high-frequency data
KW  - news announcements
KW  - order flow
KW  - private information.
N1  - Accession Number: 23659663; Berger, David W. 1; Chaboud, Alain P. 1; Email Address: alain.p.chaboud@frb.gov; Chernenko, Sergey V. 1; Howorka, Edward 2; Krishnasami Iyer, Raj S. 2; Liu, David 2; Wright, Jonathan H. 3; Affiliations: 1: International Finance Division Washington DC 20551; 2: Board of Governors of the Federal Reserve System, Washington DC 20551; 3: Division of Monetary Affairs Washington DC 20551; Issue Info: 2005, p1; Thesaurus Term: ELECTRONIC data processing; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: PRICE indexes; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: REGRESSION analysis; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: foreign exchange; Author-Supplied Keyword: high-frequency data; Author-Supplied Keyword: news announcements; Author-Supplied Keyword: order flow; Author-Supplied Keyword: private information.; NAICS/Industry Codes: 518210 Data Processing, Hosting, and Related Services; Number of Pages: 26p; Illustrations: 7 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Campos, Julia
AU  - Ericsson, Neil R.
AU  - Hendry, David F.
T1  - General-to-specific Modeling: An Overview and Selected Bibliography.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 92
AB  - This paper discusses the econometric methodology of general-to-specific modeling, in which the modeler simplifies an initially general model that adequately characterizes the empirical evidence within his or her theoretical framework. Central aspects of this approach include the theory of reduction, dynamic specification, model selection procedures, model selection criteria, model comparison, encompassing, computer automation, and empirical implementation. This paper thus reviews the theory of reduction, summarizes the approach of general-to-specific modeling, and discusses the econometrics of model selection, noting that general-to-specific modeling is the practical embodiment of reduction. This paper then summarizes fifty-seven articles key to the development of general-to-specific modeling. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMETRICS
KW  - COINTEGRATION
KW  - DATA mining
KW  - EQUILIBRIUM (Economics)
KW  - EXOGENEITY (Econometrics)
KW  - COMPUTER algorithms
KW  - TECHNOLOGICAL innovations
KW  - GROSS domestic product
KW  - ECONOMIC policy
KW  - ECONOMICS
KW  - cointegration
KW  - conditional models
KW  - data mining
KW  - diagnostic testing
KW  - dynamic specification
KW  - econometric methodology
KW  - encompassing
KW  - equilibrium correctionmodels
KW  - error correction models
KW  - exogeneity
KW  - general-to-specific modeling
KW  - model comparison
KW  - model design
KW  - model evaluation
KW  - model selection
KW  - non-nested hypotheses
KW  - PcGets
KW  - PcGive
KW  - reduction
KW  - specific-to-general modeling
N1  - Accession Number: 23659670; Campos, Julia 1; Email Address: jcampos@usal.es; Ericsson, Neil R. 2; Email Address: ericsson@frb.gov; Hendry, David F. 3; Email Address: david.hendry@economics.ox.ac.uk; Affiliations: 1: Departamento de Economía e Historia Económica, Facultad de Economía y Empresa, Universidad de Salamanca Salamanca 37008 España (Spain); 2: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A; 3: ESRC Professorial Research Fellow and the head of the Economics Department at the University of Oxford, Oxford, England.; Issue Info: 2005, p1; Thesaurus Term: ECONOMETRICS; Thesaurus Term: COINTEGRATION; Thesaurus Term: DATA mining; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: EXOGENEITY (Econometrics); Thesaurus Term: COMPUTER algorithms; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: GROSS domestic product; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMICS; Author-Supplied Keyword: cointegration; Author-Supplied Keyword: conditional models; Author-Supplied Keyword: data mining; Author-Supplied Keyword: diagnostic testing; Author-Supplied Keyword: dynamic specification; Author-Supplied Keyword: econometric methodology; Author-Supplied Keyword: encompassing; Author-Supplied Keyword: equilibrium correctionmodels; Author-Supplied Keyword: error correction models; Author-Supplied Keyword: exogeneity; Author-Supplied Keyword: general-to-specific modeling; Author-Supplied Keyword: model comparison; Author-Supplied Keyword: model design; Author-Supplied Keyword: model evaluation; Author-Supplied Keyword: model selection; Author-Supplied Keyword: non-nested hypotheses; Author-Supplied Keyword: PcGets; Author-Supplied Keyword: PcGive; Author-Supplied Keyword: reduction; Author-Supplied Keyword: specific-to-general modeling; Number of Pages: 92p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Coulibaly, Brahima
T1  - Effects of Financial Autarky and Integration: The Case of the South Africa Embargo.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 32
AB  - The economic embargo imposed on South Africa between 1985 and 1993 brought the country closer to financial isolation. This paper interprets the imposition and removal of the embargo as financial autarky and financial integration ‘natural experiments’, and studies the effects on the economy. The aggregate data indicate a decrease in the levels and growth rates of investment, capital, and output during the embargo period relative to the pre-embargo and post-embargo periods. To further rationalize the findings in the aggregate data, we calibrate a neoclassical growth model to the South African economy. During the transition to steady-state, we model the embargo by limiting the country's ability to borrow for a period corresponding to the duration of the embargo. The derived dynamics for investment, capital, and output support the view of a positive (negative) link between financial integration (isolation) and economic growth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMBARGO
KW  - ECONOMIC sanctions
KW  - FINANCIAL crises
KW  - INTERNATIONAL finance
KW  - ECONOMIC development
KW  - CAPITAL movements
KW  - FOREIGN exchange
KW  - ECONOMIC indicators
KW  - GROSS domestic product
KW  - SOUTH Africa -- Economic conditions
KW  - SOUTH Africa
KW  - Autarky
KW  - Economic Growth
KW  - Embargo
KW  - Financial integration
KW  - Financial isolation
KW  - International Finance
N1  - Accession Number: 23659671; Coulibaly, Brahima 1; Email Address: brahima.coulibaly@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of Federal Reserve System, Mail Stop 24, Washington DC 20551, USA; Issue Info: 2005, p1; Thesaurus Term: EMBARGO; Thesaurus Term: ECONOMIC sanctions; Thesaurus Term: FINANCIAL crises; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: ECONOMIC development; Thesaurus Term: CAPITAL movements; Thesaurus Term: FOREIGN exchange; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: GROSS domestic product; Subject Term: SOUTH Africa -- Economic conditions; Subject: SOUTH Africa; Author-Supplied Keyword: Autarky; Author-Supplied Keyword: Economic Growth; Author-Supplied Keyword: Embargo; Author-Supplied Keyword: Financial integration; Author-Supplied Keyword: Financial isolation; Author-Supplied Keyword: International Finance; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 32p; Illustrations: 13 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Francis, Neville
AU  - Owyang, Michael T.
AU  - Roush, Jennifer E.
T1  - A Flexible Finite-Horizon Identification of Technology Shocks.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 33
AB  - Recent empirical studies using infinite horizon long-run restrictions question the validity of the technology-driven real business cycle hypothesis. These results have met with their own controversy, stemming from their sensitivity to changes in model specification and the general poor performance of long-run restrictions in Monte Carlo experiments. We propose an alternative identification that maximizes the contribution of technology shocks to the forecast-error variance of labor productivity at a long, but finite horizon. In small samples, our identification outperforms its infinite horizon counterpart by producing less biased impulse responses and technology shocks that are more highly correlated with the technology shocks from the underlying model. We apply our identification to post-war U.S. data and find that the negative hours response is not robust to allowing a slightly greater role for non-technology shocks in the variance of productivity at long horizons. We conclude that restrictions aimed at isolating the dynamics of productivity beyond business cycle frequencies do not provide information sufficient to robustly predict short-run movements in labor hours. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - ECONOMIC forecasting
KW  - LABOR productivity
KW  - TECHNOLOGICAL innovations
KW  - MACROECONOMICS
KW  - ECONOMETRICS
KW  - LINEAR models (Statistics)
KW  - PRICE indexes
KW  - TAXATION
KW  - long-run restrictions
KW  - productivity
KW  - structural VAR
N1  - Accession Number: 23659665; Francis, Neville 1; Email Address: nrfranci@email.unc.edu; Owyang, Michael T. 2; Email Address: owyang@stls.frb.org; Roush, Jennifer E. 3; Email Address: jennifer.e.roush@frb.gov; Affiliations: 1: Department of Economics. University of North Carolina. Gardener Hall CB# 3305. Chapel Hill, NC 27599; 2: Research Department. Federal Reserve Bank of St. Louis. 411 Locust Street, St. Louis, MO 63102; 3: Board of Governors of the Federal Reserve System, Mailstop 74, 20th Street and C St., NW, Washington, DC 20551; Issue Info: 2005, p1; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: LABOR productivity; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMETRICS; Thesaurus Term: LINEAR models (Statistics); Thesaurus Term: PRICE indexes; Thesaurus Term: TAXATION; Author-Supplied Keyword: long-run restrictions; Author-Supplied Keyword: productivity; Author-Supplied Keyword: structural VAR; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 33p; Illustrations: 3 Charts, 9 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Zanna, Luis-Felipe
T1  - Fighting Against Currency Depreciation, Macroeconomic Instability and Sudden Stops.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2005/01//
M3  - Working Paper
SP  - 1
EP  - 39
AB  - In this paper we show that in the aftermath of a crisis, a government that changes the nominal interest rate in response to currency depreciation can induce aggregate instability in the economy by generating self-fulfilling endogenous cycles. In particular if a government raises the interest rate proportionally more than an increase in currency depreciation then it induces self-fulfilling cyclical equilibria that are able to replicate some of the empirical regularities of emerging market crises. We construct an equilibrium characterized by the self-validation of people's expectations about currency depreciation and by the following stylized facts of the ‘Sudden Stop’ phenomenon: a decline in domestic production and aggregate demand, a significantly larger currency depreciation, a collapse in asset prices, a sharp correction in the price of traded goods relative to non-traded goods and an improvement in the current account deficit. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEPRECIATION
KW  - INTEREST rates
KW  - MACROECONOMICS
KW  - CAPITAL movements
KW  - GROSS domestic product
KW  - FINANCIAL crises
KW  - BUSINESS cycles
KW  - FINANCE
KW  - INTERNATIONAL markets
KW  - Collateral Constraints
KW  - Currency Depreciation
KW  - Interest Rate Rules
KW  - Multiple Equilibria
KW  - Small Open Economy
KW  - Sudden Stops
N1  - Accession Number: 23659680; Zanna, Luis-Felipe 1; Email Address: Luis-Felipe.Zanna@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, D.C., 20551.; Issue Info: 2005, p1; Thesaurus Term: DEPRECIATION; Thesaurus Term: INTEREST rates; Thesaurus Term: MACROECONOMICS; Thesaurus Term: CAPITAL movements; Thesaurus Term: GROSS domestic product; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BUSINESS cycles; Thesaurus Term: FINANCE; Thesaurus Term: INTERNATIONAL markets; Author-Supplied Keyword: Collateral Constraints; Author-Supplied Keyword: Currency Depreciation; Author-Supplied Keyword: Interest Rate Rules; Author-Supplied Keyword: Multiple Equilibria; Author-Supplied Keyword: Small Open Economy; Author-Supplied Keyword: Sudden Stops; Number of Pages: 39p; Illustrations: 5 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - BOOK
AU  - Board of Governors of the Federal Reserve System
T1  - Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley
PB  - Washington, D.C.:
PB  - Board of Governors of the Federal Reserve System
Y1  - 2005///
SP  - viii
N1  - Accession Number: 0940108; Keywords: Instrument;  Monetary Policy;  Monetary;  Policy; Publication Type: Book; Update Code: 200712
N2  - Eleven papers and seven discussions, originally presented at a conference held by the Federal Reserve Board in March 2004, examine new work in the field of economic models in conducting monetary policy, focusing on the contributions of economists Dale Henderson, Richard Porter, and Peter Tinsley. Papers discuss "certainty equivalence" and "model uncertainty"; robust estimation and monetary policy with unobserved structural change; estimating forward-looking Euler equations with generalized method of moments estimators--an optimal-instruments approach; optimal stabilization policy when wages and prices are sticky--the case of a distorted steady state; price- and wage-inflation targeting--variations on a theme by Christopher Erceg, Henderson, and Andrew Levin; targeting versus instrument rules for monetary policy; liquidity and fire sales; narrow money, broad money, and the transmission of monetary policy; research at the Federal Reserve Board--the contributions of Henderson, Porter, and Tinsley; the Board's modeling work in the 1960s; and monetary policy modeling--where we are and where we should be going. No index.
KW  - Monetary Policy          E52
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Benitez-Silva, Hugo
AU  - Buchinsky, Moshe
AU  - Rust, John
AU  - Boz, Emine
AU  - Nichols, Joseph B.
AU  - Roy, Sharbani
AU  - Tristao, Ignez
AD  - Dept. of Economics, SUNY at Stony Brook
AD  - UCLA and NBER
AD  - University of Maryland
AD  - University of Maryland
AD  - Board of Governors of the Federal Reserve System
AD  - NERA
AD  - University of Maryland
T1  - Health Status, Insurance, and Expenditures in the Transition from Work to Retirement
PB  - Stony Brook University, Department of Economics, Department of Economics Working Papers: 05-11
Y1  - 2005///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1155921; Publication Type: Working Paper; Update Code: 201103
N2  - This paper analyzes the dynamics of health insurance coverage, health expenditures, and health status in the decade expanding from 1992 to 2002, for a cohort of older Americans. We follow 13,594 individuals interviewed in Waves 1 to 6 of the Health and Retirement Study, most of whom were born between 1930 and 1940, as they transition from work into retirement. Although this "depression cohort" is by and large fairly well prepared for retirement in terms of pension coverage and savings, we identify significant gaps in their health insurance coverage, especially among the most disadvantaged members of this cohort. We find that government health insurance programs--particularly Medicare and Medicaid--significantly reduce the number of individuals who are uninsured and the risks of large out of pocket health care costs. However, prior to retirement large numbers of these respondents were uninsured, nearly 18% at the first survey in 1992. Moreover, a much larger share, about 55% of this cohort, are transitorily uninsured, that is, they experience one or more spells, lasting from several months to several years, without health insurance coverage. We also identify a much smaller group of persistently uninsured individuals, and show that this group has significantly less wealth, and higher rates of poverty, unemployment, and health problems, disability, and higher mortality rates than the rest of the members of the cohort under study. We provide evidence that lack of health insurance coverage is correlated with reduced utilization of health care services; for example, respondents with no health insurance visit the doctor one fourth as often as those with private insurance and are also more likely to report declines in health status. We also analyze the components of out of pocket health care costs, and show that prescription drug costs constituted a rapidly rising share of the overall cost of health care during the period of analysis.
L3  - http://ms.cc.sunysb.edu/~hbenitezsilv/inspaper.pdf
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UR  - http://ms.cc.sunysb.edu/~hbenitezsilv/inspaper.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Copeland, Adam
AU  - Dunn, Wendy
AU  - Hall, George J.
AD  - Board of Governors of the Federal Reserve System
AD  - Unlisted
AD  - Yale U
T1  - Prices, Production and Inventories over the Automotive Model Year
PB  - Yale University, Department of Economics, Working Papers
Y1  - 2005///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1014065; Publication Type: Working Paper; Update Code: 200902
N2  - This paper studies the within-model-year pricing and production of new automobiles. Using new monthly data on U.S. transaction prices, we document that for the typical new vehicle, prices typically fall over the model year at a 9.2 percent annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate a market equilibrium model for new automobiles in which inventory and pricing decisions are made simultaneously. On the demand side, we use micro-level data to estimate time-varying aggregate demand curves for each vehicle. On the supply side, we solve a dynamic programming model of an automaker that, while able to produce only one vintage of a product at a time, may accumulate inventories and consequently sell multiple vintages of the same product simultaneously. The profit maximizing pricing and production strategies under a build-to-stock inventory policy imply declining prices and hump-shaped sales and inventories of the magnitudes observed in the data. Further, roughly half of the price decline is driven by inventory control considerations, as opposed to decreasing demand.
KW  - Firm Behavior: Theory          D21
L3  - http://www.econ.yale.edu/ddp/ddp00/ddp0002.pdf
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UR  - http://www.econ.yale.edu/ddp/ddp00/ddp0002.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Gillen, Kevin
AU  - Wachter, Susan
T1  - The Neighborhood Distribution of Subprime Mortgage Lending.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2004/12//
VL  - 29
IS  - 4
M3  - Article
SP  - 393
EP  - 410
SN  - 08955638
AB  - This article presents information on subprime mortgage lending in the residential mortgage market. Under Home Mortgage Disclosure Act (HMDA) all lending institutions located within a metropolitan statistical area and with assets in excess of about 30 million dollars are required to file loan registers with Federal Financial Institutions Examination Council, providing information on each mortgage loan application. The HMDA data do not separately identify subprime loans. The financial institution's mortgage lending decisions are a function of risk and return factors that affect the expected net present value (NPV) of the loan. To maximize profits, financial institutions are assumed to accept loan applications whenever a loan's NPV exceeds zero.
KW  - MORTGAGE loans
KW  - FINANCIAL institutions
KW  - MONETARY policy
KW  - ASSETS (Accounting)
KW  - NET present value
KW  - LOANS
KW  - lending
KW  - mortgage
KW  - subprime markets
N1  - Accession Number: 15312995; Calem, Paul S. 1; Gillen, Kevin 2; Wachter, Susan 2; Email Address: wachter@wharton.upenn.edu; Affiliations: 1: Division of Research and Statistics, Board, of Governors, Federal Reserve System.; 2: Wharton School, University of Pennsylvania%2; Issue Info: Dec2004, Vol. 29 Issue 4, p393; Thesaurus Term: MORTGAGE loans; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: MONETARY policy; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: NET present value; Thesaurus Term: LOANS; Author-Supplied Keyword: lending; Author-Supplied Keyword: mortgage; Author-Supplied Keyword: subprime markets; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 18p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rigobon, Roberto
AU  - Sack, Brian
T1  - The impact of monetary policy on asset prices.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2004/11//
VL  - 51
IS  - 8
M3  - Article
SP  - 1553
EP  - 1575
SN  - 03043932
AB  - Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heteroskedasticity that exists in high-frequency data. We show that the response of asset prices to changes in monetary policy can be identified based on the increase in the variance of policy shocks that occurs on days of FOMC meetings and of the Chairman's semi-annual monetary policy testimony to Congress. The identification approach employed requires a much weaker set of assumptions than needed under the "event-study" approach that is typically used in this context. The results indicate that an increase in short-term interest rates results in a decline in stock prices and in an upward shift in the yield curve that becomes smaller at longer maturities. The findings also suggest that the event-study estimates contain biases that make the estimated effects on stock prices appear too small and those on Treasury yields too large. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - INTEREST rates
KW  - STOCKS (Finance) -- Prices
KW  - ASSETS (Accounting)
KW  - Heteroskedasticity
KW  - identification
KW  - Monetary policy
KW  - Stock market
KW  - Yield curve
N1  - Accession Number: 15542589; Rigobon, Roberto 1,2; Email Address: rigobon@mit.edu; Sack, Brian 3; Affiliations: 1: Room E52-434, Sloan School of Management, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02142, USA; 2: NBER Cambridge, MA 02138, USA; 3: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Nov2004, Vol. 51 Issue 8, p1553; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INTEREST rates; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: ASSETS (Accounting); Author-Supplied Keyword: Heteroskedasticity; Author-Supplied Keyword: identification; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Stock market; Author-Supplied Keyword: Yield curve; Number of Pages: 23p; Document Type: Article
L3  - 10.1016/j.jmoneco.2004.02.004
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Ihrig, Jane
T1  - Monetary policy and exchange rate pass-through<FNR></FNR><FN>This article is a U.S. Government work and is in the public domain in the U.S.A. </FN>.
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 2004/10//
VL  - 9
IS  - 4
M3  - Article
SP  - 315
EP  - 338
SN  - 10769307
AB  - The pass-through of exchange rate changes into domestic inflation appears to have declined in many countries since the 1980s. We develop a theoretical model that attributes the change in the rate of pass-through to increased emphasis on inflation stabilization by many central banks. This hypothesis is tested on 20 industrial countries between 1971 and 2003. We find widespread evidence of a robust and statistically significant link between estimated rates of pass-through and inflation variability. We also find evidence that observed monetary policy behaviour may be a factor in the declining rate of pass-through. Published in 2004 by John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INFLATION (Finance)
KW  - CENTRAL banking industry
KW  - MONETARY policy
KW  - ANTI-inflationary policies
KW  - DEVELOPED countries
KW  - exchange rate pass-through
KW  - Inflation targeting
KW  - Taylor rule
N1  - Accession Number: 17072058; Gagnon, Joseph E. 1; Email Address: joseph.e.gagnon@frb.gov; Ihrig, Jane 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Oct2004, Vol. 9 Issue 4, p315; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONETARY policy; Thesaurus Term: ANTI-inflationary policies; Subject: DEVELOPED countries; Author-Supplied Keyword: exchange rate pass-through; Author-Supplied Keyword: Inflation targeting; Author-Supplied Keyword: Taylor rule; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 24p; Illustrations: 10 Charts, 3 Graphs; Document Type: Article
L3  - 10.1002/ijfe.253
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Bonime, Seth D.
AU  - Goldberg, Lawrence G.
AU  - White, Lawrence J.
T1  - The Dynamics of Market Entry: The Effects of Mergers and Acquisitions on Entry in the Banking Industry.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 2004/10//
VL  - 77
IS  - 4
M3  - Article
SP  - 797
EP  - 834
PB  - University of Chicago Press
SN  - 00219398
AB  - We study the dynamics of market entry following mergers and acquisitions (M&As) using banking industry data. The findings suggest that M&As are associated with statistically and economically significant increases in the probability of entry. The data suggest that M&As affect the proportion of the markets with entry by about 10-20%. These findings also suggest that entry may be part of an "external" effect of M&As that helps supply credit to some relationship-dependent small business borrowers. Our results are robust to the use of alternative econometric methods, changes in specifications of the exogenous variables, and alteration of the data samples. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKET entry
KW  - MARKETING strategy
KW  - CONSOLIDATION & merger of corporations
KW  - BANKING industry
N1  - Accession Number: 15648482; Berger, Allen N. 1; Bonime, Seth D. 2; Goldberg, Lawrence G. 3; White, Lawrence J. 4; Affiliations: 1: Board of Governors of the Federal Reserve System, Wharton Financial Institutions Center; 2: Pepsi Corporation; 3: Department of Finance, University of Miami; 4: Stern School of Business, New York University; Issue Info: Oct2004, Vol. 77 Issue 4, p797; Thesaurus Term: MARKET entry; Thesaurus Term: MARKETING strategy; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 38p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
T1  - The institutional memory hypothesis and the procyclicality of bank lending behavior
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2004/10//
VL  - 13
IS  - 4
M3  - Article
SP  - 458
EP  - 495
SN  - 10429573
AB  - Abstract: We test a new hypothesis that may help explain the procyclicality of bank lending. The institutional memory hypothesis is driven by deterioration in the ability of loan officers over the bank''s lending cycle that results in an easing of credit standards. We test this hypothesis using data from individual US banks over 1980–2000: over 200,000 bank-level observations on commercial loan growth, over 2,000,000 loan-level observations on interest rate premiums, and over 2000 bank-level observations on credit standards and loan spreads from bank management survey responses. The empirical analysis supports the hypothesis, although there are differences by bank size class. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK management
KW  - COMMERCIAL credit
KW  - COMMERCIAL finance companies
KW  - COMMERCIAL real estate loans
N1  - Accession Number: 15787674; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Udell, Gregory F. 3; Email Address: gudell@indiana.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: Kelley School of Business, Indiana University, Bloomington, IN 47405, USA; Issue Info: Oct2004, Vol. 13 Issue 4, p458; Thesaurus Term: BANK management; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: COMMERCIAL finance companies; Thesaurus Term: COMMERCIAL real estate loans; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 38p; Document Type: Article
L3  - 10.1016/j.jfi.2004.06.006
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adams, Robert M.
AU  - Bauer, Paul W.
AU  - Sickles, Robin C.
T1  - Scale Economies, Scope Economies, and Technical Change in Federal Reserve Payment Processing.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2004/10//
VL  - 36
IS  - 5
M3  - Article
SP  - 943
EP  - 958
PB  - Ohio State University Press
SN  - 00222879
AB  - In the past decade, the U.S. economy has witnessed a tremendous surge in the usage of electronic payment processing services and an increased importance of the firms that provide these services. In this paper, we estimate scale economies, scope economies, and technical change in the Federal Reserve's provision of payments processing from 1990 to 2000. We find considerable scale economies and evidence of some scope economies for the provision of automated clearinghouse, Fedwire, and Book-Entry services no matter whether we specify a separable quadratic or a translog cost function. In addition, we find that disembodied technical change also contributed to the overall reduction in costs throughout the 1990s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIES of scale
KW  - ECONOMIES of scope
KW  - ELECTRONIC funds transfers
KW  - CLEARINGHOUSES (Banking)
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - Financial Institutions
KW  - Productivity
KW  - Scale Economies
KW  - Scope Economies
KW  - Technical Change
N1  - Accession Number: 14428013; Adams, Robert M. 1; Email Address: robert.m.adams@frb.gov; Bauer, Paul W. 2; Email Address: paul.w.bauer@clev.frb.org; Sickles, Robin C. 3; Email Address: rsickles@rice.edu; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; 2: Economic advisor, Federal Reserve Bank of Cleveland; 3: Professor of economics, Department of Economics, Rice University; Issue Info: Oct2004, Vol. 36 Issue 5, p943; Thesaurus Term: ECONOMIES of scale; Thesaurus Term: ECONOMIES of scope; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: CLEARINGHOUSES (Banking); Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Author-Supplied Keyword: Financial Institutions; Author-Supplied Keyword: Productivity; Author-Supplied Keyword: Scale Economies; Author-Supplied Keyword: Scope Economies; Author-Supplied Keyword: Technical Change; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 523990 All other financial investment activities; Number of Pages: 16p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ramey, Valerie A.
AU  - Vine, Daniel J.
T1  - Why Do Real and Nominal Inventory-Sales Ratios Have Different Trends?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2004/10//
VL  - 36
IS  - 5
M3  - Article
SP  - 959
EP  - 963
PB  - Ohio State University Press
SN  - 00222879
AB  - This note explains the diverging trends between real and nominal aggregate inventory-sales ratios. The combined effect of two features of the data explains the divergence. First, while aggregate sales include both goods and services, inventories include only goods. Second, there has been a strong secular decrease in the relative price of goods. The combination of these two factors causes the real and nominal aggregate inventory-sales ratios to have different trends. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SALES
KW  - TRENDS
KW  - INVENTORIES
KW  - RATIO analysis
KW  - CONSUMPTION (Economics)
KW  - PRICING
KW  - inventory-sales ratios
N1  - Accession Number: 14428192; Ramey, Valerie A. 1,2; Email Address: vramey@weber.uscd.edu; Vine, Daniel J. 3; Email Address: Daniel.J.Vine@frb.gov; Affiliations: 1: Professor of economics, Department of Economics, University of California, San Diego; 2: Research associate, National Bureau of Economic Research; 3: Economist, Division of Research and Statistics of the Board of Governors of the Federal Reserve System; Issue Info: Oct2004, Vol. 36 Issue 5, p959; Thesaurus Term: SALES; Thesaurus Term: TRENDS; Thesaurus Term: INVENTORIES; Thesaurus Term: RATIO analysis; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: PRICING; Author-Supplied Keyword: inventory-sales ratios; Number of Pages: 5p; Illustrations: 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Covitz, Daniel M.
AU  - Hancock, Diana
AU  - Kwast, Myron L.
T1  - A RECONSIDERATION OF THE RISK SENSITIVITY OF U.S. BANKING ORGANIZATION SUBORDINATED DEBT SPREADS: A SAMPLE SELECTION APPROACH.
JO  - Economic Policy Review (19320426)
JF  - Economic Policy Review (19320426)
Y1  - 2004/09//
VL  - 10
IS  - 2
M3  - Article
SP  - 73
EP  - 92
PB  - Federal Reserve Bank of New York
SN  - 19320426
AB  - Analyzes banking organization funding strategies using a subordinated debt issuance decision model estimated with data from three deposit insurance regimes.  Hypothesis that banking organization subordinated debt issuance decisions can potentially censor the data available on issuance spreads for subordinated debt instruments; Assessment of the risk sensitivity of observed issuance spreads; Effects of instrument characteristics, such as issue size and frequency of coupon payments, on such spreads.
KW  - BANKING industry -- Accounting
KW  - BANK examination
KW  - BANKING industry -- Ratings & rankings
KW  - SPREAD (Finance)
KW  - DEBT
N1  - Accession Number: 14575750; Covitz, Daniel M. 1 Hancock, Diana 2 Kwast, Myron L. 3; Affiliation:  1: Economist, Research and Statistics Division, Board of Governors of the Federal Reserve System  2: Chief of Monetary and Financial Studies, Research and Statistics Division, Board of Governors of the Federal Reserve System  3: Associate director, Research and Statistics Division, Board of Governors of the Federal Reserve System; Source Info: Sep2004, Vol. 10 Issue 2, p73; Subject Term: BANKING industry -- Accounting; Subject Term: BANK examination; Subject Term: BANKING industry -- Ratings & rankings; Subject Term: SPREAD (Finance); Subject Term: DEBT; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 20p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Helwege, Jean
AU  - Liang, Nellie
T1  - Initial Public Offerings in Hot and Cold Markets.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 2004/09//
VL  - 39
IS  - 3
M3  - Article
SP  - 541
EP  - 569
PB  - Cambridge University Press
SN  - 00221090
AB  - The literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975-2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOING public (Securities)
KW  - SECURITIES markets
KW  - CORPORATIONS -- Finance
KW  - RATE of return
KW  - BUSINESS literature
KW  - CAPITALISTS & financiers
KW  - GROWTH industries
KW  - STOCKS (Finance) -- Prices
KW  - STOCK exchanges
KW  - MANAGEMENT
KW  - TECHNOLOGICAL innovations
KW  - PROFIT
N1  - Accession Number: 14385633; Helwege, Jean 1; Email Address: helwege_1@cob.osu.edu; Liang, Nellie 2; Email Address: nliang@frb.gov; Affiliations: 1: Department of Finance, University of Arizona, Tucson, AZ 85721; 2: Board of Governors, Federal Reserve System, Division of Research and Statistics, Capital Markets Section, Mail Stop 89, Washington, DC 20551; Issue Info: Sep2004, Vol. 39 Issue 3, p541; Thesaurus Term: GOING public (Securities); Thesaurus Term: SECURITIES markets; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: RATE of return; Thesaurus Term: BUSINESS literature; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: GROWTH industries; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCK exchanges; Thesaurus Term: MANAGEMENT; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: PROFIT; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 29p; Illustrations: 7 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carpenter, Seth B.
AU  - Rodgers III, William M.
T1  - The Disparate Labor Market Impacts of Monetary Policy.
JO  - Journal of Policy Analysis & Management
JF  - Journal of Policy Analysis & Management
Y1  - 2004///Fall2004
VL  - 23
IS  - 4
M3  - Article
SP  - 813
EP  - 830
SN  - 02768739
AB  - This paper examines the impact of contractionary monetary policy on different unemployment rates. This paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth and less skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use information on the Federal Reserve's contractionary initiatives indicate that the employment population ratio of minorities is more sensitive to contractionary monetary policy than that of Whites. This paper uses VAR's and Romer rates to explore whether contractionary policy lowers the employment-population ratio by acting primarily through raising the unemployment rate or reducing the labor force participation rate. As a result, one can infer whether the effect on labor market outcomes is primarily a result of the demand for or supply of labor. Results show that contractionary monetary policy, as measured by innovations to the federal funds rate, lowers the employment-population ratio, primarily by raising the unemployment rate and not by reducing the labor force participation rate.
KW  - MONETARY policy
KW  - EMPLOYMENT policy
KW  - ECONOMIC policy
KW  - LABOR supply
KW  - MONEY supply
KW  - YOUTH
N1  - Accession Number: 14406481; Carpenter, Seth B. 1; Rodgers III, William M. 2; Affiliations: 1: Economist in the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System.; 2: Professor of Public Policy and Chief Economist of the John J. Heldrich Center for Workforce Development at the Edward I Bloustein School of Planning and Public Policy, Rutgers, The State University of New Jersey, and the National Poverty Center at the University of Michigan.; Issue Info: Fall2004, Vol. 23 Issue 4, p813; Thesaurus Term: MONETARY policy; Thesaurus Term: EMPLOYMENT policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: LABOR supply; Thesaurus Term: MONEY supply; Subject Term: YOUTH; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 18p; Document Type: Article
L3  - 10.1002/pam.20048
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Case, Bradford
AU  - Clapp, John
AU  - Dubin, Robin
AU  - Rodriguez, Mauricio
T1  - Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 2004/09//
VL  - 29
IS  - 2
M3  - Article
SP  - 167
EP  - 191
SN  - 08955638
AB  - This article discusses the modeling spatial and temporal house price patterns. It also describes ordinary least square (OLS) models and the models employed by each of the three entrants in this competition. Section 4 reports the results obtained from OLS and from the models submitted by each entrant. The final section contains concluding remarks. Over the past decade, technological advances have led to a significant increase in the amount of available data with spatial attributes that allow investigators to more readily account for these important factors in their pricing models. Indeed, over the past several years, researchers have made great strides accounting for spatial and temporal factors in real estate pricing models.
KW  - HOUSE construction
KW  - REAL property
KW  - MATHEMATICAL statistics
KW  - HOME prices
KW  - RESEARCH
KW  - LEAST squares
N1  - Accession Number: 14498650; Case, Bradford 1; Email Address: bradford.case@frb.gov; Clapp, John 2; Email Address: John.Clapp@business.uconn.edu; Dubin, Robin 3; Email Address: rad4@case.edu; Rodriguez, Mauricio 4; Email Address: M.Rodriguez@tcu.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551.; 2: Centre for Real Estate, University of Connecticut, Storrs, CN 06269-1041, U.S.A.; 3: Department of Economics, Weatherhead School of Management, Case Western Reserve University, Cleveland, OH 44106.; 4: TCU Box 298530, Fort Worth, IX 76129.; Issue Info: Sep2004, Vol. 29 Issue 2, p167; Thesaurus Term: HOUSE construction; Thesaurus Term: REAL property; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: HOME prices; Thesaurus Term: RESEARCH; Subject Term: LEAST squares; NAICS/Industry Codes: 236117 New Housing For-Sale Builders; NAICS/Industry Codes: 236115 New Single-Family Housing Construction (except For-Sale Builders); NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kimura, Takeshi
AU  - Kurozumi, Takushi
T1  - Effectiveness of history-dependent monetary policy
JO  - Journal of the Japanese & International Economies
JF  - Journal of the Japanese & International Economies
Y1  - 2004/09//
VL  - 18
IS  - 3
M3  - Article
SP  - 330
EP  - 361
SN  - 08891583
AB  - In this paper, we evaluate the effectiveness of history-dependent monetary policy, focusing on the design of targeting regimes and simple policy rules. Our quantitative analysis is based on a small estimated forward-looking model of the Japanese economy with a hybrid Phillips curve. Our main findings are: (1) History-dependent targeting regimes, such as price level targeting and income growth targeting, outperform inflation targeting; (2) Committing to a simple history-dependent policy rule results in nearly the same social welfare as the optimal delegation of price level targeting and income growth targeting; (3) The central bank can achieve almost the same performance as the optimal commitment policy by adopting the first difference hybrid policy rule in which the change in interest rate responds to inflation, output gap, and real income growth rate. J. Japanese Int. Economies 18 (3) (2004) 330–361. [Copyright &y& Elsevier]
AB  - Copyright of Journal of the Japanese & International Economies is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - PRICE regulation
KW  - BANKING industry
KW  - Commitment
KW  - Delegation
KW  - Discretion
KW  - History dependence
KW  - Income growth targeting
KW  - Inflation targeting
KW  - Monetary policy
KW  - Policy rules
KW  - Price level targeting
N1  - Accession Number: 14101290; Kimura, Takeshi 1,2; Email Address: takeshi.kimura@frb.gov; Kurozumi, Takushi 1,3; Email Address: tkurozum@andrew.cmu.edu; Affiliations: 1: Bank of Japan, 2-1-1, Hongokucho, Nihonbashi, Chuo-ku, Tokyo 103-8660, Japan; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 3: Carnegie Mellon University, Pittsburgh, PA 15213, USA; Issue Info: Sep2004, Vol. 18 Issue 3, p330; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: PRICE regulation; Thesaurus Term: BANKING industry; Author-Supplied Keyword: Commitment; Author-Supplied Keyword: Delegation; Author-Supplied Keyword: Discretion; Author-Supplied Keyword: History dependence; Author-Supplied Keyword: Income growth targeting; Author-Supplied Keyword: Inflation targeting; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Policy rules; Author-Supplied Keyword: Price level targeting; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 32p; Document Type: Article
L3  - 10.1016/j.jjie.2003.11.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
AU  - Reinhart, Vincent R.
AU  - Sack, Brian P.
T1  - Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2004/08//
IS  - 2
M3  - Article
SP  - 1
EP  - 100
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article discusses the use of conventional financial instruments in monetary policy. The conventional instrument of monetary policy in most major industrial economies is the very short term nominal interest rate, such as the overnight federal funds rate in the case of the United States. The use of this instrument, however, implies a potential problem: because currency can be used as a store of value, the short-term nominal interest rate cannot be pushed below zero. Should the nominal rate hit zero, the real short-term interest rate, at that point equal to the negative of prevailing inflation expectations, may be higher than the rate needed to ensure stable prices and the full utilization of resources. Indeed, an unstable dynamic may result if the excessively high real rate leads to downward pressure on costs and prices that, in turn, raises the real short-term interest rate, which depresses activity and prices further, and so on. Japan has suffered from the problems created by the zero lower bound on the nominal interest rate, and short-term rates in countries such as the U.S. and Switzerland have also come uncomfortably close to zero. As a consequence, the problems of conducting monetary policy when interest rates approach zero have elicited considerable attention from the economics profession.
KW  - FINANCIAL instruments
KW  - MONETARY policy
KW  - INVESTMENT interest
KW  - FEDERAL funds market (U.S.)
KW  - MONEY
KW  - ECONOMICS
N1  - Accession Number: 16111358; Bernanke, Ben S. 1; Reinhart, Vincent R. 1; Sack, Brian P. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Macroeconomic Advisers, LLC; Issue Info: 2004, Issue 2, p1; Thesaurus Term: FINANCIAL instruments; Thesaurus Term: MONETARY policy; Thesaurus Term: INVESTMENT interest; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: MONEY; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 525990 Other Financial Vehicles; Number of Pages: 100p; Illustrations: 11 Charts, 11 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neil R.  Ericsson
T1  - THE ET INTERVIEW: PROFESSOR DAVID F. HENDRY: Interviewed by Neil R. Ericsson.
JO  - Econometric Theory
JF  - Econometric Theory
Y1  - 2004/08//
VL  - 20
IS  - 4
M3  - Article
SP  - 743
EP  - 804
SN  - 02664666
AB  - Professor David F. Hendry is interviewed by Neil R. Ericsson. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Econometric Theory is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERVIEWING
KW  - INTERVIEWS
KW  - COLLEGE teachers
KW  - HENDRY, David F. -- Interviews
KW  - ERICSSON, Neil R.
N1  - Accession Number: 20133203; Neil R.  Ericsson 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551 U.S.A.; Issue Info: Aug2004, Vol. 20 Issue 4, p743; Thesaurus Term: INTERVIEWING; Subject Term: INTERVIEWS; Subject Term: COLLEGE teachers; People: HENDRY, David F. -- Interviews; People: ERICSSON, Neil R.; Number of Pages: 62p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Prager, Robin A.
T1  - The competitive implications of multimarket bank branching.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2004/08//
VL  - 28
IS  - 8
M3  - Article
SP  - 1889
EP  - 1914
SN  - 03784266
AB  - Retail banking markets have traditionally been viewed as locally limited. However, recent studies have found evidence that large multimarket banking organizations tend to offer uniform interest rates for retail deposit accounts throughout the area that they serve, at least within a given state. This uniform pricing phenomenon raises questions about the continued relevance of the concept of local banking markets for both research and antitrust purposes. We address this issue by employing a model designed to explain the pricing behavior of single-market banks that face competition from multimarket banks. Empirical results are found to be consistent with the many implications of the model. We find that even with multimarket banks present in the market, local market concentration influences the pricing behavior of single-market banks; however, this relationship weakens as the market share of multimarket banks grows. We also find that, on average, multimarket banks offer lower deposit interest rates than do single-market banks operating in the same market, and, in most cases, greater multimarket bank presence is associated with lower deposit interest rates offered by single-market banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - MARKETS
KW  - BRANCH banks
KW  - INTEREST rates
KW  - COMPETITION
KW  - Banks
KW  - Competition
KW  - Pricing
N1  - Accession Number: 13812626; Hannan, Timothy H. 1; Prager, Robin A. 1; Email Address: robin.prager@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Aug2004, Vol. 28 Issue 8, p1889; Thesaurus Term: BANKING industry; Thesaurus Term: MARKETS; Thesaurus Term: BRANCH banks; Thesaurus Term: INTEREST rates; Subject Term: COMPETITION; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Competition; Author-Supplied Keyword: Pricing; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/j.jbankfin.2003.06.006
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Warnock, Francis E.
T1  - U.S. Investors' Emerging Market Equity Portfolios: A Security-level Analysis.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2004/08//
VL  - 86
IS  - 3
M3  - Article
SP  - 691
EP  - 704
SN  - 00346535
AB  - We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U. S. investors. We document that at a point in time U. S. portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a U. S. exchange. The size of the cross-listing effect is striking. In contrast to the well-documented underweighting of foreign stocks, emerging market equities that are cross-listed on a U. S. exchange are incorporated into U. S. portfolios at full international CAPM weights. Our results suggest that information asymmetries play an important role in equity home bias and that the benefits of international risk sharing are limited to select firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK exchanges
KW  - SECURITIES
KW  - CAPITALISTS & financiers -- United States
KW  - INVESTMENT policy
KW  - RISK sharing
N1  - Accession Number: 14309995; Edison, Hali J. 1; Warnock, Francis E. 2; Affiliations: 1 : International Monetary Fund; 2 : Board of Governors of  the Federal Reserve System;  Source Info: Aug2004, Vol. 86 Issue 3, p691; Subject Term: STOCK exchanges; Subject Term: SECURITIES; Subject Term: CAPITALISTS & financiers -- United States; Subject Term: INVESTMENT policy; Subject Term: RISK sharing; Number of Pages: 14p; Illustrations: 6 Charts, 3 Graphs; Document Type: Article; Full Text Word Count: 10414
L3  - 10.1162/0034653041811671
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DP  - EBSCOhost
DB  - 24h
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Levin, Andrew
AU  - Wilson, Beth Anne
T1  - Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2004/08//
VL  - 86
IS  - 3
M3  - Article
SP  - 824
EP  - 832
SN  - 00346535
AB  - The volatility of U. S. real GDP growth since 1984 has been markedly lower than over the previous quarter century. We utilize frequency-domain and VAR methods to distinguish among competing explanations for this reduction: improvements in monetary policy, better business practices, and a fortuitous reduction in exogenous disturbances. We find that reduced innovation variances account for much of the decline in aggregate output volatility, suggesting that good luck is the most likely explanation. Good practices and good policy appear to have played a more important role in explaining the post-1984 decline in the volatility of consumer price inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - VOLATILITY (Finance)
KW  - GROSS domestic product
KW  - ECONOMIC development
KW  - AUTOREGRESSION (Statistics)
KW  - ECONOMIC policy
KW  - INFLATION (Finance)
KW  - UNITED States
N1  - Accession Number: 14310001; Ahmed, Shaghil 1; Levin, Andrew 1; Wilson, Beth Anne 1; Affiliations: 1 : Board of Governors of the Federal Reserve System;  Source Info: Aug2004, Vol. 86 Issue 3, p824; Subject Term: VOLATILITY (Finance); Subject Term: GROSS domestic product; Subject Term: ECONOMIC development; Subject Term: AUTOREGRESSION (Statistics); Subject Term: ECONOMIC policy; Subject Term: INFLATION (Finance); Subject: UNITED States; Number of Pages: 9p; Illustrations: 8 Charts, 1 Graph; Document Type: Article; Full Text Word Count: 7528
L3  - 10.1162/0034653041811662
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DP  - EBSCOhost
DB  - 24h
ER  - 

TY  - JOUR
AU  - Judson, Ruth A.
AU  - Porter, Richard D.
T1  - Currency demand by federal reserve cash office: what do we know?
JO  - Journal of Economics & Business
JF  - Journal of Economics & Business
Y1  - 2004/07//Jul/Aug2004
VL  - 56
IS  - 4
M3  - Article
SP  - 273
EP  - 285
SN  - 01486195
AB  - We evaluate US regional currency demands using a panel dataset covering the 37 Federal Reserve Cash Offices over 25 years from 1974 to 1998. We find strong support for the transaction specification, in which currency depends on a transaction measure and nominal interest rate for all denominations, large denominations, and US $20. This result is generally robust to the inclusion of wide variety of additional economic and demographic variables. Beyond the traditional transaction terms, seven other variables stand out in the specifications we entertain: the age distribution of the population, bankruptcies, crime, employment, housing permits and starts, and transfer payments. Finally, we show that international currency demand was generally an important influence during the period; when its influence is disregarded, the findings are muddied considerably. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY
KW  - DEMAND for money
KW  - FINANCIAL crises
KW  - MONETARY policy
KW  - Currency
KW  - Domestic
KW  - International
KW  - Money demand
KW  - Panel
N1  - Accession Number: 13563710; Judson, Ruth A. 1; Email Address: rjudson@frb.gov; Porter, Richard D.; Email Address: richard.porter@chi.frb.org; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 2000 C St. NW, Washington, DC 20551, USA; Issue Info: Jul/Aug2004, Vol. 56 Issue 4, p273; Thesaurus Term: MONEY; Thesaurus Term: DEMAND for money; Thesaurus Term: FINANCIAL crises; Thesaurus Term: MONETARY policy; Author-Supplied Keyword: Currency; Author-Supplied Keyword: Domestic; Author-Supplied Keyword: International; Author-Supplied Keyword: Money demand; Author-Supplied Keyword: Panel; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/j.jeconbus.2004.03.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Covitz, Daniel M.
AU  - Harrison, Paul
T1  - Do banks time bond issuance to trigger disclosure, due diligence, and investor scrutiny?
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2004/07//
VL  - 13
IS  - 3
M3  - Article
SP  - 299
EP  - 323
SN  - 10429573
AB  - This paper tests a new hypothesis that bank managers issue public debt, at least in part, to convey positive, private information and refrain from issuance to hide negative, private information. This “positive selection” hypothesis is tested against the traditional “adverse selection” hypothesis. We find evidence for “positive selection,” using ratings migrations, equity returns, bond issuance, and balance sheet data for US bank holding companies. The results add to our understanding of “market discipline” in monitoring bank holding companies and also inform upon how proposed regulatory requirements that banking organizations frequently issue public debt might augment “market discipline.” [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- Accounting
KW  - CORPORATIONS -- Finance
KW  - FINANCIAL disclosure
KW  - PUBLIC debts
KW  - Bond issuance
KW  - Disclosure
KW  - Due diligence
KW  - Financial institutions
N1  - Accession Number: 13332350; Covitz, Daniel M.; Email Address: dcovitz@frb.gov; Harrison, Paul 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Jul2004, Vol. 13 Issue 3, p299; Thesaurus Term: BANKING industry -- Accounting; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: PUBLIC debts; Author-Supplied Keyword: Bond issuance; Author-Supplied Keyword: Disclosure; Author-Supplied Keyword: Due diligence; Author-Supplied Keyword: Financial institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/j.jfi.2003.10.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Blomberg, S. Brock
AU  - Hess, Gregory D.
AU  - Orphanides, Athanasios
T1  - The macroeconomic consequences of terrorism.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2004/07//
VL  - 51
IS  - 5
M3  - Article
SP  - 1007
EP  - 1032
SN  - 03043932
AB  - We perform an empirical investigation of the macroeconomic consequences of international terrorism and interactions with alternative forms of collective violence. Our analysis is based on a rich unbalanced panel data set with annual observations on 177 countries from 1968 to 2000, which brings together information from the Penn World Table data set, the ITERATE data set for terrorist events, and data sets of external and internal conflict. We explore these data with cross-sectional and panel growth regression analysis and a structural VAR model. We find that, on average, the incidence of terrorism may have an economically significant negative effect on growth, albeit one that is considerably smaller and less persistent than that associated with either external wars or internal conflict. As well, terrorism is associated with a redirection of economic activity away from investment spending and towards government spending. However, our investigation also suggests important differences both regarding the incidence and the economic consequences of terrorism among different sets of countries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC impact
KW  - MACROECONOMICS
KW  - TERRORISM -- Economic aspects
KW  - TERRORISM
KW  - Conflict
KW  - Growth
KW  - Terrorism
N1  - Accession Number: 14306714; Blomberg, S. Brock 1; Email Address: bblomberg@mckenna.edu; Hess, Gregory D. 1; Orphanides, Athanasios 2; Affiliations: 1: Department of Economics, Claremont McKenna College, Claremont, CA 91711, USA.; 2: ECSifo Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jul2004, Vol. 51 Issue 5, p1007; Thesaurus Term: ECONOMIC impact; Thesaurus Term: MACROECONOMICS; Subject Term: TERRORISM -- Economic aspects; Subject Term: TERRORISM; Author-Supplied Keyword: Conflict; Author-Supplied Keyword: Growth; Author-Supplied Keyword: Terrorism; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/j.jmoneco.2004.04.001
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14306714&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levin, Andrew T.
AU  - Natalucci, Fabio M.
AU  - Piger, Jeremy M.
T1  - The Macroeconomic Effects of Inflation Targeting.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2004/07//Jul/Aug2004
VL  - 86
IS  - 4
M3  - Article
SP  - 51
EP  - 80
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - Evaluates the extent to which inflation targeting exerts a measurable influence on expectations formation and inflation dynamics.  Inflation targeting and inflation expectations in industrialized economies; Inflation targeting and inflation dynamics in industrialized economies; Macroeconomic volatility in industrial economies.
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - CIRCULAR velocity of money
KW  - FINANCE
KW  - VOLATILITY (Finance)
KW  - DEVELOPED countries
N1  - Accession Number: 13658215; Levin, Andrew T. Natalucci, Fabio M. 1 Piger, Jeremy M. 2; Affiliation:  1: Economist in the division of international finance at the Board of Governors of the Federal Reserve System  2: Economist at the Federal Reserve Bank of St. Louis; Source Info: Jul/Aug2004, Vol. 86 Issue 4, p51; Subject Term: ECONOMIC forecasting; Subject Term: INFLATION (Finance); Subject Term: CIRCULAR velocity of money; Subject Term: FINANCE; Subject Term: VOLATILITY (Finance); Subject Term: DEVELOPED countries; Number of Pages: 30p; Illustrations: 9 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Henderson, Dale W.
T1  - Is Inflation Targeting Best-Practice Monetary Policy?
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2004/07//Jul/Aug2004
VL  - 86
IS  - 4
M3  - Article
SP  - 117
EP  - 143
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - Examines whether the inflation-targeting framework (ITF) constitutes best-practice monetary policy.  Central elements of ITF; Relationship between conventional macroeconomics and the ITF; Impact of the communication policy of the ITF on maximizing public understanding.
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - BEST practices
KW  - INFLATION (Finance)
KW  - CIRCULAR velocity of money
KW  - ECONOMIC policy
N1  - Accession Number: 13658241; Faust, Jon 1 Henderson, Dale W. 2; Affiliation:  1: Assistant director, Board of Governors of the Federal Reserve System  2: Senior advisor in the division of international finance at the Board of Governors of the Federal Reserve System; Source Info: Jul/Aug2004, Vol. 86 Issue 4, p117; Subject Term: MONETARY policy; Subject Term: CENTRAL banking industry; Subject Term: BEST practices; Subject Term: INFLATION (Finance); Subject Term: CIRCULAR velocity of money; Subject Term: ECONOMIC policy; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 27p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - Panel Discussion.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2004/07//Jul/Aug2004
VL  - 86
IS  - 4
M3  - Article
SP  - 165
EP  - 168
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - Argues on whether the U.S. Federal Reserve should announce an explicit target for inflation as of July 2004.  Difference of the board's current environment from that of the 1980s and 1990s; Reasons behind the increase of public expectations and belief in the central bank's plans and objectives when the economy is operating in the region of price stability; Methods of announcing how a long-run inflation objective can help the Federal Reserve communicate better and improve policy decisions.
KW  - FINANCE
KW  - INFLATION (Finance)
KW  - CENTRAL banking industry
KW  - FEDERAL Reserve monetary policy
KW  - BANKS of issue -- United States
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 13658381; Bernanke, Ben S. 1; Affiliation:  1: Member of the Board of Governors of the Federal Reserve System; Source Info: Jul/Aug2004, Vol. 86 Issue 4, p165; Subject Term: FINANCE; Subject Term: INFLATION (Finance); Subject Term: CENTRAL banking industry; Subject Term: FEDERAL Reserve monetary policy; Subject Term: BANKS of issue -- United States; Subject Term: UNITED States; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kohn, Donald L.
T1  - Inflation Targeting.
JO  - Review (00149187)
JF  - Review (00149187)
Y1  - 2004/07//Jul/Aug2004
VL  - 86
IS  - 4
M3  - Article
SP  - 179
EP  - 183
PB  - Federal Reserve Bank of St. Louis
SN  - 00149187
AB  - Discusses the reasons behind the skepticism on whether the U.S. Federal Reserve should adopt an inflation-targeting framework to conduct monetary policy, and issues regarding the adoption.  Communications and transparency; Political legitimacy; Definition of price stability.
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - CENTRAL banking industry
KW  - INFLATION (Finance)
KW  - FINANCE
KW  - UNITED States
N1  - Accession Number: 13658396; Kohn, Donald L. 1; Affiliation:  1: Member of the Board of Governors of the Federal Reserve System; Source Info: Jul/Aug2004, Vol. 86 Issue 4, p179; Subject Term: MONETARY policy; Subject Term: ECONOMIC policy; Subject Term: CENTRAL banking industry; Subject Term: INFLATION (Finance); Subject Term: FINANCE; Subject Term: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Demirgüç-Kunt, Asli
AU  - Levine, Ross
AU  - Haubrich, Joseph G.
T1  - Bank Concentration and Competition: An Evolution in the Making.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2004/06/02/Jun2004 Part 2
VL  - 36
IS  - 3
M3  - Article
SP  - 433
EP  - 451
PB  - Ohio State University Press
SN  - 00222879
AB  - The consolidation of banks around the world in recent years is intensifying public policy debates on the influences of concentration and competition on the performance of banks. In light of these developments, this paper first reviews the existing literature on the impact of bank concentration and competition. Second, the paper summarizes the main findings of the papers in this special issue of the JMCB within the context of this active literature. Finally, the paper suggests some directions for future research. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING research
KW  - CONSOLIDATION & merger of corporations
KW  - FINANCE
KW  - OECD countries
KW  - UNITED States
KW  - banks
KW  - competition
KW  - concentration
KW  - financial institutions
KW  - market structure
KW  - regulation
KW  - JOURNAL of Money, Credit & Banking (Periodical)
N1  - Accession Number: 27249658; Berger, Allen N. 1; Email Address: aberger@frb.gov; Demirgüç-Kunt, Asli 2; Email Address: ademirguckunt@worldbank.org; Levine, Ross 3; Email Address: rlevine@csom.umn.edu; Haubrich, Joseph G. 4; Email Address: jhaubrich@clev.frb.org; Affiliations: 1: Senior economist, Board of Governors of the Federal Reserve System and Wharton Financial Institutions Center; 2: Development Research Group, The World Bank; 3: Professor of Finance, University of Minnesota; 4: Research Department, Federal Reserve Bank of Cleveland; Issue Info: Jun2004 Part 2, Vol. 36 Issue 3, p433; Thesaurus Term: BANKING research; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: FINANCE; Subject: OECD countries; Subject: UNITED States; Author-Supplied Keyword: banks; Author-Supplied Keyword: competition; Author-Supplied Keyword: concentration; Author-Supplied Keyword: financial institutions; Author-Supplied Keyword: market structure; Author-Supplied Keyword: regulation; Reviews & Products: JOURNAL of Money, Credit & Banking (Periodical); NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ironside, Brian
AU  - Joerding, Wayne
AU  - Kuzyk, Pat
T1  - Double-Auction Market Simulation Software for Very Large Classes.
JO  - Journal of Economic Education
JF  - Journal of Economic Education
J1  - Journal of Economic Education
PY  - 2004///Summer2004
Y1  - 2004///Summer2004
VL  - 35
IS  - 3
M3  - Article
SP  - 284
EP  - 289
SN  - 00220485
AB  - The authors provide a version of a double-auction market simulation designed for classes too large for most computer labs to accommodate in one sitting. Instead, students play the game from remote computers, wherever they may be and at any time during a given time period specified by the instructor. When the window of time expires, students can view the results in a variety of pedagogically relevant displays. The authors also provide a set of on-line activities that take the student "by the hand" through a simple analysis of the simulation. Educators can use, copy, modify, and distribute the source code for this software under the GNU GENERAL PUBLIC LICENSE (www.gnu.org/copyleft/gpl.html). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic Education is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SIMULATION methods & models
KW  - AUCTIONS
KW  - GAME theory
KW  - ECONOMICS -- Study & teaching
KW  - COMPUTER assisted instruction
N1  - Accession Number: 13467178; Source Information: Summer2004, Vol. 35 Issue 3, p284; Subject Term: SIMULATION methods & models; Subject Term: AUCTIONS; Subject Term: GAME theory; Subject Term: ECONOMICS -- Study & teaching; Subject Term: COMPUTER assisted instruction; Subject Term: ; Number of Pages: 6p; ; Illustrations: 1 Chart; ; Document Type: Article; 
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DP  - EBSCOhost
DB  - trh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - Geo&gamp;raphic concentration and establishment size: analysis in an alternative economic geography model.
JO  - Journal of Economic Geography
JF  - Journal of Economic Geography
Y1  - 2004/06//
VL  - 4
IS  - 3
M3  - Article
SP  - 227
EP  - 250
SN  - 14682702
AB  - Big cities specialize in services rather than manufacturing. Big-city establishments in services are larger than the national average, whereas those in manufacturing are smaller. We propose an explanation of these and other related facts. The theory is developed in an economic geography model that is an alternative to the standard Dixit-Stiglitz structure. In our tractable structure, which has potentially wider application, firms have monopoly power in local markets but are price takers in export markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic Geography is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC geography
KW  - ANTITRUST law
KW  - MONOPOLIES
KW  - COMPETITIVE advantage
KW  - MARKETS
KW  - EARTH sciences
KW  - establishment size
KW  - geographic concentration
KW  - new economic geography.
KW  - transportation costs
N1  - Accession Number: 13825560; Holmes, Thomas J. 1; Email Address: holmes@econ.umn.edu; Stevens, John J. 2; Email Address: john.j.stevens@frb.gov; Affiliations: 1: Department of Economics, University of Minnesota, Minneapolis, MN 55401, USA.; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jun2004, Vol. 4 Issue 3, p227; Thesaurus Term: ECONOMIC geography; Thesaurus Term: ANTITRUST law; Thesaurus Term: MONOPOLIES; Thesaurus Term: COMPETITIVE advantage; Thesaurus Term: MARKETS; Subject Term: EARTH sciences; Author-Supplied Keyword: establishment size; Author-Supplied Keyword: geographic concentration; Author-Supplied Keyword: new economic geography.; Author-Supplied Keyword: transportation costs; Number of Pages: 24p; Document Type: Article
L3  - 10.1093/jnlecg/lbh018
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edward Nelson
T1  - AN INTERVIEW WITH ANNA J. SCHWARTZ.
JO  - Macroeconomic Dynamics
JF  - Macroeconomic Dynamics
Y1  - 2004/06//
VL  - 8
IS  - 3
M3  - Article
SP  - 395
EP  - 417
SN  - 13651005
AB  - The Encyclopedia Americana, 2002 edition, concludes its entry on Milton Friedman as follows: “His major work, A Monetary History of the United States, 1867–1960, was published in 1963.” That might be seen as an indirect compliment to Anna J. Schwartz, who coauthored the Monetary History with Friedman but is not mentioned in the encyclopedia entry. Similarly, the Nobel Committee neglected to mention Schwartz when, in awarding Friedman his Prize in 1976, it described A Monetary History as “[h]is major work [and] … one of Friedman''s most profound and also most distinguished achievements.” Fortunately, the economics profession as a whole has not been so negligent, and the phrase “Friedman and Schwartz” has become second nature to economists when discussing the importance of monetary policy. Beside her collaborations with Friedman, Anna Schwartz is perhaps best known for her longevity, which is on an epoch-shattering scale. Her career as an economic researcher began a quarter-century before the publication of A Monetary History, and has continued in the 40 years since. Schwartz''s first journal article was published in May 1940, the month Winston Churchill became Prime Minister of the United Kingdom and over 18 months before the United States entered World War II. She has worked at the National Bureau of Economic Research in New York City continuously since 1941. Monetary economics has been a constant interest for her, and she is the only person to have had items published in the inaugural issues of both the Journal of Money, Credit, and Banking (February 1969) and the Journal of Monetary Economics (January 1975).  The JME piece was a book review, and so does not appear in the bibliography below. Schwartz''s numerous book reviews make rewarding reading and include a prediction in Kyklos in 1968 of an era when economists would use Internet connections to download macroeconomic databases. The JME moved into its fiftieth volume in 2003, and Schwartz became one of only two authors (the other being Thomas Sargent) to have published in both volumes 1 and 50 of the journal. With the NBER branching out in the 1970''s into a national network of researchers, Schwartz has been for a quarter century an unmistakable fixture at the NBER monetary economics program''s regular meetings at Cambridge, Massachusetts. At the time of the interview, her contributions to the NBER''s various working paper series spanned from NBER Technical Paper No. 4, 1947, to NBER Working Paper No. 9321, November 2002. The latter paper covered the issue of equity price behavior, the same subject of her 1940 publication, implying that Schwartz had entered a remarkable seventh decade of research in that area. Much of Schwartz''s early research was on UK economic growth and fluctuations in the nineteenth century, and was reflected in a two-volume study essentially completed in the early 1940''s but not published until 1953 [Gayer et al. (1953)]. Robert Lucas, who read the volume as a graduate student in history, describes it as “an amazingly ambitious and exciting mix of history and theory.” Schwartz''s collaboration with Milton Friedman on the relationship between the quantity of money and other variables began in 1948. Their early findings on the importance of money were reported by Friedman in a 1952 American Economic Review paper, but, by and large, he had problems promoting their work in the 1950''s. Friedman''s solo work in the fifties on flexible exchange rates, the consumption function, and the limits of stabilization policy would cement his reputation and be cited in his eventual Nobel award, but the monetary policy studies initially made a much more limited impact. All of Friedman''s remaining 1950''s writings on money were in “in-house” University of Chicago publications or in congressional testimony.  A short excerpt from a Journal of Political Economy paper by Friedman on money did appear in the 1959 proceedings issue of the American Economic Review. Two books by Friedman in the early 1960''s previewed some findings from the monetary history project with Schwartz. The first of these, A Program for Monetary Stability, is now recognized as a classic, but its muted reception is evidenced by the fact that economists have never been able to agree on which year it was published. The second book, Capitalism and Freedom (1962), was intended for a wide audience, but was virtually driven underground when all major U.S. newspapers declined to review it. In 1969, a Federal Reserve Bank of New York official, Richard Davis, gave this perspective on reactions to early monetarist work of the 1950''s and early 1960''s: “[E]conomists regarded this group—when they regarded it at all—as a mildly amusing, not quite respectable collection of eccentrics…. The fact is that the view held by Friedman and others on the predominant importance of money was just not given serious attention by most economists.” The turning point was in 1963, when Friedman and Schwartz''s 15 years of research finally saw print in their Monetary History and the article “Money and Business Cycles.” The Monetary History is justly celebrated, and has remained in print for 40 years.  Furthermore, of the 93 books listed by Princeton University Press in its Economics and Finance Catalogue 2003, the Monetary History is the only pre-1994 publication included. The “Cycles” paper, as Davis acknowledged, provided “[b]y far the largest mass of evidence” on the cyclical relation between money and output. In addition, the paper''s “tentative sketch” of the monetary transmission mechanism became a cornerstone of the monetarist literature, and an inspiration to many monetary economists, including the late Rudiger Dornbusch, as they endeavored to escape the “single interest rate channel” view of the transmission mechanism. Schwartz began the 1970''s with another collaboration with Friedman, Monetary Statistics, and went on in 1973 to join a number of economists, including fellow monetarists Karl Brunner and Allan Meltzer, in forming the Shadow Open Market Committee (SOMC). The SOMC commented regularly on U.S. economic policy and, in particular, offered monetary policy recommendations to address the severe inflation problem of the 1970''s. Schwartz remains on the SOMC 30 years later, the only founding member to serve since the SOMC''s inception. Friedman and Schwartz''s final major collaboration, Monetary Trends in the United States and the United Kingdom, was published in 1982. Among monetary economists, the response to Monetary Trends was mild compared to the reception for the Monetary History. Work by Friedman and Schwartz and other monetarists had already changed macroeconomic thinking substantially, and most academic work was now concerned with rigorous modeling of short-run dynamics, rather than the empirical evidence on long-run relations that concerned Friedman and Schwartz in their Trends study. Schwartz''s own work over the past 20 years has been prolific, and has often been in collaboration with Michael Bordo, with whom she has written some 25 articles. While her areas of research have included banking regulation and the role of international financial institutions, Bordo''s and her mutual interest in monetary economics and economic history has repeatedly been evident in their work. Among the issues that their studies, sometimes with further collaborators, have addressed are the role of monetary targets in Canada and the United Kingdom in the face of money demand instability, whether monetary policy rules could have avoided the Great Contraction, the historical record of alternative monetary policy regimes, and the history of economic thought, including the development of monetarism. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Macroeconomic Dynamics is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMISTS
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - SCHWARTZ, Anna Jacobson, 1915-2012
KW  - FRIEDMAN, Milton, 1912-2006
N1  - Accession Number: 22115998; Edward Nelson 1,2; Affiliations: 1: Federal Reserve Bank of St. Louis April 21–22, 2003; 2: Address correspondence to: Edward Nelson, Research Division, Federal Reserve Bank of St. Louis , 411 Locust St., St. Louis MO 63102, USA ; e-mail: edward.nelson@stls.frb.org . The views expressed below should not be interpreted as those of the Federal Reserve Bank of St. Louis or the Federal Reserve System; Issue Info: Jun2004, Vol. 8 Issue 3, p395; Thesaurus Term: ECONOMISTS; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; People: SCHWARTZ, Anna Jacobson, 1915-2012; People: FRIEDMAN, Milton, 1912-2006; Number of Pages: 23p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
ID  - 2004-13222-002
AN  - 2004-13222-002
AU  - Amuedo-Dorantes, Catalina
AU  - Mach, Traci
AU  - Clapp, John D.
T1  - The Impact of Schools on Juvenile Substance Initiation and Use.
JF  - Prevention Science
JO  - Prevention Science
JA  - Prev Sci
Y1  - 2004/06//
VL  - 5
IS  - 2
SP  - 91
EP  - 99
CY  - Germany
PB  - Springer
SN  - 1389-4986
SN  - 1573-6695
AD  - Amuedo-Dorantes, Catalina, Department of Economics, San Diego State University, 5500 Campanile Drive, San Diego, CA, US, 92182
N1  - Accession Number: 2004-13222-002. PMID: 15134314 Partial author list: First Author & Affiliation: Amuedo-Dorantes, Catalina; San Diego State University, San Diego, CA, US. Release Date: 20040517. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Adolescent Development; Curriculum; Drug Abuse Prevention; Drug Usage; Schools. Minor Descriptor: Alcohols; Marijuana Usage; Tobacco Smoking. Classification: Curriculum & Programs & Teaching Methods (3530). Population: Human (10). Age Group: Adolescence (13-17 yrs) (200). References Available: Y. Page Count: 9. Issue Publication Date: Jun, 2004. 
AB  - We use data from the two rounds of the NLSY97 and the corresponding QED data to examine the effectiveness of school endowments and curricula in targeting juvenile use of tobacco, alcohol, and marijuana. Our results support the notion that schools matter in reducing juvenile involvement in substance use. Higher discretionary dollars per pupil are linked to reduced rates of juvenile initiation and repetitive use rates of cigarettes and marijuana. Additionally, school curricula, as indicated by the implementation of year round classes and some innovative and after-school programs affect both juvenile initiation to tobacco and alcohol use and juvenile repetitive use of tobacco and alcohol. In particular, we find that juvenile initiation to cigarette use is approximately between 2 percentage points and 3 percentage points lower among youths attending schools with gifted and talented and international baccalaureate programs. In sum, while these programs are not implemented to address substance use problems among the student body, we find that the implementation of these programs is often accompanied by a reduction in juvenile initiation and repetitive substance use. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - school endowments
KW  - school curricula
KW  - juvenile drug use
KW  - tobacco usage
KW  - alcohol usage
KW  - marijuana usage
KW  - substance use initiation
KW  - 2004
KW  - Adolescent Development
KW  - Curriculum
KW  - Drug Abuse Prevention
KW  - Drug Usage
KW  - Schools
KW  - Alcohols
KW  - Marijuana Usage
KW  - Tobacco Smoking
KW  - 2004
DO  - 10.1023/B:PREV.0000023079.30466.23
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UR  - camuedod@mail.sdsu.edu
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - Sack, Brian
AU  - Elsasser, Robert
T1  - Treasury Inflation-Indexed Debt: A Review of the U.S. Experience.
JO  - Economic Policy Review (19320426)
JF  - Economic Policy Review (19320426)
Y1  - 2004/05//
VL  - 10
IS  - 1
M3  - Article
SP  - 47
EP  - 63
PB  - Federal Reserve Bank of New York
SN  - 19320426
AB  - Examines the market performance of the treasury inflation-indexed securities (TIIS) of the U.S. from 1997 to 2003.  Benefits of TIIS to investors and the Treasury; Reasons for the valuation problems regarding TIIS; Market mechanics of TIIS; History of yields on nominal and inflation-indexed Treasury securities.
KW  - INFLATION-indexed bonds
KW  - GOVERNMENT securities
KW  - TREASURY bills
KW  - SECURITIES markets
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 13075816; Sack, Brian 1; Email Address: brian.sack@frb.gov Elsasser, Robert 2; Email Address: robert.elsasser@ny.frb.org; Affiliation:  1: Chief of the Monetary and Financial Market Analysis section, Board of Governors, Federal Reserve System  2: Vice president, Markets Group, Federal Reserve Bank of New York; Source Info: May2004, Vol. 10 Issue 1, p47; Subject Term: INFLATION-indexed bonds; Subject Term: GOVERNMENT securities; Subject Term: TREASURY bills; Subject Term: SECURITIES markets; Subject Term: UNITED States; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 17p; Illustrations: 2 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Durham, J. Benson
T1  - Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2004/04//
VL  - 48
IS  - 2
M3  - Article
SP  - 285
SN  - 00142921
AB  - This study examines the effects of foreign direct investment (FDI) and equity foreign portfolio investment (EFPI) on economic growth using data on 80 countries from 1979 through 1998. The results largely suggest that lagged FDI and EFPI do not have direct, unmitigated positive effects on growth, but some data are consistent with the view that the effects of FDI and EFPI are contingent on the ‘absorptive capacity’ of host countries, with particular respect to financial or institutional development. Moreover, extreme bound analysis (EBA) of significant results indicates that the estimates are robust compared to other empirical studies on growth. [Copyright &y& Elsevier]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - ABSORPTIVE capacity (Economics)
KW  - ECONOMIC development
KW  - INVESTMENTS
KW  - PORTFOLIO management (Investments)
KW  - Economic growth
KW  - Equity foreign portfolio investment
KW  - F4
KW  - Financial development
KW  - Foreign direct investment
N1  - Accession Number: 12309241; Durham, J. Benson 1; Email Address: j.benson.durham@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Mail Stop 71, Washington, DC 20551, USA; Issue Info: Apr2004, Vol. 48 Issue 2, p285; Thesaurus Term: FOREIGN investments; Thesaurus Term: ABSORPTIVE capacity (Economics); Thesaurus Term: ECONOMIC development; Thesaurus Term: INVESTMENTS; Thesaurus Term: PORTFOLIO management (Investments); Author-Supplied Keyword: Economic growth; Author-Supplied Keyword: Equity foreign portfolio investment; Author-Supplied Keyword: F4; Author-Supplied Keyword: Financial development; Author-Supplied Keyword: Foreign direct investment; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/S0014-2921(02)00264-7
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Perli, Roberto
AU  - Nayda, William I.
T1  - Economic and regulatory capital allocation for revolving retail exposures
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2004/04//
VL  - 28
IS  - 4
M3  - Article
SP  - 789
SN  - 03784266
AB  - We present two internal capital allocation models and compare the capital ratios they generate with those prescribed by the latest revision of Basel’s New Capital Accord proposal for advanced retail portfolios, which allows for explicit future margin income recognition. Given a test portfolio of credit card exposures that we assemble, we find that Basel’s ratios are closer to those generated by our models for low credit risk segments. We attribute the discrepancies to the different ways Basel and our models account for future margin income, to Basel’s assumptions about asset correlations and to one model taking macroeconomic conditions into account. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL
KW  - RESOURCE allocation
KW  - PORTFOLIO management (Investments)
KW  - CREDIT risk
KW  - MACROECONOMICS
KW  - Capital allocation
KW  - Credit risk models
KW  - Future margin income
KW  - Revolving retail exposures
N1  - Accession Number: 12309343; Perli, Roberto 1; Email Address: roberto.perli@frb.gov; Nayda, William I. 2; Email Address: bill.nayda@capitalone.com; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 75, Washington, DC 20551, USA; 2: Capital One Financial Corp., McLean, VA, USA; Issue Info: Apr2004, Vol. 28 Issue 4, p789; Thesaurus Term: CAPITAL; Thesaurus Term: RESOURCE allocation; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: CREDIT risk; Thesaurus Term: MACROECONOMICS; Author-Supplied Keyword: Capital allocation; Author-Supplied Keyword: Credit risk models; Author-Supplied Keyword: Future margin income; Author-Supplied Keyword: Revolving retail exposures; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jbankfin.2003.10.007
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Calem, Paul S.
AU  - Canner, Glenn B.
T1  - Consumer credit scoring: Do situational circumstances matter?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2004/04//
VL  - 28
IS  - 4
M3  - Article
SP  - 835
SN  - 03784266
AB  - Although credit history scoring offers benefits to lenders and borrowers, failure to consider situational circumstances raises important statistical issues that may affect the ability of scoring systems to accurately quantify an individual’s credit risk. Evidence from a national sample of credit reporting agency records suggests that failure to consider measures of local economic circumstances and individual trigger events when developing credit history scores can diminish the potential effectiveness of such models. There are practical difficulties, however, associated with developing scoring models that incorporate situational data, arising largely because of inherent limitations of the credit reporting agency databases used to build scoring models. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT scoring systems
KW  - CREDIT risk
KW  - LOANS
KW  - CONSUMER credit
KW  - CREDIT bureaus
KW  - Consumer credit
KW  - Credit risk
KW  - Credit scoring
N1  - Accession Number: 12309345; Avery, Robert B. 1; Calem, Paul S.; Email Address: pcalem@frb.gov; Canner, Glenn B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research & Statistics, Stop 153, Washington, DC 20551, USA; Issue Info: Apr2004, Vol. 28 Issue 4, p835; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: CREDIT risk; Thesaurus Term: LOANS; Thesaurus Term: CONSUMER credit; Thesaurus Term: CREDIT bureaus; Author-Supplied Keyword: Consumer credit; Author-Supplied Keyword: Credit risk; Author-Supplied Keyword: Credit scoring; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jbankfin.2003.10.009
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hasan, Iftekhar
AU  - Klapper, Leora E.
T1  - Further Evidence on the Link between Finance and Growth: an International Analysis of Community Banking and Economic Performance.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2004/04//Apr/Jun2004
VL  - 25
IS  - 2/3
M3  - Article
SP  - 169
EP  - 202
SN  - 09208550
AB  - We try to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth, and investigating potential transmission mechanisms for these effects using data from 1993 to 2000 on 49 nations. Data from both developed and developing nations suggest that greater market shares and efficiency ranks of small, private, domestically owned banks are associated with better economic performance, and that the marginal benefits of higher shares are greater when these banks are more efficient. Only mixed support is found for hypothesized transmission mechanisms through improved financing for small and medium enterprises or greater overall bank credit flows. Data from developing nations are also consistent with favorable economic effects of foreign-owned banks, but unfavorable effects from state-owned banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COMMUNITY banks
KW  - BANKING industry
KW  - BANK loans
KW  - ECONOMIC development
KW  - BANKERS
KW  - FINANCIAL services industry
KW  - Banks
KW  - community banking
KW  - economic growth
KW  - financial development
KW  - international.
KW  - SMEs
N1  - Accession Number: 13190477; Berger, Allen N. 1; Hasan, Iftekhar 2,3; Klapper, Leora E. 4; Affiliations: 1: Board of Governors of the Federal Reserve System and Wharton Financial Institutions Center.; 2: Rensselaer Polytechnic Institute.; 3: Bank of Finland.; 4: The World Bank.; Issue Info: Apr/Jun2004, Vol. 25 Issue 2/3, p169; Thesaurus Term: COMMUNITY banks; Thesaurus Term: BANKING industry; Thesaurus Term: BANK loans; Thesaurus Term: ECONOMIC development; Thesaurus Term: BANKERS; Thesaurus Term: FINANCIAL services industry; Author-Supplied Keyword: Banks; Author-Supplied Keyword: community banking; Author-Supplied Keyword: economic growth; Author-Supplied Keyword: financial development; Author-Supplied Keyword: international.; Author-Supplied Keyword: SMEs; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 34p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Buch, Claudia M.
AU  - DeLong, Gayle
AU  - DeYoung, Robert
T1  - Exporting financial institutions management via foreign direct investment mergers and acquisitions
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2004/04//
VL  - 23
IS  - 3
M3  - Article
SP  - 333
SN  - 02615606
AB  - We test the relevance of the new trade theory and the traditional theory of comparative advantage for explaining the geographic patterns of international M&As of financial institutions between 1985 and 2000. The data provide statistically significant support for both theories. We also find evidence that the U.S. has idiosyncratic comparative advantages at both exporting and importing financial institutions management. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSOCIATIONS, institutions, etc.
KW  - FINANCIAL services industry
KW  - CONSOLIDATION & merger of corporations
KW  - FINANCIAL institutions
KW  - Financial institutions
KW  - Foreign direct investment
KW  - Mergers and acquisitions
N1  - Accession Number: 12776868; Berger, Allen N. 1; Buch, Claudia M. 2; DeLong, Gayle 3; DeYoung, Robert 4; Email Address: robert.deyoung@frbchi.org; Affiliations: 1: Board of Governors of the Federal Reserve System and Wharton Financial Institutions Center, 20th and C Streets, NW, Washington, DC 20551, USA; 2: The Kiel Institute for World Economics, Düsternbrooker Weg 120, 24105 Kiel, Germany; 3: Baruch College/CUNY, One Bernard Baruch Way, New York, NY 10010, USA; 4: Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604, USA; Issue Info: Apr2004, Vol. 23 Issue 3, p333; Thesaurus Term: ASSOCIATIONS, institutions, etc.; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: FINANCIAL institutions; Author-Supplied Keyword: Financial institutions; Author-Supplied Keyword: Foreign direct investment; Author-Supplied Keyword: Mergers and acquisitions; NAICS/Industry Codes: 813990 Other Similar Organizations (except Business, Professional, Labor, and Political Organizations); NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 34p; Document Type: Article
L3  - 10.1016/j.jimonfin.2004.01.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Driscoll, John C.
T1  - Does bank lending affect output? Evidence from the U.S. states
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2004/04//
VL  - 51
IS  - 3
M3  - Article
SP  - 451
SN  - 03043932
AB  - This paper uses a panel of state-level data to test whether changes in bank loan supply affect output. Since the U.S. states are small open economies with fixed exchange rates, state-specific shocks to money demand are automatically accommodated, leading to changes in lending if banks rely on deposits as a source of funding. Using these shocks as an instrumental variable, I find that shocks to money demand have large and statistically significant effects on the supply of bank loans, but loans have small, often negative and statistically insignificant effects on output. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - BANKING industry -- United States
KW  - DEMAND for money
KW  - FOREIGN exchange rates
KW  - PRODUCTION (Economic theory)
KW  - UNITED States
KW  - Bank lending
KW  - Credit
KW  - Money demand
KW  - U.S. states
N1  - Accession Number: 12742191; Driscoll, John C. 1; Email Address: john_driscoll@alum.mit.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Federal Reserve Board, 20th and Constitution Avenue NW, Mail stop 75, Washington, DC 20551, USA; Issue Info: Apr2004, Vol. 51 Issue 3, p451; Thesaurus Term: BANK loans; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: DEMAND for money; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PRODUCTION (Economic theory); Subject: UNITED States; Author-Supplied Keyword: Bank lending; Author-Supplied Keyword: Credit; Author-Supplied Keyword: Money demand; Author-Supplied Keyword: U.S. states; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jmoneco.2004.01.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2004/04//
VL  - 36
IS  - 2
M3  - Article
SP  - 151
EP  - 175
PB  - Ohio State University Press
SN  - 00222879
AB  - I estimate a forward-looking monetary policy reaction function for the Federal Reserve for the periods before and after Paul Volcker's appointment as Chairman in 1979, using information that was available to the FOMC in real time from 1966 to 1995. The results suggest broad similarities in policy and point to a forward-looking approach to policy consistent with a strong reaction to inflation forecasts during both periods. This contradicts the hypothesis, based on analysis with ex post constructed data, that the instability of the Great Inflation was the result of weak FOMC policy responses to expected inflation. A difference is that prior to Volcker's appointment, policy was too activist in reacting to perceived output gaps that retrospectively proved overambitious. Drawing on contemporaneous accounts of FOMC policy, I discuss the implications of the findings for alternative explanations of the Great Inflation and the improvement in macroeconomic stability since then. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - MACROECONOMICS
KW  - EFFECT of inflation on unemployment
KW  - ECONOMIC policy
KW  - Greenbook forecasts
KW  - monetary policy rules
KW  - real-time data
KW  - stagflation
N1  - Accession Number: 12613535; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System; Issue Info: Apr2004, Vol. 36 Issue 2, p151; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MACROECONOMICS; Thesaurus Term: EFFECT of inflation on unemployment; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Greenbook forecasts; Author-Supplied Keyword: monetary policy rules; Author-Supplied Keyword: real-time data; Author-Supplied Keyword: stagflation; Number of Pages: 23p; Illustrations: 5 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AU  - Vigfusson, Robert
T1  - The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology.
JO  - Journal of the European Economic Association
JF  - Journal of the European Economic Association
Y1  - 2004/04//Apr-May2004
VL  - 2
IS  - 2/3
M3  - Article
SP  - 381
EP  - 395
PB  - Wiley-Blackwell
SN  - 15424766
AB  - We investigate what happens to hours worked after a positive shock to technology, using the aggregate technology series computed in Basu, Fernald, and Kimball (1999). We conclude that hours worked rise after such a shock. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WORKING hours
KW  - TECHNOLOGY
KW  - WORK
KW  - ECONOMICS
N1  - Accession Number: 13150218; Christiano, Lawrence J. 1; Email Address: l-christiano@northwestern.edu; Eichenbaum, Martin 1; Email Address: eich@northwestern.edu; Vigfusson, Robert 2; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Northwestern University; 2: Board of Governors, Federal Reserve System; Issue Info: Apr-May2004, Vol. 2 Issue 2/3, p381; Thesaurus Term: WORKING hours; Thesaurus Term: TECHNOLOGY; Thesaurus Term: WORK; Thesaurus Term: ECONOMICS; Number of Pages: 15p; Illustrations: 1 Chart, 3 Graphs; Document Type: Article
L3  - 10.1162/154247604323068078
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rodgers III, William M.
AU  - Holmes, John
T1  - NEW ESTIMATES OF WITHIN OCCUPATION AFRICAN AMERICAN-WHITE WAGE GAPS.
JO  - Review of Black Political Economy
JF  - Review of Black Political Economy
Y1  - 2004///Spring2004
VL  - 31
IS  - 4
M3  - Article
SP  - 69
EP  - 88
SN  - 00346446
AB  - Estimates African American-white wage gaps across occupations using data from the 1999 to 2002 Current Population Survey Merged Outgoing Rotation Group files. The article's key feature is the use of decomposition techniques developed by William C. Horrace and Ronald L. Oaxaca in 2001 that generate identified industry-specific estimates of the gender gap. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Black Political Economy is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - AFRICAN Americans
KW  - WHITES
KW  - WAGES
KW  - LABOR costs
KW  - GENDER
KW  - BLACKS
KW  - OCCUPATIONS
N1  - Accession Number: 16553159; Rodgers III, William M. 1,2; Holmes, John 3; Affiliations: 1 : Professor of Public Policy at the Bloustein School of Planning and Public Policy at Rutgers University; 2 : Chief Economist of the John J. Heldrich Center for Workforce Development; 3 : Research Assistant at the Board of Governors of the Federal Reserve System;  Source Info: Spring2004, Vol. 31 Issue 4, p69; Historical Period: 1999 to 2002; Subject Term: AFRICAN Americans; Subject Term: WHITES; Subject Term: WAGES; Subject Term: LABOR costs; Subject Term: GENDER; Subject Term: BLACKS; Subject Term: OCCUPATIONS; Number of Pages: 20p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - THE EVOLVING U.S. PAYMENTS IMBALANCE AND ITS IMPACT ON EUROPE AND THE REST OF THE WORLD.
JO  - CATO Journal
JF  - CATO Journal
Y1  - 2004///Spring/Summer2004
VL  - 24
IS  - 1/2
M3  - Article
SP  - 1
EP  - 11
PB  - Cato Institute
SN  - 02733072
AB  - Examines the impact of the international payments imbalance of the U.S. on Europe and the rest of the world.  Assessment of the account deficit of the country in the middle of 2001; Gap between domestic investment and domestic saving from 1995 through 2000; Sustainability of the account deficit.
KW  - BALANCE of payments
KW  - TERMS of trade
KW  - FOREIGN exchange
KW  - INTERNATIONAL finance
KW  - INTERNATIONAL competition
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - EUROPE
N1  - Accession Number: 14490157; Greenspan, Alan 1; Affiliation:  1: Chairman, Board of Governors of the Federal Reserve System; Source Info: Spring/Summer2004, Vol. 24 Issue 1/2, p1; Subject Term: BALANCE of payments; Subject Term: TERMS of trade; Subject Term: FOREIGN exchange; Subject Term: INTERNATIONAL finance; Subject Term: INTERNATIONAL competition; Subject Term: UNITED States -- Economic conditions; Subject Term: UNITED States; Subject Term: EUROPE; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - LaCour-Little, Michael
T1  - Risk-based capital requirements for mortgage loans
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2004/03//
VL  - 28
IS  - 3
M3  - Article
SP  - 647
SN  - 03784266
AB  - We contribute to the debate over the reform of the Basel Accord by developing risk-based capital requirements for mortgage loans held in portfolio by financial intermediaries. Our approach employs simulation of both economic variables that affect default incidence and conditional loss probability distributions. Results indicate that appropriate capital charges for credit risk vary substantially with loan characteristics and portfolio geographic diversification. Hence, rules that offer little risk differentiation, including the current Basel I regime and “standardized” approach proposed in Basel II result in significant divergence between regulatory and economic capital. These results highlight the incentive problems inherent in simplified methods of capital regulation. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL requirements
KW  - MORTGAGE loans
KW  - FINANCIAL institutions
KW  - CREDIT risk
KW  - DEFAULT (Finance)
KW  - DISTRIBUTION (Probability theory)
KW  - Capital
KW  - Credit risk
KW  - Mortgage
N1  - Accession Number: 12042113; Calem, Paul S. 1; Email Address: pcalem@frb.gov; LaCour-Little, Michael 2,3; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Wells Fargo Home Mortgage, Inc., San Francisco, CA, USA; 3: Washington University in St. Louis, St. Louis, MO 63130, USA; Issue Info: Mar2004, Vol. 28 Issue 3, p647; Thesaurus Term: CAPITAL requirements; Thesaurus Term: MORTGAGE loans; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CREDIT risk; Thesaurus Term: DEFAULT (Finance); Thesaurus Term: DISTRIBUTION (Probability theory); Author-Supplied Keyword: Capital; Author-Supplied Keyword: Credit risk; Author-Supplied Keyword: Mortgage; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 26p; Document Type: Article
L3  - 10.1016/S0378-4266(03)00039-6
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ferguson Jr., Roger W.
AU  - Wascher, William L.
T1  - Distinguished Lecture on Economics in Government: Lessons from Past Productivity Booms.
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 2004///Spring2004
VL  - 18
IS  - 2
M3  - Article
SP  - 3
EP  - 28
SN  - 08953309
AB  - Examines three periods of high productivity growth in America between 1865 and the early 1970's - circa 1865-90, 1918-29, and circa 1950-73 - to determine what features they had in common. Each of these eras featured technological innovation, improvements in organizational structure and business financing, and investments of human capital. Supportive government legislation, personal and economic freedoms, broad social willingness to change, and confidence in technological innovation were other critical factors.
KW  - UNITED States -- Economic conditions
KW  - ECONOMICS
KW  - UNITED States -- Politics & government
KW  - TECHNOLOGY
KW  - INDUSTRIAL productivity
KW  - ORGANIZATIONAL structure
KW  - FINANCE
KW  - ECONOMIC development
KW  - UNITED States
KW  - FERGUSON, Roger Walton, 1951-
N1  - Accession Number: 13959163; Ferguson Jr., Roger W. 1; Wascher, William L. 2; Affiliations: 1 : Vice Chairman, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D. C.; 2 : Assistant Director, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D. C.;  Source Info: Spring2004, Vol. 18 Issue 2, p3; Historical Period: 1865 to 1999; Subject Term: UNITED States -- Economic conditions; Subject Term: ECONOMICS; Subject Term: UNITED States -- Politics & government; Subject Term: TECHNOLOGY; Subject Term: INDUSTRIAL productivity; Subject Term: ORGANIZATIONAL structure; Subject Term: FINANCE; Subject Term: ECONOMIC development; Subject: UNITED States; Number of Pages: 26p; Illustrations: 1 Chart, 1 Graph; Document Type: Article; Full Text Word Count: 12357
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Schweitzer, Mark
AU  - Wascher, William
T1  - Minimum Wage Effects throughout the Wage Distribution.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2004///Spring2004
VL  - 39
IS  - 2
M3  - Article
SP  - 425
EP  - 450
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - This paper provides evidence on a wide set of margins along which labor markets can adjust in response to increases in the minimum wage,  including wages, hours, employment, and ultimately labor income. Not  surprisingly, the evidence indicates that low-wage workers are most strongly affected, while higher-wage workers are little affected. Workers who initially earn near the minimum wage experience wage gains.  Nevertheless, their hours and employment decline, and the combined effect of these changes on earned income suggests adverse consequences, on net, for low-wage workers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - REAL wages
KW  - LABOR market
KW  - EMPLOYEES
KW  - EMPLOYMENT (Economic theory)
N1  - Accession Number: 13257910; Neumark, David 1,2,3; Schweitzer, Mark 4; Wascher, William 5; Affiliations: 1: Senior Fellow, Public Policy Institute of California; 2: Professor of Economics, Michigan State University; 3: Research Associate, NBER; 4: Economist, Federal Reserve Bank, Cleveland; 5: Assistant Director in the Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Spring2004, Vol. 39 Issue 2, p425; Thesaurus Term: MINIMUM wage; Thesaurus Term: REAL wages; Thesaurus Term: LABOR market; Thesaurus Term: EMPLOYEES; Thesaurus Term: EMPLOYMENT (Economic theory); NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 26p; Illustrations: 2 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ahearne, Alan G.
AU  - Griever, William L.
AU  - Warnock, Francis E.
T1  - Information costs and home bias: an analysis of US holdings of foreign equities
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2004/03//
VL  - 62
IS  - 2
M3  - Article
SP  - 313
SN  - 00221996
AB  - We test extant hypotheses of the home bias in equity holdings using high quality cross-border holdings data and quantitative measures of barriers to international investment. The effects of direct barriers to international investment, when statistically significant, are not economically meaningful. More important are information asymmetries that owe to the poor quality and low credibility of financial information in many countries. While a direct measure of information costs is not available, some foreign firms have reduced these costs by publicly listing their securities in the United States, where investor protection regulations elicit standardized, credible financial information. A proxy for the reduction in information asymmetries—the portion of a country’s market that has a public US listing—is a major determinant of a country’s weight in US investors’ portfolios. Foreign countries whose firms do not alleviate information costs by opting into the US regulatory environment are more severely underweighted in US equity portfolios. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN investments
KW  - CAPITALISTS & financiers
KW  - FOREIGN business enterprises
KW  - UNITED States
KW  - Accounting standards
KW  - Information asymmetries
KW  - Investor protection
KW  - K22
KW  - M40
KW  - Portfolio choice
N1  - Accession Number: 12170124; Ahearne, Alan G. 1; Griever, William L. 1; Warnock, Francis E.; Email Address: frank.warnock@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Stop 42A, 20th and C Streets NW, Washington, DC 20551, USA; Issue Info: Mar2004, Vol. 62 Issue 2, p313; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FOREIGN business enterprises; Subject: UNITED States; Author-Supplied Keyword: Accounting standards; Author-Supplied Keyword: Information asymmetries; Author-Supplied Keyword: Investor protection; Author-Supplied Keyword: K22; Author-Supplied Keyword: M40; Author-Supplied Keyword: Portfolio choice; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 24p; Document Type: Article
L3  - 10.1016/S0022-1996(03)00015-1
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amato, Jeffery D.
AU  - Laubach, Thomas
T1  - Implications of habit formation for optimal monetary policy
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2004/03//
VL  - 51
IS  - 2
M3  - Article
SP  - 305
SN  - 03043932
AB  - We study the implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices. Habit formation affects the model's endogenous dynamics through its effects on both aggregate demand and households’ supply of output. We show that the objective of monetary policy consistent with welfare maximization includes output stabilization, as well as inflation and output gap stabilization. We find that the variance of output increases under optimal policy, even though it acquires a higher implicit weight in the welfare function. We also find that a simple interest rate rule nearly achieves the welfare-optimal allocation, regardless of the degree of habit formation. In this rule, the optimal responses to inflation and the lagged interest rate are both declining in the size of the habit, although super-inertial policies remain optimal. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - CONSUMPTION (Economics)
KW  - EQUILIBRIUM (Economics)
KW  - INTEREST rates
KW  - SUPPLY & demand
KW  - Habit formation
KW  - Interest rate rules
KW  - Optimal monetary policy
N1  - Accession Number: 12236461; Amato, Jeffery D. 1; Email Address: jeffery.amato@bis.org; Laubach, Thomas 2; Affiliations: 1: Bank for International Settlements, Basel 4002, Switzerland; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Mar2004, Vol. 51 Issue 2, p305; Thesaurus Term: MONETARY policy; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: SUPPLY & demand; Author-Supplied Keyword: Habit formation; Author-Supplied Keyword: Interest rate rules; Author-Supplied Keyword: Optimal monetary policy; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/j.jmoneco.2003.05.002
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heitfield, Erik
AU  - Prager, Robin A.
T1  - The Geographic Scope of Retail Deposit Markets.
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2004/02//
VL  - 25
IS  - 1
M3  - Article
SP  - 37
EP  - 55
SN  - 09208550
AB  - In analyzing the competitive effects of proposed bank mergers and acquisitions, United States antitrust authorities rely on two important assumptions: (1) that markets for at least some types of banking products are local in scope, and (2) that market concentration measures can serve as effective proxies for banks' abilities to extract monopoly rents. This paper uses balance sheet data from most banks operating in the United States in 1988, 1992, 1996, and 1999 to test these assumptions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKETS
KW  - TRADE regulation
KW  - BANKING industry -- United States
KW  - CONSOLIDATION & merger of corporations
KW  - MONOPOLIES
KW  - ANTITRUST law
KW  - PROXY statements
KW  - UNITED States
KW  - antitrust
KW  - Banking
KW  - geographic markets.
N1  - Accession Number: 12335470; Heitfield, Erik 1; Prager, Robin A. 1; Affiliations: 1: Board Of Governors Of The Federal Reserve System.; Issue Info: Feb2004, Vol. 25 Issue 1, p37; Thesaurus Term: MARKETS; Thesaurus Term: TRADE regulation; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: MONOPOLIES; Thesaurus Term: ANTITRUST law; Thesaurus Term: PROXY statements; Subject: UNITED States; Author-Supplied Keyword: antitrust; Author-Supplied Keyword: Banking; Author-Supplied Keyword: geographic markets.; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swanson, Eric T.
T1  - MEASURING THE CYCLICALITY OF REAL WAGES: HOW IMPORTANT IS THE FIRM'S POINT OF VIEW?
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2004/02//
VL  - 86
IS  - 1
M3  - Article
SP  - 362
EP  - 377
PB  - MIT Press
SN  - 00346535
AB  - Abstract--There is a growing consensus among economists that real wages in the postwar United States have been procyclical, greatly bolstering technology-driven theories of business cycles at the expense of more classical models. This paper makes the point that technological movements in firm's labor demand curves should be tested with a wage that is deflated by the firm's own price of output, with appropriate controls for intermediate inputs, and with respect to the cyclical state of the firm's own industry, as opposed to the state of the aggregate economy. Failure to control for these factors is found to lead to substantial overrejection of the classical model. In detailed industry data, with controls for changes in worker composition, I find that a vast majority of sectors have paid real product wages that vary inversely (that is, countercyclically) with the state of their industry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REAL wages
KW  - WAGES
KW  - PURCHASING power
KW  - ECONOMIC activity
KW  - ECONOMICS
KW  - BUSINESS cycles
KW  - UNITED States
N1  - Accession Number: 12908658; Swanson, Eric T. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Feb2004, Vol. 86 Issue 1, p362; Thesaurus Term: REAL wages; Thesaurus Term: WAGES; Thesaurus Term: PURCHASING power; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMICS; Thesaurus Term: BUSINESS cycles; Subject: UNITED States; Number of Pages: 16p; Illustrations: 3 Charts, 5 Graphs; Document Type: Article; Full Text Word Count: 11473
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Hershaff, Jonathan E.
AU  - Wachter, Susan M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - U PA
T1  - Neighborhood Patterns of Subprime Lending: Evidence from Disparate Cities
JO  - Housing Policy Debate
JF  - Housing Policy Debate
Y1  - 2004///
VL  - 15
IS  - 3
SP  - 603
EP  - 622
SN  - 10511482
N1  - Accession Number: 0863115; Keywords: Lending;  Race;  Racial; Geographic Descriptors: U.S.; Publication Type: Journal Article; Update Code: 200609
N2  - This article estimates a model of prime versus subprime allocation of loans for seven cities in 1997 and 2002; the model is based on both individual loan and neighborhood attributes. Of immediate interest is the effect of neighborhood racial and ethnic composition on the likelihood of receiving a subprime loan. We also allow for the interaction of borrower race and ethnicity with neighborhood attributes. A unique feature of our study is that it provides additional neighborhood controls for the aggregate level of credit risk and the neighborhood level of equity risk. We find some evidence of tightening loan standards in the subprime market over this five-year period. Even with risk controls, the neighborhood minority share is consistently significant and positively related to subprime share in both years. Furthermore, the neighborhood educational level is consistently significant and negatively related to subprime lending.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
L3  - http://www.tandfonline.com/loi/rhpd20
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UR  - http://www.tandfonline.com/loi/rhpd20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
T1  - MINIMUM WAGES, LABOR MARKET INSTITUTIONS, AND YOUTH EMPLOYMENT: A CROSS-NATIONAL ANALYSIS.
JO  - ILR Review
JF  - ILR Review
Y1  - 2004/01//
VL  - 57
IS  - 2
M3  - Article
SP  - 223
EP  - 248
PB  - Sage Publications Inc.
SN  - 00197939
AB  - The authors estimate the employment effects of changes in national minimum wages using a pooled cross-section time-series data set comprising 17 OECD countries for the period 1975-2000. The average effects they find are consistent with the view that minimum wages cause employment losses among youths. However, the evidence also shows considerable variation across countries. In particular, disemployment effects of minimum wages appear to be smaller in countries that have subminimum wage provisions for youths. Regarding other labor market policies and institutions, the authors find that more restrictive labor standards and higher union coverage strengthen the disemployment effects of minimum wages, while employment protection laws and active labor market policies designed to bring unemployed individuals into the work force help to offset these effects. Overall, the disemployment effects of minimum wages are strongest in the countries with the least regulated labor markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of ILR Review is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - LABOR unions
KW  - EMPLOYMENT policy
KW  - INCOME
KW  - EMPLOYMENT (Economic theory)
KW  - LABOR
KW  - LABOR laws & legislation
KW  - REAL wages
KW  - YOUTH
N1  - Accession Number: 11731797; Neumark, David 1; Wascher, William 2; Affiliations: 1: Senior Fellow, Public Policy Institute of California, Professor of Economics at Michigan State University, and Research Associate of the NBER.; 2: Assistant Director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System; Issue Info: Jan2004, Vol. 57 Issue 2, p223; Thesaurus Term: MINIMUM wage; Thesaurus Term: LABOR unions; Thesaurus Term: EMPLOYMENT policy; Thesaurus Term: INCOME; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: LABOR; Thesaurus Term: LABOR laws & legislation; Thesaurus Term: REAL wages; Subject Term: YOUTH; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 813930 Labor Unions and Similar Labor Organizations; Number of Pages: 26p; Illustrations: 7 Charts; Document Type: Article; Full Text Word Count: 15376
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
T1  - MINIMUM WAGES, LABOR MARKET INSTITUTIONS, AND YOUTH EMPLOYMENT: A CROSS-NATIONAL ANALYSIS.
JO  - Industrial & Labor Relations Review
JF  - Industrial & Labor Relations Review
Y1  - 2004/01//
VL  - 57
IS  - 2
M3  - Article
SP  - 223
EP  - 248
SN  - 00197939
AB  - The authors estimate the employment effects of changes in national minimum wages using a pooled cross-section time-series data set comprising 17 OECD countries for the period 1975-2000. The average effects they find are consistent with the view that minimum wages cause employment losses among youths. However, the evidence also shows considerable variation across countries. In particular, disemployment effects of minimum wages appear to be smaller in countries that have subminimum wage provisions for youths. Regarding other labor market policies and institutions, the authors find that more restrictive labor standards and higher union coverage strengthen the disemployment effects of minimum wages, while employment protection laws and active labor market policies designed to bring unemployed individuals into the work force help to offset these effects. Overall, the disemployment effects of minimum wages are strongest in the countries with the least regulated labor markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Industrial & Labor Relations Review is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - LABOR unions
KW  - YOUTH
KW  - EMPLOYMENT policy
KW  - INCOME
KW  - EMPLOYMENT (Economic theory)
KW  - LABOR
KW  - LABOR laws & legislation
KW  - REAL wages
N1  - Accession Number: 11731797; Neumark, David 1; Wascher, William 2; Affiliations: 1 : Senior Fellow, Public Policy Institute of California, Professor of Economics at Michigan State University, and Research Associate of the NBER.; 2 : Assistant Director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System;  Source Info: Jan2004, Vol. 57 Issue 2, p223; Subject Term: MINIMUM wage; Subject Term: LABOR unions; Subject Term: YOUTH; Subject Term: EMPLOYMENT policy; Subject Term: INCOME; Subject Term: EMPLOYMENT (Economic theory); Subject Term: LABOR; Subject Term: LABOR laws & legislation; Subject Term: REAL wages; Number of Pages: 26p; Illustrations: 7 Charts; Document Type: Article; Full Text Word Count: 15376
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DP  - EBSCOhost
DB  - 24h
ER  - 

TY  - JOUR
AU  - Aaronson, Daniel
AU  - Bostic, Raphael W.
AU  - Huck, Paul
AU  - Townsend, Robert
T1  - Supplier relationships and small business use of trade credit
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 2004/01//
VL  - 55
IS  - 1
M3  - Article
SP  - 46
SN  - 00941190
AB  - This paper establishes some unique descriptive statistics about supplier relationships and the use of trade credit among minority small businesses and documents the importance that ethnic and geographic supplier ties play. Using data from a survey of small businesses in two Chicago neighborhoods, we find that the importance may differ across communities. Working with a nearby supplier and, in cases where language appears to be an issue, with a Hispanic supplier are associated with more credit for Hispanic-owned firms. However, no comparable relationships are observed for Black-owned firms. These patterns are generally confirmed using nationally representative data. In addition, the national data suggest that ethnic differences in trade credit outcomes can be partly accounted for by the presence of ethnic- and geographic-based supplier relationships. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Urban Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business
KW  - CREDIT
KW  - ETHNICITY
KW  - Adverse selection
KW  - Ethnic networks
KW  - L14
KW  - Neighborhood networks
KW  - O17
KW  - Small business finance
N1  - Accession Number: 11886469; Aaronson, Daniel 1; Bostic, Raphael W. 2,3; Email Address: bostic@usc.edu; Huck, Paul 1; Townsend, Robert 4; Affiliations: 1: Federal Reserve Bank of Chicago, Chicago, IL, USA; 2: Board of Governors, Federal Reserve System, USA; 3: School of Policy, Planning, and Development, University of Southern California, Lewis Hall 326, Los Angeles, CA 90089-0626, USA; 4: University of Chicago, Chicago, IL, USA; Issue Info: Jan2004, Vol. 55 Issue 1, p46; Thesaurus Term: SMALL business; Thesaurus Term: CREDIT; Subject Term: ETHNICITY; Author-Supplied Keyword: Adverse selection; Author-Supplied Keyword: Ethnic networks; Author-Supplied Keyword: L14; Author-Supplied Keyword: Neighborhood networks; Author-Supplied Keyword: O17; Author-Supplied Keyword: Small business finance; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/j.jue.2003.02.001
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
A2  - Szenberg, Michael
A2  - Ramrattan, Lall
T1  - Reflections of a Policy Economist
T2  - Reflections of eminent economists
PB  - Foreword by Kenneth J. Arrow.
PB  - Cheltenham, U.K. and Northampton, Mass.:
PB  - Elgar
Y1  - 2004///
SP  - 223
EP  - 236
RP  - [1997]
N1  - Accession Number: 0825689; Reviewed Book ISBN: 1-84376-628-0; Keywords: Economists; Named Person: Gramlich, Edward M.; Publication Type: Collective Volume Article; Update Code: 200603
KW  - Role of Economics; Role of Economists          A11
KW  - History of Economic Thought: Individuals          B31
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mills Jr., David C.
T1  - Mechanism design and the role of enforcement in Freeman's model of payments
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2004/01//
VL  - 7
IS  - 1
M3  - Article
SP  - 219
SN  - 10942025
AB  - Freeman (1996, American Economic Review 86 (5), 1126–1138) is the first to formulate a model in which (i) debts are repaid with money and (ii) there can arise liquidity problems which give rise to a role for a central bank discount window. I ask whether this payment system is truly essential in his model. It is not because there is another mechanism—one without features (i) and (ii)—that works as well. This is because of a strong assumption regarding the enforcement of debt contracts. I then present a slightly different model of enforcement based on collateralized lending where (i) is necessary, but (ii) is not. [Copyright &y& Elsevier]
AB  - Copyright of Review of Economic Dynamics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DISCOUNT
KW  - MONEY
KW  - LIQUIDITY (Economics)
KW  - DEBT
KW  - Discount window
KW  - E40
KW  - Payments system
N1  - Accession Number: 11470223; Mills Jr., David C. 1; Email Address: david.c.mills@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Reserve Bank Operations and Payment Systems, Washington, DC 20551, USA; Issue Info: Jan2004, Vol. 7 Issue 1, p219; Thesaurus Term: DISCOUNT; Thesaurus Term: MONEY; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: DEBT; Author-Supplied Keyword: Discount window; Author-Supplied Keyword: E40; Author-Supplied Keyword: Payments system; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 18p; Document Type: Article
L3  - 10.1016/S1094-2025(03)00045-0
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Bernanke, Ben S.
AD  - Federal Reserve System
A2  - Wynne, Mark A.
A2  - Rosenblum, Harvey
A2  - Formaini, Robert L.
T1  - Friedman's Monetary Framework: Some Lessons
T2  - The legacy of Milton and Rose Friedman's Free to Choose: Economic liberalism at the turn of the twenty-first century: Proceedings of a conference sponsored by the Federal Reserve Bank of Dallas, October 2003
PB  - With a foreword by Milton and Rose Friedman.
PB  - Dallas:
PB  - Federal Reserve Bank of Dallas
Y1  - 2004///
SP  - 207
EP  - 214
N1  - Accession Number: 0825715; Reviewed Book ISBN: 0-9763494-1-8; Keywords: Monetary; Publication Type: Collective Volume Article; Update Code: 200603
KW  - Monetary Policy          E52
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Orphanides, Athanasios
T1  - Monetary Policy in Deflation: The Liquidity Trap in History and Practice.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 35
AB  - The experience of the U.S. economy during the mid-1930s, when short-term nominal interest rates were continuously close to zero, is sometimes taken as evidence that monetary policy was ineffective and the economy was in a "liquidity trap." Close examination of the historical policy record for the period indicates that the evidence does not support such assertions. The incomplete and erratic recovery from the Great Depression can be traced to a failure to pursue consistently expansionary policy resulting from an incorrect understanding of monetary policy in an environment of very low short-term nominal interest rates. Commonalities with the Japanese experience during the late 1990s, and the inadequacy of short-term interest rates as indicators of the stance of monetary policy are discussed and a robust operating procedure for implementing monetary policy in a low interest rate environment by adjusting the maturity of targeted interest rate instruments is described. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - FINANCIAL crises
KW  - DEFLATION (Finance)
KW  - ECONOMIC recovery
KW  - UNITED States -- Economic conditions -- 1918-1945
KW  - JAPAN -- Economic conditions -- 1989-
KW  - UNITED States
KW  - JAPAN
KW  - great depression
KW  - Japan
KW  - liquidity trap
KW  - Zero interest-rate bound
N1  - Accession Number: 20919156; Orphanides, Athanasios 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2004, Preceding p1; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCIAL crises; Thesaurus Term: DEFLATION (Finance); Thesaurus Term: ECONOMIC recovery; Subject Term: UNITED States -- Economic conditions -- 1918-1945; Subject Term: JAPAN -- Economic conditions -- 1989-; Subject: UNITED States; Subject: JAPAN; Author-Supplied Keyword: great depression; Author-Supplied Keyword: Japan; Author-Supplied Keyword: liquidity trap; Author-Supplied Keyword: Zero interest-rate bound; Number of Pages: 36p; Illustrations: 14 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Ammer, John
AU  - Holland, Sara B.
AU  - Smith, David C.
AU  - Warnock, Francis E.
T1  - Look at Me Now: The Role of Cross-Listing in Attracting U.S. Investors.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 51
AB  - We use a comprehensive 1997 survey to examine U.S. investors' preferences for foreign equities. We document a variety of firm characteristics that can influence U.S. investment, but the most important determinant is whether the stock is cross-listed on a U.S. exchange. Our selection bias-corrected estimates imply that firms that cross-list can increase their U.S. holdings by 8 to 11 percent of their market capitalization, roughly doubling the amount held without cross-listing. All else equal, we find that firms experience smaller increases in U.S. shareholdings upon cross-listing if they are Canadian, from English speaking countries, are members of the MSCI World index, or had higher quality accounting standards prior to cross-listing. We argue that these findings suggest that improvements in information production explain U.S. investors' attraction to foreign stocks that cross-list in the United States. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITALISTS & financiers
KW  - STOCKHOLDERS
KW  - EQUILIBRIUM (Economics)
KW  - STOCKS (Finance)
KW  - FOREIGN investments
KW  - ACCOUNTING standards
KW  - QUALITY standards
KW  - CORPORATIONS -- Finance
KW  - UNITED States
KW  - ADR
KW  - Cross-Listing
KW  - Home Bias
KW  - Selection Bias
N1  - Accession Number: 23647418; Ammer, John 1; Email Address: john.ammer@frb.gov; Holland, Sara B. 2; Email Address: holland@haas.berkeley.edu; Smith, David C. 1; Email Address: dsmith1@csom.umn.edu; Warnock, Francis E. 1,3; Email Address: frank.warnock@frb.gov; Affiliations: 1: Staff Economists, Division of International Finance, Board of Governors, Federal Reserve System; 2: Carlson School of Management, University of Minnesota; 3: Darden Graduate School of Business Administration, University of Virginia; Issue Info: 2004, p1; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: STOCKS (Finance); Thesaurus Term: FOREIGN investments; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: QUALITY standards; Thesaurus Term: CORPORATIONS -- Finance; Subject: UNITED States; Author-Supplied Keyword: ADR; Author-Supplied Keyword: Cross-Listing; Author-Supplied Keyword: Home Bias; Author-Supplied Keyword: Selection Bias; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 52p; Illustrations: 5 Charts, 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Bertaut, Carol C.
AU  - Kole, Linda S.
T1  - What makes investors over or underweight? Explaining international appetites for foreign equities.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 42
AB  - Using data from the IMF Coordinated Portfolio Investment Surveys conducted in 2001, we analyze the determinants of 31 countries' international equity holdings. We show that investors in all countries underweight U.S. equities in their portfolios, many by more than they underweight foreign equities in general. Such behavior is surprising given the common perception of the United States as a desirable investment destination due to its well-developed legal and regulatory environment. Instead we find that investors in some countries are overweight in equities from other countries with which they have close regional or political ties. Such ties, along with distance, trade, issuance of U.S. ADRs or cross-listing on the London Stock exchange, market concentration, and estimated betas help explain patterns of diversification. However, even when all these variables are included, we find significant fixed effects for most countries, suggesting that a considerable amount of cross-country variation in investment positions and in home bias remains to be explained. Our work confirms previous findings and extends results most completely documented for the United States to other major investor countries. But it also suggests caution should be used when interpreting results derived from studies of one or a few countries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITALISTS & financiers
KW  - FOREIGN investments
KW  - MARKET surveys
KW  - INTERNATIONAL trade
KW  - FOREIGN partnerships
KW  - STOCK exchanges
KW  - PORTFOLIO management (Investments)
KW  - EMERGING markets
KW  - CAPITAL movements
KW  - BUSINESSPEOPLE
KW  - equities
KW  - home bias
KW  - international portfolio allocation
N1  - Accession Number: 23647422; Bertaut, Carol C. 1,2; Email Address: carol.bertaut@frb.gov; Kole, Linda S. 1,2; Email Address: linda.kole@frb.gov; Affiliations: 1: Senior Economist, International Financial Transactions Section; 2: Chief, Advanced Foreign Economies Section, International Finance Division, Board of Governors, Federal Reserve System; Issue Info: 2004, p1; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FOREIGN investments; Thesaurus Term: MARKET surveys; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN partnerships; Thesaurus Term: STOCK exchanges; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: EMERGING markets; Thesaurus Term: CAPITAL movements; Thesaurus Term: BUSINESSPEOPLE; Author-Supplied Keyword: equities; Author-Supplied Keyword: home bias; Author-Supplied Keyword: international portfolio allocation; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 43p; Illustrations: 8 Charts, 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Chaboud, Alain P.
AU  - Chernenko, Sergey V.
AU  - Howorka, Edward
AU  - Iyer, Raj S. Krishnasami
AU  - Liu, David
AU  - Wright, Jonathan H.
T1  - The High-Frequency Effects of U.S. Macroeconomic Data Releases on Prices and Trading Activity in the Global Interdealer Foreign Exchange Market.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 40
AB  - We introduce a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market, data not previously available to researchers. The data also gives live transactable quotes, rather than the indicative quotes that have been used in most previous high frequency foreign exchange analysis. We describe intraday volume and volatility patterns in euro-dollar and dollar-yen trading. We study the effects of scheduled U.S. macroeconomic data releases, first confirming the finding of recent literature that the conditional mean of the exchange rate responds very quickly to the unexpected component of data releases. We next study the effects of data releases on trading volumes. News releases cause volume to rise, and to remain elevated for a longer period. However, in contrast to the result for the level of the exchange rate, even if the data release is entirely in line with expectations, we find that there is still typically a large pickup in trading volume. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange
KW  - RATES
KW  - MACROECONOMICS
KW  - INTERNATIONAL trade
KW  - BALANCE of payments
KW  - ECONOMIC models
KW  - CAPITAL market
KW  - INTERNATIONAL finance
KW  - ECONOMIC policy
KW  - Conditional Mean
KW  - Conditional Volatility
KW  - Foreign Exchange
KW  - High Frequency Data
KW  - News Announcements
KW  - Trading Volume
N1  - Accession Number: 23647426; Chaboud, Alain P. 1; Chernenko, Sergey V. 1; Howorka, Edward 2; Iyer, Raj S. Krishnasami 2; Liu, David 2; Wright, Jonathan H. 1; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551; 2: EBS, 535 Madison Avenue, New York NY 10022; Issue Info: 2004, p1; Thesaurus Term: FOREIGN exchange; Thesaurus Term: RATES; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: BALANCE of payments; Thesaurus Term: ECONOMIC models; Thesaurus Term: CAPITAL market; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Conditional Mean; Author-Supplied Keyword: Conditional Volatility; Author-Supplied Keyword: Foreign Exchange; Author-Supplied Keyword: High Frequency Data; Author-Supplied Keyword: News Announcements; Author-Supplied Keyword: Trading Volume; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 41p; Illustrations: 3 Charts, 8 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Chernenko, Sergey V.
AU  - Schwarz, Krista B.
AU  - Wright, Jonathan H.
T1  - The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 23
AB  - Forward and futures rates are frequently used as measures of market expectations. In this paper we apply standard forecast efficiency tests, and some newer exact sign and rank tests, to a wide range of forward and futures rates, and in this way test whether these are in fact rational expectations of future actual prices. The forward and futures rates that we study under a common methodology include foreign exchange forward rates, U.S. and foreign interest rate futures and forward rates, oil futures and natural gas futures. For most, but not all, of these instruments, we find that we can reject the hypothesis that the forward or futures rates are rational expectations of actual future prices. It is well known that foreign exchange forward rates give less accurate forecasts than a random walk, but we show that this is also true for some interest rate futures and forward rates. We conclude that forward and futures prices are not generally pure measures of market expectations: they are also heavily affected by the market price of risk. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange
KW  - FINANCIAL futures
KW  - INTEREST rate futures
KW  - FOREIGN exchange futures
KW  - ECONOMIC forecasting
KW  - MARKET prices
KW  - SECURITIES -- Prices
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - forecast evaluation
KW  - forward contracts
KW  - futures
KW  - random walk
KW  - risk premia
N1  - Accession Number: 23647411; Chernenko, Sergey V. 1; Schwarz, Krista B. 1; Wright, Jonathan H. 2; Affiliations: 1: Markets Group, Federal Reserve Bank of New York, 33 Liberty Street, New York NY 10045; 2: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2004, p1; Thesaurus Term: FOREIGN exchange; Thesaurus Term: FINANCIAL futures; Thesaurus Term: INTEREST rate futures; Thesaurus Term: FOREIGN exchange futures; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MARKET prices; Thesaurus Term: SECURITIES -- Prices; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Author-Supplied Keyword: forecast evaluation; Author-Supplied Keyword: forward contracts; Author-Supplied Keyword: futures; Author-Supplied Keyword: random walk; Author-Supplied Keyword: risk premia; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 24p; Illustrations: 3 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Chugh, Sanjay
T1  - Does Monetary Policy Keep Up with the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 33
AB  - Changes in monetary policy are typically implemented gradually, an empirical observation known as interest-rate smoothing. We propose the explanation that time-non-separable preferences may render interest-rate smoothing optimal. We find that when consumers have ‘catching-up-with-the-Joneses‘ preferences, optimal monetary policy reacts gradually to shocks to prevent inefficiently fast adjustments in consumption. We also extend our basic model to investigate the effects of capital formation and nominal rigidities on the dynamics of optimal monetary policy. Optimal policy responses continue to be gradual in the presence of capital and sticky prices, with a size and speed that are in line with empirical findings for the U.S. economy. Our results emphasize that gradualism in monetary policy may be needed simply to guide the economy on an optimally smooth path. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTEREST rates
KW  - CONSUMPTION (Economics)
KW  - CONSUMERS
KW  - EXTERNALITIES (Economics)
KW  - CAPITAL
KW  - SAVING & investment
KW  - ECONOMIC stabilization
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - catching up with the Joneses
KW  - habit persistence
KW  - optimal monetary policy
N1  - Accession Number: 23647415; Chugh, Sanjay 1; Email Address: sanjay.k.chugh@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2004, p1; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CONSUMERS; Thesaurus Term: EXTERNALITIES (Economics); Thesaurus Term: CAPITAL; Thesaurus Term: SAVING & investment; Thesaurus Term: ECONOMIC stabilization; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Author-Supplied Keyword: catching up with the Joneses; Author-Supplied Keyword: habit persistence; Author-Supplied Keyword: optimal monetary policy; Number of Pages: 33p; Illustrations: 1 Diagram, 5 Charts, 2 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Erceg, Christopher J.
AU  - Guerrieri, Luca
AU  - Gust, Christopher
T1  - Can Long-Run Restrictions Identify Technology Shocks?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 57
AB  - Galí's innovative approach of imposing long-run restrictions on a vector autoregression (VAR) to identify the effects of a technology shock has become widely utilized. In this paper, we investigate its reliability through Monte Carlo simulations using calibrated business cycle models. We find it encouraging that the impulse responses derived from applying the Galí methodology to the artificial data generally have the same sign and qualitative pattern as the true responses. However, we find considerable estimation uncertainty about the quantitative impact of a technology shock on macroeconomic variables, and little precision in estimating the contribution of technology shocks to business cycle fluctuations. More generally, our analysis emphasizes that the conditions under which the methodology performs well appear considerably more restrictive than implied by the key identifying assumption, and depend on model structure, the nature of the underlying shocks, and variable selection in the VAR. This cautions against interpreting responses derived from this approach as model-independent stylized facts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - BUSINESS cycles
KW  - TECHNOLOGICAL innovations
KW  - HIGH technology
KW  - MACROECONOMICS
KW  - STATISTICAL reliability
KW  - REGRESSION analysis
KW  - MONTE Carlo method
KW  - AUTOREGRESSION (Statistics)
KW  - business cycle models
KW  - Technology shocks
KW  - vector autoregressions
N1  - Accession Number: 23647395; Erceg, Christopher J. 1; Guerrieri, Luca 1; Email Address: Luca.Guerrieri@frb.gov; Gust, Christopher 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System, Washington D.C. 20551-0001; Issue Info: 2004, p1; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: BUSINESS cycles; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: HIGH technology; Thesaurus Term: MACROECONOMICS; Thesaurus Term: STATISTICAL reliability; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MONTE Carlo method; Subject Term: AUTOREGRESSION (Statistics); Author-Supplied Keyword: business cycle models; Author-Supplied Keyword: Technology shocks; Author-Supplied Keyword: vector autoregressions; Number of Pages: 58p; Illustrations: 9 Charts, 10 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Fang Cai
AU  - Warnock, Francis E.
T1  - International Diversification at Home and Abroad.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 37
AB  - We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign exposure translates into international diversification benefits. After accounting for home-grown foreign exposure, the share of ‘foreign’ equities in investors' portfolios nearly doubles, reducing (but not eliminating) the observed home bias. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance)
KW  - INSTITUTIONAL investments
KW  - INSTITUTIONAL investors
KW  - CAPITALISTS & financiers
KW  - STOCKHOLDERS
KW  - STOCK exchanges
KW  - SECURITIES markets
KW  - COMMERCIAL markets
KW  - UNITED States
KW  - foreign exposure
KW  - home bias
KW  - international portfolio allocation
N1  - Accession Number: 23647396; Fang Cai 1; Warnock, Francis E. 1,2; Affiliations: 1: Economist, Division of International Finance of the Board of Governors, Federal Reserve System; 2: Visiting Associate Professor, University of Virginia’s Darden Graduate School of Business; Issue Info: 2004, p1; Thesaurus Term: STOCKS (Finance); Thesaurus Term: INSTITUTIONAL investments; Thesaurus Term: INSTITUTIONAL investors; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: STOCK exchanges; Thesaurus Term: SECURITIES markets; Thesaurus Term: COMMERCIAL markets; Subject: UNITED States; Author-Supplied Keyword: foreign exposure; Author-Supplied Keyword: home bias; Author-Supplied Keyword: international portfolio allocation; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 38p; Illustrations: 8 Charts, 2 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gagnon, Joseph E.
T1  - Growth-Led Exports: Is Variety the Spice of Trade?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 25
AB  - Fast-growing countries tend to experience rapid export growth with little secular change in their terms of trade. This contradicts the standard Armington trade model, which predicts that fast-growing countries can experience rapid export growth only to the extent that they accept declining terms of trade. This paper generalizes the monopolistic competition trade model of Helpman and Krugman (1985), providing a basis for growth-led exports without declining terms of trade. The key mechanism behind this result is that fast-growing countries are able to develop new varieties of products that can be exported without pushing down the prices of existing products. There is strong support for the new model in long-run export growth of many countries in the post-war era. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL trade
KW  - EMERGING markets
KW  - EXPORTS
KW  - INTERNATIONAL competition
KW  - TERMS of trade
KW  - INTERNATIONAL economic relations
KW  - COMMERCIAL policy
KW  - ECONOMIC development
KW  - DEVELOPING countries
KW  - export demand
KW  - international trade
KW  - product differentiation
N1  - Accession Number: 23647425; Gagnon, Joseph E. 1; Email Address: joseph.e.gagnon@frb.gov; Affiliations: 1: Assistant Director, Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 19, 2000 C Street NW, Washington, DC 20551; Issue Info: 2004, p1; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: EMERGING markets; Thesaurus Term: EXPORTS; Thesaurus Term: INTERNATIONAL competition; Thesaurus Term: TERMS of trade; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: ECONOMIC development; Subject Term: DEVELOPING countries; Author-Supplied Keyword: export demand; Author-Supplied Keyword: international trade; Author-Supplied Keyword: product differentiation; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 26p; Illustrations: 2 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Lins, Karl V.
AU  - Warnock, Francis E.
T1  - Corporate Governance and the Shareholder Base.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 40
AB  - This paper uses a sample of 4,410 firms from 29 countries to investigate the relation between corporate governance and the shareholder base. In contrast to previous work, our results strongly support the notion that poor corporate governance, at both the firm and country level, negatively impacts the willingness of foreign investors to hold a firm's equity. Specifically, we find that firms whose managers have sufficiently high control rights that they may reasonably be expected to expropriate minority equity investors attract significantly less U.S. investment, especially in countries with poor external governance. Our findings suggest that the prices U.S. investors are asked to pay for firms with poor governance are not low enough to fully compensate them for expected expropriation or increased estimation risk associated with expected poor disclosure by these firms. Because prior research shows that a smaller shareholder base is associated with a lower firm value, our results are consistent with the notion that the shareholder base represents an important channel through which poor expected corporate governance contributes to a reduction in firm value. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE governance
KW  - STOCKHOLDERS
KW  - FOREIGN investments
KW  - CAPITALISTS & financiers
KW  - FINANCIAL management
KW  - FINANCIAL disclosure
KW  - ECONOMIC value added (Corporations)
KW  - BUSINESS enterprises -- Valuation
KW  - CORPORATIONS -- Finance
KW  - corporate governance
KW  - ownership structure
KW  - portfolio holdings
KW  - shareholder base
N1  - Accession Number: 23647419; Lins, Karl V. 1; Email Address: finkvl@business.utah.edu; Warnock, Francis E. 2,3; Email Address: frank.warnock@frb.gov; Affiliations: 1: Assistant Professor of Finance, David Eccles School of Business, University of Utah; 2: Economist, Division of International Finance, Board of Governors, Federal Reserve System; 3: Visiting Associate Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia; Issue Info: 2004, p1; Thesaurus Term: CORPORATE governance; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FINANCIAL management; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: ECONOMIC value added (Corporations); Thesaurus Term: BUSINESS enterprises -- Valuation; Thesaurus Term: CORPORATIONS -- Finance; Author-Supplied Keyword: corporate governance; Author-Supplied Keyword: ownership structure; Author-Supplied Keyword: portfolio holdings; Author-Supplied Keyword: shareholder base; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 39p; Illustrations: 7 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Vigfusson, Robert J.
T1  - The Delayed Response To A Technology Shock. A Flexible Price Explanation.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2004/01//
M3  - Working Paper
SP  - 1
EP  - 44
AB  - I present empirical evidence of how the U.S. economy, including per-capita hours worked, responds to a technology shock. In particular, I present results based on permanent changes to a constructed direct measure of technological change for U.S. manufacturing industries. Based on empirical evidence, some claim that hours worked declines and never recovers in response to a positive technology shock. This paper's empirical evidence suggests that emphasizing the drop in hours worked is misdirected. Because the sharp drop in hours is not present here, the emphasis rather should be on the small (perhaps negative) initial response followed by a subsequent large positive response. Investment, consumption, and output have similar dynamic responses. In response to a positive technology shock, a standard flexible price model would have an immediate increase in hours worked. Therefore, such a model is inconsistent with the empirical dynamic responses. I show, however, that a flexible price model with habit persistence in consumption and certain kinds of capital adjustment costs can better match the empirical responses. Some recent papers have critiqued the use of long run VARs to identify the dynamic responses to a technology shock. In particular they report that, when long run VARs are applied to data simulated from particular economic models, the point estimates of the impulse responses may be imprecisely estimated. However, based on additional simulation evidence, I find that, although the impact response may be imprecisely estimated, a finding of a delayed response is much more likely when the true model response also has a delayed response. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGICAL innovations
KW  - MANUFACTURING industries
KW  - PER capita
KW  - PRICES
KW  - ECONOMIC models
KW  - INVESTMENTS
KW  - CONSUMPTION (Economics)
KW  - UNITED States -- Economic conditions
KW  - UNITED States
KW  - impulse responses
KW  - long-run identification assumption
KW  - macroeconomic models
KW  - vector autoregressions
KW  - weak instruments
N1  - Accession Number: 23647413; Vigfusson, Robert J. 1; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2004, p1; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: PER capita; Thesaurus Term: PRICES; Thesaurus Term: ECONOMIC models; Thesaurus Term: INVESTMENTS; Thesaurus Term: CONSUMPTION (Economics); Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Author-Supplied Keyword: impulse responses; Author-Supplied Keyword: long-run identification assumption; Author-Supplied Keyword: macroeconomic models; Author-Supplied Keyword: vector autoregressions; Author-Supplied Keyword: weak instruments; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 43p; Illustrations: 4 Charts, 15 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Orphanides, Athanasios
AU  - Williams, John C.
AD  - Board of Governors of the Federal Reserve System, Federal Reserve Board,Washington, D.C. 20551,USA.
AD  - Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105,USA.
T1  - The decline of activist stabilization policy: Natural rate misperceptions, learning and expectations.
PB  - European Central Bank, Working Paper Series: 337
Y1  - 2004///
SP  - 44 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0820672; Keywords: Monetary policy;  stagflation;  rational expectations;  learning.; Publication Type: Working Paper; Update Code: 200603
N2  - We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived natural rate and large real-time errors in estimates of the natural rate uprooted heretofore quiescent inflation expectations and destabilized the economy. Had policy reacted less aggressively to perceived unemployment gaps, inflation expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Learning from the experience of the 1970s, policymakers eschewed activist policies in favor of policies that concentrated on the achievement of price stability, contributing to the subsequent improvements in macroeconomic performance.
KW  - Monetary Policy          E52
L3  - http://www.ecb.int/pub/pdf/scpwps/ecbwp337.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0820672&site=ehost-live&scope=site
UR  - http://www.ecb.int/pub/pdf/scpwps/ecbwp337.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Barnett, William
AU  - Jones, Barry
AU  - Kirova, Milka
AU  - Nesmith, Travis
AU  - Pasupathy1, Meenakshi
AD  - Department of Economics, The University of Kansas
AD  - State University of New York at Binghamton
AD  - Washington University
AD  - Board of Governors of the Federal Reserve System
AD  - Bernard Baruch School--CUNY
T1  - The Nonlinear Skeletons in the Closet
PB  - University of Kansas, Department of Economics, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS: 200403
Y1  - 2004///
SP  - 45 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0787986; Publication Type: Working Paper; Update Code: 200508
L3  - http://www.ku.edu/~bgju/2004Papers/200403Barnett.pdf
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UR  - http://www.ku.edu/~bgju/2004Papers/200403Barnett.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Birchler, Urs
AU  - Hancock, Diana
AD  - Swiss National Bank
AD  - Board of Governors of the Federal Reserve System
T1  - What Does the Yield on Subordinated Bank Debt Measure?
PB  - Swiss National Bank, Working Papers: 2004-2
Y1  - 2004///
SP  - 53 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1034570; Keywords: market discipline;  subordinated debt;  bank supervision; Publication Type: Working Paper; Update Code: 200905
N2  - We provide evidence that a bank's subordinated debt yield spread is not, by itself, a sufficient measure of default risk. We use a model in which subordinated debt is held by investors with superior knowledge (informed investor). First, we show that in theory the yield spread on subordinated debt must compensate investors for expected loss plus give them an incentive not to prefer senior debt. Second we present strong empirical evidence in favor of the informed investor hypothesis and of the existence of the incentive premium predicted by the model. Using data on the timing and pricing of public debt issues made by large U.S. banking organizations during the 1985-2002 period, we find that banks issue relatively more subordinated debt in good times, i.e. when informed investors have good news. Spreads at issuance (corrected for sample selection bias) react to (superior) private and to public information, in line with the comparative statics of the postulated incentive premium. Interestingly, as the model predicts, the influence of sophisticated investors' information on the subordinated yield spread became weaker after the introduction of prompt corrective action and depositor preference reforms, while the influence of public risk perception grew stronger. Finally, our model explains anomalies from the empirical literature on subordinated debt spreads and from market interviews (e.g. limited sensitivity to bank-specific risk and the ballooning of spreads in bad times). We conclude that a bank's subordinated yield spread conveys important information if interpreted together with its senior spread and with other banks' subordinated yield spreads.
KW  - Information, Knowledge, and Uncertainty: General          D80
KW  - Financial Institutions and Services: General          G20
KW  - Regulation and Business Law: General          K20
L3  - http://www.snb.ch/n/mmr/reference/working_paper_2004_02/source/working_paper_2004_02.n.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1034570&site=ehost-live&scope=site
UR  - http://www.snb.ch/n/mmr/reference/working_paper_2004_02/source/working_paper_2004_02.n.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Beaulieu, J. Joseph
AU  - Bartelsman, Eric J.
AD  - Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington
AD  - Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam
T1  - Integrating Expenditure and Income Data: What to do with the Statistical Discrepancy?
PB  - Tinbergen Institute, Tinbergen Institute Discussion Papers: 04-078/3
Y1  - 2004///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1364334; Keywords: industry data;  input-output;  national accounts;  statistical discrepancy; Publication Type: Working Paper; Update Code: 201305
N2  - This discussion paper led to a publication in (D.W. Jorgenson, J.S. Landefeld, W.D. Nordhaus, eds.) 'A New Architecture for the U.S. National Accounts', NBER Studies in Income and Wealth, vol. 66, 309-54, University of Chicago Press, 2006. The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. Our strategy is first to use disaggregated data to estimate consistent sets of input-output models that sum to either GDP or GDI and compare the two in order to see where the discrepancy resides. We find a few "problem" industries that appear to explain most of the statistical discrepancy. Second, we explore what combination of the expenditure data and the income data seem to produce the most sensible data according to a few economic criteria. A mixture of data that do not aggregate either to GDP or to GDI appears optimal.
KW  - Input-Output Models          C67
KW  - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access          C82
L3  - http://papers.tinbergen.nl/04078.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1364334&site=ehost-live&scope=site
UR  - http://papers.tinbergen.nl/04078.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Beaulieu, J. Joseph
AU  - Bartelsman, Eric J.
AD  - Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington
AD  - Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam
T1  - Integrating Expenditure and Income Data: What to do with the Statistical Discrepancy?
PB  - Tinbergen Institute, Tinbergen Institute Discussion Papers: 04-078/3
Y1  - 2004///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0908400; Keywords: industry data;  input-output;  national accounts;  statistical discrepancy; Publication Type: Working Paper; Update Code: 200706
N2  - The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. Our strategy is first to use disaggregated data to estimate consistent sets of input-output models that sum to either GDP or GDI and compare the two in order to see where the discrepancy resides. We find a few "problem" industries that appear to explain most of the statistical discrepancy. Second, we explore what combination of the expenditure data and the income data seem to produce the most sensible data according to a few economic criteria. A mixture of data that do not aggregate either to GDP or to GDI appears optimal.
KW  - Input-Output Models          C67
KW  - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access          C82
L3  - http://www.tinbergen.nl/discussionpapers/04078.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0908400&site=ehost-live&scope=site
UR  - http://www.tinbergen.nl/discussionpapers/04078.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Demiralp, Selva
AU  - Hoover, Kevin D.
T1  - Searching for the Causal Structure of a Vector Autoregression.
JO  - Oxford Bulletin of Economics & Statistics
JF  - Oxford Bulletin of Economics & Statistics
Y1  - 2003/12/02/Dec2003 Supplement 1
VL  - 65
M3  - Article
SP  - 745
EP  - 767
PB  - Wiley-Blackwell
SN  - 03059049
AB  - We provide an accessible introduction to graph-theoretic methods for causal analysis. Building on the work of Swanson and Granger (Journal of the American Statistical Association, Vol. 92, pp. 357-367, 1997), and generalizing to a larger class of models, we show how to apply graph-theoretic methods to selecting the causal order for a structural vector autoregression (SVAR). We evaluate the PC (causal search) algorithm in a Monte Carlo study. The PC algorithm uses tests of conditional independence to select among the possible causal orders -- or at least to reduce the admissible causal orders to a narrow equivalence class. Our findings suggest that graph-theoretic methods may prove to be a useful tool in the analysis of SVARs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Oxford Bulletin of Economics & Statistics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REGRESSION analysis
KW  - MATHEMATICAL statistics
KW  - ECONOMIC models
KW  - STOCHASTIC processes
KW  - ECONOMETRICS
KW  - AUTOREGRESSION (Statistics)
N1  - Accession Number: 12223468; Demiralp, Selva 1; Email Address: selva.demiralp@frb.gov; Hoover, Kevin D. 2; Email Address: kdhoover@ucdavis.edu; Affiliations: 1: Division of Monetary Affairs, Monetary and Reserve Analysis, Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Department of Economics, University of California, Davis, CA, USA; Issue Info: Dec2003 Supplement 1, Vol. 65, p745; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: ECONOMIC models; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: ECONOMETRICS; Subject Term: AUTOREGRESSION (Statistics); Number of Pages: 23p; Illustrations: 8 Diagrams, 2 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laubach, Thomas
T1  - Signalling commitment with monetary and inflation targets
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2003/12//
VL  - 47
IS  - 6
M3  - Article
SP  - 985
SN  - 00142921
AB  - This article studies a two-period game between the public and a central bank about whose ability to commit to an announced target the public is uncertain. The central bank chooses between announcing a target for an intermediate variable (money growth) and its goal variable, inflation. Prior to setting its instrument, the central bank receives private, noisy information about the link between money growth and inflation. Monetary targeting facilitates communication of the central bank''s type, in that the probability of separation is always higher than under inflation targeting. This advantage of monetary targets from a dependable central bank''s perspective is outweighed for most parameter values by the advantage of inflation targeting in terms of inflation control. If the regime choice is treated as a strategic decision, over a large range of parameter values both central banks choose the regime that a dependable central bank would prefer. [Copyright &y& Elsevier]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CENTRAL banking industry
KW  - BANKING industry
KW  - INFLATION (Finance)
KW  - FINANCE
KW  - MONEY
KW  - Imperfect monitoring
KW  - Inflation targeting
KW  - Monetary targeting
KW  - Signalling
N1  - Accession Number: 11251859; Laubach, Thomas 1; Email Address: tlaubach@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Dec2003, Vol. 47 Issue 6, p985; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: BANKING industry; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FINANCE; Thesaurus Term: MONEY; Author-Supplied Keyword: Imperfect monitoring; Author-Supplied Keyword: Inflation targeting; Author-Supplied Keyword: Monetary targeting; Author-Supplied Keyword: Signalling; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/S0014-2921(02)00232-5
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11251859&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Li, Wenli
AU  - Sarte, Pierre-Daniel G.
T1  - Credit market frictions and their direct effects on U.S. manufacturing fluctuations
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2003/12//
VL  - 28
IS  - 3
M3  - Article
SP  - 419
SN  - 01651889
AB  - In this paper, we explore how informational frictions in credit markets directly affect U.S. manufacturing fluctuations. Within the context of a dynamic industry model, we propose a strategy for identifying intermediation costs related to informational asymmetries between lenders and borrowers. The analysis suggests that these costs have been steadily falling over the post-war period. We also present evidence that changes in the cost of intermediation should directly affect output, as opposed to just propagating the effects of other shocks. In particular, we find that shocks to the cost of intermediation account for a larger share of manufacturing output fluctuations at long horizons than at short horizons. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - INFORMATION services
KW  - MANUFACTURING industries
KW  - UNITED States
KW  - Credit market frictions
KW  - Economic fluctuations
KW  - Intermediation
N1  - Accession Number: 10635246; Li, Wenli 1; Sarte, Pierre-Daniel G. 2; Email Address: pierre.sarte@rich.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Research Department, Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond, VA 23261, USA; Issue Info: Dec2003, Vol. 28 Issue 3, p419; Thesaurus Term: LOANS; Thesaurus Term: INFORMATION services; Thesaurus Term: MANUFACTURING industries; Subject: UNITED States; Author-Supplied Keyword: Credit market frictions; Author-Supplied Keyword: Economic fluctuations; Author-Supplied Keyword: Intermediation; NAICS/Industry Codes: 519190 All Other Information Services; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 25p; Document Type: Article
L3  - 10.1016/S0165-1889(02)00182-3
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barakova, Irina
AU  - Bostic, Raphael W.
AU  - Calem, Paul S.
AU  - Wachter, Susan M.
T1  - Does credit quality matter for homeownership?
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 2003/12//
VL  - 12
IS  - 4
M3  - Article
SP  - 318
SN  - 10511377
AB  - While micro-level household data on wealth and income are available for assessing income- and wealth-based constraints to homeownership, lack of data on household credit ratings has precluded evaluation of credit quality as a potential barrier to homeownership. The study, for the first time, measures the relative importance of credit-, income-, and wealth-based constraints and estimates how the effects of these constraints have evolved over the past decade. The results show that financing constraints continue to have an important impact on potential homebuyers. The wealth constraint has the largest impact, although its importance declined substantially during the 1990s. Credit quality based constraints have become more important barriers to homeownership during the 1990s, mostly reflecting an increase in the number of households with impaired credit quality. Thus, both wealth and credit constraints persist as barriers to the attainment of homeownership. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOME ownership
KW  - HOUSE buying
KW  - HOUSING
N1  - Accession Number: 11399454; Barakova, Irina 1 Bostic, Raphael W. 2 Calem, Paul S. 1 Wachter, Susan M. 3; Email Address: wachter@wharton.upenn.edu; Affiliation:  1: Board of Governors of the Federal Reserve System, USA  2: University of Southern California, USA  3: University of Pennsylvania, Wharton School, Real Estate Department, Lauder-Fisher Hall, Room 303, 19104, Philadelphia, PA, USA; Source Info: Dec2003, Vol. 12 Issue 4, p318; Subject Term: HOME ownership; Subject Term: HOUSE buying; Subject Term: HOUSING; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 19p; Document Type: Article
L3  - 10.1016/j.jhe.2003.09.002
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Cooper, Daniel
AU  - Woglom, Geoffrey
T1  - The S&P 500 Effect: Not So Good in the Long Run.
JO  - Journal of Investing
JF  - Journal of Investing
Y1  - 2003///Winter2003
VL  - 12
IS  - 4
M3  - Article
SP  - 62
EP  - 73
PB  - Euromoney Institutional Investor PLC
SN  - 10680896
AB  - This article focuses on effects of Standard & Poor's 500 stock index on the stock price behavior of firms. The effect is divided into two categories namely trading effects and fundamental effects. When a firm is added to the Standard & Poor's 500 stock index, its stock price rises on announcement, returns become more volatile and a fraction of the announcement gains is reversed in the subsequent weeks. The permanent price change also includes a price decline that is related to the increased volatility of a company's stock returns post-addition.
KW  - STOCK price indexes
KW  - STANDARD & Poor's 500 Index
KW  - STOCKS (Finance) -- Prices
KW  - EARNINGS per share
KW  - STOCKS (Finance) -- Rate of return
N1  - Accession Number: 11586631; Cooper, Daniel 1; Woglom, Geoffrey 2; Affiliations: 1: Research assistant, Board of Governors of the Federal Reserve System.; 2: Richard S. Volpert `56 Professor of Economics, Amherst College.; Issue Info: Winter2003, Vol. 12 Issue 4, p62; Thesaurus Term: STOCK price indexes; Thesaurus Term: STANDARD & Poor's 500 Index; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: EARNINGS per share; Thesaurus Term: STOCKS (Finance) -- Rate of return; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lange, Joe
AU  - Sack, Brian
AU  - Whitesell, William
T1  - Anticipations of Monetary Policy in Financial Markets.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2003/12//Dec2003 Part 1 of 2
VL  - 35
IS  - 6
M3  - Article
SP  - 889
EP  - 909
PB  - Ohio State University Press
SN  - 00222879
AB  - In recent years, financial markets appear better able to anticipate Federal Open Market Committee (FOMC) policy changes. Beginning in the late 1980s and early 1990s, longer-term interest rates and futures rates have tended to incorporate movements in the federal funds rate several months in  advance, in contrast to the largely contemporaneous response typically observed before that time. After identifying these emerging trends, the paper parses the enhanced predictability into a component that can be attributed to the autoregressive behavior of the funds rate and a nonautoregressive component. The paper considers institutional developments in FOMC policy  making that may have contributed to each of these components, including gradualism in adjusting the federal funds rate target and transparency regarding the setting of the target and future policy intentions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - SECURITIES markets
KW  - FINANCE
KW  - FEDERAL funds market (U.S.)
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 11272799; Lange, Joe 1; Sack, Brian 2; Whitesell, William 3; Email Address: william.c.whitesell@frb.gov; Affiliations: 1: Economist at Cornerstone Research; 2: Senior Economist in the Division of Monetary Affairs of the Board of Governors of the Federal Reserve System; 3: Deputy Associate Director of Division of Monetary Affairs of the Board of Governors of the Federal Reserve System; Issue Info: Dec2003 Part 1 of 2, Vol. 35 Issue 6, p889; Thesaurus Term: MONETARY policy; Thesaurus Term: SECURITIES markets; Thesaurus Term: FINANCE; Thesaurus Term: FEDERAL funds market (U.S.); Subject: UNITED States ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
T1  - The efficiency effects of a single market for financial services in Europe
JO  - European Journal of Operational Research
JF  - European Journal of Operational Research
Y1  - 2003/11//
VL  - 150
IS  - 3
M3  - Article
SP  - 466
SN  - 03772217
AB  - This paper examines the potential efficiency effects of a single market for financial services in Europe. The topics covered include universal banking, the merger and acquisition process itself, cross-border ownership and management of financial institutions, and the effects of consolidation of financial institutions on the supply of relationship lending services to informationally opaque small businesses. The research reviewed here suggests that the creation of a single market for the European financial services industry is not likely to bring about strong efficiency gains and that cross-border efficiency barriers may prevent the single market from becoming a reality. [Copyright &y& Elsevier]
AB  - Copyright of European Journal of Operational Research is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL finance
KW  - FINANCIAL services industry
KW  - EUROPE
KW  - Banks
KW  - Efficiency
KW  - Insurance
KW  - International finance
KW  - Mergers
KW  - Securities firms
N1  - Accession Number: 10322641; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 153, Federal Reserve Board, 20th and C Streets NW, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; Issue Info: Nov2003, Vol. 150 Issue 3, p466; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: FINANCIAL services industry; Subject: EUROPE; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Efficiency; Author-Supplied Keyword: Insurance; Author-Supplied Keyword: International finance; Author-Supplied Keyword: Mergers; Author-Supplied Keyword: Securities firms; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 16p; Document Type: Article
L3  - 10.1016/S0377-2217(02)00772-5
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - Downside Danger.
JO  - Foreign Policy
JF  - Foreign Policy
Y1  - 2003/11//Nov/Dec2003
IS  - 139
M3  - Article
SP  - 74
EP  - 75
PB  - Foreign Policy
SN  - 00157228
AB  - Explains why central banks worldwide must become more vigilant about falling prices as of December 2003.  Initiatives undertaken by the U.S. Federal Reserve and many central banks to reduce inflation; Inflation rates of nearly all industrialized nations; Information on the risks of falling prices.
KW  - CENTRAL banking industry
KW  - INFLATION (Finance)
KW  - PRICES
KW  - DEVELOPED countries
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 12064471; Bernanke, Ben S. 1,2; Affiliation:  1: Member of the Board of Governors, U.S. Federal Reserve System  2: Editor, The American Economic Review; Source Info: Nov/Dec2003, Issue 139, p74; Subject Term: CENTRAL banking industry; Subject Term: INFLATION (Finance); Subject Term: PRICES; Subject Term: DEVELOPED countries; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 2p; Illustrations: 1 Illustration; Document Type: Article; Full Text Word Count: 1212
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - UNPB
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - Inflation Scares and Forecast-Based Monetary Policy.
JO  - Working Paper Series (Federal Reserve Bank of Atlanta)
JF  - Working Paper Series (Federal Reserve Bank of Atlanta)
Y1  - 2003/10/08/
VL  - 2003
IS  - 21
M3  - Working Paper
SP  - 1
AB  - Central banks pay close attention to inflation expectations. In standard models, however, inflation expectations are tied down by the assumption of rational expectations and should be of little independent interest to policy makers. In this paper, the authors relax the assumption of rational expectations with perfect knowledge and reexamine the role of inflation expectations in the economy and in the conduct of monetary policy. Agents are assumed to have imperfect knowledge of the precise structure of the economy and the policymakers' preferences. Expectations are governed by a perpetual learning technology. With learning, disturbances can give rise to endogenous inflation scares, that is, significant and persistent deviations of inflation expectations from those implied by rational expectations. The presence of learning increases the sensitivity of inflation expectations and the term structure of interest rates to economic shocks, in line with the empirical evidence. The authors also explore the role of private inflation expectations for the conduct of efficient monetary policy. Under rational expectations, inflation expectations equal a linear combination of macroeconomic variables and as such provide no additional information to the policy maker. In contrast, under learning, private inflation expectations follow a time-varying process and provide useful information for the conduct of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Paper Series (Federal Reserve Bank of Atlanta) is the property of Federal Reserve Bank of Atlanta and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - ECONOMIC forecasting
KW  - CENTRAL banking industry
KW  - inflation forecasts
KW  - learning.
KW  - policy rules
KW  - rational expectations
N1  - Accession Number: 11076126; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov Williams, John C. 2; Email Address: john.c.williams@sf.frb.org; Affiliation:  1: Board of Governors of the Federal Reserve System  2: Federal Reserve Bank of San Francisco; Source Info: Oct2003, Vol. 2003 Issue 21, p1; Subject Term: INFLATION (Finance); Subject Term: MONETARY policy; Subject Term: ECONOMIC forecasting; Subject Term: CENTRAL banking industry; Author-Supplied Keyword: inflation forecasts; Author-Supplied Keyword: learning.; Author-Supplied Keyword: policy rules; Author-Supplied Keyword: rational expectations; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 38p; Document Type: Working Paper
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Amato, Jeffery D.
AU  - Laubach, Thomas
T1  - Rule-of-thumb behaviour and monetary policy
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2003/10//
VL  - 47
IS  - 5
M3  - Article
SP  - 791
SN  - 00142921
AB  - We investigate the implications of rule-of-thumb behaviour by consumers or price setters for optimal monetary policy and simple interest rate rules. This behaviour leads to endogenous persistence in output and inflation and alters the policymaker''s welfare objective. Our main finding is that highly inertial policy is optimal regardless of what fraction of agents occasionally follow a rule of thumb. We also find that a first-difference version of Taylor''s (Carnegie–Rochester Conf. Ser. Public Policy 39 (1993) 195–214) rule generally has desirable properties. By contrast, the coefficients in other optimised simple rules tend to be extremely sensitive with respect to the fraction of rule-of-thumb behaviour. [Copyright &y& Elsevier]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - ECONOMIC policy
KW  - CONSUMERS
KW  - Interest rate rules
KW  - Optimal monetary policy
KW  - Rule of thumb
N1  - Accession Number: 10695031; Amato, Jeffery D. 1; Email Address: jeffery.amato@bis.org; Laubach, Thomas 2; Affiliations: 1: Bank for International Settlements, Basel 4002, Switzerland; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Oct2003, Vol. 47 Issue 5, p791; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: CONSUMERS; Author-Supplied Keyword: Interest rate rules; Author-Supplied Keyword: Optimal monetary policy; Author-Supplied Keyword: Rule of thumb; Number of Pages: 41p; Document Type: Article
L3  - 10.1016/S0014-2921(02)00270-2
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
T1  - Sources of economic fluctuations in Latin America and implications for choice of exchange rate regimes
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2003/10//
VL  - 72
IS  - 1
M3  - Article
SP  - 181
SN  - 03043878
AB  - This paper studies the sources of economic fluctuations and their implications for exchange rate regime choice in key Latin American countries. In general, external shocks play a limited role in driving output fluctuations in these countries; this absence of common business cycles undermines the case for fixed exchange rates. On the other hand, although there is some evidence that real exchange rates depreciate in response to adverse external shocks, this depreciation, in turn, tends to contract output in the short run. This suggests that exchange rate rigidity may not be as costly for these economies as conventional economic theory predicts. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Development Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - FOREIGN exchange rates
KW  - LATIN America
KW  - Dollarization
KW  - Economic fluctuations
KW  - Exchange rate regimes
KW  - Latin America
N1  - Accession Number: 10322670; Ahmed, Shaghil 1; Email Address: shaghil.ahmed@frb.gov; Affiliations: 1: International Finance Division, Mail Stop 24, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Oct2003, Vol. 72 Issue 1, p181; Thesaurus Term: BUSINESS cycles; Thesaurus Term: FOREIGN exchange rates; Subject: LATIN America; Author-Supplied Keyword: Dollarization; Author-Supplied Keyword: Economic fluctuations; Author-Supplied Keyword: Exchange rate regimes; Author-Supplied Keyword: Latin America; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/S0304-3878(03)00073-7
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Albanesi, Stefania
AU  - Chari, V. V .
AU  - Christiano, Lawrence J .
T1  - Expectation Traps and Monetary Policy.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 2003/10//
VL  - 70
IS  - 4
M3  - Article
SP  - 715
EP  - 741
PB  - Oxford University Press / USA
SN  - 00346527
AB  - Why is inflation persistently high in some periods and low in others? The reason may be the absence of commitment in monetary policy. In a standard model, absence of commitment leads to multiple equilibria, or expectation traps, even without trigger strategies. In these traps, expectations of high or low inflation lead the public to take defensive actions, which then make accommodating those expectations the optimal monetary policy. Under commitment, the equilibrium is unique and the inflation rate is low on average. This analysis suggests that institutions which promote commitment can prevent high inflation episodes from recurring. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - MONOPOLIES
KW  - DIRECT costing
KW  - EQUILIBRIUM
N1  - Accession Number: 11210260; Albanesi, Stefania 1; Chari, V. V . 2; Christiano, Lawrence J . 3; Affiliations: 1: Duke University.; 2: University of Minnesota and Federal Reserve Bank of Minneapolis.; 3: Northwestern University, Federal Reserve Banks of Chicago, Cleveland, and Minneapolis and National Bureau of Economic Research.; Issue Info: Oct2003, Vol. 70 Issue 4, p715; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONOPOLIES; Thesaurus Term: DIRECT costing; Subject Term: EQUILIBRIUM; Number of Pages: 27p; Document Type: Article
L3  - 10.1111/1467-937X.00264
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amromin, Gene
T1  - Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?
JO  - European Finance Review
JF  - European Finance Review
Y1  - 2003/09//
VL  - 7
IS  - 3
M3  - Article
SP  - 547
EP  - 582
SN  - 13826662
AB  - This paper provides a survey of existing literature on portfolio allocations in conventional and tax-deferred investment habitats. A long-standing puzzle in this literature has been the dissonance between the theoretical prediction of tax-efficient portfolio choices and observed portfolio allocations. I clarify this prediction and offer a different perspective by emphasizing the importance of uninsurable labor income risk and restrictions on accessibility of tax-deferred assets. I identify the key factors in dual-habitat portfolio decisions and highlight the necessary ingredients for producing non-tax-efficient, or precautionary, allocations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Finance Review is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PORTFOLIO management (Investments)
KW  - DEFERRED tax
KW  - INCOME
KW  - INVESTMENT analysis
KW  - DEFERRED compensation -- Taxation
KW  - SURVEYS
KW  - household portfolio choice
KW  - precautionary savings
KW  - tax-efficiency
N1  - Accession Number: 18753636; Amromin, Gene 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: 2003, Vol. 7 Issue 3, p547; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: DEFERRED tax; Thesaurus Term: INCOME; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: DEFERRED compensation -- Taxation; Subject Term: SURVEYS; Author-Supplied Keyword: household portfolio choice; Author-Supplied Keyword: precautionary savings; Author-Supplied Keyword: tax-efficiency; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 36p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amuedo-Dorantes, Catalina
AU  - Mach, Traci
T1  - Performance pay and fringe benefits: Work incentives or compensating wage differentials?
JO  - International Journal of Manpower
JF  - International Journal of Manpower
Y1  - 2003/09//
VL  - 24
IS  - 6
M3  - Article
SP  - 672
EP  - 698
SN  - 01437720
AB  - Uses longitudinal data from the NLSY79 to examine the effect of a broad variety of performance-based pay schemes and fringe benefits on male and female wages between 1988 and 1998. Specifically, analyzes whether the offer of various performance-based pay schemes and fringe benefits functions as an alternative work incentive, eliciting greater effort and raising wages or, instead, it is accompanied by lower wages, as predicted by compensating wage theory. The results indicate that, while most performance-based pay schemes are associated with higher wages to differing extents across gender, tips are commonly accompanied by lower wages among men. Similarly, while the offer of a retirement plan appears to as a work incentive raising male and female wages, workers are willing to trade wages for jobs offering life and medical insurance. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Manpower is the property of Emerald Publishing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCENTIVES in industry
KW  - EMPLOYEE fringe benefits
KW  - EMPLOYEE motivation
KW  - PERSONNEL management
KW  - Benefits
KW  - Incentive schemes
KW  - Performance related pay
N1  - Accession Number: 11541009; Amuedo-Dorantes, Catalina 1 Mach, Traci 2; Affiliation:  1: Department of Economics, San Diego State University, San Diego, California, USA  2: Division of Research and  Statistics, Board of Governors of the Federal Reserve System, Washington,  DC, USA; Source Info: 2003, Vol. 24 Issue 6, p672; Subject Term: INCENTIVES in industry; Subject Term: EMPLOYEE fringe benefits; Subject Term: EMPLOYEE motivation; Subject Term: PERSONNEL management; Author-Supplied Keyword: Benefits; Author-Supplied Keyword: Incentive schemes; Author-Supplied Keyword: Performance related pay; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 525120 Health and Welfare Funds; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); NAICS/Industry Codes: 541612 Human Resources Consulting Services; Number of Pages: 27p; Document Type: Article; Full Text Word Count: 6088
L3  - 10.1108/01437720310496157
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=11541009&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Rogers, John H.
AU  - Swanson, Eric
AU  - Wright, Jonathan H.
T1  - Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data.
JO  - Journal of the European Economic Association
JF  - Journal of the European Economic Association
Y1  - 2003/09//
VL  - 1
IS  - 5
M3  - Article
SP  - 1031
EP  - 1057
PB  - Wiley-Blackwell
SN  - 15424766
AB  - This paper proposes a new approach to identifying the effects of monetary policy shocks in an international vector autoregression. Using high-frequency data on the prices of Fed Funds futures contracts, we measure the impact of the surprise component of the FOMC-day Federal Reserve policy decision on financial variables, such as the exchange rate and the foreign interest rate. We show how this information can be used to achieve identification without having to make the usual strong assumption of a recursive ordering. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - PRICES
KW  - FUTURES
KW  - FEDERAL Reserve monetary policy
KW  - FOREIGN exchange rates
KW  - ECONOMICS
KW  - AUTOREGRESSION (Statistics)
N1  - Accession Number: 12285015; Faust, Jon 1; Email Address: jon.faust@frb.gov; Rogers, John H. 1; Email Address: john.h.rogers@frb.gov; Swanson, Eric 1; Email Address: eric.t.swanson@frb.gov; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Sep2003, Vol. 1 Issue 5, p1031; Thesaurus Term: MONETARY policy; Thesaurus Term: PRICES; Thesaurus Term: FUTURES; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: ECONOMICS; Subject Term: AUTOREGRESSION (Statistics); Number of Pages: 27p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
L3  - 10.1162/154247603770383389
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12285015&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Smith, David C.
T1  - Loans to Japanese borrowers
JO  - Journal of the Japanese & International Economies
JF  - Journal of the Japanese & International Economies
Y1  - 2003/09//
VL  - 17
IS  - 3
M3  - Article
SP  - 283
SN  - 08891583
AB  - This paper examines the characteristics of loans to Japanese borrowers using a relatively unexplored, contract-specific data set. I find that Japanese banks charge less on loans to Japanese borrowers than do foreign banks, holding constant many of the risk characteristics of the borrower. Moreover, Japanese banks vary pricing less across these risks than do foreign banks, suggesting that Japanese banks tend not to distinguish good risks from bad. Taken together, the results suggest that problems at Japanese banks stem from the behavior of the banks themselves, not simply from poor economic conditions. I also document a significant shortening in the maturity structure of Japanese loans in the late 1990s. [Copyright &y& Elsevier]
AB  - Copyright of Journal of the Japanese & International Economies is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - BANKING industry
KW  - JAPAN
N1  - Accession Number: 10508459; Smith, David C. 1; Email Address: david.c.smith@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 19 20th and C Streets NW, Washington, DC 20551, USA; Issue Info: Sep2003, Vol. 17 Issue 3, p283; Thesaurus Term: LOANS; Thesaurus Term: BANKING industry; Subject: JAPAN; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/S0889-1583(03)00043-1
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10508459&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
T1  - A Perspective on Inflation Targeting.
JO  - Business Economics
JF  - Business Economics
Y1  - 2003/07//
VL  - 38
IS  - 3
M3  - Article
SP  - 7
EP  - 15
PB  - Palgrave Macmillan Ltd.
SN  - 0007666X
AB  - Comments on the use of inflation targeting as a monetary policy instrument by central banks in the U.S.  Features of inflation targeting; Benefits to central banks of constrained discretion as an element of best-practice inflation targeting; Information on the communications strategy of inflation targeting.
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - BEST practices
KW  - UNITED States
N1  - Accession Number: 10450485; Bernanke, Ben S. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System; Issue Info: Jul2003, Vol. 38 Issue 3, p7; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: BEST practices; Subject: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 9p; Document Type: Article; Full Text Word Count: 6485
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Durham, J. Benson
T1  - Monetary Policy and Stock Price Returns.
JO  - Financial Analysts Journal
JF  - Financial Analysts Journal
Y1  - 2003/07//Jul/Aug2003
VL  - 59
IS  - 4
M3  - Article
SP  - 26
PB  - CFA Institute
SN  - 0015198X
AB  - Evaluates the robustness of the relationship between monetary policy and  stock prices.  Results of sensitivity analyses; Alternative proxies for the stance of monetary policy; Implications of the results for investors, portfolio managers and central bank policymakers.
KW  - MONETARY policy
KW  - STOCK exchanges
KW  - CAPITALISTS & financiers
N1  - Accession Number: 10613613; Durham, J. Benson 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington D.C.; Issue Info: Jul/Aug2003, Vol. 59 Issue 4, p26; Thesaurus Term: MONETARY policy; Thesaurus Term: STOCK exchanges; Thesaurus Term: CAPITALISTS & financiers; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 10p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
T1  - A risk-factor model foundation for ratings-based bank capital rules
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2003/07//
VL  - 12
IS  - 3
M3  - Article
SP  - 199
SN  - 10429573
AB  - I demonstrate that ratings-based capital rules, including both the current Basel Accord and its proposed revision, can be reconciled with the general class of credit value-at-risk models. Each exposure''s contribution to VaR is portfolio-invariant only if (a) dependence across exposures is driven by a single systematic risk factor, and (b) no exposure accounts for more than an arbitrarily small share of total portfolio exposure. Analysis of rates of convergence to asymptotic VaR leads to a simple and accurate portfolio-level add-on charge for undiversified idiosyncratic risk. There is no similarly simple way to address violation of the single factor assumption. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ACCOUNTS
KW  - BUSINESS
KW  - Banking regulation
KW  - Capital allocation
KW  - G38
KW  - Value-at-risk
N1  - Accession Number: 10508451; Gordy, Michael B. 1; Email Address: mgordy@frb.gov; Affiliations: 1: Board of Governors of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Jul2003, Vol. 12 Issue 3, p199; Thesaurus Term: ACCOUNTS; Thesaurus Term: BUSINESS; Author-Supplied Keyword: Banking regulation; Author-Supplied Keyword: Capital allocation; Author-Supplied Keyword: G38; Author-Supplied Keyword: Value-at-risk; Number of Pages: 34p; Document Type: Article
L3  - 10.1016/S1042-9573(03)00040-8
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10508451&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levin, Andrew T.
AU  - Williams, John C.
T1  - Robust monetary policy with competing reference models.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2003/07//
VL  - 50
IS  - 5
M3  - Article
SP  - 945
EP  - 975
SN  - 03043932
AB  - The existing literature on robust monetary policy rules has largely focused on the case in which the policymaker has a single reference model while the true economy lies within a specified neighborhood of the reference model. In this paper, we show that such rules may perform very poorly in the more general case in which non-nested models represent competing perspectives about controversial issues such as expectations formation and inflation persistence. Using Bayesian and minimax strategies, we then consider whether any simple rule can provide robust performance across such divergent representations of the economy. We find that a robust outcome is attainable only in cases where the objective function places substantial weight on stabilizing both output and inflation; in contrast, we are unable to find a robust policy rule when the sole policy objective is to stabilize inflation. We analyze these results using a new diagnostic approach, namely, by quantifying the fault tolerance of each model economy with respect to deviations from optimal policy. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - FISCAL policy
KW  - MONETARY theory
KW  - ECONOMIC policy
KW  - PUBLIC spending
KW  - INFLATION (Finance)
KW  - Bayesian control
KW  - E61
KW  - Model uncertainty
KW  - Optimal control
KW  - Robust control
N1  - Accession Number: 10570057; Levin, Andrew T. 1; Email Address: andrew.levin@frb.gov; Williams, John C. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551, USA.; 2: Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105, USA.; Issue Info: Jul2003, Vol. 50 Issue 5, p945; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY theory; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: INFLATION (Finance); Author-Supplied Keyword: Bayesian control; Author-Supplied Keyword: E61; Author-Supplied Keyword: Model uncertainty; Author-Supplied Keyword: Optimal control; Author-Supplied Keyword: Robust control; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Document Type: Article
L3  - 10.1016/S0304-3932(03)00059-X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10570057&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - Historical monetary policy analysis and the Taylor rule.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2003/07//
VL  - 50
IS  - 5
M3  - Article
SP  - 983
EP  - 1022
SN  - 03043932
AB  - This study examines the usefulness of the Taylor-rule framework as an organizing device for describing the policy debate and evolution of monetary policy in the United States. Monetary policy during the 1920s and since the 1951 Treasury-Federal Reserve Accord can be broadly interpreted in terms of this framework with rather surprising consistency. In broad terms, during these periods policy has been generally formulated in a forward-looking manner with price stability and economic stability serving as implicit or explicit guides. As early as the 1920s, measures of real economic activity relative to “normal” or “potential” supply appear to have influenced policy analysis and deliberations. Confidence in such measures as guides for activist monetary policy proved counterproductive at times, resulting in excessive activism, such as during the Great Inflation and at the brink of the Great Depression. Policy during the past two decades is broadly consistent with natural growth targeting variants of the Taylor rule that exhibit less activism. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - FINANCE
KW  - ECONOMIC activity
KW  - ECONOMIC indicators
KW  - UNITED States
KW  - Monetary policy
KW  - Taylor rule
N1  - Accession Number: 10570059; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Washington, DC 20551, USA.; Issue Info: Jul2003, Vol. 50 Issue 5, p983; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCE; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC indicators; Subject: UNITED States; Author-Supplied Keyword: Monetary policy; Author-Supplied Keyword: Taylor rule; Number of Pages: 40p; Document Type: Article
L3  - 10.1016/S0304-3932(03)00065-5
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10570059&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Sichel, Daniel E.
T1  - Information technology and productivity: where are we now and where are we going?
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 2003/07//
VL  - 25
IS  - 5
M3  - Article
SP  - 477
SN  - 01618938
AB  - Provides information on estimates of the proximate sources of economic growth in the U.S. during the 1990s.  Application of a neoclassical growth-accounting framework on the analysis of growth in labor productivity; Discussion on the decomposition of labor productivity and growth; Analysis of the steady-state properties of a multisector growth model.
KW  - ECONOMIC development
KW  - LABOR productivity
KW  - PRODUCTIVITY accounting
KW  - GROWTH rate
KW  - UNITED States
KW  - Information technology
KW  - Labor productivity
KW  - Multifactor productivity
N1  - Accession Number: 10233248; Oliner, Stephen D.; Email Address: stephend.oliner@frb.gov Sichel, Daniel E. 1; Affiliation:  1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Source Info: Jul2003, Vol. 25 Issue 5, p477; Subject Term: ECONOMIC development; Subject Term: LABOR productivity; Subject Term: PRODUCTIVITY accounting; Subject Term: GROWTH rate; Subject Term: UNITED States; Author-Supplied Keyword: Information technology; Author-Supplied Keyword: Labor productivity; Author-Supplied Keyword: Multifactor productivity; Number of Pages: 27p; Illustrations: 5 Charts, 14 Graphs; Document Type: Article
L3  - 10.1016/S0161-8938(03)00042-5
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=10233248&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Dunn, Wendy E.
T1  - The effects of precautionary saving motives on (S,s) bands for home purchases
JO  - Regional Science & Urban Economics
JF  - Regional Science & Urban Economics
Y1  - 2003/07//
VL  - 33
IS  - 4
M3  - Article
SP  - 467
SN  - 01660462
AB  - In a buffer-stock model with both nondurable and durable goods, the optimal policy for consumption of the durable good follows an (S,s) rule, where the precise trigger point at which the consumer decides to make a purchase depends on both the anticipated risk of unemployment and the available stock of liquid assets. In this paper I evaluate whether microeconomic data are consistent with this type of behavior by examining the relationship between income uncertainty, liquid assets and the characteristics of the (S,s) bands for home purchases using data from the Panel Study of Income Dynamics. The results demonstrate that, as predicted by the model, the home purchase trigger values are negatively related to the level of income uncertainty faced by households. In addition, liquid assets held by the household before and after a home purchase are significant and positively related to both the home purchase trigger and target values, suggesting that households are indeed concerned about their balance sheet positions after the home purchase takes place. Although the target values do not seem to be affected by uncertainty, there is some evidence that the overall (S,s) bandwidth widens in response to greater income uncertainty. [Copyright &y& Elsevier]
AB  - Copyright of Regional Science & Urban Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Consumers
KW  - Unemployment
KW  - Stocks (Finance)
KW  - Assets (Accounting)
KW  - Income
KW  - Housing demand
KW  - Income uncertainty
KW  - Precautionary saving
N1  - Accession Number: 9907668; Dunn, Wendy E. 1; Email Address: wdunn@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Stop 82, Washington, DC 20551, USA; Issue Info: Jul2003, Vol. 33 Issue 4, p467; Subject Term: Consumers; Subject Term: Unemployment; Subject Term: Stocks (Finance); Subject Term: Assets (Accounting); Subject Term: Income; Author-Supplied Keyword: Housing demand; Author-Supplied Keyword: Income uncertainty; Author-Supplied Keyword: Precautionary saving; Number of Pages: 22p; Document Type: Article
L3  - 10.1016/S0166-0462(02)00057-1
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=eih&AN=9907668&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Warnock, Francis E.
T1  - Exchange rate dynamics and the welfare effects of monetary policy in a two-country model with home-product bias
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2003/06//
VL  - 22
IS  - 3
M3  - Article
SP  - 343
SN  - 02615606
AB  - International spillovers and exchange rate dynamics are examined in a two-country dynamic optimizing model that nests  and allows for home-product bias in consumption patterns. Allowing for home bias changes the results in three ways. Wealth transfers associated with net foreign asset positions induce movements in the real exchange rate and produce large short-run and small long-run deviations from consumption-based purchasing power parity. Interest rates, both real and nominal, can differ across countries; home bias is a necessary but not sufficient condition for  type exchange rate overshooting. And the welfare effects of monetary policy depend not only on world demand but also on the expenditure-switching effect of an exchange rate depreciation; expansionary monetary policy is ‘beggar-thy-neighbor’ if individuals have strong preferences for domestic goods. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - PURCHASING power
KW  - Beggar-thy-neighbor
KW  - Dynamic optimizing model
KW  - Exchange rate overshooting
KW  - F4
KW  - Purchasing power parity
N1  - Accession Number: 9791376; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, Washington, DC 20551, USA; Issue Info: Jun2003, Vol. 22 Issue 3, p343; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PURCHASING power; Author-Supplied Keyword: Beggar-thy-neighbor; Author-Supplied Keyword: Dynamic optimizing model; Author-Supplied Keyword: Exchange rate overshooting; Author-Supplied Keyword: F4; Author-Supplied Keyword: Purchasing power parity; Number of Pages: 21p; Document Type: Article
L3  - 10.1016/S0261-5606(03)00011-1
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9791376&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Amato, Jeffery D.
AU  - Laubach, Thomas
T1  - Estimation and control of an optimization-based model with sticky prices and wages
JO  - Journal of Economic Dynamics & Control
JF  - Journal of Economic Dynamics & Control
Y1  - 2003/05//
VL  - 27
IS  - 7
M3  - Article
SP  - 1181
SN  - 01651889
AB  - This paper provides estimates of an optimization-based equilibrium model with sticky prices and wages. The estimated model is used to analyse the welfare properties of various interest rate rules for conducting monetary policy. An important feature of this model is that it involves a tradeoff between the variances of price and wage inflation and the output gap. This tradeoff implies that it is desirable for the monetary authority to respond to wage inflation, in addition to price inflation, output, and past interest rates, when setting the current interest rate. The issue whether wages and prices can be indexed to steady-state inflation has important implications both for the characterization of optimal interest rate rules and interest rate volatility. In particular, optimal policy in the presence of indexation induces implausibly high steady-state inflation. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Economic Dynamics & Control is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INCOMES policy (Economics)
KW  - INTEREST rates
KW  - Interest rate rules
KW  - Minimum distance estimation
KW  - Nominal wage and price rigidity
N1  - Accession Number: 9009987; Amato, Jeffery D. 1; Laubach, Thomas 2; Email Address: tlaubach@frb.gov; Affiliations: 1: Bank for International Settlements, 4002 Basel, Switzerland; 2: Board of Governors of the Federal Reserve System, Mail Stop 77, Washington, DC 20551, USA; Issue Info: May2003, Vol. 27 Issue 7, p1181; Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: INTEREST rates; Author-Supplied Keyword: Interest rate rules; Author-Supplied Keyword: Minimum distance estimation; Author-Supplied Keyword: Nominal wage and price rigidity; Number of Pages: 35p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Vigfusson, Robert J.
T1  - Maximum likelihood in the frequency domain: the importance of time-to-plan.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2003/05//
VL  - 50
IS  - 4
M3  - Article
SP  - 789
EP  - 815
SN  - 03043932
AB  - We illustrate the use of various frequency-domain tools for estimating and testing dynamic, stochastic general equilibrium models. We show how to exploit the well-known fact that the log, Gaussian density function has a linear decomposition in the frequency domain. We also propose a new resolution to the problem that the phase angle between two variables is not uniquely determined. These methods are applied to the analysis of business cycles. Our substantive findings confirm existing results in the literature, which suggest that time-to-plan in the investment technology has a potentially useful role to play in business cycle analysis. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - INVESTMENTS
KW  - EQUILIBRIUM (Economics)
KW  - FINANCE
KW  - ECONOMICS
KW  - ECONOMETRIC models
KW  - Business cycles
KW  - Frequency domain
KW  - Investment
KW  - Likelihood ratio
KW  - Phase angle
KW  - Time-to-build
KW  - Time-to-plan
N1  - Accession Number: 9951598; Christiano, Lawrence J. 1; Vigfusson, Robert J. 2; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Department of Economics, Northwestern University, 2003 Sheridan Road, Evanston, IL 60208-2600, USA; 2: Board of Governors of the Federal Reserve System, Division of International Finance, Mail Stop 42-B, Washington, DC 20551, USA; Issue Info: May2003, Vol. 50 Issue 4, p789; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INVESTMENTS; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: FINANCE; Thesaurus Term: ECONOMICS; Thesaurus Term: ECONOMETRIC models; Author-Supplied Keyword: Business cycles; Author-Supplied Keyword: Frequency domain; Author-Supplied Keyword: Investment; Author-Supplied Keyword: Likelihood ratio; Author-Supplied Keyword: Phase angle; Author-Supplied Keyword: Time-to-build; Author-Supplied Keyword: Time-to-plan; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/S0304-3932(03)00033-3
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9951598&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warnock, Francis E.
AU  - Cleaver, Chad
T1  - Financial Centres and the Geography of Capital Flows.
JO  - International Finance
JF  - International Finance
Y1  - 2003///Spring2003
VL  - 6
IS  - 1
M3  - Article
SP  - 27
EP  - 59
PB  - Wiley-Blackwell
SN  - 13670271
AB  - Abstract A geographical mismatch is evident in portfolio flows data. Because the data collection system was designed to measure cross-border transactions with foreign counterparties who are often intermediaries, the majority of flows are attributed to financial centres. We quantify this geographical mismatch by using the bilateral capital flows data to estimate bilateral debt and equity positions between the USA and over 40 countries and comparing those estimates with data from benchmark surveys. Our findings have implications for researchers and policy makers who use capital flows data or flows-based positions estimates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - DEBT
KW  - UNITED States
N1  - Accession Number: 10053713; Warnock, Francis E. 1; Cleaver, Chad 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance; Issue Info: Spring2003, Vol. 6 Issue 1, p27; Thesaurus Term: CAPITAL movements; Thesaurus Term: DEBT; Subject: UNITED States; Number of Pages: 33p; Document Type: Article
L3  - 10.1111/1468-2362.00107
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10053713&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AU  - Klau, Marc
AD  - Federal Reserve System
AD  - Bank for International Settlements, Basel
T1  - A Multi-country Comparison of the Linkages between Inflation and Exchange Rate Competitiveness
JO  - International Journal of Finance and Economics
JF  - International Journal of Finance and Economics
Y1  - 2003/04//
VL  - 8
IS  - 2
SP  - 167
EP  - 184
SN  - 10769307
N1  - Accession Number: 0646620; Keywords: Exchange Rates;  Inflation; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200306
N2  - This paper compares the response of inflation to changes in exchange rate competitiveness in various regions of the world. The paper first presents evidence that an empirical relationship between the rate of inflation and the level of the real exchange rate holds for a large set of countries. It then demonstrates that the responsiveness of inflation to the real exchange rate has been much higher in Latin America than in Asian or industrialized countries. This difference in inflationary responsiveness is not fully explained either by the prior history of inflation or by the extent of openness to foreign trade.
KW  - Price Level; Inflation; Deflation          E31
KW  - Foreign Exchange          F31
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291099-1158/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0646620&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291099-1158/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AU  - Ericsson, Neil R.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Dollarization in Post-hyperinflationary Argentina
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 2003/04//
VL  - 22
IS  - 2
SP  - 185
EP  - 211
SN  - 02615606
N1  - Accession Number: 0642850; Keywords: Currency Substitution;  Currency;  Dollarization;  Hyperinflation;  Inflation;  Money Demand;  Money; Geographic Descriptors: Argentina; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200305
N2  - This paper analyzes the continued dollarization of the Argentine economy, which experienced a rapid decline in inflation following its hyperinflations of the 1980s. First, a measure of dollar currency circulating in Argentina is developed, thereby improving upon previous studies of dollarization and currency substitution that focused on dollar deposit holdings only. Second, cointegration analysis of peso money demand in Argentina finds a negative "ratchet effect" from inflation. The reduction in peso money demand attributable to the ratchet mirrors the estimated stock of all dollar assets held domestically by Argentine residents, consistent with the hypothesis of irreversible dollarization.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy          O24
KW  - Price Level; Inflation; Deflation          E31
KW  - Demand for Money          E41
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Macroeconomic Analyses of Economic Development          O11
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0642850&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - Monetary policy evaluation with noisy information.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2003/04//
VL  - 50
IS  - 3
M3  - Article
SP  - 605
EP  - 631
SN  - 03043932
AB  - This study investigates the implications of noisy information regarding the measurement of economic activity for the evaluation of monetary policy. Using a simple model of the U.S. economy, I show that failing to account for the actual level of information noise in the historical data provides a seriously distorted picture of feasible macro economic outcomes and produces inefficient policy rules. Naive adoption of policies identified as efficient when this difficulty is ignored results in macro economic performance worse than actual experience. When the noise content of the data is properly taken into account, policy reactions are cautious and less sensitive to the apparent imbalances in the unfiltered data. The resulting policy prescriptions reflect the recognition that excessively activist policy can increase rather than decrease economic instability. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - ECONOMIC policy
KW  - ECONOMIC activity
KW  - BUSINESS cycles
KW  - ECONOMIC indicators
KW  - Inflation targeting
KW  - Natural growth targeting
KW  - Observation noise
KW  - Optimal control
KW  - Policy evaluation
KW  - Taylor rule
N1  - Accession Number: 9856484; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Apr2003, Vol. 50 Issue 3, p605; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC activity; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: Inflation targeting; Author-Supplied Keyword: Natural growth targeting; Author-Supplied Keyword: Observation noise; Author-Supplied Keyword: Optimal control; Author-Supplied Keyword: Policy evaluation; Author-Supplied Keyword: Taylor rule; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 27p; Document Type: Article
L3  - 10.1016/S0304-3932(03)00027-8
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9856484&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - The quest for prosperity without inflation.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2003/04//
VL  - 50
IS  - 3
M3  - Article
SP  - 633
EP  - 663
SN  - 03043932
AB  - In recent years, activist monetary policy rules responding to inflation and the level of economic activity have been advanced as a means of achieving effective output stabilization without inflation. Advocates of such policies suggest that their flexibility may yield substantial stabilization benefits while avoiding the excesses of overzealous discretionary fine-tuning such as is thought to characterize the experience of the 1960s and 1970s. In this study I present evidence suggesting that these conclusions are misguided. Using an estimated model, I show that when informational limitations are properly accounted for, activist policies would not have averted the Great Inflation but instead would have resulted in worse macroeconomic performance than the actual historical experience. The problem can be attributed, in large part, to the counterproductive reliance of these policies on the output gap. The analysis suggests that the dismal economic outcomes of the Great Inflation may have resulted from an unfortunate pursuit of activist policies in the face of bad measurement, specifically, overoptimistic assessments of the output gap associated with the productivity slowdown of the late 1960s and early 1970s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - FISCAL policy
KW  - INDUSTRIAL productivity
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - ECONOMIC activity
KW  - Activist monetary policy
KW  - Arthur Burns
KW  - FOMC
KW  - Full employment
KW  - Great inflation
KW  - Potential output
KW  - Prudent policy rule
KW  - Real-time data
KW  - Taylor rule
N1  - Accession Number: 9856485; Orphanides, Athanasios 1; Email Address: athanasios.orphanides@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Apr2003, Vol. 50 Issue 3, p633; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FISCAL policy; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC activity; Author-Supplied Keyword: Activist monetary policy; Author-Supplied Keyword: Arthur Burns; Author-Supplied Keyword: FOMC; Author-Supplied Keyword: Full employment; Author-Supplied Keyword: Great inflation; Author-Supplied Keyword: Potential output; Author-Supplied Keyword: Prudent policy rule; Author-Supplied Keyword: Real-time data; Author-Supplied Keyword: Taylor rule; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Document Type: Article
L3  - 10.1016/S0304-3932(03)00028-X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9856485&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and Wharton Financial Institutions Center
T1  - The Economic Effects of Technological Progress: Evidence from the Banking Industry
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2003/04//
VL  - 35
IS  - 2
SP  - 141
EP  - 176
SN  - 00222879
N1  - Accession Number: 0653579; Keywords: Bank;  Banking;  Lending;  Technological Change;  Technologies; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200307
N2  - This paper examines technological progress and its effects in the banking industry. Banks are intensive users of both IT and financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of technological change. The research suggests improvements in costs and lending capacity due to improvements in "back-office" technologies, as well as consumer benefits from improved "front-office" technologies. The research also suggests significant overall productivity increases in terms of improved quality and variety of banking services. In addition, the research indicates that technological progress likely helped facilitate consolidation of the industry.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0653579&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Holland, Sara B.
AU  - Warnock, Francis E.
T1  - Firm-level access to international capital markets: evidence from Chilean equities
JO  - Emerging Markets Review
JF  - Emerging Markets Review
Y1  - 2003/03//
VL  - 4
IS  - 1
M3  - Article
SP  - 39
SN  - 15660141
AB  - High growth, liquid Chilean firms have greater relative weights in US equity portfolios, but the most important determinant of a firm''s portfolio weight is whether it is listed on a US exchange. Cross-listing does not, however, appear to have permanent benefits: weights in US portfolios of firms that cross-listed in the mid-1990s increased at the expense of firms that cross-listed earlier. Put another way, firms appear to be able to access international capital at the time of the cross-listing, but this access may well be short-lived. [Copyright &y& Elsevier]
AB  - Copyright of Emerging Markets Review is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - CAPITAL market
KW  - Emerging market
KW  - Financial liberalization
KW  - Home bias
KW  - Portfolio choice
N1  - Accession Number: 9188444; Holland, Sara B. 1; Email Address: sara.b.holland@frb.gov Warnock, Francis E.; Email Address: frank.warnock@frb.gov; Affiliation:  1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC, USA; Source Info: Mar2003, Vol. 4 Issue 1, p39; Subject Term: BUSINESS enterprises; Subject Term: CAPITAL market; Author-Supplied Keyword: Emerging market; Author-Supplied Keyword: Financial liberalization; Author-Supplied Keyword: Home bias; Author-Supplied Keyword: Portfolio choice; Number of Pages: 13p; Document Type: Article
L3  - 10.1016/S1566-0141(02)00062-6
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=9188444&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Dai, Qinglei
AU  - Ongena, Steven
AU  - Smith, David C.
T1  - To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2003/03//
VL  - 27
IS  - 3
M3  - Article
SP  - 383
SN  - 03784266
AB  - We model two dimensions of bank globalization – bank nationality (a bank from the firm’s host nation, its home nation, or a third nation) and bank reach (a global, regional, or local bank) using a two-stage nested multinomial logit model. Our data set includes over 2000 foreign affiliates of multinational corporations operating in 20 European nations and over 250 banks that serve them. We find that these firms frequently use host nation banks for cash management services, and that bank reach may be strongly influenced by this choice of bank nationality. Our results suggest limits to the degree of future bank globalization. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GLOBALIZATION
KW  - BANKING industry
KW  - CASH management
KW  - DEBT management
KW  - CORPORATIONS -- Finance
KW  - EUROPE
KW  - Bank
KW  - Europe
KW  - Globalization
KW  - Mergers
N1  - Accession Number: 9052428; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Dai, Qinglei 3; Email Address: qinglei.dai@bi.no; Ongena, Steven 4; Email Address: steven.ongena@kub.nl; Smith, David C. 1; Email Address: dsmith@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551, USA.; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA.; 3: Norwegian School of Management, (BI) Elias Smiths vei 15, P.O. Box 580, 1301 Sandvika, Norway.; 4: Department of Finance, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, Netherlands.; Issue Info: Mar2003, Vol. 27 Issue 3, p383; Thesaurus Term: GLOBALIZATION; Thesaurus Term: BANKING industry; Thesaurus Term: CASH management; Thesaurus Term: DEBT management; Thesaurus Term: CORPORATIONS -- Finance; Subject: EUROPE; Author-Supplied Keyword: Bank; Author-Supplied Keyword: Europe; Author-Supplied Keyword: Globalization; Author-Supplied Keyword: Mergers; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 33p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9052428&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and Wharton Financial Institutions Ctr
T1  - To What Extent Will the Banking Industry Be Globalized? A Study of Bank Nationality and Reach in 20 European Nations
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 2003/03//
VL  - 27
IS  - 3
SP  - 383
EP  - 415
SN  - 03784266
N1  - Accession Number: 0637599 Partial authors List; ; Keywords: Bank;  Banking;  Firm;  Globalization;  Multinational; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200304
N2  - We model two dimensions of bank globalization--bank nationality (a bank from the firm's host nation, its home nation, or a third nation) and bank reach (a global, regional, or local bank) using a two-stage nested multinomial logit model. Our data set includes over 2000 foreign affiliates of multinational corporations operating in 20 European nations and over 250 banks that serve them. We find that these firms frequently use host nation banks for cash management services, and that bank reach may be strongly influenced by this choice of bank nationality. Our results suggest limits to the degree of future bank globalization.
KW  - Multinational Firms; International Business          F23
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - International Lending and Debt Problems          F34
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0637599&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lebow, David E.
AU  - Rudd, Jeremy B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Measurement Error in the Consumer Price Index: Where Do We Stand?
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 2003/03//
VL  - 41
IS  - 1
SP  - 159
EP  - 201
SN  - 00220515
N1  - Accession Number: 0642624; Keywords: CPI;  Consumer Price Index;  Cost of Living;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200305
N2  - We survey the evidence on CPI bias and provide our best estimate of its magnitude. We also identify a "weighting" bias that has not been quantified previously. We estimate that the CPI currently overstates the rate of change in the cost of living by about 0.9 percentage point per year, with a confidence interval ranging from 0.3 to 1.4 percentage points. Our estimate is boosted by new evidence that substitution bias has increased sharply since the mid-1990s, and is reduced by the cumulative impact of a variety of recent improvements to BLS procedures. The study discusses potential areas for further improvement.
KW  - Index Numbers and Aggregation; Leading indicators          C43
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.aeaweb.org/jel/index.php
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0642624&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/002205103321544729
UR  - http://www.aeaweb.org/jel/index.php
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gibson, Michael S.
AD  - Federal Reserve System
T1  - Is Corporate Governance Ineffective in Emerging Markets?
JO  - Journal of Financial and Quantitative Analysis
JF  - Journal of Financial and Quantitative Analysis
Y1  - 2003/03//
VL  - 38
IS  - 1
SP  - 231
EP  - 250
SN  - 00221090
N1  - Accession Number: 0642737; Keywords: Corporate Governance;  Firm;  Governance;  Shareholder; Geographic Descriptors: LDCs; Publication Type: Journal Article; Update Code: 200305
N2  - I test whether corporate governance is ineffective in emerging markets by estimating the link between CEO turnover and firm performance for over 1,200 firms in eight emerging markets. I find two main results. First, CEOs of emerging market firms are more likely to lose their jobs when their firm's performance is poor, suggesting that corporate governance is not ineffective in emerging markets. Second, for the subset of firms with a large domestic shareholder, there is no link between CEO turnover and firm performance. For this subset of emerging market firms, corporate governance appears to be ineffective.
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G340
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G320
KW  - Industrialization; Manufacturing and Service Industries; Choice of Technology          O140
L3  - http://journals.cambridge.org/action/displayBackIssues?jid=JFQ
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0642737&site=ehost-live&scope=site
UR  - http://journals.cambridge.org/action/displayBackIssues?jid=JFQ
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Klevmarken, N. Anders
AU  - Lupton, Joseph P.
AU  - Stafford, Frank P.
AD  - Uppsala U
AD  - Federal Reserve System
AD  - U MI
T1  - Wealth Dynamics in the 1980s and 1990s: Sweden and the United States
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2003///Spring
VL  - 38
IS  - 2
SP  - 322
EP  - 353
SN  - 0022166X
N1  - Accession Number: 0642776; Keywords: Inequality;  Wealth; Geographic Descriptors: Sweden; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200305
N2  - Given differences in public saving programs between Sweden and the United States, an examination of household private wealth accumulation in these two countries can be enlightening. In this paper we examine wealth inequality and mobility in Sweden and the United States over the past decade. We show that wealth inequality has been significantly greater in the United States than in Sweden and, while remaining relatively constant since the mid-1980s in Sweden, has increased in the United States. In addition to less inequality and a higher median wealth, we also show that wealth quintile mobility in the 1990s has been 25.7 percent higher in Sweden, as measured by Shorrocks' index (1978). Noting the role of various demographic components in shaping the patterns of wealth mobility as well (is the importance of the initial wealth distribution, we utilize a matching algorithm that controls for these differences. Matching on the initial wealth distribution alone accounts for most of the mobility difference between the two countries and yields a Shorrocks' index in the United States 11.1 percent less than that in Sweden. Adjusting for the large degree of imputation in the Swedish data, the U.S. index is only 3.4 percent to 6.1 percent less than that of Sweden. Along with exploring the role of racial composition differences, we conclude that demographic variation between Sweden and the United States plays very little role in explaining wealth mobility beyond that explained by the initial wealth distribution. Despite the higher quintile mobility in Sweden, dollar mobility is still higher in the United States.
KW  - Personal Income, Wealth, and Their Distributions          D31
L3  - http://jhr.uwpress.org/content/by/year
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bostic, Raphael W.
AU  - Robinson, Breck L.
T1  - Do CRA Agreements Influence Lending Patterns?
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2003///Spring2003
VL  - 31
IS  - 1
M3  - Article
SP  - 23
EP  - 51
PB  - Wiley-Blackwell
SN  - 10808620
AB  - This article considers the broader impact of Community Reinvestment Act (CRA) agreements—bank pledges to extend a certain volume of lending to targeted groups and communities—by examining whether they are associated with changes in lending to lower-income and minority communities in the markets where they are initiated. We find the number of newly initiated CRA agreements in a county to be associated with significant increases in CRA, minority and overall conventional mortgage lending in a county over a three-year period. The results are consistent with the view that the increases in lending represent new lending, with some evidence suggesting that the increases in lending are relatively short-lived. Overall, the results are consistent with the notion that lenders view CRA agreements as a form of insurance against the potentially large and unknown costs associated with fair lending violations, poor CRA performance ratings and adverse publicity from CRA-related protests of mergers or other applications. The results are also consistent with the view that the effectiveness of CRA agreements in increasing lending activity is ultimately determined by the persistence and sophistication of community groups in monitoring compliance with CRA agreements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT -- Law & legislation
KW  - LOANS
KW  - INTEREST income
KW  - RATE of return
KW  - DISCRIMINATION in financial services
KW  - REAL estate management
N1  - Accession Number: 9614864; Bostic, Raphael W. 1; Email Address: bostic@usc.edu; Robinson, Breck L. 2; Email Address: robinsob@be.udel.edu; Affiliations: 1: Board of Governors, Federal Reserve System and School of Policy, Planning,and Development, University of Southern California, Los Angeles, CA 90089-0626.; 2: Alfred Lemer College of Business and Economics, University of Delaware, Newark, DE 19716.; Issue Info: Spring2003, Vol. 31 Issue 1, p23; Thesaurus Term: CREDIT -- Law & legislation; Thesaurus Term: LOANS; Thesaurus Term: INTEREST income; Thesaurus Term: RATE of return; Thesaurus Term: DISCRIMINATION in financial services; Thesaurus Term: REAL estate management; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 531312 Nonresidential Property Managers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531310 Real estate property managers; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 526915 Bond and income / dividend funds - Canadian; Number of Pages: 29p; Document Type: Article; Full Text Word Count: 10655
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
T1  - Minimum wages and skill acquisition: another look at schooling effects
JO  - Economics of Education Review
JF  - Economics of Education Review
Y1  - 2003/02//
VL  - 22
IS  - 1
M3  - Article
SP  - 1
SN  - 02727757
AB  - Although economic research on minimum wages has focused predominantly on employment effects, some attention has been devoted to the analysis of the effects of minimum wages on skill acquisition and education. This paper takes another look at evidence on the effects of minimum wages on schooling, seeking to reconcile some of the contradictory results in recent research, using CPS data from the late 1970s through the 1980s. Based on this re-examination, as well as on additional results updating the data through 1998, we conclude that the evidence points to negative effects of minimum wages on school enrollment, bolstering the findings of negative effects of minimum wages on enrollment from a number of recent studies, as well as some older ones, and countering claims that appeared to overturn at least some of this evidence. [Copyright &y& Elsevier]
AB  - Copyright of Economics of Education Review is the property of Pergamon Press - An Imprint of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - SKILLED labor
KW  - EMPLOYMENT (Economic theory)
N1  - Accession Number: 8667256; Neumark, David 1; Email Address: neumarkd@msu.edu Wascher, William 2; Affiliation:  1: Department of Economics, Michigan State University, East Lansing, MI 48824, USA  2: Board of Governors of the Federal Reserve System, 20th and Constitution, NW, Washington, DC 20551, USA; Source Info: Feb2003, Vol. 22 Issue 1, p1; Subject Term: MINIMUM wage; Subject Term: SKILLED labor; Subject Term: EMPLOYMENT (Economic theory); NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 10p; Document Type: Article
L3  - 10.1016/S0272-7757(02)00006-7
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=8667256&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AD  - Federal Reserve System
T1  - An Overview of Consumer Data and Credit Reporting
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2003/02//
VL  - 89
IS  - 2
SP  - 47
EP  - 73
SN  - 00149209
N1  - Accession Number: 0642201 Partial authors List; ; Keywords: Consumer;  Credit;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200305
N2  - For some time, the Board of Governors of the Federal Reserve System has sought to obtain more detailed and timely information on the debt status, loan payment behavior, and overall credit quality of U.S. consumers. For decades, information of this type has been gathered by credit reporting companies primarily to assist creditors in evaluating the credit quality of current and prospective customers. To evaluate the potential usefulness of these data, the Federal Reserve Board engaged one of the three national consumer reporting companies to supply the credit records, without personal identifying information, of a nationally representative sample of individuals. This article describes the way the credit reporting companies compile and report their data and gives background on the regulatory structure governing these activities. This description is followed by a detailed look at the information collected in credit reports. Key aspects of the data that may be incomplete, duplicative, or ambiguous as they apply to credit evaluation are highlighted in the analysis. The article concludes with a discussion of steps that might be taken to address some of the issues identified.
KW  - Household Saving; Personal Finance          D14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Consumer Protection          D18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0642201&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Warnock, Francis E.
AD  - IMF
AD  - Federal Reserve System
T1  - A Simple Measure of the Intensity of Capital Controls
JO  - Journal of Empirical Finance
JF  - Journal of Empirical Finance
Y1  - 2003/02//
VL  - 10
IS  - 1-2
SP  - 81
EP  - 103
SN  - 09275398
N1  - Accession Number: 0642669; Keywords: Capital Control;  Capital;  Financial Liberalization;  Foreign Ownership;  Liberalization;  Ownership; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200305
N2  - We propose a monthly measure of the intensity of capital controls across 29 emerging markets. Our measure, which is based on restrictions on foreign ownership of equities, provides information on the extent and evolution of financial liberalization. Using the measure, we show that a complete liberalization results in a much sharper decrease in the cost of capital than previously reported, but following a partial liberalization, the cost of capital increases. Moreover, the more complete the liberalization is, the greater are the subsequent exchange rate appreciation and capital inflows.
KW  - International Financial Markets          G15
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - Socialist Institutions and Their Transitions: Financial Economics          P34
L3  - http://www.sciencedirect.com/science/journal/09275398
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UR  - http://www.sciencedirect.com/science/journal/09275398
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Tevlin, Stacey
AU  - Whelan, Karl
AD  - Federal Reserve System
AD  - Central Bank of Ireland
T1  - Explaining the Investment Boom of the 1990s
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2003/02//
VL  - 35
IS  - 1
SP  - 1
EP  - 22
SN  - 00222879
N1  - Accession Number: 0637969; Keywords: Capital;  Investment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200304
N2  - Real equipment investment in the United States boomed in the 1990s, led by soaring investment in computers. We find that traditional aggregate econometric models completely fail to capture the magnitude of this growth-mainly because these models neglect to address two features that were crucial (and unique) to the 1990s' investment boom. First, the pace at which firms replace depreciated capital increased. Second, investment was more sensitive to the cost of capital. We document that these two features stem from the special behavior of investment in computers and therefore propose a disaggregated approach. This produces an econometric model that successfully explains the 1990s' equipment investment boom.
KW  - Capital; Investment; Capacity          E22
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Aizcorbe, Ana M.
AU  - Kennickell, Arthur B.
AU  - Moore, Kevin B.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2003/01//
VL  - 89
IS  - 1
SP  - 1
EP  - 32
SN  - 00149209
N1  - Accession Number: 0635161; Keywords: Consumer;  Income; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200303
N2  - Data from the Federal Reserve Board's Survey of Consumer Finances show a striking pattern of growth in family income and net worth between 1998 and 2001. Inflation-adjusted incomes of families rose broadly, although growth was fastest among the group of families whose income was higher than the median. The median value of family net worth grew faster than that of income, but as with income, the growth rates of net worth were fastest for groups above the median. The years between 1998 and 2001 also saw a rise in the proportion of families that own corporate equities either directly or indirectly (such as through mutual funds or retirement accounts); by 2001 the proportion exceeded 50 percent. The growth in the value of equity holdings helped push up financial assets as a share of total family assets despite a decline in the overall stock market that began in the second half of 2000. The level of debt carried by families rose over the period, but the expansion in equities and the increased values of principal residences and other assets were sufficient to reduce debt as a proportion of family assets. The typical share of family income devoted to debt repayment also fell over the period. For some groups, however--particularly those with relatively low levels of income and wealth--a concurrent rise in the frequency of late debt payments indicated that their ability to service their debts had deteriorated.
KW  - Household Saving; Personal Finance          D14
KW  - Personal Income, Wealth, and Their Distributions          D31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bomfim, Antulio N.
AD  - Federal Reserve System
T1  - Pre-announcement Effects, News Effects, and Volatility: Monetary Policy and the Stock Market
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 2003/01//
VL  - 27
IS  - 1
SP  - 133
EP  - 151
SN  - 03784266
N1  - Accession Number: 0633000; Keywords: Monetary Policy;  Monetary;  Policy;  Stock Market;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200302
N2  - I examine pre-announcement and news effects on the stock market in the context of public disclosure of monetary policy decisions. The results suggest that the stock market tends to be relatively quiet--conditional volatility is abnormally low--on days preceding regularly scheduled policy announcements. Although this calming effect is routinely reported in anecdotal press accounts, it is statistically significant only over the past four to five years, a result that I attribute to changes in the Federal Reserve's disclosure practices in early 1994. The paper also looks at how the actual interest rate decisions of policy makers affect stock market volatility. The element of surprise in such decisions tends to boost stock market volatility significantly in the short run, and positive surprises--higher-than-expected values of the target federal funds rate--tend to have a larger effect on volatility than negative surprises. The implications of the results for broader issues in the finance and economics literatures are also discussed.
KW  - Financial Markets and the Macroeconomy          E44
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Monetary Policy          E52
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.sciencedirect.com/science/journal/03784266
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UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ongena, Steven
AU  - Smith, David C.
AU  - Michalsen, Dag
AD  - Tilburg U
AD  - Federal Reserve System
AD  - Norwegian School of Management
T1  - Firms and Their Distressed Banks: Lessons from the Norwegian Banking Crisis
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2003/01//
VL  - 67
IS  - 1
SP  - 81
EP  - 112
SN  - 0304405X
N1  - Accession Number: 0637773; Keywords: Bank;  Banking Crisis;  Banking;  Firm; Geographic Descriptors: Norway; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200304
N2  - We use the near-collapse of the Norwegian banking system during the period 1988-1991 to measure the impact of bank distress announcements on the stock prices of firms maintaining a relationship with a distressed bank. Although banks experienced large and permanent downward revisions in their equity value during the event period, firms maintaining relationships with these banks faced only small and temporary changes, on average, in stock price. Firms with access to unused liquid bank funds and firms that issued equity just prior to the crisis experience relatively high abnormal returns. Overall, the aggregate impact of bank distress appears small.
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.sciencedirect.com/science/journal/0304405X
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UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Mester, Loretta J.
T1  - Explaining the dramatic changes in performance of US banks: technological change, deregulation, and dynamic changes in competition
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2003/01//
VL  - 12
IS  - 1
M3  - Article
SP  - 57
SN  - 10429573
AB  - We investigate the effects of technological change, deregulation, and dynamic changes in competition on the performance of US banks. Our most striking result is that during 1991–1997, cost productivity worsened while profit productivity improved substantially, particularly for banks engaging in mergers. The data are consistent with the hypothesis that banks tried to maximize profits by raising revenues as well as reducing costs. Banks appeared to provide additional or higher quality services that raised costs but also raised revenues by more than the cost increases. The results suggest that methods that exclude revenues when assessing performance may be misleading. [Copyright &y& Elsevier]
AB  - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - PRODUCTIVITY accounting
KW  - Bank
KW  - Cost
KW  - Efficiency
KW  - Productivity
KW  - Profit
N1  - Accession Number: 9291621; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Mester, Loretta J. 3,4; Email Address: loretta.mester@phil.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: The Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA 19104, USA; 3: Research Department, Federal Reserve Bank of Philadelphia, Ten Independence Mall, Philadelphia, PA 19106-1574, USA; 4: Finance Department, The Wharton School, University of Pennsylvania, Philadelphia, PA 19104, USA; Issue Info: Jan2003, Vol. 12 Issue 1, p57; Thesaurus Term: BANKING industry; Thesaurus Term: PRODUCTIVITY accounting; Author-Supplied Keyword: Bank; Author-Supplied Keyword: Cost; Author-Supplied Keyword: Efficiency; Author-Supplied Keyword: Productivity; Author-Supplied Keyword: Profit; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 39p; Document Type: Article
L3  - 10.1016/S1042-9573(02)00006-2
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McKinney, Richard J.
T1  - The Federal Reserve System: Information Sources at the Nation's Central Bank.
JO  - Legal Reference Services Quarterly
JF  - Legal Reference Services Quarterly
Y1  - 2003/01//
VL  - 22
IS  - 1
M3  - Article
SP  - 29
EP  - 44
SN  - 0270319X
AB  - This pathfinder provides a brief history of the Federal Reserve System through the major U.S. banking laws and regulations with key sources for information from offline and online sources. [ABSTRACT FROM PUBLISHER]
AB  - Copyright of Legal Reference Services Quarterly is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - Online information services
KW  - Information services
KW  - Banking industry -- United States
KW  - Banking law & legislation
KW  - United States
KW  - Federal Reserve System
KW  - monetary policy
KW  - U.S. banking laws and regulations
KW  - United States. Federal Reserve Board
N1  - Accession Number: 28032642; McKinney, Richard J. 1; Affiliations: 1 : Assistant Law Librarian, Board of Governors, Federal Reserve System;  Source Info: 2003, Vol. 22 Issue 1, p29; Thesaurus Term: Online information services; Thesaurus Term: Information services; Subject Term: Banking industry -- United States; Subject Term: Banking law & legislation; Subject: United States; Author-Supplied Keyword: Federal Reserve System; Author-Supplied Keyword: monetary policy; Author-Supplied Keyword: U.S. banking laws and regulations; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - lih
ER  - 

TY  - JOUR
AU  - Iyigun, Murat F.
AU  - Levin, Andrew T.
AD  - U CO
AD  - Federal Reserve System
T1  - What Determines Public Support for Affirmative Action?
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 2003/01//
VL  - 69
IS  - 3
SP  - 612
EP  - 627
SN  - 00384038
N1  - Accession Number: 0638808; Keywords: Affirmative Action;  Education Finance;  Education; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200304
N2  - We present a public higher-education finance model in which demand for education can exceed supply because of indivisibilities in educational investment. In such situations, a screening mechanism--which may exhibit a selection system bias--is required for allocation. We show how changes in the education premium and the test score gap between the minority and the majority might affect political support for affirmative action. When the education premium is relatively low, the matching efficiency gains provided by affirmative action are high compared with the opportunity cost of not acquiring education, and the majority supports affirmative action. When the education premium is high, the opportunity cost of not getting educated is high relative to the matching efficiency gains provided by affirmative action policies, and the majority's support for affirmative action is weaker. In contrast, a higher test score bias has a generally ambiguous effect on the majority's political support. If the test score bias is sufficiently large, however, the majority does support affirmative action.
KW  - Education: Government Policy          I28
KW  - Labor Discrimination: Public Policy          J78
KW  - Educational Finance; Financial Aid          I22
L3  - http://journal.southerneconomic.org/loi/soec
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UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Carpenter, Seth B.
AU  - Lange, Joe
T1  - Money Demand and Equity Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
JF  - Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 22
AB  - Money demand in part reflects a portfolio decision. As equities have become a significant store of household wealth, it seems plausible that variations in equity markets could affect money demand. We re-specify a standard money demand equation to include stock market volatility and revisions to analyst earnings projections. We find that these equity market variables are statistically significant and reduce the errors from money demand models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's Finance & Economic Discussion Series is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEMAND for money
KW  - SECURITIES markets
KW  - EFFICIENT market theory
KW  - VOLATILITY (Finance)
KW  - INVESTMENT analysis
KW  - ECONOMIC forecasting
KW  - ECONOMICS -- Statistical methods
KW  - DEMAND (Economic theory)
N1  - Accession Number: 20919155; Carpenter, Seth B. 1,2; Lange, Joe 1,2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Cornerstone Research; Issue Info: 2003, p1; Thesaurus Term: DEMAND for money; Thesaurus Term: SECURITIES markets; Thesaurus Term: EFFICIENT market theory; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: INVESTMENT analysis; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: DEMAND (Economic theory); NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 22p; Illustrations: 3 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Ahearne, Alan G.
AU  - Fernald, John G.
AU  - Prakash6Loungani
AU  - Schindler, John W.
T1  - China and Emerging Asia: Comrades or Competitors?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 37
AB  - Do increases in China's exports reduce exports of other emerging Asian economies? We find that correlations between Chinese export growth and that of other emerging Asian economies are actually positive (though usually not significant), even after controlling for trading-partner income growth and real effective exchange rates. We also present results from a VAR estimation of aggregate trade equations on the relative importance of foreign income and exchange rates in determining Asian export growth. Although exchange rates do matter for export performance, the income growth of trading partners matters even more. In addition, we examine specific products and find evidence that a considerable shifting of trade patterns is taking place, consistent with a ‘flying geese’ pattern in which China and ASEAN-4 move into the product space vacated by the NIEs. Our results suggest that China and emerging Asia are both comrades (overall) and competitors (in specific products). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPORTS
KW  - INTERNATIONAL finance
KW  - INTERNATIONAL trade
KW  - MONETARY policy
KW  - FOREIGN exchange
KW  - COMMERCIAL policy
KW  - ECONOMIC policy
KW  - DEVELOPING countries
KW  - CHINA
KW  - ASIA
KW  - exchange rates
KW  - exports
KW  - flying geese
KW  - trade equations
KW  - trade links
N1  - Accession Number: 23647463; Ahearne, Alan G. 1; Fernald, John G. 2; Prakash6Loungani 3; Schindler, John W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of Chicago; 3: International Monetary Fund; Issue Info: 2003, p1; Thesaurus Term: EXPORTS; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: MONETARY policy; Thesaurus Term: FOREIGN exchange; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: ECONOMIC policy; Subject Term: DEVELOPING countries; Subject: CHINA; Subject: ASIA; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: exports; Author-Supplied Keyword: flying geese; Author-Supplied Keyword: trade equations; Author-Supplied Keyword: trade links; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 37p; Illustrations: 8 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Burger, John D.
AU  - Warnock, Francis E.
T1  - Diversification, Original Sin, and International Bond Portfolios.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 36
AB  - While there is a severe home bias in U.S. investors' foreign bond portfolios, we find that portfolio weights are greater for countries with more open capital accounts and whose bond returns are less correlated with U.S. returns. Positions in local-currency-denominated bonds are particularly sensitive to past and prospective returns volatility. An analysis of changes in portfolio weights over time indicates that U.S. investors have recently moved out of smaller markets and those with low and declining credit ratings. Our data also allow for an analysis of the size and currency composition of international bond markets. We find that countries with stronger institutions and better inflation performance have larger local currency bond markets. An implication for developing countries is that creditor friendly policies, such as vigilance on the inflation front and the development of strong institutions, can enable local bond market development and may in turn attract global investors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DIVERSIFICATION in industry
KW  - BOND funds
KW  - RATE of return
KW  - CAPITALISTS & financiers
KW  - BONDS (Finance) -- Ratings & rankings
KW  - CREDIT ratings
KW  - SECURITIES markets
KW  - MONEY market
KW  - CREDIT bureaus
KW  - FINANCE
KW  - UNITED States
KW  - bond market development
KW  - emerging market debt
KW  - flight to quality
KW  - home bias
KW  - portfolio choice
N1  - Accession Number: 23647430; Burger, John D. 1; Email Address: jburger@loyola.edu; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Assistant Professor, Sellinger School of Business and Management, Loyola College of Maryland and Economist in the International Finance Division of the Board of, Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: DIVERSIFICATION in industry; Thesaurus Term: BOND funds; Thesaurus Term: RATE of return; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: BONDS (Finance) -- Ratings & rankings; Thesaurus Term: CREDIT ratings; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONEY market; Thesaurus Term: CREDIT bureaus; Thesaurus Term: FINANCE; Subject: UNITED States; Author-Supplied Keyword: bond market development; Author-Supplied Keyword: emerging market debt; Author-Supplied Keyword: flight to quality; Author-Supplied Keyword: home bias; Author-Supplied Keyword: portfolio choice; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 36p; Illustrations: 10 Charts, 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AU  - Vigfusson, Robert
T1  - How do Canadian Hours Worked Respond to a Technology Shock?
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 20
AB  - This paper investigates the response of hours worked to a permanent technology shock. Based on annual data from Canada, we argue that hours worked rise after a positive technology shock. We obtain a similar result using annual data from the United States. These results contradict a large literature that claims that a positive technology shock causes hours worked to fall. We find that the different results are due to the literature making a specification error in the statistical model of per capita hours worked. Finally, we present results suggesting that Canadian monetary policy has accommodated technology shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGY
KW  - TECHNOLOGICAL innovations
KW  - PER capita
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - MONETARY theory
KW  - MARGINAL productivity
KW  - ECONOMICS
KW  - CANADA
KW  - hours worked
KW  - long-run restriction
KW  - productivity
KW  - weak instruments
N1  - Accession Number: 23647448; Christiano, Lawrence J. 1; Email Address: l-christiano@northwestern.edu; Eichenbaum, Martin 1; Email Address: eich@northwestern.edu; Vigfusson, Robert 2; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Northwestern University and NBER; 2: Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: TECHNOLOGY; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: PER capita; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY theory; Thesaurus Term: MARGINAL productivity; Thesaurus Term: ECONOMICS; Subject: CANADA; Author-Supplied Keyword: hours worked; Author-Supplied Keyword: long-run restriction; Author-Supplied Keyword: productivity; Author-Supplied Keyword: weak instruments; Number of Pages: 20p; Illustrations: 1 Chart, 6 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AU  - Vigfusson, Robert
T1  - The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 15
AB  - We investigate what happens to hours worked after a positive shock to technology, using the aggregate technology series computed in Basu, Fernald and Kimball (1999). We conclude that hours worked rise after such a shock. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGY
KW  - LABOR economics
KW  - TECHNOLOGICAL forecasting
KW  - TECHNOLOGICAL revolution
KW  - WORKING hours
KW  - LABOR productivity
KW  - INDUSTRIAL productivity
KW  - ECONOMICS
KW  - TECHNOLOGY assessment
KW  - Granger-causality
KW  - Long-Run Identifying Assumption
KW  - Productivity
N1  - Accession Number: 23647464; Christiano, Lawrence J. 1; Email Address: christiano@northwestern.edu; Eichenbaum, Martin 1; Email Address: eich@northwestern.edu; Vigfusson, Robert 2; Email Address: robert.j.vigfusson@frb.gov; Affiliations: 1: Northwestern University; 2: Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: TECHNOLOGY; Thesaurus Term: LABOR economics; Thesaurus Term: TECHNOLOGICAL forecasting; Thesaurus Term: TECHNOLOGICAL revolution; Thesaurus Term: WORKING hours; Thesaurus Term: LABOR productivity; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: ECONOMICS; Subject Term: TECHNOLOGY assessment; Author-Supplied Keyword: Granger-causality; Author-Supplied Keyword: Long-Run Identifying Assumption; Author-Supplied Keyword: Productivity; Number of Pages: 15p; Illustrations: 1 Chart, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Durham, J. Benson
T1  - Foreign Portfolio Investment, Foreign Bank Lending, and Economic Growth.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 33
AB  - In contrast to the empirical literature's focus on foreign direct investment (FDI), this study examines the effects of foreign portfolio investment (FPI) and ‘other’ foreign investment (OFI) on economic growth using data on 88 countries from 1977 through 2000. Most measures suggest that FPI has no effect, and some results indicate that OFI has a negative impact on growth that is somewhat mitigated by initial financial and/or legal development. However, these results are questionable due to possible simultaneity bias. The empirical analyses also examine whether non-FDI foreign investment affects growth indirectly. FPI does not correlate positively with macroeconomic volatility, but the results indicate that the negative indirect effect of OFI through macroeconomic volatility comprises a substantial portion of the gross negative effect of OFI on growth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - FOREIGN investments
KW  - FOREIGN banking industry
KW  - FOREIGN source income
KW  - CAPITAL movements
KW  - INVESTMENTS
KW  - ECONOMIC indicators
KW  - INTERNATIONAL economic relations
KW  - INTERNATIONAL finance
KW  - EMERGING markets
KW  - economic growth
KW  - financial development
KW  - foreign portfolio investment
N1  - Accession Number: 23647432; Durham, J. Benson 1; Email Address: j.benson.durham@frb.gov; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Mail Stop 71, Washington, DC; Issue Info: 2003, p1; Thesaurus Term: ECONOMIC development; Thesaurus Term: FOREIGN investments; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: FOREIGN source income; Thesaurus Term: CAPITAL movements; Thesaurus Term: INVESTMENTS; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: EMERGING markets; Author-Supplied Keyword: economic growth; Author-Supplied Keyword: financial development; Author-Supplied Keyword: foreign portfolio investment; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 33p; Illustrations: 9 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Edison, Hali J.
AU  - Warnock, Francis E.
T1  - Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 43
AB  - We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border listings, while controlling for traditional global (push) and country-specific (pull) factors. Two important results emerge. First, the cross-listing of an emerging market firm on a U.S. exchange is an important but short-lived capital flows event, suggesting that the cross-listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls were binding. Among the standard push and pull factors, global factors are important—slack U.S. economic activity is associated with increased flows to emerging markets—and U.S. investors appear to chase expected, but not past, returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - STOCKS (Finance)
KW  - EMERGING markets
KW  - ECONOMIC activity
KW  - ECONOMIC indicators
KW  - FOREIGN investments
KW  - FINANCE
KW  - CAPITALISTS & financiers
KW  - TRANSITION economies
KW  - INTERNATIONAL markets
KW  - UNITED States
KW  - ADRs
KW  - capital flows
KW  - emerging markets
KW  - portfolio equity flows
N1  - Accession Number: 23647444; Edison, Hali J. 1; Email Address: hedison@imf.org; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Senior Economist, Research Department of the IMF and Economist, International Finance Division of the Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: CAPITAL movements; Thesaurus Term: STOCKS (Finance); Thesaurus Term: EMERGING markets; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: FOREIGN investments; Thesaurus Term: FINANCE; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: TRANSITION economies; Thesaurus Term: INTERNATIONAL markets; Subject: UNITED States; Author-Supplied Keyword: ADRs; Author-Supplied Keyword: capital flows; Author-Supplied Keyword: emerging markets; Author-Supplied Keyword: portfolio equity flows; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 43p; Illustrations: 8 Charts, 10 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Edison, Hali J.
AU  - Warnock, Francis E.
T1  - U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 32
AB  - We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We document that at a point in time U.S. portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a U.S. exchange. The size of the cross-listing effect is striking. In contrast to the well-documented underweighting of foreign stocks, emerging market equities that are cross-listed on a U.S. exchange are incorporated into U.S. portfolios at full international CAPM weights. Our results suggest that information asymmetries play an important role in equity home bias and that the benefits of international risk sharing are limited to select firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITALISTS & financiers
KW  - EMERGING markets
KW  - STOCKS (Finance) -- Rate of return
KW  - CAPITAL investments -- Mathematical models
KW  - FOREIGN investments
KW  - INTERNATIONAL markets
KW  - INVESTMENT clubs
KW  - TRANSITION economies
KW  - DEVELOPING countries
KW  - UNITED States
KW  - emerging markets
KW  - home bias
KW  - international risk sharing
KW  - portfolio choice
N1  - Accession Number: 23647445; Edison, Hali J. 1; Email Address: hedison@imf.org; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Senior Economist, Research Department of the IMF and Economist, International Finance Division of the Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: EMERGING markets; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: CAPITAL investments -- Mathematical models; Thesaurus Term: FOREIGN investments; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: INVESTMENT clubs; Thesaurus Term: TRANSITION economies; Subject Term: DEVELOPING countries; Subject: UNITED States; Author-Supplied Keyword: emerging markets; Author-Supplied Keyword: home bias; Author-Supplied Keyword: international risk sharing; Author-Supplied Keyword: portfolio choice; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 32p; Illustrations: 6 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Faust, Jon
AU  - Rogers, John H.
AU  - Shing-Yi B. Wang
AU  - Wright, Jonathan H.
T1  - The High-Frequency Response of Exchange Rates and Interest Rates to Macroeconomic Announcements.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 45
AB  - Many recent papers have studied movements in stock, bond, and currency prices over short windows of time around macro announcements. This paper adds to the announcement effects literature in two ways. First, we study the joint announcement effects across a broad range of assets—exchange rates and U.S. and foreign term structures. In order to evaluate whether the joint effects can be reconciled with conventional theory, we interpret the joint movements in light of uncovered interest rate parity or changes in risk premia. For several real macro announcements, we find that a stronger than expected release appreciates the dollar today, but that it must either (i) lower the relative risk premium for holding foreign currency rather than dollars, or (ii) imply considerable future expected dollar depreciation. The latter implies an overshooting behavior akin to that described by Dornbusch (1976). Second, we use a longer span of high frequency data than has been common in announcement work. A longer span of high frequency data contributes to the precision of our estimates and allows us to explore the possibility that the effects of macro surprises on asset prices have varied over time. We find evidence, for example, that PPI releases had a larger effect on U.S. interest rates before about 1992 than subsequently. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INTEREST rates
KW  - ECONOMIC indicators
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - FOREIGN exchange
KW  - MONETARY policy
KW  - INVESTMENT interest
KW  - ECONOMIC forecasting
KW  - Data Releases
KW  - Exchange Rates
KW  - Overshooting
KW  - Uncovered Interest Parity
N1  - Accession Number: 23647458; Faust, Jon 1; Rogers, John H. 1; Shing-Yi B. Wang 1; Wright, Jonathan H. 1; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2003, p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FOREIGN exchange; Thesaurus Term: MONETARY policy; Thesaurus Term: INVESTMENT interest; Thesaurus Term: ECONOMIC forecasting; Author-Supplied Keyword: Data Releases; Author-Supplied Keyword: Exchange Rates; Author-Supplied Keyword: Overshooting; Author-Supplied Keyword: Uncovered Interest Parity; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 45p; Illustrations: 6 Charts, 9 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gagnon, Joseph E.
T1  - Long-Run Supply Effects and the Elasticities Approach to Trade.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 21
AB  - Krugman (1989) argued that differences across countries in estimated income elasticities of import demand are due to omission of an exporter supply effect. He showed that such an effect can be derived in a theoretical model with economies of scale in production and a taste for variety in consumption. In his model, countries grow by producing new varieties of goods, and they are able to export these goods without suffering any deterioration in their terms of trade. This paper analyzes U.S. import demand from different source countries and finds strong evidence of a supply effect of roughly half the magnitude (0.75) of the income elasticity (1.5). Price elasticities for the most part are estimated close to -1, which is typical for the literature. Exclusion of the supply effect leads to overestimation of the income elasticity. Results based on U.S. exports to different destinations are less robust, but largely corroborate these findings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUPPLY & demand
KW  - CONSUMPTION (Economics)
KW  - ELASTICITY (Economics)
KW  - EQUILIBRIUM (Economics)
KW  - SUPPLY-side economics
KW  - INTERNATIONAL trade
KW  - PRODUCTION functions (Economic theory)
KW  - MICROECONOMICS
KW  - UNITED States
KW  - import demand
KW  - income elasticity
KW  - international trade
KW  - product differentiation
N1  - Accession Number: 23647429; Gagnon, Joseph E. 1; Affiliations: 1: Assistant Director, Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: SUPPLY & demand; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: SUPPLY-side economics; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: PRODUCTION functions (Economic theory); Thesaurus Term: MICROECONOMICS; Subject: UNITED States; Author-Supplied Keyword: import demand; Author-Supplied Keyword: income elasticity; Author-Supplied Keyword: international trade; Author-Supplied Keyword: product differentiation; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 21p; Illustrations: 5 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gagnon, Joseph E.
T1  - The Effect of Exchange Rates on Prices, Wages, and Profits: A Case Study of the United Kingdom in the 1990s.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 16
AB  - During the 1990s the United Kingdom experienced large and sudden exchange rate movements that had no apparent impact on overall consumer prices. This paper shows that the stability of U.K. consumer prices was made possible in part by offsetting movements in the price-cost margins of foreign exporters and in part by offsetting price-cost margins in the U.K. distribution sector. At the same time, U.K. manufacturers experienced margin swings in the opposite direction, largely due to their role as exporters. Thus, sterling depreciation boosted the profits of U.K. manufacturers and squeezed the profits of U.K. distributors, while sterling appreciation had the opposite effects. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - PRICES
KW  - WAGES
KW  - PROFIT
KW  - STRANDED investment
KW  - ECONOMIC life of fixed assets
KW  - RESERVES (Accounting)
KW  - CASE studies
KW  - GREAT Britain
KW  - appreciation
KW  - depreciation
KW  - operating surplus
KW  - pass-through
N1  - Accession Number: 23647446; Gagnon, Joseph E. 1; Affiliations: 1: Assistant Director, Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 19, 2000 C Street NW, Washington, DC 20551; Issue Info: 2003, p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONETARY policy; Thesaurus Term: PRICES; Thesaurus Term: WAGES; Thesaurus Term: PROFIT; Thesaurus Term: STRANDED investment; Thesaurus Term: ECONOMIC life of fixed assets; Thesaurus Term: RESERVES (Accounting); Subject Term: CASE studies; Subject: GREAT Britain; Author-Supplied Keyword: appreciation; Author-Supplied Keyword: depreciation; Author-Supplied Keyword: operating surplus; Author-Supplied Keyword: pass-through; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 16p; Illustrations: 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gagnon, Joseph E.
T1  - Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 39
AB  - Most macroeconomic models imply that faster output growth tends to lower a country's trade balance by raising its imports with little change to its exports. Krugman (1989) proposed a model in which countries grow by producing new varieties of goods. In his model, faster-growing countries are able to export these new goods and maintain balanced trade without suffering any deterioration in their terms of trade. This paper analyzes the growth of U.S. imports from different source countries and finds strong support for Krugman's model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - BALANCE of trade
KW  - ECONOMIC policy
KW  - INTERNATIONAL trade
KW  - BALANCE of payments
KW  - FOREIGN trade regulation
KW  - ECONOMIC models
KW  - TERMS of trade
KW  - UNITED States
KW  - import demand
KW  - income elasticity
KW  - international trade
KW  - product differentiation
N1  - Accession Number: 23647455; Gagnon, Joseph E. 1; Email Address: joseph.e.gagnon@frb.gov; Affiliations: 1: Assistant Director, Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 19, 2000 C Street NW, Washington, DC 20551; Issue Info: 2003, p1; Thesaurus Term: MACROECONOMICS; Thesaurus Term: BALANCE of trade; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: BALANCE of payments; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: ECONOMIC models; Thesaurus Term: TERMS of trade; Subject: UNITED States; Author-Supplied Keyword: import demand; Author-Supplied Keyword: income elasticity; Author-Supplied Keyword: international trade; Author-Supplied Keyword: product differentiation; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 39p; Illustrations: 3 Charts, 3 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Gruber, Joseph W.
AU  - Martin, Robert F.
T1  - Precautionary Savings and the Wealth Distribution with Illiquid Durables.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 45
AB  - We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in response to changes in income, increasing, on average, the volatility of non-durable consumption. The volatility of total consumption is then a function of the share of the durable good in the utility function and the width of the inaction region. We are particularly interested in parameterizations which increase the precautionary motive for saving through an increase in ‘committed expenditure risk’. We find, for an empirically relevant share of durable consumption and for all transaction costs below an upper threshold, that the level of precautionary savings is increasing in the transaction costs. Transaction costs have only a modest impact on the degree of wealth dispersion, as measured by the Gini index, as the associated increase in savings is close to linear in wealth. While we are unable to match the dispersion of wealth in the data, we increase the dispersion over a single asset model (Gini index of .71 for financial assets and .37 for total wealth) and we are able to match the relative dispersion of financial to durable assets, i.e. we find financial assets much more unequal than durable assets. We also match the ratio of housing wealth to total wealth for the median agent. We calibrate the model to data from the PSID, the CES, and the SCF. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - SAVING & investment
KW  - INCOME distribution -- Mathematical models
KW  - CONSUMPTION (Economics)
KW  - DISTRIBUTION (Economic theory)
KW  - SUPPLY-side economics
KW  - ASSETS (Accounting)
KW  - ECONOMICS
KW  - GINI coefficient
KW  - Durable Goods
KW  - Precautionary Saving
KW  - Wealth Distribution
N1  - Accession Number: 23647447; Gruber, Joseph W. 1; Martin, Robert F. 1; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: WEALTH; Thesaurus Term: SAVING & investment; Thesaurus Term: INCOME distribution -- Mathematical models; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DISTRIBUTION (Economic theory); Thesaurus Term: SUPPLY-side economics; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: ECONOMICS; Subject Term: GINI coefficient; Author-Supplied Keyword: Durable Goods; Author-Supplied Keyword: Precautionary Saving; Author-Supplied Keyword: Wealth Distribution; Number of Pages: 45p; Illustrations: 5 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Holland, Sara B.
AU  - Warnock, Francis E.
T1  - Firm-Level Access To International Capital Markets: Evidence From Chilean Equities.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 19
AB  - High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm's portfolio weight is whether it is listed on a U.S. exchange. Cross-listing does not, however, appear to have permanent benefits: Weights in U.S. portfolios of firms that cross-listed in the mid-1990s increased at the expense of firms that cross-listed earlier. Put another way, firms appear to be able to access international capital at the time of the cross-listing, but this access may well be short-lived. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN business enterprises
KW  - CAPITAL market
KW  - STOCKS (Finance)
KW  - INTERNATIONAL markets
KW  - MONEY market
KW  - INTERNATIONAL trade
KW  - CHILE
KW  - UNITED States
KW  - emerging market
KW  - financial liberalization
KW  - home bias
KW  - portfolio choice
KW  - UNITED States. Securities & Exchange Commission
N1  - Accession Number: 23647427; Holland, Sara B. 1; Email Address: sara.b.holland@frb.gov; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Research Assistant, Economist in the International Finance Division of the Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: FOREIGN business enterprises; Thesaurus Term: CAPITAL market; Thesaurus Term: STOCKS (Finance); Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: MONEY market; Thesaurus Term: INTERNATIONAL trade; Subject: CHILE; Subject: UNITED States; Author-Supplied Keyword: emerging market; Author-Supplied Keyword: financial liberalization; Author-Supplied Keyword: home bias; Author-Supplied Keyword: portfolio choice ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 19p; Illustrations: 5 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Ihrig, Jane
AU  - Prior, David
T1  - The Effect of Exchange Rate Fluctuations on Multinationals' Returns.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 25
AB  - This paper examines if the type of exchange rate used or size of the movement in the exchange rate matters in estimating exchange-rate exposure of U.S. manufacturing firms. We find that switching from a broad trade-weighted exchange rate to a 2-digit SIC industry exchange rate increases slightly the number of significantly exposed firms in a simple Jorion (1990) regression. We also find that firms' stock returns may be affected differently in periods of crisis and non-crisis. Although the value of exposure does not change much with the size of the exchange rate movement, we find some firms have significant exposure only in crisis periods while others have significant exposure only during normal fluctuations in exchange rates. All told, we find about 1 in 5 firms' returns is significantly affected by movement in the exchange rate between 1995 and 1999. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange
KW  - DEVALUATION of currency
KW  - MONETARY policy
KW  - PRODUCT returns
KW  - ECONOMIC policy
KW  - MONEY supply
KW  - ECONOMICS
KW  - UNITED States
KW  - 2-digit SIC industry exchange rate
KW  - crisis indicators
KW  - exposure
N1  - Accession Number: 23647456; Ihrig, Jane 1; Email Address: Ihrig@frb.gov; Prior, David 1; Email Address: David.M.Prior@frb.gov; Affiliations: 1: nternational Finance Division, Board of Governors of the Federal Reserve System, 2000 C Street NW, Washington, DC 20551; Issue Info: 2003, p1; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange; Thesaurus Term: DEVALUATION of currency; Thesaurus Term: MONETARY policy; Thesaurus Term: PRODUCT returns; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMICS; Subject: UNITED States; Author-Supplied Keyword: 2-digit SIC industry exchange rate; Author-Supplied Keyword: crisis indicators; Author-Supplied Keyword: exposure; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 25p; Illustrations: 4 Charts, 4 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Jacques Miniane
AU  - Rogers, John H.
T1  - Capital Controls and the International Transmission of U.S. Money Shocks.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 58
AB  - In this paper we assess whether capital controls effectively insulate countries from U.S. monetary shocks, looking simultaneously at a large range of country experiences in a unified estimation framework. We estimate the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries with less open capital accounts exhibit systematically smaller responses. We find essentially no evidence in favor of this notion. Other country factors such as the exchange rate regime or degree of dollarization explain more of the cross-country differences in responses. The significant differences in responses we do find are more pronounced at short horizons. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL
KW  - CAPITAL investments
KW  - FACTORS of production
KW  - MONETARY policy
KW  - INTEREST rate risk
KW  - ECONOMIC policy
KW  - MONETARY theory
KW  - ECONOMICS
KW  - UNITED States
N1  - Accession Number: 23647452; Jacques Miniane 1; Email Address: jminiane@att.net; Rogers, John H. 2; Email Address: john.h.rogers@frb.g; Affiliations: 1: Department of Economics, Johns Hopkins University; 2: Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: CAPITAL; Thesaurus Term: CAPITAL investments; Thesaurus Term: FACTORS of production; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rate risk; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY theory; Thesaurus Term: ECONOMICS; Subject: UNITED States; Number of Pages: 58p; Illustrations: 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Jon Wongswan
T1  - Transmission of Information Across International Equity Markets.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 56
AB  - This paper provides evidence of transmission of information from the U.S. and Japan to Korean and Thai equity markets during the period from 1995 through 2000. Information is defined as important macroeconomic announcements in the U.S., Japan, Korea, and Thailand. Using high-frequency intraday data, I focus the study on return volatility and trading volume because the implications of new information are much clearer than for returns. I find a large and significant association between emerging-economy equity volatility and trading volume and developed-economy macroeconomic announcements at short-time horizons. This is the first strong evidence of this sort of international information transmission. Previous studies' findings of at most weak evidence may be due to their use of lower frequency data and their focus on developed-economy financial market innovations as the measure of information. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL finance
KW  - ACCESS to information
KW  - SECURITIES markets
KW  - INVESTMENT banking
KW  - INTERNATIONAL economic relations
KW  - INTERNATIONAL trade
KW  - JAPAN
KW  - THAILAND
KW  - UNITED States
KW  - KOREA
KW  - dispersion of expectations
KW  - high-frequency data
KW  - information
KW  - macroeconomic announcements
KW  - trading volume
KW  - volatility
N1  - Accession Number: 23647434; Jon Wongswan 1; Email Address: Jon.Wongswan@frb.gov; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: ACCESS to information; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENT banking; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: INTERNATIONAL trade; Subject: JAPAN; Subject: THAILAND; Subject: UNITED States; Subject: KOREA; Author-Supplied Keyword: dispersion of expectations; Author-Supplied Keyword: high-frequency data; Author-Supplied Keyword: information; Author-Supplied Keyword: macroeconomic announcements; Author-Supplied Keyword: trading volume; Author-Supplied Keyword: volatility; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 56p; Illustrations: 1 Diagram, 9 Charts, 8 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Nason, James M.
AU  - Rogers, John H.
T1  - The Present-Value Model of the Current Account Has Been Rejected: Round Up the Usual Suspects.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 34
AB  - Tests of the present-value model of the current account are frequently rejected by the data. Standard explanations rely on the ‘usual suspects’ of non-separable preferences, shocks to fiscal policy and the world real interest rate, and imperfect international capital mobility. We confirm these rejections on post-war Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model. Monte Carlo experiments reveal that, although each of the suspects matters in some way, a ‘canonical’ RBC model moves closest to the data when it features exogenous world real interest rate shocks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONTE Carlo method
KW  - BALANCE of payments
KW  - FISCAL policy
KW  - INVESTMENT interest
KW  - INTEREST rates
KW  - FEDERAL funds market (U.S.)
KW  - ECONOMIC indicators
KW  - ECONOMIC policy
KW  - INTERNATIONAL finance
KW  - Bayesian monte carlo
KW  - current account
KW  - international capital mobility
KW  - present-value model
KW  - world real interest rate
N1  - Accession Number: 23647435; Nason, James M. 1; Email Address: nason@econ.ubc.ca; Rogers, John H. 2; Email Address: John.H.Rogers@FRB.GOV; Affiliations: 1: Department of Economics, University of British Columbia, Canada V6T 1Z1; 2: International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C., U.S.A. 20551; Issue Info: 2003, p1; Thesaurus Term: MONTE Carlo method; Thesaurus Term: BALANCE of payments; Thesaurus Term: FISCAL policy; Thesaurus Term: INVESTMENT interest; Thesaurus Term: INTEREST rates; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INTERNATIONAL finance; Author-Supplied Keyword: Bayesian monte carlo; Author-Supplied Keyword: current account; Author-Supplied Keyword: international capital mobility; Author-Supplied Keyword: present-value model; Author-Supplied Keyword: world real interest rate; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 34p; Illustrations: 2 Charts, 6 Graphs; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Smith, David C.
T1  - Loans to Japanese Borrowers.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 35
AB  - This paper examines the characteristics of loans to Japanese borrowers using a relatively unexplored, contract-specific data set. I find that Japanese banks charge less on loans to Japanese borrowers than do foreign banks, holding constant many of the risk characteristics of the borrower. Moreover, Japanese banks vary pricing less across these risks than do foreign banks, suggesting that Japanese banks tend not to distinguish good risks from bad. Taken together, the results suggest that problems at Japanese banks stem from the behavior of the banks themselves, not simply from poor economic conditions. I also document a significant shortening in the maturity structure of Japanese loans in the late 1990s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN banking industry
KW  - DEBTOR & creditor
KW  - INTERNATIONAL banking industry
KW  - CREDIT risk
KW  - CREDIT ratings
KW  - CREDIT management
KW  - FINANCIAL institutions
KW  - INTERNATIONAL finance
KW  - JAPANESE loans
KW  - bank loans
KW  - Japanese banks
KW  - syndicated lending
N1  - Accession Number: 23647443; Smith, David C. 1; Email Address: david.c.smith@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 2003, p1; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: CREDIT risk; Thesaurus Term: CREDIT ratings; Thesaurus Term: CREDIT management; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: INTERNATIONAL finance; Subject Term: JAPANESE loans; Author-Supplied Keyword: bank loans; Author-Supplied Keyword: Japanese banks; Author-Supplied Keyword: syndicated lending; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 35p; Illustrations: 5 Charts, 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Wright, Jonathan H.
T1  - Bayesian Model Averaging and Exchange Rate Forecasts.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 30
AB  - Exchange rate forecasting is hard and the seminal result of Meese and Rogoff (1983) that the exchange rate is well approximated by a driftless random walk, at least for prediction purposes, has never really been overturned despite much effort at constructing other forecasting models. However, in several other macro and financial forecasting applications, researchers in recent years have considered methods for forecasting that combine the information in a large number of time series. One method that has been found to be remarkably useful for out-of-sample prediction is simple averaging of the forecasts of different models. This often seems to work better than the forecasts from any one model. Bayesian Model Averaging is a closely related method that has also been found to be useful for out-of-sample prediction. This starts out with many possible models and prior beliefs about the probability that each model is the true one. It then involves computing the posterior probability that each model is the true one, and averages the forecasts from the different models, weighting them by these posterior probabilities. This is effectively a shrinkage methodology, but with shrinkage over models not just over parameters. I apply this Bayesian Model Averaging approach to pseudo-out-of-sample exchange rate forecasting over the last ten years. I find that it compares quite favorably to a driftless random walk forecast. Depending on the currency-horizon pair, the Bayesian Model Averaging forecasts sometimes do quite a bit better than the random walk benchmark (in terms of mean square prediction error), while they never do much worse. The forecasts generated by this model averaging methodology are however very close to (but not identical to) those from the random walk forecast. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BAYESIAN analysis
KW  - FOREIGN exchange rates
KW  - BUSINESS forecasting
KW  - FOREIGN exchange
KW  - BUSINESS cycles
KW  - ECONOMIC forecasting
KW  - INTEREST rates
KW  - INTERNATIONAL trade
KW  - ECONOMICS
KW  - bootstrap
KW  - exchange rates
KW  - forecasting
KW  - model uncertainty
KW  - Shrinkage
N1  - Accession Number: 23647453; Wright, Jonathan H. 1; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2003, p1; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INTEREST rates; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: ECONOMICS; Author-Supplied Keyword: bootstrap; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: forecasting; Author-Supplied Keyword: model uncertainty; Author-Supplied Keyword: Shrinkage; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 30p; Illustrations: 1 Graph; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Wright, Jonathan H.
T1  - Forecasting U.S. Inflation by Bayesian Model Averaging.
JO  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
JF  - Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers
Y1  - 2003/01//
M3  - Working Paper
SP  - 1
EP  - 31
AB  - Recent empirical work has considered the prediction of inflation by combining the information in a large number of time series. One such method that has been found to give consistently good results consists of simple equal weighted averaging of the forecasts over a large number of different models, each of which is a linear regression model that relates inflation to a single predictor and a lagged dependent variable. In this paper, I consider using Bayesian Model Averaging for pseudo out-of-sample prediction of US inflation, and find that it gives more accurate forecasts than simple equal weighted averaging. This superior performance is consistent across subsamples and inflation measures. Meanwhile, both methods substantially outperform a naive time series benchmark of predicting inflation by an autoregression. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Working Papers -- U.S. Federal Reserve Board's International Finance Discussion Papers is the property of US Federal Reserve Board and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - ECONOMIC policy
KW  - BUSINESS forecasting
KW  - ECONOMIC forecasting
KW  - BUSINESS cycles
KW  - FINANCIAL performance
KW  - REGRESSION analysis
KW  - BAYESIAN analysis
KW  - UNITED States
KW  - forecasting
KW  - inflation
KW  - model uncertainty
KW  - Phillips curve
KW  - Shrinkage
N1  - Accession Number: 23647454; Wright, Jonathan H. 1; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551; Issue Info: 2003, p1; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: BUSINESS cycles; Thesaurus Term: FINANCIAL performance; Thesaurus Term: REGRESSION analysis; Thesaurus Term: BAYESIAN analysis; Subject: UNITED States; Author-Supplied Keyword: forecasting; Author-Supplied Keyword: inflation; Author-Supplied Keyword: model uncertainty; Author-Supplied Keyword: Phillips curve; Author-Supplied Keyword: Shrinkage; Number of Pages: 31p; Illustrations: 10 Charts; Document Type: Working Paper
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - UNPB
AU  - Coenen, Guenter
AU  - Orphanides, Athanasios
AU  - Wieland, Volker
AD  - European Central Bank
AD  - Board of Governors of the Federal Reserve System, Washington D.C.
AD  - Goethe University of Frankfurt and CEPR
T1  - Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
PB  - European Central Bank, Working Paper Series: 231
Y1  - 2003///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0820778; Publication Type: Working Paper; Update Code: 200603
N2  - This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the 1980s and 1990s, the consequences of the zero bound are negligible for target inflation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the inflation target and produce a quantitatively significant deterioration of the performance of the economy with targets between 0 and 1 percent. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the asymmetry of the policy ineffectiveness induced by the zero bound generates a non-vertical long-run Phillips curve. Output falls increasingly short of potential with lower inflation targets.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
L3  - http://www.ecb.int/pub/pdf/scpwps/ecbwp231.pdf
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UR  - http://www.ecb.int/pub/pdf/scpwps/ecbwp231.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Hoover, Kevin
AU  - Demiralp, Selva
AD  - U of California, Davis
AD  - Board of Governors of the Federal Reserve System
T1  - Searching for the Causal Structure of a Vector Autoregression
PB  - University of California at Davis, Department of Economics, Working Papers
Y1  - 2003///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 1014041; Publication Type: Working Paper; Update Code: 200902
N2  - Vector autoregressions (VARs) are economically interpretable only when identified by being transformed into a structural form (the SVAR) in which the contemporaneous variables stand in a well-defined causal order. These identifying transformations are not unique. It is widely believed that practitioners must choose among them using a priori theory or other criteria not rooted in the data under analysis. We show how to apply graph-theoretic methods of searching for causal structure based on relations of conditional independence to select among the possible causal orders--or at least to reduce the admissible causal orders to a narrow equivalence class. The graph-theoretic approaches were developed by computer scientists and philosophers (Pearl, Glymour, Spirtes among others) and applied to cross-sectional data. We provide an accessible introduction to this work. Then building on the work of Swanson and Granger (1997), we show how to apply it to searching for the causal order of an SVAR. We present simulation results to show how the efficacy of the search method algorithm varies with signal strength for realistic sample lengths. Our findings suggest that graph-theoretic methods may prove to be a useful tool in the analysis of SVARs.
KW  - Statistical Simulation Methods: General          C15
L3  - http://www.econ.ucdavis.edu/working_papers/03-3.pdf
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UR  - http://www.econ.ucdavis.edu/working_papers/03-3.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn
AU  - Dynan, Karen
AU  - Passmore, Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Mortgage Refinancing in 2001 and Early 2002
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/12//
VL  - 88
IS  - 12
SP  - 469
EP  - 481
SN  - 00149209
N1  - Accession Number: 0635160; Keywords: Mortgage;  Refinancing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200303
N2  - Over the past ten years, millions of homeowners have taken advantage of lower mortgage interest rates and higher home values and have refinanced their mortgage loans. For many, the decision to refinance was motivated by a desire to reduce their monthly mortgage payments, either by obtaining a lower interest rate or by extending the maturity of their mortgage. When they have refinanced, many homeowners have liquefied some of the equity they accumulated in their homes by borrowing more than they needed to pay off their former mortgage and cover the transaction costs of the refinancing. They have used the funds raised in so-called cash-out refinancings to make home improvements, to repay other debts, or to purchase goods and services or other assets. This article presents estimates, based on recent survey findings, of the incidence of refinancing, the changes in terms and conditions of mortgages after refinancing, the amount of funds homeowners raised in the process, and the ways in which homeowners used the funds. It also provides comparisons with previous surveys of refinancing activity and a statistical analysis of the relative importance of different determinants of refinancing and the amount of home equity liquefied during refinancing. Finally, it gives rough estimates of the effects of recent refinancing on the U.S. economy, including the effects on aggregate consumption spending.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U and NBER
AD  - Federal Reserve System
T1  - State-Level Estimates of Minimum Wage Effects: New Evidence and Interpretations from Disequilibrium Methods
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2002///Winter
VL  - 37
IS  - 1
SP  - 35
EP  - 62
SN  - 0022166X
N1  - Accession Number: 0597333; Keywords: Employment;  Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200203
N2  - Research using state-level data to estimate minimum wage effects on employment follows the textbook treatment of minimum wages, assuming that minimum wages are binding and that labor markets are competitive. We present an alternative method of estimating minimum wage effects using similar data that relaxes these assumptions, using a disequilibrium approach. Applying this approach to the data and sample period used in many earlier state-level studies suggests that simple state-level reduced form estimates of minimum wage effects on employment depend on the sample used, and may badly understate the disemployment effects of a binding minimum wage.
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Unemployment: Models, Duration, Incidence, and Job Search          J64
L3  - http://jhr.uwpress.org/content/by/year
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UR  - http://jhr.uwpress.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wright, Jonathan H.
T1  - LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS.
JO  - Econometric Reviews
JF  - Econometric Reviews
Y1  - 2002/11//
VL  - 21
IS  - 4
M3  - Article
SP  - 397
PB  - Taylor & Francis Ltd
SN  - 07474938
AB  - Many recent papers have used semiparametric methods, especially the logperiodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Econometric Reviews is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REGRESSION analysis
KW  - MONTE Carlo method
KW  - SECURITIES markets
KW  - ESTIMATES
KW  - ESTIMATION theory
KW  - WEIGHTS & measures
KW  - UNITED States
KW  - Fractional integration
KW  - Heavy tails
KW  - Semiparametric methods
KW  - Stochastic volatility
KW  - Stock returns
N1  - Accession Number: 7918837; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Nov2002, Vol. 21 Issue 4, p397; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MONTE Carlo method; Thesaurus Term: SECURITIES markets; Thesaurus Term: ESTIMATES; Thesaurus Term: ESTIMATION theory; Subject Term: WEIGHTS & measures; Subject: UNITED States; Author-Supplied Keyword: Fractional integration; Author-Supplied Keyword: Heavy tails; Author-Supplied Keyword: Semiparametric methods; Author-Supplied Keyword: Stochastic volatility; Author-Supplied Keyword: Stock returns; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 21p; Document Type: Article
L3  - 10.1081/ETC-120015382
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Braunstein, Sandra
AU  - Welch, Carolyn
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Financial Literacy: An Overview of Practice, Research, and Policy
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/11//
VL  - 88
IS  - 11
SP  - 445
EP  - 457
SN  - 00149209
N1  - Accession Number: 0632729; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200302
N2  - Attention to financial literacy has grown in recent years, in large part because technological, market, and legislative changes have resulted in a more complex financial services industry that requires consumers to be more actively involved in managing their finances. Consumer and community interest groups, banking companies, government agencies, and policymakers, among others, have become concerned that many consumers lack a working knowledge of financial concepts and the tools they need to make decisions most advantageous to their economic well-being. As a result, considerable resources have been devoted to financial literacy, with a wide range of organizations providing training, including banks, consumer and community groups, employers, and government agencies. Overall, studies suggest that financial literacy training can lead to better decisionmaking; however, the findings raise numerous questions about the best means of providing that training, the most appropriate setting, and the most opportune timing. Findings from recent research on personal money management styles, combined with awareness of human behavioral traits, offer insights that may be useful in developing successful training programs and strategies.
KW  - Financial Economics: General          G00
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Warnock, Francis E.
T1  - Home bias and high turnover reconsidered
JO  - Journal of International Money & Finance
JF  - Journal of International Money & Finance
Y1  - 2002/11//
VL  - 21
IS  - 6
M3  - Article
SP  - 795
SN  - 02615606
AB  - The Tesar and Werner (J. Int. Money Finance 14 (1995) 467) finding of very high turnover rates on foreign equity portfolios is based on an underestimation of cross-border equity positions. Foreign turnover rates calculated using information from comprehensive benchmark surveys on cross-border holdings are much lower than previously reported and comparable to domestic turnover rates. However, the basic intuition from the Tesar–Werner study, that transaction costs do not help explain the observed home bias, is confirmed using data on transaction costs in 41 markets. [Copyright &y& Elsevier]
AB  - Copyright of Journal of International Money & Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TURNOVER (Business)
KW  - EQUITY
N1  - Accession Number: 7917302; Warnock, Francis E. 1; Email Address: frank.warnock@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, Washington, DC 20551, USA; Issue Info: Nov2002, Vol. 21 Issue 6, p795; Thesaurus Term: TURNOVER (Business); Subject Term: EQUITY; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Nason, James M.
AU  - Rogers, John H.
AD  - U British Columbia
AD  - Federal Reserve System
T1  - Investment and the Current Account in the Short Run and the Long Run
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2002/11//
VL  - 34
IS  - 4
SP  - 967
EP  - 986
SN  - 00222879
N1  - Accession Number: 0637962; Keywords: Current Account;  Investment; Geographic Descriptors: Canada; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200304
N2  - Theoretical models of the relationship between investment and the current account impose restrictions on the joint dynamic behavior of these variables. These restrictions come in two forms. One imposes causal orderings on investment and the current account. The other restriction concerns the permanent responses of these variables to different shocks. We use these restrictions to identify empirically structural shocks from vector autoregressions of investment and the current account for Canada. Under certain identifications, our results support the implications of the intertemporal, small open economy model. However, these results are sensitive to perturbations of the identifications.
KW  - Capital; Investment; Capacity          E22
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - van Norden, Simon
T1  - THE UNRELIABILITY OF OUTPUT-GAP ESTIMATES IN REAL TIME.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2002/11//
VL  - 84
IS  - 4
M3  - Article
SP  - 569
EP  - 583
PB  - MIT Press
SN  - 00346535
AB  - We examine the reliability of alternative output detrending methods, with special attention to the accuracy of real-time estimates of the output gap. We show that ex post revisions of the estimated gap are of the same order of magnitude as the estimated gap itself and that these revisions are highly persistent. Although important, the revision of published data is not the primary source of revisions in measured output gaps; the bulk of the problem is due to the pervasive unreliability of end-of-sample estimates of the trend in output. Multivariate methods that incorporate information from inflation to estimate the output gap are not more reliable than their univariate counterparts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - ECONOMICS
KW  - BUSINESS cycles
KW  - FORECASTING
KW  - ECONOMICS -- Statistical methods
KW  - INFLATION (Finance)
KW  - ECONOMIC policy
KW  - MONEY
N1  - Accession Number: 8588458; Orphanides, Athanasios 1; van Norden, Simon 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: HEC (Montréal) and CIRANO.; Issue Info: Nov2002, Vol. 84 Issue 4, p569; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMICS; Thesaurus Term: BUSINESS cycles; Thesaurus Term: FORECASTING; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONEY; Number of Pages: 15p; Illustrations: 6 Charts, 10 Graphs; Document Type: Article; Full Text Word Count: 7833
L3  - 10.1162/003465302760556422
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=8588458&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holmes, Thomas J.
AU  - Stevens, John J.
T1  - GEOGRAPHIC CONCENTRATION AND ESTABLISHMENT SCALE.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2002/11//
VL  - 84
IS  - 4
M3  - Article
SP  - 682
EP  - 690
PB  - MIT Press
SN  - 00346535
AB  - This paper shows that plants located in areas where an industry concentrates are larger, on average, than plants in the same industry outside such areas. In some sectors, such as manufacturing, the differences are substantial. The connection between size and concentration is stronger than what we would expect to find if plants were randomly distributed like darts on a dartboard. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL location
KW  - FACTORIES
KW  - INDUSTRIES
KW  - ECONOMICS
KW  - AGRICULTURAL industries
KW  - GEOGRAPHY
KW  - COSMOGRAPHY
KW  - WORLD history
N1  - Accession Number: 8588489; Holmes, Thomas J. 1,2; Stevens, John J. 3; Affiliations: 1: University of Minnesota.; 2: Federal Reserve Bank of Minneapolis.; 3: Board of Governors, Federal Reserve System.; Issue Info: Nov2002, Vol. 84 Issue 4, p682; Thesaurus Term: INDUSTRIAL location; Thesaurus Term: FACTORIES; Thesaurus Term: INDUSTRIES; Thesaurus Term: ECONOMICS; Thesaurus Term: AGRICULTURAL industries; Subject Term: GEOGRAPHY; Subject Term: COSMOGRAPHY; Subject Term: WORLD history; Number of Pages: 9p; Illustrations: 8 Charts; Document Type: Article; Full Text Word Count: 7946
L3  - 10.1162/003465302760556495
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=8588489&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Central Bank Perspectives on Stabilization Policy: Articles from the Bank's 2002 Economic Policy Symposium 'Rethinking Stabilization Policy.'
JO  - Federal Reserve Bank of Kansas City Economic Review
JF  - Federal Reserve Bank of Kansas City Economic Review
Y1  - 2002///4th Quarter
VL  - 87
IS  - 4
SP  - 5
EP  - 14
SN  - 01612387
N1  - Accession Number: 0637228; Keywords: Policy;  Stabilization; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200304
KW  - Business Fluctuations; Cycles          E32
KW  - Financial Markets and the Macroeconomy          E44
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.kc.frb.org/publications/research/er/index.cfm
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UR  - http://www.kc.frb.org/publications/research/er/index.cfm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cavalluzzo, Ken S.
AU  - Cavalluzzo, Linda C.
AU  - Wolken, John D.
T1  - Competition, Small Business Financing, and Discrimination: Evidence from a New Survey.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 2002/10//
VL  - 75
IS  - 4
M3  - Article
SP  - 641
EP  - 679
PB  - University of Chicago Press
SN  - 00219398
AB  - We analyze credit applications, loan denials, and interest rates paid by small businesses across owner gender, race, and ethnicity. In addition, we examine data from owners who said they did not apply for credit because they believed that their applications would have been turned down. After controlling for a rich set of explanatory variables, including personal and business credit histories, substantial differences in denial rates between firms owned by African Americans and white males remain. Moreover, consistent with Becker's classic theories (1957), we find evidence that increases in competition in the firm's local banking market reduces these differences. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - LOANS
KW  - CORPORATIONS -- Finance
KW  - SMALL business loans
KW  - DISCRIMINATION in financial services
KW  - COMPETITION
N1  - Accession Number: 7678952; Cavalluzzo, Ken S. 1; Cavalluzzo, Linda C. 2; Wolken, John D. 3; Affiliations: 1: Georgetown University.; 2: The CNA Corporation.; 3: Board of Governors of the Federal Reserve System.; Issue Info: Oct2002, Vol. 75 Issue 4, p641; Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: SMALL business loans; Thesaurus Term: DISCRIMINATION in financial services; Subject Term: COMPETITION; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 39p; Document Type: Article; Full Text Word Count: 15659
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stock, James H.
AU  - Wright, Jonathan H.
AU  - Yogo, Motohiro
AD  - Harvard U and NBER
AD  - Federal Reserve System
AD  - Harvard U
T1  - A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 2002/10//
VL  - 20
IS  - 4
SP  - 518
EP  - 529
SN  - 07350015
N1  - Accession Number: 0627004; Keywords: Endogenous;  Identification;  Instrumental Variables; Publication Type: Journal Article; Update Code: 200211
N2  - Weak instruments arise when the instruments in linear instrumental variables (IV) regression are weakly correlated with the included endogenous variables. In generalized method of moments (GMM), more generally, weak instruments correspond to weak identification of some or all of the unknown parameters. Weak identification leads to GMM statistics with nonnormal distributions, even in large samples, so that conventional IV or GMM inferences are misleading. Fortunately, various procedures are now available for detecting and handling weak instruments in the linear IV model and, to a lesser degree, in nonlinear GMM.
KW  - Multiple or Simultaneous Equation Models; Multiple Variables: General          C30
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
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UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diao, Xinshen
AU  - Li, Wenli
AU  - Yeldan, Erinc
AD  - IFPRI
AD  - Federal Reserve System
AD  - Bilkent U
T1  - On the Differential Impact of the Asian Crisis on the World Economy: A General Equilibrium Perspective
JO  - Pacific Economic Review
JF  - Pacific Economic Review
Y1  - 2002/10//
VL  - 7
IS  - 3
SP  - 519
EP  - 543
SN  - 1361374X
N1  - Accession Number: 0631492; Keywords: Developing Countries; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200301
N2  - Three years and more have passed since the outbreak of the Asian Financial crisis in 1997. We observe that the world economy was far from a "global slump," yet the burden of adjustment had been uneven across countries. The crisis had a negative effect on the other developing countries, while the impact on industrial economies had been small, and even positive at the onset of the crisis. In this paper, we attempt to shed light on this differential impact of the crisis, and illustrate the uneven mechanics of adjustment in a world with commodity trade and capital follows. The analysis is conducted in an intertemporal general equilibrium model with multi-region and multi-commodity specification.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Comparative Studies of Countries          O57
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0106/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0106/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carpenter, S.B.
AU  - Jensen, R.T.
T1  - Household Participation in Formal and Informal Savings Mechanisms: Evidence from Pakistan.
JO  - Review of Development Economics
JF  - Review of Development Economics
Y1  - 2002/10//
VL  - 6
IS  - 3
M3  - Article
SP  - 314
EP  - 328
PB  - Wiley-Blackwell
SN  - 13636669
AB  - Savings are an important determinant of both individual and national wellbeing. Typically, households employ a wide range of mechanisms for saving, including both formal and informal institutions. The choice of savings instrument has important micro- and macroeconomic implications. However, little is known empirically about the patterns of use of these instruments, or the factors affecting household decisions/ abilities to use them. The authors apply household-level data from a nationally representative survey for Pakistan to explore these issues in detail. In particular, they focus on the choice between banks and bisi, an informal saving committee similar in nature to a rotating-savings-and-credit association. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Development Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - MICROECONOMICS
KW  - MACROECONOMICS
N1  - Accession Number: 7275857; Carpenter, S.B. 1; Jensen, R.T. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Harvard University; Issue Info: Oct2002, Vol. 6 Issue 3, p314; Thesaurus Term: SAVING & investment; Thesaurus Term: MICROECONOMICS; Thesaurus Term: MACROECONOMICS; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Benson Durham, J.
T1  - The effects of stock market development on growth and private investment in lower-income countries
JO  - Emerging Markets Review
JF  - Emerging Markets Review
Y1  - 2002/09//
VL  - 3
IS  - 3
M3  - Article
SP  - 211
SN  - 15660141
AB  - Recent literature argues that stock market liberalisation has positive long- and short-run effects on macroeconomic growth and private investment, respectively. However, given a sample of up to 64 countries from 1981 through 1998, positive results for long-run growth are largely dependent on the inclusion of higher-income countries in regression samples, which limits the relevance for lower-income nations. Indeed, some evidence in this study indicates that stock market development has a more positive impact on growth for greater levels of per capita GDP, lower levels of country credit risk, and higher levels of legal development. Similarly, using a sample of 26 countries from 1981 through 1998, lagged equity price appreciation seems to boost private investment growth in the short-run, but only in rich countries. All in all, these results imply subdued enthusiasm regarding emerging equity market development. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Emerging Markets Review is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCK exchanges
KW  - ECONOMIC development
KW  - INVESTMENTS
KW  - Economic growth
KW  - Private investment
KW  - Stock market liberalisation
N1  - Accession Number: 7875645; Benson Durham, J. 1; Email Address: j.benson.durham@frb.gov; Affiliation:  1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Mail Stop 71, Washington, DC 20551, USA; Source Info: Sep2002, Vol. 3 Issue 3, p211; Subject Term: STOCK exchanges; Subject Term: ECONOMIC development; Subject Term: INVESTMENTS; Author-Supplied Keyword: Economic growth; Author-Supplied Keyword: Private investment; Author-Supplied Keyword: Stock market liberalisation; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Retail Fees of Depository Institutions, 1997-2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/09//
VL  - 88
IS  - 9
SP  - 405
EP  - 413
SN  - 00149209
N1  - Accession Number: 0626701; Keywords: Banking;  Depository;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200211
N2  - Since 1990, the Federal Reserve Board has reported annually on changes in the availability of retail banking services and in the level of the associated fees. The most recent report, covering the Board's survey conducted in 2001, was released in June 2002. Information on selected fees for each of the years from 1997 through 2001 is presented in this article. Analysis of the data for the 1997-1 period shows that for the various types of checking and savings accounts tracked, monthly fees tended to rise by statistically significant amounts, as did the minimum balances that depositors had to maintain to avoid the fees. Fees associated with special actions, such as those imposed on checks returned for insufficient funds, also exhibited increases that were statistically significant. Fees imposed for withdrawals by an institution's depositors from other institutions' automated teller machines (ATMs) and for the use of the institution's ATMs by nondepositors became much more common by the end of the period, and average levels increased by statistically significant amounts. Finally, comparisons of the fees charged by institutions of different sizes in 2001 indicate that, in general, the incidence and level of fees were higher at larger institutions.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0626701&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Clouse, James A.
AU  - Dow, James P., Jr.
AD  - Federal Reserve System
AD  - CA State U, Northridge
T1  - A Computational Model of Banks' Optimal Reserve Management Policy
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 2002/09//
VL  - 26
IS  - 11
SP  - 1787
EP  - 1814
SN  - 01651889
N1  - Accession Number: 0614175; Keywords: Bank;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
N2  - This paper uses numerical methods to model the demand for excess reserves by a representative bank in a framework that includes many realistic features of the current reserve market structure in the United States. In particular, the model incorporates a 14-day maintenance period and an accurate representation of carryover provisions. We use the model to evaluate the effect of various changes to the operating environment (increased uncertainty, modified penalties) and changes to policy (paying interest on reserves).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0614175&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Robb, Alicia M.
AD  - Federal Reserve System
T1  - Small Business Financing: Differences between Young and Old Firms
JO  - Journal of Entrepreneurial Finance and Business Ventures
JF  - Journal of Entrepreneurial Finance and Business Ventures
Y1  - 2002///Fall
VL  - 7
IS  - 2
SP  - 45
EP  - 65
SN  - 10572287
N1  - Accession Number: 0635710; Keywords: Capital;  Financing;  Firm;  Firms;  IPO; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200303
N2  - Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in-depth look at the patterns of small business financing in the late nineties. Evidence suggests that debt financing for small businesses was extremely important, especially for young firms.
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Firm Performance: Size, Diversification, and Scope          L25
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AU  - Sparks, Roger
AU  - Ingpen, Jamie
AD  - Federal Reserve System
AD  - Mills College
AD  - Federal Reserve System
T1  - GSEs, Mortgage Rates, and the Long-Run Effects of Mortgage Securitization
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 2002/09//September-December 2002
VL  - 25
IS  - 2-3
SP  - 215
EP  - 242
SN  - 08955638
N1  - Accession Number: 0627513; Keywords: Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200211
N2  - Our paper compares mortgage securitization undertaken by government-sponsored enterprises (GSEs) with that undertaken by private firms, with an emphasis on how each type of mortgage securitization affects mortgage rates. We build a model illustrating that market structure, government sponsorship, and the characteristics of the mortgages securitized are all important determinants of mortgage rates. We find that GSEs generally--but not always--lower mortgage rates, particularly when the GSEs behave competitively, because the GSEs' implicit government backing allows them to sell securities without the credit enhancements needed in the private sector. Using our simulation model, we demonstrate that when mortgages eligible for purchase by the GSEs have characteristics similar to other mortgages, the GSEs' implicit government-backing generates differences in mortgage rates similar to those currently observed in the mortgage market (which range between zero and fifty basis points). However, if the mortgages purchased by GSEs are less costly to originate and securitize, and if the GSEs behave competitively, then the simulated spread in mortgage rates can be much larger than that observed in the data.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts          H81
L3  - http://link.springer.com/journal/volumesAndIssues/11146
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UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pence, Karen M.
AD  - Federal Reserve System
T1  - Nature or Nurture: Why Do 401(k) Participants Save Differently Than Other Workers?
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2002/09//
VL  - 55
IS  - 3
SP  - 597
EP  - 616
SN  - 00280283
N1  - Accession Number: 0633340; Keywords: Consumer;  Retirement; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200302
N2  - Participants in 401 (k) plans are more likely than other workers to list "retirement" as their main reason for saving, to hold individual retirement accounts, and to invest in the stock market. There are two possible reasons for these differences: (1) workers who like to save choose to participate in the program; or (2) 401(k) participation educates workers about investing. I find some support for both explanations using data from the 1983-1989 Survey of Consumer Finances. These results have important implications for proposals to partially privatize the Social Security system. First, 401(k) participants are different from the workforce as a whole: they have more income and education, and most importantly, a greater interest in saving for retirement. Extrapolating from their saving behavior to that of the workforce at large could be misleading. Second, the education provided by 401(k) participation appears to have only a modest effect on saving behavior, suggesting that this education alone may not fully address concerns about the savvy of American savers.
KW  - Retirement; Retirement Policies          J26
KW  - Household Saving; Personal Finance          D14
KW  - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions          J32
L3  - http://ntj.tax.org
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UR  - http://ntj.tax.org
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
T1  - Comment on THE CONDUCT OF MONETARY POLICY WITH A SHRINKING STOCK OF GOVERNMENT DEBT.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2002/08/02/Aug2002 Part 2
VL  - 34
IS  - 3
M3  - Article
SP  - 883
EP  - 886
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents commentary on the report "The Conduct of Monetary Policy With a Shrinking Stock of Government Debt," by Stacey L. Schreft and Bruce D. Smith, included within the issue. Criticism is offered regarding the complexity of the Schreft-Smith model presented and their numerical calibrations are questioned at points. Suggestions for more balanced research models are provided. Discussion of the Federal Reserve Act and its acting policies is given as it relates to the assertions of Schreft and Smith on disappearing government debt consequences.
KW  - MONETARY policy
KW  - PUBLIC debts
KW  - CENTRAL banking industry
KW  - LIQUIDITY (Economics)
KW  - GOVERNMENT securities
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 7239545; Orphanides, Athanasios 1; Email Address: aorphanides@frb.gov; Affiliations: 1: Senior economist, Board of Governors, Federal Reserve System.; Issue Info: Aug2002 Part 2, Vol. 34 Issue 3, p883; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC debts; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: GOVERNMENT securities; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 4p; Illustrations: 1 Chart, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KOHN, DONALD
T1  - Panel: Implications of Declining Treasury Debt.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2002/08/02/Aug2002 Part 2
VL  - 34
IS  - 3
M3  - Article
SP  - 941
EP  - 945
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents part of a panel discussion regarding the implications of the trends of declining Treasury debt of the United States as of the late 1990s. Particular attention is paid to the question of how the Federal Reserve should act in response to the repayment of the treasury debt. Implications on the U.S. securities market, fiscal policy, and broader economic structure are described. Several possible alternative government securities asset management practices through the Treasury market are outlined and evaluated.
KW  - PUBLIC debts
KW  - PUBLIC finance
KW  - GOVERNMENT securities
KW  - FISCAL policy
KW  - ECONOMIC policy
KW  - 1993-2001
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 7239548; KOHN, DONALD 1; Email Address: donald.l.kohn@frb.gov; Affiliations: 1: Advisor, Board for Monetary Policy, Board of Governors, Federal Reserve System.; Issue Info: Aug2002 Part 2, Vol. 34 Issue 3, p941; Thesaurus Term: PUBLIC debts; Thesaurus Term: PUBLIC finance; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: FISCAL policy; Thesaurus Term: ECONOMIC policy; Subject Term: 1993-2001; Subject: UNITED States ; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Williams, John C.
T1  - Robust Monetary Policy Rules with Unknown Natural Rates.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2002/08//
IS  - 2
M3  - Article
SP  - 63
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article focuses on monetary policy rules. The conventional paradigm for the conduct of monetary policy calls for the monetary authority to attain its objectives of a low and stable rate of inflation and full employment by adjusting its short-term interest rate instrument in the U.S. In principle, when aggregate demand and employment fall short of the economy's natural levels of output and employment, or when other deflationary concerns appear on the horizon, the central bank should ease monetary policy by bringing real interest rates below the economy's natural rate of interest for some time. Conversely, the central bank should respond to inflationary concerns by adjusting interest rates upward so as to bring real interest rates above the natural rate. In this setting, the natural rate of unemployment is the unemployment rate consistent with stable inflation, the natural rate of interest is the real interest rate consistent with unemployment being at its natural rate, and therefore with stable inflation. In carrying out this strategy in practice, the policymaker would ideally have accurate, quantitative, contemporaneous readings of the natural rate of interest and the natural rate of unemployment.
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - FULL employment policies
KW  - INTEREST rates
KW  - CENTRAL banking industry
KW  - UNEMPLOYMENT
KW  - UNITED States
N1  - Accession Number: 9162205; Orphanides, Athanasios 1; Williams, John C. 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: Federal Reserve Bank of San Francisco.; Issue Info: 2002, Issue 2, p63; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FULL employment policies; Thesaurus Term: INTEREST rates; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: UNEMPLOYMENT; Subject: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 83p; Illustrations: 9 Charts, 16 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gerdes, Geoffrey R.
AU  - Walton, Jack K., II
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Use of Checks and Other Noncash Payment Instruments in the United States
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/08//
VL  - 88
IS  - 8
SP  - 360
EP  - 374
SN  - 00149209
N1  - Accession Number: 0619385; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200210
N2  - Statistical estimates indicate that the use of checks in the United States has been declining since the mid-1990s, even as the population and the level of economic activity have been increasing. In contrast, the use of electronic payments has been growing at high and accelerating rates. Nonetheless, the paper check remains the predominant means of making retail payments and will likely continue to play a significant role in the U.S. payment system for the foreseeable future. The number and value of checks paid varies across depository institutions according to type, size, and location, in part a result of differences in the use of checks and electronic payments by households, businesses, and governments. Overall, household's share of total checks written has increased relative to that of businesses and governments.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0619385&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
AU  - Goldfarb, Robert S.
AU  - Stekler, H. O.
AU  - Neumark, David
AU  - Wascher, William
AU  - Stanley, T. D.
T1  - Comments.
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 2002///Summer2002
VL  - 16
IS  - 3
M3  - Letter
SP  - 225
EP  - 229
PB  - American Economic Association
SN  - 08953309
AB  - Presents letters to the editor referencing topics and articles published in the previous issues.  Problems being faced by a meta-analysis involving economic studies; Information on the study of journalist T. D. Stanley on meta-analysis.
KW  - ECONOMICS
KW  - JOURNALISTS
KW  - LETTERS to the editor
KW  - META-analysis
KW  - SOCIAL sciences -- Statistical methods
N1  - Accession Number: 7479663; Goldfarb, Robert S. 1; Stekler, H. O. 1; Neumark, David 2; Wascher, William 3; Stanley, T. D. 4; Affiliations: 1: George Washington University, Washington, D.C.; 2: Michigan State University, East Lansing, Michigan; 3: Board of Governors of the Federal Reserve System, Washington, D.C.; 4: Hendrix College, Conway, Arkansas; Issue Info: Summer2002, Vol. 16 Issue 3, p225; Thesaurus Term: ECONOMICS; Thesaurus Term: JOURNALISTS; Subject Term: LETTERS to the editor; Subject Term: META-analysis; Subject Term: SOCIAL sciences -- Statistical methods; NAICS/Industry Codes: 711513 Independent writers and authors; NAICS/Industry Codes: 711512 Independent actors, comedians and performers; NAICS/Industry Codes: 711510 Independent Artists, Writers, and Performers; Number of Pages: 5p; Document Type: Letter; Full Text Word Count: 2897
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fernald, John G.
AU  - Rogers, John H.
AD  - Federal Reserve Bank of Chicago
AD  - Federal Reserve System
T1  - Puzzles in the Chinese Stock Market
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 2002/08//
VL  - 84
IS  - 3
SP  - 416
EP  - 432
SN  - 00346535
N1  - Accession Number: 0620262; Keywords: Asset Pricing;  Stock Market;  Stocks; Geographic Descriptors: China; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200210
N2  - Many companies on China's stock markets have traditionally had separate, restricted classes of shares for domestic residents and foreigners. These shares are identical other than for who can own them, but foreigners have generally paid only about one-quarter the price paid by domestic residents. We argue that the generally higher level (and volatility) of domestic share prices is consistent with the simplest asset pricing model, assuming plausible differences--about four percentage points--in expected rates of return by foreign and domestic investors. We attribute low Chinese expected returns to the limited alternative investments available in China. We then estimate how various company characteristics (including capital asset pricing model (CAPM) betas, company size, market liquidity, and other characteristics) affect the relative price paid by foreigners in a panel of companies. We find, for example, that foreigners pay a lower relative price for companies with a higher proportion owned by the state--reflecting, surprisingly, a higher absolute price paid by both foreigners and domestic residents.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0620262&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Judson, Ruth
AD  - Federal Reserve System
T1  - Measuring Human Capital Like Physical Capital: What Does It Tell Us?
JO  - Bulletin of Economic Research
JF  - Bulletin of Economic Research
Y1  - 2002/07//
VL  - 54
IS  - 3
SP  - 209
EP  - 231
SN  - 03073378
N1  - Accession Number: 0618764; Keywords: Accumulation;  Capital;  Human Capital; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200210
N2  - In this paper, I develop a measure of human capital stock that is similar to measuring physical capital by its replacement cost. This measure builds on measures of average educational attainment of the labour force. While it is far from an ideal measure, it is an interesting complement to the educational attainment series and other existing measures of human capital accumulation. In cross-country panel regressions, use of this measure of human capital accumulation yields a positive and significant, but relatively small (about ten per cent) elasticity with per capita GDP growth. Unlike physical capital, the stock of human capital as a share of GDP increases with GDP. This is consistent with the Barro et al. (1995) model of growth with non-mobile human capital and with some predictions of Romer's (1990) model of endogenous growth, but it is not consistent with the predictions of some other growth models.
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Capital; Investment; Capacity          E22
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-8586/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618764&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-8586/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - NBER and MI State U
AD  - Federal Reserve System
T1  - Do Minimum Wages Fight Poverty?
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 2002/07//
VL  - 40
IS  - 3
SP  - 315
EP  - 333
SN  - 00952583
N1  - Accession Number: 0613583; Keywords: Minimum Wage;  Poor;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
N2  - We present evidence on the effects of minimum wages on family incomes. The results indicate that minimum wages increase both the probability that poor families escape poverty and the probability that previously nonpoor families fall into poverty. The estimated increase in the flow into poverty is larger, although this difference is not statistically significant. We also find that minimum wages tend to boost the incomes of poor families that remain below the poverty line. On net, the various trade-offs created by minimum wage increases more closely resemble income redistribution among low-income families than income redistribution from high- to low-income families.
KW  - Measurement and Analysis of Poverty          I32
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Wage Level and Structure; Wage Differentials          J31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613583&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Getting the Markets in Synch with Monetary Policy: Proceedings of the Twenty-Sixth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis: Chairman's Remarks
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2002/07//July-August 2002
VL  - 84
IS  - 4
SP  - 5
EP  - 6
SN  - 00149187
N1  - Accession Number: 0616918; Keywords: Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 200209
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0616918&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Madigan, Brian F.
AU  - Nelson, William R.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Proposed Revision to the Federal Reserve's Discount Window Lending Programs
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/07//
VL  - 88
IS  - 7
SP  - 313
EP  - 319
SN  - 00149209
N1  - Accession Number: 0616933; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200209
N2  - The Board of Governors' Regulation A currently authorizes the Federal Reserve Banks to operate three main discount window programs: adjustment credit, extended credit, and seasonal credit. On May 17, 2002, the Board published for public comment a proposed amendment to Regulation A that would establish two new discount window programs called primary credit and secondary credit as replacements for adjustment and extended credit. Primary credit would be available for very short terms, ordinarily overnight, to depository institutions that are in generally sound financial condition. Secondary credit would be available, subject to Reserve Bank approval and monitoring, for depository institutions that did not qualify for primary credit. The interest rate on primary credit would usually be above short-term market interest rates, including the federal funds rate, as opposed to the current situation in which the discount rate (the interest rate for adjustment credit) is typically below money market interest rates. Because of the above-market rate, the restrictions currently employed to limit access to adjustment credit will be unnecessary for primary credit. The primary credit program would be broadly similar to mechanisms adopted by many other major central banks to provide credit at the margin at an above-market rate.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0616933&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
T1  - Saddlepoint approximation of CreditRisk+.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2002/07//
VL  - 26
IS  - 7
M3  - Article
SP  - 1335
SN  - 03784266
AB  - CreditRisk+ is an influential and widely implemented model of portfolio credit risk. As a close variant of models long used for insurance risk, it retains the analytical tractability for which the insurance models were designed. Value-at-risk (VaR) can be obtained via a recurrence-rule algorithm, so Monte Carlo simulation can be avoided. Little recognized, however, is that the algorithm is fragile. Under empirically realistic conditions, numerical error can accumulate in the execution of the recurrence rule and produce wildly inaccurate results for VaR. This paper provides new tools for users of CreditRisk+ based on the cumulant generating function (cgf) of the portfolio loss distribution. Direct solution for the moments of the loss distribution from the cgf is almost instantaneous and is computationally robust. Thus, the moments provide a convenient, quick and independent diagnostic on the implementation and execution of the standard solution algorithm. I show how tail percentiles of the loss distribution can be calculated quickly and easily by saddlepoint approximation. On a large and varied sample of simulated test portfolios, I find a natural complementarity between the two algorithms: Saddlepoint approximation is accurate and robust in those situations for which the standard algorithm performs least well, and is less accurate in those situations for which the standard algorithm is fast and reliable. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PORTFOLIO management (Investments)
KW  - RISK
KW  - FINANCE -- Mathematical models
KW  - CREDIT risk
KW  - ESTIMATION theory
KW  - METHOD of steepest descent (Numerical analysis)
KW  - Approximation of quantiles.
KW  - Portfolio credit risk
KW  - Value at risk
N1  - Accession Number: 7205774; Gordy, Michael B. 1; Email Address: mgordy@frb.gov; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mail Stop 153, Washington, DC 20551, USA; Issue Info: Jul2002, Vol. 26 Issue 7, p1335; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: RISK; Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: CREDIT risk; Thesaurus Term: ESTIMATION theory; Subject Term: METHOD of steepest descent (Numerical analysis); Author-Supplied Keyword: Approximation of quantiles.; Author-Supplied Keyword: Portfolio credit risk; Author-Supplied Keyword: Value at risk; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 19p; Illustrations: 1 Chart, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Zhou, Hao
AD  - Federal Reserve System
T1  - Numerical Techniques for Maximum Likelihood Estimation of Continuous-Time Diffusion Processes: Comment
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 2002/07//
VL  - 20
IS  - 3
SP  - 333
EP  - 335
SN  - 07350015
N1  - Accession Number: 0617313; Keywords: Estimation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200209
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
KW  - Computational Techniques; Simulation Modeling          C63
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0617313&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bollerslev, Tim
AU  - Zhou, Hao
AD  - Duke U
AD  - Federal Reserve System
T1  - Estimating Stochastic Volatility Diffusion Using Conditional Moments of Integrated Volatility
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2002/07//
VL  - 109
IS  - 1
SP  - 33
EP  - 65
SN  - 03044076
N1  - Accession Number: 0608969; Keywords: GMM Estimators; Publication Type: Journal Article; Update Code: 200207
N2  - We exploit the distributional information contained in high-frequency intraday data in constructing a simple conditional moment estimator for stochastic volatility diffusions. The estimator is based on the analytical solutions of the first two conditional moments for the latent integrated volatility, the realization of which is effectively approximated by the sum of the squared high-frequency increments of the process. Our simulation evidence indicates that the resulting GMM estimator is highly reliable and accurate. Our empirical implementation based on high-frequency five-minute foreign exchange returns suggests the presence of multiple latent stochastic volatility factors and possible jumps.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0608969&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - JOUR
AU  - Edge, Rochelle M.
AD  - Federal Reserve System
T1  - The Equivalence of Wage and Price Staggering in Monetary Business Cycle Models
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2002/07//
VL  - 5
IS  - 3
SP  - 559
EP  - 585
SN  - 10942025
N1  - Accession Number: 0620245; Keywords: Business Cycle;  Cycle;  Prices;  Wage; Publication Type: Journal Article; Update Code: 200210
N2  - This paper considers the persistence puzzle documented by V. Chari, P. Kehoe, and E. McGratten (2000). Specifically, it addresses a claim by T. Andersen (1998) and K. Huang and Z. Liu (1999) that staggered-wage models are better able to generate persistent real responses to monetary shocks than are staggered-price models. The paper argues that this result hinges on the assumption of homogeneous factor markets and shows that by assuming firm-specific factor inputs the staggered-price model is as capable as the staggered-wage model is of generating persistent real responses to monetary shocks.
KW  - Business Fluctuations; Cycles          E32
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
L3  - http://www.sciencedirect.com/science/journal/10942025
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0620245&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1006/redy.2001.0147
UR  - http://www.sciencedirect.com/science/journal/10942025
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Basset, William F.
AU  - Carlson, Mark
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/06//
VL  - 88
IS  - 6
SP  - 259
EP  - 288
SN  - 00149209
N1  - Accession Number: 0613839; Keywords: Bank;  Banking;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
N2  - Despite the economic slowdown, the profitability of the U.S. commercial banking industry remained high in 2001. Although the weak economy contributed to a sharp rise in provisions for loan and lease losses, those losses were offset in large part by an advance in realized gains on investment account securities as banks' portfolios benefited from declining short- and intermediate-term market interest rates. Profits were also supported by reductions in noninterest expense, as large merger-related charges in 2000 were not repeated last year. Lower short-term interest rates also spurred a rapid increase in core deposits, which provided banks with plentiful, low-interest-rate funding. The expansion of bank balance sheets was slower in 2001 than in the preceding year, as weaker economic activity held down growth in loans to businesses. Loans to households advanced relatively rapidly, though at a somewhat slower pace than in 2000. An increase in the share of banks' portfolios consisting of mortgage-backed securities issued by government agencies, which have lower risk weights than loans, together with continued strong earnings, contributed to an increase in risk-based capital ratios.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613839&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkowitz, Jeremy
AU  - O'Brien, James
AD  - U CA, Irvine
AD  - Federal Reserve System
T1  - How Accurate Are Value-at-Risk Models at Commercial Banks?
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 2002/06//
VL  - 57
IS  - 3
SP  - 1093
EP  - 1111
SN  - 00221082
N1  - Accession Number: 0617510; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200209
N2  - In recent years, the trading accounts at large commercial banks have grown substantially and become progressively more diverse and complex. We provide descriptive statistics on the trading revenues from such activities and on the associated Value-at-Risk (VaR) forecasts internally estimated by banks. For a sample of large bank holding companies, we evaluate the performance of banks' trading risk models by examining the statistical accuracy of the VaR forecasts. Although a substantial literature has examined the statistical and economic meaning of Value-at-Risk models, this article is the first to provide a detailed analysis of the performance of models actually in use.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0617510&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kiser, Elizabeth K.
AD  - Federal Reserve System
T1  - Predicting Household Switching Behavior and Switching Costs at Depository Institutions
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2002/06//
VL  - 20
IS  - 4
SP  - 349
EP  - 365
SN  - 0889938X
N1  - Accession Number: 0618043; Keywords: Bank;  Deposit;  Depository;  Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200209
N2  - This paper uses new survey data to investigate the covariates of self-reported switching costs and switching behavior by deposit account holders. Factors affecting geographic mobility appear to be most important in explaining the duration of deposit relationships. Both younger and older respondents are more likely than others to be at their first bank ever, suggesting a cohort effect in deposit relationships. Households reporting switching costs, net of the benefits from switching, are less likely than others to have stayed with a bank for prices or customer service, suggesting that switching costs may decrease price sensitivity. Switching costs appear more severe for households with high income or education and for households with very low income or minority ethnicity. These findings imply that banking markets characterized by such households may present greater entry costs for new firms.
KW  - Household Saving; Personal Finance          D14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618043&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lengwiler, Yvan
AU  - Orphanides, Athanasios
AD  - U Basel
AD  - Federal Reserve System
T1  - Optimal Discretion
JO  - Scandinavian Journal of Economics
JF  - Scandinavian Journal of Economics
Y1  - 2002/06//
VL  - 104
IS  - 2
SP  - 261
EP  - 276
SN  - 03470520
N1  - Accession Number: 0618266; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy;  Prices; Publication Type: Journal Article; Update Code: 200209
N2  - We investigate the desirability of adopting a rule in favor of discretionary monetary policy in a model exhibiting Kydland and Prescott's dynamic inconsistency problem but no fundamental incompatibility between the policymaker's price stability and full employment objectives. We show that if discretion provides a policy flexibility benefit, then a rule is optimal only when inflation exceeds an endogenously determined threshold. This gives rise to a discretionary policy zone for inflation with the central bank taking more drastic action towards stabilizing inflation when inflation veers outside the zone. Imperfect credibility narrows the scope for discretion and enhances the benefits of adopting a rule.
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618266&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Erceg, Christopher J.
AD  - Federal Reserve System
T1  - The Choice of an Inflation Target Range in a Small Open Economy
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2002/05//
VL  - 92
IS  - 2
SP  - 85
EP  - 89
SN  - 00028282
N1  - Accession Number: 0618558; Publication Type: Journal Article; Update Code: 200210
KW  - Monetary Policy          E52
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618558&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/000282802320189050
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - Monetary-Policy Rules and the Great Inflation
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2002/05//
VL  - 92
IS  - 2
SP  - 115
EP  - 120
SN  - 00028282
N1  - Accession Number: 0618563; Keywords: Inflation;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200210
KW  - Central Banks and Their Policies          E58
KW  - Price Level; Inflation; Deflation          E31
KW  - Studies of Particular Policy Episodes          E65
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618563&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/000282802320189104
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Freund, Caroline
AU  - Weinhold, Diana
AD  - Federal Reserve System
AD  - Development Studies Institute, London School of Econ
T1  - The Internet and International Trade in Services
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2002/05//
VL  - 92
IS  - 2
SP  - 236
EP  - 240
SN  - 00028282
N1  - Accession Number: 0618585; Keywords: International Trade;  Services;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200210
KW  - Information and Internet Services; Computer Software          L86
KW  - Empirical Studies of Trade          F14
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618585&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/000282802320189320
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dynan, Karen E.
AU  - Skinner, Jonathan
AU  - Zeldes, Stephen P.
AD  - Federal Reserve System
AD  - Dartmouth College and NBER
AD  - Columbia U and NBER
T1  - The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2002/05//
VL  - 92
IS  - 2
SP  - 274
EP  - 278
SN  - 00028282
N1  - Accession Number: 0618592; Keywords: Bequest;  Life Cycle;  Saving; Publication Type: Journal Article; Update Code: 200210
KW  - Altruism; Philanthropy          D64
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
KW  - Personal Income, Wealth, and Their Distributions          D31
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0618592&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/000282802320189393
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Demiralp, Selva
AU  - Jorda, Oscar
AD  - Board of Governors, Federal Reserve System
AD  - U CA, Davis
T1  - The Announcement Effect: Evidence from Open Market Desk Data
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 2002/05//
VL  - 8
IS  - 1
SP  - 29
EP  - 48
SN  - 01476580
N1  - Accession Number: 0613809; Keywords: Open Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
KW  - Monetary Policy          E52
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613809&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Clouse, James A.
AD  - Board of Governors, Federal Reserve System
T1  - Are U.S. Reserve Requirements Still Binding? Commentary
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 2002/05//
VL  - 8
IS  - 1
SP  - 69
EP  - 71
SN  - 01476580
N1  - Accession Number: 0613812; Keywords: Reserve Requirements;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
KW  - Monetary Policy          E52
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613812&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Board of Governors, Federal Reserve System
T1  - Understanding Financial Consolidation
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 2002/05//
VL  - 8
IS  - 1
SP  - 209
EP  - 213
SN  - 01476580
N1  - Accession Number: 0613826; Geographic Descriptors: G-10; Publication Type: Journal Article; Update Code: 200208
KW  - Financial Institutions and Services: General          G20
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - International Lending and Debt Problems          F34
KW  - Monetary Policy          E52
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613826&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AD  - Board of Governors, Federal Reserve System
T1  - Financial Consolidation and Monetary Policy
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 2002/05//
VL  - 8
IS  - 1
SP  - 271
EP  - 284
SN  - 01476580
N1  - Accession Number: 0613833; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: G-10; Publication Type: Journal Article; Update Code: 200208
KW  - Monetary Policy          E52
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Markets and the Macroeconomy          E44
KW  - Contracting Out; Joint Ventures; Technology Licensing          L24
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613833&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helkie, William L.
AD  - Board of Governors, Federal Reserve System
T1  - U.S. International Transactions in 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/05//
VL  - 88
IS  - 5
SP  - 235
EP  - 247
SN  - 00149209
N1  - Accession Number: 0608541; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200207
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Empirical Studies of Trade          F14
KW  - International Investment; Long-term Capital Movements          F21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0608541&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - De Nicolo, Gianni
AU  - Kwast, Myron L.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Systemic Risk and Financial Consolidation: Are They Related?
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 2002/05//
VL  - 26
IS  - 5
SP  - 861
EP  - 880
SN  - 03784266
N1  - Accession Number: 0608917; Keywords: Financial Institutions;  Firm;  Stock Returns;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200207
N2  - The creation of a number of very large and sometimes increasingly complex financial institutions, resulting in part from the on-going consolidation of the financial system, has raised concerns that the degree of systemic risk in the financial system may have increased. We argue that firm inter-dependencies, as measured by correlations of stock returns, provide an indicator of systemic risk potential. We analyze the dynamics of the stock return correlations of a sample of US large and complex banking organizations (LCBOs) over 1988-99, and find a significant positive trend in stock return correlations. This finding is consistent with the view that the systemic risk potential in the financial sector appears to have increased over the last decade. In addition, we relate firms' return correlations to their consolidation activity by estimating measures of the consolidation elasticity of correlation. Consolidation at the sample LCBOs appears to have contributed to LCBOs inter-dependencies. However, consolidation elasticities of correlation exhibit substantial time variation, and likely declined in the latter part of the decade. Thus, factors other than consolidation have also been responsible for the upward trend in return correlations.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0608917&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Levin, Andrew
AU  - Lin, Chien-Fu
AU  - Chu, Chia-Shang James
AD  - Federal Reserve System
AD  - National Taiwan U
AD  - National Taiwan U
T1  - Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2002/05//
VL  - 108
IS  - 1
SP  - 1
EP  - 24
SN  - 03044076
N1  - Accession Number: 0608952; Keywords: Panel Data;  Regression;  Time Series;  Unit Root; Publication Type: Journal Article; Update Code: 200207
N2  - We consider pooling cross-section time series data for testing the unit root hypothesis. The degree of persistence in individual regression error, the intercept and trend coefficient are allowed to vary freely across individuals. As both the cross-section and time series dimensions of the panel grow large, the pooled t-statistic has a limiting normal distribution that depends on the regression specification but is free from nuisance parameters. Monte Carlo simulations indicate that the asymptotic results provide a good approximation to the test statistics in panels of moderate size, and that the power of the panel-based unit root test is dramatically higher, compared to performing a separate unit root test for each individual time series.
KW  - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models          C23
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0608952&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - FAUST, JON
AU  - SVENSSON, LARS E. O.
T1  - The Equilibrium Degree of Transparency and Control in Monetary Policy.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2002/05//
VL  - 34
IS  - 2
M3  - Article
SP  - 520
EP  - 539
PB  - Ohio State University Press
SN  - 00222879
AB  - We examine a central bank's endogenous choice of degree of control and degree of transparency, under both commitment and discretion. We argue that discretion is the more realistic assumption for the choice of control and that commitment is more realistic for the choice of transparency. For the choice of control, under discretion maximum degree of control is the only equilibrium. For the choice of transparency, under commitment, a sufficiently patient bank with sufficiently low average inflation bias will always choose minimum transparency. Thus. a maximum feasible degree of control with a minimum degree of transparency is a likely outcome. The Bundesbank and the Federal Reserve System are, arguably, examples of this. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CENTRAL banking industry
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - MONEY supply
KW  - ECONOMIC policy
KW  - PUBLIC spending
N1  - Accession Number: 6920109; FAUST, JON 1; Email Address: faustj@frb.gov; SVENSSON, LARS E. O. 2; Email Address: Svensson@princeton.edu; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System.; 2: Professor of Economies, Princeton University.; Issue Info: May2002, Vol. 34 Issue 2, p520; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PUBLIC spending; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 20p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6920109&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kiley, Michael T.
AD  - Federal Reserve System
T1  - Partial Adjustment and Staggered Price Setting
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2002/05//
VL  - 34
IS  - 2
SP  - 283
EP  - 298
SN  - 00222879
N1  - Accession Number: 0609379; Keywords: IS LM Model;  Prices; Publication Type: Journal Article; Update Code: 200207
N2  - This paper compares Taylor-style staggered price setting to partial adjustment of prices (or Calvo staggering) in a small optimizing IS/LM model. In contrast to the overwhelming perception in the literature, the models are not similar for most parameterizations. In particular, the dynamic response of the economy to shocks is quite different in the two models, and the welfare cost of price rigidity is eight or more times larger in the Calvo model than in the Taylor model (for typical calibrations). Suggestions for calibrations under which the models are more similar are also presented.
KW  - Price Level; Inflation; Deflation          E31
KW  - Business Fluctuations; Cycles          E32
KW  - General Aggregative Models: Keynes; Keynesian; Post-Keynesian          E12
KW  - General Aggregative Models: Neoclassical          E13
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0609379&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Longhofer, Stanley D.
AD  - Board of Governors, Federal Reserve System
AD  - Wichita State U
T1  - Anatomy of a Fair Lending Exam: The Uses and Limitations of Statistics
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 2002/05//
VL  - 24
IS  - 3
SP  - 207
EP  - 237
SN  - 08955638
N1  - Accession Number: 0614523; Keywords: Discrimination;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
N2  - In this paper, we examine how statistical analysis is used to help conduct fair lending compliance examinations. We present a case study of an actual fair lending examination of a large mortgage lender, illustrating how statistical techniques are used to focus examiner efforts. Our case also highlights the limitations inherent in statistical analysis of discrimination. The study suggests that statistical analysis and the more-traditional comparative file reviews complement one another in the overall examination process, offsetting some of the limitations inherent in each.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Labor Discrimination: Public Policy          J78
L3  - http://link.springer.com/journal/volumesAndIssues/11146
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0614523&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bertaut, Carol C.
AD  - Federal Reserve System
T1  - The European Central Bank and the Eurosystem
JO  - Federal Reserve Bank of Boston New England Economic Review
JF  - Federal Reserve Bank of Boston New England Economic Review
Y1  - 2002///2nd Quarter
SP  - 25
EP  - 28
SN  - 00284726
N1  - Accession Number: 0616909; Geographic Descriptors: EMU; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200209
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.bostonfed.org/economic/neer/neerback.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0616909&site=ehost-live&scope=site
UR  - http://www.bostonfed.org/economic/neer/neerback.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Nelson, William R.
AD  - Federal Reserve System
T1  - Criteria for Central Bank Assets: Lessons from Pre-ECB Germany
JO  - Federal Reserve Bank of Boston New England Economic Review
JF  - Federal Reserve Bank of Boston New England Economic Review
Y1  - 2002///2nd Quarter
SP  - 29
EP  - 32
SN  - 00284726
N1  - Accession Number: 0616910; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200209
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.bostonfed.org/economic/neer/neerback.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0616910&site=ehost-live&scope=site
UR  - http://www.bostonfed.org/economic/neer/neerback.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Nelson, William R.
AD  - Federal Reserve System
T1  - Criteria for Central Bank Assets: Lessons from Pre-ECB France
JO  - Federal Reserve Bank of Boston New England Economic Review
JF  - Federal Reserve Bank of Boston New England Economic Review
Y1  - 2002///2nd Quarter
SP  - 33
EP  - 34
SN  - 00284726
N1  - Accession Number: 0616911; Geographic Descriptors: France; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200209
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.bostonfed.org/economic/neer/neerback.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0616911&site=ehost-live&scope=site
UR  - http://www.bostonfed.org/economic/neer/neerback.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Durkin, Thomas A.
AD  - Federal Reserve System
T1  - Consumers and Credit Disclosures: Credit Cards and Credit Insurance
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/04//
VL  - 88
IS  - 4
SP  - 201
EP  - 213
SN  - 00149209
N1  - Accession Number: 0605802; Keywords: Consumer Protection;  Consumer;  Credit Card;  Credit;  Lending;  Protection;  Regulation;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200206
N2  - Under the Truth in Lending Act, the Federal Reserve has the responsibility for writing the implementing rules, which it has carried out with its Regulation Z. Because this law is so critical for federal consumer protection policy in the credit area and because it imposes significant compliance costs on creditors, questions have been raised about consumers' use of the protections inherent in Truth in Lending. Even though measurement of the precise effect of particular disclosure requirements on credit-use behavior or competition is problematic, one can study consumers' reports of their views about marketplace information conditions and their uses of required disclosures. To this end, the Federal Reserve Board and others have periodically sponsored and analyzed consumer surveys on disclosure matters since 1969, when the original act was implemented. In this article, the results of two surveys undertaken in 2001 of consumers' opinions about information availability are examined in the context of the earlier survey findings. The new data focus on consumers who use two, sometimes controversial, financial products--credit cards and credit insurance.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Consumer Protection          D18
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0605802&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kodres, Laura E.
AU  - Pritsker, Matthew
AD  - IMF
AD  - Federal Reserve System
T1  - A Rational Expectations Model of Financial Contagion
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 2002/04//
VL  - 57
IS  - 2
SP  - 768
EP  - 799
SN  - 00221082
N1  - Accession Number: 0609094; Keywords: Asset Prices;  Financial Contagion;  Financial Markets; Publication Type: Journal Article; Update Code: 200207
N2  - We develop a multiple asset rational expectations model of asset prices to explain financial market contagion. Although the model allows contagion through several channels, our focus is on contagion through cross-market rebalancing. Through this channel, investors transmit idiosyncratic shocks from one market to others by adjusting their portfolios' exposures to shared macroeconomic risks. The pattern and severity of financial contagion depends on markets' sensitivities to shared macroeconomic risk factors, and on the amount of information asymmetry in each market. The model can generate contagion in the absence of news, as well as between markets that do not directly share macroeconomic risks.
KW  - International Financial Markets          G15
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0609094&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cummins, Jason G.
AU  - Violante, Giovanni L.
AD  - Federal Reserve System
AD  - CEPR, U College London
T1  - Investment-Specific Technical Change in the United States (1947-2000): Measurement and Macroeconomic Consequences
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 2002/04//
VL  - 5
IS  - 2
SP  - 243
EP  - 284
SN  - 10942025
N1  - Accession Number: 0609947; Keywords: Growth;  Investment;  Macroeconomics;  Productivity;  Technical; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200207
N2  - By extrapolating Gordon's measures of the quality bias in the official price indexes, we construct quality-adjusted price indexes for 24 types of equipment and software (E&S) from 1947 to 2000 and use them to measure technical change at the aggregate and at the industry level. Technological improvement in E&S accounts for an important fraction of postwar GDP growth and plays a key role in the productivity resurgence of the 1990s. Driving this finding is 4% annual growth in the quality of E&S in the postwar period and more than 6% annual growth in the 1990s. The acceleration in the 1990s occurred in every industry, consistent with the idea that information technology represents a general-purpose technology. Furthermore, we measure for the aggregate economy and different sectors the "technological gap": how much more productive new machines are compared to the average machine. We show that the technological gap explains the dynamics of investment in new technologies and the returns to human capital, consistent with the Nelson-Phelps conjecture. Since the technological gap continues to increase--it more than doubled in the past 20 years--our evidence supports the view that at least some of the recent increase in productivity growth is sustainable.
KW  - Capital; Investment; Capacity          E22
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices          L16
L3  - http://www.sciencedirect.com/science/journal/10942025
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0609947&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1006/redy.2002.0168
UR  - http://www.sciencedirect.com/science/journal/10942025
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Knight, Brian
AD  - Federal Reserve System
T1  - Endogenous Federal Grants and Crowd-Out of State Government Spending: Theory and Evidence from the Federal Highway Aid Program
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2002/03//
VL  - 92
IS  - 1
SP  - 71
EP  - 92
SN  - 00028282
N1  - Accession Number: 0605276; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200206
N2  - Contrary to simple theoretical predictions, existing evidence suggests that federal grants do not crowd out state government spending. A legislative bargaining model with endogenous grants documents a positive correlation between grant receipts and preferences for public goods; this correlation has likely biased existing work against measuring crowd-out. To correct for such endogeneity, the model motivates instruments based on the political power of state congressional delegations. Exploiting this exogenous variation in grants, the instrumental variables estimator reports crowd-out that is statistically and economically significant. This endogeneity may explain the flypaper effect, a nonequivalence between grant receipts and private income.
KW  - State and Local Budget and Expenditures          H72
KW  - Intergovernmental Relations; Federalism; Secession          H77
KW  - National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock          H54
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0605276&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/000282802760015612
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Starr-McCluer, Martha
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Market Definition in Banking: Recent Evidence
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 2002///Spring
VL  - 47
IS  - 1
SP  - 63
EP  - 89
SN  - 0003603X
N1  - Accession Number: 0613328; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613328&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrado, Carol
AU  - Gilbert, Charles
AU  - Morin, Norman
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Industrial Production and Capacity Utilization: The 2001 Annual Revision
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/03//
VL  - 88
IS  - 3
SP  - 173
EP  - 187
SN  - 00149209
N1  - Accession Number: 0605801; Keywords: Capacity;  Output;  Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200206
N2  - In late 2001, the Board of Governors of the Federal Reserve System published the annual revision of its index of industrial production and the related measures of capacity and capacity utilization for the period January 1992 to October 2001. The updated measures reflect the incorporation of newly available, more-comprehensive source data and the introduction of improved methods for compiling a few series. Measured fourth quarter to fourth quarter, increases in rates of industrial output and capacity have been revised downward from rates previously reported for 1999 and 2000. The revision places the decline in industrial output in 2001 at an annual rate of 6.0 percent. The estimated rate of increase in capacity in 2001 was lowered by 0.7 percentage point, to 1.7 percent. The rate of industrial capacity utilization as of the third quarter of 2001 was little changed by the revision; at 74.6 percent in the fourth quarter of 2001, the rate is 4 percentage points below the nadir of the 1990-91 recession but 3 percentage points above that of the 1982 recession.
KW  - Macroeconomics: Production          E23
KW  - Capital; Investment; Capacity          E22
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0605801&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Carmen M.
AU  - Reinhart, Vincent Raymond
AD  - IMF
AD  - Board of Governors, Federal Reserve System
T1  - Is a G-3 Target Zone on Target for Emerging Markets?
JO  - Finance and Development
JF  - Finance and Development
Y1  - 2002/03//
VL  - 39
IS  - 1
SP  - 17
EP  - 19
SN  - 00151947
N1  - Accession Number: 0605811; Keywords: Target Zone; Geographic Descriptors: U.S.; Japan; EMU; LDCs; Geographic Region: Northern America; Asia; Europe; Publication Type: Journal Article; Update Code: 200206
KW  - Central Banks and Their Policies          E58
KW  - Foreign Exchange          F31
KW  - International Monetary Arrangements and Institutions          F33
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://www.imf.org/external/pubs/ft/fandd/2001/03/index.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0605811&site=ehost-live&scope=site
UR  - http://www.imf.org/external/pubs/ft/fandd/2001/03/index.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Wilcox, David W.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Opportunistic Approach to Disinflation
JO  - International Finance
JF  - International Finance
Y1  - 2002///Spring
VL  - 5
IS  - 1
SP  - 47
EP  - 71
SN  - 13670271
N1  - Accession Number: 0626801; Keywords: Disinflation;  Inflation;  Monetary Policy;  Monetary;  Policy;  Supply; Publication Type: Journal Article; Update Code: 200211
N2  - This paper explores the theoretical foundations of a new approach to monetary policy. Proponents of this approach hold that, when inflation is moderate but still above the long-run objective, the central bank should not take deliberate anti-inflation action but, rather, should wait for exogenous circumstances--such as favourable supply shocks and unforeseen recessions--to deliver the desired reduction in inflation. While waiting for such circumstances to arise, the central bank should aggressively resist incipient increases in inflation. This strategy has come to be known as "the opportunistic approach to disinflation". We deduce policy maker preferences that rationalize the opportunistic approach as the optimal strategy for disinflation in the context of a model that is standard in other respects. The policy maker who is endowed with these preferences tends to focus on stabilizing output when inflation is low, but on fighting inflation when inflation is high. We contrast the opportunistic approach to a more conventional strategy derived from strictly quadratic preferences.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2362/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0626801&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2362/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
ID  - 2002-15745-005
AN  - 2002-15745-005
AU  - Avery, Robert B.
AU  - Rendall, Michael S.
T1  - Lifetime Inheritances of Three Generations of Whites and Blacks.
JF  - American Journal of Sociology
JO  - American Journal of Sociology
JA  - AJS
Y1  - 2002/03//
VL  - 107
IS  - 5
SP  - 1300
EP  - 1346
CY  - US
PB  - Univ of Chicago Press
SN  - 0002-9602
AD  - Avery, Robert B., Board of Governors of the Federal Reserve System, Mail Stop 153, Washington, DC, US, 20551
N1  - Accession Number: 2002-15745-005. Partial author list: First Author & Affiliation: Avery, Robert B.; Board of Governors of the Federal Reserve System, Washington, DC, US. Release Date: 20031110. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Print. Document Type: Journal Article. Language: English. Major Descriptor: Blacks; Income (Economic); Racial and Ethnic Differences; Whites; Generational Differences. Minor Descriptor: Self-Report. Classification: Social Structure & Organization (2910). Population: Human (10); Male (30); Female (40). Location: US. Age Group: Adulthood (18 yrs & older) (300); Young Adulthood (18-29 yrs) (320); Thirties (30-39 yrs) (340); Middle Age (40-64 yrs) (360); Aged (65 yrs & older) (380). Methodology: Empirical Study; Quantitative Study. References Available: Y. Page Count: 47. Issue Publication Date: Mar, 2002. 
AB  - This article estimates lifetime inheritances by combining survey selfreports of inheritances received with forecasts of prospective inheritances. These estimates encompass whites and blacks of the baby boom generation and the two preceding generations. The white-black gap in lifetime inheritances is found to increase both absolute black and relative racial wealth inequality. The gap is estimated to be much larger for the baby boom generation than for previous generations. Combined with the stalling of blacks' progress in earnings relative to whites' since the 1980s, the baby boom generation may thus have begun a reversal of progress toward racial economic equality, with inheritances playing a key role in this reversal. (PsycINFO Database Record (c) 2016 APA, all rights reserved)
KW  - lifetime inheritances
KW  - three generations
KW  - whites
KW  - blacks
KW  - white-black gap
KW  - racial wealth inequality
KW  - baby boom generation
KW  - 2002
KW  - Blacks
KW  - Income (Economic)
KW  - Racial and Ethnic Differences
KW  - Whites
KW  - Generational Differences
KW  - Self-Report
KW  - 2002
DO  - 10.1086/344840
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2002-15745-005&site=ehost-live&scope=site
UR  - Robert.B.Avery@frb.gov
DP  - EBSCOhost
DB  - psyh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
AD  - Federal Reserve System and Wharton Financial Institutions Center
AD  - IN U
T1  - Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure
JO  - Economic Journal
JF  - Economic Journal
Y1  - 2002/02//
VL  - 112
IS  - 477
SP  - F32
EP  - 53
SN  - 00130133
N1  - Accession Number: 0603356; Keywords: Bank;  Credit;  Lending; Publication Type: Journal Article; Update Code: 200205
N2  - This paper models the inner workings of relationship lending, the implications for bank organisational structure, and the effects of shocks to the economic environment on the availability of relationship credit to small businesses. Relationship lending depends on the accumulation over time by the loan officer of "soft" information. Because the loan officer is the repository of this soft information, agency problems are created throughout the organisation that may best be resolved by structuring the bank as a small, closely-held organisation with few managerial layers. The shocks analysed include technological innovations, regulatory regime shifts, banking industry consolidation, and monetary policy shocks.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0603356&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Panigay Coleman, Stacy
AD  - Federal Reserve System
T1  - The Evolution of the Federal Reserve's Intraday Credit Policies
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/02//
VL  - 88
IS  - 2
SP  - 67
EP  - 84
SN  - 00149209
N1  - Accession Number: 0603526; Keywords: Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200205
KW  - Central Banks and Their Policies          E58
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0603526&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fairlie, Robert W.
AU  - Resch, Alexandra M.
T1  - IS THERE "WHITE FLIGHT" INTO PRIVATE SCHOOLS? EVIDENCE FROM THE NATIONAL EDUCATIONAL LONGITUDINAL SURVEY.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2002/02//
VL  - 84
IS  - 1
M3  - Article
SP  - 21
PB  - MIT Press
SN  - 00346535
AB  - Abstract--Using a recently released confidential data set from the National Center for Educational Statistics (NCES), we find some evidence of "white flight" from public schools into private schools partly in response to minority schoolchildren. We also examine whether white flight is from all minorities or only from certain minority groups, delineated by race or income. We find that white families are fleeing public schools with large concentrations of poor minority schoolchildren. In addition, the clearest flight appears to occur from poor black schoolchildren. The results for white flight from Asians and Hispanics are less clear. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRIVATE schools
KW  - STUDENTS -- United States
KW  - SURVEYS
KW  - PUBLIC schools
KW  - RACISM
KW  - MINORITIES
KW  - SCHOOL children
KW  - UNITED States
N1  - Accession Number: 6445663; Fairlie, Robert W. 1,2; Resch, Alexandra M. 3; Affiliations: 1: University of California-Santa Cruz; 2: Joint Center for Poverty Research (Northwestern University/University of Chicago); 3: Board of Governors of Federal Reserve System.; Issue Info: Feb2002, Vol. 84 Issue 1, p21; Subject Term: PRIVATE schools; Subject Term: STUDENTS -- United States; Subject Term: SURVEYS; Subject Term: PUBLIC schools; Subject Term: RACISM; Subject Term: MINORITIES; Subject Term: SCHOOL children; Subject: UNITED States; NAICS/Industry Codes: 611110 Elementary and Secondary Schools; Number of Pages: 13p; Illustrations: 9 Charts, 2 Graphs; Document Type: Article; Full Text Word Count: 9838
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6445663&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Structure and Profitability in Banking Markets
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2002/02//
VL  - 20
IS  - 1
SP  - 81
EP  - 98
SN  - 0889938X
N1  - Accession Number: 0601398; Keywords: Bank;  Banking;  Deposit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200204
N2  - We use the structure-performance model and regression analysis to investigate a number of analytical issues that often arise in evaluating competition in connection with bank mergers and that are generally relevant to mergers in other industries. Perhaps our most consistent and strongest finding is that the local market HHI is positively and significantly related to profitability. We also find that the number of organizations and the level of recent deposit growth may provide some additional information on the level of competition. Finally, several variables including market size, the number of large banking firms, deposits per office, and resident migration rates exhibit similar relationships to profitability in the bivariate analysis, suggesting that there may be some characteristic associated with market size, density, or attractiveness that is important for competition.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0601398&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Pat
AD  - Federal Reserve System
T1  - The Immediacy Implications of Exchange Organization: Comment
JO  - Brookings-Wharton Papers on Financial Services
JF  - Brookings-Wharton Papers on Financial Services
Y1  - 2002///
SP  - 155
EP  - 161
SN  - 10983651
N1  - Accession Number: 0627879; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200212
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://muse.jhu.edu/journals/brookings-wharton_papers_on_financial_services/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0627879&site=ehost-live&scope=site
UR  - http://muse.jhu.edu/journals/brookings-wharton_papers_on_financial_services/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy
AD  - Federal Reserve System
T1  - Welfare Reform and the Well-Being of America's Children
JO  - Challenge
JF  - Challenge
Y1  - 2002/01//January-February 2002
VL  - 45
IS  - 1
SP  - 6
EP  - 46
SN  - 05775132
N1  - Accession Number: 0596603; Keywords: Children;  Welfare; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200203
KW  - Welfare, Well-Being, and Poverty: Government Programs; Provision and Effects of Welfare Programs          I38
KW  - Fertility; Family Planning; Child Care; Children; Youth          J13
L3  - http://mesharpe.metapress.com/openurl.asp?genre=journal&issn=0577-5132
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0596603&site=ehost-live&scope=site
UR  - http://mesharpe.metapress.com/openurl.asp?genre=journal&issn=0577-5132
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Case, Bradford
AU  - Gillen, Kevin
AU  - Wachter, Susan M.
AD  - Federal Reserve System
AD  - U PA
AD  - U PA
T1  - Spatial Variation in GSE Mortgage Purchase Activity
JO  - Cityscape: A Journal of Policy Development and Research
JF  - Cityscape: A Journal of Policy Development and Research
Y1  - 2002///
VL  - 6
IS  - 1
SP  - 9
EP  - 84
N1  - Accession Number: 0630142; Keywords: Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200301
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts          H81
KW  - Housing Supply and Markets          R31
L3  - http://www.huduser.org/periodicals/cityscpe/prev_iss/cspast.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0630142&site=ehost-live&scope=site
UR  - http://www.huduser.org/periodicals/cityscpe/prev_iss/cspast.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Coronado, Julia L.
AD  - Federal Reserve System
T1  - The Effects of Social Security Privatization on Household Saving: Evidence from Chile
JO  - Contributions to Economic Analysis and Policy
JF  - Contributions to Economic Analysis and Policy
Y1  - 2002///
VL  - 1
IS  - 1
SP  - na
SN  - 15380645
N1  - Accession Number: 0630172; Keywords: Pay as You Go;  Privatization;  Saving;  Social Security; Geographic Descriptors: Chile; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200301
N2  - In recent years, a handful of countries have converted the financing of their social security systems from pay-as-you-go (PAYGO) to partial or full funding. Privatization is viewed as one way to insulate social security from the political and demographic pressures that currently threaten the financial stability of PAYGO systems. However, privatization would improve a nation's situation only if such a reform increases domestic saving. In this paper I use evidence from Chile, where social security was privatized in 1981, to assess the impact of such a reform on household saving rates. I find that the reform provided a significant stimulus for net of social security household saving; increasing household saving rates between 5 and 10 percentage points.
KW  - Household Saving; Personal Finance          D14
KW  - Social Security and Public Pensions          H55
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out          L33
KW  - Microeconomic Analyses of Economic Development          O12
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
L3  - http://www.degruyter.com/view/j/bejeap
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0630172&site=ehost-live&scope=site
UR  - http://www.degruyter.com/view/j/bejeap
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - MacKinnon, James G.
AD  - Federal Reserve System
AD  - Queen's U, Kingston, Ontario
T1  - Distributions of Error Correction Tests for Cointegration
JO  - Econometrics Journal
JF  - Econometrics Journal
Y1  - 2002///
VL  - 5
IS  - 2
SP  - 285
EP  - 318
SN  - 13684221
N1  - Accession Number: 0636803; Keywords: Co integration;  Cointegration; Publication Type: Journal Article; Update Code: 200304
N2  - This paper provides densities and finite sample critical values for the single-equation error correction statistic for testing cointegration. Graphs and response surfaces summarize extensive Monte Carlo simulations and highlight simple dependencies of the statistic's quantiles on the number of variables in the error correction model, the choice of deterministic components, and the sample size. The response surfaces provide a convenient way for calculating finite sample critical values at standard levels; and a computer program, freely available over the Internet, can be used to calculate both critical values and p-values. Two empirical applications illustrate these tools.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291368-423X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0636803&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291368-423X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Starr-McCluer, Martha
AD  - Federal Reserve System
T1  - Stock Market Wealth and Consumer Spending
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 2002/01//
VL  - 40
IS  - 1
SP  - 69
EP  - 79
SN  - 00952583
N1  - Accession Number: 0596741; Keywords: Consumer;  Saving;  Wealth; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200203
N2  - This article investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models estimate that a dollar's increase in stock wealth boosts consumption by three to seven cents. With the substantial 19906 rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the issues and previous research, I present new evidence from a well-known consumer survey. The results are broadly, consistent with life-cycle saving and a modest wealth effect: most stockholders reported no appreciable effect of stock prices on their saving or spending, but many mentioned "retirement saving" in explaining their behavior.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Personal Income, Wealth, and Their Distributions          D31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0596741&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dynan, Karen E.
AU  - Johnson, Kathleen W.
AU  - Slowinski, Samuel M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Survey of Finance Companies, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2002/01//
VL  - 88
IS  - 1
SP  - 1
EP  - 14
SN  - 00149209
N1  - Accession Number: 0596894; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200203
N2  - Against a backdrop of robust economic activity, the finance company sector expanded briskly over the second half of the 1990s. The value of receivables held by finance companies in the United States rose nearly 50 percent, or about 11 percent a year, between 1996 and 2000. Business lending remained finance companies' major line of activity; the importance to the sector of consumer lending and leasing declined slightly, and the importance of real estate lending rose a bit. These and other findings from the Federal Reserve's mid-2000 benchmark survey of finance companies, as well as developments in the sector since that time, are discussed in this article.
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0596894&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
T1  - Concluding Panel Discussion: The Role of Central Banks in Exchange Rate Regimes in the 21st Century: Panelists' Remarks
JO  - Monetary and Economic Studies
JF  - Monetary and Economic Studies
Y1  - 2002///Special Edition
VL  - 20
SP  - 255
EP  - 261
SN  - 02888432
N1  - Accession Number: 0638204; Keywords: Exchange Rates; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200304
KW  - International Monetary Arrangements and Institutions          F33
KW  - Price Level; Inflation; Deflation          E31
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Foreign Exchange          F31
L3  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0638204&site=ehost-live&scope=site
UR  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - US Federal Reserve System
T1  - L'euro en tant que devise internationale. (The Euro as an International Currency. With English summary.)
JO  - Revue d'Economie Financiere
JF  - Revue d'Economie Financiere
Y1  - 2002///
IS  - 68
SP  - 321
EP  - 327
SN  - 09873368
N1  - Accession Number: 0638679; Keywords: Currency; Geographic Descriptors: EMU; Geographic Region: Europe; Language: French; Publication Type: Journal Article; Update Code: 200304
N2  - This article explains some of the basic considerations that confront the euro in its emergence as a key international currency. An international currency emerges because it is a solution to an economic problem: cross-border transactions. Because the attractiveness of any vehicle currency grows as its liquidity increases, an international currency has a tendency to become a natural monopoly. But the an important factor inhibiting the emergence and persistence of a single vehicle currency throughout the world is the attraction of portfolio diversification. So, this article tries to explains how a currency become an international currency.
KW  - Financial Aspects of Economic Integration          F36
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
L3  - http://www.aef.asso.fr/allparution.jsp?prm=9
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0638679&site=ehost-live&scope=site
UR  - http://www.aef.asso.fr/allparution.jsp?prm=9
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ihrig, Jane
AU  - Moe, Karine S.
AD  - Federal Reserve System
AD  - Macalester College
T1  - Tax Policies and Informal Employment: The Asian Experience
JO  - Asian Economic Journal
JF  - Asian Economic Journal
Y1  - 2001/12//
VL  - 15
IS  - 4
SP  - 369
EP  - 383
SN  - 13513958
N1  - Accession Number: 0605406; Keywords: Informal Sector;  Tax; Geographic Descriptors: Asia; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200206
N2  - This paper develops and estimates a model linking tax policies to the size of the informal sector. Our results suggest that informal employment responds to the strength of enforcement and, to a lesser extent, to tax rates. Looking across sectors, we find service sector informal employment responds to both changes in tax rates and enforcement, while manufacturing sector informal employment responds only to enforcement. Quantitatively, changes in enforcement affect the manufacturing informal sector more than the service sector. These results are robust to various measures of informal employment and hold for other countries outside of Asia as well. Since informal employment (and hence output) is related to a country's GDP, these results suggest that policy makers should consider the effect of their policies on the size of the informal sector.
KW  - Tax Evasion          H26
KW  - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements          O17
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
KW  - Fiscal and Monetary Policy in Development          O23
KW  - Informal Economy; Underground Economy          E26
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-8381/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0605406&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-8381/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kiley, Michael T.
AD  - Federal Reserve System
T1  - Computers and Growth with Frictions: Aggregate and Disaggregate Evidence
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 2001/12//
VL  - 55
SP  - 171
EP  - 215
SN  - 01672231
N1  - Accession Number: 0599151; Keywords: Growth;  Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200204
N2  - Not long ago, discussions of the computer revolution by economists centered on the disappointing payoff computers seemed to be having on aggregate, industry, or firm-level movements in productivity, but this disappointed has passed and the business pages are filled with stories heralding the arrival of the "new economy". This paper investigates the role of computers, software, and communications equipment in the recent surge in U.S. productivity growth in a neoclassical model of investment and production in an attempt to clarify the potential importance of frictions in the transition to a more computer-intensive mode of production on the productivity effects of high-tech equipment. The estimated response of investment in high-tech equipment to its relative price is substantial and sluggish. The high-price elasticity of high-tech capital implies, in conjunction with reasonable assumptions about future declines in high-tech equipment prices and multifactor productivity throughout the economy, that trend GDP growth over 2001-05 is likely to range between 3 percent and 3.75 percent. The estimated investment frictions are suggestive of complicated dynamics in the short-run impact of high-tech investment on productivity; firm-level evidence suggests such short-run effects may be important, as do the large costs of training workers and installing high-tech capital.
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0599151&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony to the U.S. Congress Joint Economic Committee, October 17, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/12//
VL  - 87
IS  - 12
SP  - 767
EP  - 768
SN  - 00149209
N1  - Accession Number: 0599696; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200204
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses recent developments in the U.S. economy and states that despite the tragic events of September 11, the foundations of our free society remain sound, and we will recover and prosper as we have in the past. He states further that the level of productivity will presumably undergo a one-time downward adjustment as our economy responds to higher levels of perceived risk, but once the adjustment is completed, productivity growth should resume at rates in excess of those that prevailed in the quarter-century preceding 1995 (Testimony before the Joint Economic Committee of the U.S. Congress, October 17, 2001).
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0599696&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Smith, Dolores S.
AD  - Federal Reserve System
T1  - Testimony to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, November 1, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/12//
VL  - 87
IS  - 12
SP  - 769
EP  - 772
SN  - 00149209
N1  - Accession Number: 0599697; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Federal Reserve System;  Financial Institutions;  Financial Services;  Lending;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200204
N2  - Dolores S. Smith, Director, Division of Consumer and Community Affairs, discusses the Board's responsibilities in administering a number of consumer protection laws and states that as part of the bank examination process, the Federal Reserve enforces the federal banking laws, including the Truth in Lending rules, with respect to the approximately 980 state-chartered banks that are members of the Federal Reserve System. She testifies that in the Federal Reserve's examination of state member banks that are involved in credit card lending, it has not found any widespread practices that violate applicable laws or regulations; further, violations have been found in only a small number of banks, and even in those cases, the violations have generally been isolated in scope (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, November 1, 2001).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0599697&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Klapper, Leora F.
AU  - Udell, Gregory F.
T1  - The ability of banks to lend to informationally opaque small businesses.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2001/12//
VL  - 25
IS  - 12
M3  - Article
SP  - 2127
SN  - 03784266
AB  - We test hypotheses about the effects of bank size, foreign ownership, and distress on lending to informationally opaque small firms using a rich new data set on Argentinean banks, firms, and loans. We also test hypotheses about borrowing from a single bank versus multiple banks. Our results suggest that large and foreign-owned institutions may have difficulty extending relationship loans to opaque small firms. Bank distress appears to have no greater effect on small borrowers than on large borrowers, although even small firms may react to bank distress by borrowing from multiple banks, raising borrowing costs and destroying some relationship benefits. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - LOANS
KW  - FOREIGN investments
KW  - SMALL business
KW  - FINANCE
KW  - FINANCIAL institutions
KW  - Financial distress
KW  - Foreign ownership
KW  - Mergers
KW  - Multiple lenders
N1  - Accession Number: 5688267; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Klapper, Leora F. 3; Email Address: lklapper@worldbank.org; Udell, Gregory F. 4; Email Address: gudell@indiana.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Mall Stop 153, 20th and C Streets N LV, Washington, DC 20551, USA.; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA.; 3: The World Bank Washington, DC 20433, USA.; 4: Kelley School of Business, Indiana University, Bloomington, IN 47405, USA.; Issue Info: Dec2001, Vol. 25 Issue 12, p2127; Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Thesaurus Term: FOREIGN investments; Thesaurus Term: SMALL business; Thesaurus Term: FINANCE; Thesaurus Term: FINANCIAL institutions; Author-Supplied Keyword: Financial distress; Author-Supplied Keyword: Foreign ownership; Author-Supplied Keyword: Mergers; Author-Supplied Keyword: Multiple lenders; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 41p; Illustrations: 10 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5688267&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edison, Hali
AU  - Reinhart, Carmen M.
AD  - Federal Reserve System
AD  - U MD and NBER
T1  - Stopping Hot Money
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2001/12//
VL  - 66
IS  - 2
SP  - 533
EP  - 553
SN  - 03043878
N1  - Accession Number: 0589947; Keywords: Capital Controls;  Foreign Exchange; Geographic Descriptors: Brazil; Malaysia; Thailand; Geographic Region: Latin America and the Caribbean; Asia; Publication Type: Journal Article; Update Code: 200112
N2  - While high interest rates and foreign exchange sales are the most common way of dealing with a speculative attack in the foreign exchange market, several countries resorted to capital controls during recent periods of currency market turbulence. The purpose of this study is to use daily financial data to examine three of these capital controls episodes--Brazil 1999, Malaysia 1998, and Thailand 1997. We aim to assess the extent to which the capital controls were effective in delivering the outcomes that motivated their inception in the first place. We conclude that in two of the three cases (Brazil and Thailand), the controls did not deliver much of what was intended--although, one does not observe the counterfactual. By contrast, in the case of Malaysia, the controls did align closely with the priors of what controls are intended to achieve: greater interest rate and exchange rate stability and more policy autonomy.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0589947&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Inflation Targets and Inflation Targeting
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2001/11//November-December 2001
VL  - 83
IS  - 6
SP  - 1
EP  - 13
SN  - 00149187
N1  - Accession Number: 0595233; Keywords: Inflation;  Policy;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - The Federal Reserve currently has a dual mandate: promote price stability and full employment. In a speech presented at the University of California at San Diego Economic Roundtable, Laurence Meyer explores two policy options that would change the current framework. Meyer discusses whether the United States should (i) move to an inflation-targeting regime (placing primary emphasis on price stability) or (ii) set an explicit numerical target for inflation within the context of the current dual mandate. For background, he describes an inflation-targeting regime, reviews various mandates around the world, and discusses common elements and differences among the regimes. He then explores each option. Because the first option may reduce the flexibility of monetary policy too stringently, it is determined to be undesirable. The second option would, in the author's opinion, give added precision to an already mandated objective because it would improve transparency and accountability of the Fed, anchor inflation expectations and increase the Fed's credibility, and institutionalize good monetary policy. The steps necessary to implement the preferred option are outlined.
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595233&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bassett, William F.
AU  - Brady, Thomas F.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Economic Performance of Small Banks, 1985-2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/11//
VL  - 87
IS  - 11
SP  - 719
EP  - 728
SN  - 00149209
N1  - Accession Number: 0595237; Keywords: Bank;  Financial Institutions;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - Several trends in the financial industry over the past decade and a half have potentially threatened the competitiveness of small banks. Among these developments are the numerous mergers that increased the size and scope of large banks and the increased competition from mutual funds and other nonbank financial institutions. This article examines the economic performance of small banks during the 1985-2000 period by focusing on their ability to attract and profitably intermediate insured and uninsured deposits. It finds that the expansion of deposits and assets at small banks, when adjusted to account for the effects of mergers on measured growth, has consistently exceeded the growth at large banks. Moreover, the profitability of small banks has remained high over the period. These indications of strength among small banks as a whole also hold true for subgroups within the small bank sector. Aside from their success in attracting deposits, the key reasons for the generally good performance of small banks in recent years appear to be their ability to earn relatively high rates of return on their loans and an increase in the share of their portfolios devoted to loans.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595237&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, September 20, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/11//
VL  - 87
IS  - 11
SP  - 733
EP  - 734
SN  - 00149209
N1  - Accession Number: 0595238; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - At this meeting, the Committee voted to lower its target for the federal funds rate by 25 basis points, to 3 1/2 percent. In taking this action, the Committee continued to believe that the risks were weighted mainly toward conditions that might generate economic weakness in the foreseeable future. Subsequently, on September 17, 2001, the Committee met via telephone conference and voted to lower the federal funds rate by 50 basis points, to 3 percent. This action was taken against the backdrop of heightened concerns and uncertainty created by the recent terrorist attacks and their potentially adverse effects on asset prices and the performance of the economy. Moreover, shortly after the attacks, the Committee voted to temporarily establish or enlarge reciprocal currency (swap) arrangements with the European Central Bank, the Bank of Canada, and the Bank of England.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595238&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Heuson, Andrea
AU  - Passmore, Wayne
AU  - Sparks, Roger
AD  - U Miami
AD  - Federal Reserve System
AD  - Mills College
T1  - Credit Scoring and Mortgage Securitization: Implications for Mortgage Rates and Credit Availability
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 2001/11//
VL  - 23
IS  - 3
SP  - 337
EP  - 363
SN  - 08955638
N1  - Accession Number: 0595696; Keywords: Credit;  Mortgage Market;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - This article develops a model of the interactions between borrowers, originators, and a securitizer in primary and secondary mortgage markets. In the secondary market, the securitizer adds liquidity and plays a strategic game with mortgage originators. The securitizer sets the price at which it will purchase mortgages and the credit-score standard that qualifies a mortgage for purchase. We investigate two potential links between securitization and mortgage rates. First, we analyze whether a portion of the liquidity premium gets passed on to borrowers in the form of a lower mortgage rate. Somewhat surprisingly, we find very plausible conditions under which securitization fails to lower the mortgage rate. Second, and consistent with recent empirical results, we derive an inverse correlation between the volume of securitization and mortgage rates. However, the causation is reversed from the standard rendering. In our model, a decline in the mortgage rate causes increased securitization rather than the other way around.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11146
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595696&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bostic, Raphael W.
AU  - Surette, Brian J.
AD  - Federal Reserve System
AD  - Freddie Mac
T1  - Have the Doors Opened Wider? Trends in Homeownership Rates by Race and Income
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 2001/11//
VL  - 23
IS  - 3
SP  - 411
EP  - 434
SN  - 08955638
N1  - Accession Number: 0595700; Keywords: Home Ownership;  Homeownership;  Income;  Middle Income;  Race;  Racial; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - Homeownership among U.S. families increased notably in recent years, from 63 percent in 1989 to 66.2 percent in 1998. This article examines this trend and the factors contributing to it. We find that (1) homeownership rose for all racial, ethnic, and income groups; (2) the differences in homeownership between minority and nonminority families and between middle-income and lower-income families declined significantly; and (3) changes in family-related characteristics explain homeownership trends among only the top two income quintiles. Among the lower two income quintiles, family-related characteristics explain almost none of the increase in homeownership. This pattern suggests that the favorable economic climate of the last decade, changes in mortgage and housing markets, and changes in the regulations governing those markets account for the increase in homeownership among lower-income families.
KW  - Housing Supply and Markets          R31
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11146
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595700&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bollerslev, Tim
AU  - Wright, Jonathan H.
T1  - HIGH-FREQUENCY DATA, FREQUENCY DOMAIN INFERENCE, AND VOLATILITY FORECASTING.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2001/11//
VL  - 83
IS  - 4
M3  - Article
SP  - 596
EP  - 602
PB  - MIT Press
SN  - 00346535
AB  - Although it is clear that the volatility of asset returns is serially correlated, there is no general agreement as to the most appropriate parametric model for characterizing this temporal dependence. In this paper, we propose a simple way of modeling financial market volatility using high-frequency data. The method avoids using a tight parametric model by instead simply fitting a long autoregression to log-squared, squared, or absolute high-frequency returns. This can either be estimated by the usual time domain method, or alternatively the autoregressive coefficients can be backed out from the smoothed periodogram estimate of the spectrum of log-squared, squared, or absolute returns. We show how this approach can be used to construct volatility forecasts, which compare favorably with some leading alternatives in an out-of-sample forecasting exercise. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - MARKETS
KW  - RATE of return
KW  - VOLATILITY (Finance)
KW  - MATHEMATICAL models
KW  - REGRESSION analysis
KW  - RISK
KW  - STATISTICS
N1  - Accession Number: 5523377; Bollerslev, Tim 1,2; Wright, Jonathan H. 3; Affiliations: 1: Duke University.; 2: National Bureau of Economic Research.; 3: Board of Governors, Federal Reserve System.; Issue Info: Nov2001, Vol. 83 Issue 4, p596; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: MARKETS; Thesaurus Term: RATE of return; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: MATHEMATICAL models; Thesaurus Term: REGRESSION analysis; Thesaurus Term: RISK; Thesaurus Term: STATISTICS; Number of Pages: 7p; Illustrations: 3 Charts, 1 Graph; Document Type: Article; Full Text Word Count: 6231
L3  - 10.1162/003465301753237687
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5523377&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Comparative Central Banking and the Politics of Monetary Policy
JO  - Business Economics
JF  - Business Economics
Y1  - 2001/10//
VL  - 36
IS  - 4
SP  - 43
EP  - 49
SN  - 0007666X
N1  - Accession Number: 0596549; Keywords: Central Banking;  Monetary; Geographic Descriptors: U.S.; Selected Countries; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200203
N2  - All central banks must steer a careful course between independence and accountability. There are four important mechanisms: legislative mandate, instrument independence, informal interactions with government, and government procedures to foster accountability. Inherent conflict between independence and accountability makes balance a crucial component of successful central banking. If this balance is not struck successfully and there is not a shared understanding of the roles of government and the central bank, it is unlikely that stabilization policy will be successful. Transparency is also important for credibility and accountability.
KW  - Central Banks and Their Policies          E58
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0596549&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahearne, Alan G.
AU  - Fernald, John G.
AU  - Loungani, Prakash
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Chicago
AD  - IMF
T1  - Countering Contagion: Does China's Experience Offer a Blueprint?
JO  - Federal Reserve Bank of Chicago Economic Perspectives
JF  - Federal Reserve Bank of Chicago Economic Perspectives
Y1  - 2001///4th Quarter
VL  - 25
IS  - 4
SP  - 38
EP  - 52
SN  - 01640682
N1  - Accession Number: 0599675; Geographic Descriptors: China; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200204
KW  - Foreign Exchange          F31
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Socialist Systems and Transitional Economies: Planning, Coordination, and Reform          P21
KW  - Socialist Systems and Transitional Economies: Performance and Prospects          P27
L3  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0599675&site=ehost-live&scope=site
UR  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bohn, James
AU  - Hancock, Diana
AU  - Bauer, Paul
AD  - Brattle Group, Cambridge, MA
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Cleveland
T1  - Estimates of Scale and Cost Efficiency for Federal Reserve Currency Operations
JO  - Federal Reserve Bank of Cleveland Economic Review
JF  - Federal Reserve Bank of Cleveland Economic Review
Y1  - 2001///4th Quarter
VL  - 37
IS  - 4
SP  - 2
EP  - 26
SN  - 00130281
N1  - Accession Number: 0613801; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200208
N2  - Meeting the currency demands of depository institutions, businesses, and consumers costs the Federal Reserve more than half a billion dollars each year, yet, very little research has been devoted to understanding what factors affect such costs. The authors estimate a cost function in order to obtain estimates of scale and cost efficiency for this service. They find that as in other paper-based technologies, such as checks, scale economies are achieved at a relatively low level of output, implying that currency services are not a natural monopoly. They also provide estimates of facility-specific marginal costs and returns to scale measures that could be used to improve resource allocations. Lastly, they find that the average processing facility operates at more 80 percent of the efficiency of the "best practice" facility, comparable to cost efficiency estimates that have been reported elsewhere for private-sector financial institutions.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.clevelandfed.org/research/review/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0613801&site=ehost-live&scope=site
UR  - http://www.clevelandfed.org/research/review/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, August 2, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/10//
VL  - 87
IS  - 10
SP  - 654
EP  - 660
SN  - 00149209
N1  - Accession Number: 0591365; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services;  Reserves;  SEC;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
N2  - Laurence H. Meyer, Member, Board of Governors, presents the views of the Federal Reserve on the interim final rules issued by the Securities and Exchange Commission (SEC) to implement the securities provisions of the Gramm-Leach-Bliley Act (GLB Act) and states that the Board believes that the manner in which the bank securities provisions of the GL13 Act are implemented is critically important to the ability of banks to continue to provide high-quality banking services to their customers. He states further, however, that the Board believes that significant substantive changes must be made to the interim final rules so that they reflect the words of the statute and the intention of the Congress (Testimony before the Subcommittee on Financial Institutions and Credit and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Committee on Financial Services, August 2, 2001).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591365&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Nelson, Charles R.
AU  - Piger, Jeremy
AU  - Zivot, Eric
AD  - U WA
AD  - Federal Reserve System
AD  - U WA
T1  - Markov Regime Switching and Unit-Root Tests
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 2001/10//
VL  - 19
IS  - 4
SP  - 404
EP  - 415
SN  - 07350015
N1  - Accession Number: 0589911; Keywords: Markov;  Unit Root; Publication Type: Journal Article; Update Code: 200112
N2  - We investigate the power and size performance of unit-root tests when the data undergo Markov regime switching. All tests, including those robust to a single break in trend growth rate, have low power against a process with a Markov-switching trend. Under the null hypothesis, we find that previously documented size distortions in Dickey-Fuller-type tests caused by a single break in trend growth rate or variance do not generalize to most parameterizations of Markov switching in trend or variance. However, Markov switching in variance can lead to overrejection in tests allowing for a single break the level of trend.
KW  - Business Fluctuations; Cycles          E32
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0589911&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Kwast, Myron L.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Using Subordinated Debt to Monitor Bank Holding Companies: Is It Feasible?
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2001/10//October-December 2001
VL  - 20
IS  - 2-3
SP  - 147
EP  - 187
SN  - 09208550
N1  - Accession Number: 0595623; Keywords: Bank;  Banking;  Bond Market;  Bonds; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - Although accurate bond prices are difficult to come by, many have advocated that bank supervisors use subordinated debt spreads in the surveillance of large banking organizations. Our findings indicate that subordinated debt spreads are most consistent across data sources for the most liquid bonds (i.e., those of relatively large issuance size, relatively young age, issued by relatively large firms) traded in a relatively robust overall bond market. We also find a high degree of concordance in rankings of firms by their minimum spreads across bonds with especially strong agreement about which large firms are in the tails of the spread distribution at each point in time. Our time-series results further support and provide additional guidance for the use of subordinated debt spreads in supervisory monitoring, support the need for careful judgment when interpreting such spreads, highlight difficulties with currently available data sources, and motivate the need for further research.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595623&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engel, Charles
AU  - Rogers, John H.
AD  - U WI
AD  - Federal Reserve System
T1  - Deviations from Purchasing Power Parity: Causes and Welfare Costs
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2001/10//
VL  - 55
IS  - 1
SP  - 29
EP  - 57
SN  - 00221996
N1  - Accession Number: 0591884; Keywords: Exchange Rates;  PPP;  Prices;  Purchasing Power Parity;  Purchasing Power; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200201
N2  - We explore deviations from short-run purchasing power parity (PPP) across European cities, attempting to move beyond a "first-generation" of papers that document very large border effects. We document two very distinct types of border effects embedded in relative prices. The first is a "real barriers effect," caused by various barriers to market integration. The second is a sticky-consumer-price cum volatile exchange-rate effect. Both are shown to be important empirically, the second type especially so. We argue that the two effects are very different from each other. For the first type of effect, it is clear that border effects imply deadweight welfare losses. We argue that while the second type of border effect could be eliminated with fixed exchange rates, welfare is not necessarily increased.
KW  - Foreign Exchange          F31
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591884&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bernheim, B. Douglas
AU  - Skinner, Jonathan
AU  - Weinberg, Steven
T1  - What Accounts for the Variation in Retirement Wealth Among U.S. Households?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2001/09//
VL  - 91
IS  - 4
M3  - Article
SP  - 832
PB  - American Economic Association
SN  - 00028282
AB  - Even among households with similar socioeconomic characteristics, saving and wealth vary considerably. Life-cycle models attribute this variation to differences in time preference rates, risk tolerance, exposure to uncertainty, relative tastes for work and leisure at advanced ages, and income replacement rates. These factors have testable implications concerning the relation between accumulated wealth and the shape of the consumption profile. Using the Panel Study of Income Dynamics and the Consumer Expenditure Survey, we find little support for these implications. The data are instead consistent with "rule of thumb," "mental accounting," or hyperbolic discounting theories of wealth accumulation. (JEL D1, D91, E21) [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - WEALTH
KW  - INCOME
KW  - CONSUMPTION (Economics)
KW  - RETIREMENT
KW  - HOUSEHOLDS
KW  - SOCIAL status
KW  - SURVEYS
KW  - UNITED States
N1  - Accession Number: 5275756; Bernheim, B. Douglas 1,2; Email Address: bernheim@leland.stanford.edu; Skinner, Jonathan 2,3; Email Address: jonathan.skinnr@dartmouth.edu; Weinberg, Steven 4; Email Address: steven.a.weinberg@frb.gov; Affiliations: 1: Department of Economics, Stanford University. Stanford CA 94305.; 2: National Bureau of Economics Research.; 3: Department of Economics. Dartmouth College. Hanover NH 03755.; 4: Board of Governors of the Federal Reserve System. Washington DC 20551.; Issue Info: Sep2001, Vol. 91 Issue 4, p832; Thesaurus Term: SAVING & investment; Thesaurus Term: WEALTH; Thesaurus Term: INCOME; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: RETIREMENT; Subject Term: HOUSEHOLDS; Subject Term: SOCIAL status; Subject Term: SURVEYS; Subject: UNITED States; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 26p; Illustrations: 8 Graphs; Document Type: Article; Full Text Word Count: 13798
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5275756&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - Monetary Policy Rules Based on Real-Time Data
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2001/09//
VL  - 91
IS  - 4
SP  - 964
EP  - 985
SN  - 00028282
N1  - Accession Number: 0590949; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
N2  - This paper examines the magnitude of informational problems associated with the implementation and interpretation of simple monetary policy rules. Using Taylor's rule as an example, I demonstrate that real-time policy recommendations differ considerably from those obtained with ex post revised data. Further, estimated policy reaction functions based on ex post revised data provide misleading descriptions of historical policy and obscure the behavior suggested by information available to the Federal Reserve in real time. These results indicate that reliance on the information actually available to policy makers in real time is essential for the analysis of monetary policy rules.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0590949&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.91.4.964
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Monetary Policy in the Face of Uncertainty
JO  - Cato Journal
JF  - Cato Journal
Y1  - 2001///Fall
VL  - 21
IS  - 2
SP  - 161
EP  - 168
SN  - 02733072
N1  - Accession Number: 0591049; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.cato.org/pubs/journal/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591049&site=ehost-live&scope=site
UR  - http://www.cato.org/pubs/journal/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Does Money Matter?
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2001/09//September-October 2001
VL  - 83
IS  - 5
SP  - 1
EP  - 15
SN  - 00149187
N1  - Accession Number: 0589404; Keywords: Inflation;  Monetarism;  Monetary;  Money; Geographic Descriptors: U.S.; Europe; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 200112
N2  - This paper was prepared for the Homer Jones Lecture, Federal Reserve Bank of St. Louis, March 28, 2001. The author addresses the influence of monetarism and the role of money in making monetary policy. The monetarist idea that monetary policy has primary responsibility for inflation is now conventional wisdom. However, monetary aggregates are largely absent from models used by policy analysts and from current monetary policy debates (at least in the United States). The author concludes with a discussion of whether current models and current practice undervalue the role of money, specifically noting how monetary aggregates may become important again if market interest rates are driven to zero, as they have been recently in Japan.
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Price Level; Inflation; Deflation          E31
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0589404&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Smith, Dolores S.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, July 12,2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/09//
VL  - 87
IS  - 9
SP  - 586
EP  - 588
SN  - 00149209
N1  - Accession Number: 0591368; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
N2  - Dolores S. Smith, Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, offers the views of Board staff on H.R. 1701, the Consumer Rental Purchase Agreement Act, which would require cost disclosures for "rental-purchase" agreements, also known as "rent-to-own" transactions; she states that H.R. 1701 treats rent-to-own transactions differently from both credit sales and traditional leases and would, therefore, cover them under a separate regulatory scheme altogether. Further, she states that consumer disclosures are most effective when consumers receive them early enough in the process to use them as a shopping tool and when the disclosures are presented in a way that enables consumers to focus on the key costs and terms (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, July 12, 2001).
KW  - Consumer Protection          D18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591368&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Committee on Financial Services, U.S. House of Representatives, July 18, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/09//
VL  - 87
IS  - 9
SP  - 588
EP  - 592
SN  - 00149209
N1  - Accession Number: 0591369; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
N2  - Alan Greenspan, Chairman, Board of Governors, presents the Board's semiannual report on monetary policy and testifies that by aggressively easing the stance of monetary policy, the Federal Reserve has moved to support demand and help lay the groundwork for the economy to achieve maximum sustainable growth. He states further that once the forces that are currently containing investment initiatives dissipate, new applications of innovative technologies should again strengthen demand for capital equipment and restore solid economic growth over time that benefits us all (Testimony before the House Committee on Financial Services, July 18, 2001. Chairman Greenspan presented identical testimony before the Senate Committee on Banking, Housing, and Urban Affairs on July 24, 2001).
KW  - Monetary Policy          E52
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591369&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives, July 26, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/09//
VL  - 87
IS  - 9
SP  - 593
EP  - 597
SN  - 00149209
N1  - Accession Number: 0591370; Keywords: Consumer Credit;  Credit;  Deposit Insurance;  Deposit;  FDIC;  Financial Institutions;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200201
N2  - Laurence H. Meyer, Member, Board of Governors, presents the views of the Board on deposit insurance reform as proposed by the Federal Deposit Insurance Corporation (FDIC) this past spring and states that there are several aspects of the deposit insurance system that need reform; the Board supports, with some modifications, all except one of the FDIC's recommendations. Further, with no clear public benefit to increasing deposit insurance, the Board sees no reason to increase the scope of the safety net and believes that the time has come to draw the line on expanding government guarantees (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, July 26, 2001).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0591370&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Heitfield, Erik
AU  - Levy, Armando
AD  - Federal Reserve System
AD  - Analysis Group/Econ, Menlo Park
T1  - Parametric, Semi-parametric and Non-parametric Models of Telecommunications Demand: An Investigation of Residential Calling Patterns
JO  - Information Economics and Policy
JF  - Information Economics and Policy
Y1  - 2001/09//
VL  - 13
IS  - 3
SP  - 311
EP  - 329
SN  - 01676245
N1  - Accession Number: 0587507; Keywords: Households;  Telecommunication;  Telephone; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200111
N2  - We investigate long distance telephone calling patterns using billing information and demographic data for a large cross-section of residential households. The joint distribution of the number and duration of toll calls is estimated using a non-parametric kernel model, a semi-parametric Cox proportional hazard model, and a fully parametric Poisson-Weibull model. Particular attention is paid to the estimation and analysis of call duration hazard functions. We find that call duration is quite inelastic with respect to price, and that while evening and night/weekend rate calls share vary similar duration characteristics, they differ substantially from peak rate calls.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Telecommunications          L96
L3  - http://www.sciencedirect.com/science/journal/01676245
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0587507&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01676245
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ongena, Steven
AU  - Smith, David C.
T1  - The duration of bank relationships.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2001/09//
VL  - 61
IS  - 3
M3  - Article
SP  - 449
EP  - 475
SN  - 0304405X
AB  - We analyze the duration of bank relationships using a unique panel data set of listed firms and their banks from the bank-dominated Norwegian market. We find that firms are more likely to leave a bank as the relationship matures. Small, profitable, and highly leveraged firms maintain shorter bank relationships, as do firms with multiple bank relationships. These findings are robust to censoring, alternate specifications for the distribution of relationship duration, and other control variables relevant to the Norwegian market. Overall, our results cast doubt on theories suggesting that firms become locked into bank relationships. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - FINANCIAL institutions
KW  - FINANCE
KW  - BUSINESS enterprises
KW  - BUSINESS
KW  - NORWAY
N1  - Accession Number: 12132937; Ongena, Steven 1; Smith, David C. 2; Email Address: david.c.smith@frb.gov; Affiliations: 1: Department of Finance, Tilburg University and CentER, Tilburg, NL; 2: Division of International Finance, Board of Governors of the Federal Reserve System, Washington; Issue Info: Sep2001, Vol. 61 Issue 3, p449; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCE; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: BUSINESS; Subject: NORWAY; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 27p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Chabound, Alain
AU  - LeBaron, Blake
AD  - Federal Reserve System
AD  - Brandeis U and NBER
T1  - Foreign-Exchange Trading Volume and Federal Reserve Intervention
JO  - Journal of Futures Markets
JF  - Journal of Futures Markets
Y1  - 2001/09//
VL  - 21
IS  - 9
SP  - 851
EP  - 860
SN  - 02707314
N1  - Accession Number: 0582574; Keywords: Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
KW  - International Financial Markets          G15
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Foreign Exchange          F31
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582574&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, June 13, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/08//
VL  - 87
IS  - 8
SP  - 531
EP  - 532
SN  - 00149209
N1  - Accession Number: 0582152; Keywords: Federal Reserve System;  Open Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
N2  - Roger W. Ferguson, Jr., Vice Chairman, Board of Governors of the Federal Reserve System, testifies on his nomination to serve a full term on the Board and discusses the Federal Reserve's objectives, including the importance of transparency, keeping in mind that the central bank must balance the need to be open and accountable with the need to maintain an effective process of decisionmaking by the Federal Open Market Committee (Testimony before the Senate Committee on Banking, Housing, and Urban Affairs, June 13, 2001).
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582152&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, June 20, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/08//
VL  - 87
IS  - 8
SP  - 532
EP  - 534
SN  - 00149209
N1  - Accession Number: 0582153; Keywords: Bank;  Banking;  Lending;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the condition of the U.S. banking system and testifies that in recent years, we have incorporated innovative ideas and accommodated significant change in banking and supervision. He states further that building on bank practice, we are in the process of improving both lending and supervisory policies that will foster better risk management; and perhaps these policies could also reduce the pro-cyclical pattern of easing and tightening of bank lending and accordingly increase bank shareholder values and economic stability (Testimony before the Senate Committee on Banking, Housing, and Urban Affairs, June 20, 2001).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582153&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AU  - Orphanides, Athanasios
T1  - War and Democracy.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 2001/08//
VL  - 109
IS  - 4
M3  - Article
SP  - 776
PB  - University of Chicago Press
SN  - 00223808
AB  - We present a general equilibrium model of conflict to investigate whether the prevalence of democracy is sufficient to foster the perpetual peace hypothesized by Immanuel Kant and whether the world would necessarily become more peaceful as more countries adopt democratic institutions. Our exploration suggests that neither hypothesis is true. The desire of incumbent leaders with unfavorable economic performance to hold on to power generates an incentive to initiate conflict and salvage their position—with some probability. An equilibrium with positive war frequency is sustained even if all nations were to adopt representative democratic institutions and even in the absence of an appropriative motive for war. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUILIBRIUM (Economics)
KW  - POWER (Social sciences)
KW  - DEMOCRACY
KW  - SOCIAL conflict
KW  - WAR
KW  - PEACE
KW  - KANT, Immanuel, 1724-1804
N1  - Accession Number: 4903590; Hess, Gregory D. 1; Orphanides, Athanasios 2; Affiliations: 1: Oberlin College; 2: Board of Governors of the Federal Reserve System; Issue Info: Aug2001, Vol. 109 Issue 4, p776; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: POWER (Social sciences); Subject Term: DEMOCRACY; Subject Term: SOCIAL conflict; Subject Term: WAR; Subject Term: PEACE; People: KANT, Immanuel, 1724-1804; Number of Pages: 35p; Illustrations: 4 Graphs; Document Type: Article; Full Text Word Count: 14860
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - Expectations, Open Market Operations, and Changes in the Federal Funds Rate: Commentary
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2001/07//July-August 2001
VL  - 83
IS  - 4
SP  - 49
EP  - 57
SN  - 00149187
N1  - Accession Number: 0582141; Keywords: Fund;  Open Market Operations;  Open Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Central Banks and Their Policies          E58
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582141&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Monetary Transmission Lags and the Formulation of the Policy Decision on Interest Rates: Commentary
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 2001/07//July-August 2001
VL  - 83
IS  - 4
SP  - 183
EP  - 186
SN  - 00149187
N1  - Accession Number: 0582151; Keywords: Interest Rates;  Interest;  Monetary;  Policy; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200110
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Central Banks and Their Policies          E58
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582151&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Teplin, Albert M.
AD  - Federal Reserve System
T1  - The U.S. Flow of Funds Accounts and Their Uses
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/07//
VL  - 87
IS  - 7
SP  - 431
EP  - 441
SN  - 00149209
N1  - Accession Number: 0578743; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200109
N2  - The U.S. flow of funds accounts compiled by the Board of Governors provide a broadly consistent set of time-series data for tracking funds as they move from economic sectors that serve as sources of capital to sectors that use the capital to acquire physical and financial assets. They present a wide range of data organized by financial instrument and by sector. With statistics extending back more than a half a century, the accounts document financial developments, provide means for studying macroeconomic behavior, and are used for policy purposes. This article briefly describes the accounts and shows how the data can be used to interpret major financial trends among households and nonfinancial corporate businesses.
KW  - General Aggregative Models: General          E10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0578743&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Statement to the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives, May 2, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/07//
VL  - 87
IS  - 7
SP  - 445
EP  - 448
SN  - 00149209
N1  - Accession Number: 0578744; Keywords: Bank;  Federal Reserve System;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200109
N2  - Laurence H. Meyer, Member, Board of Governors of the Federal Reserve System, testifies on the joint proposal by the Board and the Secretary of the Treasury inviting public comment on whether the Board and the Treasury should find that real estate brokerage and real estate management are activities that are financial in nature or incidental or complementary to a financial activity and hence permissible for financial holding companies and financial subsidiaries of national banks under the Gramm-Leach-Bliley (GLB) Act; he states that although some of the comments favor the proposal, the vast majority have been submitted by individual real estate agents opposed to the proposal. He states further that the Board believes that a debate on these matters, which involve difficult issues, is the best way to identify and sort through the issues and is the type of debate envisioned by the GLB Act (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, May 2, 2001).
KW  - Financial Institutions and Services: General          G20
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0578744&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Statement to the Small Business Committee, U.S. House of Representatives, May 17, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/07//
VL  - 87
IS  - 7
SP  - 448
EP  - 451
SN  - 00149209
N1  - Accession Number: 0578745; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200109
N2  - Roger W. Ferguson, Jr., Vice Chairman, Board of Governors of the Federal Reserve System, discusses the availability of credit to small businesses and highlights a few of the preliminary findings from the Board's third Survey of Small Business Finances, which was completed last year. He states that reports from small businesses are relatively upbeat with regard to the availability of credit; although risky borrowers face close scrutiny, banks have continued to accommodate the needs of their creditworthy business customers, while bank lending rates, on average, have moved lower (Testimony before the House Small Business Committee, May 17, 2001).
KW  - Corporate Finance and Governance: General          G30
KW  - Corporate Finance and Governance: Government Policy and Regulation          G38
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0578745&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U and NBER
AD  - Federal Reserve System
T1  - Minimum Wages and Training Revisited
JO  - Journal of Labor Economics
JF  - Journal of Labor Economics
Y1  - 2001/07//
VL  - 19
IS  - 3
SP  - 563
EP  - 595
SN  - 0734306X
N1  - Accession Number: 0587938; Keywords: Minimum Wage;  On the Job Training;  Skills;  Training;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200111
N2  - Theory predicts that minimum wages will reduce employer-provided on-the-job training designed to improve workers' skills on the current job, but it is ambiguous regarding training that workers obtain to qualify for a job. We estimate the effects of minimum wages on both types of training received by young workers, exploiting cross-state variation in minimum wage increases. Much of the evidence supports the hypothesis that higher minimum wages reduce formal training to improve skills on the current job. But there is little or no evidence of offsetting increases in training undertaken to qualify for or obtain jobs.
KW  - Personnel Economics: Training          M53
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
L3  - http://www.jstor.org/action/showPublication?journalCode=jlaboreconomics
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0587938&site=ehost-live&scope=site
UR  - http://www.jstor.org/action/showPublication?journalCode=jlaboreconomics
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bassett, William F.
AU  - Zakrajsek, Egon
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/06//
VL  - 87
IS  - 6
SP  - 367
EP  - 393
SN  - 00149209
N1  - Accession Number: 0575216; Keywords: Bank;  Banking;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200108
N2  - The profitability of the U.S. commercial banking industry remained robust in 2000, but returns on equity and on commercial bank assets fell back somewhat from the peak reached in 1999. The falloff reflected a continuation of the decline in net interest margin that dates from the extraordinarily high levels of the early 1990s, a significant increase in loan-loss provisions, and a notable slowing in noninterest income growth. The expansion of bank balance sheets was much stronger in 2000 than in the preceding year, as growth of both loans and securities accelerated. The pickup in loan growth resulted mainly from a marked decline in securitizations, which boosted the growth of consumer loans in bank portfolios, and from business and real estate lending. The faster growth of securities was due to a surge in trading accounts, as runoffs of U.S. Treasury securities damped the growth of investment accounts.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0575216&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kos, Dino
AU  - Schwarz, Krista
AD  - Federal Reserve Bank of New York
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/06//
VL  - 87
IS  - 6
SP  - 394
EP  - 399
SN  - 00149209
N1  - Accession Number: 0575217; Keywords: Currencies;  Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200108
N2  - During the first quarter of 2001, the dollar appreciated 7.3 percent against the euro and 10.3 percent against the yen in an atmosphere of increased market uncertainty about the extent and duration of global economic slowing. On a trade-weighted basis, the dollar ended the quarter 7.4 percent stronger against an index of major currencies. The U.S. monetary authorities did not intervene in the foreign exchange markets during the quarter.
KW  - Foreign Exchange          F31
KW  - International Monetary Arrangements and Institutions          F33
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0575217&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony before the U.S. Senate, April 4, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/06//
VL  - 87
IS  - 6
SP  - 403
EP  - 405
SN  - 00149209
N1  - Accession Number: 0575218; Keywords: International Trade;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200108
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses his views on some of the important issues concerning international trade and the attendant implications for the U.S. economy and the world economy more generally and states that the evidence is impressively persuasive that the dramatic increase in world competition--a consequence of broadening trade flows--has fostered markedly higher standards of living for almost all countries that have participated in cross-border trade. He states further that we must reaffirm the United States' leadership role in the area of international trade policy to improve standards of living in the United States and among all of our trading partners (Testimony before the Senate Committee on Finance, April 4, 2001).
KW  - International Economic Order          F02
KW  - Trade Policy; International Trade Organizations          F13
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0575218&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Testimony of Federal Reserve Officials: Testimony before the U.S. House, April 4, 2001
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/06//
VL  - 87
IS  - 6
SP  - 405
EP  - 411
SN  - 00149209
N1  - Accession Number: 0575219; Keywords: Banking;  Federal Reserve Board;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200108
N2  - Laurence H. Meyer, Member, Board of Governors, outlines the rules recently adopted jointly by the Federal Reserve Board and the Secretary of the Treasury to allow financial holding companies to engage in merchant banking activities under the Gramm-Leach-Bliley Act; he also comments on the recent proposal to establish regulatory minimum capital requirements for equity investment activities conducted by banking organizations. He testifies that the final rule governing merchant banking activities was modified in several important respects from the original interim rule to reflect insights and suggestions made by commenters; the final rule maintains the differences required by the GLB Act and the Bank Holding Company Act between merchant banking and banking and commerce and also does not sacrifice the safety and soundness benefits of the rule (Testimony before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial services, April 4, 2001).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engen, Eric M.
AU  - Gruber, Jonathan
T1  - Unemployment insurance and precautionary saving.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2001/06//
VL  - 47
IS  - 3
M3  - Article
SP  - 545
EP  - 579
SN  - 03043932
AB  - Models of precautionary saving imply that households will hold more assets when faced with greater income uncertainty. However, previous empirical studies of income uncertainty have produced somewhat mixed support for the precautionary saving hypothesis. In this paper, we note that differences in the state-contingent income stream available to workers through the unemployment insurance (UI) program provides an excellent source of variation for testing the presence of a precautionary savings motive. Simulations of a stochastic life cycle model suggest that a UI system similar to the type currently in place in the U.S. can lead to a significant reduction in the assets accumulated by a median worker. Moreover, there is considerable variation in the UI benefit schedules for workers living in different states in the U.S., which provides an exogenous source of variation for empirically testing the precautionary saving hypothesis. We carry out this test using data on expected UI benefit replacement rates and financial assets held by households in the Survey of Income and Program Participation. Our empirical results are consistent with the predictions of the model and suggest that reducing the UI benefit replacement rate by 50 percent would increase gross financial asset holdings by 14 percent, or $241, for the average worker. We also find empirical evidence that this "crowd out" effect of UI on household saving is stronger for those facing higher unemployment risk and weaker for older workers, both of which are implications from our precautionary saving model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - INCOME
KW  - ASSETS (Accounting)
KW  - ECONOMICS
KW  - HOUSEHOLDS
KW  - UNCERTAINTY
N1  - Accession Number: 12133251; Engen, Eric M. 1; Gruber, Jonathan 2; Email Address: gruberj@mit.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Department of Economics, Massachusetts Institute of Technology; Issue Info: Jun2001, Vol. 47 Issue 3, p545; Thesaurus Term: SAVING & investment; Thesaurus Term: INCOME; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: ECONOMICS; Subject Term: HOUSEHOLDS; Subject Term: UNCERTAINTY; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 35p; Illustrations: 4 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bernheim, B. Douglas
AU  - Garrett, Daniel M.
AU  - Maki, Dean M.
AD  - Stanford U
AD  - Stanford U
AD  - Federal Reserve System
T1  - Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 2001/06//
VL  - 80
IS  - 3
SP  - 435
EP  - 465
SN  - 00472727
N1  - Accession Number: 0628666; Keywords: Consumer;  Education; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200212
N2  - Over the last 40 years, a majority of states have adopted consumer education policies, and a sizable minority have mandated that high school students receive instruction on topics related to household financial decision-making. In this paper, we attempt to determine whether these mandates have had any effect on subsequent decisions. We exploit the variation in requirements both across states and over time to identify the effects of interest. The evidence indicates that mandates have raised both exposure to financial curricula and subsequent asset accumulation once exposed students reached adulthood. The estimated effects are gradual, probably due to implementation lags.
KW  - Household Saving; Personal Finance          D14
KW  - Education: Government Policy          I28
KW  - Analysis of Education          I21
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0628666&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U, NBER, and Public Policy Institute of CA
AD  - Federal Reserve System
T1  - Using the EITC to Help Poor Families: New Evidence and a Comparison with the Minimum Wage
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 2001/06//
VL  - 54
IS  - 2
SP  - 281
EP  - 317
SN  - 00280283
N1  - Accession Number: 0582823; Keywords: Income Tax;  Minimum Wage;  Tax;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
N2  - This paper evaluates the effects of the earned income tax credit (EITC) on poor families' earnings. Exploiting state-level variation in EITCs, we find that the EITC helps families rise above poverty-level earnings, primarily by inducing labor market entry in families that initially do not have an adult worker. Evidence based on the federal EITC is less supportive of a positive impact of the EITC. Finally, based on the state-level EITC results, our findings suggest that for the range of policy changes typical of recent history in the U.S., the EITC is more beneficial for poor families than is the minimum wage.
KW  - Welfare, Well-Being, and Poverty: Government Programs; Provision and Effects of Welfare Programs          I38
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
L3  - http://ntj.tax.org
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0582823&site=ehost-live&scope=site
UR  - http://ntj.tax.org
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
T1  - Comment on HOW MUCH BANG FOR THE BUCK?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2001/05/02/May2001 Part 2
VL  - 33
IS  - 2
M3  - Article
SP  - 364
EP  - 369
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents comments on Ross Levine and Maria Carkovic's paper "How Much Bang for the Buck?" Levine and Carkovic apply a cross-country growth regression approach which seeks to quantify the growth effects that might flow from providing a more stable nominal environment. The paper focuses on one possible benefit of dollarization. However, the costs and benefits that would have to be weighed in making the policy decision are not considered. The author states that this research is effective and persuasive.
KW  - MONETARY policy
KW  - FOREIGN exchange rates
KW  - INFLATION (Finance)
KW  - DEVELOPING countries
KW  - DOLLARIZATION
KW  - MEXICO -- Foreign economic relations -- United States
KW  - MEXICO
KW  - UNITED States
N1  - Accession Number: 4696871; Faust, Jon 1; Email Address: faustj@frb.gov; Affiliations: 1: Economist, International Finance Division at Board of Governors of Federal Reserve System.; Issue Info: May2001 Part 2, Vol. 33 Issue 2, p364; Thesaurus Term: MONETARY policy; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INFLATION (Finance); Subject Term: DEVELOPING countries; Subject Term: DOLLARIZATION; Subject Term: MEXICO -- Foreign economic relations -- United States; Subject: MEXICO; Subject: UNITED States; Number of Pages: 6p; Illustrations: 1 Chart, 1 Graph; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4696871&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/05//
VL  - 87
IS  - 5
SP  - 283
EP  - 294
SN  - 00149209
N1  - Accession Number: 0575213; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200108
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Investment; Long-term Capital Movements          F21
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0575213&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Svensson, Lars E. O.
AD  - Federal Reserve System
AD  - Institute of International Econ Studies, Stockholm U
T1  - Transparency and Credibility: Monetary Policy with Unobservable Goals
JO  - International Economic Review
JF  - International Economic Review
Y1  - 2001/05//
VL  - 42
IS  - 2
SP  - 369
EP  - 397
SN  - 00206598
N1  - Accession Number: 0564738; Keywords: Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 200106
N2  - We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and inferred from the policy outcome. Increased transparency makes the bank's reputation and credibility more sensitive to its actions. This moderates the bank's policy and induces the bank to follow a policy closer to the socially optimal one. Full transparency of the central bank's intentions is generally socially beneficial but frequently worse for the bank. Somewhat paradoxically, direct observability of idiosyncratic central bank goals removes the moderating influence on the bank and leads to the worst equilibrium.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Laubach, Thomas
T1  - MEASURING THE NAIRU: EVIDENCE FROM SEVEN ECONOMIES.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 2001/05//
VL  - 83
IS  - 2
M3  - Article
SP  - 218
EP  - 231
PB  - MIT Press
SN  - 00346535
AB  - Several specifications of state-space models are used to obtain estimates of the NAIRU for the G7 except Japan, plus Australia, over the past 28 years. A Phillips curve-type regression is shown to deliver estimates that do not mimic low-frequency movements in unemployment rates, even when a drift is included in the specification of the NAIRU. Standard errors around the estimates are extremely large. Using information about the behavior of unemployment, in addition to inflation, alleviates both these shortcomings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - NATURAL rate of unemployment
KW  - UNEMPLOYMENT
KW  - INFLATION (Finance)
KW  - ECONOMETRIC models
KW  - ESTIMATES
KW  - RATIONAL expectations (Economic theory)
KW  - ERROR analysis (Mathematics)
KW  - REGRESSION analysis
N1  - Accession Number: 4428071; Laubach, Thomas 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May2001, Vol. 83 Issue 2, p218; Thesaurus Term: NATURAL rate of unemployment; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ESTIMATES; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ERROR analysis (Mathematics); Thesaurus Term: REGRESSION analysis; Number of Pages: 14p; Illustrations: 4 Charts, 5 Graphs; Document Type: Article; Full Text Word Count: 8258
L3  - 10.1162/00346530151143761
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4428071&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - The Challenge of Measuring and Modeling a Dynamic Economy
JO  - Business Economics
JF  - Business Economics
Y1  - 2001/04//
VL  - 36
IS  - 2
SP  - 5
EP  - 8
SN  - 0007666X
N1  - Accession Number: 0578247; Keywords: Modeling; Publication Type: Journal Article; Update Code: 200109
N2  - There is a trade-off between better data and better analysis in the allocation of scarce economic research resources. Although great strides have been made in econometric models, their use as predictive devices does not seem to be superior to simple, reduced-form models, even though they have provided valuable insights into the functioning of the economy. The financial sector, in particular, presents unresolved problems in theory and modeling. However, given the rapid change in the structure of the U.S. economy, it appears that getting better data may provide a better return than more sophisticated analysis. This is particularly true for prices and output in service industries. The Federal Reserve System, as well as the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau, have made great strides in the conceptual improvement of economic measurement, but much remains to be done.
KW  - Price Level; Inflation; Deflation          E31
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Macroeconomics: Production          E23
KW  - Business Economics          M21
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0578247&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bitler, Marianne P.
AU  - Robb, Alicia M.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Financial Services Used by Small Businesses: Evidence from the 1998 Survey of Small Business Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/04//
VL  - 87
IS  - 4
SP  - 183
EP  - 205
SN  - 00149209
N1  - Accession Number: 0564495; Keywords: Finance;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200106
N2  - Using newly available data from the 1998 Survey of Small Business Finances, this article offers preliminary findings regarding the characteristics of small businesses in the United States and their use of credit and other financial services. The main goals of the survey are to provide information on credit accessibility for small businesses, their use of financial services, and the sources of those services. The survey also provides a general-purpose database that can be used to study small business financing. Preliminary findings suggest that although the financial landscape has changed markedly since the previous survey in 1993, financing patterns and the use of particular suppliers have not.
KW  - Financial Institutions and Services: General          G20
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0564495&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fenn, George W.
AU  - Liang, Nellie
AD  - Bates White & Ballentine, Cambridge, MA
AD  - Federal Reserve System
T1  - Corporate Payout Policy and Managerial Stock Incentives
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2001/04//
VL  - 60
IS  - 1
SP  - 45
EP  - 72
SN  - 0304405X
N1  - Accession Number: 0565067; Keywords: Corporate Payout;  Firm;  Firms;  Management;  Payout Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200106
N2  - We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1,100 nonfinancial firms during 1993-97. We find that management stock ownership is associated with higher payouts by firms with potentially the greatest agency problems--those with low management stock ownership and few investment opportunities or high free cash flow. We also find that management stock options are related to the composition of payouts. We find a strong negative relationship between dividends and management stock options, as predicted by Lambert et al (1989), and a positive relationship between repurchases and management stock options. Our results suggest that the growth in stock options may help to explain the rise in repurchases at the expense of dividends.
KW  - Payout Policy          G35
KW  - Personnel Management; Executives; Executive Compensation          M12
L3  - http://www.sciencedirect.com/science/journal/0304405X
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UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - DeYoung, Robert
AD  - Federal Reserve System and Wharton Financial Institutions Center
AD  - Federal Reserve Bank of Chicago
T1  - The Effects of Geographic Expansion on Bank Efficiency
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2001/04//April-June 2001
VL  - 19
IS  - 2-3
SP  - 163
EP  - 184
SN  - 09208550
N1  - Accession Number: 0587814; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200111
N2  - We assess the effects of geographic expansion on bank efficiency, using cost and profit efficiencies estimated for over 7000 U.S. banks from 1993 to 1998. We find both positive and negative links between geographic scope and bank efficiency. Parent organizations exercise some control over the efficiency of their affiliates, although this control tends to dissipate with the distance to the affiliate. However, on average, distance-related efficiency effects tend to be modest, and our results suggest that some efficient organizations can export efficient practices to their affiliates and overwhelm any effects of distance. The results imply there may be no particular optimal geographic scope for banking organizations--some may operate efficiently within a single region, while others may operate efficiently on a nationwide or international basis.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Other Spatial Production and Pricing Analysis          R32
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0587814&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AU  - Orphanides, Athanasios
AD  - Oberlin College
AD  - Federal Reserve System
T1  - Economic Conditions, Elections, and the Magnitude of Foreign Conflicts
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 2001/04//
VL  - 80
IS  - 1
SP  - 121
EP  - 140
SN  - 00472727
N1  - Accession Number: 0628652; Keywords: Conflict;  Election;  War; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200212
N2  - This paper investigates the relationship between the business cycle, the election cycle, and the timing and magnitude of foreign conflict. We propose a theoretical model which suggests that in the presence of a reelection motive, the frequency of war will be greater following recessions than otherwise. However, if partially benevolent leaders can influence the size of conflicts, then the consequences may be limited to conflicts of relatively small magnitude. We test the predictions of the theory using data for the United States for the Cold War period, and obtain results consistent with the theory when leaders are partially benevolent.
KW  - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior          D72
KW  - Conflict; Conflict Resolution; Alliances          D74
KW  - National Security and War          H56
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0628652&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - DeYoung, Robert
AU  - Udell, Gregory F.
AD  - Federal Reserve System and Wharton Financial Inst Ctr, Philadelphia
AD  - Federal Reserve Bank of Chicago
AD  - IN U
T1  - Efficiency Barriers to the Consolidation of the European Financial Services Industry
JO  - European Financial Management
JF  - European Financial Management
Y1  - 2001/03//
VL  - 7
IS  - 1
SP  - 117
EP  - 130
SN  - 13547798
N1  - Accession Number: 0561819; Keywords: Financial Institutions;  Financial Services; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200105
N2  - Cross-border consolidation of financial institutions within Europe has been relatively limited, possibly reflecting efficiency barriers to operating across borders, including distance; differences in language, culture, currency, and regulatory-supervisory structures; and explicit or implicit rules against foreign competitors. EU policies such as the Single Market Programme and European Monetary Union attenuate some but not all of these barriers. The evidence is consistent with the hypothesis that these barriers offset most of any potential efficiency gains from cross-border consolidation. Banks headquartered in other EU nations have slightly lower average measured efficiency than domestic banks and non-EU-based foreign banks.
KW  - Financial Institutions and Services: General          G20
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0561819&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Li, Wenli
AD  - Federal Reserve System
T1  - To Forgive or Not to Forgive: An Analysis of U.S. Consumer Bankruptcy Choices
JO  - Federal Reserve Bank of Richmond Economic Quarterly
JF  - Federal Reserve Bank of Richmond Economic Quarterly
Y1  - 2001///Spring
VL  - 87
IS  - 2
SP  - 1
EP  - 22
SN  - 10697225
N1  - Accession Number: 0595229; Keywords: Bankruptcy;  Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200202
N2  - An analysis of existing U.S. bankruptcy law and its provisions suggests that they encourage people to borrow to save and that, in particular, Chapter 13 discourages labor effort. Evidently, three proposed reforms to the law--namely, a decrease in the asset exemption level, a reduction in wage garnishment, and an income mandate for Chapter 13--would encourage agents to select Chapter 13 relief over Chapter 7, albeit at the cost of lost efficiency to the whole economy. But whereas the three reforms possess the foregoing similarity, they nevertheless differ in their impact on different groups of people. Specifically, stricter asset exemption levels would hit those with medium assets and medium labor income, whereas falls in wage garnishment would benefit those with high assets and high income just as income mandates would affect those with low assets and medium income.
KW  - Bankruptcy; Liquidation          G33
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.richmondfed.org/publications/research/economic_quarterly/index.cfm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0595229&site=ehost-live&scope=site
UR  - http://www.richmondfed.org/publications/research/economic_quarterly/index.cfm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bassett, William F.
AU  - Lumsdaine, Robin L.
T1  - Probability Limits.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2001///Spring2001
VL  - 36
IS  - 2
M3  - Article
SP  - 327
EP  - 363
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - The Health and Retirement study asks respondents their subjective probabilities about 12 future events. An individual's responses contain a common component that is unrelated to the true probability of the event in question. Use of the entire set of an individual's responses to control for this unobserved individual heterogeneity can improve the information content in responses regarding intergenerational transfer and labor force participation plans. Although there is little overall gain from renormalization, in samples where the respondent may not fully have understood the question adjusting the responses for heterogeneity leads to an improved ability to predict outcomes in later waves. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RETIREMENT
KW  - LABOR supply
KW  - LABOR market
KW  - EMPLOYEES
KW  - ECONOMICS
KW  - EMPLOYMENT (Economic theory)
KW  - HUMAN capital
KW  - LABOR
KW  - HEALTH
N1  - Accession Number: 5595841; Bassett, William F. 1; Email Address: wbassett@frb.gov; Lumsdaine, Robin L. 2; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; 2: Professor of Economics, Brown University, Research Associate, National Bureau of Economic Research; Issue Info: Spring2001, Vol. 36 Issue 2, p327; Thesaurus Term: RETIREMENT; Thesaurus Term: LABOR supply; Thesaurus Term: LABOR market; Thesaurus Term: EMPLOYEES; Thesaurus Term: ECONOMICS; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: HUMAN capital; Thesaurus Term: LABOR; Subject Term: HEALTH; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 37p; Illustrations: 10 Charts, 1 Graph; Document Type: Article; Full Text Word Count: 14878
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bassett, William F.
AU  - Lumsdaine, Robin L.
AD  - Federal Reserve System
AD  - Brown U and NBER
T1  - Probability Limits: Are Subjective Assessments Adequately Accurate?
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 2001///Spring
VL  - 36
IS  - 2
SP  - 327
EP  - 363
SN  - 0022166X
N1  - Accession Number: 0565097; Keywords: Probabilities;  Probability; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200106
N2  - The Health and Retirement Study asks respondents their subjective probabilities about 12 future events. An individual's responses contain a common component that is unrelated to the true probability of the event in question. Use of the entire set of an individual's responses to control for this unobserved individual heterogeneity can improve the information content in responses regarding intergenerational transfer and labor force participation plans. Although there is little overall gain from renormalization, in samples where the respondent may not fully have understood the question adjusting the responses for heterogeneity leads to an improved ability to predict outcomes in later waves.
KW  - Criteria for Decision-Making under Risk and Uncertainty          D81
L3  - http://jhr.uwpress.org/content/by/year
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UR  - http://jhr.uwpress.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Prager, Robin A.
AD  - Federal Reserve System
T1  - The Effects of ATM Surcharges on Small Banking Organizations
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2001/03//
VL  - 18
IS  - 2
SP  - 161
EP  - 173
SN  - 0889938X
N1  - Accession Number: 0563147; Keywords: Bank;  Banking;  Deposit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200105
N2  - Effective April 1, 1996, the Cirrus and Plus national ATM networks modified their operating rules to allow ATM owners to impose surcharges on other banks' customers who use their ATMs. Since 1996, surcharging has become widespread and has attracted a great deal of opposition. Among other things, surcharge opponents argue that the imposition of surcharges will cause customers to shift their deposits away from small banks that own few ATMs, toward large banks that own extensive networks of ATMs. This article provides empirical evidence regarding the effects of surcharging on small banks' deposit market shares and profitability.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0563147&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - DeFerrari, Lisa M.
AU  - Palmer, David E.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Supervision of Large Complex Banking Organizations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/02//
VL  - 87
IS  - 2
SP  - 47
EP  - 57
SN  - 00149209
N1  - Accession Number: 0561854; Keywords: Banking;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200105
N2  - The long-term trends of consolidation and innovation in the U.S. banking system have intensified over the past decade. A small number of banking organizations now hold a larger portion of the banking system's assets, and, at the same time, their activities have become more complex. As a result, the Federal Reserve has altered its approach to the supervision of the largest, most complex banking organizations (LCBOs). This new approach focuses on the most important risks facing U.S. banking organizations and the ways in which these risks are managed. This article discusses the Federal Reserve's risk-focused supervision program as applied to LCBOs.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0561854&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AD  - Federal Reserve System
T1  - Real Exchange Rates and Inflation in Exchange-Rate-Based Stabilizations: An Empirical Examination
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2001/02//
VL  - 64
IS  - 1
SP  - 237
EP  - 253
SN  - 03043878
N1  - Accession Number: 0559467; Keywords: Exchange Rates;  Inflation; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200104
N2  - Numerous explanations have been advanced for why real exchange rates typically appreciate after the nominal exchange rate is stabilized, but few of them have been directly tested. This paper uses an error-correction model of Mexican inflation to decompose the real appreciation of the peso during 1988-94 into that part attributable to the peso's initial undervaluation, that part explained by growing domestic demand, and that part attributable to backward-looking inflation. The results indicate that the effects of backward-looking inflation were highly transitory, but that both the expansion of domestic demand and the initial undervaluation of the peso were important in boosting domestic prices and, hence, appreciating the real exchange rate.
KW  - Foreign Exchange          F31
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559467&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - ENGEL, CHARLES
AU  - ROGERS, JOHN H.
T1  - Violating the Law of One Price: Should We Make a Federal Case Out of It? (cover story)
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2001/02//
VL  - 33
IS  - 1
M3  - Article
SP  - 1
EP  - 15
PB  - Ohio State University Press
SN  - 00222879
AB  - We use new disaggregated data on consumer prices to determine why there is variability in prices of similar goods across U.S. cities. We address questions similar to those that have arisen in the international context: is this variability purely a result of market segmentation or do sticky nominal prices play a role? We also examine how the degree of tradability of a good influences price variability. Surprisingly, we find that variability is larger for traded goods. We attribute this finding to greater price stickiness for nontraded goods. Distance between cities accounts for a significant amount of the variation in prices between pairs of cities. But we also find that nominal price stickiness plays an even more significant role. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER price indexes
KW  - PRICES
KW  - CONSUMER goods
KW  - COMMERCIAL products
KW  - CONSUMERS
KW  - UNITED States
N1  - Accession Number: 4046377; ENGEL, CHARLES 1; Email Address: cmengel@ssc.wisc.edu; ROGERS, JOHN H. 2; Email Address: rogersj3@frb.gov; Affiliations: 1: professor of economics, University of Wisconsin; 2: economist, Board of Governor of the Federal Reserve System; Issue Info: Feb2001, Vol. 33 Issue 1, p1; Thesaurus Term: CONSUMER price indexes; Thesaurus Term: PRICES; Thesaurus Term: CONSUMER goods; Thesaurus Term: COMMERCIAL products; Thesaurus Term: CONSUMERS; Subject: UNITED States; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; Number of Pages: 15p; Illustrations: 3 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fallick, Bruce C.
AD  - Federal Reserve System
T1  - Racial Minorities, Economic Scale, and the Geography of Self-Employment: Comment
JO  - Brookings-Wharton Papers on Urban Affairs
JF  - Brookings-Wharton Papers on Urban Affairs
Y1  - 2001///
SP  - 283
EP  - 284
SN  - 15287084
N1  - Accession Number: 0581808; Keywords: Geography;  Minorities;  Racial;  Self Employment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
KW  - Labor Demand          J23
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
L3  - http://muse.jhu.edu/journals/urb/
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UR  - http://muse.jhu.edu/journals/urb/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Roberts, John M.
AD  - Federal Reserve System
T1  - Estimates of the Productivity Trend Using Time-Varying Parameter Techniques
JO  - Contributions to Macroeconomics
JF  - Contributions to Macroeconomics
Y1  - 2001///
VL  - 1
IS  - 1
SP  - na
SN  - 15346005
N1  - Accession Number: 0608042; Keywords: Growth;  Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200207
N2  - Over the 1995-to-2000 period, U.S. productivity growth moved up to rates not seen in several decades. In this paper, I use time-varying parameter techniques to isolate trend from cyclical movements in productivity and to estimate the trend rate of productivity growth. My estimates suggest that trend productivity growth moved up from around 1-1/2 percent in the period from the early 1970s to the mid 1990s to about 2-1/2 percent by the final observation used in this paper, the first quarter of 2001. I also estimate the trend rate of multifactor productivity growth, and find that it has also moved up--to 1 percent by the end of the sample--but the pick-up is not as great as for labor productivity, with the difference largely the result of increased capital accumulation. I also test whether the trend-cycle decomposition adopted in this paper can be rejected in favor of an alternative that allows the trend to affect the cycle, and, in contrast to other recent work, find that the trend-cycle model is not rejected.
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.degruyter.com/view/j/bejm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0608042&site=ehost-live&scope=site
UR  - http://www.degruyter.com/view/j/bejm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Goldberg, Lawrence G.
AU  - White, Lawrence J.
T1  - The Effects of Dynamic Changes in Bank Competition on the Supply of Small Business Credit.
JO  - European Finance Review
JF  - European Finance Review
Y1  - 2001/01//
VL  - 5
IS  - 1/2
M3  - Article
SP  - 115
EP  - 139
SN  - 13826662
AB  - We study the effects of structural changes in banking markets on the supply of credit to small businesses. Specifically, we examine whether bank mergers and acquisitions (M&As) and entry have "external" effects on small business loans by other banks in the same local markets. The results suggest modest positive external effects from these dynamic changes in competition, except that large banks may reduce small business lending in reaction to entry. We confirm bank size and age as important determinants of this lending, and show that the measured age effect does not appear to be driven by local market M&A activity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Finance Review is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SMALL business loans
KW  - BANK loans
KW  - BANKING industry
KW  - FINANCIAL services industry
KW  - COMPETITION
KW  - bank
KW  - mergers
KW  - small business
N1  - Accession Number: 18661434; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Goldberg, Lawrence G. 3; White, Lawrence J. 4; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, U.SA., Wharton; 2: Financial Institutions Center, Philadelphia, PA 19104 U.S.A.; 3: Department of Finance, University of Miami, Coral Gables, FL 33124, U.S.A.; 4: Stern School of Business, New York University, New York, NY 10012-1126, U.S.A.; Issue Info: 2001, Vol. 5 Issue 1/2, p115; Thesaurus Term: SMALL business loans; Thesaurus Term: BANK loans; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL services industry; Subject Term: COMPETITION; Author-Supplied Keyword: bank; Author-Supplied Keyword: mergers; Author-Supplied Keyword: small business; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 25p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Goldberg, Lawrence G.
AU  - White, Lawrence J.
AD  - Federal Reserve System and Wharton Financial Institutions Ctr
AD  - U Miami
AD  - NYU
T1  - The Effects of Dynamic Changes in Bank Competition on the Supply of Small Business Credit
JO  - European Finance Review
JF  - European Finance Review
Y1  - 2001///
VL  - 5
IS  - 1-2
SP  - 115
EP  - 139
SN  - 13826662
N1  - Accession Number: 0599629; Keywords: Acquisition;  Acquisitions;  Bank;  Banking;  Credit;  Lending;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200204
N2  - We study the effects of structural changes in banking markets on the supply of credit to small businesses. Specifically, we examine whether bank mergers and acquisitions (M&As) and entry have "external" effects on small business loans by other banks in the same local markets. The results suggest modest positive external effects from these dynamic changes in competition, except that large banks may reduce small business lending in reaction to entry. We confirm bank size and age as important determinants of this lending, and show that the measured age effect does not appear to be driven by local market M&A activity.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0599629&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Retail Fees of Depository Institutions, 1994-99
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2001/01//
VL  - 87
IS  - 1
SP  - 1
EP  - 11
SN  - 00149209
N1  - Accession Number: 0559044; Keywords: Depository;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200104
N2  - Under legislative mandate, the Federal Reserve Board has for many years sponsored annual surveys of the retail fees charged by depository institutions. Analysis of the data for the most recent six years (1994-99) shows that for the most common types of depository accounts surveyed, few of the fees and minimum balances changed by a statistically significant amount. However, the most common types of ATM fees and the fees for certain special actions, such as stop-payment orders, increased significantly and by more than the rate of consumer price inflation over the period. In addition, for almost all of the fees charged for seven common services and special actions, banks that were part of multistate banking organizations on average charged significantly higher fees than single-state banks, and large banks charged significantly more than small banks. Although they narrowed, the differences remained statistically significant after analyses that controlled for the general location of the institutions, for size (in the case of the multistate versus single-state comparison), and for multistate operations (in the case of the large versus small comparison).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559044&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bansak, Cynthia
AU  - Raphael, Steven
T1  - IMMIGRATION REFORM AND THE EARNINGS OF LATINO WORKERS: DO EMPLOYER SANCTIONS CAUSE DISCRIMINATION?
JO  - ILR Review
JF  - ILR Review
Y1  - 2001/01//
VL  - 54
IS  - 2
M3  - Article
SP  - 275
EP  - 295
PB  - Sage Publications Inc.
SN  - 00197939
AB  - Using the Current Population Surveys, the authors investigate whether sanctions against employers for hiring undocumented workers, a provision of the 1986 Immigration Reform and Control Act (IRCA), adversely affected the hourly earnings of Latino workers in the southwestern United States. The analysis exploits the fact that agricultural employers were exempt from the sanctions and from employee-verification requirements for the first two years following IRCA's passage. The authors find substantial pre-post IRCA declines in the wages of Latino nonagricultural workers relative to Latinos in agriculture. They do not observe similar shifts in the relative wages among non-Latino white workers. When using non-Latino black and white non-agricultural workers as alternative control groups, they find that Latino wages declined relative to black wages but not relative to white wages. Finally, they find that the pre-post IRCA inter-sectoral and inter-ethnic relative wage declines for Latino non-agricultural workers do not reflect longer-term trends. [ABSTRACT FROM AUTHOR]
AB  - Copyright of ILR Review is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HISPANIC Americans -- Employment
KW  - WAGES -- Hispanic Americans
KW  - AGRICULTURAL laborers
KW  - AGRICULTURAL wages
KW  - DISCRIMINATION in employment
KW  - EMIGRATION & immigration
KW  - UNITED States
N1  - Accession Number: 4035127; Bansak, Cynthia 1; Raphael, Steven 2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; 2: Assistant Professor, Goldman School of Public Policy, University of California, Berkeley; Issue Info: Jan2001, Vol. 54 Issue 2, p275; Thesaurus Term: HISPANIC Americans -- Employment; Thesaurus Term: WAGES -- Hispanic Americans; Thesaurus Term: AGRICULTURAL laborers; Thesaurus Term: AGRICULTURAL wages; Thesaurus Term: DISCRIMINATION in employment; Thesaurus Term: EMIGRATION & immigration; Subject Term: UNITED States; NAICS/Industry Codes: 115110 Support activities for crop production; NAICS/Industry Codes: 115115 Farm Labor Contractors and Crew Leaders; Number of Pages: 21p; Illustrations: 2 Diagrams, 7 Charts; Document Type: Article; Full Text Word Count: 11110
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AU  - Workman, Lisa
AD  - Federal Reserve System
AD  - Notre Dame U
T1  - Modeling the IMF's Statistical Discrepancy in the Global Current Account
JO  - IMF Staff Papers
JF  - IMF Staff Papers
Y1  - 2001///
VL  - 48
IS  - 3
SP  - 499
EP  - 521
SN  - 10207635
N1  - Accession Number: 0603593; Publication Type: Journal Article; Update Code: 200205
N2  - This paper offers a framework for judging when the discrepancy embodied in current account forecasts is large. The first step in implementing this framework involves developing an econometric model explaining the components of the aggregate discrepancy, estimating the associated parameters, and generating the aggregate discrepancy's conditional expectation. The second step is to compare this model-based forecast with the discrepancy embodied in countries' current-account forecasts. If the gap in discrepancies is below a critical value, then the discrepancy embodied in the countries' current account forecasts is not large. Otherwise, the discrepancy is large and calls for a careful reexamination of the associated current account forecasts.
KW  - International Finance: General          F30
KW  - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access          C82
KW  - General Aggregative Models: General          E10
L3  - http://www.palgrave-journals.com/imfsp/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0603593&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/imfsp/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
T1  - Methodology and Tacit Knowledge: Two Experiments in Econometrics (Book).
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 2001/01//Jan-Mar2001
VL  - 17
IS  - 1
M3  - Book Review
SP  - 130
EP  - 133
SN  - 01692070
AB  - Reviews the book "Methodology and Tacit Knowledge: Two Experiments in Econometrics," by Jan R. Magnus and Mary S. Morgan.
KW  - ECONOMETRICS
KW  - NONFICTION
KW  - MAGNUS, Jan R.
KW  - MORGAN, Mary S., 1952-
KW  - METHODOLOGY & Tacit Knowledge: Two Experiments in Economics (Book)
N1  - Accession Number: 11646903; Marquez, Jaime 1; Affiliations: 1: Federal Reserve System, Washington; Issue Info: Jan-Mar2001, Vol. 17 Issue 1, p130; Thesaurus Term: ECONOMETRICS; Subject Term: NONFICTION; Reviews & Products: METHODOLOGY & Tacit Knowledge: Two Experiments in Economics (Book); People: MAGNUS, Jan R.; People: MORGAN, Mary S., 1952-; Number of Pages: 4p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11646903&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - The Economy of Rural America
JO  - International Regional Science Review
JF  - International Regional Science Review
Y1  - 2001/01//
VL  - 24
IS  - 1
SP  - 16
EP  - 20
SN  - 01600176
N1  - Accession Number: 0559330; Keywords: Rural; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200104
KW  - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes          R11
KW  - Agriculture: General          Q10
L3  - http://irx.sagepub.com/archive/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559330&site=ehost-live&scope=site
UR  - http://irx.sagepub.com/archive/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Tetlow, Robert J.
AU  - von zur Muehlen, Peter
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Simplicity versus Optimality: The Choice of Monetary Policy Rules When Agents Must Learn
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 2001/01//
VL  - 25
IS  - 1-2
SP  - 245
EP  - 279
SN  - 01651889
N1  - Accession Number: 0550681; Keywords: Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 200101
N2  - The normal assumption of full information is dropped and the choice of monetary policy rules is instead examined when private agents must learn the rule. A small, forward-looking model is estimated and stochastic simulations conducted with agents using discounted least squares to learn of a change of preferences or a switch to a more complex rule. We find that the costs of learning a new rule may be substantial, depending on preferences and the rule that is initially in place. Policymakers with strong preferences for inflation control incur substantial costs when they change the rule in use, but are nearly always willing to bear the costs. Policymakers with weak preferences for inflation control may actually benefit from agents' prior belief that a strong rule is in place.
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0550681&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - David, Alexander
T1  - Pricing the strategic value of putable securities in liquidity crises.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 2001/01//
VL  - 59
IS  - 1
M3  - Article
SP  - 63
EP  - 99
SN  - 0304405X
AB  - Putable security holders have a de facto first claim on the firm's liquid assets and can threaten to force solvent issuers to bear financial distress costs. Their threatening power implies that the puts have a strategic value larger than their intrinsic value. Strategic value depends on the issuer's size, potential distress costs, and the distribution of put ownership relative to the firm's liquidity position. The analysis of Kmart's put-induced crisis in 1995, and a calibration to observed secondary market yield reductions on poison put bonds, shows that strategic value is an important determinant of payouts received by bondholders. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES
KW  - CREDIT risk
KW  - LIQUIDITY (Economics)
KW  - BANKRUPTCY
KW  - INVESTMENTS
KW  - UNITED States
N1  - Accession Number: 12134339; David, Alexander 1; Email Address: adavid@frb.gov; Affiliations: 1: Capital Markets Section, Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Jan2001, Vol. 59 Issue 1, p63; Thesaurus Term: SECURITIES; Thesaurus Term: CREDIT risk; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: BANKRUPTCY; Thesaurus Term: INVESTMENTS; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 37p; Illustrations: 2 Charts, 12 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12134339&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haltmaier, Jane T.
AD  - Federal Reserve System
T1  - Structural Issues in the Japanese Labor Market: An Era of Variety, Equity, and Efficiency or an Era of Bipolarization? Comment
JO  - Monetary and Economic Studies
JF  - Monetary and Economic Studies
Y1  - 2001///Special Edition
VL  - 19
SP  - 208
EP  - 209
SN  - 02888432
N1  - Accession Number: 0565416; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200106
KW  - Labor Force and Employment, Size, and Structure          J21
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Labor Turnover; Vacancies; Layoffs          J63
KW  - Unemployment: Models, Duration, Incidence, and Job Search          J64
KW  - Wage Level and Structure; Wage Differentials          J31
KW  - Monetary Policy          E52
L3  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0565416&site=ehost-live&scope=site
UR  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kohn, Donald L.
AD  - Federal Reserve System
T1  - Concluding Panel Discussion: The Role of Monetary Policy under Low Inflation
JO  - Monetary and Economic Studies
JF  - Monetary and Economic Studies
Y1  - 2001///Special Edition
VL  - 19
SP  - 377
EP  - 383
SN  - 02888432
N1  - Accession Number: 0565431; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: Japan; U.S.; Geographic Region: Asia; Northern America; Publication Type: Journal Article; Update Code: 200106
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0565431&site=ehost-live&scope=site
UR  - http://www.imes.boj.or.jp/english/publication/mes/fmes.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
A2  - Blomstrom, Magnus
A2  - Goldberg, Linda S.
T1  - Home-Country Effects of FDI: Foreign Production and Structural Change in Home-Country Operations: Comment
T2  - Topics in empirical international economics: A festschrift in honor of Robert E. Lipsey
PB  - NBER Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 2001///
SP  - 157
EP  - 160
N1  - Accession Number: 0649550; Reviewed Book ISBN: 0-226-06083-7; Keywords: FDI; Geographic Descriptors: Sweden; Geographic Region: Europe; Publication Type: Collective Volume Article; Festschrift: Lipsey, Robert E.; Update Code: 200307
KW  - International Investment; Long-term Capital Movements          F21
KW  - Multinational Firms; International Business          F23
KW  - Empirical Studies of Trade          F14
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Firm Performance: Size, Diversification, and Scope          L25
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0649550&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Judson, Ruth A.
AU  - Porter, Richard D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Overseas Dollar Holdings: What Do We Know?
JO  - Wirtschaftspolitische Blatter
JF  - Wirtschaftspolitische Blatter
Y1  - 2001///
VL  - 48
IS  - 4
SP  - 431
EP  - 440
N1  - Accession Number: 0583305; Keywords: Currency;  Reserves; Geographic Descriptors: U.S.; Selected Countries; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200110
N2  - A great deal of U.S. currency is believed to circulate outside the borders of the United States. We present a brief overview of the historical and economic motivations for people to hold U.S. dollars and the methods we have used in the past to estimate how many dollars might be circulating abroad, including the official series published by the Federal Reserve and the U.S. Department of Commerce. In addition, we present some newer findings on adjusting our estimates for Y2K effects, estimating the distribution of U.S. currency outside the United States. Finally, we give a brief overview of preliminary results from panel data regressions which may help us to better understand domestic currency demand and thus better identify the foreign component of U.S. currency demand.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Demand for Money          E41
KW  - Foreign Exchange          F31
L3  - http://portal.wko.at/wk/format_liste.wk?sbid=155&typ=1&AZ=0&ttid=1&brid=0&mitdetails=1
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0583305&site=ehost-live&scope=site
UR  - http://portal.wko.at/wk/format_liste.wk?sbid=155&typ=1&AZ=0&ttid=1&brid=0&mitdetails=1
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Gilchrist, Simon
AU  - Williams, John C.
AD  - Institute for Economic Development, Boston University
AD  - Board of Governors, Federal Reserve System
T1  - Transition Dynamics in Vintage Capital Models: Explaining the Postwar Catch-up of Germany and Japan
PB  - Boston University - Department of Economics, Boston University - Department of Economics - The Institute for Economic Development Working Papers Series: dp-113
Y1  - 2001///
SP  - 29 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0874903; Keywords: putty-clay, embodied technology, productivity growth, convergence; Publication Type: Working Paper; Update Code: 200612
N2  - We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions, including persistently high but declining rates of labor and total-factor productivity growth, a U-shaped response of the capital-output ratio, rising rates of investment and employment, and moderate rates of return to capital.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Capital; Investment; Capacity          E22
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative          N10
KW  - One, Two, and Multisector Growth Models          O41
L3  - http://econ.bu.edu/gilchrist/research/transition2.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0874903&site=ehost-live&scope=site
UR  - http://econ.bu.edu/gilchrist/research/transition2.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U, NBER, and Public Policy Institute of CA
AD  - Federal Reserve System
T1  - Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Comment
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2000/12//
VL  - 90
IS  - 5
SP  - 1362
EP  - 1396
SN  - 00028282
N1  - Accession Number: 0556187; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200103
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Labor Demand          J23
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0556187&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.90.5.1362
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bordo, Michael D.
AU  - Erceg, Christopher J.
AU  - Evans, Charles L.
AD  - Rutgers U and NBER
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Chicago
T1  - Money, Sticky Wages, and the Great Depression
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2000/12//
VL  - 90
IS  - 5
SP  - 1447
EP  - 1463
SN  - 00028282
N1  - Accession Number: 0556191; Keywords: Depression;  Money;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200103
KW  - Business Fluctuations; Cycles          E32
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-          N12
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-          N22
KW  - Macroeconomics: Production          E23
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0556191&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.90.5.1447
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AU  - Sack, Brian
T1  - The Economic Consequences of Disappearing Government Debt.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 2000/12//
IS  - 2
M3  - Article
SP  - 163
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article focuses on the economic consequences of disappearing government debt. Federal budgetary developments in the U.S. of late have been fast moving. The latest projections of the Congressional Budget Office peg the federal surplus for fiscal year 2000 in excess of $230 billion, around $50 billion more than its forecast of just six months earlier. Yet these developments are not limited to the U.S. Several factors have combined to improve fiscal positions in a number of countries worldwide. Among these factors are cyclical recoveries that have boosted income tax revenue, increases in equity values that have produced capital gains tax windfalls, and spending restraint due in part to spending caps and, in many European countries, a desire to satisfy the fiscal criteria in the 1993 Maastricht treaty. In its latest OECD Economic Outlook, the Organization for Economic Cooperation and Development projects that fourteen of twenty-three countries covered will achieve fiscal balance or surplus over the immediate two-year projection period.
KW  - PUBLIC debts
KW  - BUDGET
KW  - INTEREST rates
KW  - PUBLIC spending
KW  - PUBLIC spending -- Rate of return
KW  - BUDGET surpluses
KW  - INCOME tax
KW  - REVENUE
KW  - UNITED States
N1  - Accession Number: 4107770; Reinhart, Vincent 1; Sack, Brian 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: 2000, Issue 2, p163; Thesaurus Term: PUBLIC debts; Thesaurus Term: BUDGET; Thesaurus Term: INTEREST rates; Thesaurus Term: PUBLIC spending; Thesaurus Term: PUBLIC spending -- Rate of return; Thesaurus Term: BUDGET surpluses; Thesaurus Term: INCOME tax; Subject Term: REVENUE; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 58p; Illustrations: 1 Diagram, 7 Graphs; Document Type: Article; Full Text Word Count: 19117
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4107770&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lovell, Michael C.
AU  - Tien, Pao-Lin
AD  - Wesleyan U
AD  - Federal Reserve System
T1  - Economic Discomfort and Consumer Sentiment
JO  - Eastern Economic Journal
JF  - Eastern Economic Journal
Y1  - 2000///Winter
VL  - 26
IS  - 1
SP  - 1
EP  - 8
SN  - 00945056
N1  - Accession Number: 0531594; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200009
N2  - This paper finds that the Economic Discomfort Index (aka "Misery Index"), defined by Arthur Okun as the sum of the unemployment rate plus the annual rate of inflation, provides a rough and read explanation of economic malaise as measured by the University of Michigan Index of Consumer Sentiment. A more precise explanation of Consumer Sentiment includes the rate of change in unemployment, the rate of change in the S&P and the growth rate of real GDP; but dummies indicating Presidents insignificant. Studying the determinants of Consumer Sentiments helps validate the procedure invoked by Okun for constructing his Economic Discomfort Index.
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.palgrave-journals.com/eej/archive/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0531594&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/eej/archive/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dekle, Robert
AU  - Henderson, Dale
AU  - Thomas, Sebastian
AD  - U Southern CA
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Stock Market, Fundamentals, Cash Flow, and Private Investment: Evidence from Japan
JO  - Japan and the World Economy
JF  - Japan and the World Economy
Y1  - 2000/12//
VL  - 12
IS  - 4
SP  - 295
EP  - 310
SN  - 09221425
N1  - Accession Number: 0559375; Keywords: Investment;  Stock Market;  Stocks; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200104
N2  - Using Japanese postwar annual aggregate data, we examine the responsiveness of investment to three variables--asset Q (stock market), fundamentals Q (discounted future "profits"), and cash flow. We find considerable support for cash flow, but only moderate and very weak support for fundamentals Q and asset Q, respectively. Earlier work that has estimated investment equations on Japanese data spanning the entire period from the 1960s to the 1990s may therefore be plagued with specification error. When estimating the investment equations, we are careful to split the Japanese post-war period into two samples.
KW  - Capital; Investment; Capacity          E22
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.sciencedirect.com/science/journal/09221425
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559375&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/09221425
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hogarth, Jeanne M.
AU  - O'Donnell, Kevin H.
AD  - Federal Reserve System
AD  - Westat, Inc
T1  - If You Build It, Will They Come? A Simulation of Financial Product Holdings among Low-to-Moderate Income Households
JO  - Journal of Consumer Policy
JF  - Journal of Consumer Policy
Y1  - 2000/12//
VL  - 23
IS  - 4
SP  - 409
EP  - 444
SN  - 01687034
N1  - Accession Number: 0564930; Keywords: Bank;  Consumer;  Finance;  Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200106
N2  - The 1995 Survey of Consumer Finances was used to determine holdings of selected financial products by low-to-moderate income households, defined as households with incomes less than or equal to 80 percent of median household income for their region. First, we estimated determinants of holding bank accounts. Next, we estimated determinants of holding other selected products, contingent on holding a transaction account. Finally, we estimated the potential demand for these other products by households without accounts, should they become account holders. We found that if non-account holding households were to obtain accounts, they would increase their demand for credit cards, first mortgages, car loans, consumer loans, certificates of deposit, and IRA/Keogh accounts. The implications for financial institutions, policy makers, and consumer educators are presented.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10603
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0564930&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10603
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
T1  - Performance of Financial Institutions (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 2000/12//
VL  - 38
IS  - 4
M3  - Book Review
SP  - 957
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "Performance of Financial Institutions: Efficiency, Innovation, Regulation," edited by Patrick T. Harker and Stavros Andrea Zenios.
KW  - FINANCIAL institutions
KW  - NONFICTION
KW  - HARKER, Patrick T.
KW  - ZENIOS, Stavros Andrea
KW  - PERFORMANCE of Financial Institutions (Book)
N1  - Accession Number: 3912750; Hancock, Diana 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec2000, Vol. 38 Issue 4, p957; Thesaurus Term: FINANCIAL institutions; Subject Term: NONFICTION; Reviews & Products: PERFORMANCE of Financial Institutions (Book); NAICS/Industry Codes: 522291 Consumer Lending; People: HARKER, Patrick T.; People: ZENIOS, Stavros Andrea; Number of Pages: 2p; Document Type: Book Review; Full Text Word Count: 975
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=3912750&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AD  - Board of Governors of the Federal Reserve System
T1  - Performance of financial institutions: Efficiency, innovation, regulation
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 2000/12//
VL  - 38
IS  - 4
SP  - 957
EP  - 958
SN  - 00220515
N1  - Accession Number: 0563465. Author of Reviewed Book: Harker, Patrick T.; Zenios, Stavros A., eds.; Publisher Information: Cambridge; New York and Melbourne:, Cambridge University Press, 2000, Reviewed Book ISBN: 0-521-77154-4 (cloth); 0-521-77767-4 (pbk); Keywords: Financial Institutions; Publication Type: Book Review; Update Code: 200105
KW  - Financial Institutions and Services: General          G20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0563465&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Technology and Financial Services
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2000/12//
VL  - 18
IS  - 2-3
SP  - 109
EP  - 113
SN  - 09208550
N1  - Accession Number: 0562475; Keywords: Financial Services; Publication Type: Journal Article; Update Code: 200105
KW  - Financial Institutions and Services: General          G20
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0562475&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
T1  - Is the U.S. Trade Deficit Sustainable? (Book).
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 2000/12//
VL  - 52
IS  - 2
M3  - Book Review
SP  - 405
EP  - 407
SN  - 00221996
AB  - Reviews the book "Is the U.S. Trade Deficit Sustainable?," by Catherine L. Mann.
KW  - BALANCE of trade
KW  - NONFICTION
KW  - MANN, Catherine L.
KW  - IS the US Trade Deficit Sustainable? (Book)
N1  - Accession Number: 3942577; Marquez, Jaime 1; Affiliations: 1: Board of Governors of the Federal Reserve System 20th & C., N.W. Washington, DC 20551 USA.; Issue Info: Dec2000, Vol. 52 Issue 2, p405; Thesaurus Term: BALANCE of trade; Subject Term: NONFICTION; Reviews & Products: IS the US Trade Deficit Sustainable? (Book); People: MANN, Catherine L.; Number of Pages: 3p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=3942577&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Wieland, Volker
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Efficient Monetary Policy Design near Price Stability
JO  - Journal of the Japanese and International Economies
JF  - Journal of the Japanese and International Economies
Y1  - 2000/12//
VL  - 14
IS  - 4
SP  - 327
EP  - 365
SN  - 08891583
N1  - Accession Number: 0559927; Keywords: Inflation;  Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy;  Prices; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200104
N2  - Using dynamic programming methods, we study the design of optimal monetary policy in a simple, calibrated open-economy model and evaluate the effect of the liquidity trap generated by the zero bound on nominal interest rates. We show that the optimal policy near price stability is asymmetric. As inflation declines, policy turns expansionary sooner and more aggressively than would be optimal in the absence of the zero bound. This introduces an upward bias in the average level of inflation. We also discuss operational issues associated with the interpretation and implementation of policy at the zero bound in relation to the recent situation in Japan.
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Central Banks and Their Policies          E58
L3  - http://www.sciencedirect.com/science/journal/08891583
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559927&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/08891583
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dupont, Dominique
AD  - Federal Reserve System and Eurandom
T1  - Market Making, Prices, and Quantity Limits
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 2000///Winter
VL  - 13
IS  - 4
SP  - 1129
EP  - 1151
SN  - 08939454
N1  - Accession Number: 0554755; Keywords: Asymmetric Information;  Equilibrium;  Information; Publication Type: Journal Article; Update Code: 200102
N2  - This article develops a model of spread and depth setting under asymmetric information where the equilibrium depth is proportionally more sensitive than the spread to changes in the degree of information asymmetry. The analysis uses a one-period model in which a risk-neutral, monopolistic market maker faces a price-sensitive liquidity trader and a better informed trader who is alternatively risk neutral and risk averse. The equilibrium depth can take values ranging from 0 to infinity, depending on the information asymmetry, the asset volatility, and the strength of the liquidity demand, while the spread remains positive and finite.
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Asymmetric and Private Information; Mechanism Design          D82
L3  - http://rfs.oxfordjournals.org/content/by/year
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UR  - http://rfs.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - REIFSCHNEIDER, DAVID
AU  - WILLIAMS, JOHN C.
T1  - Three Lessons for Monetary Policy in a Low-Inflation Era.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2000/11/02/Nov2000 Part 2
VL  - 32
IS  - 4
M3  - Article
SP  - 936
EP  - 966
PB  - Ohio State University Press
SN  - 00222879
AB  - The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the zero hound on macroeconomic stabilization and to explore how policy can be designed to minimize these effects. During particularly severe contractions, open-market operations alone may be insufficient to restore equilibrium; some other stimulus is needed. Abstracting from such rare events, if policy follows the Taylor rule and targets a zero-inflation rate, there is a significant increase in the variability of output but not inflation. However, a simple modification to the Taylor rule yields a dramatic reduction in the detrimental effects of the zero bound. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - FISCAL policy
KW  - CIRCULAR velocity of money
KW  - ECONOMIC policy
KW  - CREDIT control
N1  - Accession Number: 4082177; REIFSCHNEIDER, DAVID 1; Email Address: david.1.reifschncider@frb.gov; WILLIAMS, JOHN C. 2; Email Address: jwilliams@frb.gov; Affiliations: 1: Assistant Director of the Division of Research and Statistics, Federal Reserve Board; 2: Senior Economist, Board of Governors, Federal Reserve System; Issue Info: Nov2000 Part 2, Vol. 32 Issue 4, p936; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FISCAL policy; Thesaurus Term: CIRCULAR velocity of money; Thesaurus Term: ECONOMIC policy; Thesaurus Term: CREDIT control; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Illustrations: 3 Charts, 17 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ENGLISH, WILLIAM B.
T1  - Comment on AMERICA'S HISTORICAL EXPERIENCE WITH LOW INFLATION.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2000/11/02/Nov2000 Part 2
VL  - 32
IS  - 4
M3  - Article
SP  - 998
EP  - 1006
PB  - Ohio State University Press
SN  - 00222879
AB  - This article presents a comment on the article "America's Historical Experience with Low Inflation." The author discusses the arguments set forth in the paper and addresses several areas that he found intriguing. The author examines how low, low inflation actually is, what the true costs of inflation are, how the Fisher Effect comes into play during periods of low inflation and the risks associated with deflationary slumps. The author agrees with the major tenets of the paper and believes that the paper has addressed the primary issues that will play a role in determining if the U.S. will continue to experience low inflation.
KW  - INFLATION (Finance)
KW  - FINANCE
KW  - BUSINESS cycles
KW  - ECONOMIC recovery
KW  - ECONOMIC policy
KW  - UNITED States
N1  - Accession Number: 4082182; ENGLISH, WILLIAM B. 1; Email Address: william.b.english@frb.gov; Affiliations: 1: Senior Economist, Board of Governors, Federal Reserve System; Issue Info: Nov2000 Part 2, Vol. 32 Issue 4, p998; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FINANCE; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC recovery; Thesaurus Term: ECONOMIC policy; Subject: UNITED States; Number of Pages: 9p; Illustrations: 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AD  - Northwestern U and Federal Reserve Banks of Cleveland & Chicago
T1  - Comment on Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2000/11/02/
VL  - 32
IS  - 4
SP  - 905
EP  - 930
SN  - 00222879
N1  - Accession Number: 0559744; Keywords: Interest Rates;  Interest;  Nominal Interest Rates; Publication Type: Journal Article; Update Code: 200104
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Foreign Exchange          F31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0559744&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Testimony to the U.S. Securities and Exchange Commission Hearing, Pace University, New York, New York, September 13, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/11//
VL  - 86
IS  - 11
SP  - 735
EP  - 737
SN  - 00149209
N1  - Accession Number: 0553831; Keywords: Audit;  Auditors; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200102
N2  - Laurence H. Meyer, member, Board of Governors, discusses the rules governing auditor independence that have been proposed by the Securities and Exchange Commission (SEC) and focuses on the SEC's proposal to limit internal audit outsourcing by external auditors. He states that the SEC's proposal would generally exclude an auditor from performing both external and internal audits for the same client; from the perspective of a banking supervisor, the Board supports the SEC's proposal to limit the external auditor's role in the internal audit function of its clients (Testimony before the SEC hearing held at Pace University. New York, New York, September 13, 2000).
KW  - Accounting          M41
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0553831&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimony to the U.S. House of Representatives Committee on Education and the Workforce, September 21, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/11//
VL  - 86
IS  - 11
SP  - 737
EP  - 739
SN  - 00149209
N1  - Accession Number: 0553832; Keywords: Education; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200102
N2  - Alan Greenspan, Chairman, Board of Governors, discusses his views on improving mathematics and science education in U.S. elementary and secondary schools and states that with the conceptual demands on our workers continuing to rise, substantial further progress needs to be made in raising the analytic competency of our graduating high-school seniors. He testifies further that we must strive to increase math and science achievement so that our students can take advantage of the considerable opportunities that will exist in tomorrow's labor market (Testimony before the House Committee on Education and the Workforce, September 21, 2000).
KW  - Analysis of Education          I21
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0553832&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Freund, Caroline
AD  - Federal Reserve System
T1  - Different Paths to Free Trade: The Gains from Regionalism
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 2000/11//
VL  - 115
IS  - 4
SP  - 1317
EP  - 1341
SN  - 00335533
N1  - Accession Number: 0557801; Keywords: Agreements;  Free Trade;  Trade;  Welfare; Geographic Descriptors: EU; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200103
N2  - We compare free trade reached through expanding regional trading blocs to free trade accomplished by multilateral negotiation. With sunk costs, the outcomes are different. Trade in an imperfectly competitive good flows disproportionately more between the original members of a regional agreement even after free trade is reached. They secure a higher welfare level from regionalism than from free trade achieved multilaterally; nonmembers, however, reach a lower welfare level. A surprising result is that world welfare during free trade is greater when it is achieved by the regional path. We conclude with some empirical evidence from the European Union that is consistent with the model.
KW  - Trade Policy; International Trade Organizations          F13
KW  - Economic Integration          F15
L3  - http://qje.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0557801&site=ehost-live&scope=site
UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and Wharton Financial Institutions Ctr
T1  - Conglomeration versus Strategic Focus: Evidence from the Insurance Industry
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 2000/10//
VL  - 9
IS  - 4
SP  - 323
EP  - 362
SN  - 10429573
N1  - Accession Number: 0557352 Partial authors List; ; Keywords: Financial Institutions;  Financial Services;  Insurance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200103
N2  - We provide evidence on the validity of the conglomeration hypothesis versus the strategic focus hypothesis for financial institutions using data on U.S. insurance companies. We distinguish between the hypotheses using profit scope economies, which measure the relative efficiency of joint versus specialized production, taking both costs and revenues into account. The results suggest that the conglomeration hypothesis dominates for some types of financial service providers and the strategic focus hypothesis dominates for other types. This may explain the empirical puzzle of why joint producers and specialists both appear to be competitively viable in the long run.
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Organization of Production          L23
L3  - http://www.sciencedirect.com/science/journal/10429573
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0557352&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10429573
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Erceg, Christopher J.
AU  - Henderson, Dale W.
AU  - Levin, Andrew T.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Optimal Monetary Policy with Staggered Wage and Price Contracts
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2000/10//
VL  - 46
IS  - 2
SP  - 281
EP  - 313
SN  - 03043932
N1  - Accession Number: 0541136; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy;  Prices;  Wage; Publication Type: Journal Article; Update Code: 200011
N2  - We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output gap, price inflation, and wage inflation. Monetary policy cannot achieve the Pareto-optimal equilibrium that would occur under completely flexible wages and prices; that is, the model exhibits a tradeoff in stabilizing the output gap, price inflation, and wage inflation. We characterize the optimal policy rule for reasonable calibrations of the model. We also find that strict price inflation targeting generates relatively large welfare losses, whereas several other simple policy rules perform nearly as well as the optimal rule.
KW  - Monetary Policy          E52
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0541136&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gilchrist, Simon
AU  - Williams, John C.
T1  - Putty-Clay and Investment: A Business Cycle Analysis.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 2000/10//
VL  - 108
IS  - 5
M3  - Article
SP  - 928
PB  - University of Chicago Press
SN  - 00223808
AB  - This paper develops a general equilibrium model with putty-clay technology, investment irreversibility, and variable capacity utilization. Low short-run capital-labor substitutability induces the putty-clay effect of a tight link between changes in capacity and movements in employment and output. Permanent shocks to technology, or factor prices generate a hump-shaped response of hours, persistence in output growth, and positive comovement in the forecastable components of output and hours. Capacity constraints result in asymmetric responses to large shocks with recessions deeper than expansions. Estimation of a two-sector model supports a significant role for putty-clay capital in explaining business cycle and medium-run dynamics. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS -- Mathematical models
KW  - EQUILIBRIUM (Economics)
KW  - INVESTMENTS
KW  - BUSINESS cycles
KW  - TECHNOLOGY
KW  - EMPLOYMENT (Economic theory)
KW  - PRICES
KW  - EQUILIBRIUM
N1  - Accession Number: 3876479; Gilchrist, Simon 1; Williams, John C. 2; Affiliations: 1: Boston University; 2: Board of Governors of the Federal Reserve System; Issue Info: Oct2000, Vol. 108 Issue 5, p928; Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INVESTMENTS; Thesaurus Term: BUSINESS cycles; Thesaurus Term: TECHNOLOGY; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: PRICES; Subject Term: EQUILIBRIUM; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 33p; Illustrations: 3 Charts, 12 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rogers, Diane Lim
AU  - Rogers, John H.
AD  - Income & Benefits Policy Center, Urban Institute
AD  - Federal Reserve System
T1  - Political Competition and State Government Size: Do Tighter Elections Produce Looser Budgets?
JO  - Public Choice
JF  - Public Choice
Y1  - 2000/10//
VL  - 105
IS  - 1-2
SP  - 1
EP  - 21
SN  - 00485829
N1  - Accession Number: 0554608; Keywords: Budget;  Election;  Government;  Legislature;  Political;  Representation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200102
N2  - We test implications of political competition theory concerning government size, using data from U.S. states. We find that greater political competition in the race for governor acts as a check against bigger government. Evidence on the effectiveness of legal limits on expenditures and/or revenues growth is mixed. The Democratic Party is associated with bigger government, but only when party representation in both the governor's house and the legislature is strong. The flypaper effect of grants is found to be strong. Our results have implications for models of fiscal illusion.
KW  - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior          D72
KW  - State and Local Government; Intergovernmental Relations: General          H70
L3  - http://link.springer.com/journal/volumesAndIssues/11127
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0554608&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11127
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Hannan, Timothy H.
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
T1  - Defining Banking Markets According to Principles Recommended in the Merge Guidelines
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 2000///Fall
VL  - 45
IS  - 3
SP  - 615
EP  - 639
SN  - 0003603X
N1  - Accession Number: 0546297; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200012
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0546297&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stock, James H.
AU  - Wright, Jonathan H.
AD  - Harvard U
AD  - Federal Reserve System
T1  - GMM with Weak Identification
JO  - Econometrica
JF  - Econometrica
Y1  - 2000/09//
VL  - 68
IS  - 5
SP  - 1055
EP  - 1096
SN  - 00129682
N1  - Accession Number: 0546489; Keywords: Estimation;  Identification;  Instrumental Variables; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200012
N2  - This paper develops asymptotic distribution theory for GMM estimators and test statistics when some or all of the parameters are weakly identified. General results are obtained and are specialized to two important cases: linear instrumental variables regression and Euler equations estimation of the CCAPM. Numerical results for the CCAPM demonstrate that weak-identification asymptotics explains the breakdown of conventional GMM procedures documented in previous Monte Carlo studies. Confidence sets immune to weak identification are proposed. We use these results to inform an empirical investigation of various CCAPM specifications; the substantive conclusions reached differ from those obtained using conventional methods.
KW  - Multiple or Simultaneous Equation Models; Multiple Variables: General          C30
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.econometricsociety.org/tocs.asp
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0546489&site=ehost-live&scope=site
UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Finance and Hazardous Materials of the Committee on Commerce
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/09//
VL  - 86
IS  - 9
SP  - 644
EP  - 645
SN  - 00149209
N1  - Accession Number: 0540558; Keywords: Derivatives;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Patrick M. Parkinson, Associate Director, Division of Research and Statistics, Board of Governors, presents the Board's views on the Commodity Futures Modernization Act of 2000 (H.R. 4541) and testifies that the Board continues to believe that such legislation modernizing the Commodity Exchange Act is essential. He states further that H.R. 4541 reflects a remarkable consensus on the need for legal certainty for OTC derivatives and regulatory relief for U.S. futures exchanges, issues that have long eluded resolution (Testimony before the Subcommittee on Finance and Hazardous Materials of the House Committee on Commerce, July 12, 2000).
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0540558&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/09//
VL  - 86
IS  - 9
SP  - 646
EP  - 648
SN  - 00149209
N1  - Accession Number: 0540559; Keywords: Financial Markets; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Patrick M. Parkinson presents additional testimony on HR. 4541, including the provisions of H.R. 1161, which would amend the U.S. Bankruptcy Code to support financial contract netting, and states that enactment of those amendments would reduce uncertainty for market participants about the disposition of their financial market contracts in the event one of the counterparties becomes insolvent. He testifies further that the Board urges the amendment of H.R. 4541 to include the financial contract netting provisions of H.R. 1161 (Testimony before the House Committee on Banking and Financial Services, July 19, 2000).
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0540559&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/09//
VL  - 86
IS  - 9
SP  - 648
EP  - 651
SN  - 00149209
N1  - Accession Number: 0540560; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Alan Greenspan, Chairman, Board of Governors, presents the Board's report on monetary policy and testifies that the Federal Reserve has been confronting a complex set of challenges in judging the stance of policy that will best contribute to sustaining the strong and long-running expansion of our economy and that the challenges will be no less in coming months. Further, he states that irrespective of the complexities of economic change, the primary goal of the Federal Reserve is to find those policies that best contribute to a non-inflationary environment and hence to growth (Testimony before the Senate Committee on Banking, Housing, and Urban Affairs, July 20, 2000. Chairman Greenspan presented identical testimony before the House Committee on Banking and Financial Services on July 25, 2000).
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bollersle, Tim
AU  - Wright, Jonathan H.
T1  - Semiparametric estimation of long-memory volatility dependencies: The role of high-frequency data.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2000/09//
VL  - 98
IS  - 1
M3  - Article
SP  - 81
EP  - 106
SN  - 03044076
AB  - Recent empirical studies have argued that the temporal dependencies in financial market volatility are best characterized by long memory, or fractionally integrated, time series models. Meanwhile, little is known about the properties of the semiparametric inference procedures underlying much of this empirical evidence. The simulations reported in the present paper demonstrate that, in contrast to log-periodogram regression estimates for the degree of fractional integration in the mean (where the span of the data is crucially important), the quality of the inference concerning long-memory dependencies in the conditional variance is intimately related to the sampling frequency of the data. Some new estimators that succinctly aggregate the information in higher frequency returns are also proposed. The theoretical findings are illustrated through the analysis of a ten-year time series consisting of more than half-a-million intradaily observations on the Japanese Yen-U.S. Dollar exchange rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REGRESSION analysis
KW  - SECURITIES markets
KW  - VOLATILITY (Finance)
KW  - STOCHASTIC analysis
KW  - MONETARY policy
KW  - ECONOMETRICS
KW  - Exchange rates.
KW  - High-frequency data
KW  - Log-periodogram regressions
KW  - Long memory
KW  - Stochastic volatility
KW  - Temporal aggregation
N1  - Accession Number: 11857796; Bollersle, Tim 1,2; Email Address: boller@econ.duke.edu; Wright, Jonathan H. 3; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: Department of Economics, Duke University,  Durham, NC  27708-0097, USA.; 2: NBER Cambridge MA  02138, USA.; 3: International Finance Division, Board of Governors of the Federal Reserve System,  Washington, DC  20551, USA.; Issue Info: Sep2000, Vol. 98 Issue 1, p81; Thesaurus Term: REGRESSION analysis; Thesaurus Term: SECURITIES markets; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMETRICS; Author-Supplied Keyword: Exchange rates.; Author-Supplied Keyword: High-frequency data; Author-Supplied Keyword: Log-periodogram regressions; Author-Supplied Keyword: Long memory; Author-Supplied Keyword: Stochastic volatility; Author-Supplied Keyword: Temporal aggregation; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bollerslev, Tim
AU  - Wright, Jonathan H.
AD  - Duke U and NBER
AD  - Federal Reserve System
T1  - Semiparametric Estimation of Long-Memory Volatility Dependencies: The Role of High-Frequency Data
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 2000/09//
VL  - 98
IS  - 1
SP  - 81
EP  - 106
SN  - 03044076
N1  - Accession Number: 0547062; Keywords: Estimation;  Regression;  Time Series; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 200012
N2  - Recent empirical studies have argued that the temporal dependencies in financial market volatility are best characterized by long memory, or fractionally integrated, time series models. Meanwhile, little is known about the properties of the semiparametric inference procedures underlying much of this empirical evidence. The simulations reported in the present paper demonstrate that, in contrast to log-periodogram regression estimates for the degree of fractional integration in the mean (where the span of the data is crucially important), the quality of the inference concerning long-memory dependencies in the conditional variance is intimately related to the sampling frequency of the data. Some new estimators that succinctly aggregate the information in higher frequency returns are also proposed. The theoretical findings are illustrated through the analysis of a ten-year time series consisting of more than half-a-million intradaily observations on the Japanese Yen-U.S. Dollar exchange rate.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0547062&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Bostic, Raphael W.
AU  - Calem, Paul S.
AU  - Canner, Glenn B.
T1  - Credit Scoring: Statistical Issues and Evidence from Credit-Bureau Files.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2000///Fall2000
VL  - 28
IS  - 3
M3  - Article
SP  - 523
EP  - 547
PB  - Wiley-Blackwell
SN  - 10808620
AB  - Although credit scoring offers benefits to lenders and borrowers, its use raises important statistical issues that may affect the ability of scoring systems to accurately quantify an individual's credit risk. The evidence from a national sample of credit-bureau records suggests that concerns about omitted-variable bias may be justified, as local economic factors show significant correlations with credit scores. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT scoring systems
KW  - CREDIT
KW  - CREDIT ratings
KW  - CREDIT risk
KW  - LOAN review
KW  - INTEREST rate risk
KW  - RISK assessment
N1  - Accession Number: 3611558; Avery, Robert B. 1; Email Address: ravery@frb.gov; Bostic, Raphael W. 1; Calem, Paul S. 1; Canner, Glenn B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Fall2000, Vol. 28 Issue 3, p523; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: CREDIT; Thesaurus Term: CREDIT ratings; Thesaurus Term: CREDIT risk; Thesaurus Term: LOAN review; Thesaurus Term: INTEREST rate risk; Thesaurus Term: RISK assessment; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - DAVIES, SALLY M.
AU  - FLANNERY, MARK J.
T1  - Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 2000/08/02/Aug2000 Part 2
VL  - 32
IS  - 3
M3  - Article
SP  - 641
EP  - 667
PB  - Ohio State University Press
SN  - 00222879
AB  - This paper compares the timeliness and accuracy of (confidential) government assessments of bank condition against market evaluations of large U.S. bank holding companies. We find that supervisors and bond rating agencies both acquire some information that would help the other group forecast changes in bank condition. In contrast, supervisory assessments and equity market indicators are not strongly interrelated. Furthermore, supervisory assessments are generally less accurate than either stock or bond market indicators in predicting future changes in performance, except when those assessments derive from a recent on-site inspection visit. To some extent these findings are consistent with the various parties' differing incentives. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK holding companies
KW  - BANKING industry -- Ratings & rankings
KW  - ECONOMIC forecasting
KW  - CREDIT ratings
KW  - BOND market
KW  - CAPITAL market
KW  - UNITED States
N1  - Accession Number: 3475384; BERGER, ALLEN N. 1,2; Email Address: aberger@FRB.GOV; DAVIES, SALLY M. 3; Email Address: daviess@FRB.GOV; FLANNERY, MARK J. 4; Email Address: flannery@dale.eba.ufl.edu; Affiliations: 1: Senior economist, Board of Governors of the Federal Reserve System; 2: Senior Fellow, Wharton Financial Institutions Center; 3: Chief, International Banking Section, Board of Governors of the Federal Reserve System; 4: NationsBank Eminent Scholar in Finance, University of Florida; Issue Info: Aug2000 Part 2, Vol. 32 Issue 3, p641; Thesaurus Term: BANK holding companies; Thesaurus Term: BANKING industry -- Ratings & rankings; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: CREDIT ratings; Thesaurus Term: BOND market; Thesaurus Term: CAPITAL market; Subject: UNITED States; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 27p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Davies, Sally M.
AU  - Flannery, Mark J.
AD  - Federal Reserve System and Wharton Financial Institutions Center
AD  - Federal Reserve System
AD  - U FL
T1  - Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 2000/08/02/
VL  - 32
IS  - 3
SP  - 641
EP  - 667
SN  - 00222879
N1  - Accession Number: 0550897; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200101
N2  - This paper compares the timeliness and accuracy of (confidential) government assessments of bank condition against market evaluations of large U.S. bank holding companies. We find that supervisors and bond rating agencies both acquire some information that would help the other group forecast changes in bank condition. In contrast, supervisory assessments and equity market indicators are not strongly interrelated. Furthermore, supervisory assessments are generally less accurate than either stock or bond market indicators in predicting future changes in performance, except when those assessments derive from a recent on-site inspection visit. To some extent, these findings seem consistent with the various parties' differing incentives.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0550897&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises of the Committee on Banking and Financial Services
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/08//
VL  - 86
IS  - 8
SP  - 569
EP  - 577
SN  - 00149209
N1  - Accession Number: 0540553; Keywords: Banking;  Federal Reserve Board;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Laurence H. Meyer, member, Board of Governors, explains the rules recently proposed by the Federal Reserve Board and the Department of the Treasury to allow financial holding companies to engage in merchant banking activities under the Gramm-Leach-Bliley Act and states that the interim rule and the proposal would allow merchant banking to continue to develop along the lines already evident in the industry and in the manner intended by the Congress, while at the same time attempting to address the boundaries between merchant banking and the mixing of banking and commerce. Further, he testifies that the rule seeks responsibly to come to grips with the very real safety and soundness risks to an insured depository affiliate of both a financial holding company that engages in merchant banking and a bank holding company that invests in equities using existing authorities (Testimony before the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises of the House Committee on Banking and Financial Services, June 7, 2000. Governor Meyer presented identical testimony before the Subcommittee on Financial Institutions and the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs on June 13, 2000).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0540553&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Risk Management, Research, and Specialty Crops of the Committee on Agriculture
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/08//
VL  - 86
IS  - 8
SP  - 577
EP  - 579
SN  - 00149209
N1  - Accession Number: 0540554; Keywords: Agriculture;  Derivatives; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Patrick M. Parkinson, Associate Director, Division of Research and Statistics, Board of Governors, presents the Board's views on legislation to modernize the Commodity Exchange Act (CEA) and states that the Board continues to believe that legislation to modernize the CEA is essential if our derivatives markets are to remain innovative and competitive internationally. He states further that although some difficult issues remain unresolved, the proposed legislation (H.R. 4541) represents significant progress (Testimony before the Subcommittee on Risk Management, Research, and Specialty Crops of the House Committee on Agriculture, June 14, 2000).
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Agricultural Finance          Q14
KW  - Agricultural Policy; Food Policy          Q18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0540554&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Board of Governors, Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Agriculture, Nutrition, and Forestry and the Committee on Banking, Housing, and Urban Affairs
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/08//
VL  - 86
IS  - 8
SP  - 579
EP  - 581
SN  - 00149209
N1  - Accession Number: 0540555; Keywords: Agriculture;  Derivatives; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - Alan Greenspan, Chairman, Board of Governors, presents the Board's views on the Commodity Futures Modernization Act of 2000 (S. 2697) and testifies that this bill reflects a remarkable consensus on the need for legal certainty for OTC derivatives and regulatory relief for U.S. futures exchanges, issues that have long eluded resolution. He states further that these provisions are vitally important to the soundness and competitiveness of our derivatives markets in what is an increasingly integrated and intensely competitive global economy (Testimony before the Committee on Agriculture, Nutrition, and Forestry of the Senate Committee on Banking, Housing, and Urban Affairs, June 21, 2000).
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Agricultural Finance          Q14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0540555&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wieland, Volker
AD  - Federal Reserve System
T1  - Monetary Policy, Parameter Uncertainty and Optimal Learning
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2000/08//
VL  - 46
IS  - 1
SP  - 199
EP  - 228
SN  - 03043932
N1  - Accession Number: 0532363; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200009
N2  - Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the difficult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeoff between estimation and control arises because policy actions influence estimation and provide information which may improve future performance. I analyze this tradeoff in a simple model with parameter uncertainty and conduct dynamic simulations of the policymaker's decision problem in the presence of the type of uncertainties that arose in the wake of German reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just as observed after unification. In contrast, the optimal learning strategy which exploits the tradeoff between control and estimation significantly improves stabilization performance and reduces the likelihood of inflationary bias.
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0532363&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sack, Brian
AD  - Federal Reserve System
T1  - Does the Fed Act Gradually? A VAR Analysis
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2000/08//
VL  - 46
IS  - 1
SP  - 229
EP  - 256
SN  - 03043932
N1  - Accession Number: 0532364; Keywords: Fed;  Fund;  Interest Rates;  Interest;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200009
N2  - The tendency for changes in the federal funds rate to be implemented gradually has been considered evidence of an interest-rate smoothing objective for the Federal Reserve. This paper investigates whether gradual funds rate movements can be explained by the dynamic structure of the economy and the uncertainty surrounding that structure, without recourse to including an ad hoc interest-rate smoothing argument in the Fed's objective function. In the absence of parameter uncertainty, the optimal policy involves more aggressive movements in the funds rate than observed. Parameter uncertainty, however, limits the responsiveness of the interest rate. As a result, the optimal policy under parameter uncertainty can account for a considerable portion of the gradualism observed.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0532364&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, May 3, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/07//
VL  - 86
IS  - 7
SP  - 454
EP  - 458
SN  - 00149209
N1  - Accession Number: 0533813; Keywords: Bank;  Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200010
N2  - Laurence H. Meyer, to the House Committee o n Banking and Financial Services comments on issues related to H.R. 4209, the Bank Reserves Modernization Act of 2000, and states that the Board strongly supports the proposal in the bill to allow the payment of interest on the balances that depository institutions maintain in their accounts at the Federal Reserve Banks. He states further that because of the uncertainties involved, it is best for the Federal Reserve to be able to pay interest on any balances that depositories hold at Reserve Banks, and at differential rates to be set by the Federal Reserve, as the bill would allow (May 3, 2000).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0533813&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Malphrus, Stephen R.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Financial Institutions, Committee on Banking, Housing, and Urban Affairs, May 18, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/07//
VL  - 86
IS  - 7
SP  - 459
EP  - 462
SN  - 00149209
N1  - Accession Number: 0533814; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200010
N2  - Stephen R. Malphrus, to the Subcommittee on Financial Institutions of the Senate Committee on Banking, Housing, and Urban Affairs discusses the so-called Love Bug computer virus and states that the Federal Reserve had state-of-the-art procedures and controls in place for responding to and managing cyber-related incidents, including computer viruses, and that the procedures were effective in managing this incident and limiting the spread of this virus. He states further that the Board is committed to participating in initiatives that promote information-system security and that assist in the rapid identification and analysis of new viruses and other forms of cyber attacks (May 18, 2000).
KW  - Central Banks and Their Policies          E58
KW  - Information and Internet Services; Computer Software          L86
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0533814&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, May 24, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/07//
VL  - 86
IS  - 7
SP  - 462
EP  - 465
SN  - 00149209
N1  - Accession Number: 0533815; Keywords: Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200010
N2  - Edward M. Gramlich, to the House Committee on Banking and Financial Services, focuses on predatory lending and states that most predatory lending seems to occur in the subprime mortgage market, a market that has grown recently; he testifies that because consumers who obtain subprime mortgage loans have fewer credit options than other borrowers, they may be more vulnerable to unscrupulous lenders or brokers. He states further that given the wide range of practices that are included in the notion of what is "predatory," a multifaceted approach, including strengthening the enforcement of laws that are being ignored and non-regulatory strategies, is likely to be most effective (May 24, 2000).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0533815&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Bonime, Seth D.
AU  - Covitz, Daniel M.
AU  - Hancock, Diana
T1  - Why are bank profits so persistent? The roles of product market competition, informational opacity, and regional/macroeconomic shocks.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2000/07//
VL  - 24
IS  - 7
M3  - Article
SP  - 1203
EP  - 1235
SN  - 03784266
AB  - We investigate how banking market competition, informational opacity, and sensitivity to shocks have changed over the last three decades by examining the persistence of firm-level rents. We develop propagation mechanisms with testable implications to isolate the sources of persistence. Our analysis suggests that different processes underlie persistence at the high and low ends of the performance distribution. Our tests suggest that impediments to competition and informational opacity continue to be strong determinants of persistence; that the reduction in geographic regulatory restrictions had little effect on competitiveness; and that persistence remains sensitive to regional/macroeconomic shocks. The findings also suggest reasons for the recent record profitability of the industry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK profits
KW  - MACROECONOMICS
KW  - BANKING industry
KW  - RENT (Economic theory)
KW  - INDUSTRIES
N1  - Accession Number: 11487587; Berger, Allen N. 1; Bonime, Seth D. 1; Covitz, Daniel M. 1; Email Address: dcovitz@frb.gov; Hancock, Diana 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Jul2000, Vol. 24 Issue 7, p1203; Thesaurus Term: BANK profits; Thesaurus Term: MACROECONOMICS; Thesaurus Term: BANKING industry; Thesaurus Term: RENT (Economic theory); Thesaurus Term: INDUSTRIES; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 33p; Illustrations: 7 Charts, 10 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11487587&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wright, Jonathan H.
T1  - Confidence Intervals for Univariate Impulse Responses With a Near Unit Root.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2000/07//
VL  - 18
IS  - 3
M3  - Article
SP  - 368
EP  - 373
SN  - 07350015
AB  - This article proposes a method for constructing confidence intervals for the impulse response function of a univariate time series with a near unit root. These confidence intervals control coverage, whereas the existing techniques can all have coverage far below the nominal level. I apply the proposed method to several measures of U.S. aggregate output. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TIME series analysis
KW  - MONTE Carlo method
KW  - DISTRIBUTION (Probability theory)
KW  - SAMPLING (Statistics)
KW  - CONFIDENCE intervals
KW  - BOOTSTRAPPING (Statistics)
KW  - Bootstrap
KW  - Confidence intervals
KW  - Impulse response
KW  - Unit roots
N1  - Accession Number: 3322257; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: July2000, Vol. 18 Issue 3, p368; Thesaurus Term: TIME series analysis; Thesaurus Term: MONTE Carlo method; Thesaurus Term: DISTRIBUTION (Probability theory); Thesaurus Term: SAMPLING (Statistics); Subject Term: CONFIDENCE intervals; Subject Term: BOOTSTRAPPING (Statistics); Author-Supplied Keyword: Bootstrap; Author-Supplied Keyword: Confidence intervals; Author-Supplied Keyword: Impulse response; Author-Supplied Keyword: Unit roots; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 6p; Illustrations: 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and Wharton Financial Institutions Center
T1  - The Integration of the Financial Services Industry: Where Are the Efficiencies?
JO  - North American Actuarial Journal
JF  - North American Actuarial Journal
Y1  - 2000/07//
VL  - 4
IS  - 3
SP  - 25
EP  - 45
SN  - 10920277
N1  - Accession Number: 0600970; Keywords: Financial Services; Publication Type: Journal Article; Update Code: 200204
N2  - We examine the efficiency effects of the integration of the financial services industry and suggest directions for future research. We also propose a relatively broad working definition of integration and employ U.S. and European data on financial service industry mergers and acquisitions to illustrate several types of integration. The analysis suggests that there is a large potential for efficiency gains from integration, but only a relatively small part of this potential may be realized. Integration appears to bring about larger revenue efficiency gains than cost efficiency gains, and most of the gains appear to be linked to benefits from risk diversification.
KW  - Financial Institutions and Services: General          G20
L3  - http://www.tandfonline.com/loi/uaaj20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0600970&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/uaaj20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sakellaris, Plutarchos
AU  - Spilimbergo, Antonio
AD  - U MD and Federal Reserve System
AD  - IMF
T1  - Business Cycles and Investment in Human Capital: International Evidence on Higher Education
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 2000/06//
VL  - 52
SP  - 221
EP  - 256
SN  - 01672231
N1  - Accession Number: 0549941; Keywords: Business Cycles;  Countercyclical;  Cycle;  Economic Fluctuations;  Education;  Fluctuation;  Human Capital;  Procyclical; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 200101
N2  - We study the effect of economic fluctuations on investment in higher education for a wide range of countries. Our main focus is on foreign students who come to the United States to attend universities. There is a strong relation between enrollment and the business cycle in the sending country. The cyclical pattern of enrollment is sharply different for two groups of countries. For OECD countries enrollment is countercyclical, whereas for non-OECD countries it is procyclical. At business cycle frequencies, opportunity cost plays a dominant role in explaining enrollment from OECD countries, whereas ability to pay and credit constraints seem more prevalent at non-OECD countries. The results are confirmed using data on domestic enrollment from national sources.
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
KW  - Business Fluctuations; Cycles          E32
KW  - Educational Finance; Financial Aid          I22
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0549941&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Wieland, Volker
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Inflation Zone Targeting
JO  - European Economic Review
JF  - European Economic Review
Y1  - 2000/06//
VL  - 44
IS  - 7
SP  - 1351
EP  - 1387
SN  - 00142921
N1  - Accession Number: 0530122; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Europe; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 200008
N2  - We study optimal monetary policy design in a simple model that deviates from the linear-quadratic paradigm and provides a rationale for the practice of inflation zone targeting. We show that the presence of either zone-quadratic preferences or a zone-linear relationship between inflation and economic activity provides strong incentives to deviate from conventional linear policies. We calibrate the model based on parameters for the United States and the euro area and employ a numerical dynamic programming algorithm to derive the optimal policies. With this algorithm, we examine the role of uncertainty, model structure and relative preference towards economic stability in determining the width of the implied targeted inflation zone.
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/00142921
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0530122&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00142921
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AU  - Sparks, Roger W.
AD  - Federal Reserve System
AD  - Mills College
T1  - Automated Underwriting and the Profitability of Mortgage Securitization
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 2000///Summer
VL  - 28
IS  - 2
SP  - 285
EP  - 305
SN  - 10808620
N1  - Accession Number: 0534944; Keywords: Credit;  Mortgage; Publication Type: Journal Article; Update Code: 200010
N2  - This paper develops a game-theoretic model of mortgage securitization, which is then used to examine a potential effect of automated underwriting. The paper's primary supposition is that automated underwriting lowers the costs to competitive mortgage originators and a monopolist securitizer of identifying mortgage applicants who are good credit risks. Faced with lower underwriting costs, originators will screen a larger number of mortgage applicants in the hopes of holding more good risks in their portfolios and passing through more bad risks to the securitizer. This mounting adverse-selection problem causes the securitizer's expected revenues to decline; this effect can outweigh the cost-saving benefit of automated underwriting, causing the securitizer's return on equity to fall.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0534944&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
T1  - Retail Commercial Banking: An Update on a Period of Extraordinary Change
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2000/06//
VL  - 16
IS  - 4
SP  - 357
EP  - 366
SN  - 0889938X
N1  - Accession Number: 0530793; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200008
N2  - The 1990s has been an extraordinary period for the retail commercial banking industry. This industry update discusses some of the important developments and issues they have raised from the standpoint of competition and antitrust policy. A massive merger movement and removal of restrictions on interstate banking have raised questions about barriers to entry, the influence of very large banks on the behavior of other banks in local banking markets, the potential for multimarket interdependence among large banks that meet one another in numerous markets, and the appropriateness of local markets for analyzing competition. Finally, the emergence of electronic banking and the unbundling of the pricing of services have highlighted the possible importance of switching costs for customers in retail banking.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0530793&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cutler, David M.
AU  - Sheiner, Louise
AD  - Harvard U
AD  - Federal Reserve System
T1  - Generational Aspects of Medicare
JO  - American Economic Review
JF  - American Economic Review
Y1  - 2000/05//
VL  - 90
IS  - 2
SP  - 303
EP  - 307
SN  - 00028282
N1  - Accession Number: 0533192; Keywords: Medicare; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200010
KW  - Health: Government Policy; Regulation; Public Health          I18
KW  - Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination          J14
KW  - National Government Expenditures and Health          H51
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0533192&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.90.2.303
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Special Committee on Aging, March 27, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/05//
VL  - 86
IS  - 5
SP  - 318
EP  - 320
SN  - 00149209
N1  - Accession Number: 0531779; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200009
N2  - Alan Greenspan, to the Senate Special Committee on Aging, discusses the options available for placing social security and Medicare on a firmer fiscal footing and states that increasing our national saving is essential to any successful reform of social security or Medicare: he testifies further that the most important decision facing policymakers today is not about the distribution of future resources but about the level of future resources available for future workers and retirees and that the most effective means of raising the level of future resources is to allow the budget surpluses projected in the coming years to be used to pay down the nation's debt March 27, 2000.
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0531779&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Roseman, Louise L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House of Representatives Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, March 28, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/05//
VL  - 86
IS  - 5
SP  - 320
EP  - 323
SN  - 00149209
N1  - Accession Number: 0531780; Keywords: Currency;  Monetary;  Money; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200009
N2  - Louise L. Roseman, to the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, comments on a variety of issues that affect our nation's coins and currency, in particular the advantages and disadvantages of issuing U.S. bank notes in denominations higher than $100; she testifies that the law enforcement community has expressed concern about the disproportionate use of large-denomination bank notes for illicit activity, including money laundering, drug trafficking, and tax evasion, and that in weighing the marginal benefits of introducing a high-denomination U.S. bank note against law enforcement concerns, there does not seem to be any immediate need to issue high-denomination notes, March 28, 2000.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0531780&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Do Large, Diversified Banking Organizations Have Competitive Advantages?
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 2000/05//
VL  - 16
IS  - 3
SP  - 287
EP  - 302
SN  - 0889938X
N1  - Accession Number: 0527466; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200006
N2  - The issue of whether large, geographically diversified banking organizations (LDBs) have net competitive advantages, over smaller banks, that benefit retail customers in individual local markets has important implications for antitrust policy and the viability of smaller banks. If LDBs possess net advantages, then large banks may be considered an extra-competitive force in the antitrust analysis of proposed bank mergers and the future viability of small banks might be doubtful. The results of this paper, however, do not support the view that LDBs have net competitive advantages. LDBs generally had difficulty maintaining, much less increasing, their deposit shares from 1990 to 1996 in markets in which they made no acquisitions. The analysis also indicates that market share changes experienced by LDBs vary with a number of LDB and market characteristics.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0527466&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Gust, Christopher
AD  - Northwestern U, NBER, and Federal Reserve Bank of Chicago
AD  - Federal Reserve System
T1  - The Expectations Trap Hypothesis
JO  - Federal Reserve Bank of Chicago Economic Perspectives
JF  - Federal Reserve Bank of Chicago Economic Perspectives
Y1  - 2000///2nd Quarter
VL  - 24
IS  - 2
SP  - 21
EP  - 39
SN  - 01640682
N1  - Accession Number: 0530138; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200008
KW  - Price Level; Inflation; Deflation          E31
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Central Banks and Their Policies          E58
L3  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0530138&site=ehost-live&scope=site
UR  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cohen, Darrel
AU  - Follette, Glenn
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Automatic Fiscal Stabilizers: Quietly Doing Their Thing
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 2000/04//
VL  - 6
IS  - 1
SP  - 35
EP  - 67
SN  - 01476580
N1  - Accession Number: 0528372; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
KW  - Fiscal Policy          E62
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528372&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, February 8, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/04//
VL  - 86
IS  - 4
SP  - 265
EP  - 269
SN  - 00149209
N1  - Accession Number: 0528384; Keywords: Bank;  Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - Laurence H. Meyer, member, Board of Governors, discusses issues regarding recent bank failures as well as steps being taken to minimize unnecessary costs to the bank insurance fund and disruption to the financial system and the public that failures could pose; he testifies that the recent fraud-related bank failures have caused the regulators to challenge their assumptions regarding the reliability of some of the information bank supervisors come to depend on during examinations and that when cracks appear in the veneer of what otherwise seems to be a well-run operation, they will be met with a greater dose of skepticism and a higher level of testing and verification (Testimony before the House Committee on Banking and Financial Services. February 8, 2000).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528384&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, February 10, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/04//
VL  - 86
IS  - 4
SP  - 269
EP  - 271
SN  - 00149209
N1  - Accession Number: 0528385; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - Alan Greenspan, Chairman, Board of Governors, underscores the importance of efforts in the Congress to modernize the Commodity Exchange Act (CEA) and testifies that it is essential that the legal uncertainties created by the possibility that the courts could construe over-the-counter (OTC) derivatives to be futures contracts subject to the CEA be addressed: he testifies further that with respect to fraud and other unfair practices. the professional counter-parties that use OTC derivatives simply do not require the protections that the CEA provides for retail investors (Testimony before the Senate Committee on Agriculture. Nutrition, and Forestry, February 10, 2000).
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528385&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, February 17, 2000
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/04//
VL  - 86
IS  - 4
SP  - 271
EP  - 275
SN  - 00149209
N1  - Accession Number: 0528386; Keywords: Monetary;  Open Market;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - Chairman Greenspan, in his testimony presenting the Board's report on the economy and monetary policy, states that underlying the performance of the U.S. economy, unprecedented in his half-century of observing it, is a continuing acceleration in productivity: he testifies further that competitive and open markets, the rule of law, fiscal discipline, and a culture of enterprise and entrepreneurship should continue to under-gird rapid innovation and enhanced productivity that in turn should foster a sustained further rise in living standards (Testimony before the House Committee on Banking and Financial Services, February 17. 2000. Chairman Greenspan presented identical testimony before the Senate Committee on Banking, Housing, and Urban Affairs on February 23. 2000).
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528386&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wright, Jonathan H.
T1  - Confidence Sets for Cointegrating Coefficients Based on Stationarity Tests.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2000/04//
VL  - 18
IS  - 2
M3  - Article
SP  - 211
SN  - 07350015
AB  - Standard methods for inference in cointegrating systems require all the variables to have exact unit roots and are not at all robust even to slight violations of this condition. In this article, I consider an alternative approach to inference in a cointegrating system. This involves testing the hypothesis that a cointegrating vector takes on a specified value by testing for the stationarity of the associated residual. Confidence sets for the cointegrating vector can be constructed by exploiting the equivalence between tests and confidence sets. This method has the advantage that it remains valid even if the regressors have roots that are not exactly equal to unity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MATHEMATICAL models
KW  - SIMULATION methods & models
KW  - MULTIVARIATE analysis
KW  - STATISTICAL hypothesis testing
KW  - MONTE Carlo method
KW  - VARIABLES (Mathematics)
KW  - Cointegration
KW  - Money demand
KW  - Regression
KW  - Robust inference
KW  - Unit roots.
N1  - Accession Number: 3031336; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System, Washington DC 20551.; Issue Info: Apr2000, Vol. 18 Issue 2, p211; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: SIMULATION methods & models; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: STATISTICAL hypothesis testing; Thesaurus Term: MONTE Carlo method; Subject Term: VARIABLES (Mathematics); Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Money demand; Author-Supplied Keyword: Regression; Author-Supplied Keyword: Robust inference; Author-Supplied Keyword: Unit roots.; Number of Pages: 12p; Illustrations: 4 Graphs; Document Type: Article; Full Text Word Count: 9049
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wieland, Volker
AD  - Federal Reserve System
T1  - Learning by Doing and the Value of Optimal Experimentation
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 2000/04//
VL  - 24
IS  - 4
SP  - 501
EP  - 534
SN  - 01651889
N1  - Accession Number: 0514018; Keywords: Belief;  Learning by Doing;  Learning; Publication Type: Journal Article; Update Code: 200005
N2  - Recent research on learning by doing has provided the limit properties of beliefs and actions for a class of learning problems, in which experimentation is an important aspect of optimal decision making. However, under these conditions the optimal policy cannot be derived analytically, because Bayesian learning about unknown parameters introduces a nonlinearity in the dynamic optimization problem. This paper utilizes numerical methods to characterize the optimal policy function for a learning by doing problem that is general enough for practical economic applications. The optimal policy is found to incorporate a substantial degree of experimentation under a wide range of initial beliefs about the unknown parameters. Dynamic simulations indicate that optimal experimentation dramatically improves the speed of learning and the stream of future payoffs. Furthermore, these simulations reveal that a policy, which separates control and estimation and does not incorporate experimentation, frequently induces a long-lasting bias in the control and target variables. While these sequences tend to converge steadily under the optimal policy, they frequently exhibit non-stationary behavior when estimation and control are treated separately.
KW  - Search; Learning; Information and Knowledge; Communication; Belief          D83
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0514018&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - Politics, Economics and Investment: Explaining Plant and Equipment Spending by US Direct Investors in Argentina, Brazil and Mexico
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 2000/04//
VL  - 19
IS  - 2
SP  - 153
EP  - 183
SN  - 02615606
N1  - Accession Number: 0534489; Geographic Descriptors: U.S.; Argentina; Brazil; Mexico; Geographic Region: Northern America; Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200010
N2  - Few economists or laypeople would deny that political events can have an important, sometimes even overwhelming, impact on economic decisions in general, and investment decisions in particular. The first goal of this paper is to integrate a number of political and non-traditional economic variables into the standard theory of investment based on the maximization of the expected value of the firm. The second goal is to test this generalized investment theory on a particularly fertile field for gauging the interaction of political and economic factors: the plant and equipment spending of foreign manufacturing affiliates of US multinationals in Argentina, Brazil, and Mexico. The results of these tests show that the generalized theory is far superior to the traditional alternatives in explaining the real investment of the sample for the 1958-89 period.
KW  - International Investment; Long-term Capital Movements          F21
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Multinational Firms; International Business          F23
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0534489&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jones, Charles
AU  - Williams, John
T1  - Too Much of a Good Thing? The Economics of Investment in R&D.
JO  - Journal of Economic Growth
JF  - Journal of Economic Growth
Y1  - 2000/03//
VL  - 5
IS  - 1
M3  - Article
SP  - 65
EP  - 85
SN  - 13814338
AB  - Research and development is a key determinant of long-run productivity and welfare. A central issue is whether a decentralized economy undertakes too little or too much R&D. We develop an endogenous growth model that incorporates parametrically four important distortions to R&D: the surplus appropriability problem, knowledge spillovers, creative destruction, and duplication externalities. Calibrating the model, we find that the decentralized economy typically underinvests in R&D relative to what is socially optimal. The only exceptions to this conclusion occur when the duplication externality is strong and the equilibrium real interest rate is simultaneously high. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic Growth is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INVESTMENTS
KW  - RESEARCH & development
KW  - ECONOMIC models
KW  - MONETARY policy
KW  - ECONOMIC indicators
KW  - endogenous growth
KW  - externalities
KW  - optimal R&D
N1  - Accession Number: 49892303; Jones, Charles 1; Williams, John 2; Affiliations: 1: Department of Economics, Stanford University, Stanford, CA 94305-6072.; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Mar2000, Vol. 5 Issue 1, p65; Thesaurus Term: INVESTMENTS; Thesaurus Term: RESEARCH & development; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: endogenous growth; Author-Supplied Keyword: externalities; Author-Supplied Keyword: optimal R&D; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 541711 Research and Development in Biotechnology; NAICS/Industry Codes: 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology); Number of Pages: 21p; Document Type: Article
L3  - 10.1023/A:1009826304308
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=49892303&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kamin, Steve B.
AU  - Rogers, John H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Output and the Real Exchange Rate in Developing Countries: An Application to Mexico
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2000/02//
VL  - 61
IS  - 1
SP  - 85
EP  - 109
SN  - 03043878
N1  - Accession Number: 0526895; Keywords: Devaluation;  Developing Countries;  Exchange Rates;  Exports; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200006
N2  - Since Mexico's devaluation in 1994, some observers have called for policies designed to keep the real exchange rate highly competitive in order to promote exports and output growth. However, over the past few decades, devaluations have been associated nearly exclusively with economic contraction, while real appreciations have been followed by expansions. We attempt to disentangle the possible factors underlying this correlation--(1) reverse causation from output to the real exchange rate, (2) spurious correlation with third factors such as capital account shocks, and (3) temporary contractionary effects of devaluation--and determine whether a positive long-run effect of real depreciation on output is in the data. Based on the results of several VAR models, we conclude that even after sources of spurious correlation and reverse causation are controlled for, real devaluation has led to high inflation and economic contraction in Mexico. While changes in Mexico's economic structure and financial situation may qualify the future applicability of this conclusion, our findings point to substantial risks to targeting the exchange rate at too competitive a level.
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Foreign Exchange          F31
KW  - Open Economy Macroeconomics          F41
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0526895&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Iyigun, Murat F.
AD  - Federal Reserve System
T1  - Timing of Childbearing and Economic Growth
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 2000/02//
VL  - 61
IS  - 1
SP  - 255
EP  - 269
SN  - 03043878
N1  - Accession Number: 0526901; Keywords: Childbearing;  Children;  Economic Growth;  Education;  Fertility;  Growth;  Human Capital; Publication Type: Journal Article; Update Code: 200006
N2  - This paper incorporates the timing of childbearing into a growth model with endogenous fertility. It analyzes a model in which individuals' human capital stock depends positively on their education and parental human capital and in which producing and raising children and acquiring human capital are time intensive. The model highlights how changes in the human capital stock interact with individuals' timing of childbearing in affecting the evolution of the economy. It shows that increases in the human capital stock raise the opportunity cost of having children while young and induce individuals to delay childbearing. That, in turn, accelerates human capital accumulation in the future. The model also demonstrates that early childbearing may lead to a development trap with low human capital.
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
KW  - Fertility; Family Planning; Child Care; Children; Youth          J13
KW  - One, Two, and Multisector Growth Models          O41
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0526901&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Laderman, Elizabeth
AU  - Passmore, Wayne
AD  - Federal Reserve Bank of San Francisco
AD  - Federal Reserve System
T1  - Do Savings Associations Have a Special Commitment to Housing?
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 2000/02//
VL  - 17
IS  - 1
SP  - 41
EP  - 68
SN  - 09208550
N1  - Accession Number: 0541057; Keywords: Housing;  Lending;  Mortgage Market;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200011
N2  - In this paper, we investigate whether elimination of the savings association charter might reduce lending to nontraditional mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are price takers in the mortgage market. The comparative statics indicate differences between nontraditional and traditional lenders in terms of their asset allocation responses to changes in borrower income and house prices. Empirical tests indicate the absence of such differences between savings associations and commercial banks, suggesting that elimination of the savings association charter would not impair lending to nontraditional mortgage borrowers.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0541057&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Rogers, John H.
T1  - Inflation and the great ratios: Long term evidence from the U.S.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 2000/02//
VL  - 45
IS  - 1
M3  - Article
SP  - 3
EP  - 35
SN  - 03043932
AB  - Using over 100 years of U.S. data, we find that the long-run effects of inflation on consumption, investment, and output are positive. Also, great ratios like the consumption and investment rates are not independent of inflation, which we interpret in terms of the Fisher effect. However, the variability of the stochastic inflation trend is small relative to the variability of the productivity and fiscal trends. Thus, models generating long-term negative effects of inflation on output and consumption seem to be at odds with data from the moderate inflation rate environment we consider. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - INVESTMENTS
KW  - CONSUMPTION (Economics)
KW  - FISHER effect (Economics)
KW  - ECONOMETRIC models
KW  - UNITED States
N1  - Accession Number: 12146352; Ahmed, Shaghil 1; Email Address: shaghil.ahmed@frb.gov; Rogers, John H. 1; Email Address: john.h.rogers@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of International Finance, USA; Issue Info: Feb2000, Vol. 45 Issue 1, p3; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INVESTMENTS; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: FISHER effect (Economics); Thesaurus Term: ECONOMETRIC models; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 33p; Illustrations: 9 Charts, 12 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent R.
AD  - Federal Reserve System
T1  - How the Machinery of International Finance Runs with Sand in Its Wheels
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 2000/02//
VL  - 8
IS  - 1
SP  - 74
EP  - 85
SN  - 09657576
N1  - Accession Number: 0514532; Keywords: Capital Flows;  Debt;  Foreign Debt;  International Capital Movement; Publication Type: Journal Article; Update Code: 200005
N2  - The dramatic swings in international capital movements in recent years have renewed interest in restrictions on capital flows. This paper provides a model of international asset flows and domestic equity price formation incorporating three restrictions on capital flows. A transaction tax introduces significant asymmetries in the reaction of asset prices to financial and real shocks but has no long-lived effects. Policies targeted to the level of net foreign debt by imposing a tax or outright controls do influence the steady-state levels of the real exchange rate and relative equity prices.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0514532&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Gibson, Michael S.
AD  - Federal Reserve System
A2  - Hoshi, Takeo
A2  - Patrick, Hugh
T1  - Big Bang Deregulation and Japanese Corporate Governance: A Survey of the Issues
T2  - Crisis and change in the Japanese financial system
PB  - Innovations in Financial Markets and Institutions.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 2000///
SP  - 291
EP  - 314
N1  - Accession Number: 0622699; Reviewed Book ISBN: 0-7923-7783-4; Keywords: Corporate Governance;  Deregulation;  Governance; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0622699&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkowitz, Jeremy
AU  - Kilian, Lutz
AD  - Federal Reserve System
AD  - U MI
T1  - Recent Developments in Bootstrapping Time Series
JO  - Econometric Reviews
JF  - Econometric Reviews
Y1  - 2000///
VL  - 19
IS  - 1
SP  - 1
EP  - 48
SN  - 07474938
N1  - Accession Number: 0528151; Keywords: Time Series; Publication Type: Journal Article; Update Code: 200007
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.tandfonline.com/loi/lecr20#.UdMf7tiE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528151&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/lecr20#.UdMf7tiE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Key, Sydney J.
AD  - Federal Reserve System
A2  - Tilly, Richard
A2  - Welfens, Paul J. J.
T1  - Trade Liberalization and Prudential Regulation: The International Framework for Financial Services
T2  - Economic globalization, international organizations and crisis management: Contemporary and historical perspectives on growth, impact and evolution of major organizations in an interdependent world
PB  - Heidelberg and New York:
PB  - Springer
Y1  - 2000///
SP  - 321
EP  - 337
RP  - [1999]
N1  - Accession Number: 0622217; Reviewed Book ISBN: 3-540-65863-7; Keywords: Financial Service;  Liberalization;  Regulation; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200211
KW  - International Financial Markets          G15
KW  - Financial Institutions and Services: General          G20
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0622217&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Luangaram, Pongsak
AU  - Miller, Marcus
AD  - Federal Reserve System
AD  - U Warwick
AD  - U Warwick, CEPR, and CSGR
T1  - Asset Bubbles, Leverage and 'Lifeboats': Elements of the East Asian Crisis
JO  - Economic Journal
JF  - Economic Journal
Y1  - 2000/01//
VL  - 110
IS  - 460
SP  - 309
EP  - 334
SN  - 00130133
N1  - Accession Number: 0526348; Keywords: Financial Markets; Geographic Descriptors: Asia; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200006
N2  - Collapsing credit markets have been blamed for the depth and persistence of the Great Depression in the United States. Could similar mechanisms have played a role in ending the East Asian economic miracle--and in creating fragility in global financial markets? After a brief account of the nature of the East Asian crises of 1997/8, we use the framework of highly-leveraged, fully-collaterised firms due to Kiyotaki and Moore (1997) to explore the impact of a credit crunch. The paper emphasises the fragility of equilibrium and how rapidly boom can turn to bust.
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0526348&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
AU  - Starr-McCluer, Martha
AU  - Surette, Brian J.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Recent Changes in U.S. Family Finances: Results from the 1998 Survey of Consumer Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/01//
VL  - 86
IS  - 1
SP  - 1
EP  - 29
SN  - 00149209
N1  - Accession Number: 0511131; Keywords: Consumer;  Income; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200004
N2  - Using data from the Federal Reserve Board's two most recent Surveys of Consumer Finances, this article provides a detailed picture of changes in the financial condition of U.S. families between 1995 and 1998. The financial situation of families changed notably in the three-year period. While income continued a moderate upward trend, net worth grew strongly, and the increase in net worth was broadly shared by different demographic groups. A booming stock market accounts for a substantial part of the rise in net worth, but the data also suggest that improvements in financial circumstances extended to many families that did not own stocks. The indebtedness of families grew, but less rapidly than their assets. Nonetheless, compared with 1995, debt repayments in 1998 accounted for a larger share of the income of the typical family with debt, and the proportion of debtors who were late with their payments by sixty days or more in the year preceding the survey was also higher.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Personal Income, Wealth, and Their Distributions          D31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0511131&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Small, Richard A.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, November 10, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 2000/01//
VL  - 86
IS  - 1
SP  - 35
EP  - 39
SN  - 00149209
N1  - Accession Number: 0511132; Keywords: Bank;  Banking;  Financial Institutions;  Regulation;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200004
N2  - Richard A. Small, Assistant Director, Division of Banking Supervision and Regulation, discusses the Federal Reserve's role in the government's efforts to detect and deter money laundering and other financial crimes, particularly as these issues relate to the private banking operations of financial institutions; he states that the Board will continue its cooperative efforts with other bank supervisors and the law enforcement community to develop and implement effective antimoney-laundering programs addressing the ever-changing strategies of criminals who attempt to launder their illicit funds through private banking organizations, as well as through other components of banking organizations in the United States and abroad (Testimony before the Permanent Subcommittee on Investigations of the Senate Committee on Governmental Affairs, November 10, 1999).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0511132&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Fernald, John G.
AU  - Babson, Oliver D.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Chen, Baizhu
A2  - Dietrich, J. Kimball
A2  - Feng, Yi
T1  - Why Has China Survived the Asian Crisis so Well? What Risks Remain?
T2  - Financial market reform in China: Progress, problems, and prospects
PB  - Political Economy of Global Interdependence series.
PB  - Boulder and Oxford:
PB  - Westview Press
Y1  - 2000///
SP  - 55
EP  - 85
N1  - Accession Number: 0601744; Reviewed Book ISBN: 0-8133-3619-8; ; Geographic Descriptors: China; Asia; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200205
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation          P24
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - Socialist Institutions and Their Transitions: Financial Economics          P34
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0601744&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kwast, Myron L.
AU  - Passmore, S. Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Eisenbeis, Robert A.
A2  - Furlong, Frederick T.
A2  - Kwan, Simon
T1  - The Subsidy Provided by the Federal Safety Net: Theory and Evidence
T2  - Financial modernization and regulation
PB  - Journal of Financial Services Research, Vol. 16, nos. 2/3, September/December 1999.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 2000///
SP  - 35
EP  - 55
RP  - [1999]
N1  - Accession Number: 0624400; Reviewed Book ISBN: 0-7923-7753-2; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
A2  - Eisenbeis, Robert A.
A2  - Furlong, Frederick T.
A2  - Kwan, Simon
T1  - Alternative Approaches to Financial Supervision and Regulation
T2  - Financial modernization and regulation
PB  - Journal of Financial Services Research, Vol. 16, nos. 2/3, September/December 1999.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 2000///
SP  - 207
EP  - 213
RP  - [1999]
N1  - Accession Number: 0624411; Reviewed Book ISBN: 0-7923-7753-2; Keywords: Regulation; Geographic Descriptors: U.S.; U.K.; Geographic Region: Northern America; Europe; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0624411&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
A2  - Bisignano, Joseph R.
A2  - Hunter, William C.
A2  - Kaufman, George G.
T1  - Lessons from Recent Global Financial Crises
T2  - Global financial crises: Lessons from recent events
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 2000///
SP  - 17
EP  - 23
N1  - Accession Number: 0623797; Reviewed Book ISBN: 0-7923-7865-2; ; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 200211
KW  - International Financial Markets          G15
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Current Account Adjustment; Short-term Capital Movements          F32
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
A2  - Bisignano, Joseph R.
A2  - Hunter, William C.
A2  - Kaufman, George G.
T1  - What Regulators and Bankers Can Learn from Global Financial Crises
T2  - Global financial crises: Lessons from recent events
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 2000///
SP  - 363
EP  - 370
N1  - Accession Number: 0623829; Reviewed Book ISBN: 0-7923-7865-2; ; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0623829&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Engel, Charles
AU  - Rogers, John H.
AD  - U WA and NBER
AD  - Federal Reserve System
A2  - Hess, Gregory D.
A2  - van Wincoop, Eric
T1  - Relative Price Volatility: What Role Does the Border Play?
T2  - Intranational macroeconomics
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 2000///
SP  - 92
EP  - 111
N1  - Accession Number: 0625005; Reviewed Book ISBN: 0-521-66163-3; ; Geographic Descriptors: U.S.; Canada; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Empirical Studies of Trade          F14
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mingo, John J.
T1  - Policy implications of the Federal Reserve study of credit risk models at major US banking institutions.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2000/01//
VL  - 24
IS  - 1/2
M3  - Article
SP  - 15
EP  - 33
SN  - 03784266
AB  - The current regulatory capital standard for banks — the Basle Accord — is a lose/lose proposition. Regulators cannot conclude that a bank with a nominally high regulatory capital ratio has a correspondingly low probability of insolvency. On the other hand, because the Accord often levies a capital charge out of proportion to the true economic risk of a position, banks must engage in "regulatory capital arbitrage" (or exit their low risk business lines). Since such arbitrage is costly, the capital regulations keep banks from maximizing the value of the financial firm. Regulators need to answer three questions: (1) What are the goals of prudential regulation and supervision? (2) How should bank "soundness" be defined and quantified? (3) At what level should a minimum "soundness" standard be set in order to meet the (perhaps conflicting) goals of prudential regulation and supervision? Possible answers to these questions are attempted, then the paper analyzes the two leading proposals for rationalizing the Accord — a "modified-Basle" (or ratings-based) approach and a "full-models" approach. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - CREDIT risk
KW  - CAPITAL
KW  - BANK investments
KW  - UNITED States
N1  - Accession Number: 11490035; Mingo, John J. 1; Email Address: john@johnmingo.com; Affiliations: 1: Board of Governor of the Federal Reserve System Washington, DC; Issue Info: Jan2000, Vol. 24 Issue 1/2, p15; Thesaurus Term: BANKING industry; Thesaurus Term: CREDIT risk; Thesaurus Term: CAPITAL; Thesaurus Term: BANK investments; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jones, David
T1  - Emerging problems with the Basel Capital Accord: Regulatory capital arbitrage and related issues.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 2000/01//
VL  - 24
IS  - 1/2
M3  - Article
SP  - 35
EP  - 58
SN  - 03784266
AB  - In recent years, securitization and other financial innovations have provided unprecedented opportunities for banks to reduce substantially their regulatory capital requirements with little or no corresponding reduction in their overall economic risks — a process termed "regulatory capital arbitrage". These methods are used routinely to lower the effective risk-based capital requirements against certain portfolios to levels well below the Basel Capital Accord's nominal 8% total risk-based capital standard. This paper discusses the principal techniques used to undertake capital arbitrage and the difficulties faced by bank supervisors in attempting to deal with these activities under the current capital framework. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - CAPITAL
KW  - ARBITRAGE
KW  - BANK investments
KW  - BANK management
N1  - Accession Number: 11490036; Jones, David 1; Email Address: djones@frb.gov; Affiliations: 1: Division of Research and Research statistics, Board of Governor of the Federal Reserve System, Washington, Dc; Issue Info: Jan2000, Vol. 24 Issue 1/2, p35; Thesaurus Term: BANKING industry; Thesaurus Term: CAPITAL; Thesaurus Term: ARBITRAGE; Thesaurus Term: BANK investments; Thesaurus Term: BANK management; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 24p; Illustrations: 4 Diagrams, 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
AD  - Federal Reserve System
T1  - A Comparative Anatomy of Credit Risk Models
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 2000/01//
VL  - 24
IS  - 1-2
SP  - 119
EP  - 149
SN  - 03784266
N1  - Accession Number: 0511569; Keywords: Credit;  Modeling;  Portfolio; Publication Type: Journal Article; Update Code: 200004
N2  - Within the past two years, important advances have been made in modeling credit risk at the portfolio level. Practitioners and policy makers have invested in implementing and exploring a variety of new models individually. Less progress has been made, however, with comparative analyses. Direct comparison often is not straightforward, because the different models may be presented within rather different mathematical frameworks. This paper offers a comparative anatomy of two especially influential benchmarks for credit risk models, the RiskMetrics Group's CreditMetrics and Credit Suisse Financial Product's CreditRisk+. We show that, despite differences on the surface, the underlying mathematical structures are similar. The structural parallels provide intuition for the relationship between the two models and allow us to describe quite precisely where the models differ in functional form, distributional assumptions, and reliance on approximation formulae. We then design simulation exercises which evaluate the effect of each of these differences individually.
KW  - Model Construction and Estimation          C51
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
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UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Treacy, William F.
AU  - Carey, Mark
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Credit Risk Rating Systems At Large US Banks
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 2000/01//
VL  - 24
IS  - 1-2
SP  - 167
EP  - 201
SN  - 03784266
N1  - Accession Number: 0511571; Keywords: Bank;  Banking;  Commercial Banks;  Credit;  Portfolio; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200004
N2  - Internal credit risk rating systems are becoming an increasingly important element of large commercial banks' measurement and management of the credit risk of both individual exposures and portfolios. This article describes the internal rating systems presently in use at the 50 largest US banking organizations. We use the diversity of current practice to illuminate the relationships between uses of ratings, different options for rating system design, and the effectiveness of internal rating systems. Growing stresses on rating systems make an understanding of such relationships important for both banks and regulators.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://www.sciencedirect.com/science/journal/03784266
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UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wright, Jonathan H.
T1  - Alternative Variance-Ratio Tests Using Ranks and Signs.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 2000/01//
VL  - 18
IS  - 1
M3  - Article
SP  - 1
EP  - 9
SN  - 07350015
AB  - This article proposes using variance-ratio tests based on the ranks and signs of a time series to test the null that the series is a martingale difference sequence. Unlike conventional variance-ratio tests, these tests can be exact. In Monte Carlo simulations, I find that they can also be more powerful than conventional variance-ratio tests. I apply the proposed tests to five exchange-rate series and find that they are capable of detecting violations of the martingale hypothesis for all five series, whereas conventional variance-ratio tests yield ambiguous results. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TIME series analysis
KW  - MATHEMATICAL statistics
KW  - PROBABILITY theory
KW  - STOCHASTIC processes
KW  - MONTE Carlo method
KW  - MATHEMATICAL models
KW  - ANALYSIS of variance
KW  - FOREIGN exchange rates
KW  - MARTINGALES (Mathematics)
KW  - Conditional heteroscedasticity
KW  - Exchange-rate returns
KW  - Long memory
KW  - Nonparametrics
KW  - Rank test
KW  - Variance ratio
N1  - Accession Number: 2713393; Wright, Jonathan H. 1; Email Address: jonathan.h.wright@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Jan2000, Vol. 18 Issue 1, p1; Thesaurus Term: TIME series analysis; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: PROBABILITY theory; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: MONTE Carlo method; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: FOREIGN exchange rates; Subject Term: MARTINGALES (Mathematics); Author-Supplied Keyword: Conditional heteroscedasticity; Author-Supplied Keyword: Exchange-rate returns; Author-Supplied Keyword: Long memory; Author-Supplied Keyword: Nonparametrics; Author-Supplied Keyword: Rank test; Author-Supplied Keyword: Variance ratio; Number of Pages: 9p; Illustrations: 8 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gerdes, Geoffrey R.
T1  - Interactive Economics Instruction with Java and CGI.
JO  - Journal of Economic Education
JF  - Journal of Economic Education
J1  - Journal of Economic Education
PY  - 2000///Winter2000
Y1  - 2000///Winter2000
VL  - 31
IS  - 1
M3  - Article
SP  - 12
EP  - 12
SN  - 00220485
AB  - The article describes the microeconomics web site http://jevons.sscnet.ucla.edu/gerdes/ which was developed by the author as a graduate student at the University of California in Los Angeles. It offers interactive modules to facilitate conceptual understanding of difficult economics topics. As an example, the concepts of linear demand, elasticity and total revenue are explained to first-year economics students by allowing the student to experiment with different prices and quantities and see how the numbers change along the demand curve. A graphic tutorial is included.
KW  - MICROECONOMICS -- Study & teaching
KW  - WEBSITES
KW  - COMPUTER assisted instruction
KW  - ECONOMICS -- Study & teaching
KW  - INTERNET in education
KW  - UNIVERSITY of California, Los Angeles
KW  - ECONOMICS students
KW  - INTERACTIVE multimedia
KW  - INTELLIGENT tutoring systems
N1  - Accession Number: 2635058; Source Information: Winter2000, Vol. 31 Issue 1, p12; Subject Term: MICROECONOMICS -- Study & teaching; Subject Term: WEBSITES; Subject Term: COMPUTER assisted instruction; Subject Term: ECONOMICS -- Study & teaching; Subject Term: INTERNET in education; Subject Term: UNIVERSITY of California, Los Angeles; Subject Term: ECONOMICS students; Subject Term: INTERACTIVE multimedia; Subject Term: INTELLIGENT tutoring systems; Subject Term: ; Number of Pages: 1p; ; Document Type: Article; 
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DP  - EBSCOhost
DB  - trh
ER  - 

TY  - JOUR
AU  - English, William B.
AD  - Board of Governors of the Federal Reserve System
T1  - The Irrelevance of Some Forms of Credit Constraints for Government Monetary and Debt Policy
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 2000/01//January-April 2000
VL  - 52
IS  - 1-2
SP  - 7
EP  - 30
SN  - 01486195
N1  - Accession Number: 0528842; Keywords: Credit;  Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 200007
N2  - Some economists have pointed to credit constraints as possible explanations for two phenomena. First, credit constraints could explain violations of Ricardian equivalence. Second, constraints could also provide a mechanism through which monetary policy could affect the real economy independent of effects on interest rates. Hayashi (1986) shows that some types of credit constraints do not necessarily imply a violation of Ricardian equivalence. Similarly, this paper finds that the effects of government monetary and debt policies in an economy characterized by credit constraints can be similar to those in a model without constraints.
KW  - Monetary Policy          E52
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528842&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Porter, Richard D.
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
T1  - P* Revisited: Money-Based Inflation Forecasts with a Changing Equilibrium Velocity
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 2000/01//January-April 2000
VL  - 52
IS  - 1-2
SP  - 87
EP  - 100
SN  - 01486195
N1  - Accession Number: 0528845; Keywords: Forecast;  Forecasts;  Inflation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - Alternate recursive estimates of equilibrium velocity are obtained by applying regression trees and OLS methods to a standard representation of M2 demand. Equilibrium velocity is defined as the velocity level that would be expected to hold if deposit rates were at their long-run average (equilibrium) value. We simulate the alternative models to obtain real-time forecasts of inflation and evaluate the performance of the forecasts obtained from the alternative models. While a P* model based on a constant equilibrium velocity does not provide accurate inflation forecasts over the 1990s, we find that a model based on our time-varying equilibrium velocity estimates is quite accurate.
KW  - Price Level; Inflation; Deflation          E31
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
L3  - http://www.sciencedirect.com/science/journal/01486195
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UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sack, Brian
AU  - Wieland, Volker
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
T1  - Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 2000/01//January-April 2000
VL  - 52
IS  - 1-2
SP  - 205
EP  - 228
SN  - 01486195
N1  - Accession Number: 0528851; Keywords: Interest Rates;  Interest;  Macroeconomics;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - The Federal Reserve and other central banks tend to change short-term interest rates in sequences of small steps in the same direction and reverse the direction of interest rate movements only infrequently. These characteristics, often referred to as interest-rate smoothing, have led to criticism that policy responds too little and too late to macroeconomic developments. This paper, however, argues that interest-rate smoothing may in fact be optimal. We present empirical results from several recent papers that offer three explanations of interest-rate smoothing: forward-looking behavior by market participants, measurement error associated with key macroeconomic variables, and uncertainty regarding relevant structural parameters.
KW  - Monetary Policy          E52
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/01486195
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UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
A2  - Papadimitriou, Dimitri B.
T1  - Issues in Financial Modernization
T2  - Modernizing financial systems
PB  - Jerome Levy Economics Institute Series.
PB  - New York:
PB  - St. Martin's Press;
PB  - London:
PB  - Macmillan Press
Y1  - 2000///
SP  - 7
EP  - 17
N1  - Accession Number: 0601869; Reviewed Book ISBN: 0-312-22586-5; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200205
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0601869&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
A2  - Papadimitriou, Dimitri B.
T1  - Innovation in the Supervision of Financial Institutions
T2  - Modernizing financial systems
PB  - Jerome Levy Economics Institute Series.
PB  - New York:
PB  - St. Martin's Press;
PB  - London:
PB  - Macmillan Press
Y1  - 2000///
SP  - 37
EP  - 53
N1  - Accession Number: 0601872; Reviewed Book ISBN: 0-312-22586-5; Keywords: Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200205
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0601872&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Barnett, William A.
AU  - Jones, Barry E.
AU  - Nesmith, Travis D.
AD  - Washington U in St Louis
AD  - SUNY, Binghamton
AD  - Federal Reserve System
A2  - Barnett, William A.
T1  - Time Series Cointegration Tests and Non-linearity
T2  - Nonlinear econometric modeling in time series: Proceedings of the Eleventh International Symposium in Economic Theory
PB  - International Symposia in Economic Theory and Econometrics.
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 2000///
SP  - 9
EP  - 30
N1  - Accession Number: 0602845 Partial authors List; ; Reviewed Book ISBN: 0-521-59424-3; Keywords: Co integration;  Cointegration;  Time Series; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200205
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Brady, Peter
AU  - Cronin, Julie-Anne
AU  - Houser, Scott
AD  - Federal Reserve System
AD  - US Dept of Treasury
AD  - CA State U, Fresno
A2  - Kenyon, Daphne A.
T1  - The Mortgage Interest Deduction: A Regional Perspective
T2  - Proceedings: Ninety-second Annual Conference on Taxation, Atlanta, Georgia, October 24-26, 1999, and minutes of the annual meeting of the National Tax Association, Sunday, October 24, 1999
PB  - Washington, D.C.:
PB  - National Tax Association
Y1  - 2000///
SP  - 269
EP  - 277
N1  - Accession Number: 0625298; Keywords: Mortgage;  Regional; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0625298&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Tecnologia ed economia
JO  - Rivista di Politica Economica
JF  - Rivista di Politica Economica
Y1  - 2000/01//
VL  - 90
IS  - 1
SP  - 75
EP  - 90
SN  - 03916170
N1  - Accession Number: 0530855; Keywords: Foreign Language Article; Language: Italian; Publication Type: Journal Article; Update Code: 200008
L3  - http://www.rivistapoliticaeconomica.it
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0530855&site=ehost-live&scope=site
UR  - http://www.rivistapoliticaeconomica.it
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Engen, Eric M.
AU  - Gale, William G.
AD  - Federal Reserve System
AD  - Brookings Institution
A2  - Bodie, Zvi
A2  - Davis, E. Philip
T1  - Effects of Social Security Reform on Private and National Saving
T2  - The foundations of pension finance. Volume 2
PB  - Elgar Reference Collection.
PB  - Cheltenham, U.K. and Northampton, Mass.:
PB  - Elgar; distributed by American International Distribution Corporation, Williston, Vt.
Y1  - 2000///
SP  - 160
EP  - 199
RP  - [1997]
N1  - Accession Number: 0623882; Reviewed Book ISBN: 1-84064-186-X; Keywords: Saving;  Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200211
KW  - Social Security and Public Pensions          H55
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0623882&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - BOOK
AU  - Board of Governors of the Federal Reserve System, Washington, DC
T1  - The Performance and Profitability of CRA-Related Lending
JO  - The Performance and Profitability of CRA-Related Lending
JF  - The Performance and Profitability of CRA-Related Lending
Y1  - 2000///
AB  - This report presents findings from a survey measuring the profitability and performance (delinquency and default rates) of lending in 1999 related to the Community Reinvestment Act (CRA). A major objective of the study was to determine if there are significant differences between the performance and profitability of CRA-related lending and that of other lending types. Survey responses were received from 143 of the 500 largest banking institutions in the United States. The report reviews previous research, describes the survey instrument and methodology, and discusses the survey's limitations and analytical concerns. The report presents performance and profitability measures for home purchase and refinance lending, home improvement lending, small business lending, community development lending, and special lending programs. It gives both absolute and relative results for each of three categories of institutions (based on asset size), for all institutions as a group, and per CRA dollar (determined using weights based on the dollar volume of CRA-related loans that each institution reported they originated in each product area). The report contains three appendices (Copyright applies to all Abstracts.)
KW  - Community reinvestment act
KW  - Financial institutions
KW  - Banks
KW  - Performance measurement
N1  - Accession Number: MRB-FSD0347906; Board of Governors of the Federal Reserve System, Washington, DC; Source Info: 96 pp.; 2000    ; Note: Report by the Governors of the Federal Reserve System, submitted to the Congress pursuant to section 713 of the Gramm-Leach-Bliley Act of 1999; Note: Availability: Available from Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551; phone (202) 452-3244; fax (202) 728-5886; http://www.federalreserve.gov..
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=flh&AN=MRB-FSD0347906&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - flh
ER  - 

TY  - CHAP
AU  - Anderson, Richard G.
AU  - Jones, Barry E.
AU  - Nesmith, Travis D.
AD  - Federal Reserve Bank of St Louis
AD  - SUNY, Binghampton
AD  - Federal Reserve System
A2  - Barnett, William A.
A2  - Serletis, Apostolos
T1  - Introduction to the St. Louis Monetary Services Index Project
T2  - The theory of monetary aggregation
PB  - Contributions to Economic Analysis, vol. 245.
PB  - Amsterdam; New York and Oxford:
PB  - Elsevier Science, North-Holland
Y1  - 2000///
SP  - 610
EP  - 616
RP  - [1997]
N1  - Accession Number: 0612262; Reviewed Book ISBN: 0-444-50119-3; Keywords: Monetary; Publication Type: Collective Volume Article; Update Code: 200208
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0612262&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sakellaris, Plutarchos
AD  - University of Maryland and Board of Governors of the Federal Reserve System
T1  - Patterns of Plant Adjustment
PB  - University of Maryland, Department of Economics, Electronic Working Papers
Y1  - 2000///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0912162; Keywords: capital investment, employment adjustment, capacity utilization, productivity, learning effects, specific training; Publication Type: Working Paper; Update Code: 200706
N2  - This paper provides a description of the dynamic choices of manufacturing plants when they undertake rapid adjustment in output. The focus is on epsodes that involve lumpy adjustment in capital or employment. I examine the behavior of variables such as capital utilization, hours per worker, overtime use, capacity utilization, materials and energy use. Finally I describe the observed patterns of productivity during those adjustment episodes and propose some hypotheses that seem to fit them. The costs associated with output adjustment seem to arise form building and destroying a particular organizaqtion of the structure of production and associated worker experience. As such they are related to learning-by-doing and investment in specific training.
KW  - Capital; Investment; Capacity          E22
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.bsos.umd.edu/econ/papers/sakellaris0001.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0912162&site=ehost-live&scope=site
UR  - http://www.bsos.umd.edu/econ/papers/sakellaris0001.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sakellaris, Plutarchos
AD  - University of Maryland and Board of Governors of the Federal Reserve System
T1  - Patterns of Plant Adjustment
PB  - University of Maryland, Department of Economics, Electronic Working Papers
Y1  - 2000///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0725367; Keywords: capital investment, employment adjustment, capacity utilization, productivity, learning effects, specific training; Publication Type: Working Paper; Update Code: 200404
N2  - This paper provides a description of the dynamic choices of manufacturing plants when they undertake rapid adjustment in output. The focus is on epsodes that involve lumpy adjustment in capital or employment. I examine the behavior of variables such as capital utilization, hours per worker, overtime use, capacity utilization, materials and energy use. Finally I describe the observed patterns of productivity during those adjustment episodes and propose some hypotheses that seem to fit them. The costs associated with output adjustment seem to arise form building and destroying a particular organizaqtion of the structure of production and associated worker experience. As such they are related to learning-by-doing and investment in specific training.
KW  - Capital; Investment; Capacity          E22
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.bsos.umd.edu/econ/papers/sakellaris0001.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0725367&site=ehost-live&scope=site
UR  - http://www.bsos.umd.edu/econ/papers/sakellaris0001.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Increasing Global Financial Integrity: The Roles of Market Discipline, Regulation, and Supervision
JO  - Cato Journal
JF  - Cato Journal
Y1  - 1999///Winter
VL  - 18
IS  - 3
SP  - 345
EP  - 354
SN  - 02733072
N1  - Accession Number: 0497112; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199910
KW  - International Lending and Debt Problems          F34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.cato.org/pubs/journal/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0497112&site=ehost-live&scope=site
UR  - http://www.cato.org/pubs/journal/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rogers, John H.
AD  - Federal Reserve System
T1  - Monetary Shocks and Real Exchange Rates
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1999/12//
VL  - 49
IS  - 2
SP  - 269
EP  - 288
SN  - 00221996
N1  - Accession Number: 0511740; Keywords: Exchange Rates; Geographic Descriptors: U.S.; U.K.; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 200004
N2  - Many explanations of real exchange rate movements focus on monetary shocks, but it is often found empirically that monetary shocks are unimportant. I provide contrary evidence. Using over 100 years of data, I estimate the contribution of various shocks to explaining variation in the real pound-dollar rate. Several VAR specifications provide a range for their contributions: from 19 to 60% for monetary shocks and 4 to 26% for fiscal and productivity shocks combined. I compare this to related work. My results lend empirical support to the convention in recent quantitative general equilibrium modeling of focusing on monetary shocks.
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0511740&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AD  - Federal Reserve System
T1  - Inflation and Financial Sector Size
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1999/12//
VL  - 44
IS  - 3
SP  - 379
EP  - 400
SN  - 03043932
N1  - Accession Number: 0510014; Keywords: Inflation;  Money; Geographic Descriptors: OECD; Israel; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200003
N2  - Traditionally the cost of expected inflation has been seen as the "shoeleather cost" of going to the bank more often. This paper focuses on the other side of these transactions--i.e., on the increased production of financial services. I construct a model in which households must make purchases either with money or with costly transactions services produced by firms in the financial services sector. In the model, a higher inflation rate leads households to substitute purchased transactions services for money balances, thereby boosting the size of the financial services sector. A test of the model using cross-sectional data finds that the size of a nation's financial sector is strongly affected by its inflation rate. The empirical results provide an alternative way to measure the costs of inflation. These costs appear to be large.
KW  - Price Level; Inflation; Deflation          E31
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0510014&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Krane, Spencer
AU  - Wascher, William
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Cyclical Sensitivity of Seasonality in U.S. Employment
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1999/12//
VL  - 44
IS  - 3
SP  - 523
EP  - 553
SN  - 03043932
N1  - Accession Number: 0510020; Keywords: Business Cycles;  Cycle;  Employment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200003
N2  - This paper investigates interactions between seasonal and cyclical movements in U.S. payroll employment. Using a multivariate unobserved components model, we test for such interactions and find that they are statistically significant in a number of industries. Still, most industry-level seasonality appears to be idiosyncratic. The model also identifies an unobserved common cycle that exhibits similar business cycle properties, but smaller seasonal variation, than aggregate payroll employment. The overall industry-level seasonal factors generated by our model do not differ much from univariate X-11 seasonals in sample, but some differences arise in out-of-sample experiments.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0510020&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
AU  - Kim, Jinill
AD  - Federal Reserve System
AD  - U VA
T1  - Exact Utilities under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents
JO  - International Tax and Public Finance
JF  - International Tax and Public Finance
Y1  - 1999/11//
VL  - 6
IS  - 4
SP  - 507
EP  - 535
SN  - 09275940
N1  - Accession Number: 0526746; Keywords: Monetary Policy;  Monetary;  Policy;  Prices;  Stabilization; Publication Type: Journal Article; Update Code: 200006
N2  - We construct an optimizing-agent model of a closed economy which is simple enough that we can use it to make exact utility calculations. There is a stabilization problem because there are one-period nominal contracts for wages, or prices, or both and shocks that are unknown at the time when contracts are signed. We evaluate alternative monetary policy rules using the utility function of the representative agent. Fully optimal policy can attain the Pareto-optimal equilibrium. Fully optimal policy is contrasted with both "naive" and "sophisticated" simple rules that involve, respectively, complete stabilization and optimal stabilization of one variable or a combination two variables. With wage contracts, outcomes depend crucially on whether there are also price contracts. For example, if labor supply is relatively inelastic, for productivity shocks, nominal income stabilization yields higher welfare when there are no price contracts. However, with price contracts, outcomes are independent of whether there are wage contracts, except, of course, for the nominal wage.
KW  - Monetary Policy          E52
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
KW  - Business Fluctuations; Cycles          E32
KW  - Optimization Techniques; Programming Models; Dynamic Analysis          C61
L3  - http://link.springer.com/journal/volumesAndIssues/10797
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0526746&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10797
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Hannan, Timothy H.
T1  - Establishing banking market definitions through estimation of residual deposit supply equations.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/11//
VL  - 23
IS  - 11
M3  - Article
SP  - 1667
EP  - 1690
SN  - 03784266
AB  - We employ a procedure suggested by the Department of Justice's Merger Guidelines (but never before applied to banking) to determine whether nonbank financial institutions should be included as participants in defining the product market relevant to antitrust analyses of proposed bank mergers. We estimate bank "residual supply" relationships indicating the responsiveness of small-scale deposit funds supplied by consumers to the level of interest rates offered for such deposits. Estimated elasticities of residual deposit supply are quite small, implying that only commercial banks should be included as participants in the "antitrust market" relevant to proposed bank mergers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANK mergers
KW  - BANK deposits
KW  - FINANCIAL institutions
KW  - UNITED States
N1  - Accession Number: 11493159; Amel, Dean F. 1; Email Address: damel@frb.gov; Hannan, Timothy H. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Nov99, Vol. 23 Issue 11, p1667; Thesaurus Term: BANKING industry; Thesaurus Term: BANK mergers; Thesaurus Term: BANK deposits; Thesaurus Term: FINANCIAL institutions; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 24p; Illustrations: 3 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11493159&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wright, Jonathan H.
AD  - Federal Reserve System
T1  - The Local Asymptotic Power of Certain Tests for Fractional Integration
JO  - Econometric Theory
JF  - Econometric Theory
Y1  - 1999/10//
VL  - 15
IS  - 5
SP  - 704
EP  - 709
SN  - 02664666
N1  - Accession Number: 0505238; Keywords: Time Series; Publication Type: Journal Article; Update Code: 200001
N2  - It is possible to construct a test of the null of no fractional integration that has nontrivial asymptotic power against a sequence of alternatives specifying that the series is I(d) with d = O(T [superscript -1/2]), where T is the sample size. In this paper, I show that tests for fractional integration that are based on the partial sum process of the time series have only trivial asymptotic power (i.e., equal to the size) against this sequence of local alternatives. These tests include the rescaled-range test. In this sense, despite its widespread use in empirical work, the rescaled-range test is a poor test for fractional integration.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://journals.cambridge.org/action/displayBackIssues?jid=ECT
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0505238&site=ehost-live&scope=site
UR  - http://journals.cambridge.org/action/displayBackIssues?jid=ECT
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul
AU  - Rob, Rafael
AD  - Federal Reserve System
AD  - U PA
T1  - The Impact of Capital-Based Regulation on Bank Risk-Taking
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 1999/10//
VL  - 8
IS  - 4
SP  - 317
EP  - 352
SN  - 10429573
N1  - Accession Number: 0528907; Keywords: Bank;  Banking;  Deposit Insurance;  Deposit;  Portfolio Choice;  Portfolio; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200007
N2  - In this paper we model the dynamic portfolio choice problem facing banks, calibrate the model using empirical data from the banking industry for 1984-93, and assess quantitatively the impact of recent regulatory developments related to bank capital. The model implies a U-shaped relationship between capital and risk-taking: as a bank's capital increases it first takes less risk, then more risk. A deposit insurance premium surcharge on undercapitalized banks induces them to take more risk. An increased capital requirement, whether flat or risk-based, tends to induce more risk-taking by ex-ante well-capitalized banks that comply with the new standard. (c) 1999 Academic Press
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://www.sciencedirect.com/science/journal/10429573
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0528907&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10429573
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, July 21, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/09//
VL  - 85
IS  - 9
SP  - 624
EP  - 626
SN  - 00149209
N1  - Accession Number: 0504275; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services; Publication Type: Journal Article; Update Code: 199912
N2  - Edward M. Gramlich, member, Board of Governors, discusses the issue of customer financial privacy and testifies that in the area of financial information, it is clear that many consumers believe that an implicit contract exists between the financial institution and the customer that requires the financial institution to keep certain transactional information confidential. The Congress is now considering whether to place additional limitations on disclosures of customer information by banks and other financial institutions through the privacy provisions of H.R. 10; Governor Gramlich further testifies that in making this decision, it is important that the tradeoff between economic efficiency and privacy be addressed with the fullest possible understanding of the competing interests--especially a recognition of the importance of consistency across markets (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, July 21, 1999).
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504275&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House of Representatives Committee on Banking and Financial Services, July 22, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/09//
VL  - 85
IS  - 9
SP  - 626
EP  - 631
SN  - 00149209
N1  - Accession Number: 0504276; Keywords: Monetary Policy;  Monetary;  Policy;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Alan Greenspan, Chairman, Board of Governors, presents the Federal Reserve's semiannual report on monetary policy and testifies that as a result of our nation's ongoing favorable economic performance, not only has the broad majority of our people moved to a higher standard of living, but a strong economy has managed to bring into the workforce many who had for too long been at its periphery. He testifies further that a monetary policy focused on promoting price stability over the long run and a fiscal policy focused on enhancing national saving by accumulating budget surpluses have been key elements in creating an environment fostering the capital investment that has driven the gains in productivity and living standards (Testimony before the House Committee on Banking and Financial Services, July 22, 1999: Chairman Greenspan presented identical testimony before the Senate Committee on Banking, Housing, and Urban Affairs, July 28, 1999).
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504276&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wieland, Volker
AD  - Federal Reserve System
T1  - Computational Methods and Economic Dynamics: Introduction
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1999/09//
VL  - 23
IS  - 9-10
SP  - 1243
EP  - 1247
SN  - 01651889
N1  - Accession Number: 0505592; Keywords: Dynamics; Publication Type: Journal Article; Update Code: 200001
KW  - Computational Techniques; Simulation Modeling          C63
KW  - Optimization Techniques; Programming Models; Dynamic Analysis          C61
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0505592&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
AU  - Passmore, S. Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Subsidy Provided by the Federal Safety Net: Theory and Evidence
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1999/09//September-December 1999
VL  - 16
IS  - 2-3
SP  - 125
EP  - 145
SN  - 09208550
N1  - Accession Number: 0532240; Keywords: Bank;  Banking;  Depository;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200009
N2  - Views about the value to depository institutions of the federal safety net differ widely. Resolution of the issue is important because defining the appropriate relationship between the federal safety net and financial institutions is central to the design of efficient financial modernization strategies. A heuristic model is presented of how the safety net subsidy affects the size of the banking system and the behavior of banks. The model suggests that banks should have lower capital ratios than similar nonbank financial firms. Evidence is presented that supports this prediction and that banks have organized themselves in ways that take advantage of safety net benefits.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0532240&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
T1  - Alternative Approaches to Financial Supervision and Regulation
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1999/09//September-December 1999
VL  - 16
IS  - 2-3
SP  - 297
EP  - 303
SN  - 09208550
N1  - Accession Number: 0532251; Keywords: Regulation; Geographic Descriptors: U.S.; U.K.; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 200009
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0532251&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hooker, Mark A.
AD  - Federal Reserve System
T1  - The Maturity Structure of Term Premia with Time-Varying Expected Returns
JO  - Quarterly Review of Economics and Finance
JF  - Quarterly Review of Economics and Finance
Y1  - 1999///Fall
VL  - 39
IS  - 3
SP  - 391
EP  - 407
SN  - 10629769
N1  - Accession Number: 0510243; Keywords: Yield; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200003
N2  - This paper analyzes the maturity structure of term premia using McCulloch's US Treasury yield curve data from 1953-91, allowing expected returns to vary across time. One, 3, 6, and 12 month holding period returns on maturities up to 5 years are projected on 3 ex ante variables to compute time-varying expected returns, and simulations are employed to generate distributions of conditionally expected return premia. The likelihood of expected returns monotonically increasing in maturity (as implied by the liquidity preference hypothesis) is relatively high when the yield curve is steep and interest rates are high, and with longer holding periods, but low in other cases. The hypothesis that intermediate maturity bonds have the highest expected returns (a "hump-shaped" maturity-return pattern) around the onset of recessions does not receive much support.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/10629769
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0510243&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10629769
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lengwiler, Yvan
T1  - The multiple unit auction with variable supply.
JO  - Economic Theory
JF  - Economic Theory
Y1  - 1999/08//
VL  - 14
IS  - 2
M3  - Article
SP  - 373
EP  - 392
PB  - Springer Science & Business Media B.V.
SN  - 09382259
AB  - The theory of multiple unit auctions traditionally assumes that the offered quantity is fixed. I argue that this assumption is not appropriate for many applications because the seller may be able and willing to adjust the supply as a function of the bidding. In this paper I address this shortcoming by analyzing a multi-unit auction game between a monopolistic seller who can produce arbitrary quantities at constant unit cost, and oligopolistic bidders. I establish the existence of a subgame-perfect equilibrium for price discriminating and for uniform price auctions. I also show that bidders have an incentive to misreport their true demand in both auction formats, but they do that in different ways and for different reasons. Furthermore, both auction formats are inefficient, but there is no unambiguous ordering among them. Finally, the more competitive the bidders are, the more likely the seller is to prefer uniform pricing over price discrimination, yet increased competition among bidders may or may not enhance efficiency. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Theory is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - AUCTIONS
KW  - COMMERCE
KW  - PRICES
KW  - PRICE discrimination
KW  - RESTRAINT of trade
KW  - Multiple unit auction
KW  - Price discrimination
KW  - Uniform price
N1  - Accession Number: 4719314; Lengwiler, Yvan 1,2; Email Address: yle@altavista.net; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Mail Stop 71, Washington, DC 20551, USA; 2: Swiss National Bank, P.O. Box, CH-8022 Zürich, Switzerland; Issue Info: 1999, Vol. 14 Issue 2, p373; Thesaurus Term: AUCTIONS; Thesaurus Term: COMMERCE; Thesaurus Term: PRICES; Thesaurus Term: PRICE discrimination; Thesaurus Term: RESTRAINT of trade; Author-Supplied Keyword: Multiple unit auction; Author-Supplied Keyword: Price discrimination; Author-Supplied Keyword: Uniform price; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, June 14, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/08//
VL  - 85
IS  - 8
SP  - 556
EP  - 558
SN  - 00149209
N1  - Accession Number: 0504270; Keywords: Technology; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Alan Greenspan, Chairman, Board of Governors, testifies that the remarkable run of growth of the U.S. economy appears to have its roots in ongoing advances in technology and that the defining characteristic of the current wave of technology is the role of information; the recent years' remarkable surge in the availability of real-time information has armed firms with detailed data to fine-tune product specifications to most individual customer needs. He further states that as we contemplate the appropriate public policies for an economy experiencing rapid technology advancement, we should strive to maintain the flexibility of our labor and capital markets that has spurred the continuous replacement of capital facilities embodying older technologies with facilities reflecting the newest innovations (Testimony before the Joint Economic Committee of the U.S. Congress, June 14, 1999).
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, June 16, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/08//
VL  - 85
IS  - 8
SP  - 558
EP  - 561
SN  - 00149209
N1  - Accession Number: 0504271; Keywords: Bank;  Banking;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Laurence H. Meyer, member, Board of Governors, discusses the Federal Reserve's views on recent developments relating to the allowance for loan losses and testifies that the adequacy of the allowance for loan losses is a critical issue both for the safety and soundness of banks and for the transparency of financial statements. He testifies further that given the differing missions and perspectives of bank and securities regulators, the Federal Reserve and the other banking agencies have agreed to work closely with the SEC to provide clear and consistent guidance on this important issue (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, June 16, 1999).
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504271&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the Joint Economic Committee, June 17, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/08//
VL  - 85
IS  - 8
SP  - 561
EP  - 564
SN  - 00149209
N1  - Accession Number: 0504272; Keywords: Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Chairman Greenspan testifies that the way America does business, including the interaction among the various economic players in our economy, is in the midst of a significant transformation, though the pace of change is unclear; and as a consequence, many of the empirical regularities depicting the complex of economic relationships on which policymakers rely have been markedly altered. Further, he testifies that monetary policy is best primarily focused on stability of the general level of prices of goods and services as the most credible means to achieve sustainable economic growth (Testimony before the Joint Economic Committee of the U.S. Congress, June 17, 1999).
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Iyigun, Murat F.
AD  - Federal Reserve System
T1  - Public Education and Intergenerational Economic Mobility
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1999/08//
VL  - 40
IS  - 3
SP  - 697
EP  - 710
SN  - 00206598
N1  - Accession Number: 0511408; Keywords: Development;  Education; Publication Type: Journal Article; Update Code: 200004
N2  - This paper examines the role of public education in determining intergenerational economic mobility. It considers a model in which education is free and admission to schools is competitive. The results indicate that for mobility to increase during the process of development, the share of resources devoted to public education needs to be large enough to offset the relative advantage of having educated parents in academic attainment.
KW  - Job, Occupational, and Intergenerational Mobility; Promotion          J62
KW  - Educational Finance; Financial Aid          I22
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - McCarthy, Cornelia H.
AD  - Federal Reserve System
AD  - Fordham U
T1  - Perspectives on the Financial Crisis in Asia
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1999/08//
VL  - 18
IS  - 4
SP  - 495
EP  - 500
SN  - 02615606
N1  - Accession Number: 0503029; Keywords: Finance; Geographic Descriptors: Asia; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199911
N2  - On October 16, 1998, The Journal of International Money and Finance and the Fordham Graduate School of Business organized a one-day conference on the "Economic Perspectives of the Asian Crisis." The initial focus of the conference was the Asian financial crisis; however, before the conference the crisis had spread to Russia and then Latin America, and several of the papers are broader in scope. The participants consisted of academics and economists from policymaking institutions. A selection of the papers at the conference and some additional papers are included in the Journal of International Money and Finance Volume 18, Issue 4. This paper is an introduction to the papers that appear in this conference issue.
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - International Finance: General          F30
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503029&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fernald, John
AU  - Edison, Hali
AU  - Loungani, Prakash
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - IMF
T1  - Was China the First Domino? Assessing Links between China and Other Asian Economies
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1999/08//
VL  - 18
IS  - 4
SP  - 515
EP  - 535
SN  - 02615606
N1  - Accession Number: 0503031; Keywords: Exports; Geographic Descriptors: China; Asia; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199911
N2  - Several commentators have suggested that competition from China-in particular its 1994 'devaluation' and strong export performance during 1994-95-may have contributed to the Asian crisis of 1997-98. We provide evidence against this view. We show that the devaluation was not important in economic terms, and China's strong export performance in 1994-95 was matched by other Asian economies. We also show that the period 1993 and 1996 was marked by relative stability in the export shares of China and other Asian economies in various geographical regions and industries. The paper concludes by outlining channels through which the Asian crisis could affect China.
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Socialist Institutions and Their Transitions: Financial Economics          P34
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - International Lending and Debt Problems          F34
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503031&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
T1  - HEDGING WINNER'S CURSE WITH MULTIPLE BIDS: EVIDENCE FROM THE PORTUGUESE TREASURY BILL AUCTION.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1999/08//
VL  - 81
IS  - 3
M3  - Article
SP  - 448
EP  - 465
PB  - MIT Press
SN  - 00346535
AB  - Auctions of government securities typically permit bidders to enter multiple price-quantity bids. Despite the widespread adoption of this institutional feature and its use by bidders, the motivations behind its use and its effects on auction outcomes are not well understood theoretically and have been little explored empirically. This paper proposes that bidders use multiple bids to adjust for winner's curse: By spreading her bids, a bidder aligns her outcome more closely to the aggregate outcome of the auction. This hypothesis is tested using bidding data from treasury bill auctions in Portugal. I find that, ceteris paribus, a bidder submits a greater number of bids and disperses prices on these bids more widely when there is a greater potential for winner's curse. In particular, both these measures of bid-spreading increase with the volatility of market interest rates and the expected number of participating well-informed bidders. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - AUCTIONS
KW  - GOVERNMENT securities
KW  - INTEREST rates
KW  - SECURITIES
KW  - TENDER offers (Securities)
KW  - BIDDERS
KW  - COMMERCE
KW  - FEDERAL government
KW  - SECURITIES -- Taxation
KW  - PORTUGAL
N1  - Accession Number: 2245052; Gordy, Michael B. 1; Affiliations: 1: Board of Governors of Federal Reserve System.; Issue Info: Aug99, Vol. 81 Issue 3, p448; Thesaurus Term: AUCTIONS; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: INTEREST rates; Thesaurus Term: SECURITIES; Thesaurus Term: TENDER offers (Securities); Thesaurus Term: BIDDERS; Thesaurus Term: COMMERCE; Thesaurus Term: FEDERAL government; Thesaurus Term: SECURITIES -- Taxation; Subject: PORTUGAL; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 18p; Illustrations: 13 Charts, 6 Graphs; Document Type: Article; Full Text Word Count: 16596
L3  - 10.1162/003465399558373
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=2245052&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AU  - Cohen, Darrel
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Motor Vehicle Stocks, Scrappage, and Sales
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1999/08//
VL  - 81
IS  - 3
SP  - 369
EP  - 383
SN  - 00346535
N1  - Accession Number: 0506031; Keywords: Forecasting;  Macroeconomics;  Motor Vehicle;  Vehicles; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200001
N2  - This paper offers a framework for forecasting aggregate sales of new motor vehicles: this framework incorporates separate models for the change in the vehicle stock and for the rate of vehicle scrappage. Because this approach requires only a minimal set of assumptions about demographic trends, the state of the economy, consumer "preferences," new vehicle prices and repair costs, and vehicle retirements, it is shown to be especially useful as a macroeconomic forecasting tool. In addition, this paper presents a new historical annual time-series estimate of motor vehicle stocks in the United States.
KW  - Automobiles; Other Transportation Equipment          L62
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
L3  - http://www.mitpressjournals.org/loi/rest
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UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Harrison, Paul
AU  - Zhang, Harold H.
AD  - Brandeis U and Federal Reserve System
AD  - Carnegie Mellon U
T1  - An Investigation of the Risk and Return Relation at Long Horizons
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1999/08//
VL  - 81
IS  - 3
SP  - 399
EP  - 408
SN  - 00346535
N1  - Accession Number: 0506034; Keywords: Stock Returns;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200001
N2  - This paper examines the relation between expected stock returns and their conditional volatility over different holding periods and across different states of the economy. Seminonparametric density estimation and Monte Carlo integration are used to obtain the expected returns and conditional volatility at various holding intervals. We uncover a significantly positive risk and return relation at long holding intervals, such as one and two years, which is nonexistent at short holding periods such as one month. We also show that the existing finding in the literature of a negative risk and return relation may be attributable to misspecification.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0506034&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, May 6, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/07//
VL  - 85
IS  - 7
SP  - 477
EP  - 479
SN  - 00149209
N1  - Accession Number: 0504266; Keywords: Banking;  Financial Markets;  Financial Services;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Patrick M. Parkinson, Associate Director, Division of Research and Statistics, Board of Governors, highlights a few key conclusions and recommendations of the Report on Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management by the President's Working Group on Financial Markets and testifies that the Working Group has concluded that the central policy issue raised by the Long-Term Capital Management episode is how to constrain leverage more effectively. Further, he states that the Working Group believes that the best approach to addressing concerns about excessive leverage is to make market discipline more effective and that the primary responsibility for increasing the effectiveness of market discipline necessarily rests with market participants. (Testimony before the House Committee on Banking and Financial Services, May 6, 1999.)
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504266&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, May 12, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/07//
VL  - 85
IS  - 7
SP  - 479
EP  - 484
SN  - 00149209
N1  - Accession Number: 0504267; Keywords: Banking;  Consumer Credit;  Credit;  Depository;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Laurence H. Meyer, member, Board of Governors, comments on H.R. 1585, the "Depository Institutions Regulatory Streamlining Act of 1999" and testifies that the Board welcomes this legislation and supports its purpose of revising outdated banking statutes that are imposing costs without providing commensurate benefits to the safety and soundness of depository institutions, enhancing consumer protection, or expanding credit availability. He states further that the legislation builds upon past successes in regulatory reform and relieves regulatory burdens on banking organizations; in a few areas, however, the bill may not achieve meaningful reform but instead would lead to competitive inequities or raise safety and soundness and other concerns. (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, May 12, 1999.)
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504267&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Risk Management, Research, and Specialty Crops of the Committee on Agriculture, May 18, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/07//
VL  - 85
IS  - 7
SP  - 484
EP  - 487
SN  - 00149209
N1  - Accession Number: 0504268; Keywords: Agriculture; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Patrick M. Parkinson presents the views of the Commodity Exchange Act and testifies that the Board believes that modernization of the act is essential and that the reauthorization of the Commodity Futures Trading Commission offers the best opportunity to make the necessary changes. He states further that counterparties to financial derivatives transactions are predominantly institutions and other professional counterparties and that the Board believes that privately negotiated derivatives transactions between professional counterparties should be excluded from the act. (Testimony before the Subcommittee on Risk Management, Research, and Specialty Crops of the House Committee on Agriculture, May 18, 1999.)
KW  - Agricultural Markets and Marketing; Cooperatives; Agribusiness          Q13
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, May 20, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/07//
VL  - 85
IS  - 7
SP  - 487
EP  - 489
SN  - 00149209
N1  - Accession Number: 0504269; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - Alan Greenspan, Chairman, Board of Governors, testifies that exposure of an economy to short-term capital inflows before its financial system is sufficiently sturdy to handle a large unanticipated withdrawal is a highly risky venture; thus some set of suggested standards that countries should strive to meet would help the new highly sensitive international financial system function effectively. Further, he states that improvements in transparency, commercial and legal structures, and supervision cannot be implemented quickly and that the transition to a more effective and stable international financial system will take time. (Testimony before the House Committee on Banking and Financial Services, May 20, 1999.)
KW  - International Finance: General          F30
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - BOOK
AU  - M. A. Davis
AU  - E. M. Foster.
AU  - Federal Reserve System, Washington, DC
AU  - Georgia State Univ., Atlanta. School of Policy Studies
T1  - Intra-Household Allocation and the Mental Health of Children: Structural Estimation Analysis
JO  - Intra-Household Allocation and the Mental Health of Children: Structural Estimation Analysis
JF  - Intra-Household Allocation and the Mental Health of Children: Structural Estimation Analysis
Y1  - 1999/07//
M3  - Report
AB  - This paper estimates the structural parameters of a dynamic model where parents with one child periodically decide whether or not their child uses various mental health services. In this model, mental health services improve a childs mental health (which parents care about), however, mental health services may be costly to the parents both in terms of utility and household consumption. Using a panel data set collected as part of the Fort Bragg Mental Health Demonstration, we estimate the model with a maximum likelihood procedure that accounts for unobservable differences in mental health endowments of children, and, population heterogeneity in parental preferences and the effectiveness of mental health services. We estimate that parents experience relatively high disutility when a child uses mental health services, implying parents enroll their children in mental health services only if these services have multi-period effects on their childs mental health. Correspondingly, we find that outpatient and inpatient mental health services have permanent effects on a childs mental health. We conclude that the improvement over time of the mental health of the children in our data is, in a large part, the outcome of forward-looking parents choosing to increase their childs mental health (Copyright applies to all Abstracts.)
KW  - Children
KW  - Estimates
KW  - Mental health services
KW  - Dynamic models
KW  - Effectiveness
KW  - Households
KW  - Mathematical models
KW  - Parents
KW  - Behavior & society - social concerns
KW  - Health care - health services
N1  - Accession Number: MRB-FSD0395302; M. A. Davis; E. M. Foster.; Federal Reserve System, Washington, DC; Georgia State Univ., Atlanta. School of Policy Studies; Source Info: Jul 1999, 54p    ; Note: Preliminary rept. Prepared in cooperation with Georgia State Univ., Atlanta. School of Policy Studies; Note: Source Agency: Other [FRS]; Note: Availability: This product may be ordered from NTIS by Phone at (703) 487-4650; by Fax at (703) 321-8547; or by E-Mail at: orders@ntis.fedworld.gov. NTIS is located at: 5285 Port Royal Road, Springfield, VA 22161, USA..; Number of Pages: 54p; Document Type: Report
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DP  - EBSCOhost
DB  - flh
ER  - 

TY  - JOUR
AU  - Clouse, James A.
AU  - Dow Jr., James P.
T1  - Fixed cost and the behaviour of the federal funds rate.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/07//
VL  - 23
IS  - 7
M3  - Article
SP  - 1015
EP  - 1029
SN  - 03784266
AB  - This paper presents an equilibrium model of the federal funds market that ties movements in the funds rate to changes in the supply of reserves and to a fixed cost facing banks that borrow at the discount window. It is found that the existence of the fixed cost is capable of explaining a number of features of the funds market. In particular, it is critical for explaining occasional instances of extremely high funds rates. It also provides an explanation for heterogeneous behavior across banks towards the discount window and for higher average funds rates at the end of maintenance periods. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - FINANCE
KW  - BANKING industry
KW  - DISCOUNT
KW  - UNITED States
N1  - Accession Number: 11488646; Clouse, James A. 1; Dow Jr., James P. 2; Email Address: james.dow@csun.edu; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; 2: Department of Economics, California State University, Northridge, USA; Issue Info: Jul99, Vol. 23 Issue 7, p1015; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: FINANCE; Thesaurus Term: BANKING industry; Thesaurus Term: DISCOUNT; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 15p; Illustrations: 3 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Adams, Robert M.
AU  - Berger, Allen N.
AU  - Sickles, Robin C.
T1  - Semiparametric Approaches to Stochastic Panel Frontiers With Applications in the Banking Industry.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1999/07//
VL  - 17
IS  - 3
M3  - Article
SP  - 349
SN  - 07350015
AB  - The article focuses on semiparametric approaches to stochastic panel frontiers with applications in the banking industry. The approaches used so far in the literature to study efficiency in the banking industry differ primarily by their method of disentangling inefficiency differences from random error, by their distributional assumptions, and by their functional-form assumptions. The stochastic frontier approach assumes that inefficiencies follow an asymmetric distribution and the random errors follow a symmetric distribution, and that both the inefficiencies and random errors are orthogonal to all of the regressors. The thick frontier approach assumes that deviations from predicted costs within a grouping of low-cost banks represent random error, whereas differences in predicted costs between high- and low-cost groups represent X inefficiencies. This article introduces new modeling and estimation method designed to help mitigate problems of endogeneity and misspecification. It uses an output distance function to model the technology of a multioutput firm. Furthermore, it introduces a new semiparametric method that makes minimal assumptions on the functional form of inputs in the distance function.
KW  - STOCHASTIC processes
KW  - BANKING industry
KW  - ECONOMETRIC models
KW  - INDUSTRIAL efficiency
KW  - ECONOMICS -- Statistical methods
KW  - DISTRIBUTION (Probability theory)
KW  - Bank efficiency
KW  - Distance frontier
KW  - Efficient estimation
KW  - Panel data
KW  - Semiparametric estimation.
N1  - Accession Number: 2014579; Adams, Robert M. 1; Email Address: robert.adams2@usdoj.gov; Berger, Allen N. 2; Email Address: aberger@frb.gov; Sickles, Robin C. 3; Email Address: rsickIes@rice.edu; Affiliations: 1: U.S. Department of Justice, Antitrust Division, Washington, DC 20530.; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551.; 3: Department of Economics, Rice University, Houston, TX 77005.; Issue Info: Jul99, Vol. 17 Issue 3, p349; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: DISTRIBUTION (Probability theory); Author-Supplied Keyword: Bank efficiency; Author-Supplied Keyword: Distance frontier; Author-Supplied Keyword: Efficient estimation; Author-Supplied Keyword: Panel data; Author-Supplied Keyword: Semiparametric estimation.; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 10p; Illustrations: 4 Graphs; Document Type: Article; Full Text Word Count: 8129
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DB  - buh
ER  - 

TY  - JOUR
AU  - Fallick, Bruce C.
AU  - Hassett, Kevin A.
AD  - Federal Reserve System
AD  - American Enterprise Institute
T1  - Investment and Union Certification
JO  - Journal of Labor Economics
JF  - Journal of Labor Economics
Y1  - 1999/07//
VL  - 17
IS  - 3
SP  - 570
EP  - 582
SN  - 0734306X
N1  - Accession Number: 0496304; Keywords: Union;  Unionization; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199909
N2  - Using data on union certification elections, the authors estimate the impact of unionization on firms' investment behavior. Employing both a standard q model and an 'investment surprises' technique, they find that union certification significantly reduces investment in the year following the election. The authors find that a winning certification election has, on average, about the same effect on investment in the year following the event as would--given the elasticity measures taken from the public finance literature--a 33 percentage-point increase in the corporate tax. The magnitude of the response in years further away from the election is less certain.
KW  - Trade Unions: Objectives, Structure, and Effects          J51
L3  - http://www.jstor.org/action/showPublication?journalCode=jlaboreconomics
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UR  - http://www.jstor.org/action/showPublication?journalCode=jlaboreconomics
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Social Security Liabilities
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 1999/07//
VL  - 2
IS  - 3
SP  - 489
EP  - 497
SN  - 10942025
N1  - Accession Number: 0512599; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200004
N2  - This paper reviews the long-term financial problems facing the U.S. Social Security system. Not only is the system out of long-term actuarial balance, but implicit rates of return on worker contributions are low and dropping. The paper discusses different approaches for dealing with the twin problems suggested by the 1994-1996 Advisory Council on Social Security, ending with a case for a middle-of-the-road approach featuring modest long-term benefit cuts and small, centrally managed, add-on individual accounts. (c) 1999 Academic Press
KW  - Social Security and Public Pensions          H55
L3  - http://www.sciencedirect.com/science/journal/10942025
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UR  - http://www.sciencedirect.com/science/journal/10942025
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fernald, John G.
AD  - Federal Reserve System
T1  - Roads to Prosperity? Assessing the Link between Public Capital and Productivity
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1999/06//
VL  - 89
IS  - 3
SP  - 619
EP  - 638
SN  - 00028282
N1  - Accession Number: 0495819; Keywords: Infrastructure;  Public Capital; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199909
N2  - Does the positive correlation between infrastructure and productivity reflect causation? If so, in which direction? The author finds that, when growth in roads (the largest component of infrastructure) changes, productivity growth changes disproportionately in U.S. industries with more vehicles. That vehicle-intensive industries benefit more from road-building suggests that roads are productive. At the margin, however, road investments do not appear unusually productive. Intuitively, the interstate system was highly productive, but a second one would not be. Road-building thus explains much of the productivity slowdown through a one-time, unrepeatable productivity boost in the 1950s and 1960s.
KW  - National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock          H54
KW  - Public Facility Location Analysis; Public Investment and Capital Stock          R53
KW  - Fiscal Policy          E62
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495819&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.89.3.619
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cyrnak, Anthony W.
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Is the Cluster Still Valid in Defining Banking Markets? Evidence from a New Data Source
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1999///Summer
VL  - 44
IS  - 2
SP  - 313
EP  - 331
SN  - 0003603X
N1  - Accession Number: 0503782; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503782&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Heitfield, Erik A.
AD  - Federal Reserve System
T1  - What Do Interest Rate Data Say about the Geography of Retail Banking Markets?
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1999///Summer
VL  - 44
IS  - 2
SP  - 333
EP  - 347
SN  - 0003603X
N1  - Accession Number: 0503783; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503783&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Prager, Robin A.
AD  - Federal Reserve System
T1  - ATM Network Mergers and the Creation of Market Power
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1999///Summer
VL  - 44
IS  - 2
SP  - 349
EP  - 363
SN  - 0003603X
N1  - Accession Number: 0503784; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503784&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
AD  - Federal Reserve System
T1  - Money Market Mutual Funds: Are They a Close Substitute for Accounts at Insured Depository Institutions?
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1999///Summer
VL  - 44
IS  - 2
SP  - 365
EP  - 385
SN  - 0003603X
N1  - Accession Number: 0503785; Keywords: Depository;  Mutual Fund; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503785&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Porter, Richard D.
AU  - Weinbach, Gretchen C.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Currency Ratios and U.S. Underground Economic Activity
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1999/06//
VL  - 63
IS  - 3
SP  - 355
EP  - 361
SN  - 01651765
N1  - Accession Number: 0495929; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199909
N2  - Cagan's classic currency ratio suggests that underground activity in the U.S. surged starting in 1994. We show that a ratio adjusted to take care of two distorting developments did not surge, and that the adjusted ratio and interest rates are strongly correlated.
KW  - General Aggregative Models: General          E10
KW  - Litigation Process          K41
L3  - http://www.sciencedirect.com/science/journal/01651765
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UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, April 13, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/06//
VL  - 85
IS  - 6
SP  - 404
EP  - 413
SN  - 00149209
N1  - Accession Number: 0498462; Keywords: Banking;  Financial Markets;  Financial Services;  Interest;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199910
N2  - Edward W. Kelley, Jr., member, Board of Governors, discusses the Board's extensive interest in, and efforts to address, Year 2000 issues and testifies that he is increasingly optimistic that the operational transition will go well and has come to believe that Year 2000 technical issues will not cause major problems in the financial markets of the United States. He further testifies that the Federal Reserve is committed to a rigorous program of industry testing and contingency planning and, through our supervisory initiatives, to identifying those organizations that most need to apply additional attention to Year 2000 readiness programs. (Testimony before the House Committee on Banking and Financial Services, April 13, 1999)
KW  - Central Banks and Their Policies          E58
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Buckley, Kenneth D.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Veterans' Affairs, April 20, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/06//
VL  - 85
IS  - 6
SP  - 413
EP  - 415
SN  - 00149209
N1  - Accession Number: 0498463; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199910
N2  - Kenneth D. Buckley, Assistant Director, Division of Reserve Bank Operations and Payment Systems, discusses the arrangements the Federal Reserve is making to ensure the timely delivery of veterans' benefit payments made by direct deposit during the rollover to the Year 2000 and testifies that internal Federal Reserve systems used to deliver veterans' benefit payments have been modified, tested, and placed into production. Further, he testifies that while the Board expects that the industry may experience some minor or localized problems during the rollover, it fully expects to conduct business as usual through the year 2000 and veterans and their families should be confident that their benefits will be paid as usual. (Testimony before the Senate Committee on Veterans' Affairs, April 20, 1999)
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0498463&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Small, Richard A.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations and the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, April 20, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/06//
VL  - 85
IS  - 6
SP  - 415
EP  - 419
SN  - 00149209
N1  - Accession Number: 0498464; Keywords: Compliance;  Crime;  Law Enforcement;  Law;  Money; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199910
N2  - Richard A. Small, Assistant Director, Division of Banking Supervision and Regulation, discusses the Federal Reserve's role in the government's efforts to detect and deter money laundering and other financial crimes, with a particular emphasis on matters related to the Bank Secrecy Act and the reporting of suspicious activity; he testifies that compliance with the Bank Secrecy Act and the suspicious-activity reporting requirements by financial institutions provides timely and valuable information to law enforcement and is the best indicator of the existence of satisfactory anti-money-laundering and anti-fraud policies and procedures. (Testimony before the Subcommittee on General Oversight and Investigations and the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, April 20, 1999)
KW  - Central Banks and Their Policies          E58
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0498464&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Finance and Hazardous Materials of the Committee on Commerce, April 28, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/06//
VL  - 85
IS  - 6
SP  - 419
EP  - 423
SN  - 00149209
N1  - Accession Number: 0498465; Keywords: Bank;  Banking;  Finance;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199910
N2  - Alan Greenspan, Chairman, Board of Governors, presents the views of the Federal Reserve on the current version of H.R. 10, the approach to financial modernization most recently approved by the House Banking Committee and testifies that the Federal Reserve strongly supports the new powers that would be authorized by H.R. 10. He testifies that the new activities should not be authorized for banks through operating subsidiaries and that the holding company structure is the most appropriate and effective one for limiting transfer of the federal subsidy to new activities and fostering a level playing field both for financial firms affiliated with banks and for independent firms, while fostering the safety and soundness of our insured banking system, enhancing functional regulation, and achieving the benefits of financial modernization for the consumer and the financial services industry. (Testimony before the Subcommittee on Finance and Hazardous Materials of the House Committee on Commerce, April 28, 1999)
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0498465&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Iyigun, Murat F.
AU  - Owen, Ann L.
AD  - Federal Reserve System
AD  - Hamilton College
T1  - Entrepreneurs, Professionals, and Growth
JO  - Journal of Economic Growth
JF  - Journal of Economic Growth
Y1  - 1999/06//
VL  - 4
IS  - 2
SP  - 213
EP  - 232
SN  - 13814338
N1  - Accession Number: 0505610; Keywords: Education;  Entrepreneur;  Entrepreneurial;  Entrepreneurship;  Growth;  Human Capital;  Skill Biased;  Skills; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200001
N2  - We examine the implications for growth and development of the existence of two types of human capital: entrepreneurial and professional. Entrepreneurs accumulate human capital through a work-experience intensive process, whereas professionals' human capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of aggregate human capital; as technology improves, individuals devote less time to the accumulation of human capital through work experience and more to the accumulation of human capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional human capital may end up in a development trap.
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - New Firms; Startups          M13
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://link.springer.com/journal/volumesAndIssues/10887
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0505610&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10887
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Quan, Daniel C.
AU  - Titman, Sheridan
AD  - Federal Reserve System
AD  - U TX
T1  - Do Real Estate Prices and Stock Prices Move Together? An International Analysis
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 1999///Summer
VL  - 27
IS  - 2
SP  - 183
EP  - 207
SN  - 10808620
N1  - Accession Number: 0496397; Keywords: Real Estate;  Stock Price;  Stocks; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199909
KW  - Nonagricultural and Nonresidential Real Estate Markets          R33
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Housing Supply and Markets          R31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0496397&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
AU  - Woodburn, R. Louise
T1  - CONSISTENT WEIGHT DESIGN FOR THE 1989 , 1992 AND 1995 SCFs, AND THE DISTRIBUTION OF WEALTH.
JO  - Review of Income & Wealth
JF  - Review of Income & Wealth
Y1  - 1999/06//
VL  - 45
IS  - 2
M3  - Article
SP  - 193
EP  - 215
PB  - Wiley-Blackwell
SN  - 00346586
AB  - Estimates using survey data are determined by two factors: the data collected and the survey weights. This paper discusses the design and calculation of a set of consistent weights for the Surveys of Consumer Finances. Taking both these weights and the multiply-imputed survey data, we look at estimates of changes in the distribution of wealth over the first half of the 1990s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Income & Wealth is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMERS
KW  - WEALTH
KW  - CUSTOMER satisfaction
KW  - CONSUMER behavior
KW  - CUSTOMER loyalty
KW  - UNITED States
N1  - Accession Number: 6811700; Kennickell, Arthur B. 1; Woodburn, R. Louise; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Jun99, Vol. 45 Issue 2, p193; Thesaurus Term: CONSUMERS; Thesaurus Term: WEALTH; Thesaurus Term: CUSTOMER satisfaction; Thesaurus Term: CONSUMER behavior; Thesaurus Term: CUSTOMER loyalty; Subject: UNITED States; Number of Pages: 23p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cutler, David M.
AU  - Sheiner, Louise
AD  - Harvard U and NBER
AD  - Federal Reserve System
T1  - The Geography of Medicare
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1999/05//
VL  - 89
IS  - 2
SP  - 228
EP  - 233
SN  - 00028282
N1  - Accession Number: 0494226; Keywords: Geography;  Medicare; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
KW  - National Government Expenditures and Health          H51
KW  - Health: Government Policy; Regulation; Public Health          I18
KW  - Size and Spatial Distributions of Regional Economic Activity          R12
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0494226&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/aer.89.2.228
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - BOOK
AU  - J. A. James
AU  - M. G. Palumbo
AU  - M. Thomas.
AU  - Federal Reserve System, Washington, DC
AU  - Virginia Univ., Charlottesville
T1  - Consumption Smoothing among Working-Class American Families Before Social Insurance
JO  - Consumption Smoothing among Working-Class American Families Before Social Insurance
JF  - Consumption Smoothing among Working-Class American Families Before Social Insurance
Y1  - 1999/05//
M3  - Report
AB  - This paper examines whether the saving decisions of a large sample of working-class American families around the turn of the twentieth century are consistent with consumption smoothing tendencies in the spirit of the permanent income hypothesis. We develop two econometric models to decompose reported annual incomes from micro-data into expected and unexpected components, then we estimate marginal propensities to save out of each component of income. The two methodologies deliver similar regression estimates and reveal empirical patterns consistent to those reported in other recent research based on quite different contemporary household data. Marginal propensities to save out of unexpected income shocks are large relative to propensities based on expected income movements, though the former lie much below one and the latter much above zero. While these data reject strict parameterizations of the permanent income hypothesis, we nonetheless conclude that families saving decisions in the historical period look quite modern (Copyright applies to all Abstracts.)
KW  - Consumption smoothing
KW  - Econometric models
KW  - Savings
KW  - Social insurance
KW  - Families
KW  - Precautionary savings
KW  - Unemployment
KW  - United states
KW  - Business & economics - domestic commerce, marketing, & economics
N1  - Accession Number: MRB-FSD0395213; J. A. James; M. G. Palumbo; M. Thomas.; Federal Reserve System, Washington, DC; Virginia Univ., Charlottesville; Source Info: May 1999, 40p    ; Note: Prepared in cooperation with Virginia Univ., Charlottesville; Note: Source Agency: Other [FRS]; Note: Availability: This product may be ordered from NTIS by Phone at (703) 487-4650; by Fax at (703) 321-8547; or by E-Mail at: orders@ntis.fedworld.gov. NTIS is located at: 5285 Port Royal Road, Springfield, VA 22161, USA..; Number of Pages: 40p; Document Type: Report
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DP  - EBSCOhost
DB  - flh
ER  - 

TY  - JOUR
AU  - Faust, Jon
AD  - Federal Reserve System
T1  - Conventional Confidence Intervals for Points on Spectrum Have Confidence Level Zero
JO  - Econometrica
JF  - Econometrica
Y1  - 1999/05//
VL  - 67
IS  - 3
SP  - 629
EP  - 637
SN  - 00129682
N1  - Accession Number: 0497157; Publication Type: Journal Article; Update Code: 199910
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.econometricsociety.org/tocs.asp
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0497157&site=ehost-live&scope=site
UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Finance and Hazardous Materials of the Committee on Commerce, March 3, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/05//
VL  - 85
IS  - 5
SP  - 303
EP  - 306
SN  - 00149209
N1  - Accession Number: 0495301; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Alan Greenspan, Chairman, Board of Governors, discusses his views on investing the social security trust fund in equities and testifies that whichever direction the Congress chooses to go, whether toward privatization or fuller funding of social security, augmenting our national saving rate has to be the main objective. He further states that investing the social security trust funds in equities does little or nothing to improve the overall ability of the U.S. economy to meet the retirement needs of the next century. (Testimony before the Subcommittee on Finance and Hazardous Materials of the House Committee on Commerce, March 3, 1999).
KW  - Social Security and Public Pensions          H55
KW  - Retirement; Retirement Policies          J26
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495301&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Small, Richard A.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Commercial and Administrative Law, Committee on the Judiciary, March 4, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/05//
VL  - 85
IS  - 5
SP  - 309
EP  - 310
SN  - 00149209
N1  - Accession Number: 0495303; Keywords: Bank;  Banking;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Richard A. Small, Assistant Director of the Board's Division of Banking Supervision and Regulation, discusses the proposed "Know Your Customer" regulation and testifies that in making this proposal it was the intent of the bank regulatory agencies to provide banks with guidance as to what programs and procedures they should have in place to have sufficient knowledge of their customers to assist in the detection and prevention of illicit activities occurring at or through the banks. Further, he testifies that the proposal raised privacy concerns and that the Federal Reserve recognizes the sensitivity of this issue. (Testimony before the Subcommittee on Commercial and Administrative Law of the House Committee on the Judiciary, March 4, 1999).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495303&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ireland, Oliver
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Commercial and Administrative Law, Committee on the Judiciary, March 18, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/05//
VL  - 85
IS  - 5
SP  - 310
EP  - 312
SN  - 00149209
N1  - Accession Number: 0495304; Keywords: Bankruptcy;  Financial Markets; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Oliver Ireland, Associate General Counsel, Board of Governors, presents the views of the Board on title X, Financial Contract Provisions, of H.R. 833, the proposed Bankruptcy Reform Act of 1999, and testifies that many of the provisions of the legislation incorporate, or are based on, recommendations of the President's Working Group on Financial Markets and that the Board supports enactment of these provisions. He further states that enactment of these provisions would reduce uncertainty for market participants as to the disposition of their financial market contracts if one of the parties becomes insolvent; this reduced uncertainty should limit risk to federally supervised financial market participants, including insured depository institutions, and limit systemic risk. (Testimony before the Subcommittee on Commercial and Administrative Law of the House Committee on the Judiciary, March 18, 1999).
KW  - Bankruptcy; Liquidation          G33
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495304&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit, Committee on Banking and Financial Services, March 24, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/05//
VL  - 85
IS  - 5
SP  - 312
EP  - 318
SN  - 00149209
N1  - Accession Number: 0495305; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Laurence H. Meyer, member, Board of Governors, discusses the Federal Reserve's supervisory actions in the aftermath of the near collapse of LTCM; he testifies that although market discipline may not have worked in preventing the LTCM event in the first place, the marketplace has reacted appropriately, and we have learned much to carry us forward. Further, Governor Meyer states that even more work needs to be done to ensure that the lessons we have learned over the past two years become engrained in standard practice and to ensure that effective market discipline is brought to bear on the risk-taking of hedge funds and other entities that make use of significant financial leverage. (Testimony before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, March 24, 1999).
KW  - Bankruptcy; Liquidation          G33
KW  - Capital; Investment; Capacity          E22
KW  - Corporate Finance and Governance: Government Policy and Regulation          G38
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495305&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Dor, Avi
AU  - Rizzo, John A.
AD  - Federal Reserve System
AD  - Case Western Reserve U
AD  - Yale U
T1  - The Welfare Effects of Mergers in the Hospital Industry
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1999/05//May-June 1999
VL  - 51
IS  - 3
SP  - 197
EP  - 213
SN  - 01486195
N1  - Accession Number: 0494627; Keywords: Hospital;  Hospitals; Publication Type: Journal Article; Update Code: 199908
N2  - This paper presents a model of competition among hospitals, each of which competes in the provision of product quality. It examines whether mergers by hospitals enhance social welfare. The conclusion is that such mergers may be desirable, as they may mitigate the overutilization externality. Conditions determining the welfare impact of a merger are derived. We show that whether mergers are desirable depends on whether the hospitals maximize profits or output; on the welfare criterion used (consumers' surplus, consumers' plus insurers' surplus, or total surplus); and on key parameters of the model such as the consumer co-payment rate.
KW  - Analysis of Health Care Markets          I11
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0494627&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
AD  - Federal Reserve System
T1  - Does the Presence of Big Banks Influence Competition in Local Markets?
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1999/05//
VL  - 15
IS  - 3
SP  - 159
EP  - 177
SN  - 09208550
N1  - Accession Number: 0504614; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199912
N2  - This paper examines whether the biggest organizations in the banking industry influence competition differently than their smaller rivals. Big bank financial strength, multimarket links, diversified operations, status as "too big to fail," economies of scale and scope, and in some cases, weak incentives to be aggressive may result in big banks affecting competition in a given local market differently than would be suggested by market shares and other structural measures. Understanding the influence of big banks on competition has important implications for antitrust policy toward bank mergers. Empirical results reveal that, in rural markets where big banks operate, competition may be reduced, thereby enabling all banks in those markets to earn greater returns. The presence of a big bank is associated with an approximately 0.09 percentage point effect on a bank's return on assets, which represents about a 7.7 percent performance advantage for firms that face big banks over firms that do not. The relationship between big banks and profitability holds only when banks are classified as big if they are both very large and regionally prominent. The presence of banks that possess only one of these characteristics does not appear to substantially influence competition. Finally, no clear and consistent patterns of variation are found in the relationship between the profitability of small banks and the presence of big banks. The number of big banks, the market shares of big banks, and the level of concentration in markets with big banks do not strongly influence the relationship.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0504614&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Beaulieu, Joe
AU  - Mattey, Joe
T1  - THE EFFECTS OF GENERAL INFLATION AND IDIOSYNCRATIC COST SHOCKS ON WITHIN-COMMODITY PRICE DISPERSION: EVIDENCE FROM MICRODATA.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1999/05//
VL  - 81
IS  - 2
M3  - Article
SP  - 205
EP  - 216
PB  - MIT Press
SN  - 00346535
AB  - This study investigates the dispersion of price levels within highly disaggregated markets by examining plant-level product records from the U.S. Census of Manufactures. The paper estimates the effects of inflation on price dispersion through cross-sectional variation in the drift rate of average input costs within a market, arguing that, in several models that relate inflation to price dispersion, the effects of cost increases on dispersion is similar to the effects of general inflation. We also disentangle the effects of aggregate and idiosyncratic shocks on price dispersion. In general, we find that the higher the drift rate of input costs of a given commodity, the larger the amount of price dispersion. The standard deviation of idiosyncratic shocks also is positively correlated with the degree of price dispersion. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - COST
KW  - INFLATION (Finance)
KW  - PRICE level changes
KW  - PRICING
KW  - STANDARD deviations
KW  - CORRELATION (Statistics)
KW  - ANALYSIS of variance
N1  - Accession Number: 1915654; Beaulieu, Joe 1,2; Mattey, Joe 3; Affiliations: 1: Board of Governors of the Federal Reserve System,.; 2: Census Bureau's Center for Economic Studies (CES).; 3: Federal Reserve Bank of San Francisco.; Issue Info: May99, Vol. 81 Issue 2, p205; Thesaurus Term: PRICES; Thesaurus Term: COST; Thesaurus Term: INFLATION (Finance); Thesaurus Term: PRICE level changes; Thesaurus Term: PRICING; Thesaurus Term: STANDARD deviations; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: ANALYSIS of variance; Number of Pages: 12p; Document Type: Article; Full Text Word Count: 10964
L3  - 10.1162/003465399558184
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sichel, Daniel E.
AD  - Federal Reserve System
T1  - Computers and Aggregate Economic Growth: An Update
JO  - Business Economics
JF  - Business Economics
Y1  - 1999/04//
VL  - 34
IS  - 2
SP  - 18
EP  - 24
SN  - 0007666X
N1  - Accession Number: 0493196; Keywords: Economic Growth;  Growth;  Productivity;  Technology; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199907
N2  - In the past two decades, U.S. businesses have poured billions of dollars into information technology, as computer power exploded and prices plunged. In spite of these large investments, the economy's productivity performance was lackluster through the mid-1990s, giving rise to the frequently discussed "productivity paradox." Most recently, the nation's productivity performance has improved, raising the possibility that businesses are finally reaping the benefits of information technology. Based on the methodology in Oliner and Sichel (1994) and Sichel (1997), this paper updates calculations for the contribution of computer hardware to economic growth. These calculations point to a striking step-up in the contribution of computers to output growth. Although this could represent a break from the past, the large gains of the past few years may turn out to be a transitory response to unusually rapid declines in computer prices and a very robust economic environment.
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://www.palgrave-journals.com/be/archive/index.html
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UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, February 9, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/04//
VL  - 85
IS  - 4
SP  - 239
EP  - 240
SN  - 00149209
N1  - Accession Number: 0495295; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Edward M. Gramlich, member, Board of Governors, discusses social security reform and testifies that the broad objective of the Clinton Administration's budget--to preserve most of the projected surpluses--seems responsible and appropriate. However, Governor Gramlich testifies further that the additional Proposal by the Administration to transfer general revenues to the social security trust fund undermines the fiscal discipline imposed by the need to ensure that income earmarked for social security is sufficient to meet the entire cost of the program, both in the short run and long run. (Testimony before the Senate Committee on Finance, February 9, 1999. Governor Gramlich presented identical testimony before the House Committee on Ways and Means on February 23, 1999).
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, February 11, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/04//
VL  - 85
IS  - 4
SP  - 240
EP  - 243
SN  - 00149209
N1  - Accession Number: 0495296; Keywords: Banking;  Financial Markets;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - 240 Alan Greenspan, Chairman, Board of Governors, presents the views of the Federal Reserve on the need to enact legislation to modernize the U.S. financial system; he testifies that only the Congress can establish the ground rules designed to ensure the maximum net public benefits, protect the safety and soundness of our financial system, create a fair and level playing field for all participants, and ensure the continued primacy of U.S. financial markets. For these reasons, the Federal Reserve supports and urges prompt enactment of the financial modernization contained in H.R. 10. (Testimony before the House Committee on Banking and Financial Services, February 11, 1999).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 23, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/04//
VL  - 85
IS  - 4
SP  - 250
EP  - 252
SN  - 00149209
N1  - Accession Number: 0495298; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Chairman Greenspan testifies that in designing financial modernization legislation, the Federal Reserve believes that the Congress should focus on achieving two essential and indivisible objectives: removing outdated, competitively stifling restrictions on financial affiliations and, most important, adopting a framework for this modernization that promotes the safety and soundness of our banking and financial system and prevents the extension of the federal subsidy. Further, Chairman Greenspan states that the Federal Reserve urges prompt enactment of financial modernization legislation that achieves these two central and indivisible objectives. (Testimony before the Senate Committee on Banking, Housing, and Urban Affairs, February 23, 1999).
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495298&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Civil Service of the Committee on Government Reform and Oversight, February 25, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/04//
VL  - 85
IS  - 4
SP  - 252
EP  - 255
SN  - 00149209
N1  - Accession Number: 0495299; Keywords: Federal Reserve Board;  Retirement; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - Edward W. Kelley, Jr., member, Board of Governors, testifies on behalf of the Board of Governors on the Federal Reserve Board Retirement Portability Act and provides information on the Federal Reserve retirement system. He further testifies that the Board strongly supports this legislation, which would allow certain employees who leave the Board to work for other agencies and who then retire under the Federal Employees Retirement System to receive pensions reflecting all of their federal service, including post-1988 service at the Board. (Testimony before the Subcommittee on Civil Service of the House Committee on Government Reform and Oversight, February 25, 1999).
KW  - Retirement; Retirement Policies          J26
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0495299&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Judson, Ruth
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Inflation, Volatility and Growth
JO  - International Finance
JF  - International Finance
Y1  - 1999/04//
VL  - 2
IS  - 1
SP  - 117
EP  - 138
SN  - 13670271
N1  - Accession Number: 0532014; Keywords: Growth;  Inflation; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200009
N2  - This paper re-examines the relationship between inflation, inflation volatility and growth, using cross-country panel data for the past 30 years. With regard to the level of inflation, we find that exploiting the time dimension of the data reveals a strong negative correlation between inflation and income growth for all but low inflation countries. To examine the role of inflation uncertainty on growth, we use intra-year inflation data to construct an annual measure of inflation volatility. Using this measure, we find that inflation volatility is also robustly negatively correlated with growth, even after the effect of the level of inflation is controlled for.
KW  - Price Level; Inflation; Deflation          E31
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2362/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2362/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Melick, William R.
AD  - Federal Reserve System
AD  - Kenyon College
T1  - Alternative Approaches to Real Exchange Rates and Real Interest Rates: Three Up and Three Down
JO  - International Journal of Finance and Economics
JF  - International Journal of Finance and Economics
Y1  - 1999/04//
VL  - 4
IS  - 2
SP  - 93
EP  - 111
SN  - 10769307
N1  - Accession Number: 0530265; Keywords: Exchange Rates;  Interest Rates;  Interest; Geographic Descriptors: U.S.; Japan; Germany; Canada; Geographic Region: Northern America; Asia; Europe; Publication Type: Journal Article; Update Code: 200008
N2  - This paper examines the relationship between real exchange rates and real interest rates using three different approaches across four currencies and two horizons with 20 years of data. Each approach gives some encouragement that this relationship might hold, but each approach also encounters problems establishing the form or usefulness of the relationship. On balance, this paper contributes to the literature by finding more encouraging results than in earlier studies, but it still remains to be demonstrated that the real exchange rate-real interest rate relationship is the linchpin to explaining exchange rate movements.
KW  - Foreign Exchange          F31
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291099-1158/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0530265&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291099-1158/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent Raymond
AD  - Federal Reserve System
T1  - Death and Taxes: Their Implications for Endogenous Growth
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1999/03//
VL  - 62
IS  - 3
SP  - 339
EP  - 345
SN  - 01651765
N1  - Accession Number: 0497202; Keywords: Economic Growth;  Growth; Publication Type: Journal Article; Update Code: 199910
N2  - Blanchard's explanation of consumption dynamics, when combined with a technology that does not exhibit diminishing returns, delivers a model consistent with many of the regularities in cross-country growth regressions. Longer life expectancies generate faster economic growth by affecting households' willingness to smooth intertemporally. Greater government expenditure or taxation lowers growth, but the effect of higher government debt is ambiguous.
KW  - One, Two, and Multisector Growth Models          O41
L3  - http://www.sciencedirect.com/science/journal/01651765
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UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Ways and Means, January 20, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/03//
VL  - 85
IS  - 3
SP  - 187
EP  - 189
SN  - 00149209
N1  - Accession Number: 0493304; Keywords: Economic Outlook;  Outlook;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199907
N2  - Alan Greenspan, Chairman, Board of Governors, in assessing the economic outlook testifies that it has been the ability of our flexible and innovative businesses and workforce that has enabled the United States to take full advantage of emerging technologies to produce greater growth and higher asset values. Further, Chairman Greenspan states that policy has facilitated this process by containing inflation and by promoting competitiveness through deregulation and an open global trading system. Our task going forward--at the Federal Reserve as well as in the Congress and Administration--is to sustain and strengthen these policies, which in turn have sustained and strengthened our now record peacetime economic expansion. (Testimony before the House Committee on Ways and Means, January 20, 1999.)
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0493304&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Budget, January 28, 1999
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/03//
VL  - 85
IS  - 3
SP  - 190
EP  - 192
SN  - 00149209
N1  - Accession Number: 0493305; Keywords: Old Age;  Policy;  Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199907
N2  - Chairman Greenspan addresses one of our most pressing public policy challenges--social security--and testifies that the system as a whole is still significantly underfunded, at least according to the intermediate projections of the Old-Age and Survivors Insurance actuaries. He states further that proper fiscal planning requires that consequences of mistakes in all directions be evaluated. If we move now to shore up the social security program or replace it, in part or in whole, with a private system and subsequently find that we had been too pessimistic in our projections, the costs to our society would be few. If we assume more optimistic scenarios and they prove wrong, the imbalances could become overwhelming, and finding a solution would be even more divisive than today's problem. (Testimony before the Senate Committee on the Budget, January 28, 1999.)
KW  - Social Security and Public Pensions          H55
KW  - Fiscal Policy          E62
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0493305&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jones, David
AU  - Mingo, John
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Credit Risk Modeling and Internal Capital Allocation Processes: Implications for a Models-Based Regulatory Bank Capital Standard
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1999/03//March-April 1999
VL  - 51
IS  - 2
SP  - 79
EP  - 108
SN  - 01486195
N1  - Accession Number: 0496191; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199909
N2  - This paper surveys the current state-of-the-art in credit risk modeling at large U.S. banks. Within this context, the paper examines the near-term feasibility of an internal models approach to setting formal regulatory capital requirements for banks, as a replacement for the 1988 Basle Accord. Such an overhaul of the international capital standards would require, in our view, specific attention to several deficiencies in current modeling practices, including questions relating to model specification, parameter estimation, and model validation procedures. The paper also discusses possible uses of internal risk models for setting regulatory capital requirements against selected credit instruments and/or improving examination guidance dealing with the capital adequacy of large, complex banking organizations.
KW  - International Lending and Debt Problems          F34
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0496191&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cutler, David M.
AU  - Elmendorf, Douglas W.
AU  - Zeckhauser, Richard
AD  - Harvard U and NBER
AD  - Federal Reserve System
AD  - Harvard U and NBER
T1  - Restraining the Leviathan: Property Tax Limitation in Massachusetts
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 1999/03//
VL  - 71
IS  - 3
SP  - 313
EP  - 334
SN  - 00472727
N1  - Accession Number: 0488847; Keywords: Ballots;  Government;  Property Tax;  Tax;  Taxes;  Voter;  Votes; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199905
N2  - Proposition 2 1/2, a ballot initiative passed in Massachusetts in 1980, sharply reduced local property taxes. The authors examine why voters supported Proposition 2 1/2 using data on votes for the proposition and for overrides of it a decade later. They find two reasons for the proposition's support: people perceived agency losses from the difficulty of monitoring government, and people judged government to be inefficient because their tax burden was high. By the 1990s, people either regretted the severity of the proposition's constraints or felt that its mission was accomplished. Voters in communities with larger initial tax cuts supported significantly more overrides.
KW  - State and Local Taxation, Subsidies, and Revenue          H71
KW  - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior          D72
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0488847&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Beeson, Patricia E.
AU  - Sniderman, Mark S.
AD  - Federal Reserve System
AD  - U Pittsburgh and Federal Reserve Bank of Cleveland
AD  - Federal Reserve Bank of Cleveland
T1  - Neighborhood Information and Home Mortgage Lending
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 1999/03//
VL  - 45
IS  - 2
SP  - 287
EP  - 310
SN  - 00941190
N1  - Accession Number: 0488876; Keywords: Homes;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199905
N2  - The authors use individual-level mortgage application data to empirically test for scale economies in neighborhood lending and find evidence of significant economies associated with the scale of operation of individual lenders in a neighborhood. The inability to exploit these economies of scale is found to explain a substantial portion of the higher denial rates observed in low-income and minority neighborhoods, where the markets are generally thin. This is consistent with arguments that lenders rationally red line these neighborhoods and suggest that policies that encourage lenders to share information, or to specialize in lending in these neighborhoods, should increase credit flows to these neighborhoods. (c) 1999 Academic Press
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
L3  - http://www.sciencedirect.com/science/journal/00941190
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0488876&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00941190
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lehnert, Andreas
AU  - Ligon, Ethan
AU  - Townsend, Robert M.
AD  - Federal Reserve System
AD  - U CA, Berkeley
AD  - Federal Reserve Bank of Chicago and U Chicago
T1  - Liquidity Constraints and Incentive Contracts
JO  - Macroeconomic Dynamics
JF  - Macroeconomic Dynamics
Y1  - 1999/03//
VL  - 3
IS  - 1
SP  - 1
EP  - 47
SN  - 13651005
N1  - Accession Number: 0493497; Publication Type: Journal Article; Update Code: 199907
KW  - Asymmetric and Private Information; Mechanism Design          D82
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://journals.cambridge.org/action/displayBackIssues?jid=MDY
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0493497&site=ehost-live&scope=site
UR  - http://journals.cambridge.org/action/displayBackIssues?jid=MDY
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cohen, Darrel
AU  - Hassett, Kevin A.
T1  - Inflation, Taxes, and the Durability of Capital.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1999/03//
VL  - 52
IS  - 1
M3  - Article
SP  - 91
EP  - 98
PB  - National Tax Association
SN  - 00280283
AB  - Auerbach demonstrated that inflation can lead to interasset distortions, with the negative effects of higher inflation unambiguously declining with asset life in the case of geometric economic and tax depreciation. We show that, when tax depreciation is straight-line, higher inflation can have the opposite effect, discouraging investment in long-lived assets. Also, we present several examples showing that, under historically relevant U.S. tax rules, higher inflation can sometimes favor relatively short-lived equipment, although the bias is always small. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL
KW  - INFLATION (Finance)
KW  - TAXATION
KW  - INVESTMENTS
KW  - ABSORPTIVE capacity (Economics)
KW  - DEPRECIATION
KW  - DEPRECIATION recapture
KW  - FINANCE
KW  - UNITED States
N1  - Accession Number: 1743061; Cohen, Darrel 1; Hassett, Kevin A. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; 2: American Enterprise Institute, Washington, D.C. 20036; Issue Info: Mar99, Vol. 52 Issue 1, p91; Thesaurus Term: CAPITAL; Thesaurus Term: INFLATION (Finance); Thesaurus Term: TAXATION; Thesaurus Term: INVESTMENTS; Thesaurus Term: ABSORPTIVE capacity (Economics); Thesaurus Term: DEPRECIATION; Thesaurus Term: DEPRECIATION recapture; Thesaurus Term: FINANCE; Subject: UNITED States; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Wachter, Susan M.
T1  - Community Reinvestment and Credit Risk: Evidence from an Affordable-Home-Loan Program.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 1999///Spring99
VL  - 27
IS  - 1
M3  - Article
SP  - 105
EP  - 134
PB  - Wiley-Blackwell
SN  - 10808620
AB  - This study examines the performance of home purchase loans originated by a major depository institution in Philadelphia under a flexible lending program between 1988 and 1994. We examine long-term delinquency in relation to neighborhood housing market conditions, borrower credit-hi story scores and other factors. We find that likelihood of delinquency declines with increasing neighborhood housing market activity. Also, likelihood of delinquency is greater for borrowers with low credit-history scores and those with high ratios of housing expense to income, and when the property is unusually expensive for the neighborhood where it is located. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - REINVESTMENT
KW  - CREDIT risk
KW  - HOUSE buying
KW  - HOUSING
KW  - REAL estate business
KW  - PHILADELPHIA (Pa.)
KW  - PENNSYLVANIA
N1  - Accession Number: 1878411; Calem, Paul S. 1; Wachter, Susan M. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; 2: The Wharton School of the University of Pennsylvania, Philadelphia, PA; Issue Info: Spring99, Vol. 27 Issue 1, p105; Thesaurus Term: MORTGAGE loans; Thesaurus Term: REINVESTMENT; Thesaurus Term: CREDIT risk; Thesaurus Term: HOUSE buying; Thesaurus Term: HOUSING; Thesaurus Term: REAL estate business; Subject: PHILADELPHIA (Pa.); Subject: PENNSYLVANIA; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 531212 Offices of real estate brokers; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
AD  - Federal Reserve System
T1  - Multimarket Contact in Banking
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1999/03//
VL  - 14
IS  - 2
SP  - 163
EP  - 182
SN  - 0889938X
N1  - Accession Number: 0489101; Keywords: Banking;  Oligopoly; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199905
N2  - According to linked oligopoly theory, the anticipated effect of multimarket contact is reduced competition. Specifically, the theory predicts that contact lowers competition by reducing the benefit of aggressive action in any single market by providing rivals with the opportunity to retaliate in multiple common markets. The results of this paper are consistent with the theory. In banking, contact is positively related to profitability. Although the economic impact of this relationship is unimportant for most institutions, the relationship is meaningful for the small group of banks most heavily exposed to contact. This finding suggests that the importance of contact may rise as consolidation of the banking industry continues.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Oligopoly and Other Imperfect Markets          L13
L3  - http://link.springer.com/journal/volumesAndIssues/11151
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UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pilloff, Steven J.
T1  - Multimarket Contact in Banking.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1999/03//
VL  - 14
IS  - 2
M3  - Article
SP  - 163
EP  - 182
SN  - 0889938X
AB  - According to linked oligopoly theory, the anticipated effect of multimarket contact is reduced competition. Specifically, the theory predicts that contact lowers competition by reducing the benefit of aggressive action in any single market by providing rivals with the opportunity to retaliate in multiple common markets. The results of this paper are consistent with the theory. In banking, contact is positively related to profitability. Although the economic impact of this relationship is unimportant for most institutions, the relationship is meaningful for the small group of banks most heavily exposed to contact. This finding suggests that the importance of contact may rise as consolidation of the banking industry continues. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - MONOPOLIES
KW  - FINANCE
KW  - TRADE regulation
KW  - ANTITRUST law
KW  - BUSINESS
KW  - antitrust
KW  - banking
KW  - linked oligopoly
KW  - Multimarket contact
KW  - mutual forbearance
N1  - Accession Number: 16838113; Pilloff, Steven J. 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System, 20th and C Streets, NW Mailstop 149, Washington, DC 20051, U.S.A.; Issue Info: Mar1999, Vol. 14 Issue 2, p163; Thesaurus Term: BANKING industry; Thesaurus Term: MONOPOLIES; Thesaurus Term: FINANCE; Thesaurus Term: TRADE regulation; Thesaurus Term: ANTITRUST law; Thesaurus Term: BUSINESS; Author-Supplied Keyword: antitrust; Author-Supplied Keyword: banking; Author-Supplied Keyword: linked oligopoly; Author-Supplied Keyword: Multimarket contact; Author-Supplied Keyword: mutual forbearance; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - Hendry, David F.
AD  - Federal Reserve System
AD  - Nuffield College, Oxford
T1  - Encompassing and Rational Expectations: How Sequential Corroboration Can Imply Refutation
JO  - Empirical Economics
JF  - Empirical Economics
Y1  - 1999/02//
VL  - 24
IS  - 1
SP  - 1
EP  - 21
SN  - 03777332
N1  - Accession Number: 0492971; Publication Type: Journal Article; Update Code: 199907
N2  - Even though pieces of empirical evidence individually may corroborate an economic theory, their joint existence may refute that same theory. Testing of rational expectations models provides a concrete illustration of this principle. Surprisingly, empirical refutation of a rational expectations model may occur without having to estimate that model, and the refutation may be for a large class of expectations-based models and not just for a particular model specification. Narrow money demand in the United Kingdom illustrates such refutation. The general proposition concerning corroboration and refutation strongly favors the building of empirical models that are consistent with all available evidence.
KW  - Model Evaluation, Validation, and Selection          C52
KW  - General Aggregative Models: Neoclassical          E13
L3  - http://link.springer.com/journal/volumesAndIssues/181
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0492971&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/181
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, December 16, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1999/02//
VL  - 85
IS  - 2
SP  - 106
EP  - 108
SN  - 00149209
N1  - Accession Number: 0493302; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199907
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Business and Securities Law          K22
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0493302&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Demsetz, Rebecca S.
AU  - Strahan, Philip E.
T1  - The consolidation of the financial services industry: Causes, consequences, and implications for the future.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/02//
VL  - 23
IS  - 2-4
M3  - Article
SP  - 135
EP  - 194
SN  - 03784266
AB  - This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from some types of consolidation; improvements in profit efficiency and diversification of risks, but little or no cost efficiency improvement on average; relatively little effect on the availability of services to small customers; potential improvements in payments system efficiency; and potential costs on the financial system from increases in systemic risk or expansion of the financial safety net. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL services industry
KW  - CONSOLIDATION & merger of corporations
KW  - BANK mergers
N1  - Accession Number: 11487547; Berger, Allen N. 1; Email Address: aberger@frb.gov; Demsetz, Rebecca S. 2; Strahan, Philip E. 3; Affiliations: 1: Federal Reserve System; 2: Wharton Financial Institutions Center; 3: Federal Reserve Bank of New York; Issue Info: Feb99, Vol. 23 Issue 2-4, p135; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: BANK mergers; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 60p; Illustrations: 5 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11487547&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Dianna
AU  - Humphrey, David B.
AU  - Wilcox, James A.
T1  - Cost reduction in electronic payments: The roles of consolidation, economies of scale, and technical change.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/02//
VL  - 23
IS  - 2-4
M3  - Article
SP  - 391
EP  - 421
SN  - 03784266
AB  - Unfettered nationwide bank branching raises the issue of whether consolidation of banks' "back-office" operations, such as their payment processing, reduces operating costs. Whether centralized processing of payments reduces costs depends on the size and range of scale economies, the relative prices of data processing and telecommunication inputs, and changes in technology in addition to the number of sites operated. While consolidating payment operations into fewer sites may reduce average data processing costs, those cost savings may be more than offset by associated increases in telecommunications expenses. To investigate the potential effects of consolidation on future banking operations, we look at the experience of the Federal Reserve in consolidating its Fedwire electronic funds transfer operation over 1979 to 1996. Previous research suggested that scale economies in Fedwire payment processing were minimal and that the observed declines in average Fedwire production costs were largely attributable to technical advance. Our estimates suggest more nearly the opposite. We find that the Fedwire funds transfer operation exhibited large scale economies but little technical advance beyond that already embodied in the technology-adjusted input prices of data processing and telecommunication inputs. We also find that the consolidation of Fedwire into fewer offices contributed around one-fourth of the overall reduction in Fedwire average cost. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELECTRONIC funds transfers
KW  - ECONOMIES of scale
KW  - TECHNOLOGY
KW  - INDUSTRIAL costs
KW  - BANK MeesPierson (Company)
N1  - Accession Number: 11487559; Hancock, Dianna 1; Email Address: mldxh00@mfsmsl.frb.gov; Humphrey, David B. 2; Wilcox, James A. 3; Affiliations: 1: Federal Reserve System; 2: Department of Finance, College of Business, Florida State University; 3: Haas School of Business, University of California; Issue Info: Feb99, Vol. 23 Issue 2-4, p391; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: ECONOMIES of scale; Thesaurus Term: TECHNOLOGY; Thesaurus Term: INDUSTRIAL costs ; Company/Entity: BANK MeesPierson (Company); NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; Number of Pages: 31p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jayaratne, Jith
AU  - Wolken, John
T1  - How important are small banks to small business lending? New evidence from a survey of small firms.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/02//
VL  - 23
IS  - 2-4
M3  - Article
SP  - 427
EP  - 458
SN  - 03784266
AB  - Typically, small banks lend a larger proportion of their assets to small businesses than do large banks. The recent wave of bank mergers has thinned the ranks of small banks, raising the concern that small firms may find it difficult to access bank credit. However, bank consolidation will reduce small business credit only if small banks enjoy an advantage in lending to small businesses. We test the existence of a small bank cost advantage in small business lending by conducting the following simple test: If such advantages exist, then we should observe small businesses in areas with few small banks to have less bank credit. Using data on small business borrowers from the 1993 National Survey of Small Business Finance, we find that the probability of a small firm having a line of credit from a bank does not decrease in the long run when there are fewer small banks in the area, although short-run disruptions may occur. Nor do we find that firms in areas with few small banks are any more likely to repay trade credit late, suggesting that such firms are no more credit constrained than firms in areas with many small banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - COMMERCIAL loans
KW  - SMALL business
KW  - BANKING industry
KW  - ECONOMIC surveys
N1  - Accession Number: 11487561; Jayaratne, Jith 1; Wolken, John 2; Email Address: mljdw00@frb.gov; Affiliations: 1: The Tilden Group; 2: Federal Reserve System; Issue Info: Feb99, Vol. 23 Issue 2-4, p427; Thesaurus Term: BANK mergers; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: SMALL business; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIC surveys; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 32p; Illustrations: 8 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
T1  - Bank mergers: What should policymakers do?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1999/02//
VL  - 23
IS  - 2-4
M3  - Article
SP  - 629
EP  - 636
SN  - 03784266
AB  - These remarks discuss why the "cluster" of financial services and local banking markets are still relevant for antitrust analysis in banking. A key portion of the Federal Reserve's Order approving the NationsBank-Barnett merger is interpreted, and the extent to which antitrust is a practical constraint on the development of a nationwide banking structure is commented upon. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - GOVERNMENT policy
KW  - BANKING law & legislation
KW  - ANTITRUST law
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 11487574; Kwast, Myron L. 1; Email Address: mlmlk00@frb.gov; Affiliations: 1: Federal Reserve System; Issue Info: Feb99, Vol. 23 Issue 2-4, p629; Thesaurus Term: BANK mergers; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: BANKING law & legislation; Thesaurus Term: ANTITRUST law ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 8p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11487574&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AD  - Federal Reserve System
T1  - Consolidation and Bank Branching Patterns
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1999/02//
VL  - 23
IS  - 2-4
SP  - 497
EP  - 532
SN  - 03784266
N1  - Accession Number: 0493019 Partial authors List; ; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199907
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Other Spatial Production and Pricing Analysis          R32
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0493019&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bowman, David
AU  - Minehart, Deborah
AU  - Rabin, Matthew
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Loss Aversion in a Consumption-Savings Model
JO  - Journal of Economic Behavior and Organization
JF  - Journal of Economic Behavior and Organization
Y1  - 1999/02//
VL  - 38
IS  - 2
SP  - 155
EP  - 178
SN  - 01672681
N1  - Accession Number: 0491206; Keywords: Saving; Publication Type: Journal Article; Update Code: 199906
N2  - The authors propose a model of consumption and saving based on D. Kahneman and A. Tversky's prospect theory that implies a fundamental asymmetry in consumption behavior inconsistent with other models of consumption. When there is sufficient income uncertainty, a person resists lowering consumption in response to bad news about future income. This resistance is greater than the resistance to increasing consumption in response to good news. The authors present empirical evidence from five countries that confirms this behavior.
KW  - Consumer Economics: Theory          D11
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
L3  - http://www.sciencedirect.com/science/journal/01672681
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0491206&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672681
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Irons, John S.
AD  - Federal Reserve System
AD  - MIT
T1  - Money, Politics and the Post-War Business Cycle
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1999/02//
VL  - 43
IS  - 1
SP  - 61
EP  - 89
SN  - 03043932
N1  - Accession Number: 0485791; Keywords: Business Cycles;  Cycle;  Election;  Monetary Policy;  Monetary;  Money;  Policy;  Political Economy;  Political;  Politics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199904
N2  - The political economy literature has enshrined as stylized fact the view that lower inflation and temporarily lower growth follow the election of Republican presidents and has emphasized political manipulation of monetary policy as an explanation. Support for the monetary explanation comes in econometric work that largely ignores identification issues that dominate the literature on measuring the effects of monetary policy. The authors generalize a standard vector autoregression framework to accommodate discrete, political party variables. They find almost no support for the view that political effects on the macroeconomy operate through monetary policy and only weak evidence that political effects are significant at all.
KW  - Business Fluctuations; Cycles          E32
KW  - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior          D72
KW  - Monetary Policy          E52
KW  - Capitalist Systems: Political Economy          P16
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0485791&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AD  - Federal Reserve System
T1  - Long-Period Trade Elasticities for Canada, Japan, and the United States
JO  - Review of International Economics
JF  - Review of International Economics
Y1  - 1999/02//
VL  - 7
IS  - 1
SP  - 102
EP  - 116
SN  - 09657576
N1  - Accession Number: 0505014; Keywords: Import;  Trade; Geographic Descriptors: Canada; Japan; U.S.; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 199912
N2  - Most analyses of imports use brief, postwar samples and offer a large range of elasticity estimates suggesting that the role of income and prices in determining imports is not known with any precision. This paper offers an analysis of that role using data since 1890 for Canada, Japan, and the United States. The elasticities of the log-linear model are estimated and found to be inconsistent with the view that income and prices affect imports. Optimization models are considered and found to predict secular changes in income and price elasticities and explain the dispersion of estimates of the literature.
KW  - Empirical Studies of Trade          F14
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0505014&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9396/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Judson, Ruth A.
AU  - Schmalensee, Richard
AU  - Stoker, Thomas M.
AD  - Federal Reserve System
AD  - MIT
AD  - MIT
T1  - Economic Development and the Structure of the Demand for Commercial Energy
JO  - Energy Journal
JF  - Energy Journal
Y1  - 1999///
VL  - 20
IS  - 2
SP  - 29
EP  - 57
SN  - 01956574
N1  - Accession Number: 0491066; Keywords: Development;  Energy;  GDP; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199906
N2  - To deepen understanding of the relation between economic development and energy demand, this study estimates the relations between per-capita GDP and per-capita energy consumption in major economic sectors. Panel data covering up to 123 nations are employed, and measurement problems are treated both in dataset construction and in estimation. Time and country fixed effects are assumed, and flexible forms for income effects are employed. There are substantial differences among sectors in the structure of country, time, and income effects. In particular, the household sector's share of aggregate energy consumption tends to fall with income, the share of transportation tends to rise, and the share of industry follows an inverse-U pattern.
KW  - Energy and the Macroeconomy          Q43
KW  - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products          O13
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://www.iaee.org/en/publications/journal.aspx
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0491066&site=ehost-live&scope=site
UR  - http://www.iaee.org/en/publications/journal.aspx
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ghei, Nita
AU  - Kamin, Steven B.
AD  - College Park, MD
AD  - Federal Reserve System
A2  - Hinkle, Lawrence E.
A2  - Montiel, Peter J.
T1  - The Use of the Parallel Market Rate as a Guide to Setting the Official Exchange Rate
T2  - Exchange rate misalignment: Concepts and measurement for developing countries
PB  - Oxford and New York:
PB  - Oxford University Press for the World Bank
Y1  - 1999///
SP  - 497
EP  - 538
N1  - Accession Number: 0581279; Reviewed Book ISBN: 0-19-521126-X; Keywords: Exchange Rates; Geographic Descriptors: LDCs; Publication Type: Collective Volume Article; Update Code: 200110
KW  - Foreign Exchange          F31
KW  - Macroeconomic Analyses of Economic Development          O11
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0581279&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Glick, Reuven
AU  - Hutchison, Michael
AU  - Moreno, Ramon
AD  - Federal Reserve Bank of San Francisco
AD  - Federal Reserve System
AD  - U CA
A2  - Sweeney, Richard J.
A2  - Wihlborg, Clas G.
A2  - Willett, Thomas D.
T1  - Is Pegging the Exchange Rate a Cure for Inflation? East Asian Experiences
T2  - Exchange-rate policies for emerging market economies
PB  - Political Economy of Global Interdependence series.
PB  - Boulder and Oxford:
PB  - Westview Press
Y1  - 1999///
SP  - 165
EP  - 192
N1  - Accession Number: 0568034; Reviewed Book ISBN: 0-8133-3019-X; Keywords: Exchange Rates;  Inflation; Geographic Descriptors: E. Asia; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Foreign Exchange          F31
KW  - International Monetary Arrangements and Institutions          F33
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - International Policy Coordination and Transmission          F42
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0568034&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Mattey, Joe P.
AU  - Wascher, William L.
AD  - U Southern CA
AD  - Federal Reserve Bank of San Francisco
AD  - Federal Reserve System
T1  - House Price Differentials and Dynamics: Evidence from the Los Angeles and San Francisco Metropolitan Areas
JO  - Federal Reserve Bank of San Francisco Economic Review
JF  - Federal Reserve Bank of San Francisco Economic Review
Y1  - 1999///
IS  - 1
SP  - 3
EP  - 22
N1  - Accession Number: 0494552; Keywords: Housing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199908
N2  - This paper applies insights from economic theory to explain recent housing price patterns in California's two largest metropolitan areas. We pay particular attention to the role of migration between metropolitan areas in explaining overall housing price dynamics for a given metropolitan area, and we show how household mobility within a metropolitan area tends to attenuate price pressures in the most supply-constrained places. In reviewing various models' ability to explain California's house price patterns, we also provide some historical perspective on California's urban structure, population growth, and housing price trends.
KW  - Housing Supply and Markets          R31
L3  - http://www.frbsf.org/publications/economics/review/index.php
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0494552&site=ehost-live&scope=site
UR  - http://www.frbsf.org/publications/economics/review/index.php
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hooper, Peter
AD  - US Federal Reserve System
A2  - Heston, Alan
A2  - Lipsey, Robert E.
T1  - The Measurement of Performance in Distribution, Transport, and Communications: The ICOP Approach Applied to Brazil, Mexico, France, and the United States: Comment
T2  - International and interarea comparisons of income, output, and prices
PB  - NBER Studies in Income and Wealth, vol. 61.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 322
EP  - 325
N1  - Accession Number: 0581231; Reviewed Book ISBN: 0-226-33110-5; Keywords: Transport; Publication Type: Collective Volume Article; Update Code: 200110
KW  - Index Numbers and Aggregation; Leading indicators          C43
KW  - Retail and Wholesale Trade; e-Commerce          L81
KW  - Railroads and Other Surface Transportation          L92
KW  - Telecommunications          L96
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0581231&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Levin, Andrew
AD  - US Federal Reserve System
A2  - Heston, Alan
A2  - Lipsey, Robert E.
T1  - Wage Dispersion and Country Price Levels: Comment
T2  - International and interarea comparisons of income, output, and prices
PB  - NBER Studies in Income and Wealth, vol. 61.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 474
EP  - 477
N1  - Accession Number: 0581238; Reviewed Book ISBN: 0-226-33110-5; Keywords: Price Level;  Prices;  Wage; Geographic Descriptors: OECD; Publication Type: Collective Volume Article; Update Code: 200110
KW  - Foreign Exchange          F31
KW  - Wage Level and Structure; Wage Differentials          J31
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0581238&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Carmen M.
AU  - Reinhart, Vincent R.
T1  - On the Use of Reserve Requirements in Dealing with Capital Flow Problems.
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 1999/01//
VL  - 4
IS  - 1
M3  - Article
SP  - 27
EP  - 54
SN  - 10769307
AB  - In recent years, many developing countries have intervened in foreign exchange markets to offset to some extent the effect on their economies of large capital flows. Often changes in reserve requirements were used to mitigate the impact of that intervention on domestic money supplies. Be-cause reserve requirements are a tax, however, changes in reserve requirements can have real effects. This paper shows that the exact implications for output, the real exchange rate and the capital and current accounts depend importantly on who--whether depositors or borrowers--pays the tax. In any case, foreign exchange intervention matched by changes in reserve requirements that keep the money supply fixed do influence the exchange rate in the short and, sometimes, the long run. The recent experiences of ten developing countries establish that, while the incidence of the tax varies considerably across countries and time, both deposit and lending rates of interest respond to changes in reserve requirements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESERVE requirements
KW  - CAPITAL movements
KW  - BALANCE of payments
KW  - FOREIGN exchange market
KW  - DEVELOPING countries
KW  - capital inflows
KW  - intervention
KW  - reserve requirements
N1  - Accession Number: 16891647; Reinhart, Carmen M. 1; Email Address: creinhart@puafmail.umd.edu; Reinhart, Vincent R. 2; Email Address: vreinhart@frb.gov; Affiliations: 1: School of Public Affairs, Room 4113D, Van Munching Hall, University of Maryland, College Park, MD 20742-1821, USA; 2: Board of Governors of the Federal Reserve System, Mail Stop 72, Washington DC, 20051, USA; Issue Info: Jan1999, Vol. 4 Issue 1, p27; Thesaurus Term: RESERVE requirements; Thesaurus Term: CAPITAL movements; Thesaurus Term: BALANCE of payments; Thesaurus Term: FOREIGN exchange market; Subject Term: DEVELOPING countries; Author-Supplied Keyword: capital inflows; Author-Supplied Keyword: intervention; Author-Supplied Keyword: reserve requirements; Number of Pages: 28p; Illustrations: 5 Charts, 6 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16891647&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fergus, James T.
AD  - Federal Reserve System
T1  - Where, When, and by How Much Does Abnormal Weather Affect Housing Construction?
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 1999/01//
VL  - 18
IS  - 1
SP  - 63
EP  - 87
SN  - 08955638
N1  - Accession Number: 0491330; Keywords: Construction;  Housing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199906
N2  - This article investigates whether departures from normal in precipitation or temperature have a significant contemporaneous effect on housing starts in each month of the year, for the nation as a whole and in each of the four Census regions. It also evaluates the extent to which these immediate effects are reversed in later months. The results indicate that atypical weather has statistically significant effects on the change in housing starts that are concentrated in the months of the first quarter and that the magnitude of these effects is quite substantial. However, such effects also are found in some other months as well. Significant lagged effects are found that tend to offset the contemporaneous effects of weather deviations.
KW  - Housing Supply and Markets          R31
KW  - Construction          L74
L3  - http://link.springer.com/journal/volumesAndIssues/11146
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0491330&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Taylor, John B.
T1  - Forward-Looking Rules for Monetary Policy: Comment
T2  - Monetary policy rules
PB  - NBER Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 192
EP  - 199
N1  - Accession Number: 0570065; Reviewed Book ISBN: 0-226-79124-6; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0570065&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Levin, Andrew
AU  - Wieland, Volker
AU  - Williams, John C.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Taylor, John B.
T1  - Robustness of Simple Monetary Policy Rules under Model Uncertainty
T2  - Monetary policy rules
PB  - NBER Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 263
EP  - 299
N1  - Accession Number: 0570069; Reviewed Book ISBN: 0-226-79124-6; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0570069&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Christiano, Lawrence J.
AU  - Gust, Christopher J.
AD  - Northwestern U and NBER
AD  - Federal Reserve System
A2  - Taylor, John B.
T1  - Robustness of Simple Monetary Policy Rules under Model Uncertainty: Comment
T2  - Monetary policy rules
PB  - NBER Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 299
EP  - 316
N1  - Accession Number: 0570070; Reviewed Book ISBN: 0-226-79124-6; Keywords: Monetary Policy;  Monetary;  Policy; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0570070&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Brunner, Allan D.
AU  - Kamin, Steven B.
AD  - US Federal Reserve System
AD  - US Federal Reserve System
A2  - Aggarwal, Raj
T1  - Has Japan Entered a New Era of Financial Constraints?
T2  - Restructuring Japanese business for growth: Strategy, finance, management and marketing perspective
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1999///
SP  - 81
EP  - 100
N1  - Accession Number: 0584314; Reviewed Book ISBN: 0-7923-8583-7; ; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200111
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Financial Institutions and Services: General          G20
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0584314&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Coronado, Julia Lynn
AU  - Fullerton, Don
AU  - Glass, Thomas
AD  - Federal Reserve System
AD  - U TX and NBER
AD  - U TX
A2  - Poterba, James M.
T1  - Distributional Impacts of Proposed Changes to the Social Security System
T2  - Tax policy and the economy. Volume 13
PB  - Cambridge:
PB  - MIT Press for the National Bureau of Economic Research
Y1  - 1999///
SP  - 149
EP  - 186
N1  - Accession Number: 0569681; Reviewed Book ISBN: 0-262-16185-0; 0-262-66150-0; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies          H23
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
KW  - Social Security and Public Pensions          H55
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0569681&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cohen, Darrel
AU  - Hassett, Kevin A.
AU  - Hubbard, R. Glenn
AD  - Federal Reserve System
AD  - American Enterprise Institute
AD  - Columbia U and NBER
A2  - Feldstein, Martin
T1  - Inflation and the User Cost of Capital: Does Inflation Still Matter?
T2  - The costs and benefits of price stability
PB  - NBER Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 199
EP  - 230
N1  - Accession Number: 0568635; Reviewed Book ISBN: 0-226-24099-1; Keywords: Capital;  Inflation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Price Level; Inflation; Deflation          E31
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Capital; Investment; Capacity          E22
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0568635&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Bohn, James G.
AU  - Hall, Brian J.
AD  - Federal Reserve System
AD  - Harvard U and NBER
A2  - Froot, Kenneth A.
T1  - The Moral Hazard of Insuring the Insurers
T2  - The financing of catastrophe risk
PB  - NBER Project Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1999///
SP  - 363
EP  - 384
N1  - Accession Number: 0568719; Reviewed Book ISBN: 0-226-26623-0; Keywords: Hazard;  Moral Hazard; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200107
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Asymmetric and Private Information; Mechanism Design          D82
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0568719&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mauskopf, Eileen
AD  - Federal Reserve System
A2  - Freedman, Craig
T1  - Empirical Determinants of Banking Crises: Japan's Experience in International Perspective: Comment on Hutchinson, McDill and Madrassy
T2  - Why did Japan stumble? Causes and cures
PB  - Cheltenham, U.K. and Northampton, Mass.:
PB  - Elgar in association with the Center for Japanese Economic Studies; distributed by American International Distribution Corporation, Williston, Vt.
Y1  - 1999///
SP  - 184
EP  - 189
N1  - Accession Number: 0584652; Reviewed Book ISBN: 1-85898-834-9; Keywords: Banking; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200111
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Markets and the Macroeconomy          E44
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0584652&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Orphanides, Athanasios
AU  - Wieland, Volker
AD  - Board of Governors of the Federal Reserve System, Division of Monetary Affairs
AD  - Johann Wolfgang Goethe-Universitat
T1  - Inflation zone targetting
PB  - European Central Bank, Working Paper Series: 8
Y1  - 1999///
SP  - 58 pages
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0821001; Keywords: inflation;  monetary policy;  stabilization; Publication Type: Working Paper; Update Code: 200603
N2  - We study optimal monetary policy design in a simple model that deviates from the linear-quadratic paradigm and provides a rationale for the practice of inflation zone targeting. We show that the presence of either zone-quadratic preferences or a zonelinear relationship between inflation and economic activity provides strong incentives to deviate from conventional linear policies. We calibrate the model based on parameters for the U.S. and the Euro area and employ a numerical dynamic programming algorithm to derive the optimal policies. With this algorithm, we examine the role of uncertainty, model structure and relative preference towards economic stability in determining the width of the implied targeted inflation zone.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
L3  - http://www.ecb.int/pub/pdf/scpwps/ecbwp008.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0821001&site=ehost-live&scope=site
UR  - http://www.ecb.int/pub/pdf/scpwps/ecbwp008.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sakellaris, Plutarchos
AU  - Spilimbergo, Antonio
AD  - Department of Economics, University of Maryland and Board of Governors of the Federal Reserve System
AD  - International Monetary Fund
T1  - Business Cycles and Investment in Human Capital: International Evidence on Higher Education
PB  - University of Maryland, Department of Economics, Electronic Working Papers
Y1  - 1999///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0912163; Keywords: Business Cycles, Education, OECD, Credit Constraints, Opportunity Cost; Publication Type: Working Paper; Update Code: 200706
N2  - We study the effect of economic fluctuations on investment in higher education for a wide range of countries. Our main focus is foreign students who come to the United States to attend university. There is a strong relation between enrollment and the business cycle in the sending country. The cyclical pattern of enrollment is sharply different for two groups of countries. For OECD countries enrollment is countercyclical, whereas for non-OECD countries it is procyclical. At business cycle frequencies, opportunity cost plays a dominant role in explaining enrollment from OECD countries, whereas ability to pay and credit constraints seem more prevalent at non-OECD countries. The results are confirmed using data on domestic enrollment from national sources.
KW  - Business Fluctuations; Cycles          E32
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
KW  - International Factor Movements and International Business: General          F20
L3  - http://www.bsos.umd.edu/econ/papers/sakellaris9901.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0912163&site=ehost-live&scope=site
UR  - http://www.bsos.umd.edu/econ/papers/sakellaris9901.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - UNPB
AU  - Sakellaris, Plutarchos
AU  - Spilimbergo, Antonio
AD  - Department of Economics, University of Maryland and Board of Governors of the Federal Reserve System
AD  - International Monetary Fund
T1  - Business Cycles and Investment in Human Capital: International Evidence on Higher Education
PB  - University of Maryland, Department of Economics, Electronic Working Papers
Y1  - 1999///
AV  - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org
N1  - Accession Number: 0725370; Keywords: Business Cycles, Education, OECD, Credit Constraints, Opportunity Cost; Publication Type: Working Paper; Update Code: 200404
N2  - We study the effect of economic fluctuations on investment in higher education for a wide range of countries. Our main focus is foreign students who come to the United States to attend university. There is a strong relation between enrollment and the business cycle in the sending country. The cyclical pattern of enrollment is sharply different for two groups of countries. For OECD countries enrollment is countercyclical, whereas for non-OECD countries it is procyclical. At business cycle frequencies, opportunity cost plays a dominant role in explaining enrollment from OECD countries, whereas ability to pay and credit constraints seem more prevalent at non-OECD countries. The results are confirmed using data on domestic enrollment from national sources.
KW  - Business Fluctuations; Cycles          E32
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
KW  - International Factor Movements and International Business: General          F20
L3  - http://www.bsos.umd.edu/econ/papers/sakellaris9901.pdf
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0725370&site=ehost-live&scope=site
UR  - http://www.bsos.umd.edu/econ/papers/sakellaris9901.pdf
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, John
AD  - Federal Reserve System
T1  - The Robustness of Identified VAR Conclusions about Money
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1998/12//
VL  - 49
SP  - 207
EP  - 244
SN  - 01672231
N1  - Accession Number: 0490996; Keywords: Autoregressive;  Identification;  Money;  VAR; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199906
N2  - This paper presents a new way to assess robustness of claims from identified vector autoregressive (VAR) work. All possible identifications are checked for the one that is worst for the claim, subject to the restriction that the VAR produce reasonable impulse responses to shocks. The parameter on which the claim is based need not be identified; thus, one can assess claims in large models using minimal restrictions. The technique reveals only weak support for the claim that monetary policy shocks contribute a small portion of the forecast error variance of postwar U.S. output in standard six-variable and thirteen-variable models.
KW  - Monetary Policy          E52
KW  - Model Construction and Estimation          C51
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0490996&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, October 1, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/12//
VL  - 84
IS  - 12
SP  - 1046
EP  - 1050
SN  - 00149209
N1  - Accession Number: 0486884; Keywords: Financial Services;  Fund;  Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199904
N2  - Alan Greenspan, Chairman, Board of Governors, reports on the Federal Reserve's role in facilitating the private-sector refinancing of the large hedge fund Long-Term Capital Management (LTCM) and testifies that officials of the Federal Reserve Bank of New York facilitated discussions in which the private parties arrived at an agreement that both served their mutual self-interest and avoided possible serious market dislocations. Chairman Greenspan states further that the efforts were limited to facilitating a private-sector agreement and had no implications for Federal Reserve resources or policies. (Testimony before the House Committee on Banking and Financial Services, October 1, 1998).
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0486884&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services, October 8, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/12//
VL  - 84
IS  - 12
SP  - 1054
EP  - 1056
SN  - 00149209
N1  - Accession Number: 0486886; Keywords: Currency;  Monetary; Geographic Descriptors: U.S.; Europe; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199904
N2  - Theodore H. Allison, Assistant to the Board of Governors, comments on the implications for the demand for Federal Reserve notes that are likely to follow from the issuance of euro bank notes, which will replace the national currency notes of eleven participating nations in Europe early in the next decade, and testifies that the availability of euro notes will reduce the use of dollars outside the United States to some extent. Mr. Allison further testifies that two aspects of the foreign demand for hard currency notes could hasten somewhat a substitution of euro notes for dollars: the first would be the availability of higher-denomination euro notes, and the second would be a public perception that dollar notes are significantly less secure against counterfeiting. (Testimony before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, October 8, 1998).
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - International Monetary Arrangements and Institutions          F33
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0486886&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Judson, Ruth
AD  - Federal Reserve System
T1  - Economic Growth and Investment in Education: How Allocation Matters
JO  - Journal of Economic Growth
JF  - Journal of Economic Growth
Y1  - 1998/12//
VL  - 3
IS  - 4
SP  - 337
EP  - 359
SN  - 13814338
N1  - Accession Number: 0489832; Keywords: Economic Growth;  Education;  Growth;  Training; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199905
N2  - This article proposes an approach to answering two questions: first, does investment in education help growth; second, does the allocation of investment in education matter? I develop a model where individual ability is heterogeneous and education both trains students and reveals their suitability for further training. I use UNESCO data on educational enrollments and spending to estimate the efficiency of existing educational allocations in a panel of countries. A cross-country growth decomposition regression shows that the correlation of human capital capital accumulation and GDP growth is not significant in countries with poor allocations but is significant and positive in countries with better allocations.
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Economic Development: Human Resources; Human Development; Income Distribution; Migration          O15
L3  - http://link.springer.com/journal/volumesAndIssues/10887
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0489832&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10887
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
AD  - Federal Reserve System
T1  - Policy Watch: The Introduction of Indexed Government Debt in the United States
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1998///Winter
VL  - 12
IS  - 1
SP  - 219
EP  - 227
SN  - 08953309
N1  - Accession Number: 0454352; Keywords: Bonds;  Debt;  Policy;  Treasury; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
N2  - This article describes the early phases of the development of the market for indexed government debt in the United States. The first such bonds were issued in 1997--one set with a maturity of ten years, the other with a maturity of five years. In the wake of the Treasury issuance, several non-Treasury borrowers have issued indexed debt and several new index-linked products for retail customers have been introduced. As expected, the new indexed notes have 'outperformed' conventional nominal notes in the secondary markets for Treasury debt when bad news has become available about inflation and conversely.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - National Debt; Debt Management; Sovereign Debt          H63
KW  - Fiscal Policy          E62
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.aeaweb.org/jep/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0454352&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/jep.12.1.219
UR  - http://www.aeaweb.org/jep/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duffee, Gregory R.
AD  - Federal Reserve System
T1  - The Relation between Treasury Yields and Corporate Bond Yield Spreads
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1998/12//
VL  - 53
IS  - 6
SP  - 2225
EP  - 2241
SN  - 00221082
N1  - Accession Number: 0483517; Keywords: Bonds;  Yield; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199902
N2  - Because the option to call a corporate bond should rise in value when bond yields fall, the relation between noncallable Treasury yields and spreads of corporate bond yields over Treasury yields should depend on the callability of the corporate bond. The author confirms this hypothesis for investment-grade corporate bonds. Although yield spreads on both callable and noncallable corporate bonds fall when Treasury yields rise, this relation is much stronger for callable bonds. This result has important implications for interpreting the behavior of yields on commonly used corporate bond indexes, which are composed primarily of callable bonds.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0483517&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Prager, Robin A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Relaxation of Entry Barriers in the Banking Industry: An Empirical Investigation
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1998/12//
VL  - 14
IS  - 3
SP  - 171
EP  - 188
SN  - 09208550
N1  - Accession Number: 0497542; Keywords: Bank;  Banking;  Deposit;  Entry; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199910
N2  - Until recently, state laws restricted entry into local banking markets in many states by limiting both branching and multibank holding company (MBHC) operations. To the extent that these laws impeded entry into local banking markets, the removal or relaxation of the restrictions should have reduced barriers to entry, leading to more competitive price levels in the affected markets. This paper tests for such effects by examining the changes in deposit interest rates offered by banks operating in markets affected by liberalization of state banking law relative to the changes in deposit interest rates offered during the same time period by banks operating in markets not affected by such liberalization. We find evidence that liberalization of state laws restricting intrastate MBHC operations, interstate branches, and interstate MBHC operations caused deposit interest rates to become more competitive. We, however, find no evidence of such effects associated with the removal of restrictions on intrastate branching.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0497542&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Prager, Robin A.
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence from the Banking Industry
JO  - Journal of Industrial Economics
JF  - Journal of Industrial Economics
Y1  - 1998/12//
VL  - 46
IS  - 4
SP  - 433
EP  - 452
SN  - 00221821
N1  - Accession Number: 0483536; Keywords: Bank;  Banking;  Deposit;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199902
N2  - This study examines the price effects of recent U.S. bank mergers that substantially increased local market concentration. Using the deposit interest rates that banks offer their customers as their price measure, the authors find that, over the 1991-94 time period, deposit rates offered by participants in substantial horizontal mergers and their local market rivals declined by a greater percentage than did deposit rates offered by banks not operating in markets in which such mergers took place. The authors interpret their results as evidence that these mergers led to increased market power.
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-6451/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-6451/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kiley, Michael T.
AD  - Federal Reserve System
T1  - Predicting Tax Rate Changes: Insights from the Permanent Income Hypothesis
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 1998///Winter
VL  - 20
IS  - 1
SP  - 153
EP  - 167
SN  - 01640704
N1  - Accession Number: 0454478; Keywords: Income Tax;  Tax; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199805
N2  - A large literature demonstrates that changes in aggregate tax rates are basically unpredictable. These previous results typically assume that the alternative to a random walk in tax rates is either serially correlated tax rate changes, or tax rate changes closely tied to lagged government spending. We show that the permanent income hypothesis implies that consumption movements should predict income tax changes if the changes are anticipated, regardless of the reason for the anticipated change. The evidence for a range of countries supports this implication, thus demonstrating that the random walk characterization of aggregate tax rates found previously stems entirely from the limited set of alternative hypotheses considered.
KW  - Fiscal Policy          E62
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
L3  - http://www.sciencedirect.com/science/journal/01640704
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UR  - http://www.sciencedirect.com/science/journal/01640704
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennedy, James E.
AD  - Federal Reserve System
T1  - An Analysis of Time-Series Estimates of Capacity Utilization
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 1998///Winter
VL  - 20
IS  - 1
SP  - 169
EP  - 187
SN  - 01640704
N1  - Accession Number: 0454479; Keywords: Capacity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
N2  - The Federal Reserve's capacity utilization series constitute an important indicator of resource utilization. Because capacity is difficult to measure, this paper considers time-series alternatives. All that is needed to estimate the permanent component is an IP index. The time-series measures have the advantage of being consistently measured over time and easily reproducible. The FRB series are evaluated relative to the alternatives in terms of their ability to explain and predict inflation. The alternatives generally perform as well or better than the FRB series in these tests.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.sciencedirect.com/science/journal/01640704
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UR  - http://www.sciencedirect.com/science/journal/01640704
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, September 9, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/11//
VL  - 84
IS  - 11
SP  - 925
EP  - 926
SN  - 00149209
N1  - Accession Number: 0484679; Keywords: Pension;  Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199903
N2  - Edward M. Gramlich, member, Board of Governors, testifies on social security reform as past chair of the 1994-96 Quadrennial Advisory Council on Social Security and stresses the importance of two goals: the first is to make affordable the important social protections of this program, and the second is to add new national saving for retirement. Governor Gramlich further states that the social security and pension changes that he has recommended would mean that approximately the scheduled level of benefits would be paid to all wage classes of workers of all ages, and that these benefits would be financed, as they are not under present law. (Testimony before the Senate Committee on Finance, September 9, 1998,)
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, September 16, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/11//
VL  - 84
IS  - 11
SP  - 926
EP  - 935
SN  - 00149209
N1  - Accession Number: 0484680; Keywords: Banking;  Financial Services;  Policy; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199903
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the recent problems in the international financial system and testifies that participation in the international financial system, with all its benefits, carries with it an obligation to maintain a level of stability and a set of strong and transparent institutions and rules if an economy is to participate safely and effectively in markets that have become highly sensitive to misallocation of capital and other policy errors. Chairman Greenspan states further that the conditions that should be met before engaging in international borrowing need to be promulgated and better monitored by domestic regulatory authorities. (Testimony before the House Committee on Banking and Financial Services, September 16, 1998.)
KW  - International Financial Markets          G15
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Budget, September 23, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/11//
VL  - 84
IS  - 11
SP  - 936
EP  - 938
SN  - 00149209
N1  - Accession Number: 0484681; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199903
N2  - Chairman Greenspan testifies that, with few signs that the financial crisis that started in Asia last year has subsided, or is about to do so, policymakers around the world have to be especially sensitive to the deepening signs of global distress, which can impact their own economies. Chairman Greenspan further states that improvements in transparency, in commercial and legal structures, as well as in supervision cannot be implemented quickly and that accordingly the current crisis will have to be addressed with ad hoc remedies. (Testimony before the Senate Committee on the Budget, September 23, 1998.)
KW  - International Financial Markets          G15
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - International Lending and Debt Problems          F34
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0484681&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Saunders, Anthony
AU  - Scalise, Joseph M.
AU  - Udell, Gregory F.
T1  - The effects of bank mergers and acquisitions on small business lending.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1998/11//
VL  - 50
IS  - 2
M3  - Article
SP  - 187
EP  - 229
SN  - 0304405X
AB  - We examine the effects of bank M&As on small business lending using data on over 6000 recent U.S. bank M&As. We are the first to decompose the impact of M&As into the static effects from simply melding the antecedent institutions and the dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the dynamic reactions of other local banks. We find that the static effects of consolidation reduce small business lending, but are mostly offset by the reactions of other banks, and in some cases also by refocusing efforts of the consolidating institutions themselves. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - SMALL business
KW  - BUSINESS
KW  - FINANCIAL institutions
KW  - BANK mergers
KW  - FINANCE
N1  - Accession Number: 12133452; Berger, Allen N. 1,2; Email Address: aberger@frb.gov.; Saunders, Anthony 3; Scalise, Joseph M. 4; Udell, Gregory F. 5; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, Dc, USA; 2: Wharton Financial Institution Center, Philadelphia, PA, USA; 3: Stern School of Business, New York University,New York, NY,USA; 4: Wharton School of Business, University of Pennsylvania, philadephia, PA,USA; 5: Kelley School of Business, Indina Universitry, Bloomington, IN,USA; Issue Info: Nov98, Vol. 50 Issue 2, p187; Thesaurus Term: BANKING industry; Thesaurus Term: SMALL business; Thesaurus Term: BUSINESS; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: BANK mergers; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 43p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - FURFINE, CRAIG H.
AU  - STEHM, JEFF
T1  - Analysing Alternative Intraday Credit Policies in Real-Time Gross Settlement Systems.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1998/11//
VL  - 30
IS  - 4
M3  - Article
SP  - 832
EP  - 848
PB  - Ohio State University Press
SN  - 00222879
AB  - This paper examines a central bank's choice of intraday credit policy for real-time gross settlement (RTGS) systems. Formal analysis of central bank objectives and commercial bank payment activity provides insight into both the choice and effects of several possible intraday credit policies. Observed intraday credit policies are interpreted within the context of the model. Among G-10 central banks, different combinations of prices, collateral, and quantity limits have been chosen to manage the supply of intraday credit. Conditions that rationalize these choices are shown to rely on (a) central bank preferences regarding credit risk and systemic risk, (b) liquidity management technologies, and (c) the cost of collateral. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT control
KW  - BANKING industry
KW  - COMMERCIAL credit
KW  - CREDIT ratings
KW  - LOAN review
KW  - INTEREST rate risk
N1  - Accession Number: 1244122; FURFINE, CRAIG H. 1; STEHM, JEFF 2; Affiliations: 1: Economist with the Bank for International Settlements (BIS); 2: Manager, Division of Reserve Bank Operations and Payment Systems Board of Governors of the Federal Reserve System; Issue Info: Nov98, Vol. 30 Issue 4, p832; Thesaurus Term: CREDIT control; Thesaurus Term: BANKING industry; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: CREDIT ratings; Thesaurus Term: LOAN review; Thesaurus Term: INTEREST rate risk; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jones, Charles I.
AU  - Williams, John C.
T1  - MEASURING THE SOCIAL RETURN TO R&D.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1998/11//
VL  - 113
IS  - 4
M3  - Article
SP  - 1119
EP  - 1135
PB  - Oxford University Press / USA
SN  - 00335533
AB  - Is there too much or too little research and development (R&D)? In this paper we bridge the gap between the recent growth literature and the empirical productivity literature. We derive in a growth model the relationship between the social rate of return to R&D and the coefficient estimates of the empirical literature and show that these estimates represent a lower bound. Furthermore, our analytic framework provides a direct mapping from the rate of return to the degree of underinvestment in research. Conservative estimates suggest that optimal R&D investment is at least two to four times actual investment. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL investments
KW  - RATE of return
KW  - CAPITAL
KW  - INDUSTRIAL research
KW  - FINANCIAL performance
KW  - MATHEMATICAL models
N1  - Accession Number: 1287835; Jones, Charles I. 1,2; Williams, John C. 1,2; Affiliations: 1: Stanford University.; 2: Board of Governors of the Federal Reserve System.; Issue Info: Nov98, Vol. 113 Issue 4, p1119; Thesaurus Term: CAPITAL investments; Thesaurus Term: RATE of return; Thesaurus Term: CAPITAL; Thesaurus Term: INDUSTRIAL research; Thesaurus Term: FINANCIAL performance; Thesaurus Term: MATHEMATICAL models; Number of Pages: 17p; Illustrations: 1 Chart, 1 Graph; Document Type: Article; Full Text Word Count: 6281
L3  - 10.1162/003355398555856
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=1287835&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Nakamura, Leonard I.
T1  - BRANCH BANKING AND THE GEOGRAPHY OF BANK PRICING.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1998/11//
VL  - 80
IS  - 4
M3  - Article
SP  - 600
EP  - 610
PB  - MIT Press
SN  - 00346535
AB  - We show that bank branching tends to mitigate localized market power by broadening the geographic scope of competition among banks, even though branch banking allows banks to differentiate themselves through their choices of branch locations. Banking services at peripheral locations will be priced more competitively when those locales are served by branch networks. We develop a theoretical model in support of this view and offer empirical evidence. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BRANCH banks
KW  - BANKING industry -- Location
KW  - PRICING
KW  - MONETARY policy
KW  - REGRESSION analysis
KW  - COMPETITION
N1  - Accession Number: 1450095; Calem, Paul S. 1; Nakamura, Leonard I. 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: Federal Reserve Bank of Philadelphia.; Issue Info: Nov98, Vol. 80 Issue 4, p600; Thesaurus Term: BRANCH banks; Thesaurus Term: BANKING industry -- Location; Thesaurus Term: PRICING; Thesaurus Term: MONETARY policy; Thesaurus Term: REGRESSION analysis; Subject Term: COMPETITION; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 11p; Illustrations: 5 Charts; Document Type: Article; Full Text Word Count: 10360
L3  - 10.1162/003465398557681
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carruth, Alan A.
AU  - Hooker, Mark A.
AU  - Oswald, Andrew J.
AD  - U Kent
AD  - Federal Reserve System
AD  - Warwick U
T1  - Unemployment Equilibria and Input Prices: Theory and Evidence from the United States
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1998/11//
VL  - 80
IS  - 4
SP  - 621
EP  - 628
SN  - 00346535
N1  - Accession Number: 0484530; Keywords: Unemployment;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199903
N2  - This paper develops an efficiency-wage model in which input prices affect the equilibrium rate of unemployment. The authors show that a simple framework based on only two prices (the real price of oil and the real rate of interest) is able to explain the main postwar movements in the rate of U.S. joblessness. The equations do well in forecasting unemployment many years out of sample and provide evidence that the oil-price spike associated with Iraq's invasion of Kuwait appears to be a component of the 'mystery' recession that followed.
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
L3  - http://www.mitpressjournals.org/loi/rest
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkowitz, Jeremy
AU  - Diebold, Francis X.
AD  - Federal Reserve System
AD  - U PA and NBER
T1  - Bootstrapping Multivariate Spectra
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1998/11//
VL  - 80
IS  - 4
SP  - 664
EP  - 666
SN  - 00346535
N1  - Accession Number: 0484535; Keywords: Econometrics;  Frequency Domain;  Multivariate; Publication Type: Journal Article; Update Code: 199903
N2  - The authors generalize the Franke-Hardle bootstrap to the multivariate case. The extension is nontrivial and facilitates use of the Franke-Hardle bootstrap in frequency-domain econometric work, which often centers on cross-variable dynamic interactions. The authors document the bootstrap's good finite-sample performance in a small Monte Carlo experiment and they conclude by highlighting key directions for future research.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://www.mitpressjournals.org/loi/rest
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UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - Is There a New Economy?
JO  - California Management Review
JF  - California Management Review
Y1  - 1998///Fall1998
VL  - 41
IS  - 1
M3  - Article
SP  - 74
EP  - 85
PB  - California Management Review
SN  - 00081256
AB  - Federal Reserve Chairman Alan Greenspan inaugurated the Haas Annual Business Faculty Research Dialogue at the University of California, Berkeley, on September 4, 1998. In this article, the chief architect of U.S. monetary policy acknowledges the unpredicted and somewhat inexplicable "new" features of the economy. He also lays out some enduring lessons from the old economy. One of those lessons is that expectations about the future inevitably hold sway in the markets for both financial capital and physical capital. Investment inherently turns on expectations about the sizes and risks of profit and loss. These expectations reflect not only data but also human psychology. [ABSTRACT FROM AUTHOR]
AB  - Copyright of California Management Review is the property of California Management Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGICAL innovations
KW  - INFLATION (Finance)
KW  - INVESTMENTS
KW  - STOCKS (Finance) -- Prices
KW  - ECONOMIC forecasting
KW  - MONETARY policy
KW  - BANKING industry -- United States
KW  - GLOBALIZATION
KW  - INTERNATIONAL economic relations
KW  - BUSINESS cycles
KW  - UNITED States -- Economic conditions
KW  - ECONOMIC aspects
KW  - UNITED States
N1  - Accession Number: 1378800; Greenspan, Alan 1; Affiliations: 1: Chairman of the Board, Governors of the Federal Reserve System; Issue Info: Fall1998, Vol. 41 Issue 1, p74; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INVESTMENTS; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: GLOBALIZATION; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: BUSINESS cycles; Subject Term: UNITED States -- Economic conditions; Subject Term: ECONOMIC aspects; Subject: UNITED States; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 12p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=1378800&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jones, David
AU  - Mingo, John
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Industry Practices in Credit Risk Modeling and Internal Capital Allocations: Implications for a Models-Based Regulatory Capitol Standard
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 1998/10//
VL  - 4
IS  - 3
SP  - 53
EP  - 60
SN  - 01476580
N1  - Accession Number: 0480990; Keywords: Capital;  Credit; Publication Type: Journal Article; Update Code: 199901
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0480990&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick
AD  - Federal Reserve System
T1  - Incentive-Compatible Regulation: Views on the Precommitment Approach: Commentary
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 1998/10//
VL  - 4
IS  - 3
SP  - 155
EP  - 159
SN  - 01476580
N1  - Accession Number: 0481003; Keywords: Regulation; Publication Type: Journal Article; Update Code: 199901
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481003&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - The Role of Capital in Optimal Banking Supervision and Regulation
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 1998/10//
VL  - 4
IS  - 3
SP  - 163
EP  - 168
SN  - 01476580
N1  - Accession Number: 0481004; Keywords: Banking;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481004&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AU  - O'Brien, James M.
AD  - Freddie Mac Corporation
AD  - Federal Reserve System
T1  - Deposit Insurance, Bank Incentives, and the Design of Regulatory Policy
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 1998/10//
VL  - 4
IS  - 3
SP  - 201
EP  - 211
SN  - 01476580
N1  - Accession Number: 0481009; Keywords: Bank;  Deposit Insurance;  Deposit;  Policy; Publication Type: Journal Article; Update Code: 199901
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481009&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Frankel, Allen B.
AD  - Federal Reserve System
T1  - Issues in Financial Institution Capital in Emerging Market Economies
JO  - Federal Reserve Bank of New York Economic Policy Review
JF  - Federal Reserve Bank of New York Economic Policy Review
Y1  - 1998/10//
VL  - 4
IS  - 3
SP  - 212
EP  - 223
SN  - 01476580
N1  - Accession Number: 0481010; Keywords: Financial Institutions; Publication Type: Journal Article; Update Code: 199901
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.ny.frb.org/research/epr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481010&site=ehost-live&scope=site
UR  - http://www.ny.frb.org/research/epr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - Hendry, David F.
AU  - Mizon, Grayham E.
AD  - Federal Reserve System
AD  - Nuffield College, Oxford
AD  - European U Institute and Southampton U
T1  - Exogeneity, Cointegration, and Economic Policy Analysis
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1998/10//
VL  - 16
IS  - 4
SP  - 370
EP  - 387
SN  - 07350015
N1  - Accession Number: 0481046; Keywords: Money Demand;  Money; Publication Type: Journal Article; Update Code: 199901
N2  - This overview examines conditions for reliable economic policy analysis based on econometric models, focusing on the econometric concepts of exogeneity, cointegration, causality, and invariance. Weak, strong, and super exogeneity are discussed in general and these concepts are then applied to the use of econometric models in policy analysis when the variables are cointegrated. Implications follow for model constancy, the Lucas critique, equation inversion, and impulse response analysis. A small money-demand model for the United Kingdom illustrates the main analytical points. This article then summarizes the other articles in this issue's special section on exogeneity, cointegration, and economic policy analysis.
KW  - Econometric Modeling: General          C50
KW  - Demand for Money          E41
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481046&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - de Brouwer, Gordon
AU  - Ericsson, Neil R.
AD  - Reserve Bank of Australia
AD  - Federal Reserve System
T1  - Modeling Inflation in Australia
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1998/10//
VL  - 16
IS  - 4
SP  - 433
EP  - 449
SN  - 07350015
N1  - Accession Number: 0481051; Keywords: Forecasting;  Modeling;  Prices; Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 199901
N2  - This article develops an empirically constant, data-coherent, error-correction model for inflation in Australia. The level of consumer prices is a markup over domestic and import costs, with adjustments for dynamics and relative aggregate demand. The authors address issues of cointegration, general to specific modeling, dynamic specification, model evaluation and testing, parameter constancy, forecasting, and exogeneity. They also test this model against existing models of Australian prices: this model encompasses, but is not encompassed by, the existing models.
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481051&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - On the Inverse of the Covariance Matrix in Portfolio Analysis
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1998/10//
VL  - 53
IS  - 5
SP  - 1821
EP  - 1827
SN  - 00221082
N1  - Accession Number: 0478714; Keywords: Portfolio;  Risk Return; Publication Type: Journal Article; Update Code: 199812
N2  - The goal of this paper is the derivation and application of a direct characterization of the inverse of the covariance matrix central to portfolio analysis. Such a characterization, in terms of a few primitive constructs, provides the basis for new and illuminating expressions for key concepts as the optimal holding of a given risky asset and the slope of the risk-return efficiency frontier faced by the individual investor. The building blocks of the inverse turn out to be the regression coefficients and residual variance obtained by regressing the asset's excess return on the set of excess returns for all other risky assets.
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0478714&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Davies, Sally M.
AD  - Federal Reserve System and Wharton Financial Institutions Center
AD  - Federal Reserve System
T1  - The Information Content of Bank Examinations
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1998/10//
VL  - 14
IS  - 2
SP  - 117
EP  - 144
SN  - 09208550
N1  - Accession Number: 0491263; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199906
N2  - We identify three types of information from bank examinations--"auditing information" from verifying the honesty and accuracy of the bank's books, "regulatory discipline information" about the treatment of the bank by regulators, and "private information" about bank condition. We estimate these information effects by comparing the cumulative abnormal market returns associated with examinations in which the CAMEL rating remained unchanged, improved, and worsened. All three information effects are found to be greater for banks entering the examination process with unsatisfactory ratings from prior examinations. The only consistently strong effect found is that examination downgrades appear to reveal unfavorable private information about bank condition. The evidence also suggests that the information may reach the market in part through loan quality data released in quarterly financial statements.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0491263&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Beaulieu, J. Joseph
AU  - Mattey, Joe
T1  - The Workweek of Capital and Capital Utilization in Manufacturing.
JO  - Journal of Productivity Analysis
JF  - Journal of Productivity Analysis
Y1  - 1998/10//
VL  - 10
IS  - 2
M3  - Article
SP  - 199
EP  - 223
SN  - 0895562X
AB  - Over the typical intervals of time studied in economic analysis, the flow of capital services is not a fixed proportion of the capital stock. Much of the short-run variation in capital services comes from the duration of operations. This paper presents new estimates of the workweek of capital from the Census Bureau's Survey of Plant Capacity (SPC), both for our own analytical use and to make workweek data more widely available to other researchers. The paper uses these workweek estimates to reconsider various results in the literature on capital utilization and productivity growth. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Productivity Analysis is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL
KW  - MANUFACTURING industries
KW  - CAPITAL investments
KW  - ESTIMATION theory
KW  - POWER plants
KW  - PLANT capacity
KW  - Capital Utilization
KW  - Productivity Growth
KW  - Workweek of Capital
N1  - Accession Number: 16847762; Beaulieu, J. Joseph 1; Email Address: m1jjb00@frb.gov; Mattey, Joe 2; Email Address: Joe.Mattey@sf.frb.org; Affiliations: 1: Mail Stop 82, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; 2: Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105.; Issue Info: Oct1998, Vol. 10 Issue 2, p199; Thesaurus Term: CAPITAL; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: CAPITAL investments; Thesaurus Term: ESTIMATION theory; Thesaurus Term: POWER plants; Thesaurus Term: PLANT capacity; Author-Supplied Keyword: Capital Utilization; Author-Supplied Keyword: Productivity Growth; Author-Supplied Keyword: Workweek of Capital; NAICS/Industry Codes: 237130 Power and Communication Line and Related Structures Construction; Number of Pages: 25p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16847762&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statment to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, July 16, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/09//
VL  - 84
IS  - 9
SP  - 725
EP  - 729
SN  - 00149209
N1  - Accession Number: 0481680; Keywords: Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481680&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Financial Institutions and Regulatory Relief and the Subcommittee on Housing Opportunity and Community Development of the Committee on Banking, Housing, and Urban Affairs, July 17, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/09//
VL  - 84
IS  - 9
SP  - 730
EP  - 735
SN  - 00149209
N1  - Accession Number: 0481681; Keywords: Banking;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481681&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 21, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/09//
VL  - 84
IS  - 9
SP  - 735
EP  - 742
SN  - 00149209
N1  - Accession Number: 0481682; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481682&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, July 24, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/09//
VL  - 84
IS  - 9
SP  - 742
EP  - 745
SN  - 00149209
N1  - Accession Number: 0481683; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481683&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
T1  - Comment on THE LEGAL ENVIRONMENT, BANKS, AND LONG-RUN ECONOMIC GROWTH.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1998/08/02/Aug1998 Part 2
VL  - 30
IS  - 3
M3  - Article
SP  - 614
EP  - 620
PB  - Ohio State University Press
SN  - 00222879
AB  - Comments are presented on the article "The Legal Environment, Banks and Long-Run Economic Growth," by Ross Levine, published in the August 1998 issue of the "Journal of Money, Credit and Banking." Levine's paper examines the impact of bank development on economic growth by isolating the legal determinants of bank development and examining the relationship between these determinants and economic growth in a cross-country setting. The author considers whether bank development could be proxying for government budget deficit. Differences in the economies of various countries are considered. The author concludes that the degree of bank development and economic growth are positively related.
KW  - BANKING industry
KW  - ECONOMIC development
KW  - SAVING & investment
KW  - MONEY
KW  - JUSTICE administration
KW  - LEVINE, Ross
N1  - Accession Number: 9594709; Ahmed, Shaghil 1; Affiliations: 1: Staff Economist, International Finance Division, Board of Governors of Federal Reserve System; Issue Info: Aug1998 Part 2, Vol. 30 Issue 3, p614; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIC development; Thesaurus Term: SAVING & investment; Thesaurus Term: MONEY; Subject Term: JUSTICE administration; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; People: LEVINE, Ross; Number of Pages: 7p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9594709&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gordy, Michael B.
AD  - Federal Reserve System
T1  - Computationally Convenient Distributional Assumptions for Common-Value Auctions
JO  - Computational Economics
JF  - Computational Economics
Y1  - 1998/08//
VL  - 12
IS  - 1
SP  - 61
EP  - 78
SN  - 09277099
N1  - Accession Number: 0473525; Keywords: Auctions;  Bidding;  Equilibrium; Publication Type: Journal Article; Update Code: 199810
N2  - Although the mathematical foundations of common-value auctions have been well understood since Milgrom and Weber (1982), equilibrium bidding strategies are computationally complex. Very few calculated examples can be found in the literature, and only for highly specialized cases. This paper introduces two sets of distributional assumptions that are flexible enough for theoretical and empirical applications, yet permit straightforward calculation of equilibrium bidding strategies.
KW  - Computational Techniques; Simulation Modeling          C63
KW  - Auctions          D44
L3  - http://link.springer.com/journal/volumesAndIssues/10614
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0473525&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10614
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Judiciary, June 3, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 619
EP  - 627
SN  - 00149209
N1  - Accession Number: 0481671; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Antitrust Issues and Policies: General          L40
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481671&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Social Security of the Committee on Ways and Means, June 3, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 627
EP  - 628
SN  - 00149209
N1  - Accession Number: 0481672; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481672&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ferguson, Roger W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Finance and Hazardous Materials of the Committee on Commerce, June 4, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 628
EP  - 632
SN  - 00149209
N1  - Accession Number: 0481673; Keywords: Finance; Publication Type: Journal Article; Update Code: 199901
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Microelectronics; Computers; Communications Equipment          L63
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481673&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, June 10, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 632
EP  - 636
SN  - 00149209
N1  - Accession Number: 0481674; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481674&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Biern, Herbert A.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, June 11, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 639
EP  - 643
SN  - 00149209
N1  - Accession Number: 0481675; Keywords: Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481675&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Judiciary, June 16, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 643
EP  - 647
SN  - 00149209
N1  - Accession Number: 0481676; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481676&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, June 17, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/08//
VL  - 84
IS  - 8
SP  - 647
EP  - 659
SN  - 00149209
N1  - Accession Number: 0481677; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financial Institutions and Services: General          G20
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481677&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
AD  - Wharton Financial Institutions Center and Federal Reserve System
AD  - IN U
T1  - The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 613
EP  - 673
SN  - 03784266
N1  - Accession Number: 0476979; Keywords: Capital Structure;  Capital;  Finance;  Financing;  Firm; Publication Type: Journal Article; Update Code: 199811
N2  - This article examines the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0476979&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - The 'Credit Crunch' and the Availability of Credit to Small Business
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 983
EP  - 1014
SN  - 03784266
N1  - Accession Number: 0477001; Keywords: Bank;  Credit Crunch;  Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
N2  - We present estimates of how much bank loans and real activity in small businesses responded to changes in banks' capital conditions and other bank and aggregate economic conditions. Using data for 1989-1992 by state, we estimated the effects of those factors on employment, payrolls, and the number of firms by firm size, as well as on gross state product. In response to declines in their own bank capital, small banks shrank their loan portfolios considerably more than large banks did. Large banks tended to increase loans more when small banks were under increased capital pressure than vice versa. Real economic activity was reduced more by capital declines and by loan declines at small banks than at large banks. Small banks were making "high-powered loans" in that dollar-for-dollar loan declines in their loans had larger impacts on economic activity than loan declines at large banks did. Capital declines at small banks produced larger changes in economic activity dollar-for-dollar than capital declines at large banks did. Aggregate economic conditions had smaller effects on small firms than on large firms and smaller effects on small banks than on large banks. The evidence hinted that the volume of loans made under Small Business Administration (SBA) loan guarantee programs shrank less in response to declines in bank capital than the volume of loans not made under the SBA loan guarantee programs.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477001&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Bostic, Raphael W.
AU  - Samolyk, Katherine A.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Deposit Insurance Corporation
T1  - The Role of Personal Wealth in Small Business Finance
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 1019
EP  - 1061
SN  - 03784266
N1  - Accession Number: 0477003; Keywords: Credit;  Finance;  Firm; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
N2  - This paper provides new empirical evidence on the relationship between personal commitments and the allocation of small business credit. The data suggest that personal commitments are important for firms seeking certain types of loans. Guarantees are more prevalent than collateral and organization type (corporate versus noncorporate status) appears to be particularly important in determining commitment use. No systematic relationship is observed between commitment use and owner wealth. Personal commitments appear to be substitutes for business collateral, at least for lines of credit, while personal collateral and personal guarantees do not seem to substitute for each other. Personal commitments have generally become more important to small business lending since the late 1980s.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477003&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wolken, John D.
AD  - Federal Reserve System
T1  - 'New' Data Sources for Research on Small Business Finance
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 1067
EP  - 1076
SN  - 03784266
N1  - Accession Number: 0477005; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
N2  - This paper describes three new sources of data on small business finances: Bank Call Report data on small business lending, the 1995 Survey of Consumer Finances (SCF), and the 1993 National Survey of Small Business Finances (NSSBF). Each of these data sources offers publicly available micro-level data useful for examining a wide variety of issues and questions about small business finances. A number of studies which have utilized these data are cited and information on how to access these data is provided.
KW  - Financial Institutions and Services: General          G20
KW  - Business Economics          M21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477005&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fenn, George W.
AU  - Liang, Nellie
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - New Resources and New Ideas: Private Equity for Small Businesses
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 1077
EP  - 1084
SN  - 03784266
N1  - Accession Number: 0477006; Keywords: Capital;  Venture Capital; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
N2  - Private equity for rapidly growing small business is raised primarily from the organized venture capital market and the informal market, comprised of high-net worth individuals or "angel" investors. We discuss commercially and publicly available data on private equity, the research findings of studies that use these data, and some of the more important questions that the available data have been unable to address.
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477006&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System and NYU Conference on Small Business Finance
T1  - The Present and Future Roles of Banks in Small Business Finance
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1998/08//
VL  - 22
IS  - 6-8
SP  - 1109
EP  - 1116
SN  - 03784266
N1  - Accession Number: 0477010; Keywords: Bank;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477010&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hannan, Timothy H.
T1  - The efficiency cost of market power in the banking industry: A test of the `quiet life' and...
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1998/08//
VL  - 80
IS  - 3
M3  - Article
SP  - 454
PB  - MIT Press
SN  - 00346535
AB  - Traditional concerns about concentration in product markets have centered on the social loss associated with the mispricing that occurs when market power is exercised. This paper focuses on a potentially greater loss from market power-a reduction in cost efficiency brought about by the lack of market discipline in concentrated markets. We employ data from the commercial banking industry, which produces very homogeneous products in multiple markets with differing degrees of market concentration. We find the estimated efficiency cost of concentration to be several times larger than the social loss from mispricing as traditionally measured by the welfare triangle. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry -- United States
KW  - COST effectiveness
KW  - MARKETS
KW  - BANKING industry
KW  - WELFARE economics
KW  - COMMERCIAL products
KW  - INDUSTRIAL costs
KW  - UNITED States
N1  - Accession Number: 939292; Berger, Allen N. 1; Hannan, Timothy H. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Aug98, Vol. 80 Issue 3, p454; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: COST effectiveness; Thesaurus Term: MARKETS; Thesaurus Term: BANKING industry; Thesaurus Term: WELFARE economics; Thesaurus Term: COMMERCIAL products; Thesaurus Term: INDUSTRIAL costs; Subject: UNITED States; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; Number of Pages: 12p; Illustrations: 2 Charts; Document Type: Article; Full Text Word Count: 10459
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=939292&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Efficiency Cost of Market Power in the Banking Industry: A Test of the 'Quiet Life' and Related Hypotheses
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1998/08//
VL  - 80
IS  - 3
SP  - 454
EP  - 465
SN  - 00346535
N1  - Accession Number: 0477460; Keywords: Banking;  Concentration; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199811
N2  - Traditional concerns about concentration in product markets have centered on the social loss associated with the mispricing that occurs when market power is exercised. This paper focuses on a potentially greater loss from market power--a reduction in cost efficiency brought about by the lack of market discipline in concentrated markets. The authors employ data from the commercial banking industry, which produces very homogeneous products in multiple markets with differing degrees of market concentration. They find the estimated efficiency cost of concentration to be several times larger than the social loss from mispricing as traditionally measured by the welfare triangle.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Oligopoly and Other Imperfect Markets          L13
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0477460&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
AU  - Bridge News
AU  - By David H. Resler of Nomura Securities NEW YORK--As expected, the Federal Open Market Committee, the policy-making arm of the Federal Reserve, concluded its recent two-day meeting without indicating any change from the 5.5 percent federal funds target that has prevailed since March 1997.
T1  - (B) OPINION: Evidence Grows that US Economy Is Slowing
JO  - Bridge News (New York, NY)
JF  - Bridge News (New York, NY)
J1  - Bridge News (New York, NY)
N1  - Accession Number: 4BKNIBA1484938613; Source Information: 19980706
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=n5h&AN=4BKNIBA1484938613&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - n5h
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U and NBER
AD  - Federal Reserve System
T1  - Is the Time-Series Evidence on Minimum Wage Effects Contaminated by Publication Bias?
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 1998/07//
VL  - 36
IS  - 3
SP  - 458
EP  - 470
SN  - 00952583
N1  - Accession Number: 0472908; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199810
N2  - Existing meta-analysis approaches to testing for publication bias are problematic when applied to time-series studies in economics because changes in parameters can generate spurious evidence of publication bias. The authors suggest an alternative test in such contexts and apply it to time-series studies of the effects of minimum wages on employment. In contrast to recent research by David Card and Alan B. Krueger (1995), they find that the results of published time-series studies of minimum wage effects are consistent with structural change and that the null hypothesis of no publication bias is not rejected by the evidence.
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472908&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Marquez, Jaime
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - US Monetary Policy and Econometric Modeling: Tales from the FOMC Transcripts 1984-1991
JO  - Economic Modelling
JF  - Economic Modelling
Y1  - 1998/07//
VL  - 15
IS  - 3
SP  - 411
EP  - 428
SN  - 02649993
N1  - Accession Number: 0478539; Keywords: Econometric Modeling;  FOMC;  Modeling;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199812
N2  - This paper uses the transcripts from the FOMC meetings to characterize the interactions between policymakers and macro models in the formulation of US monetary policy. We develop a taxonomy of these interactions and present two case studies. The first case focuses on the debate on the choice of monetary target and the second case focuses on the 1990/1991 recession. The analysis reveals that US monetary policy relies on models for information. Models give estimates of both the outlook and the response of the economy to policy changes. Models also evolve to recognize the changing context in which policymakers operate-exchange rate flexibility, financial deregulation, and international trade agreements.
KW  - Central Banks and Their Policies          E58
KW  - Forecasting Models; Simulation Methods          C53
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Studies of Particular Policy Episodes          E65
L3  - http://www.sciencedirect.com/science/journal/02649993
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0478539&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02649993
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Ohanian, Lee E.
AU  - Berkowitz, Jeremy
AD  - U PA and NBER
AD  - U MN and Federal Reserve Bank of Minneapolis
AD  - Federal Reserve System
T1  - Dynamic Equilibrium Economies: A Framework for Comparing Models and Data
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1998/07//
VL  - 65
IS  - 3
SP  - 433
EP  - 451
SN  - 00346527
N1  - Accession Number: 0481203; Keywords: Cattle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199901
N2  - The authors propose a constructive, multivariate framework for assessing agreement between (generally misspecified) dynamic equilibrium models and data, which enables a complete second-order comparison of the dynamic properties of models and data. They use bootstrap algorithms to evaluate the significance of deviations between models and data, and use goodness-of-fit criteria to produce estimators that optimize economically relevant loss functions. The authors provide a detailed illustrative application to modelling the U.S. cattle cycle.
KW  - Model Evaluation, Validation, and Selection          C52
KW  - Agriculture: Aggregate Supply and Demand Analysis; Prices          Q11
L3  - http://restud.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0481203&site=ehost-live&scope=site
UR  - http://restud.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carey, Mark
AU  - Post, Mitch
AU  - Sharpe, Steven A.
AD  - Federal Reserve System
AD  - Investment Co Institute
AD  - Federal Reserve System
T1  - Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1998/06//
VL  - 53
IS  - 3
SP  - 845
EP  - 878
SN  - 00221082
N1  - Accession Number: 0470785; Keywords: Bank;  Finance;  Firm;  Lending; Publication Type: Journal Article; Update Code: 199808
N2  - This paper establishes empirically the existence of specialization in private-market corporate lending, adding a new dimension to the public versus private debt distinctions now common in the literature. Comparing corporate loans made by banks and by finance companies, the authors find that the two types of intermediaries are equally likely to finance information-problematic firms. However, finance companies tend to serve observably riskier borrowers, particularly more leveraged borrowers. Evidence supports both regulatory and reputation-based explanations for this specialization. In passing, the authors shed light on various theories of debt contracting and intermediation and present facts about finance companies.
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0470785&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - Margin Requirements, Volatility, and Market Integrity: What Have We Learned since the Crash?
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1998/06//
VL  - 13
IS  - 3
SP  - 231
EP  - 255
SN  - 09208550
N1  - Accession Number: 0484428; Keywords: Policy;  Regulation;  Stock Returns;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199903
N2  - This study assesses the state of the policy debate that surrounds the federal regulation of margin requirements. A review of the literature finds no undisputed evidence that supports the hypothesis that margin requirements can be used to control stock return volatility and correspondingly little evidence that suggests that margin-related leverage is an important underlying source of "excess" volatility. The evidence does not support the hypothesis that there is a stable inverse relationship between the level of Regulation T margin requirements and stock returns volatility nor does it support the hypothesis that the leverage advantage in equity derivative products is a source of additional returns volatility in the stock market.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0484428&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
T1  - Exchange Rates and Foreign Direct Investment: A note.
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1998/06//
VL  - 20
IS  - 3
M3  - Article
SP  - 393
SN  - 01618938
AB  - Focuses on the development of a finance-based theory in relation to the relationship between the flow of foreign direct investment and the exchange rate.  Indepth look at the theory.
KW  - FOREIGN investments
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - INVESTMENTS
KW  - ECONOMIC impact
KW  - ECONOMICS
N1  - Accession Number: 9712243363; Stevens, Guy V. G. 1; Affiliation:  1: Board of Governors of the Federal Reserve System; Source Info: Jun98, Vol. 20 Issue 3, p393; Subject Term: FOREIGN investments; Subject Term: FOREIGN exchange rates; Subject Term: MONETARY policy; Subject Term: INVESTMENTS; Subject Term: ECONOMIC impact; Subject Term: ECONOMICS; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 9p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Kaminsky, Graciela L.
AU  - Reinhart, Carmen M.
T1  - Financial Crises in Asia and Latin America: Then and Now.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1998/05//
VL  - 88
IS  - 2
M3  - Article
SP  - 444
EP  - 448
SN  - 00028282
AB  - Analyzes the recent financial crises in the currency and equity markets in East Asia and attempts to determine what current and past financial crises throughout the world have in common. The article suggests that a combination of volatile international capital and problems in the financial sector led to the 1997 East Asian crises. The historic financial crises in East Asia and Latin America had significant differences with regard to severity. Latin American markets have moved to greater stabilization in the 1990's, but they remain vulnerable to the spread of crises from areas such as East Asia. Moreover, the rapid increase in lending and asset prices in East Asian economies prior to the recent crises are similar to those that have occurred in Latin America in the past.
KW  - FINANCIAL crises
KW  - ECONOMIC history
KW  - ECONOMIC stabilization
KW  - REGIONAL differences
KW  - LATIN America
KW  - EAST Asia
N1  - Accession Number: 665359; Kaminsky, Graciela L. 1; Reinhart, Carmen M. 2; Affiliations: 1 : Board of Governors of the Federal Reserve System, Washington, DC 20551; 2 : School of Public Affairs, University of Maryland, College Park, MD 20742;  Source Info: May98, Vol. 88 Issue 2, p444; Note: 4 tables, 4 notes, ref.; Historical Period: 1970 to 1998; Subject Term: FINANCIAL crises; Subject Term: ECONOMIC history; Subject Term: ECONOMIC stabilization; Subject Term: REGIONAL differences; Subject: LATIN America; Subject: EAST Asia; Number of Pages: 5p; Document Type: Article; Full Text Word Count: 2723
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DP  - EBSCOhost
DB  - hia
ER  - 

TY  - JOUR
AU  - Sunden, Annika E.
AU  - Surette, Brian J.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Gender Differences in the Allocation of Assets in Retirement Savings Plans
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1998/05//
VL  - 88
IS  - 2
SP  - 207
EP  - 211
SN  - 00028282
N1  - Accession Number: 0470261; Keywords: Gender;  Retirement; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199808
KW  - Retirement; Retirement Policies          J26
KW  - Economics of Gender; Non-labor Discrimination          J16
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0470261&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sundén, Annika E.
AU  - Surette, Brian J.
T1  - Gender Differences in the Allocation of Assets in Retirement Savings Plans.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1998/05//
VL  - 88
IS  - 2
M3  - Article
SP  - 207
EP  - 211
PB  - American Economic Association
SN  - 00028282
AB  - In 1995, 40 percent of working men and 32 percent of working women were covered by a defined contribution (DC) plan. A distinguishing characteristic of these plans is that workers can generally choose how their assets are invested. Using data from the 1992 and 1995 Surveys of Consumer Finances (SCF), this paper examines whether workers differ systematically by gender in the allocation of assets in DC plans. Previous researchers have reported that many workers tend to invest their retirement assets too conservatively, and in particular that women are less likely than men to invest in risky assets such as stocks. In the presence of an equity premium, a lower propensity by women to invest in stocks could translate into large differences in the accumulation of financial wealth for retirement. The authors establish that gender differences in investment decisions exist, though they are more complicated than previous studies have suggested. The authors show that these differences are not completely explained by differences in individual or household characteristics. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INVESTMENT policy
KW  - DEFINED contribution pension plans
KW  - ASSET allocation
KW  - GENDER differences (Psychology)
KW  - SOCIAL surveys
KW  - MARITAL status
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 665315; Sundén, Annika E. 1; Surette, Brian J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, 20th/C Street, N.W., Stop 153, Washington, DC 20551; Issue Info: May98, Vol. 88 Issue 2, p207; Thesaurus Term: INVESTMENT policy; Thesaurus Term: DEFINED contribution pension plans; Thesaurus Term: ASSET allocation; Subject Term: GENDER differences (Psychology); Subject Term: SOCIAL surveys; Subject Term: MARITAL status ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 526917 Balanced funds / asset allocation funds; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 5p; Illustrations: 2 Charts; Document Type: Article; Full Text Word Count: 2747
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Iyigun, Murat F.
AU  - Owen, Ann L.
T1  - Risk, Entrepreneurship, and Human-Capital Accumulation.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1998/05//
VL  - 88
IS  - 2
M3  - Article
SP  - 454
EP  - 457
PB  - American Economic Association
SN  - 00028282
AB  - An economy's human-capital stock is determined by both entrepreneurs and professionals. Entrepreneurs provide the economy with new ideas, products, and ways of doing things, while professionals utilize their accumulated knowledge to facilitate economic transactions. Both skills are necessary for a healthy economy. Yet, while professional and entrepreneurial skills can complement each other in aggregate production, they can compete for an individual's time in their accumulation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HUMAN capital
KW  - ECONOMIC models
KW  - ENTREPRENEURSHIP
KW  - OPPORTUNITY costs
KW  - LABOR economics
N1  - Accession Number: 665361; Iyigun, Murat F. 1; Owen, Ann L. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: Hamilton College, 198 College Hill Road, Clinton, NY 13323; Issue Info: May98, Vol. 88 Issue 2, p454; Thesaurus Term: HUMAN capital; Thesaurus Term: ECONOMIC models; Thesaurus Term: ENTREPRENEURSHIP; Thesaurus Term: OPPORTUNITY costs; Thesaurus Term: LABOR economics; Number of Pages: 4p; Illustrations: 1 Graph; Document Type: Article; Full Text Word Count: 2156
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pizzi, Michael A.
AU  - Economopoulos, Andrew J.
AU  - O'Neill, Heather M.
AD  - Federal Reserve System
AD  - Ursinus College
AD  - Ursinus College
T1  - An Examination of the Relationship between Stock Index Cash and Futures Markets: A Cointegration Approach
JO  - Journal of Futures Markets
JF  - Journal of Futures Markets
Y1  - 1998/05//
VL  - 18
IS  - 3
SP  - 297
EP  - 305
SN  - 02707314
N1  - Accession Number: 0456243; Keywords: Futures Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199806
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkovec, James A.
AU  - Canner, Glenn B.
AU  - Gabriel, Stuart A.
AU  - Hannan, Timothy H.
T1  - DISCRIMINATION, COMPETITION, AND LOAN PERFORMANCE IN FHA MORTGAGE LENDING.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1998/05//
VL  - 80
IS  - 2
M3  - Article
SP  - 241
EP  - 250
PB  - MIT Press
SN  - 00346535
AB  - This study tests for the presence of prejudicial or "noneconomic" discrimination on the part of mortgage lenders by evaluating the performance of home mortgage loans. The approach differs from that of previous studies of loan performance in that it is based on the proposition that noneconomic discrimination should be more pronounced in less competitive lending environments, while statistical discrimination should not Using a rich set of FHA-insured loan records and measures of local market concentration to proxy the competitive environment, we test for the prediction of better loan performance by minority borrowers relative to white borrowers in more concentrated markets. We argue that this approach substantially reduces the potential for omitted-variable bias that has cast a shadow on previous studies of lending discrimination. Results fail to reject the null hypothesis of no noneconomic discrimination. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DISCRIMINATION in mortgage loans
KW  - MORTGAGE loans
KW  - HOME ownership
KW  - LOANS
KW  - COMMERCE
KW  - ECONOMICS
KW  - COMPETITION
N1  - Accession Number: 623706; Berkovec, James A. 1,2; Canner, Glenn B. 1,2; Gabriel, Stuart A. 1,2; Hannan, Timothy H. 1,2; Affiliations: 1: Freddie Mac, Board of Governors of the Federal Reserve System, University of Southern California.; 2: Board of Governors of the Federal Reserve System,  University of Southern California.; Issue Info: May98, Vol. 80 Issue 2, p241; Thesaurus Term: DISCRIMINATION in mortgage loans; Thesaurus Term: MORTGAGE loans; Thesaurus Term: HOME ownership; Thesaurus Term: LOANS; Thesaurus Term: COMMERCE; Thesaurus Term: ECONOMICS; Subject Term: COMPETITION; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 10p; Illustrations: 5 Charts; Document Type: Article; Full Text Word Count: 8235
L3  - 10.1162/003465398557483
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=623706&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - U.S. Direct Investment to Mexico: Politics, Economics, and NAFTA
JO  - Contemporary Economic Policy
JF  - Contemporary Economic Policy
Y1  - 1998/04//
VL  - 16
IS  - 2
SP  - 197
EP  - 210
SN  - 10743529
N1  - Accession Number: 0472879; Keywords: NAFTA; Geographic Descriptors: U.S.; Mexico; Geographic Region: Northern America; Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199810
N2  - The goal of this paper is to determine whether the recent opening of the Mexican economy caused a significant change in the investment behavior of U.S. multinational firms. The first finding is that a real investment function that explained the data well through 1989 shifted dramatically thereafter. Tests indicate that the probable causes of this shift were (i) the relaxation of Mexican restrictions on direct investment after 1989 and (ii) anticipatory investment behavior after the positive conclusion of the NAFTA negotiations.
KW  - International Investment; Long-term Capital Movements          F21
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Economic Integration          F15
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472879&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sheets, Nathan
AU  - Boata, Simona
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Eastern European Export Performance during the Transition
JO  - Contemporary Economic Policy
JF  - Contemporary Economic Policy
Y1  - 1998/04//
VL  - 16
IS  - 2
SP  - 211
EP  - 226
SN  - 10743529
N1  - Accession Number: 0472880; Keywords: Exports;  Trade; Geographic Descriptors: E. Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199810
N2  - During the past decade, the structure of Eastern European exports has undergone a deep transformation, as communist bloc trading relationships have collapsed and trade with the West has increased. The extent of this geographical re-orientation has generally exceeded the predictions of equilibrium models developed by Hamilton and Winters (1992) and Collins and Rodrik (1991). Significant changes in the product composition of Eastern European exports have accompanied the geographical re-orientation. Exports of manufacturing goods to former communist countries have declined sharply, but exports to the European Community across an array of goods-including heavy machinery-have grown robustly. The observed changes in export composition appear to reflect the redirection of physical goods through price competition and the emergence of market-determined comparative advantage.
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - Empirical Studies of Trade          F14
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472880&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Picone, Gabriel
AU  - Uribe, Martín
AU  - Wilson, R. Mark
T1  - The effect of uncertainty on the demand for medical care, health capital and wealth.
JO  - Journal of Health Economics
JF  - Journal of Health Economics
Y1  - 1998/04//
VL  - 17
IS  - 2
M3  - Article
SP  - 171
EP  - 185
SN  - 01676296
AB  - We analyze the effect of the uncertainty of the incidence of illness on the demand for medical care and on the accumulation of health capital and wealth over the retirement years. We use a simplified version of a dynamic Grossman household production model to characterize patterns of an individual's precautionary behavior. Elderly individuals respond to uncertainty by smoothing their expected utility over time by making specific patterns of purchases of medical care and consumption. We examine these patterns for individuals with different degrees of risk aversion. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Health Economics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HEALTH products
KW  - MEDICAL care costs
KW  - RETIREMENT
KW  - AVERSION therapy
KW  - PUBLIC health
KW  - RISK aversion
KW  - Dynamic modeling
KW  - Medical care expenditures
KW  - Precautionary behavior
N1  - Accession Number: 11935252; Picone, Gabriel 1; Email Address: gpicone@bsn01.bsn.usf.edu Uribe, Martín 2 Wilson, R. Mark 1; Affiliation:  1: University of South Florida, Tampa, FL, USA.  2: Board of Governors, Federal Reserve System, USA.; Source Info: Apr1998, Vol. 17 Issue 2, p171; Subject Term: HEALTH products; Subject Term: MEDICAL care costs; Subject Term: RETIREMENT; Subject Term: AVERSION therapy; Subject Term: PUBLIC health; Subject Term: RISK aversion; Author-Supplied Keyword: Dynamic modeling; Author-Supplied Keyword: Medical care expenditures; Author-Supplied Keyword: Precautionary behavior; NAICS/Industry Codes: 325411 Medicinal and Botanical Manufacturing; NAICS/Industry Codes: 424210 Drugs and Druggists' Sundries Merchant Wholesalers; NAICS/Industry Codes: 446191 Food (Health) Supplement Stores; NAICS/Industry Codes: 446110 Pharmacies and Drug Stores; NAICS/Industry Codes: 525120 Health and Welfare Funds; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Schmitt-Grohe, Stephanie
T1  - The international transmission of economic fluctuations: Effects of U.S. business cycles on the Canadian economy.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1998/04//
VL  - 44
IS  - 2
M3  - Article
SP  - 257
EP  - 287
SN  - 00221996
AB  - The article presents a study which examined the impact of the United States (US) business on the Canadian economy, in relation to the innovations in the US output. The article examines whether international trade in goods and financial markets can account for the observed effects of U.S. business cycles on the Canadian economy in a setting in which trade transmits cyclical fluctuations through its effects on world interest rates and relative prices. Cross-country business-cycle correlations have been widely documented, and empirical studies consistently find that cyclical variations in output and other macroeconomic aggregates are positively correlated across countries. Attempts to explain these correlations in a dynamic equilibrium-business-cycle framework have been made by a number of recent authors. In most of this literature, however, the only implications of the theoretical models that are examined are the implied correlation and relative volatility properties of macroeconomic time series when the model economy is subjected to technology or taste disturbances. Such analyses test a complex joint hypothesis, involving specification of both the transmission mechanism and the set of exogenous shocks generating short-term fluctuations in different countries. This paper, in contrast, tries to isolate the importance of the transmission mechanism and asks whether it alone can explain the effects of foreign business cycles on the home economy. Transmission mechanism here means the propagation of shocks in a foreign economy to domestic endogenous variables through international trade in goods and financial markets and through effects on world relative prices.
KW  - BUSINESS enterprises
KW  - INTERNATIONAL trade
KW  - SECURITIES markets
KW  - MONETARY policy
KW  - CANADA -- Economic conditions
KW  - UNITED States
KW  - CANADA
KW  - International trasmission of business cycles
N1  - Accession Number: 607629; Schmitt-Grohe, Stephanie 1; Email Address: sgrohe@frb.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Apr98, Vol. 44 Issue 2, p257; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONETARY policy; Subject Term: CANADA -- Economic conditions; Subject: UNITED States; Subject: CANADA; Author-Supplied Keyword: International trasmission of business cycles; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 31p; Illustrations: 1 Chart, 24 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Doms, Mark
AU  - Dunne, Timothy
AD  - Federal Reserve System
AD  - U OK and US Census Bureau
T1  - Capital Adjustment Patterns in Manufacturing Plants
JO  - Review of Economic Dynamics
JF  - Review of Economic Dynamics
Y1  - 1998/04//
VL  - 1
IS  - 2
SP  - 409
EP  - 429
SN  - 10942025
N1  - Accession Number: 0512569; Keywords: Capital;  Cost;  Investment;  Manufacturing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200004
N2  - A common result from altering several fundamental assumptions of the neoclassical investment model with convex adjustment costs is that investment may occur in lumpy episodes. This paper takes a step back and asks "How lumpy is investment?" We answer this question by documenting the distributions of investment and capital adjustment for a sample of over 13,700 manufacturing plants drawn from over 300 four-digit industries. We find that many plants do undergo large investment episodes; however, there is tremendous variation across plants in their capital accumulation patterns. This paper explores how the variation in capital accumulation patterns vary by observable plant and firm characteristics, and how large investment episodes at the plant level transmit into fluctuations in aggregate investment. (c) 1998 Academic Press
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Capital; Investment; Capacity          E22
KW  - Industry Studies: Manufacturing: General          L60
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
L3  - http://www.sciencedirect.com/science/journal/10942025
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0512569&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10942025
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Monetary Rules
JO  - Eastern Economic Journal
JF  - Eastern Economic Journal
Y1  - 1998///Spring
VL  - 24
IS  - 2
SP  - 127
EP  - 136
SN  - 00945056
N1  - Accession Number: 0471237; Keywords: Fed;  Federal Reserve Board;  Fund;  Monetary Policy;  Monetary;  Policy Making;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199808
N2  - The question of whether the Federal Reserve Board should use rules in the conduct of monetary policy is almost as old as the Fed itself. For a brief time in the Fed's history it used a policy-making rule based on monetary aggregates, and today many are suggesting that it use a rule based on the federal funds rate. Other countries have used policy-making rules that are based on explicit inflation targets. While at this moment the Fed is an institution where members vote on monetary policy using their own best judgment, the issues illustrated in discussing the question of rules are still interesting and controversial.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.palgrave-journals.com/eej/archive/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0471237&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/eej/archive/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
T1  - Mending But Not Ending Social Security: The Individual Accounts Plan
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1998/03//March-April 1998
VL  - 80
IS  - 2
SP  - 7
EP  - 10
N1  - Accession Number: 0471932; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199809
KW  - Social Security and Public Pensions          H55
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0471932&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Budget, January 29, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/03//
VL  - 84
IS  - 3
SP  - 183
EP  - 184
SN  - 00149209
N1  - Accession Number: 0455367; Keywords: Budget;  Federal Reserve System; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, comments on the fiscal situation and says that much hard work remains to be done to ensure that the projected surpluses in the federal budget actually materialize and that we remain on track to address our longer-run fiscal and demographic challenges and that he has always emphasized that we should be aiming for budgetary surpluses and using the proceeds to retire outstanding federal debt, before the Senate Committee on the Budget, January 29, 1998.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - National Budget; Budget Systems          H61
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0455367&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, January 29, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/03//
VL  - 84
IS  - 3
SP  - 184
EP  - 186
SN  - 00149209
N1  - Accession Number: 0455368; Keywords: Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
N2  - Susan M. Phillips, Member, Board of Governors, discusses circuit breakers for equity-related markets and says that the Federal Reserve supports revisions to the circuit breakers and that if a system of planned market closings such as the circuit breakers is deemed desirable, it should be structured in such a way that closings occur very rarely and then only when the market infrastructure would otherwise be placed at risk, before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs, January 29, 1998.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0455368&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, January 30, 1998
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/03//
VL  - 84
IS  - 3
SP  - 186
EP  - 190
SN  - 00149209
N1  - Accession Number: 0455369; Keywords: Financial Crisis; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
N2  - Chairman Greenspan discusses the recent financial crisis in Asia and says that the root of the problems is poor public policy that has resulted in misguided investments and very weak financial sectors and further that convincing a sovereign nation to alter destructive policies that impair its own performance and threaten contagion to its neighbors is best handled by an international financial institution, such as the IMF; also, to reduce the risk of systemic crises in today's environment, an enhanced regime of market incentives, involving greater sensitivity to market signals, more information to make those signals more robust, and broader securities markets--coupled with better supervision--are essential, before the House Committee on Banking and Financial Services, January 30, 1998.
KW  - International Lending and Debt Problems          F34
KW  - International Financial Markets          G15
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0455369&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kaminsky, Graciela
AU  - Lizondo, Saul
AU  - Reinhart, Carmen M.
AD  - Federal Reserve System
AD  - IMF
AD  - U MD
T1  - Leading Indicators of Currency Crises
JO  - International Monetary Fund Staff Papers
JF  - International Monetary Fund Staff Papers
Y1  - 1998/03//
VL  - 45
IS  - 1
SP  - 1
EP  - 48
SN  - 00208027
N1  - Accession Number: 0456074; Keywords: Crisis;  Currency Crisis; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199806
N2  - This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning 'signal' that a currency crisis may take place within the following twenty-four months. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, the ratio of broad money to gross international reserves, output, and equity prices.
KW  - Foreign Exchange          F31
KW  - International Finance Forecasting and Simulation: Models and Applications          F37
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0456074&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - Hendry, David F.
AU  - Prestwich, Kevin M.
AD  - Federal Reserve System
AD  - Nuffield College, Oxford
AD  - American Management Systems, Fairfax, VA
T1  - The Demand for Broad Money in the United Kingdom, 1878-1993
JO  - Scandinavian Journal of Economics
JF  - Scandinavian Journal of Economics
Y1  - 1998/03//
VL  - 100
IS  - 1
SP  - 289
EP  - 324
SN  - 03470520
N1  - Accession Number: 0473303; Keywords: Money; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199810
N2  - Using annual data from M. Friedman and A. Schwartz (1982), D. F. Hendry and N. R. Ericsson (1991) developed an empirical model of the demand for broad money in the United Kingdom over 1878-75. The authors update that model over 1976-93, accounting for changed data definitions and clarifying the concept of constancy. With appropriate measures of opportunity cost and credit deregulation, the model's parameters are empirically constant over the extended sample, which was economically turbulent. Policy implications follow for parameter nonconstancy and predictive failure, causation between money and prices, monetary targeting, deregulation and financial innovation, and the effect of policy on economic agents' behavior.
KW  - Demand for Money          E41
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0473303&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
AU  - Bridge News
AU  - By David H. Resler of Nomura Securities NEW YORK--As expected, the Federal Open Market Committee elected to keep the 5.5 percent federal funds target that has prevailed since last March.
T1  - (B) OPINION: The Fed's Return To Symmetry...For Now
JO  - Bridge News (New York, NY)
JF  - Bridge News (New York, NY)
J1  - Bridge News (New York, NY)
N1  - Accession Number: 4BKNIBA3874205477; Source Information: 19980209
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=n5h&AN=4BKNIBA3874205477&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - n5h
ER  - 

TY  - JOUR
AU  - Kaminsky, Graciela L.
AU  - Leiderman, Leonardo
AD  - Federal Reserve System
AD  - Tel Aviv U
T1  - High Real Interest Rates in the Aftermath of Disinflation: Is It a Lack of Credibility?
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 1998/02//
VL  - 55
IS  - 1
SP  - 191
EP  - 214
SN  - 03043878
N1  - Accession Number: 0456123; Keywords: Disinflation;  Inflation;  Interest Rates;  Interest;  Policy; Geographic Descriptors: Argentina; Mexico; Israel; Geographic Region: Latin America and the Caribbean; Asia; Publication Type: Journal Article; Update Code: 199806
N2  - High real interest rates have been observed in many countries for several months after the adoption of disinflation programs. While they may reflect primarily a liquidity crunch, high ex post real interest rates can also be explained in terms of an ex post error in inflation expectations that reflects a lack of credibility of the low-inflation policy. The latter hypothesis is tested using data for Argentina, Israel, and Mexico during the implementation of the stabilization programs in the mid-1980s.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Price Level; Inflation; Deflation          E31
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0456123&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fisher, Mark
AU  - Gilles, Christian
AD  - Board of Governors, Federal Reserve System
AD  - Bear, Stearns & Co
T1  - Around and Around: The Expectations Hypothesis
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1998/02//
VL  - 53
IS  - 1
SP  - 365
EP  - 383
SN  - 00221082
N1  - Accession Number: 0454417; Keywords: Expectation;  Interest Rates;  Interest;  Term Structure of Interest Rates; Publication Type: Journal Article; Update Code: 199805
N2  - The authors show how to construct models of the term structure of interest rates in which the expectations hypothesis holds. J. Huston McCulloch (1993) presents such a model, thereby contradicting an assertion by John C. Cox, Jonathan E. Ingersoll, and Stephen A. Ross (1981), but his example is Gaussian and falls outside the class of finite-dimensional Markovian models. The authors generalize McCulloch's model in three ways: they provide an arbitrage-free characterization of the unbiased expectations hypothesis in terms of forward rates; they extend this characterization to a whole class of expectations hypotheses; and they show how to construct finite-dimensional Markovian and non-Gaussian examples.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Expectations; Speculations          D84
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0454417&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Durkin, Thomas A.
AU  - Elliehausen, Gregory E.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Cost Structure of the Consumer Finance Industry
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1998/02//
VL  - 13
IS  - 1
SP  - 71
EP  - 86
SN  - 09208550
N1  - Accession Number: 0458913; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199807
N2  - This paper estimates the cost function of the consumer finance company industry to explore the questions of existence of scale economies and elasticity of costs by loan size. Using a more appropriate functional form and much newer data than in earlier studies, this study confirms their general conclusion that economies of scale in the industry are limited at the firm level but exist at the office level. Scale economies are found only at smaller offices, however; and they become exhausted as office size increases. Elasticity of operating costs with respect to loan size is shown to be well less than unity.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0458913&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kiser, Elizabeth K.
AD  - Federal Reserve System
T1  - Heterogeneity in Price Sensitivity and Retail Price Discrimination
JO  - American Journal of Agricultural Economics
JF  - American Journal of Agricultural Economics
Y1  - 1998///
VL  - 80
IS  - 5
SP  - 1150
EP  - 1153
SN  - 00029092
N1  - Accession Number: 0488136; Keywords: Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199905
KW  - Agriculture: Aggregate Supply and Demand Analysis; Prices          Q11
L3  - http://ajae.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0488136&site=ehost-live&scope=site
UR  - http://ajae.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Piloff, Steven J.
AU  - Santomero, Anthony M.
AD  - Federal Reserve System
AD  - Compass Capital Funds Group
A2  - Amihud, Yakov
A2  - Miller, Geoffrey
T1  - The Value Effects of Bank Mergers and Acquisitions
T2  - Bank mergers and acquisitions
PB  - New York University Salomon Center Series on Financial Markets and Institutions, vol. 3.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1998///
SP  - 59
EP  - 78
N1  - Accession Number: 0537515; Reviewed Book ISBN: 0-7923-9975-7; Keywords: Acquisition;  Acquisitions;  Bank;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200011
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0537515&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Berger, Allen N.
AD  - Federal Reserve System and Wharton Financial Institutions Center
A2  - Amihud, Yakov
A2  - Miller, Geoffrey
T1  - The Efficiency Effects of Bank Mergers and Acquisition: A Preliminary Look at the 1990s Data
T2  - Bank mergers and acquisitions
PB  - New York University Salomon Center Series on Financial Markets and Institutions, vol. 3.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1998///
SP  - 79
EP  - 111
N1  - Accession Number: 0537516; Reviewed Book ISBN: 0-7923-9975-7; Keywords: Acquisition;  Acquisitions;  Bank;  Merger; Publication Type: Collective Volume Article; Update Code: 200011
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0537516&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Reinhart, Carmen M.
AU  - Reinhart, Vincent Raymond
AD  - U MD
AD  - Federal Reserve System
A2  - Kahler, Miles
T1  - Some Lessons for Policy Makers Who Deal with the Mixed Blessing of Capital Inflows
T2  - Capital flows and financial crises
PB  - A Council on Foreign Relations Book.
PB  - Ithaca:
PB  - Cornell University Press
Y1  - 1998///
SP  - 93
EP  - 127
N1  - Accession Number: 0549042; Reviewed Book ISBN: 0-8014-3579-X; 0-8014-8562-2; ; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200101
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - International Investment; Long-term Capital Movements          F21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0549042&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Key, Sydney J.
AD  - Federal Reserve System
A2  - Black, Stanley W.
A2  - Moersch, Mathias
T1  - Convergence of Financial Systems and Regulatory Policy Challenges in Europe and in the United States: Comment
T2  - Competition and convergence in financial markets: The German and Anglo-American models
PB  - Advances in Finance, Investment and Banking, vol. 5.
PB  - Amsterdam; New York and Tokyo:
PB  - Elsevier Science, North-Holland
Y1  - 1998///
SP  - 216
EP  - 217
N1  - Accession Number: 0537763; Reviewed Book ISBN: 0-444-82776-5; Keywords: Policy; Geographic Descriptors: U.S.; Europe; Geographic Region: Northern America; Europe; Publication Type: Collective Volume Article; Update Code: 200011
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financial Institutions and Services: General          G20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0537763&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Frankel, Allen B.
AU  - Palmer, David E.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Black, Stanley W.
A2  - Moersch, Mathias
T1  - The Management of Financial Risks at German Nonfinancial Firms: The Case of Metallgesellschaft
T2  - Competition and convergence in financial markets: The German and Anglo-American models
PB  - Advances in Finance, Investment and Banking, vol. 5.
PB  - Amsterdam; New York and Tokyo:
PB  - Elsevier Science, North-Holland
Y1  - 1998///
SP  - 219
EP  - 241
N1  - Accession Number: 0537764; Reviewed Book ISBN: 0-444-82776-5; Keywords: Financial Risk;  Firm; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200011
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0537764&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Zervos, David
AD  - Federal Reserve System
AD  - Greenwich NatWest Markets
T1  - Myopia and Addictive Behaviour
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1998/01//
VL  - 108
IS  - 446
SP  - 75
EP  - 91
SN  - 00130133
N1  - Accession Number: 0443354; Keywords: Complementarity;  Utility; Publication Type: Journal Article; Update Code: 199804
N2  - The authors present a theory of additive behavior that can account for addicts' apparent disregard for the future consequences of their current actions. The discounting of future utility is increasing in past consumption, indicating increasingly myopic behavior as consumption increases. The intertemporal complementarity generated by the endogenous discounting produces multiple steady states that can account for the simultaneous existence of myopic addicts and nonmyopic nonaddicts within a time consistent expected utility framework. The theory also accounts for the probabilistic incidence of addiction and successful rehabilitation and the possibility of recurrence.
KW  - Consumer Economics: Theory          D11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0443354&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McGuckin, Robert H.
AU  - Streitwieser, Mary L.
AU  - Doms, Mark
AD  - Conference Board, New York, NY
AD  - Center for Econ Studies, USDOC Bureau of the Census
AD  - Federal Reserve System
T1  - The Effect of Technology Use on Productivity Growth
JO  - Economics of Innovation and New Technology
JF  - Economics of Innovation and New Technology
Y1  - 1998///
VL  - 7
IS  - 1
SP  - 1
EP  - 26
SN  - 10438599
N1  - Accession Number: 0486703; Keywords: Productivity;  Technology; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199904
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
L3  - http://www.tandfonline.com/loi/gein20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0486703&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/gein20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, November 4, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/01//
VL  - 84
IS  - 1
SP  - 25
EP  - 30
SN  - 00149209
N1  - Accession Number: 0441808; Keywords: Banking;  Computers;  Depository;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - The author discusses the Federal Reserve's efforts to address the Year 2000 computer systems issue and says that the Federal Reserve is on schedule in validating its internal systems and preparing for testing with depository institutions and others using Federal Reserve services; that the Federal Reserve will continue to address the industry's preparedness, monitor progress, and target for special supervisory attention those organizations that are most in need of assistance; and that it will continue to participate in international forums to help foster an international awareness of Year 2000 issues, before the Houe Committee on Banking and Financial Services, November 4, 1997.
KW  - Microelectronics; Computers; Communications Equipment          L63
KW  - Data Collection and Data Estimation Methodology; Computer Programs: Other Computer Software          C88
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0441808&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, November 13, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/01//
VL  - 84
IS  - 1
SP  - 30
EP  - 32
SN  - 00149209
N1  - Accession Number: 0441809; Keywords: Finance; Publication Type: Journal Article; Update Code: 199803
N2  - The author remarks on recent developments in world finance and says that the financial disturbances that have afflicted a number of currencies in Asia do not at this point threaten prosperity in this country and that it is in the interest of the United States and other nations to encourage appropriate policy adjustments, before the House Committee on Banking and Financial Services, November 13, 1997.
KW  - International Financial Markets          G15
KW  - Data Collection and Data Estimation Methodology; Computer Programs: Other Computer Software          C88
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0441809&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Task Force on Social Security, Committee on the Budget, November 20, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1998/01//
VL  - 84
IS  - 1
SP  - 32
EP  - 35
SN  - 00149209
N1  - Accession Number: 0441810; Keywords: Old Age;  Social Security; Publication Type: Journal Article; Update Code: 199803
N2  - The author discusses putting Social Security's Federal Old-Age, Survivors, and Disability Insurance Benefits program on a sound financial footing for the twenty-first century and says that the types of changes that will be required to restore fiscal balance to our social security accounts are significant but manageable and that more important, most entail changes that are less unsettling if they are enacted soon rather than waiting five or ten years or longer for legislation; however, if we procrastinate too long, the adjustments could be truly wrenching, before the Task Force on Social Security, Senate Committee on the Budget, November 20, 1997.
KW  - Social Security and Public Pensions          H55
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0441810&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mishkin, Frederic S.
AU  - Posen, Adam S.
AD  - Federal Reserve Bank of New York
AD  - Federal Reserve System
T1  - Cilovani inflace: Zkusenosti ctyr zemi. (Inflation Targeting: Lessons from Four Countries. With English summary.)
JO  - Finance a Uver
JF  - Finance a Uver
Y1  - 1998///
VL  - 48
IS  - 4
SP  - 252
EP  - 294
SN  - 00151920
N1  - Accession Number: 0473852; Keywords: Inflation;  Policy; Geographic Descriptors: Canada; U.S.; New Zealand; Germany; Geographic Region: Northern America; Oceania; Europe; Language: Czech; Publication Type: Journal Article; Update Code: 199810
N2  - The August 1997 issue of the Federal Reserve Bank of New York Economic Policy Review published an article reviewing various countries' experiences with inflation targeting. With the permission of the Federal Reserve Bank of New York, parts of this article have been translated for Finance a Uver, in order to contribute to the discussion on inflation targeting in the Czech Republic.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
L3  - http://journal.fsv.cuni.cz/mag/issue/list/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0473852&site=ehost-live&scope=site
UR  - http://journal.fsv.cuni.cz/mag/issue/list/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
A2  - Baldwin, Robert E.
A2  - Lipsey, Robert E.
A2  - Richardson, J. David
T1  - Measuring U.S. International Goods and Services Transactions: Comment
T2  - Geography and ownership as bases for economic accounting
PB  - NBER Studies in Income and Wealth, vol. 59.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1998///
SP  - 36
EP  - 48
N1  - Accession Number: 0543624; Reviewed Book ISBN: 0-226-03572-7; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200012
KW  - Trade: General          F10
KW  - General Aggregative Models: General          E10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0543624&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Doms, Mark E.
AU  - Jensen, J. Bradford
AD  - Federal Reserve System
AD  - Carnegie Mellon U
A2  - Baldwin, Robert E.
A2  - Lipsey, Robert E.
A2  - Richardson, J. David
T1  - Comparing Wages, Skills, and Productivity between Domestically and Foreign-Owned Manufacturing Establishments in the United States
T2  - Geography and ownership as bases for economic accounting
PB  - NBER Studies in Income and Wealth, vol. 59.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1998///
SP  - 235
EP  - 255
N1  - Accession Number: 0543635; Reviewed Book ISBN: 0-226-03572-7; Keywords: Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200012
KW  - Trade and Labor Market Interactions          F16
KW  - Multinational Firms; International Business          F23
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0543635&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Kamin, Steven B.
T1  - Bank Lending and Economic Activity in Japan: Did 'Financial Factors' Contribute to the Recent Downturn?
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 1998/01//
VL  - 3
IS  - 1
M3  - Article
SP  - 73
EP  - 89
SN  - 10769307
AB  - In this paper, we examine the role of 'financial factors' in Japan and attempt to gauge their recent impact on the Japanese economy. First, we find that proxies for financial factors enter significantly in behavioural equations for loan standards, loan demand, and aggregate demand. Second, we find strong evidence that financial factors contributed to Japan's recent recession. On the loan supply side, exogenous declines in equity prices appear to have led to a sharp increase in bank loan standards and a substantial subsequent decline in loans and economic activity. We also find some evidence that an exogenous contraction in loan supply may have lowered output by a small degree, but only in the early phases of the recession. On the loan demand side, asset price declines also led firms and households to sharply reduce their demand for bank loans and goods, although it is unclear how much this influence may reflect traditional wealth effects. In addition, loan demand shocks, which could reflect balance-sheet problems not captured by our model, account for much of the remainder of the shortfall in loans. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - BANK loans
KW  - LOANS
KW  - SUPPLY & demand
KW  - PRICES
KW  - JAPAN
N1  - Accession Number: 16615963; Brunner, Allan D. 1; Kamin, Steven B. 1; Affiliations: 1: Mail Stop 42, Division of International Finance, Board of Governors of the Federal Reserve System, 20th and C Streets, NW Washington, DC 20551, USA; Issue Info: Jan1998, Vol. 3 Issue 1, p73; Thesaurus Term: RECESSIONS; Thesaurus Term: BANK loans; Thesaurus Term: LOANS; Thesaurus Term: SUPPLY & demand; Thesaurus Term: PRICES; Subject: JAPAN; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 17p; Illustrations: 2 Charts, 21 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16615963&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
T1  - The introduction of indexes government Debt in the United States.
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1998///Winter98
VL  - 12
IS  - 1
M3  - Article
SP  - 219
PB  - American Economic Association
SN  - 08953309
AB  - The article presents information on indexed government debt in the United States. This feature contains short articles on topics that are currently on the agendas of policymakers, thus illustrating the role of economic analysis in illuminating current debates. On January 29, 1997, the U.S. government conducted its first auction of indexed debt. The novel feature of this type of debt is that coupon and principal payments will depend on changes in the Consumer Price Index and thus will be fixed in terms of their purchasing power, not in terms of nominal dollars. At the first auction, the government sold about $7 billion of notes that will mature on January 15, 2007. In taking this step, the United States joined a growing list of countries that have issued indexed debt. After just two quarterly auctions, by the middle of 1997, the United States already ranked third among industrialized countries in terms of aggregate volume of inflation-linked debt outstanding. If the United States continues to issue indexed debt at a pace of $7 billion to $8 billion per quarter, as is currently the plan, it will probably overtake Great Britain as the leading issuer sometime around the turn of the century.
KW  - PUBLIC debts
KW  - CONSUMER price indexes
KW  - PURCHASING power
KW  - PRICE indexes
KW  - DEBT
KW  - ECONOMICS
N1  - Accession Number: 379843; Wilcox, David W. 1; Affiliations: 1: Senior Economist Board of Governors of Federal Reserve System, Washington, D.C.; Issue Info: Winter98, Vol. 12 Issue 1, p219; Thesaurus Term: PUBLIC debts; Thesaurus Term: CONSUMER price indexes; Thesaurus Term: PURCHASING power; Thesaurus Term: PRICE indexes; Thesaurus Term: DEBT; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Illustrations: 1 Diagram, 2 Charts; Document Type: Article; Full Text Word Count: 3921
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=379843&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Kusko, Andrea L.
AU  - Poterba, James M.
AU  - Wilcox, David W.
AD  - Federal Reserve System
AD  - MIT and NBER
AD  - Federal Reserve System
A2  - Mitchell, Olivia S.
A2  - Schieber, Sylvester J.
T1  - Employee Decisions with Respect to 401(k) Plans
T2  - Living with defined contribution pensions: Remaking responsibility for retirement
PB  - Pension Research Council Publication Series.
PB  - Philadelphia:
PB  - University of Pennsylvania Press
Y1  - 1998///
SP  - 98
EP  - 112
N1  - Accession Number: 0545233; Reviewed Book ISBN: 0-8122-3439-1; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200012
KW  - Retirement; Retirement Policies          J26
KW  - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions          J32
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0545233&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kamin, Steven B.
AU  - Wood, Paul R.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Glick, Reuven
T1  - Capital Inflows, Financial Intermediation, and Aggregate Demand: Empirical Evidence from Mexico and Other Pacific Basin Countries
T2  - Managing capital flows and exchange rates: Perspectives from the Pacific Basin
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1998///
SP  - 356
EP  - 405
N1  - Accession Number: 0538186; Reviewed Book ISBN: 0-521-62323-5; Keywords: Intermediation; Geographic Descriptors: Mexico; Pacific Basin; Geographic Region: Latin America and the Caribbean; Publication Type: Collective Volume Article; Update Code: 200011
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Foreign Exchange          F31
KW  - General Financial Markets: General (includes Measurement and Data)          G10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0538186&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Federal Reserve Policy and Transformation of the US Banking System
JO  - North American Journal of Economics and Finance
JF  - North American Journal of Economics and Finance
Y1  - 1998///
VL  - 9
IS  - 2
SP  - 203
EP  - 209
SN  - 10629408
N1  - Accession Number: 0503243; Keywords: Banking;  Policy;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199911
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.sciencedirect.com/science/journal/10629408
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0503243&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10629408
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Caprio, Gerard, Jr.
T1  - What Can and Should Be Done to Prevent Future Financial Crises?
T2  - Preventing bank crises: Lessons from recent global bank failures: Proceedings of a conference co-sponsored by the Federal Reserve Bank of Chicago and the Economic Development Institute of the World Bank
PB  - EDI Development Studies.
PB  - Washington, D.C.:
PB  - World Bank
Y1  - 1998///
SP  - 333
EP  - 338
N1  - Accession Number: 0543879 Partial authors List; ; Reviewed Book ISBN: 0-8213-4202-9; ; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200012
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0543879&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Gramlich, Edward M.
AD  - Federal Reserve System and U MI
A2  - Siebert, Horst
T1  - The United States: How to Deal with Uncovered Future Social Security Liabilities
T2  - Redesigning social security
PB  - Institut fur Weltwirtschaft an der Universitat Kiel Symposia and Conference Proceedings.
PB  - Tubingen:
PB  - Mohr (Siebeck)
Y1  - 1998///
SP  - 161
EP  - 168
N1  - Accession Number: 0545588; Reviewed Book ISBN: 3-16-146923-2; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200012
KW  - Social Security and Public Pensions          H55
KW  - Retirement; Retirement Policies          J26
KW  - Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination          J14
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0545588&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Bohn, James G.
AU  - Hall, Brian J.
AD  - Federal Reserve System, Washington, DC
AD  - Harvard U
A2  - Bradford, David F.
T1  - The Costs of Insurance Company Failures
T2  - The economics of property-casualty insurance
PB  - NBER Project Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1998///
SP  - 139
EP  - 166
N1  - Accession Number: 0576590; Reviewed Book ISBN: 0-226-07026-3; Keywords: Insurance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200109
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Bankruptcy; Liquidation          G33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0576590&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Engel, Charles
AU  - Rogers, John H.
AD  - U WA and NBER
AD  - Federal Reserve System
A2  - Frankel, Jeffrey A.
T1  - Regional Patterns in the Law of One Price: The Roles of Geography versus Currencies
T2  - The regionalization of the world economy
PB  - NBER Project Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1998///
SP  - 153
EP  - 183
N1  - Accession Number: 0615474; Reviewed Book ISBN: 0-226-25995-1; ; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200209
KW  - Neoclassical Models of Trade          F11
KW  - Trade Policy; International Trade Organizations          F13
KW  - Economic Integration          F15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0615474&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cecchetti, Stephen G.
AU  - Kashyap, Anil K.
AU  - Wilcox, David W.
AD  - Federal Reserve Bank of New York, OH State U, and NBER
AD  - U Chicago, NBER, and Federal Reserve Bank of Chicago
AD  - Federal Reserve System
T1  - Interactions between the Seasonal and Business Cycles in Production and Inventories
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1997/12//
VL  - 87
IS  - 5
SP  - 884
EP  - 892
SN  - 00028282
N1  - Accession Number: 0443265; Keywords: Business Cycles;  Cycle;  Manufacturing;  Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199804
N2  - This paper shows that, in several U.S. manufacturing industries, the seasonal variability of production and inventories varied with the state of the business cycle. The authors present a simple model which implies that, if firms reduce the seasonal variability of their production as the economy strengthens and they either hold constant or increase the stock of inventories they bring into the high-production seasons of the year, then they must be facing upward-sloping and convex marginal cost curves. The authors conclude that firms in a number of industries face upward-sloping and convex marginal-production-cost curves.
KW  - Business Fluctuations; Cycles          E32
KW  - Industry Studies: Manufacturing: General          L60
KW  - Capital; Investment; Capacity          E22
KW  - Macroeconomics: Production          E23
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0443265&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
AU  - Starr-McCluer, Martha
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Market Definition and the Analysis of Antitrust in Banking
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1997///Winter
VL  - 42
IS  - 4
SP  - 973
EP  - 995
SN  - 0003603X
N1  - Accession Number: 0453904; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199805
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0453904&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reifschneider, David L.
AU  - Stockton, David J.
AU  - Wilcox, David W.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Econometric Models and the Monetary Policy Process
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1997/12//
VL  - 47
SP  - 1
EP  - 37
SN  - 01672231
N1  - Accession Number: 0472863; Keywords: Forecasting;  Macroeconometrics;  Monetary Policy;  Monetary;  Policy;  Simulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199810
N2  - Econometric models play an important role in the monetary policy process of the Federal Reserve Board. Large-scale macroeconometric models are employed for forecasting, policy simulations, and the evaluation of monetary policy rules. However, in this work, the authors employ a mix of the algorithmic application of these models and judgment guided by information not available to models. They describe this approach and present an assessment of its strengths and weaknesses. The experience of the 1990-91 recession and the subsequent recovery is used to illustrate some of the practical difficulties surrounding the use of econometric models for policy analysis.
KW  - Monetary Policy          E52
KW  - Forecasting Models; Simulation Methods          C53
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472863&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brayton, Flint
AD  - Federal Reserve System
T1  - The Evolution of Macro Models at the Federal Reserve Board
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1997/12//
VL  - 47
SP  - 43
EP  - 81
SN  - 01672231
N1  - Accession Number: 0472865 Partial authors List; ; Keywords: Fed;  Federal Reserve Board;  Macroeconomic Model;  Macroeconomics;  Micro Foundations;  Microfoundations; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199810
N2  - Large-scale macroeconomic models have been used at the Federal Reserve Board for nearly thirty years. After briefly reviewing the first generation of Fed models, which were based on the IS/LM/Phillips curve paradigm, the paper describes the structure and properties of a new set of models. The new models are more explicit in their treatment of expectations formation and household and firm intertemporal decision making. The incorporation of more rigorous theoretical microfoundations is accomplished while maintaining a high standard of goodness of fit. Simulations illustrate the effects of alternative assumptions about the formation of expectations and policy credibility on system properties. Coauthors are Andrew Levin, Ralph Tryon, and John C. Williams.
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Central Banks and Their Policies          E58
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472865&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Whiteman, Charles H.
AD  - Federal Reserve System
AD  - U IA
T1  - General-to-Specific Procedures for Fitting a Data-Admissible, Theory-Inspired, Congruent, Parsimonious, Encompassing, Weakly-Exogenous, Identified, Structural Model to the DGP: A Translation and Critique
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1997/12//
VL  - 47
SP  - 121
EP  - 161
SN  - 01672231
N1  - Accession Number: 0472868; Keywords: Modeling; Publication Type: Journal Article; Update Code: 199810
N2  - The authors characterize the London School of Economics (LSE) approach by its implications for reduced-form modeling and structural interpretations. Much of what has come to be associated with the LSE methodology involves the approach to fitting reduced forms and can be thought of as a pragmatic solution to problems created by short samples plagued by serial correlation. The policy analysis one might be able to do with an 'LSE model,' on the other hand, hinges on structural identification arguments which do not meet the classic Cowles Commission standards and is thus suspect.
KW  - Econometric Modeling: General          C50
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472868&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Whiteman, Charles H.
AD  - Federal Reserve System
AD  - U IA
T1  - On Congruent Econometric Relations: A Comment: Rejoinder to Hendry
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1997/12//
VL  - 47
SP  - 191
EP  - 195
SN  - 01672231
N1  - Accession Number: 0472870; Publication Type: Journal Article; Update Code: 199810
KW  - Econometric Modeling: General          C50
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0472870&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises of the Committee on Banking and Financial Services, October 1, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 957
EP  - 961
SN  - 00149209
N1  - Accession Number: 0441801; Keywords: Accounting;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Susan M. Phillips, member, Board of Governors, discusses the Federal Reserve Board's views on proposed accounting standards for derivatives and risk-management activities issued by the Financial Accounting Standards Board (FASB) and says that the Federal Reserve shares several objectives with the FASB for improving financial reporting, including the fundamental objectives of promoting clear and understandable financial reports that increase the transparency of companies' activities, and also the view that accounting and disclosure standards that faithfully represent financial condition and performance can improve investor and counterparty decisions, thus improving market discipline on banking organizations and other companies, before the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises of the House Committee on Banking and Financial Services, October 1, 1997.
KW  - Accounting          M41
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0441801&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, October 1, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 961
EP  - 962
SN  - 00149209
N1  - Accession Number: 0441802; Keywords: Federal Reserve System;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Theodore E. Allison, Assistant to the Board of Governors for Federal Reserve System Affairs, reports on the Federal Reserve's plan for dealing with some new-design $50 notes that were imperfectly printed, including the Federal Reserve's view of the quality and quantity of $50 notes currently being produced by the Bureau of Engraving and Printing, the options the Federal Reserve is looking into for handling the imperfect notes, and the steps it is taking jointly with the Bureau of Engraving and Printing to better ensure satisfaction with notes produced by the Bureau in the future, before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, October 1, 1997.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0441802&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, October 8, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 963
EP  - 967
SN  - 00149209
N1  - Accession Number: 0441803; Keywords: Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the improvement in our fiscal position, after decades-long deterioration, and says that if our goals are economic growth and rising living standards, fostered by investment and price stability, fiscal policy in his judgment will need to be biased toward surpluses in the years immediately ahead, especially given the inexorable demographic trends that threaten huge increases in outlays beyond 2010; he also says that we must not squander years of efforts to balance the budget and the benefits of ideal economic conditions by failing to address our long-term imbalances such as the critical imbalance faced by social security and that the changes that will be required to restore fiscal balance to our social security accounts are significant but manageable, before the House Committee on the Budget, October 8, 1997.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, October 8, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 968
EP  - 974
SN  - 00149209
N1  - Accession Number: 0441804; Keywords: Banking;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Governor Phillips discusses the Federal Reserve's efforts in recent years to strengthen its supervisory processes and also the Board's views about what challenges lie ahead, for both the banking system and the supervisory process, and says that progress made in recent years to focus examinations on the areas of highest risk at banking organizations places the Federal Reserve in a better position to identify problems early, control systemic risk, and maintain financial stability, although implementing the risk-focused approach has not been an easy task, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, October 8, 1997.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AD  - Federal Reserve System
T1  - Statement to the U.S. Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, October 21, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 974
EP  - 975
SN  - 00149209
N1  - Accession Number: 0441805; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Theodore E. Allison comments on H.R.2637, the United States $1 Coin Act of 1997, which proposes that the dollar coin be made gold in color and given a distinctive rim, that it retain the dimension of the Susan B. Anthony dollar coin, and that the dollar note remain in circulation, and says that the Federal Reserve believes that the proposed bill achieves a good balance among the issues involved in the dollar-coin-versus-dollar-note debate and supports its passage, before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, October 21, 1997.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, October 29, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/12//
VL  - 83
IS  - 12
SP  - 975
EP  - 977
SN  - 00149209
N1  - Accession Number: 0441806; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - Chairman Greenspan addresses the turbulence in world financial markets and says that the financial disturbances that have afflicted a number of currencies in Asia do not at this point threaten prosperity in this country but that we need to work closely with their leaders and the international financial community to ensure that their situations stabilize, before the Joint Economic Committee of the U.S. Congress, October 29, 1997.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Dibana
AU  - Humphey, David B.
T1  - Payment transaction, instruments, and systems: A survey.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1997/12//
VL  - 21
IS  - 11/12
M3  - Article
SP  - 1573
EP  - 1624
SN  - 03784266
AB  - The payments literature ranges from theoretical general equilibrium models to practical payment issues related to the day-to-day operation of various national networks for the transfer of money. It is an area where economic theory and institutional structure are often closely intertwined and it is currently undergoing significant change, shifting from costly paper-based systems to technologically advanced electronic payments. The extant literature is surveyed here with the aim of integrating the various strands of payment research which have been largely pursued separately. In addition, we present newly available data to illustrate and investigate a number of underdeveloped areas in this literature. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ELECTRONIC funds transfers
KW  - FINANCIAL institutions
KW  - TRANSACTION costs
KW  - FINANCIAL services industry
KW  - PAYMENT
N1  - Accession Number: 11490407; Hancock, Dibana 1; Email Address: mldxh@fed.frb.gov.; Humphey, David B. 2; Affiliations: 1: Federal Reserve System Board of Governors Washington, DC; 2: Florida State University Talahassee, USA; Issue Info: Dec97, Vol. 21 Issue 11/12, p1573; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: TRANSACTION costs; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: PAYMENT; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 50p; Illustrations: 1 Diagram, 7 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Corrado, Carol
AU  - Mattey, Joe
AD  - Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Capacity Utilization
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1997///Winter
VL  - 11
IS  - 1
SP  - 151
EP  - 167
SN  - 08953309
N1  - Accession Number: 0413094; Keywords: Capacity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
N2  - This article reviews how the Federal Reserve measures capacity utilization and explains why capacity utilization has been, and likely will remain, a useful indicator of inflationary pressures and business cycle fluctuations. The authors also explain why economic developments, such as the pace of technological change, increased international trade, and a shift in the share of the workforce to service-producing industries, have not substantially affected the indicator value of capacity utilization. A microtheoretic description of the concept of capacity utilization is offered. Evidence on the plausibility of microeconomic structural interpretations of the relation between capacity utilization and price changes is reviewed.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.aeaweb.org/jep/
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UR  - http://dx.doi.org/10.1257/jep.11.1.151
UR  - http://www.aeaweb.org/jep/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - David, Alexander
T1  - Fluctuating Confidence in Stock Markets: Implications for Returns and Volatility.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1997/12//
VL  - 32
IS  - 4
M3  - Article
SP  - 427
EP  - 462
PB  - Cambridge University Press
SN  - 00221090
AB  - The average relative profitability of different firms in the economy jumps erratically. Although investors are unable to observe these productivity switches, they continuously update their beliefs regarding high and low productivity firms by observing the total return on each firm, which consists of the average productivity plus noise. The portfolio choices, interest rate, and stock return processes are derived in a Cox-Ingersoll-Ross (1985a) style general equilibrium model. Three stylized facts of stock market returns are addressed: negative skewness, excess kurtosis, and predictive asymmetry (excess returns and future changes in volatility are negatively correlated). To measure the last stylized fact, an EGARCH model is fitted to sample paths simulated from the model. Parameter values that permit faster learning fit the three facts better. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER confidence
KW  - STOCK exchanges
KW  - RATE of return
KW  - VOLATILITY (Finance)
KW  - PROFITABILITY
KW  - INVESTMENT analysis
KW  - FINANCIAL performance
KW  - RANDOM walks (Mathematics)
KW  - INDUSTRIAL productivity
KW  - INTEREST rate futures
KW  - CORPORATION reserves
KW  - AMERICAN investments
N1  - Accession Number: 76279; David, Alexander 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: Dec97, Vol. 32 Issue 4, p427; Thesaurus Term: CONSUMER confidence; Thesaurus Term: STOCK exchanges; Thesaurus Term: RATE of return; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: PROFITABILITY; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: FINANCIAL performance; Thesaurus Term: RANDOM walks (Mathematics); Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: INTEREST rate futures; Thesaurus Term: CORPORATION reserves; Subject Term: AMERICAN investments; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 36p; Illustrations: 1 Diagram, 1 Chart, 16 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - David, Alexander
AD  - Federal Reserve System
T1  - Controlling Information Premia by Repackaging Asset-Backed Securities
JO  - Journal of Risk and Insurance
JF  - Journal of Risk and Insurance
Y1  - 1997/12//
VL  - 64
IS  - 4
SP  - 619
EP  - 648
SN  - 00224367
N1  - Accession Number: 0454556; Keywords: Portfolio;  Securities; Publication Type: Journal Article; Update Code: 199805
N2  - Securities created from a base of underlying receivables are sold to uninformed "individual" and "institutional" hedgers. Institutions are more sophisticated than individuals because they are aware of the information-based transactions costs of all currently open markets and minimize transaction costs by trading in optimal portfolios. We show that profits earned from individuals can be optimized by changing the correlation coefficient between sets of receivables backing different securities, but profits earned from institutions are immune to changes in the correlation and can be controlled only by altering the number of securities created.
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291539-6975/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291539-6975/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engen, Eric
T1  - Distributional Analysis of Tax Policy.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1997/12//
VL  - 50
IS  - 4
M3  - Book Review
SP  - 805
EP  - 809
PB  - National Tax Association
SN  - 00280283
AB  - Reviews the book "Distributional Analysis of Tax Policy," edited by David F. Bradford.
KW  - TAXATION
KW  - NONFICTION
KW  - BRADFORD, David F.
KW  - DISTRIBUTIONAL Analysis of Tax Policy (Book)
N1  - Accession Number: 164944; Engen, Eric 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Dec97, Vol. 50 Issue 4, p805; Thesaurus Term: TAXATION; Subject Term: NONFICTION; Reviews & Products: DISTRIBUTIONAL Analysis of Tax Policy (Book); NAICS/Industry Codes: 921130 Public Finance Activities; People: BRADFORD, David F.; Number of Pages: 5p; Document Type: Book Review; Full Text Word Count: 2081
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Emmons, William M.
AU  - Prager, Robin A.
T1  - The effects of market structure and ownership on prices and service offerings in the U.S. cable television industry.
JO  - RAND Journal of Economics (RAND Journal of Economics)
JF  - RAND Journal of Economics (RAND Journal of Economics)
Y1  - 1997///Winter97
VL  - 28
IS  - 4
M3  - Article
SP  - 732
EP  - 750
PB  - RAND Journal of Economics
SN  - 07416261
AB  - This article provides empirical evidence on the effects of alternative market structures and ownership modes on prices and service offerings in the cable television industry. We analyze the underlying characteristics and behavior of competing versus monopoly operators on the one hand, and privately versus nonprivately owned operators on the other. We find that competition and nonprivate ownership are associated with lower prices for basic cable television service. We also find that cable television price and quality differentials vary with certain characteristics of competing operators, and that market structure and ownership status influence changes in price and quality over time. [ABSTRACT FROM AUTHOR]
AB  - Copyright of RAND Journal of Economics (RAND Journal of Economics) is the property of RAND Journal of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL organization (Economic theory)
KW  - INDUSTRIAL policy
KW  - INDUSTRIAL concentration
KW  - MONOPOLIES
KW  - ECONOMICS
KW  - COMPETITION
N1  - Accession Number: 93457; Emmons, William M. 1; Email Address: wemmons@hbs.edu; Prager, Robin A. 2; Email Address: mlrap03@frb.gov; Affiliations: 1: Harvard University; 2: Board of Governors of the Federal Reserve System; Issue Info: Winter97, Vol. 28 Issue 4, p732; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: INDUSTRIAL policy; Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: MONOPOLIES; Thesaurus Term: ECONOMICS; Subject Term: COMPETITION; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 19p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bhasin, Vijay
AU  - Cole, Rebel A.
AU  - Kiely, Joseph K.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - E Carolina U
T1  - Changes in REIT Liquidity 1990-1994: Evidence from Intra-day Transactions
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 1997///Winter
VL  - 25
IS  - 4
SP  - 615
EP  - 630
SN  - 10808620
N1  - Accession Number: 0439571; Keywords: Real Estate; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199802
N2  - This study uses data on intra-day transactions to analyze whether real estate investment (REIT) liquidity as measured by the bid-ask spread changed from 1990 to 1994, a period during which the industry's market capitalization increased from $87 billion to $45 billion. REIT percentage spreads (spread as percentage of share price) narrowed significantly, primarily attributable to higher share prices rather than narrower dollar-value spreads. An empirical model is used to analyze the determinants of percentage spreads. Return variance and share price, not market capitalization are found to be the primary determinants of percentage spreads in both periods. This suggests that the liquidity of REIT securities is similar to that of non-REIT securities with similar prices and return variance. In addition, percentage spreads are wider for REITs trading on the NASDAQ.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Nonagricultural and Nonresidential Real Estate Markets          R33
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6229/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jefferson, Philip N.
T1  - On the Neutrality of Inside and Outside Money.
JO  - Economica
JF  - Economica
Y1  - 1997/11//
VL  - 64
IS  - 256
M3  - Article
SP  - 567
EP  - 586
PB  - Wiley-Blackwell
SN  - 00130427
AB  - The relationships between nominal inside money and real economic activity and nominal outside money and real economic activity are explored using data on checkable deposits, M2 excluding currency, the monetary base, and real income in the United States from 1900 to 1992. This is done by calculating the long-run elasticities of real output with respect to inside and outside components of the money stock. Small but significant deviations from neutrality are detected for inside money over a range of identifying assumptions. The evidence suggests, however, that the source of non-neutrality is not the one hypothesized by Gurley and Shaw (1960). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY
KW  - ECONOMIC activity
KW  - BUSINESS cycles
KW  - INTERNATIONAL relations
KW  - ECONOMETRICS
KW  - DISCRETIONARY income
KW  - REAL income
KW  - UNITED States
N1  - Accession Number: 39421; Jefferson, Philip N. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Nov97, Vol. 64 Issue 256, p567; Thesaurus Term: MONEY; Thesaurus Term: ECONOMIC activity; Thesaurus Term: BUSINESS cycles; Thesaurus Term: INTERNATIONAL relations; Thesaurus Term: ECONOMETRICS; Thesaurus Term: DISCRETIONARY income; Thesaurus Term: REAL income; Subject: UNITED States; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 911410 Foreign affairs; Number of Pages: 20p; Illustrations: 5 Charts, 8 Graphs; Document Type: Article
L3  - 10.1111/1468-0335.00100
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edwards, Cheryl L.
AD  - Federal Reserve System
T1  - Open Market Operations in the 1990s
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/11//
VL  - 83
IS  - 11
SP  - 859
EP  - 874
SN  - 00149209
N1  - Accession Number: 0440068; Keywords: Monetary Policy;  Monetary;  Open Market Operations;  Open Market;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199802
N2  - Open market operations--the purchase and sale of Treasury and federal agency securities--are the Federal Reserve's principal tool for implementing monetary policy. The objectives and conduct of open market operations have continued to evolve in the 1990s, partly in response to the way the Federal Open Market Committee implements monetary policy and explains it to the public. Also shaping operations have been changes in financial markets, including developments in the market for repurchase agreements and declines in the balances that depository institutions must hold at the Federal Reserve.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rivlin, Alice M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, September 16, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/11//
VL  - 83
IS  - 11
SP  - 878
EP  - 884
SN  - 00149209
N1  - Accession Number: 0440069; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199802
N2  - Alice M. Rivlin, Vice Chair, Board of Governors, discusses the payments system and the Federal Reserve's role in it, and says that for the next few years at least, the Federal Reserve can best meet the expectations of the Congress for a safe and reliable payments system by continuing to provide check and automated clearinghouse (ACH) services as efficiently as possible and that the Federal Reserve needs to work more closely and collaboratively with the participants and users of the payments system, both to enhance the efficiency of current payment instruments (check and ACH) and to evolve strategies for moving to the next generation of payment methodologies, before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, September 16, 1997.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0440069&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, September 24, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/11//
VL  - 83
IS  - 11
SP  - 884
EP  - 887
SN  - 00149209
N1  - Accession Number: 0440070; Keywords: Banking;  Consumer Credit;  Credit;  Debit Card;  Debits;  Financial Institutions;  Financial Services;  Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199802
N2  - Laurence H. Meyer, Member, Board of Governors, comments on issues concerning debit cards that can be used without security codes (sometimes referred to as "check cards" or "offline debit cards") and says that it is in everyone's best interest to ensure that the public understands the new risks inherent in transactions that are not protected by a security code (personal identification number) so that individual consumers can make an informed choice about whether to assume that risk, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, September 24, 1997.
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0440070&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Morton, John E.
T1  - Estimating Equilibrium Exchange Rates (Book).
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1997/11//
VL  - 43
IS  - 3/4
M3  - Book Review
SP  - 525
EP  - 529
SN  - 00221996
AB  - Reviews the book "Estimating Equilibrium Exchange Rates," edited by John Williamson.
KW  - FOREIGN exchange rates
KW  - NONFICTION
KW  - WILLIAMSON, John
KW  - ESTIMATING Equilibrium Exchange Rates (Book)
N1  - Accession Number: 9712175467; Morton, John E. 1; Affiliations: 1: Senior Economist, Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: Nov97, Vol. 43 Issue 3/4, p525; Thesaurus Term: FOREIGN exchange rates; Subject Term: NONFICTION; Reviews & Products: ESTIMATING Equilibrium Exchange Rates (Book); People: WILLIAMSON, John; Number of Pages: 5p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeffrey C.
AU  - Madigan, Brian F.
T1  - MONETARY POLICY WHEN INTEREST RATES ARE BOUNDED AT ZERO.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1997/11//
VL  - 79
IS  - 4
M3  - Article
SP  - 573
EP  - 585
PB  - MIT Press
SN  - 00346535
AB  - This paper assesses the importance of the zero lower bound on nominal interest rates for the interest-rate channel of monetary policy. We simulate several interest-rate setting policy rules with either high or low inflation targets. We determine the extent to which the zero bound prevents real rates from falling, thus cushioning aggregate output in response to negative spending shocks. For small temporary and large permanent shocks, the output path with zero inflation lies modestly below that for higher inflation. For large shocks persisting a few quarters, differences in output paths across high- and low-inflation scenarios can be larger. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - PRICE regulation
KW  - DEMAND for money
KW  - ECONOMIC policy
N1  - Accession Number: 36359; Fuhrer, Jeffrey C. 1; Madigan, Brian F. 2; Affiliations: 1: Federal Reserve Bank of Boston.; 2: Board of Governors, Federal Reserve System.; Issue Info: Nov97, Vol. 79 Issue 4, p573; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: PRICE regulation; Thesaurus Term: DEMAND for money; Thesaurus Term: ECONOMIC policy; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 13p; Illustrations: 1 Chart, 18 Graphs; Document Type: Article; Full Text Word Count: 8378
L3  - 10.1162/003465397557150
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=36359&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Levin, Andrew
AU  - Rogers, John
AU  - Tryon, Ralph
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Evaluating International Economic Policy with the Federal Reserve's Global Model
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/10//
VL  - 83
IS  - 10
SP  - 797
EP  - 817
SN  - 00149209
N1  - Accession Number: 0438018; Keywords: Global;  Macroeconomics;  Policy; Publication Type: Journal Article; Update Code: 199801
N2  - FRB/Global is a large-scale macroeconomic model developed and maintained by the Board's staff. This article provides a historical perspective on the development of the model, gives an overview of its structure, and highlights its dynamic properties with three simulation experiments: a reduction in U.S. government purchases; a depreciation of the U.S. dollar; and an increase in the price of oil exported by OPEC. The article illustrates other uses of FRB/Global by examining the spillover effects of fiscal and monetary policy under alternative European monetary policy regimes.
KW  - Global Outlook          F01
KW  - International Policy Coordination and Transmission          F42
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0438018&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Cummins, J. David
AU  - Weiss, Mary A.
T1  - The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1997/10//
VL  - 70
IS  - 4
M3  - Article
SP  - 515
PB  - University of Chicago Press
SN  - 00219398
AB  - Property-liability insurance is distributed through a direct-writer system, where agents represent one insurer, and an independent- agency system, where agents represent several insurers. Independent-agency insurers have higher costs than direct writers. The market- imperfections hypothesis attributes the coexistence of the two types of insurers to impediments to competition, while the product-quality hypothesis holds that independent-agency insurers provide higher-quality services. We measure cost efficiency and profit efficiency for property-liability insurers and find strong support for the product-quality hypothesis, implying that independent-agency insurers produce higher-quality outputs and are compensated by higher revenues. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INSURANCE companies
KW  - PROPERTY insurance
KW  - COST effectiveness
KW  - INSURANCE agents
KW  - FINANCIAL services industry
KW  - FINANCIAL crises
KW  - REASONING (Logic)
N1  - Accession Number: 9712161529; Berger, Allen N. 1; Cummins, J. David 2; Weiss, Mary A. 3; Affiliations: 1: Board of Governors, Federal Reserve System and Wharton Financial Institutions Center.; 2: University of Pennsylvania.; 3: Temple University.; Issue Info: Oct97, Vol. 70 Issue 4, p515; Thesaurus Term: INSURANCE companies; Thesaurus Term: PROPERTY insurance; Thesaurus Term: COST effectiveness; Thesaurus Term: INSURANCE agents; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: FINANCIAL crises; Subject Term: REASONING (Logic); NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 524210 Insurance Agencies and Brokerages; NAICS/Industry Codes: 524114 Direct Health and Medical Insurance Carriers; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524121 Direct general property and casualty insurance carriers; NAICS/Industry Codes: 524124 Direct property insurance carriers; NAICS/Industry Codes: 524126 Direct Property and Casualty Insurance Carriers; Number of Pages: 32p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pritsker, Matthew
AD  - Federal Reserve System
T1  - Evaluating Value at Risk Methodologies: Accuracy versus Computational Time
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1997/10//October-December 1997
VL  - 12
IS  - 2-3
SP  - 201
EP  - 242
SN  - 09208550
N1  - Accession Number: 0458905; Keywords: Risk; Publication Type: Journal Article; Update Code: 199807
N2  - Recent research has shown that different methods of computing Value at Risk (VAR) generate widely varying results, suggesting the choice of VAR method is very important. This article examines six VAR methods, and compares their computational time requirements and their accuracy when the sole source of inaccuracy is errors in approximating nonlinearity. Simulations using portfolios of foreign exchange options showed fairly wide variation in accuracy and unsurprisingly wide variation in computational time. When the computational time and accuracy of the methods were examined together, four methods were superior to the others. The article also presents a new method for using order statistics to create confidence intervals for the errors and errors as a percent of true value at risk for each VAR method. This makes it possible to easily interpret the implications of VAR errors for the size of shortfalls or surpluses in a firm's risk-based capital.
KW  - Criteria for Decision-Making under Risk and Uncertainty          D81
KW  - Financial Institutions and Services: General          G20
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0458905&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bowman, David
AU  - Faust, Jon
T1  - Options, sunspots, and the creation of uncertainty.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1997/10//
VL  - 105
IS  - 5
M3  - Article
SP  - 957
PB  - University of Chicago Press
SN  - 00223808
AB  - We present two examples in which the addition of an option market leads to sunspot equilibria despite the fact that no sunspot equilibria exist without the market. These examples highlight limitations in two prevalent views of option markets. It is often assumed that option markets help complete otherwise incomplete markets. We demonstrate that they can instead increase the number of events agents wish to insure against. As in Black and Scholes, it is often assumed that option markets are redundant. We demonstrate that an option market may not be redundant even when markets were complete before its introduction. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - OPTIONS (Finance)
KW  - STOCK options
KW  - MONEY market
KW  - COMMODITY options
KW  - MARKETS
KW  - EQUILIBRIUM (Economics)
N1  - Accession Number: 9711112191; Bowman, David 1; Faust, Jon 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct97, Vol. 105 Issue 5, p957; Thesaurus Term: ECONOMICS; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: STOCK options; Thesaurus Term: MONEY market; Thesaurus Term: COMMODITY options; Thesaurus Term: MARKETS; Thesaurus Term: EQUILIBRIUM (Economics); NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 19p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schmitt-Grohe, Stephanie
AU  - Uribe, Martin
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Balanced-Budget Rules, Distortionary Taxes, and Aggregate Instability
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1997/10//
VL  - 105
IS  - 5
SP  - 976
EP  - 1000
SN  - 00223808
N1  - Accession Number: 0437450; Keywords: Boom;  Budget;  Business Cycles;  Contraction;  Cycle;  Recession; Geographic Descriptors: U.S.; G-7; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199801
N2  - A traditional argument against a balanced-budget fiscal policy rule is that it amplifies business cycles by stimulating aggregate demand during booms via tax cuts and higher public expenditures and by reducing demand during recessions through a corresponding fiscal contraction. This paper suggests an additional source of instability that may arise from this type of fiscal policy rule. It shows that, within the standard neoclassical growth model, a balanced-budget rule can make expectations of higher tax rates self-fulfilling if the fiscal authority relies heavily on changes in labor income taxes to eliminate short-run fiscal imbalances.
KW  - National Deficit; Surplus          H62
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0437450&site=ehost-live&scope=site
UR  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mendoza, Enrique G.
AU  - Milesi-Ferretti, Gian Maria
AU  - Asea, Patrick
AD  - Federal Reserve System
AD  - IMF and CEPR
AD  - UCLA and NBER
T1  - On the Ineffectiveness of Tax Policy in Altering Long-Run Growth: Harberger's Superneutrality Conjecture
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 1997/10//
VL  - 66
IS  - 1
SP  - 99
EP  - 126
SN  - 00472727
N1  - Accession Number: 0439484; Keywords: Growth;  Policy;  Tax; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199802
N2  - In 1964 Harberger conjectured that, although theory predicts that changes in tax rates affect investment and growth in the long-run, in practice tax policy is an ineffective instrument to influence growth. This paper provides theoretical and empirical evidence in favor of this view. The growth effects of tax policy in the class of endogenous growth models driven by human capital accumulation are examined, and numerical simulations of these models confirm the results Harberger predicted. Cross-country panel regressions, estimated using a new method for measuring effective tax rates, produce significant investment effects from taxes that are consistent with negligible growth effects. These results are robust to the introduction of other growth determinants.
KW  - Fiscal Policy          E62
KW  - One, Two, and Multisector Growth Models          O41
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0439484&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
AU  - McKinney, R J
T1  - Sources of online US legislative and regulatory information
JO  - Journal of Government Information
JF  - Journal of Government Information
Y1  - 1997/09//Sep-Oct 1997
VL  - 24
IS  - 5
M3  - Article
SP  - 383
EP  - 395
SN  - 13520237
AB  - US federal and state legislative and regulatory information is being increasingly made available electronically. A brief description and comparison table is presented that includes all major online sources for federal and state legislative and regulatory information for both commercial dial-in services and Internet sources. The extensive table, organized alphabetically in more than fifty information categories, notes the name of each file covering a category and from what year forward the information is maintained.
KW  - EVALUATION
KW  - Federal government
KW  - Government documents
KW  - Information sources
N1  - Accession Number: ISTA3300755; McKinney, R J 1; Affiliations: 1 : Federal Reserve System Law Library, Washington, DC;  Source Info: Sep-Oct 1997, Vol. 24 Issue 5, p383; Note: Update Code: 3300; Subject Term: EVALUATION; Author-Supplied Keyword: Federal government; Author-Supplied Keyword: Government documents; Author-Supplied Keyword: Information sources; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - lih
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Leusner, John H.
AU  - Mingo, John J.
T1  - The efficiency of bank branches.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1997/09//
VL  - 40
IS  - 1
M3  - Article
SP  - 141
EP  - 162
SN  - 03043932
AB  - An understanding of bank branch efficiency may help resolve a number of conceptual, measurement, and policy questions about efficiency at the bank level. We measure the efficiency of over 760 branches of a large U.S. commercial bank. We find that there are about twice as many branches as would minimize costs, but this may be optimal from a profitability standpoint because 'overbranching' raises revenues from providing extra customer convenience. X-inefficiencies are quite large, over 20% of operating costs. These findings may help explain some efficiency results commonly found in bank-level analysis, and have important implications regarding bank M&As and interstate branching. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BRANCH banks
KW  - COST control
KW  - BANKING industry
KW  - BRANCHES (Business enterprises)
KW  - FINANCIAL performance
KW  - OPERATING costs
KW  - Bank
KW  - Efficiency
KW  - Merger
KW  - Scale
N1  - Accession Number: 12912882; Berger, Allen N. 1,2; Leusner, John H. 1; Mingo, John J. 3; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Wharton Financial Institutions Center, Philadelphia, PA 19104, USA; 3: University of Chicago Graduate School of Business, Chicago, IL 60637, USA; Issue Info: Sep97, Vol. 40 Issue 1, p141; Thesaurus Term: BRANCH banks; Thesaurus Term: COST control; Thesaurus Term: BANKING industry; Thesaurus Term: BRANCHES (Business enterprises); Thesaurus Term: FINANCIAL performance; Thesaurus Term: OPERATING costs; Author-Supplied Keyword: Bank; Author-Supplied Keyword: Efficiency; Author-Supplied Keyword: Merger; Author-Supplied Keyword: Scale; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; Number of Pages: 22p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Uribe, Martin
AD  - Federal Reserve System
T1  - Hysteresis in a Simple Model of Currency Substitution
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1997/09//
VL  - 40
IS  - 1
SP  - 185
EP  - 202
SN  - 03043923
N1  - Accession Number: 0434426; Keywords: Cash In Advance;  Cash;  Currency Substitution;  Currency;  Foreign Currency;  Money Velocity;  Money; Publication Type: Journal Article; Update Code: 199712
N2  - A cash-in-advance model in which the cost of buying goods with a foreign currency is decreasing in the economy's accumulated experience in transacting in the foreign currency is shown to display hysteresis in money velocity; that is, a temporary increase in expected inflation can cause a permanent increase in velocity. In addition, the model implies that the domestic currency does not have to dominate the foreign currency in rate of return to induce agents to stop using the foreign currency. Finally, inflation rates that trigger currency substitution need not be associated with steady states in which the domestic currency disappears from circulation.
KW  - Demand for Money          E41
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0434426&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, A.
AD  - Federal Reserve System
T1  - Central Banking and Global Finance
JO  - Tijdschrift voor Economie en Management
JF  - Tijdschrift voor Economie en Management
Y1  - 1997/09//
VL  - 42
IS  - 3
SP  - 347
EP  - 354
SN  - 07727674
N1  - Accession Number: 0438670; Keywords: Central Banking;  Finance; Publication Type: Journal Article; Update Code: 199801
KW  - Central Banks and Their Policies          E58
KW  - International Financial Markets          G15
L3  - http://www.statistiques.public.lu/fr/publications/periodiques/t/tijdschrift_economie_management_-_review_of_business_and_economics/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0438670&site=ehost-live&scope=site
UR  - http://www.statistiques.public.lu/fr/publications/periodiques/t/tijdschrift_economie_management_-_review_of_business_and_economics/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Grossman, Herschell I.
AU  - Iyigun, Murat F.
T1  - Population Increase and the End of Colonialism.
JO  - Economica
JF  - Economica
Y1  - 1997/08//
VL  - 64
IS  - 255
M3  - Article
SP  - 483
EP  - 493
PB  - Wiley-Blackwell
SN  - 00130427
AB  - This article presents information on the economic conditions of European Colonies towards the end of colonialism between 1946 and 1976. The main theoretical innovation is to consider the effect of population increase on the allocation of time by the indigenous population between productive and subversive activities. The analysis suggests that the increase in population during the colonial period increased the potential private return to subversive activity until the colonies became a net burden on the metropolitan governments. It also suggests that there was less subversive activity in colonies in which the market for indigenous labour was monopsonized because monopsonistic employers internalized the potential negative effect of subversive activity on net profits. The large European colonies in Southeast Asia and Africa were similar in key respects. An important motivation for establishing each of these colonies was the income to be earned by exploiting their natural resources. In most of the colonies the main natural resource was agricultural land, but in some extractable minerals were more important.
KW  - IMPERIALISM
KW  - SECURITY systems
KW  - POWER resources
KW  - LABOR market
KW  - COLONIES
KW  - NATURAL resources
N1  - Accession Number: 9710174758; Grossman, Herschell I. 1; Iyigun, Murat F. 1; Affiliations: 1: Brown University and Board of Governors of the Federal Reserve System.; Issue Info: Aug97, Vol. 64 Issue 255, p483; Thesaurus Term: IMPERIALISM; Thesaurus Term: SECURITY systems; Thesaurus Term: POWER resources; Thesaurus Term: LABOR market; Subject Term: COLONIES; Subject Term: NATURAL resources; NAICS/Industry Codes: 561621 Security Systems Services (except Locksmiths); Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Loungani, Prakash
AU  - Sheets, Nathan
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Central Bank Independence, Inflation, and Growth in Transition Economies
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1997/08//
VL  - 29
IS  - 3
SP  - 381
EP  - 399
SN  - 00222879
N1  - Accession Number: 0434435; Keywords: Growth;  Inflation;  Transitional Economies; Publication Type: Journal Article; Update Code: 199712
N2  - This paper documents two empirical relationships that have emerged as the former communist countries have taken steps to transform their economies. First, data from a sample of twelve transition economies suggest that increased central bank independence (CBI) is correlated with lower inflation rates. This CBI-inflation correlation is not well explained by initial economic conditions and persists after controlling for fiscal performance and the overall quality of economic reforms. Second, across a larger set of twenty-five transition economies, there is a strong and robust negative relationship between inflation and subsequent real GDP growth. Inflation's adverse effect on investment appears to be one significant channel through which the relationship between inflation and growth arises.
KW  - Central Banks and Their Policies          E58
KW  - Socialist Institutions and Their Transitions: Financial Economics          P34
KW  - Price Level; Inflation; Deflation          E31
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrado, Carol A.
AD  - Federal Reserve System
T1  - Industrial Production and Capacity Utilization: The 1997 Revision
JO  - Business Economics
JF  - Business Economics
Y1  - 1997/07//
VL  - 32
IS  - 3
SP  - 54
EP  - 58
SN  - 0007666X
N1  - Accession Number: 0427118; Keywords: Capacity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - This article summarizes the revisions of the measures of production, capacity and utilization issued by the Board of Governors of the Federal Reserve System, and also discusses the new aggregation methods and the new information used to construct selected production and capacity series.
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
KW  - Capital; Investment; Capacity          E22
L3  - http://www.palgrave-journals.com/be/archive/index.html
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UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - August, James D.
AD  - US Federal Reserve System
T1  - Survey of Finance Companies, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/07//
VL  - 83
IS  - 7
SP  - 543
EP  - 556
SN  - 00149209
N1  - Accession Number: 0427487 Partial authors List; ; Keywords: Finance;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - Finance companies are major suppliers of credit to consumers and businesses. The sector is made up of roughly 1,250 nondepository financial institutions, with 20 firms accounting for three-fourths of the receivables. The Federal Reserve System has been surveying the assets and liabilities of finance companies, typically at five-year intervals, since June 1955. This article summarizes the results of the 1996 survey. Special features of that survey are a breakdown of automobile leases into consumer and business components and, relative to previous surveys, greater detail on the composition of real estate credit and more information on securitized loans and leases.
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AU  - Pianalto, Rosanna S.
AD  - US Federal Reserve System
AD  - US Federal Reserve System
T1  - The Issuance of Series-1996 $100 Federal Reserve Notes: Goals, Strategy, and Likely Results
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/07//
VL  - 83
IS  - 7
SP  - 557
EP  - 564
SN  - 00149209
N1  - Accession Number: 0427488; Keywords: Currency; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - In March 1996, the Federal Reserve began issuing series-1996 $100 Federal Reserve notes. Culminating a cooperative effort by the U.S. Department of the Treasury and the Federal Reserve System that dated from the 1980s, the series-1996 note was the first major design change in U.S. currency in sixty-six years. The new note was developed to provide better protection for users of U.S. currency against the growing threat of counterfeiting, especially that posed by increasingly affordable and capable color scanning and printing systems. This article discusses the Federal Reserve's strategy for issuing newly designed $100 notes and says that it appears likely to achieve its objectives: a replacement of pre-series-1996 $100 notes that is timely in relation to the developing threat of counterfeiting, with a minimum impact on holders and users of those notes throughout the world.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fisher, Peter R.
AU  - Cohen, Gerald D.
AD  - US Federal Reserve System
AD  - US Federal Reserve System
T1  - Open Market Operations during 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/07//
VL  - 83
IS  - 7
SP  - 565
EP  - 574
SN  - 00149209
N1  - Accession Number: 0427489; Keywords: FOMC;  Fund;  Open Market Operations;  Open Market;  Reserve Requirements; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - During 1996, the Trading Desk at the Federal Reserve Bank of New York managed reserve conditions with the objective of maintaining the federal funds rate around the level desired by the Federal Open Market Committee (FOMC). As was the case last year, the need for permanent reserve additions was relatively modest as demand for currency grew moderately and reserve requirements declined because of the continued spread of sweep programs at commercial banks. The decrease in operating balances of depository institutions at Reserve Banks had an impact on bank reserve management strategies and the Desk's choice of operations. The Desk paid close attention to the daily pattern of reserve demands and, by tailoring its operations accordingly, maintained funds trading close to the FOMC's desired rate.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - US Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, May 22, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/07//
VL  - 83
IS  - 7
SP  - 578
EP  - 583
SN  - 00149209
N1  - Accession Number: 0427490; Keywords: Bank;  Banking;  Federal Reserve System;  Financial Services;  Glass Steagall;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - Alan Greenspan, Chairman, Board of Governors, presents the views of the Board of Governors of the Federal Reserve System on the Financial Services Competitiveness Act of 1997, a bill proposed to reform the Glass-Steagall prohibitions to permit the affiliation of banks and securities firms, and says that the Board believes that this bill would improve the efficiency and competitiveness of the financial services industry and result in better service to consumers but opposes the authorization of so-called operating subsidiaries of banks to engage in some financial activities not permitted to their parent bank, before the House Committee on Banking and Financial Services, May 22, 1997.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0427490&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Mester, Loretta J.
T1  - Inside the black box: What explains differences in the efficiencies of financial institutions?
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1997/07//
VL  - 21
IS  - 7
M3  - Article
SP  - 895
EP  - 947
SN  - 03784266
AB  - Over the past several years, substantial research effort has gone into measuring the efficiency of financial institutions. Many studies have found that inefficiencies are quite large, on the order of 20% or more of total banking industry costs and about half of the industry's potential profits. There is no consensus on the sources of the differences in measured efficiency. This paper examines several possible sources, including differences in efficiency concept, measurement method, and a number of bank, market, and regulatory, characteristics. We review the existing literature and provide new evidence using data on US banks over the period 1990-1995. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL institutions
KW  - INDUSTRIAL efficiency
KW  - BANKING industry
KW  - COST
KW  - PROFIT
N1  - Accession Number: 11496157; Berger, Allen N. 1,2; Email Address: aberger@frb.gov; Mester, Loretta J. 3,4; Email Address: loretta.mester@phil.frb.org; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; 2: Wharton Financial Institutions Center, PA, USA; 3: Federal Reserve Bank of Philadelphia; 4: Finance Department, The Wharton School, University of Pennsylvania; Issue Info: Jul97, Vol. 21 Issue 7, p895; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: BANKING industry; Thesaurus Term: COST; Thesaurus Term: PROFIT; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 53p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Leeper, Eric M.
AD  - Federal Reserve System
AD  - IN U
T1  - When Do Long-Run Identifying Restrictions Give Reliable Results?
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1997/07//
VL  - 15
IS  - 3
SP  - 345
EP  - 353
SN  - 07350015
N1  - Accession Number: 0426139; Keywords: Autoregression; Publication Type: Journal Article; Update Code: 199710
N2  - Many recent articles have identified behavioral disturbances in vector autoregressions by imposing restrictions on the long-run effects of shocks. This article demonstrates that this approach will be unreliable unless the underlying economy satisfies three types of strong restrictions. Although many aspects of these issues have been raised before, this article draws out and illustrates the implications for inferences under the long-run scheme. Furthermore, it provides strategies for dealing with the problems.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
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UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Roberts, John M.
AD  - Federal Reserve System
T1  - Is Inflation Sticky?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1997/07//
VL  - 39
IS  - 2
SP  - 173
EP  - 196
SN  - 03043923
N1  - Accession Number: 0426544; Keywords: Disinflation;  Inflation;  Monetary Policy;  Monetary;  New Keynesian;  Policy;  Prices;  Rational Expectation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - New Keynesian sticky-price models predict that monetary policy can affect real variables. However, they also predict that inflation can be reduced without depressing output or employment. In fact, bringing down inflation is costly, presenting a challenge to the New Keynesian model. Two departures from the New Keynesian model predict costly disinflation. One assumes sticky inflation rather than sticky prices, while the other assumes less-than-perfectly rational expectations. Taking into account information from surveys of inflation expectations, the author finds the evidence suggests that inflation is not sticky and that inflation expectations are less than perfectly rational.
KW  - Price Level; Inflation; Deflation          E31
KW  - General Aggregative Models: Keynes; Keynesian; Post-Keynesian          E12
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/03043932
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UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Uribe, Martin
AD  - Federal Reserve System
T1  - Exchange-Rate-Based Inflation Stabilization: The Initial Real Effects of Credible Plans
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1997/07//
VL  - 39
IS  - 2
SP  - 197
EP  - 221
SN  - 03043923
N1  - Accession Number: 0426545; Keywords: Inflation Stabilization;  Inflation;  Open Economy;  Stabilization; Geographic Descriptors: Argentina; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199710
N2  - This paper studies the initial effects of exchange-rate-based stabilization programs within a dynamic general equilibrium model of a small open economy in which inflation acts as a tax on intermediate transactions and capital accumulation is subject to convex adjustment costs and gestation lags. The model replicates the typical pattern of slow inflation convergence, sustained real exchange rate appreciation, trade balance deterioration, and expansion in domestic spending followed by a deflationary slowdown, without resorting to sticky prices, imperfect credibility, or adaptive expectations. Calibrated versions of the model are compared with the initial effects of the Argentine Convertibility Plan of April 1991.
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
KW  - Open Economy Macroeconomics          F41
KW  - Price Level; Inflation; Deflation          E31
KW  - International Finance: General          F30
L3  - http://www.sciencedirect.com/science/journal/03043932
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UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lumpkin, Stephen A.
AU  - O'Brien, James M.
T1  - Thrift stock returns and portfolio interest rate sensitivity.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1997/07//
VL  - 39
IS  - 2
M3  - Article
SP  - 341
EP  - 357
SN  - 03043932
AB  - In practice, the interest rate sensitivity of depository institution (DI) net worth is measured in terms of maturity mismatches arising from nominal contracts in their financial portfolios. Academic studies also frequently invoke nominal contracting to explain a positive covariation observed between DI stock returns and bond returns. For a sample of thrifts reporting detailed financial data (1984-1992), this study estimates monthly changes in their financial portfolio values due to changes in interest rates. These portfolio value changes are found to be unimportant in explaining the thrifts' stock returns and are unable to account for a positive covariation between the stock returns and bond market returns. Potential weaknesses in the tests seem inadequate to explain the results. Explanations other than nominal contracting may warrant more consideration in relating Dis' net worth to interest rate changes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - MONETARY policy
KW  - CAPITAL market
KW  - INVESTMENTS
KW  - BOND market
KW  - BANKING industry
KW  - Interest rate risk
KW  - Nominal contracting
KW  - Thrift stock returns
N1  - Accession Number: 13278145; Lumpkin, Stephen A. 1; O'Brien, James M. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jul97, Vol. 39 Issue 2, p341; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Thesaurus Term: CAPITAL market; Thesaurus Term: INVESTMENTS; Thesaurus Term: BOND market; Thesaurus Term: BANKING industry; Author-Supplied Keyword: Interest rate risk; Author-Supplied Keyword: Nominal contracting; Author-Supplied Keyword: Thrift stock returns; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AD  - Federal Reserve System
T1  - Durable Goods Monopoly with Limited Choice of Commitment Strategy: When Should the Monopolist Precommit?
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 1997/07//
VL  - 64
IS  - 1
SP  - 104
EP  - 117
SN  - 00384038
N1  - Accession Number: 0426919; Keywords: Monopolists;  Monopoly; Publication Type: Journal Article; Update Code: 199710
N2  - This paper explores the intertemporal pricing strategy of a monopolist selling a durable good, where the monopolist is assumed to exercise partial commitment across periods. Within a two-period framework, the author first examines the case of a seller able to credibly commit to withdraw the product after the first period but unable to make any other intertemporal commitment. Next, he considers a seller able to precommit to a price floor for the second period, where second period demand is uncertain. The partial commitment strategies generally yield higher profits that are obtainable without precommitment, although important exceptions arise.
KW  - Monopoly; Monopolization Strategies          L12
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
L3  - http://journal.southerneconomic.org/loi/soec
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UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Nelson, William R.
AU  - Owen, Ann L.
AD  - US Federal Reserve System
AD  - US Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/06//
VL  - 83
IS  - 6
SP  - 465
EP  - 489
SN  - 00149209
N1  - Accession Number: 0427485; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - U.S. commercial banks had another very good year in 1996. Profits posted strong growth, preserving the high levels of return on equity and return on assets that have prevailed over the past four years. Helping to boost profits were continued strong growth of interest-earning assets, a slight widening of the net interest margin, significant gains in noninterest income, and continued containment of noninterest expenses. Return on assets edged up despite a slight increase in provisioning for loan and lease losses relative to assets. Delinquency and charge-off rates stayed low for business loans but climbed throughout the year for consumer loans.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0427485&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - US Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Risk Management and Specialty Crops of the Committee on Agriculture, April 15, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/06//
VL  - 83
IS  - 6
SP  - 497
EP  - 500
SN  - 00149209
N1  - Accession Number: 0427486; Keywords: Derivatives;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - Susan M. Phillips, Member, Board of Governors of the Federal Reserve Syst3em, presents the Board's views on efforts to clarify and reform the regulation of derivatives contracts under the Commodity Exchange Act and says that the Board strongly endorses efforts by the Congress to carefully reexamine the existing regulatory framework for derivatives, key elements of which were put in place in the 1920s and 1930s to regulate the trading on exchanges of grain futures by the general public, before the Sub-committee on Risk Management and Specialty Crops of the House Committee on Agriculture, April 15, 1997.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joeph E.
T1  - Predicting External Imbalances for the United States and Japan (Book).
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 1997/06//
VL  - 13
IS  - 2
M3  - Book Review
SP  - 300
EP  - 300
SN  - 01692070
AB  - Reviews the book "Predicting External Imbalances for the United States and Japan".
KW  - FORECASTING
KW  - NONFICTION
KW  - PREDICTING External Imbalances for the United States & Japan (Book)
N1  - Accession Number: 11647963; Gagnon, Joeph E. 1; Affiliations: 1: Federal Reserve System, Washington; Issue Info: Jun97, Vol. 13 Issue 2, p300; Thesaurus Term: FORECASTING; Subject Term: NONFICTION; Reviews & Products: PREDICTING External Imbalances for the United States & Japan (Book); Number of Pages: 1p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - DeYoung, Robert
T1  - Problem loans and cost efficiency in commercial banks.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1997/06//
VL  - 21
IS  - 6
M3  - Article
SP  - 849
EP  - 870
SN  - 03784266
AB  - This paper addresses a little examined intersection between the problem loan literature and the bank efficiency literature. We employ Granger-causality techniques to test four hypotheses regarding the relationships among loan quality, cost efficiency, and bank capital. The data suggest that problem loans precede reductions in measured cost efficiency; that measured cost efficiency precedes reductions in problem loans; and that reductions in capital at thinly capitalized banks precede increases in problem loans. Hence, cost efficiency may be an important indicator of future problem loans and problem banks. Our results are ambiguous concerning whether or not researchers should control for problem loans in efficiency estimation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - BANKING industry
KW  - BANK capital
KW  - FINANCE
KW  - UNITED States
N1  - Accession Number: 11496140; Berger, Allen N. 1,2; DeYoung, Robert 3; Email Address: robert.deyoung@occ.treas.gov; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; 2: Wharton Financial Institutions Center, Philadelphia; 3: Office of the Comptroller of the Currency, Washington, DC; Issue Info: Jun97, Vol. 21 Issue 6, p849; Thesaurus Term: BANK loans; Thesaurus Term: BANKING industry; Thesaurus Term: BANK capital; Thesaurus Term: FINANCE; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 22p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bertaut, Carol C.
AU  - Haliassos, Michael
AD  - Federal Reserve System
AD  - U Cyprus and IMOP, Athens
T1  - Precautionary Portfolio Behavior from a Life-Cycle Perspective
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1997/06//
VL  - 21
IS  - 8-9
SP  - 1511
EP  - 1542
SN  - 01651889
N1  - Accession Number: 0426233; Keywords: Portfolio; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - The literature on household asset accumulation draws a sharp distinction between "short-run" precautionary motives to buffer consumption from annual income shocks, and "long-run" life-cycle considerations under income certainty. However, estimates of shock persistence imply considerable career uncertainty. We study long-run precautionary motives for life-cycle wealth accumulation and portfolios allowing for uncertain returns, incomes, and lifespan. We separate the effects of various factors on mean and median asset holdings, including education, risk aversion, household heterogeneity, bequests, impatience, variance and serial correlation of income shocks. Numerical solutions are compared with data from the 1992 Survey of Consumer Finances.
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://www.sciencedirect.com/science/journal/01651889
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lander, Joel
AU  - Orphanides, Athanasios
AU  - Douvogiannis, Martha
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Earnings Forecasts and the Predictability of Stock Returns: Evidence from Trading the S&P
JO  - Journal of Portfolio Management
JF  - Journal of Portfolio Management
Y1  - 1997///Summer
VL  - 23
IS  - 4
SP  - 24
EP  - 35
SN  - 00954918
N1  - Accession Number: 0434458; Keywords: Bonds;  Stock Returns;  Stocks;  Yield; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199712
N2  - The authors develop a simple error correction model of stock returns based on a well-known theory espoused by Benjamin Graham, David Dodd, and others. The model presumes stock returns tend to restore an equilibrium relationship between the forecasted earnings yield on common stocks and the yield on bonds. The estimation uses IBES analysts forecasts of S&P earnings. To evaluate the model, the authors use rolling regressions to obtain out-of-sample forecasts of excess returns. Tests of association show the implicit timing signals to be statistically significant. Further, a strategy of investing in cash when the excess return is forecasted to be negative, and in the S&P otherwise, outperforms the S&P, yielding higher returns with less volatility.
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.iijournals.com/loi/jpm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engen, Eric M.
AU  - Gale, William G.
AD  - Federal Reserve System
AD  - Brookings Institution
T1  - Consumption Taxes and Saving: The Role of Uncertainty in Tax Reform
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1997/05//
VL  - 87
IS  - 2
SP  - 114
EP  - 119
SN  - 00028282
N1  - Accession Number: 0425675; Keywords: Saving;  Tax;  Taxes; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.aeaweb.org/aer/
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UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Genay, Hesna
AU  - Loungani, Prakash
AD  - Federal Reserve Bank of Chicago
AD  - Federal Reserve System
T1  - Labor Market Fluctuations in Japan and the U.S.--How Similar Are They?
JO  - Federal Reserve Bank of Chicago Economic Perspectives
JF  - Federal Reserve Bank of Chicago Economic Perspectives
Y1  - 1997/05//May-June 1997
VL  - 21
IS  - 3
SP  - 15
EP  - 28
SN  - 01640682
N1  - Accession Number: 0424557; Keywords: Fluctuation; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 199709
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Shapiro, Matthew D.
AU  - Wilcox, David W.
AD  - U MI and NBER
AD  - Federal Reserve System
T1  - Alternative Strategies for Aggregating Prices in the CPI
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1997/05//May-June 1997
VL  - 79
IS  - 3
SP  - 113
EP  - 125
N1  - Accession Number: 0441032; Keywords: CPI;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
KW  - Price Level; Inflation; Deflation          E31
KW  - Index Numbers and Aggregation; Leading indicators          C43
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://research.stlouisfed.org/publications/review/past/
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UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/05//
VL  - 83
IS  - 5
SP  - 357
EP  - 367
SN  - 00149209
N1  - Accession Number: 0424568; Keywords: Current Account; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - After stabilizing in 1995, the U.S. current account deficit widened in 1996 to $165 billion. The deficit increased sharply in the first three quarters of the year, but, because of strong export growth, narrowed significantly in the fourth quarter. The widening of the deficit by $17 billion was the net result of moderate-to-strong growth in all the key components of the current account: exports and imports of goods and services, income from U.S. and foreign portfolio and direct investments, and net unilateral transfers.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, March 4, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/05//
VL  - 83
IS  - 5
SP  - 371
EP  - 373
SN  - 00149209
N1  - Accession Number: 0424569; Keywords: Interest;  Monetary Policy;  Monetary;  Policy;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses the Federal Reserve's semiannual report to the Congress on monetary policy and also the issue of the bias in the consumer price index (CPI) and says that we have an overarching national interest in building a better measure of consumer prices and in implementing more rational indexation procedures and that these efforts are essential if we are to ensure that the original intent of the relevant pieces of legislation will be fulfilled in insulating taxpayers and benefit recipients from the effects of ongoing changes in the cost of living, before the House Committee on the Budget, March 4, 1997.
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Monetary Policy          E52
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises of the Committee on Banking and Financial Services, March 19, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/05//
VL  - 83
IS  - 5
SP  - 373
EP  - 378
SN  - 00149209
N1  - Accession Number: 0424570; Keywords: Bank;  Banking;  Financial Services;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Chairman Greenspan presents the views of the Board on the supervision of the nation's banking organizations should they be authorized by the Congress to engage in a wider range of activities and says that the Board believes that financial modernization should not undermine the ability and authority of the central bank of the United States to manage crises, ensure an efficient and safe payment system, and conduct monetary policy, and that these responsibilities require the Federal Reserve to retain a significant and important role as a bank supervisor, before the Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises of the House Committee on Banking and Financial Services, March 19, 1997.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, March 20, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/05//
VL  - 83
IS  - 5
SP  - 378
EP  - 381
SN  - 00149209
N1  - Accession Number: 0424571; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Chairman Greenspan highlights some of the key aspects of the current economic situation and says that the current expansion now entering its seventh year, is a long upswing by historical standards, and yet, in looking ahead the prospects for sustaining the expansion are quite favorable, before the Joint Economic Committee of the U.S. Congress, March 20, 1997.
KW  - General Outlook and Conditions          E66
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Banking, Housing, and Urban Affairs, March 20, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/05//
VL  - 83
IS  - 5
SP  - 381
EP  - 386
SN  - 00149209
N1  - Accession Number: 0424572; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Susan M. Phillips, Member, Board of Governors, discusses the Board's section 20 firewalls, which are imposed on bank holding companies engaged in underwriting and dealing in securities, and says that the Board has recently proposed to eliminate a majority of those restrictions after having completed a comprehensive review of the twenty-eight firewalls and having benefited from ten years of experience, since firewalls were first erected in 1987, in supervising section 20 affiliates, before the Subcommittee on Financial Institutions and Regulatory Relief of the Senate Committee on Banking, Housing, and Urban Affairs, March 20, 1997.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Household Behavior and Family Economics: Other          D19
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
T1  - ON THE DYNAMIC PROPERTIES OF ASYMMETRIC MODELS OF REAL GNP.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1997/05//
VL  - 79
IS  - 2
M3  - Article
SP  - 321
EP  - 352
PB  - MIT Press
SN  - 00346535
AB  - There is now a substantial body of evidence that suggests business cycles are asymmetric. However, the evidence has been accumulated using a wide array of statistical techniques and, consequently, is based on various definitions of asymmetry. This paper examines several parametric models that have been used to study asymmetries in real GNP. Although these models capture asymmetries in very different ways, their dynamic properties are remarkably similar. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - GROSS national product
KW  - MATHEMATICAL models
KW  - STATISTICS
KW  - ECONOMIC indicators
KW  - ECONOMICS
KW  - BUSINESS conditions
N1  - Accession Number: 9708083521; Brunner, Allan D. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May97, Vol. 79 Issue 2, p321; Thesaurus Term: BUSINESS cycles; Thesaurus Term: GROSS national product; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: STATISTICS; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMICS; Thesaurus Term: BUSINESS conditions; Number of Pages: 32p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article; Full Text Word Count: 4461
L3  - 10.1162/003465397556674
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9708083521&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Humphrey, David B.
T1  - Efficiency of financial institutions: International survey and directions for future research.
JO  - European Journal of Operational Research
JF  - European Journal of Operational Research
Y1  - 1997/04/16/
VL  - 98
IS  - 2
M3  - Article
SP  - 175
EP  - 212
SN  - 03772217
AB  - This paper surveys 130 studies that apply frontier efficiency analysis to financial instiutions in 21 countries. The primary goals are to summarize and critically review empirical estimates of financial instiution efficiency and to attempt to arrive at a consensus view. We find that the various efficiency methods do not necessarily yield consistent results anal suggest some ways that these methods might be improved to bring about findings that are more consistent, accurate, and useful. Secondary goals are to address the implications of efficiency results for financial institutions in the areas of government policy, research, and managerial performance. Areas needing additional research are also outlined. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Journal of Operational Research is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL institutions
KW  - FINANCIAL services industry
KW  - FINANCE
KW  - LENDER liability
KW  - INDUSTRIAL efficiency
KW  - BANKING industry
N1  - Accession Number: 7926192; Berger, Allen N. 1,2; Email Address: mlanb00@frb.gov; Humphrey, David B. 3; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; 2: Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA 19104, USA.; 3: Department of Finance, Florida State University, Tallahassee, FL 32306-1042, USA.; Issue Info: 04/16/97, Vol. 98 Issue 2, p175; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: FINANCE; Thesaurus Term: LENDER liability; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 38p; Illustrations: 4 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brayton, Flint
AD  - Federal Reserve System
T1  - The Role of Expectations in the FRB/US Macroeconomic Model
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/04//
VL  - 83
IS  - 4
SP  - 227
EP  - 245
SN  - 00149209
N1  - Accession Number: 0424565 Partial authors List; ; Keywords: Expectation;  Macroeconomic Model;  Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Expectations; Speculations          D84
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, February 13, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/04//
VL  - 83
IS  - 4
SP  - 249
EP  - 254
SN  - 00149209
N1  - Accession Number: 0424566; Keywords: Banking;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Alan Greenspan, Chairman, Board of Governors, presents the views of the Board on some broad issues associated with financial modernization and says that the Board strongly urges an extensive increase in the activities permitted to banking organizations and other financial institutions, provided that these activities are financed at nonsubsidized market rates and do not pose unacceptable risks to our financial system, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, February 13, 1997.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 26, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/04//
VL  - 83
IS  - 4
SP  - 254
EP  - 259
SN  - 00149209
N1  - Accession Number: 0424567; Keywords: FOMC;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
N2  - Chairman Greenspan presents the Federal Reserve's semiannual report on monetary policy and says that the performance of the economy over the past year has been quite favorable and that looking ahead the members of the FOMC expect inflation to remain low and the economy to grow appreciably further, before the Senate Committee on Banking, Housing, and Urban Affairs, February 26, 1997. (Chairman Greenspan presented identical testimony before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, March 5, 1997.)
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
T1  - The Reaction of Exchange Rates and Interest Rates to News Releases.
JO  - International Journal of Finance & Economics
JF  - International Journal of Finance & Economics
Y1  - 1997/04//
VL  - 2
IS  - 2
M3  - Article
SP  - 87
EP  - 100
SN  - 10769307
AB  - This paper examines the response of exchange rates and interest rates--US and foreign--to economic news. The news is associated with the surprise component of the monthly release of six US macroeconomic variables. The results suggest that dollar exchange rates systematically react to news about real economic activity--a surprise of 100000 on non-farm payroll employment leads to a 0.2% appreciation of the exchange rate. In general, exchange rates do not react systematically to news on inflation. In contrast, US interest rates respond to both types of news, although the response continues to be extremely small, of the order of 1 to 2 basis points. Finally, Japanese interest rates systematically react, but to a very minor extent, to news about US real economic activity, while German rates, in general, do not. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Finance & Economics is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rates
KW  - FOREIGN exchange rates
KW  - INFLATION (Finance)
KW  - ECONOMIC indicators
KW  - UNITED States
KW  - JAPAN
KW  - GERMANY
KW  - announcement effects
KW  - exchange rates
KW  - interest rates
N1  - Accession Number: 16615680; Edison, Hali J. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551, U.S.A.; Issue Info: Apr1997, Vol. 2 Issue 2, p87; Thesaurus Term: INTEREST rates; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC indicators; Subject: UNITED States; Subject: JAPAN; Subject: GERMANY; Author-Supplied Keyword: announcement effects; Author-Supplied Keyword: exchange rates; Author-Supplied Keyword: interest rates; Number of Pages: 14p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Brunner, Allan D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Are Banks Market Timers or Market Makers? Explaining Foreign Exchange Trading Profits
JO  - Journal of International Financial Markets, Institutions and Money
JF  - Journal of International Financial Markets, Institutions and Money
Y1  - 1997/04//
VL  - 7
IS  - 1
SP  - 43
EP  - 60
SN  - 10424431
N1  - Accession Number: 0442126; Keywords: Bank;  Commercial Banks;  Foreign Exchange;  Intermediation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199803
N2  - We analyze the foreign exchange trading earnings of large US commercial banks over the past several years. We use several approaches to try to determine to what extent these profits can be attributed either to position-taking by banks or to the provision of intermediation services to bank customers. We find that banks appear to generate a substantial portion of their foreign exchange earnings from making markets in conventional spot and forward contracts. In addition, some indirect evidence supports anecdotal reports that intermediation in volatility-related products (e.g. options contracts) has been a significantly profitable activity. Finally, on average, positions in currencies do not appear to contribute to profits. Tests applied to monthly and daily data on banks portfolio positions suggest that banks cannot accurately forecast changes in exchange rates, and that these currency positions account for at most a small fraction of the banks' foreign exchange earnings.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Foreign Exchange          F31
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.sciencedirect.com/science/journal/10424431
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Basu, Susanto
AU  - Fernald, John G.
T1  - Returns to scale in U.S. Production: Estimates and implications.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1997/04//
VL  - 105
IS  - 2
M3  - Article
SP  - 249
PB  - University of Chicago Press
SN  - 00223808
AB  - A typical (roughly) two-digit industry in the United States appears to have constant or slightly decreasing returns to scale. Three puzzles emerge, however. First, estimates often rise at higher levels of aggregation. Second, apparent decreasing returns contradicts evidence of only small economic profits. Third, estimates with value added differ substantially from those with gross output. A representative-firm paradigm cannot explain these puzzles, but a simple story of aggregation over heterogeneous units can. Theory and evidence on aggregation invalidate the common use of demand-side instruments. Finally, we discuss implications of heterogeneity for macroeconomic modeling: A one-sector macroeconomic model that ignores heterogeneity may sometimes require firm-level parameters, but at other times the model may require the "biased" aggregate parameters. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIES
KW  - PRODUCTION (Economic theory)
KW  - ECONOMETRIC models
KW  - ECONOMICS
KW  - MACROECONOMICS
KW  - ECONOMIC models
KW  - ECONOMETRICS
KW  - UNITED States
N1  - Accession Number: 9706046484; Basu, Susanto 1; Fernald, John G. 2; Affiliations: 1: University of Michigan and National Bureau of Economic Research; 2: Board of Governors of the Federal Reserve System; Issue Info: Apr97, Vol. 105 Issue 2, p249; Thesaurus Term: INDUSTRIES; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMICS; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: ECONOMETRICS; Subject: UNITED States; Number of Pages: 35p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - How to Grow Faster
JO  - Atlantic Economic Journal
JF  - Atlantic Economic Journal
Y1  - 1997/03//
VL  - 25
IS  - 1
SP  - 7
EP  - 17
SN  - 01974254
N1  - Accession Number: 0424394; Keywords: Growth; Publication Type: Journal Article; Update Code: 199709
N2  - While "How do we grow faster?" is a question often asked of central bankers, there are really only three factors to economic growth: how fast labor is growing, how fast the capital stock is growing, and how well labor and capital are being used. Monetary policy undoubtedly has an effect on how efficiently labor and capital can be used and, temporarily, on the level of investment. But in the long run, the best prescription for growth vis a vis monetary policy is a stable, predictable, low inflationary environment. Public policy can have an effect on economic growth more directly through better management of public sector resources. Reform of education and entitlements and using cost-benefit analysis in both spending and regulation are the most likely means of improving economic growth.
KW  - Economic Growth and Aggregate Productivity: General          O40
L3  - http://link.springer.com/journal/volumesAndIssues/11293
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UR  - http://link.springer.com/journal/volumesAndIssues/11293
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dzina, Richard
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/03//
VL  - 83
IS  - 3
SP  - 188
EP  - 191
SN  - 00149209
N1  - Accession Number: 0414164; Keywords: Foreign Exchange;  Monetary;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
N2  - During the fourth quarter of 1996, the dollar appreciated 3.9 percent against the yen and 0.9 percent against the mark. On a trade-weighted basis against the currencies of the other Group of Ten countries, the dollar appreciated 0.2 percent. The U.S. monetary authorities did not undertake any intervention operations during the quarter.
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Budget, January 21, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/03//
VL  - 83
IS  - 3
SP  - 195
EP  - 198
SN  - 00149209
N1  - Accession Number: 0414165; Keywords: Federal Reserve System; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, offers some personal perspectives on the current economic situation and says that the current cyclical upswing is now approaching six years in duration with the economy retaining considerable vigor and few signs of the imbalances and inflationary tensions that have disrupted past expansions, before the Senate Committee on the Budget, January 21, 1997.
KW  - General Outlook and Conditions          E66
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, January 30, 1997
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/03//
VL  - 83
IS  - 3
SP  - 198
EP  - 201
SN  - 00149209
N1  - Accession Number: 0414166; Keywords: Cost of Living;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
N2  - Chairman Greenspan focuses on the accuracy of the consumer price index and says that there is virtually no chance that the CPI as currently published understates the rate of growth of the appropriate concept, which means that there is almost a 100 percent probability that we are overcompensating the average social security recipient for increases in the cost of living and that we are causing the inflation-adjusted burden of the income tax system to decline more rapidly than the Congress intends, before the Senate Committee on Finance, January 30, 1997.
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AU  - Simin, Timothy
AD  - Federal Reserve System
AD  - U WA
T1  - The Market Reaction to Federal Reserve Policy Action from 1989 to 1992
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1997/03//March-April 1997
VL  - 49
IS  - 2
SP  - 149
EP  - 168
SN  - 01486195
N1  - Accession Number: 0426205; Keywords: Fund;  Interest Rates;  Interest;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - An examination of the market reaction to Federal Reserve policy easings from 1989 to 1992 suggests that these actions were mostly unexpected and were not viewed to be persistent. Changes in the intended trading range for the federal funds rate had their greatest impact on the near-term outlook, but those effects diminished as the investing horizon lengthened. By this interpretation, any change in longer-term interest rates was mostly owed to the consequences of lower near-term rates, not to any substantial revision to the longer-run outlook. Most significantly, the range of reaction was remarkably wide across all markets.
KW  - Monetary Policy          E52
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/01486195
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UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Melick, William R.
AU  - Thomas, Charles P.
T1  - Recovering an Asset's Implied PDF from Option Prices: An Application to Crude Oil during the Gulf Crisis.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1997/03//
VL  - 32
IS  - 1
M3  - Article
SP  - 91
EP  - 115
PB  - Cambridge University Press
SN  - 00221090
AB  - We develop a general method for estimating the implied, martingale equivalent, probability density function (PDF) for futures prices from American options prices. The early exercise feature of American options precludes expressing the price of the option in terms of the PDF. There exist tight bounds for the price of American options in terms of the PDF. We demonstrate how these bounds, together with observed option prices, can be used to estimate the parameters of the PDF. We estimate the distribution for crude oil during the Persian Gulf crisis and find the distribution differs significantly from that recovered using standard techniques. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSETS (Accounting)
KW  - PETROLEUM industry
KW  - FUTURES
KW  - STOCK price forecasting
KW  - OPTIONS (Finance)
KW  - PETROLEUM -- Export & import trade
KW  - DISTRIBUTION costs
KW  - FINANCIAL crises
KW  - INTERNATIONAL cooperation
KW  - DENSITY functionals
KW  - MARTINGALES (Mathematics)
KW  - PETROLEUM products -- Sales & prices
KW  - PERSIAN Gulf War, 1991 -- Economic aspects
KW  - UNITED States
N1  - Accession Number: 9706060949; Melick, William R. 1; Thomas, Charles P. 1; Affiliations: 1: Staff economist, Division of International Finance, Board of Governors, Federal Reserve System, Washington, DC 20551; Issue Info: Mar1997, Vol. 32 Issue 1, p91; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: PETROLEUM industry; Thesaurus Term: FUTURES; Thesaurus Term: STOCK price forecasting; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: PETROLEUM -- Export & import trade; Thesaurus Term: DISTRIBUTION costs; Thesaurus Term: FINANCIAL crises; Thesaurus Term: INTERNATIONAL cooperation; Subject Term: DENSITY functionals; Subject Term: MARTINGALES (Mathematics); Subject Term: PETROLEUM products -- Sales & prices; Subject Term: PERSIAN Gulf War, 1991 -- Economic aspects; Subject: UNITED States; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; Number of Pages: 25p; Illustrations: 4 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 
TY  - JOUR
AU  - Gilles, Christian
AU  - LeRoy, Stephen F.
AD  - Federal Reserve System
AD  - U MN
T1  - Bubbles as Payoffs at Infinity
JO  - Economic Theory
JF  - Economic Theory
Y1  - 1997/02//
VL  - 9
IS  - 2
SP  - 261
EP  - 281
SN  - 09382259
N1  - Accession Number: 0412562; Keywords: Arbitrage;  Asset Prices;  Bonds;  Securities;  Uncertainty; Publication Type: Journal Article; Update Code: 199706
N2  - We define rational bubbles to be securities with payoffs occurring in the infinitely distant future and investigate the behavior of bubbles values. We extend our analysis to a setting of uncertainty. In an infinite horizon arbitrage-free model of asset prices, we interpret the money market account as the value of a particular bubble; a similar interpretation holds for other assets related to the state-price deflator and to payoffs on bonds maturing in the distant future. We present three applications of this characterization of bubbles.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Criteria for Decision-Making under Risk and Uncertainty          D81
L3  - http://link.springer.com/journal/volumesAndIssues/199
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UR  - http://link.springer.com/journal/volumesAndIssues/199
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrado, Carol
AU  - Gilbert, Charles
AU  - Raddock, Richard
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Industrial Production and Capacity Utilization: Historical Revision and Recent Developments
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/02//
VL  - 83
IS  - 2
SP  - 67
EP  - 92
SN  - 00149209
N1  - Accession Number: 0414163; Keywords: Capacity;  Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Beeson, Patricia E.
AU  - Calem, Paul S.
AD  - Federal Reserve System
AD  - U Pittsburgh and Federal Reserve Bank of Cleveland
AD  - Federal Reserve System
T1  - Using HMDA Data as a Regulatory Screen for Fair Lending Compliance
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1997/02//February-April 1997
VL  - 11
IS  - 1-2
SP  - 9
EP  - 42
SN  - 09208550
N1  - Accession Number: 0426360; Keywords: Discriminatory;  Federal Reserve System;  Lending;  Mortgage;  Reserves;  Screening; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199710
N2  - This paper describes and evaluates the Federal Reserve System's recently developed program designed to use HMDA data as a screening device for fair lending enforcement. The program is designed to identify institutions showing potentially discriminatory patterns in their treatment of minority mortgage applicants vis-*-vis nonminority applicants. The program also selects specific loan files to pull for additional information in cases where a more comprehensive evaluation might be appropriate. This paper discusses the motivation behind the adoption of the program and its innovative "matched-pair" method and assesses its value and potential shortcomings.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
L3  - http://link.springer.com/journal/volumesAndIssues/10693
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UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Gagnon, Joseph E.
AU  - Melick, William R.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Understanding the Empirical Literature on Purchasing Power Parity: The Post-Bretton Woods Era
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1997/02//
VL  - 16
IS  - 1
SP  - 1
EP  - 17
SN  - 02615606
N1  - Accession Number: 0413263; Keywords: Purchasing Power Parity;  Purchasing Power; Publication Type: Journal Article; Update Code: 199706
N2  - This paper argues that the empirical failure of statistical tests of purchasing power parity in post-Bretton Woods data is largely due to the low power of the tests employed. This result is demonstrated using Monte Carlo experiments on the size and power of different testing procedures. A new procedure based on Horvath and Watson (1995) has greater power than previous approaches. Using the Horvath-Watson procedure, the authors find moderate evidence in favor of purchasing power parity in the post-Bretton Woods era.
KW  - Foreign Exchange          F31
KW  - Price Level; Inflation; Deflation          E31
KW  - Model Evaluation, Validation, and Selection          C52
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0413263&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Doms, Mark
AU  - Dunne, Timothy
T1  - WORKERS, WAGES AND TECHNOLOGY.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1997/02//
VL  - 112
IS  - 1
M3  - Article
SP  - 254
EP  - 290
SN  - 00335533
AB  - The use of automated technology in factories correlates positively with wages, workforce education, productivity, and generally high skills, but adopting the technology did not change workforce characteristics. Factories adopting this technology since the mid-1970's already had relatively advantaged workforces and were encouraged to automate because of their higher wage levels.
KW  - CORRELATION (Statistics)
KW  - ANALYSIS of variance
KW  - TIME series analysis
KW  - AUTOCORRELATION (Statistics)
KW  - TECHNOLOGICAL innovations
KW  - PERFORMANCE technology
KW  - EMPLOYEES
KW  - TECHNOLOGY
KW  - WAGES
KW  - ABILITY
KW  - LABOR
KW  - FACTORIES
KW  - AUTOMATION
KW  - UNITED States
N1  - Accession Number: 9703303292; Doms, Mark 1,2,3; Dunne, Timothy 1,2,3; Affiliations: 1 : Board of Governors of the Federal Reserve System; 2 : University of Oklahoma; 3 : The Center for Economic Studies/U.S. Bureau of the Census;  Source Info: Feb97, Vol. 112 Issue 1, p254; Historical Period: 1977 to 1993; Subject Term: CORRELATION (Statistics); Subject Term: ANALYSIS of variance; Subject Term: TIME series analysis; Subject Term: AUTOCORRELATION (Statistics); Subject Term: TECHNOLOGICAL innovations; Subject Term: PERFORMANCE technology; Subject Term: EMPLOYEES; Subject Term: TECHNOLOGY; Subject Term: WAGES; Subject Term: ABILITY; Subject Term: LABOR; Subject Term: FACTORIES; Subject Term: AUTOMATION; Subject: UNITED States; Number of Pages: 37p; Illustrations: 6 Charts, 1 Graph; Document Type: Article; Full Text Word Count: 13617
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Sharpe, Steven A.
T1  - The Effect of Consumer Switching Costs on Prices: A Theory and its Application to the Bank Deposit Market.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1997/02//
VL  - 12
IS  - 1
M3  - Article
SP  - 79
EP  - 94
SN  - 0889938X
AB  - As demonstrated by Klemperer (1987), if households face a cost of switching among brands of a differentiated good, pricing is likely to be more competitive, the greater is the fraction of customers that move into or around the market. I generalize this theory to a world with arbitrary market structure and test it empirically using panel data on bank retail deposit interest rates. I find that the amount of household migration in a market has a significant competitive influence on price markups, that is, a positive effect on the level of deposit interest rates. Consistent with the model, the magnitude of this effect depends in some cases upon the degree of market concentration. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - PRICING
KW  - AUTOMATED teller machines
KW  - SAVINGS accounts
KW  - MONEY supply
KW  - ECONOMIC indicators
KW  - deposit rates
KW  - market concentration
KW  - Switching costs
N1  - Accession Number: 16839094; Sharpe, Steven A. 1; Affiliations: 1: Board of Governors of Federal Reserve System, Washington, D.C. 20551, U.S.A.; Issue Info: Feb1997, Vol. 12 Issue 1, p79; Thesaurus Term: BANKING industry; Thesaurus Term: PRICING; Thesaurus Term: AUTOMATED teller machines; Thesaurus Term: SAVINGS accounts; Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMIC indicators; Author-Supplied Keyword: deposit rates; Author-Supplied Keyword: market concentration; Author-Supplied Keyword: Switching costs; NAICS/Industry Codes: 423420 Office Equipment Merchant Wholesalers; NAICS/Industry Codes: 417910 Office and store machinery and equipment merchant wholesalers; NAICS/Industry Codes: 334118 Computer Terminal and Other Computer Peripheral Equipment Manufacturing; NAICS/Industry Codes: 334110 Computer and peripheral equipment manufacturing; NAICS/Industry Codes: 238290 Other Building Equipment Contractors; NAICS/Industry Codes: 238299 All other building equipment contractors; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Akhavein, Jalal D.
AU  - Berger, Allen N.
AU  - Humphrey, David B.
T1  - The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1997/02//
VL  - 12
IS  - 1
M3  - Article
SP  - 95
EP  - 139
SN  - 0889938X
AB  - This paper examines the efficiency and price effects of mergers by applying a frontier profit function to data on bank `megamergers'. We find that merged banks experience a statistically significant 16 percentage point avenge increase in profit efficiency rank relative to other large banks. Most of the improvement is from increasing revenues, including a shift in outputs from securities to loans, a higher-valued product. Improvements were greatest for the banks with the lowest efficiencies prior to merging, who therefore had the greatest capacity for improvement By comparison, the effects on profits from merger-related changes in prices were found to be very small. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - PROFIT
KW  - BANKING industry
KW  - CORPORATE profits
KW  - INVESTMENTS
KW  - REVENUE
KW  - antitrust
KW  - Bank
KW  - efficiency
KW  - merger
KW  - price
KW  - profit
N1  - Accession Number: 16839102; Akhavein, Jalal D. 1,2; Berger, Allen N. 2,3; Humphrey, David B. 4; Affiliations: 1: Department of Economics, New York University, New York; NY 10012, U.S.A.; 2: Wharton Financial institutions Center, University of Pennsylvania, Philadelphia, PA 19104, U.S.A.; 3: Board of Governors of Federal Reserve System, Washington, DC 20551, U.S.A.; 4: F. W. Smith Eminent Scholar in Banking, Department of Finance, Florida State University, Tallahassee, FL 32306, U.S.A.; Issue Info: Feb1997, Vol. 12 Issue 1, p95; Thesaurus Term: BANK mergers; Thesaurus Term: PROFIT; Thesaurus Term: BANKING industry; Thesaurus Term: CORPORATE profits; Thesaurus Term: INVESTMENTS; Subject Term: REVENUE; Author-Supplied Keyword: antitrust; Author-Supplied Keyword: Bank; Author-Supplied Keyword: efficiency; Author-Supplied Keyword: merger; Author-Supplied Keyword: price; Author-Supplied Keyword: profit; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 45p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16839102&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Sheiner, Louise
AD  - Federal Reserve System
A2  - National Tax Association-Tax Institute of America
T1  - Health Reform Three Years Later: The Federal Perspective
T2  - 1996 Proceedings of the Eighty-Ninth Annual Conference on Taxation held under the auspices of the National Tax Association at Boston, Massachusetts, November 10-12, 1996 and minutes of the annual meeting held Sunday, November 10, 1996
PB  - Columbus:
PB  - Author
Y1  - 1997///
SP  - 46
EP  - 51
N1  - Accession Number: 0522750; Keywords: Health; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Health: Government Policy; Regulation; Public Health          I18
KW  - National Government Expenditures and Health          H51
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0522750&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Calomiris, Charles W.
AU  - Orphanides, Athanasios
AU  - Sharpe, Steven A.
AD  - Columbia U
AD  - Federal Reserve System
AD  - Federal Reserve Board
A2  - Capie, Forrest
A2  - Wood, Geoffrey E.
T1  - Leverage as a State Variable for Employment, Inventory Accumulation and Fixed Investment
T2  - Asset prices and the real economy
PB  - Studies in Banking and International Finance.
PB  - New York:
PB  - St. Martin's Press;
PB  - London:
PB  - Macmillan Press in association with Centre for Banking and International Finance, City University
Y1  - 1997///
SP  - 169
EP  - 193
N1  - Accession Number: 0516674; Reviewed Book ISBN: 0-312-12983-1; Keywords: Accumulation;  Employment;  Inventory;  Investment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Capital; Investment; Capacity          E22
KW  - Financial Markets and the Macroeconomy          E44
KW  - Business Fluctuations; Cycles          E32
KW  - Price Level; Inflation; Deflation          E31
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0516674&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Key, Sydney J.
AD  - Federal Reserve System
A2  - Welfens, Paul J. J.
A2  - Wolf, Holger C.
T1  - Comments on Policy Options for Prudential Supervision in Stage Three of Monetary Union
T2  - Banking, international capital flows and growth in Europe: Financial markets, savings and monetary integration in a world with uncertain convergence
PB  - Heidelberg and New York:
PB  - Springer
Y1  - 1997///
SP  - 103
EP  - 119
N1  - Accession Number: 0523474; Reviewed Book ISBN: 3-540-63192-5; Keywords: Monetary Union;  Monetary;  Policy; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200005
KW  - International Monetary Arrangements and Institutions          F33
KW  - Financial Aspects of Economic Integration          F36
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0523474&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meyer, Laurence H.
AD  - Federal Reserve System, Washington, DC
T1  - Monetary Policy Objectives and Strategy
JO  - Business Economics
JF  - Business Economics
Y1  - 1997/01//
VL  - 32
IS  - 1
SP  - 17
EP  - 20
SN  - 0007666X
N1  - Accession Number: 0402502; Keywords: Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199703
N2  - In the long run, monetary policy has price stability as an objective, while fiscal policy is the instrument of growth policy. But monetary and fiscal policies, by their influence on aggregated demand, affect output and employment in the short run. Near term the economy may slow to trend quickly enough to stabilize unemployment at its current level, but whether we are below NAIRU is uncertain. How in the long run can we successfully juggle the objectives of full employment and modest, stable inflation. The Taylor Rule and "opportunistic dinsinflation" are discussed as possible approaches.
KW  - Monetary Policy          E52
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0402502&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Copelman, Martina
AU  - Werner, Alejandro M.
AD  - Federal Reserve System
AD  - IMF
T1  - El mecanismo de la trasmision monetaria en Mexico. (With English summary.)
JO  - El Trimestre Economico
JF  - El Trimestre Economico
Y1  - 1997/01//January-March 1997
VL  - 64
IS  - 1
SP  - 75
EP  - 104
SN  - 00413011
N1  - Accession Number: 0415157; Language: Spanish; Publication Type: Journal Article; Update Code: 199706
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Monetary Policy          E52
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.eltrimestreeconomico.com/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0415157&site=ehost-live&scope=site
UR  - http://www.eltrimestreeconomico.com/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Meade, Ellen
AD  - Federal Reserve System
A2  - Black, Stanley W.
T1  - Impact on German Trade of Increased Division of Labor with Eastern Europe: Comment
T2  - Europe's economy looks east: Implications for Germany and the European Union
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1997///
SP  - 162
EP  - 164
N1  - Accession Number: 0516564; Reviewed Book ISBN: 0-521-57242-8; Keywords: Trade; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Economic Integration          F15
KW  - Trade and Labor Market Interactions          F16
KW  - Socialist Systems and Transitional Economies: Planning, Coordination, and Reform          P21
KW  - Socialist Systems and Transitional Economies: Performance and Prospects          P27
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0516564&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kaminsky, Graciela
AD  - Federal Reserve System
A2  - Gruben, William C.
A2  - Gould, David M.
A2  - Zarazaga, Carlos E.
T1  - Optimal Exchange Rate Policy for Stabilizing Inflation in Developing Countries: Discussion
T2  - Exchange rates, capital flows, and monetary policy in a changing world economy: Proceedings of a conference, Federal Reserve Bank of Dallas, Dallas, Texas, September 14-15, 1995
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1997///
SP  - 36
EP  - 38
N1  - Accession Number: 0522169; Reviewed Book ISBN: 0-7923-9908-0; Keywords: Developing Countries;  Exchange Rates;  Inflation;  Policy; Geographic Descriptors: LDCs; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Fiscal Policy          E62
KW  - Price Level; Inflation; Deflation          E31
KW  - Foreign Exchange          F31
KW  - International Policy Coordination and Transmission          F42
KW  - Macroeconomic Analyses of Economic Development          O11
KW  - International Linkages to Development; Role of International Organizations          O19
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0522169&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Gruben, William C.
A2  - Gould, David M.
A2  - Zarazaga, Carlos E.
T1  - International Capital Flows: Direct vs. Portfolio Investment: Discussion
T2  - Exchange rates, capital flows, and monetary policy in a changing world economy: Proceedings of a conference, Federal Reserve Bank of Dallas, Dallas, Texas, September 14-15, 1995
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1997///
SP  - 154
EP  - 157
N1  - Accession Number: 0522183; Reviewed Book ISBN: 0-7923-9908-0; Keywords: Capital Flows; Geographic Descriptors: U.S.; Latin America; Geographic Region: Northern America; Latin America and the Caribbean; Publication Type: Collective Volume Article; Update Code: 200005
KW  - International Investment; Long-term Capital Movements          F21
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0522183&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Rivlin, Alice M.
AD  - Federal Reserve System
A2  - Kaufman, George G.
T1  - Optimal Supervision and Regulation of Banks
T2  - FDICIA: Bank reform five years later and five years ahead
PB  - Research in Financial Services: Private and Public Policy, vol. 9.
PB  - Greenwich, Conn. and London:
PB  - JAI Press
Y1  - 1997///
SP  - 133
EP  - 140
N1  - Accession Number: 0524550; Reviewed Book ISBN: 0-7623-0301-8; Keywords: Bank;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0524550&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
AU  - Starr-McCluer, Martha
AU  - Sunden, Annika E.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Family Finance in the U.S.: Recent Evidence from the Survey of Consumer Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1997/01//
VL  - 83
IS  - 1
SP  - 1
EP  - 24
SN  - 00149209
N1  - Accession Number: 0414162; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0414162&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hassett, Kevin A.
AU  - Hubbard, R. Glenn
AD  - Federal Reserve System
AD  - Columbia U
A2  - Auerbach, Alan J.
T1  - Tax Policy and Investment
T2  - Fiscal policy: Lessons from economic research
PB  - Cambridge and London:
PB  - MIT Press
Y1  - 1997///
SP  - 339
EP  - 385
N1  - Accession Number: 0518340; Reviewed Book ISBN: 0-262-01160-3; Keywords: Investment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
KW  - Capital; Investment; Capacity          E22
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0518340&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Avery, Robert B.
AD  - Federal Reserve System
A2  - Federal Deposit Insurance Corporation
T1  - Off-Site Surveillance Systems in the 1980s and Lessons for the Future
T2  - History of the eighties: Lessons for the future. Volume 2. Symposium proceedings, January 16, 1997
PB  - Washington, D.C.:
PB  - Author
Y1  - 1997///
SP  - 25
EP  - 29
N1  - Accession Number: 0524229; Reviewed Book ISBN: 0-9661808-0-1; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0524229&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Schmitt-Grohe, Stephanie
AD  - Federal Reserve System
T1  - Comparing Four Models of Aggregate Fluctuations due to Self-Fulfilling Expectations
JO  - Journal of Economic Theory
JF  - Journal of Economic Theory
Y1  - 1997/01//
VL  - 72
IS  - 1
SP  - 96
EP  - 147
SN  - 00220531
N1  - Accession Number: 0413124; Keywords: Business Cycles;  Cycle;  Equilibria;  Equilibrium;  Expectation;  Fluctuation; Publication Type: Journal Article; Update Code: 199706
N2  - This paper compares four equilibrium business cycle models with increasing returns to scale production technologies that allow for aggregate fluctuations due to self-fulfilling expectations. Necessary and sufficient conditions for the existence of stationary sunspot equilibria are derived. Numerical examples demonstrate that the degree of increasing returns necessary for the existence of stationary sunspot equilibria lies in the upper range of available empirical estimates. The paper also shows that persistent fluctuations are not a necessary property of these four models when the only source of fluctuations is changes in people's expectations about the future path of the economy. (c) 1997 Academic Press
KW  - Business Fluctuations; Cycles          E32
KW  - Expectations; Speculations          D84
L3  - http://www.sciencedirect.com/science/journal/00220531
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0413124&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00220531
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - Bank Capital, Nonbank Finance, and Real Estate Activity
JO  - Journal of Housing Research
JF  - Journal of Housing Research
Y1  - 1997///
VL  - 8
IS  - 1
SP  - 75
EP  - 105
SN  - 10527001
N1  - Accession Number: 0422433; Keywords: Bank;  Buildings;  Commercial Banks;  Finance;  Lending;  Mortgage;  Real Estate; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199707
N2  - Although there is considerable evidence that pressure on commercial banks' capital positions in the early 1990s reduced their real estate lending, there is little systematic evidence that real estate activity was appreciably affected by the bank capital crunch. Using data for 1986 through 1992 by state, we estimated the effects of the bank capital crunch and of national and local economic conditions on building permits, construction contracts, housing starts, mortgage originations, and sales. We found significant effects of the capital crunch and of various economic conditions on commercial and residential real estate activity. The estimated effects on permits and construction contracts in residential real estate markets were at least as large as those in commercial real estate markets. Although lending for residential development and construction apparently was reduced by the capital crunch, secondary markets for residential mortgages at least partially shielded mortgage originations and home sales from banks' capital shortfalls.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Nonagricultural and Nonresidential Real Estate Markets          R33
L3  - http://ares.metapress.com/content/121541/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0422433&site=ehost-live&scope=site
UR  - http://ares.metapress.com/content/121541/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Tavlas, George S.
AU  - Swamy, P. A. V. B.
AD  - IMF
AD  - Federal Reserve System
A2  - Fratianni, Michele U.
A2  - Salvatore, Dominick
A2  - von Hagen, Jurgen
T1  - Macroeconomic Policies and World Financial Integration
T2  - Macroeconomic policy in open economies
PB  - Handbook of Comparative Economic Policies, vol. 5.
PB  - Westport, Conn. and London:
PB  - Greenwood Press
Y1  - 1997///
SP  - 248
EP  - 286
N1  - Accession Number: 0519146; Reviewed Book ISBN: 0-313-28989-1; Keywords: Integration; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200005
KW  - International Policy Coordination and Transmission          F42
KW  - Open Economy Macroeconomics          F41
KW  - International Monetary Arrangements and Institutions          F33
KW  - Financial Aspects of Economic Integration          F36
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - International Financial Markets          G15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0519146&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hooper, Peter M.
AU  - Vrankovich, Elizabeth
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Maskus, Keith E.
T1  - International Comparisons of the Levels of Unit Labor Costs in Manufacturing
T2  - Quiet pioneering: Robert M. Stern and his international economic legacy
PB  - Studies in International Economics.
PB  - Ann Arbor:
PB  - University of Michigan Press
Y1  - 1997///
SP  - 231
EP  - 281
N1  - Accession Number: 0525485 Partial authors List; ; Reviewed Book ISBN: 0-472-10839-5; Keywords: Cost;  Manufacturing; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Trade and Labor Market Interactions          F16
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Industry Studies: Manufacturing: General          L60
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0525485&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Guttmann, Robert
T1  - The Fed Aims for Price Stability
T2  - Reforming money and finance: Toward a new monetary regime
PB  - Second edition.
PB  - Armonk, N.Y. and London:
PB  - Sharpe
Y1  - 1997///
SP  - 43
EP  - 49
RP  - [1993]
N1  - Accession Number: 0515596; Reviewed Book ISBN: 1-56324-770-4; 1-56324-771-2; Keywords: Fed;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Central Banks and Their Policies          E58
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0515596&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Martinson, Michael G.
AD  - Federal Reserve System
A2  - von Furstenberg, George M.
T1  - Consolidated Supervision of Cross-Border Banking Activities: Principles and Practice in the NAFTA Context
T2  - Regulation and supervision of financial institutions in the NAFTA countries and beyond
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1997///
SP  - 216
EP  - 227
N1  - Accession Number: 0518023; Reviewed Book ISBN: 0-7923-9866-1; Keywords: Banking; Geographic Descriptors: NAFTA; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Foreign Aid          F35
KW  - Multinational Firms; International Business          F23
KW  - International Financial Markets          G15
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0518023&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Marquardt, Jeffrey C.
AU  - Summers, Bruce J.
AU  - Wells, Kirstin E.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Richmond
AD  - Federal Reserve System
A2  - von Furstenberg, George M.
T1  - Efficiency and Risk in Small-Value, Cross-Border Payments: The North American Case
T2  - Regulation and supervision of financial institutions in the NAFTA countries and beyond
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1997///
SP  - 246
EP  - 257
N1  - Accession Number: 0518025; Reviewed Book ISBN: 0-7923-9866-1; ; Geographic Descriptors: NAFTA; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Foreign Aid          F35
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0518025&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Engen, Eric M.
AU  - Gale, William G.
AD  - Federal Reserve System
AD  - Brookings Institution
A2  - Sass, Steven A.
A2  - Triest, Robert K.
T1  - Effects of Social Security Reform on Private and National Saving
T2  - Social security reform: Conference proceedings: Links to saving, investment, and growth
PB  - Conference Series, no. 41.
PB  - Boston:
PB  - Federal Reserve Bank of Boston
Y1  - 1997///
SP  - 103
EP  - 142
N1  - Accession Number: 0524969; Keywords: Saving;  Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Social Security and Public Pensions          H55
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0524969&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Gramlich, Edward M.
AD  - Federal Reserve System
A2  - Sass, Steven A.
A2  - Triest, Robert K.
T1  - Address: The Future Outlook for Social Security
T2  - Social security reform: Conference proceedings: Links to saving, investment, and growth
PB  - Conference Series, no. 41.
PB  - Boston:
PB  - Federal Reserve Bank of Boston
Y1  - 1997///
SP  - 187
EP  - 192
N1  - Accession Number: 0524976; Keywords: Social Security; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Social Security and Public Pensions          H55
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0524976&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Dorn, James A.
T1  - Fostering Financial Innovation: The Role of Government
T2  - The future of money in the information age
PB  - Washington, D.C.:
PB  - Cato Institute
Y1  - 1997///
SP  - 45
EP  - 50
N1  - Accession Number: 0517054; Reviewed Book ISBN: 1-882577-52-3; ; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Money and Interest Rates: General          E40
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0517054&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Kuroda, Iwao
T1  - Independence and Accountability: Comments
T2  - Towards more effective monetary policy
PB  - New York:
PB  - St. Martin's Press;
PB  - London:
PB  - Macmillan Press in association with Bank of Japan
Y1  - 1997///
SP  - 330
EP  - 334
N1  - Accession Number: 0517525; Reviewed Book ISBN: 0-312-16526-9; ; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200005
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0517525&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engel, Charles
AU  - Rogers, John H.
T1  - How Wide Is the Border?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/12//
VL  - 86
IS  - 5
M3  - Article
SP  - 1112
EP  - 1125
PB  - American Economic Association
SN  - 00028282
AB  - We use CPI data for U.S. and Canadian cities for 14 categories of consumer prices to examine the nature of the deviations from the law of one price. The distance between cities explains a significant amount of the variation in the prices of similar goods in different cities. But the variation of the price is much higher for two cities located in different countries than for two equidistant cities in the same country. We explore some of the reasons for this finding. Sticky nominal prices appear to be one explanation but probably do not explain most of the border effect. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER price indexes
KW  - PRICES
KW  - COST
KW  - CITIES & towns
KW  - UNITED States
KW  - CANADA
N1  - Accession Number: 9701203780; Engel, Charles 1,2; Rogers, John H. 3; Affiliations: 1: Department of Economics, University of Washington, Seattle, WA 98195-3330; 2: National Bureau of Economic Research; 3: Division of International, Finance, Board of Governors of the Federal Reserve System, Washington, DC, 20551; Issue Info: Dec96, Vol. 86 Issue 5, p1112; Thesaurus Term: CONSUMER price indexes; Thesaurus Term: PRICES; Thesaurus Term: COST; Subject Term: CITIES & towns; Subject: UNITED States; Subject: CANADA; Number of Pages: 14p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AD  - Federal Reserve System
T1  - Balanced-Budget Rules and Public Deficits: Evidence from the U.S. States: A Comment
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1996/12//
VL  - 45
SP  - 77
EP  - 87
SN  - 01672231
N1  - Accession Number: 0412407; Keywords: Budget; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
KW  - State and Local Budget and Expenditures          H72
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0412407&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Passmore, Wayne
AU  - Surette, Brian J.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Distribution of Credit Risk among Providers of Mortgages to Lower-Income and Minority Homebuyers
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/12//
VL  - 82
IS  - 12
SP  - 1077
EP  - 1102
SN  - 00149209
N1  - Accession Number: 0404173; Keywords: Credit;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - Which institutions bear the credit risk for mortgage lending to lower-income and minority borrowers and in lower-income and predominantly minority neighborhoods? In seeking to answer those questions, the authors went beyond looking at mortgage credit risk in terms of numbers or amounts of loans and developed measures based on factors that affect the riskiness of loans, including loan-to-value ratios and associated default and loss severity rates. In 1995, a nonprofit government mortgage insurer, the Federal Housing Administration, was the major bearer of credit risk for mortgage lending to these groups. The amount of credit risk borne by the profit-seeking originators, insurers, and purchasers that finance conventional mortgages was small in comparison, and the risk was widely distributed among different types of institutions.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination: General          J70
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404173&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V.G.
T1  - Economics, Econometrics and The LINK (Book).
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 1996/12//
VL  - 12
IS  - 4
M3  - Book Review
SP  - 562
EP  - 564
SN  - 01692070
AB  - Reviews the book "Economics, Econometrics and The LINK," edited by M. Dutta.
KW  - ECONOMICS
KW  - NONFICTION
KW  - DUTTA, M.
KW  - ECONOMICS, Econometrics & the LINK (Book)
N1  - Accession Number: 12156243; Stevens, Guy V.G. 1; Affiliations: 1: Federal Reserve System; Issue Info: Dec96, Vol. 12 Issue 4, p562; Thesaurus Term: ECONOMICS; Subject Term: NONFICTION; Reviews & Products: ECONOMICS, Econometrics & the LINK (Book); People: DUTTA, M.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Kamin, Steven B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Determinants of the 1991-1993 Japanese Recession: Evidence from a Structural Model of the Japanese Economy
JO  - Japan and the World Economy
JF  - Japan and the World Economy
Y1  - 1996/12//
VL  - 8
IS  - 4
SP  - 363
EP  - 399
SN  - 09221425
N1  - Accession Number: 0422388; Keywords: Recession; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199707
N2  - The objectives of this paper are to determine the extent to which various factors contributed to the current recession in Japan and to assess whether the recent behavior of the Japanese economy differs from that in previous recessions. Toward that end, we develop a small, structural macroeconometric model of the Japanese economy and estimate it using data from 1971 Q1 to 1991 X1, the period just prior to the recent downturn. The important results can be summarized as follows. First. the severity of the recent recession probably does not reflect structural economic changes. Second, the poor economic performance in 1991-93 period was to some extent predictable, reflecting the unwinding of imbalances that developed during the preceding expansion. Finally, unpredictable movements in exchange rates, land prices, and stock prices occurring after 1991 played an important, but not predominant, part in accentuating the downturn, while unusually stimulative fiscal and monetary policies appear to have contributed substantially to GDP during the recession.
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.sciencedirect.com/science/journal/09221425
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0422388&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/09221425
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Mei, Jianping
T1  - Measuring International Economic Linkages with Stock Market Data.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1996/12//
VL  - 51
IS  - 5
M3  - Article
SP  - 1743
EP  - 1763
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article develops a new framework for measuring financial and real economic linkages between countries. Using United States and United Kingdom data from 1957 to 1989, we find closer financial linkages after the Bretton Woods currency arrangement was abandoned and Britain suspended exchange controls. In a pair-wise application to fifteen countries over a shorter period, we also find that news about future dividend growth is more highly correlated between countries than contemporaneous output measures. This suggests that there are lags in the international transmission of economic shocks and that contemporaneous output correlation may understate the magnitude of integration. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL finance
KW  - INTERNATIONAL economic relations
KW  - INTERNATIONAL markets
KW  - CORRELATION (Statistics)
KW  - FOREIGN exchange
KW  - DIVIDEND yield
KW  - BRETTON Woods System
KW  - INTERNATIONAL economic integration
KW  - GREAT Britain -- Economic conditions
KW  - UNITED States -- Economic conditions
KW  - GREAT Britain
KW  - UNITED States
N1  - Accession Number: 9707254399; Ammer, John 1; Mei, Jianping 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Department of Finance, New York University; Issue Info: Dec1996, Vol. 51 Issue 5, p1743; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: INTERNATIONAL markets; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: FOREIGN exchange; Thesaurus Term: DIVIDEND yield; Thesaurus Term: BRETTON Woods System; Thesaurus Term: INTERNATIONAL economic integration; Subject Term: GREAT Britain -- Economic conditions; Subject Term: UNITED States -- Economic conditions; Subject: GREAT Britain; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 911420 International assistance; Number of Pages: 21p; Illustrations: 9 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - Errata [Noise Traders, Excess Volatility, and a Securities Transactions Tax].
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1996/12//
VL  - 10
IS  - 4
SP  - 393
EP  - 397
SN  - 09208550
N1  - Accession Number: 0413228; Keywords: Securities;  Tax; Publication Type: Journal Article; Update Code: 199706
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0413228&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AU  - White, A. Patricia
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Regulatory Competition and the Efficiency of Alternative Derivative Product Margining Systems
JO  - Journal of Futures Markets
JF  - Journal of Futures Markets
Y1  - 1996/12//
VL  - 16
IS  - 8
SP  - 943
EP  - 968
SN  - 02707314
N1  - Accession Number: 0403134; Keywords: Derivatives; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0403134&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engen, Eric
AU  - Skinner, Jonathan
AD  - Federal Reserve System
AD  - Dartmouth College and NBER
T1  - Taxation and Economic Growth
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1996/12//
VL  - 49
IS  - 4
SP  - 617
EP  - 642
SN  - 00280283
N1  - Accession Number: 0413523; Keywords: Economic Growth;  Growth;  Macroeconomics;  Tax;  Taxation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199706
N2  - Tax reforms are sometimes touted as having strong macroeconomic growth effects. Using three approaches, we consider the impact of a major tax reform - a 5 percentage point cut in marginal tax rates - on long-term growth rates. The first approach is to examine the historical record of the U.S. economy to evaluate whether tax cuts have been associated with economic growth. The second is to consider the evidence on taxation and growth for a large sample of countries. And finally, we use evidence from microlevel studies of labor supply, investment demand, and productivity growth. Our results suggest modest effects, on the order of 0.2 to 0.3 percentage point differences in growth rates in response to a major tax reform. Nevertheless, even such small effects can have a large cumulative impact on living standards.
KW  - Fiscal Policy          E62
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Taxation, Subsidies, and Revenue: General          H20
L3  - http://ntj.tax.org
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0413523&site=ehost-live&scope=site
UR  - http://ntj.tax.org
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
AU  - GREENSPAN, ALAN
T1  - Remarks on Evolving Payment System Issues.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/11/02/Nov96 PartII
VL  - 28
IS  - 4
M3  - Speech
SP  - 689
EP  - 695
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents a speech by Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve System presented to the Payment Systems Research & Public Policy Conference, in which he talked about money, the payment system infrastructure, and payment system risks.
KW  - GREENSPAN, Alan, 1926-
N1  - Accession Number: 9705253310; GREENSPAN, ALAN 1,2; Affiliations: 1: Chairman of the Board of Governors of the Federal Reserve System; 2: Chairman of the Board of Governors of the Federal Reserve System.; Issue Info: Nov96 PartII, Vol. 28 Issue 4, p689; People: GREENSPAN, Alan, 1926-; Number of Pages: 7p; Document Type: Speech
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - HANCOCK, DIANA
AU  - MARQUARDT, JEFFREY C.
T1  - A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/11/02/Nov96 PartII
VL  - 28
IS  - 4
M3  - Article
SP  - 696
EP  - 732
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on a framework for analyzing efficiency, risks, costs, and innovations in payment systems. It states that new electronic methods of payment can lessen risk by speeding up settlement and reduce the financial and real resource costs of making payments. It mentions that the trade-off between costs and risks can be affected by financial, technological, and regulatory innovations. It comments on the major types of risks and costs in the payment system, including credit risk, liquidity risk, resource costs, financial costs, and costs of delays in the payment mechanism.
KW  - PAYMENT systems
KW  - LIQUIDITY (Economics)
KW  - CREDIT risk
KW  - RISK assessment
KW  - TECHNOLOGICAL innovations
KW  - COST
KW  - UNITED States
N1  - Accession Number: 9705253312; BERGER, ALLEN N. 1,2,3,4; HANCOCK, DIANA 2,4; MARQUARDT, JEFFREY C. 5,6; Affiliations: 1: Senior economist of the Board of Governors of the Federal Reserve System.; 2: Senior economist, Board of Governors of the Federal Reserve System; 3: Senior Fellow, Wharton Financial Institutions Center; 4: Senior Fellow, Wharton Financial Institutions Center.; 5: Assistant director, Board of Governers of the Federal Reserve system; 6: Assistant director of the Board of Governers of the Federal Reserve system.; Issue Info: Nov96 PartII, Vol. 28 Issue 4, p696; Thesaurus Term: PAYMENT systems; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: CREDIT risk; Thesaurus Term: RISK assessment; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: COST; Subject: UNITED States; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 37p; Illustrations: 1 Chart, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - HANCOCK, DIANA
AU  - WILCOX, JAMES A.
T1  - Intraday Management of Bank Reserves: The Effects of Caps and Fees on Daylight Overdrafts.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/11/02/Nov96 PartII
VL  - 28
IS  - 4
M3  - Article
SP  - 870
EP  - 908
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the impact of the U.S. Federal Reserve System's imposition of limits and fees on bank daylight overdrafts on the level of banks' exposure to daylight overdrafts. It states that U.S. financial institutions transfer funds electronically to each other each business day via two large-dollar electronic payments systems, the Clearing House Interbank Payments System and Fedwire. It mentions that the Federal Reserve Regulation J has made funds transfered over Fedwire irrevocable at the time a Federal Reserve Bank notifies the receiving bank that payment has been credited to its reserve account whether or not the sending bank makes good on the payment request. It mentions that the Federal Reserve has tried to stop disruption risks of payment systems from growing too high.
KW  - BANK reserves
KW  - ELECTRONIC funds transfers
KW  - PAYMENT systems
KW  - CLEARINGHOUSES (Banking)
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 9705253330; HANCOCK, DIANA 1,2; WILCOX, JAMES A. 3,4; Affiliations: 1: Senior economist, Board of Governors of the Federal Reserve System; 2: Senior economist, Board of Governors of the Federal Reserve System.; 3: Professor, Haas School of Business at the University of California, Berkeley; 4: Professor, Haas School of Business at the University of California, Berkeley.; Issue Info: Nov96 PartII, Vol. 28 Issue 4, p870; Thesaurus Term: BANK reserves; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: PAYMENT systems; Thesaurus Term: CLEARINGHOUSES (Banking); Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 39p; Illustrations: 6 Charts, 7 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9705253330&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
T1  - Comment on CASH, PAPER, AND ELECTRONIC PAYMENTS: A CROSS-COUNTRY ANALYSIS.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/11/02/Nov96 PartII
VL  - 28
IS  - 4
M3  - Article
SP  - 940
EP  - 941
PB  - Ohio State University Press
SN  - 00222879
AB  - The author comments on the paper "Cash, Paper, and Electronic Payments: A Cross-Country Analysis," by David B. Humphrey, Lawrence B. Pulley, and Jukka M. Vesala, published in the November 2, 1996 issue of "The Journal of Money, Credit and Banking." He states that the writers expand on the payments system framework to consider cross-country variation, but suggests that if countries are idiosyncratic with basic cultural factors causing differences in the payment systems rather than the countries being at different development stages, then cross-country comparisons can give misleading forecasts. He comments on differences between the U.S. and several European countries concerning noncash transactions.
KW  - PAYMENT systems
KW  - FORECASTING
KW  - ELECTRONIC funds transfers
KW  - CULTURE
KW  - ECONOMIC aspects
KW  - DEVELOPED countries
KW  - UNITED States
KW  - EUROPE
N1  - Accession Number: 9705253336; Avery, Robert B. 1; Affiliations: 1: Senior economist, Board of Governors of the Federal Reserve System; Issue Info: Nov96 PartII, Vol. 28 Issue 4, p940; Thesaurus Term: PAYMENT systems; Thesaurus Term: FORECASTING; Thesaurus Term: ELECTRONIC funds transfers; Thesaurus Term: CULTURE; Subject Term: ECONOMIC aspects; Subject: DEVELOPED countries; Subject: UNITED States; Subject: EUROPE; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; Number of Pages: 2p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9705253336&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kohn, Donald L.
AD  - Federal Reserve System
T1  - Measuring the Adjusted Monetary Base in an Era of Financial Change: Commentary
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1996/11//November-December 1996
VL  - 78
IS  - 6
SP  - 45
EP  - 49
N1  - Accession Number: 0423443; Keywords: Monetary Base;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199709
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Central Banks and Their Policies          E58
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0423443&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Wolken, John D.
AU  - Woodburn, R. Louise
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - US Internal Revenue Service
T1  - Bank and Nonbank Competition for Small Business Credit: Evidence from the 1987 and 1993 National Surveys of Small Business Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/11//
VL  - 82
IS  - 11
SP  - 983
EP  - 995
SN  - 00149209
N1  - Accession Number: 0404170; Keywords: Finance;  Firm;  Firms;  Shares;  Small Firm; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - Using newly available data from the Board's 1993 National Survey of Small Business Finances together with data from the 1987 survey, this article analyzes competition between banks and nonbanks in the U.S. market for small business credit. It explores nonbank competition as an explanation for the decline in banks' share of business lending by examining sources of credit used by small firms. It examines both the bank and nonbank shares of the dollar amount of credit to small businesses, including how these shares have changed from 1987 to 1993, and the incidence of small business borrowing, which is defined as the percentage of firms using credit of a certain type or from a particular source. Overall, the results indicate that small businesses obtained a higher percentage of their credit from nonbanks in 1993 than in 1987 but that this difference was small--about 2.0 percentage points.
KW  - Financial Institutions and Services: General          G20
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404170&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, September 12, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/11//
VL  - 82
IS  - 11
SP  - 1000
EP  - 1005
SN  - 00149209
N1  - Accession Number: 0404171; Keywords: Banking;  Consumer;  Financial Services;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - Lawrence B. Lindsey, member, Board of Governors, discusses trends in consumer lending and says that the Board has been carefully monitoring the effect of higher debt levels on the potential for sustained noninflationary growth in the U.S. economy and does not believe that current debt-service levels pose a threat to the continuation of the present economic expansion, before the House Committee on Banking and Financial Services, September 12, 1996.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404171&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, September 18, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/11//
VL  - 82
IS  - 11
SP  - 1006
EP  - 1007
SN  - 00149209
N1  - Accession Number: 0404172; Keywords: Bank;  Banking;  Financial Services;  Fund;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - Susan M. Phillips, member, Board of Governors, discusses the recent losses by Sumitomo Corporation in copper trading and their implications for U.S. banks and markets and says that Sumitomo has been meeting all of its obligations to U.S. banks and that the Federal Reserve's involvement has been related principally to reviewing the exposure and role of U.S. banks that lent funds to Sumitomo or that dealt with the company in its copper-related business as well as to assisting the Commodity Futures Trading Commission in its evaluation of Sumitomo's U.S. activities, before the House Committee on Banking and Financial Services, September 18, 1996.
KW  - Central Banks and Their Policies          E58
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404172&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Humphrey, David B.
AU  - Pulley, Lawrence B.
T1  - Do consumers pay for one-stop banking? Evidence from an alternative revenue function.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1996/11//
VL  - 20
IS  - 9
M3  - Article
SP  - 1601
EP  - 1621
SN  - 03784266
AB  - In providing financial services jointly, banks may reduce costs due to complementarities in production (cost economies of scope) or raise revenues from complementarities in consumption (revenue economies of scope). Cost economies of scope between bank deposits and loans have been found to be small. Revenue economies of scope are investigated here for the first time and found to be insignificant over 1978-1990 for both small and large banks and for those on or off the revenue-efficient frontier. The lack of complementarities between deposits and loans — where benefits are most likely to occur — suggests that claims of important synergies from an expansion of banking powers be taken with caution. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - ECONOMIES of scope
KW  - BANK deposits
KW  - BANK loans
KW  - REVENUE
N1  - Accession Number: 11496033; Berger, Allen N. 1,2; Humphrey, David B. 3; Pulley, Lawrence B. 4; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; 2: Wharton Financial Institutions Center, University of Pennsylvania, USA; 3: Department of Finance, Florida State Univeristy, USA; 4: Graduate School of Business Administration, College of William and Mary, USA; Issue Info: Nov96, Vol. 20 Issue 9, p1601; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIES of scope; Thesaurus Term: BANK deposits; Thesaurus Term: BANK loans; Subject Term: REVENUE; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 21p; Illustrations: 3 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11496033&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calvo, Guillermo A.
AU  - Mendoza, Enrique G.
AD  - U MD
AD  - Federal Reserve System
T1  - Mexico's Balance-of-Payments Crisis: A Chronicle of a Death Foretold
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1996/11//
VL  - 41
IS  - 3-4
SP  - 235
EP  - 264
SN  - 00221996
N1  - Accession Number: 0410284; Keywords: Balance of Payments;  Capital Flows;  Globalization; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199704
N2  - This paper claims that the roots of Mexico's balance-of-payments crisis are found in the prevailing high degree of capital mobility and financial globalization. Under these circumstances, shifts in foreign capital flows and anticipation of a banking-system bailout may produce large imbalances between stocks of financial assets and foreign reserves, threatening the sustainability of currency pegs. Econometric analysis suggests that half of Mexico's reserve losses could be accounted for by these phenomena. Large financial imbalances are also fertile ground for self-fulfilling-prophecy crises which lead devaluations to produce deep recessions. These difficulties can be partly remedied by appropriate policies.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0410284&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AU  - Rogers, John H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Monetary Policy in the End-Game to Exchange-Rate Based Stabilizations: The Case of Mexico
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1996/11//
VL  - 41
IS  - 3-4
SP  - 285
EP  - 307
SN  - 00221996
N1  - Accession Number: 0410286; Keywords: Devaluation;  Exchange Rates;  Interest Rates;  Interest;  Monetary Base;  Monetary Policy;  Monetary;  Money;  Policy;  Stabilization;  Supply; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199704
N2  - This paper evaluates the extent to which Mexican monetary policy in 1994 may have loosened, or not tightened sufficiently, in the lead up to the devaluation. Using econometric models of money demand, we find evidence that the high monetary base growth reflected strong positive shocks to the demand for money, not supply. Next, we show that interest rates rose only moderately less in 1994 than was predicted by an estimated reaction function. Thus to have maintained the peg, the authorities would have needed to intensify their response to exchange market developments (to alter their reaction function) at a time when concerns over the banking sector and the economy pointed to a relaxation of monetary policy.
KW  - Foreign Exchange          F31
KW  - Monetary Policy          E52
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0410286&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Eisenbeis, Robert A.
AU  - Horvitz, Paul M.
AU  - Cole, Rebel A.
AD  - Federal Reserve Bank of Atlanta
AD  - U Houston
AD  - Federal Reserve System
T1  - Commercial Banks and Real Estate Lending: The Texas Experience
JO  - Journal of Regulatory Economics
JF  - Journal of Regulatory Economics
Y1  - 1996/11//
VL  - 10
IS  - 3
SP  - 275
EP  - 290
SN  - 0922680X
N1  - Accession Number: 0403302; Keywords: Bank;  Commercial Banks;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - This paper examines the performance of Texas commercial banks specializing in mortgage lending during the difficult times of the late 1980s and early 1990s to investigate how representative their experience as compared with that of banks concentrating in real estate lending across the country. The results show that Texas REBs performed very poorly during the 1980s and early 1990s, but this was because the Texas REBs were clearly different from the majority of the banks classified as REBs in the rest of the country. In contract to non-Texas real estate specializing banks, those in Texas banks put substantial assets into much riskier construction and development loans, and in loans on commercial property, such as office buildings, hotels and shopping centers. In a poor real estate market, these loans performed very poorly. The analysis indicates that the Texas experience is not a basis for rejecting the view that the commercial bank industry can safely replace the declining thrift industry as a major source of residential mortgage financing.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11149
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0403302&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11149
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Eika, Kari H.
AU  - Ericsson, Neil R.
AU  - Nymoen, Ragnar
AD  - Norges Bank, Oslo
AD  - Federal Reserve System
AD  - U Oslo
T1  - Hazards in Implementing a Monetary Conditions Index
JO  - Oxford Bulletin of Economics and Statistics
JF  - Oxford Bulletin of Economics and Statistics
Y1  - 1996/11//
VL  - 58
IS  - 4
SP  - 765
EP  - 790
SN  - 03059049
N1  - Accession Number: 0410403; Keywords: Monetary; Geographic Descriptors: Canada; Sweden; Norway; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199704
KW  - Monetary Policy          E52
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0084/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0410403&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0084/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Masson, Paul R.
AU  - McKibbin, Warwick J.
AD  - Federal Reserve System
AD  - IMF
AD  - Australian National U and Brookings Institution
T1  - German Unification: What Have We Learned from Multi-country Models?
JO  - Economic Modelling
JF  - Economic Modelling
Y1  - 1996/10//
VL  - 13
IS  - 4
SP  - 467
EP  - 497
SN  - 02649993
N1  - Accession Number: 0409894; Keywords: Macroeconomics; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199704
N2  - This study reviews early simulations of the effects of German unification using three different rational expectations multi-country models. Despite significant differences in their structures and in the implementations of the unification shock, the models delivered a number of common results that proved reasonably accurate guides to the direction and magnitude of the effects of unification on key macroeconomic variables. Unification was expected to give rise to an increase in German aggregate demand that would put upward pressure on output, inflation, and the exchange rate, and downward pressure on the current account balance. The model simulations also highlighted contractionary effects of high German interest rates on EMS countries.
KW  - Fiscal Policy          E62
KW  - International Economic Order          F02
L3  - http://www.sciencedirect.com/science/journal/02649993
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0409894&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02649993
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Porter, Richard D.
AU  - Judson, Ruth A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Location of U.S. Currency: How Much Is Abroad?
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/10//
VL  - 82
IS  - 10
SP  - 883
EP  - 903
SN  - 00149209
N1  - Accession Number: 0401034; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199701
N2  - Federal Reserve bank notes are widely used outside the United States. Knowledge of how much U.S. currency is abroad is important for a variety of reasons, but currency movements are notoriously difficult to measure, and estimates of the foreign component of currency stocks and flows have been subject to a great deal of speculation and uncertainty. This article brings together several new methods and data sources to narrow the range of that uncertainty. The authors estimate that about $200 billion-$250 billion of U.S. currency was abroad at the end of 1995, or more than half the roughly $375 billion then in circulation outside of banks. Moreover, growth in foreign demand for U.S. currency--especially for hundred-dollar bills ($100s)--has been far stronger than growth in U.S. demand. On average, over the 1990s, the currency stock abroad has been growing at about three times the rate of growth of the domestic stock.
KW  - Money and Interest Rates: General          E40
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0401034&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bayoumi, Tamim
AU  - Gagnon, Joseph
T1  - Taxation and inflation: A new explanation for capital flows.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1996/10//
VL  - 38
IS  - 2
M3  - Article
SP  - 303
EP  - 330
SN  - 03043932
AB  - In a world of mobile capital, the current system of taxation implies that the after-tax cost of capital and return to saving in each country are negatively correlated with the rate of inflation. Thus a country's net foreign asset position ought to be negatively correlated with its long-run inflation rate. The magnitude of these effects is shown to be potentially large. For OECD countries, cross-section and time-series regressions confirm that inflation rates are good predictors of net foreign assets. The existing distribution of net foreign assets may therefore largely reflect tax distortions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - INFLATION (Finance) & taxation
KW  - INFLATION (Finance)
KW  - RATE of return
KW  - ASSET management
KW  - REGRESSION analysis
KW  - Cost of capital Net foreign assets
KW  - Return to saving
KW  - Tax distortion
N1  - Accession Number: 13278318; Bayoumi, Tamim 1; Gagnon, Joseph 2; Affiliations: 1: International Monetary Fund, Washington, DC 20431, USA.; 2: Board of Governors of Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Oct96, Vol. 38 Issue 2, p303; Thesaurus Term: CAPITAL movements; Thesaurus Term: INFLATION (Finance) & taxation; Thesaurus Term: INFLATION (Finance); Thesaurus Term: RATE of return; Thesaurus Term: ASSET management; Thesaurus Term: REGRESSION analysis; Author-Supplied Keyword: Cost of capital Net foreign assets; Author-Supplied Keyword: Return to saving; Author-Supplied Keyword: Tax distortion; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; Number of Pages: 28p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13278318&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cummins, Jason G.
AU  - Hassett, Kevin A.
AU  - Hubbard, R. Glenn
AD  - NYU
AD  - Federal Reserve System
AD  - NBER and Columbia U
T1  - Tax Reforms and Investment: A Cross-Country Comparison
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 1996/10//
VL  - 62
IS  - 1-2
SP  - 237
EP  - 273
SN  - 00472727
N1  - Accession Number: 0400664; Keywords: Firm;  Firms;  Investment;  Tax; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 199701
N2  - The authors use firm-level panel data to explore the extent to which fixed investment responds to tax reforms in fourteen OECD countries. Previous studies have often found that investment does not respond to changes in the marginal cost of investment. The authors identify some of the factors responsible for this finding and employ an estimation procedure that sidesteps the most important of them. In so doing, they find evidence of statistically and economically significant investment responses to tax changes in twelve of the fourteen countries.
KW  - Capital; Investment; Capacity          E22
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
KW  - Fiscal Policy          E62
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0400664&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Leahy, Michael P.
AD  - Federal Reserve System
T1  - The Dollar as an Official Reserve Currency under EMU
JO  - Open Economies Review
JF  - Open Economies Review
Y1  - 1996/10//
VL  - 7
IS  - 4
SP  - 371
EP  - 390
SN  - 09237992
N1  - Accession Number: 0404525; Keywords: EMU;  EU;  Reserves; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199703
N2  - This article analyzes official reserve-holding behavior in EU countries to assess the effect EMU might have on holdings of dollar reserves. Based on earlier research and new estimates, a wide range of projections is presented for the effect of EMU on the overall demand for reserve and their currency composition. It is argued that official dollar holdings could decline on the order of 35% or more from current dollar holdings, although the range of uncertainty is quite large. The contributions of country-specific factors appear to swamp the systematic components that had been isolated in earlier research.
KW  - Foreign Exchange          F31
KW  - Financial Aspects of Economic Integration          F36
L3  - http://link.springer.com/journal/volumesAndIssues/11079
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404525&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11079
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - Optimal Reform Postponement
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1996/09//
VL  - 52
IS  - 3
SP  - 299
EP  - 307
SN  - 01651765
N1  - Accession Number: 0409865; Keywords: Indexation;  Inflation; Publication Type: Journal Article; Update Code: 199704
N2  - The postponement of a reform program recognized to be necessary to control inflation is examined as a decision in an optimal control framework. With a deteriorating and increasingly costlier inflation, it is found that reforms are both more likely to be implemented and more likely to fail as inflation rises. Factors suggesting improved future conditions for a reform, such as the possibility of external aid, induce further postponement. Indexation, and any other measures that reduce the current costs of inaction have the same effect.
KW  - Price Level; Inflation; Deflation          E31
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0409865&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wells, Kirstin E.
AD  - Federal Reserve System
T1  - Are Checks Overused?
JO  - Federal Reserve Bank of Minneapolis Quarterly Review
JF  - Federal Reserve Bank of Minneapolis Quarterly Review
Y1  - 1996///Fall
VL  - 20
IS  - 4
SP  - 2
EP  - 12
SN  - 02715287
N1  - Accession Number: 0402843; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - This study overturns the conclusion of a 1990 study by David Humphrey and Allen Berger, which found that check float is responsible for the popularity of checks despite their high resource cost compared to electronic payment instruments. The new study examines recent data on the costs of checks and automated clearinghouse (ACH) payments. It finds that the value of check float has decreased significantly since the 1990 study and is no longer large enough to make checks more attractive than ACH payments. The study also questions whether the idea that float could be responsible for the persistent use of checks is reasonable given standard assumptions about the behavior of economic agents. The study ends by speculating on why checks are used more than less-costly alternatives and by encouraging policymakers to wait for researchers to adequately answer that question before intervening in the market for payment instruments.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://research.mpls.frb.fed.us/research/qr/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0402843&site=ehost-live&scope=site
UR  - http://research.mpls.frb.fed.us/research/qr/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edwards, Gerald A., Jr.
AU  - Eller, Gregory E.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Derivatives Disclosures by Major U.S. Banks, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/09//
VL  - 82
IS  - 9
SP  - 791
EP  - 801
SN  - 00149209
N1  - Accession Number: 0399112; Keywords: Bank;  Commercial Banks;  Derivatives; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - This review of the 1995 annual reports of ten major U.S. commercial banks shows that public disclosure about derivatives activities continues to improve. Compared with reports for earlier years, banks are providing more types of information in greater depth and in ways that make the information more easily understood by readers of public financial statements. These large banks, in response to standards and recommendations promulgated by various groups as well as by shareholder concerns, have made significant strides in increasing the transparency of their derivatives activities.
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399112&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Biern, Herbert A.
AD  - Federal Reserve System
T1  - Statement to U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 17, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/09//
VL  - 82
IS  - 9
SP  - 809
EP  - 810
SN  - 00149209
N1  - Accession Number: 0399113; Keywords: Bank;  Banking;  Law Enforcement;  Law;  Regulation;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - Herbert A. Biern, Deputy Associate Director, Division of Banking Supervision and Regulation, discusses actions that the Federal Reserve has taken over the past several years to address the problem of "prime bank" financial instruments and says that the Board believes that continuing successful prosecution of cases involving fraudsters selling these instruments is crucial and that new statutory authority enhancing law enforcement's ability to prosecute wrongdoers may prove useful, before the Senate Committee on Banking, Housing, and Urban Affairs, July 17, 1996.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399113&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 18, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/09//
VL  - 82
IS  - 9
SP  - 811
EP  - 815
SN  - 00149209
N1  - Accession Number: 0399114; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199612
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the performance of the U.S. economy in the first half of 1996 and the conduct of monetary policy and says that even though the U.S. economy is using its productive resources intensively, inflation has remained quiescent and that looking forward, there are a number of reasons to expect demands to moderate and economic activity to settle back toward a more sustainable pace in the months ahead, before the Senate Committee on Banking, Housing, and Urban Affairs, July 18, 1996. [Chairman Greenspan presented identical testimony before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services on July 23, 1996.]
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399114&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Yellen, Janet L.
AD  - Federal Reserve System
T1  - Statement to U.S. Senate Subcommittee on Financial Institutions and Regulatory Relief, Committee on Banking, Housing, and Urban Affairs, July 24, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/09//
VL  - 82
IS  - 9
SP  - 815
EP  - 818
SN  - 00149209
N1  - Accession Number: 0399115; Keywords: Bank;  Banking;  Commercial Banks;  Consumer;  Financial Institutions;  Lending;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - Janet L. Yellen, member, Board of Governors, discusses trends in consumer lending and the Federal Reserve Board's view of how recent developments in this sector are affecting U.S. commercial banks and says that although the recently emerging trend of higher delinquencies and personal bankruptcies has prompted the Federal Reserve to devote more attention to the monitoring of consumer loan exposures, both on and off balance sheets, and to the evaluation of risk-management practices, the industry's condition is strong in terms of its profitability, capital ratios, loss reserves, and overall asset quality, before the Subcommittee on Financial Institutions and Regulatory Relief of the Senate Committee on Banking, Housing, and Urban Affairs, July 24, 1996.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399115&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 26, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/09//
VL  - 82
IS  - 9
SP  - 819
EP  - 823
SN  - 00149209
N1  - Accession Number: 0399116; Keywords: Federal Reserve System; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - Chairman Greenspan addresses certain recent reports on the Federal Reserve's operation, in particular some issues raised by the General Accounting Office (GAO) with respect to the management of the Federal Reserve System, and says that in summary, although the Board believes that much of the GAO's analysis and recommendations have merit, the Board takes exception to the broad implication of the GAO report that the Federal Reserve has not exercised appropriate budget constraint and that it has not adequately addressed the changing technological and financial environment in which it operates; Chairman Greenspan says that in his experience the Federal Reserve is as well run an organization as any with which he has been associated, private or public, before the Senate Committee on Banking, Housing, and Urban Affairs, July 26, 1996.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399116&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McAllister, Patrick H.
AU  - Mingo, John J.
T1  - Bank capital requirements for securitized loan pools.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1996/09//
VL  - 20
IS  - 8
M3  - Article
SP  - 1381
EP  - 1405
SN  - 03784266
AB  - This paper analyzes the riskiness of credit enhancements offered on securitized pools of commercial and industrial loans. It develops a technique for allocating capital to such credit enhancements, based on setting the expected value of the credit losses in excess of allocated capital equal to the expected value of losses beyond required capital on the original loan pool. The resulting capital allocations are compared with those derived from a more general, bank-wide capital decision-role, as well as newly published agency proposals regarding capital for credit enhancements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT risk
KW  - BANK capital
KW  - LOANS
KW  - SAVINGS & loan associations
N1  - Accession Number: 11487603; McAllister, Patrick H. 1; Mingo, John J. 2; Email Address: mljjm00@frb.gov; Affiliations: 1: Constellation Financial Management New York; 2: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep96, Vol. 20 Issue 8, p1381; Thesaurus Term: CREDIT risk; Thesaurus Term: BANK capital; Thesaurus Term: LOANS; Thesaurus Term: SAVINGS & loan associations; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 25p; Illustrations: 3 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Engen, Eric M.
AU  - Gale, William G.
AU  - Scholz, John Karl
AD  - Federal Reserve System
AD  - Brookings Institution
AD  - U WI
T1  - The Illusory Effects of Saving Incentives on Saving
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1996///Fall
VL  - 10
IS  - 4
SP  - 113
EP  - 138
SN  - 08953309
N1  - Accession Number: 0403039; Keywords: Saving; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199703
N2  - The authors evaluate research on how tax-based saving incentives (IRAs and 401(k)s) affect saving. Previous research overstates the impact of the incentives on saving by failing to account for several issues: households with saving incentives have stronger tastes for saving than others; saving incentives have interacted with debt, nonfinancial assets, financial markets, and pensions; and saving incentives represent pretax balances, whereas taxable accounts represent posttax balances. Accounting for these issues essentially eliminates the impact of saving incentives on saving. The authors conclude that little if any of the contributions to existing saving incentives have raised saving.
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
KW  - Retirement; Retirement Policies          J26
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.aeaweb.org/jep/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0403039&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/jep.10.4.113
UR  - http://www.aeaweb.org/jep/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Simon, David P.
T1  - EXCESS RETURNS AND RISK AT THE LONG END OF THE TREASURY MARKET: AN EGARCH-M APPROACH.
JO  - Journal of Financial Research
JF  - Journal of Financial Research
Y1  - 1996///Fall96
VL  - 19
IS  - 3
M3  - Article
SP  - 443
PB  - Wiley-Blackwell
SN  - 02702592
AB  - In this paper we model weekly excess returns of ten-year Treasury notes and long-term Treasury bonds from 1968 through 1993 using an exponential generalized autoregressive conditional heteroskedasticity in mean (EGARCH-M) approach. The results indicate the presence of conditional heteroskedasticity and a strong tendency for the ex-ante volatility of excess returns to increase more following negative excess return innovations compared with positive innovations of equal magnitude. In addition, increases in ex-ante volatility are associated in some subperiods with rising excess returns on longer-term instruments, although the slope of the yield curve and lagged excess returns generally remain significant predictors of excess returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOVERNMENT securities
KW  - VOLATILITY (Finance)
KW  - PUBLIC debts
KW  - PUBLIC finance
KW  - SECURITIES markets
KW  - SECURITIES
N1  - Accession Number: 9707170560; Brunner, Allan D. 1; Simon, David P. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Bentley College; Issue Info: Fall96, Vol. 19 Issue 3, p443; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: PUBLIC debts; Thesaurus Term: PUBLIC finance; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 15p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Maki, Dean M.
T1  - PORTFOLIO SHUFFLING AND TAX REFORM.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1996/09//
VL  - 49
IS  - 3
M3  - Article
SP  - 317
EP  - 329
PB  - National Tax Association
SN  - 00280283
AB  - This paper analyzes the response of households to the provision in the Tax Reform Act of 1986 that phased out the deductibility of interest paid on consumer debt. The evidence suggests that the policy goals of the provision were frustrated because households shuffled their portfolios, substituting mortgage debt for consumer debt High-income homeowners appear to have shuffled more of their debt and thus increased their share of the benefits of the mortgage interest deduction. One reason for this difference in shuffling may be that high-income homeowners scored better on measures of financial sophistication, and better scores appear to predict greater shuffling. Policy options that would reduce the use of mortgage debt for nonhousing purchases are discussed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAX reform
KW  - ECONOMIC reform
KW  - TAXATION
KW  - DEBT
KW  - MORTGAGE loans
KW  - INCOME
KW  - PERSONAL finance
KW  - HOUSEHOLDS
KW  - HOMEOWNERS
N1  - Accession Number: 9610222702; Maki, Dean M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: Sep96, Vol. 49 Issue 3, p317; Thesaurus Term: TAX reform; Thesaurus Term: ECONOMIC reform; Thesaurus Term: TAXATION; Thesaurus Term: DEBT; Thesaurus Term: MORTGAGE loans; Thesaurus Term: INCOME; Thesaurus Term: PERSONAL finance; Subject Term: HOUSEHOLDS; Subject Term: HOMEOWNERS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 13p; Illustrations: 6 Charts; Document Type: Article; Full Text Word Count: 6170
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Engen, Eric M.
AU  - Gale, William G.
T1  - TAX-PREFERRED ASSETS AND DEBT, AND THE TAX REFORM ACT OF 1986: SOME IMPLICATIONS FOR FUNDAMENTAL TAX REFORM.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1996/09//
VL  - 49
IS  - 3
M3  - Article
SP  - 331
EP  - 339
PB  - National Tax Association
SN  - 00280283
AB  - This paper focuses on two aspects of the tax changes enacted in the Tax Reform Act of 1986 (TRA86). First, the TRA86 phased out tax deductions for interest on consumer debt, which contributed to a marked shift in the composition of household debt. Second, the TRA86 restricted the tax deductibility of contributions to individual retirement accounts (IRAs) for some higher-income households. This appears to have contributed to, but is not solely responsible for, the shift in the composition of some households' portfolios of tax-preferred saving incentive plans. This paper also discusses the interaction of household debt and 401 (k) plans following the TRA86. The aspects of the TRA86 focused upon in this paper appear to represent examples of more typical responses to tax changes: changes in the composition of economic activity but with little change in the real level of economic activity This conclusion is consistent with the hierarchy of taxpayer responses suggested by Siemrod (1990, 199S) and yields some potentially relevant implications for fundamental tax reform. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAXATION
KW  - ECONOMIC reform
KW  - TAX reform
KW  - TAX deductions
KW  - DEBT
KW  - ECONOMIC indicators
KW  - TAX incentives
KW  - INCOME tax
KW  - TAX administration & procedure
N1  - Accession Number: 9610222703; Engen, Eric M. 1; Gale, William G. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; 2: The Brookings Institution, Washington, D.C. 20036-2188; Issue Info: Sep96, Vol. 49 Issue 3, p331; Thesaurus Term: TAXATION; Thesaurus Term: ECONOMIC reform; Thesaurus Term: TAX reform; Thesaurus Term: TAX deductions; Thesaurus Term: DEBT; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: TAX incentives; Thesaurus Term: INCOME tax; Thesaurus Term: TAX administration & procedure; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Article; Full Text Word Count: 4681
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bull, Nicholas
AU  - Lindsey, Lawrence B.
T1  - MONETARY IMPLICATIONS OF TAX REFORMS.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1996/09//
VL  - 49
IS  - 3
M3  - Article
SP  - 359
EP  - 379
PB  - National Tax Association
SN  - 00280283
AB  - Recently, several proposals for significant reform of the federal tax system have received serious political consideration, and many sound arguments for and against these proposals have been made. Although we summarize some of the economic arguments in this paper, it is not our purpose to discuss the merits of the proposals. Rather, our purpose is to show that, whatever proposal is adopted, it will be affected by and will affect the making and carrying out of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TAXATION
KW  - TAX reform
KW  - ECONOMIC policy
KW  - ECONOMIC reform
KW  - MONETARY theory
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - PUBLIC spending
KW  - MONEY supply
N1  - Accession Number: 9610222705; Bull, Nicholas 1; Lindsey, Lawrence B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; Issue Info: Sep96, Vol. 49 Issue 3, p359; Thesaurus Term: TAXATION; Thesaurus Term: TAX reform; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC reform; Thesaurus Term: MONETARY theory; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: PUBLIC spending; Thesaurus Term: MONEY supply; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 21p; Illustrations: 3 Charts; Document Type: Article; Full Text Word Count: 10996
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
T1  - Comment on DIFFUSION OF FINANCIAL INNOVATIONS: THE CASE OF JUNK BONDS AND NOTE ISSUANCE FACILITIES.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/08/02/Aug96 Part 2
VL  - 28
IS  - 3
M3  - Article
SP  - 523
EP  - 526
PB  - Ohio State University Press
SN  - 00222879
AB  - The authors present a response to the article "Diffusion of financial innovations: The case of junk bonds and note issuance facilities," by Phil Molyneux and Nidal Shamroukh.  The article attempts to explain some of the ways in which financial innovations arise and how they uniquely utilized and dispersed throughout the industry. Financial engineering has developed so rapidly because of several factors, including the advancements in applied finance, the affordability of information processing and the establishment of global financial markets.
KW  - DIFFUSION of innovations
KW  - BANKING industry
KW  - FINANCE
KW  - JUNK bonds
KW  - FINANCIAL engineering
KW  - INFORMATION processing
KW  - INFORMATION dissemination
N1  - Accession Number: 9612244699; Berger, Allen N. 1,2; Affiliations: 1: Senior Economist, Board of Governors, Federal Reserve System; 2: Senior Fellow, Wharton Financial Institutions Center; Issue Info: Aug96 Part 2, Vol. 28 Issue 3, p523; Thesaurus Term: DIFFUSION of innovations; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: JUNK bonds; Thesaurus Term: FINANCIAL engineering; Thesaurus Term: INFORMATION processing; Subject Term: INFORMATION dissemination; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Garwood, Griffith L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, June 19, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/08//
VL  - 82
IS  - 8
SP  - 720
EP  - 722
SN  - 00149209
N1  - Accession Number: 0399110; Keywords: Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services;  Fund;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - Griffith L. Garwood, Director, Division of Consumer and Community Affairs, Board of Governors, comments on issues concerning the coverage of electronic benefit transfer (EBT) programs under the Electronic Fund Transfer Act (EFTA) and the Board's Regulation E and says that coverage of EBT programs by the EFTA and Regulation E is appropriate under the law as it currently exists so that all citizens, regardless of the source of their electronic transactions, are covered essentially by the same rules, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, June 19, 1996.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0399110&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises, Committee on Banking and Financial Services, June 26, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/08//
VL  - 82
IS  - 8
SP  - 723
EP  - 726
SN  - 00149209
N1  - Accession Number: 0399111; Keywords: Bank;  Banking;  Financial Services;  Fund;  Interest;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
N2  - Edward W. Kelley, Jr., member, Board of Governors, discusses the supervision of bank sales practices on behalf of the Federal Reserve and says that the continuing growth in bank sales of mutual funds and other uninsured investments necessitates a commitment on the part of the banking industry and bank supervisors to the principle that effective disclosure of risks is in the best interest of the customer and the banking organization, before the Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises of the House Committee on Banking and Financial Services, June 26, 1996.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kaminsky, Graciela L.
AU  - Pereira, Alfredo
AD  - Federal Reserve System
AD  - College of William & Mary
T1  - The Debt Crisis: Lessons of the 1980s for the 1990s
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 1996/08//
VL  - 50
IS  - 1
SP  - 1
EP  - 24
SN  - 03043878
N1  - Accession Number: 0397830; Keywords: Debt Crisis;  Debt; Geographic Descriptors: Latin America; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199612
N2  - One of the salient characteristics of the 1980s is the growth collapse of the Latin American debtor countries. The debt-overhang literature claims that the debt crisis is the main reason for the growth collapse. However, previous empirical work has failed to support this hypothesis. The authors reexamined this hypothesis further using simulation and econometric methods. They found that, once they account for the effects of social inequality on government policy and consumption, the burden of servicing the debt becomes an important factor in explaining the collapse in investment and output growth in Latin America. The authors draw some conclusions for the 1990s.
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - International Lending and Debt Problems          F34
L3  - http://www.sciencedirect.com/science/journal/03043878
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UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - PILLOFF, STEVEN J.
T1  - Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/08//Aug96 Part 1
VL  - 28
IS  - 3
M3  - Article
SP  - 294
EP  - 310
PB  - Ohio State University Press
SN  - 00222879
AB  - The article examines whether accounting and market data yield consistent implications regarding the gains achieved in mergers of publicly traded institutions between 1982 and 1991. The study found that although both the average and cross-sectional properties of merger-related performance measures and consolidated abnormal returns show little to no change on average, cross-sectional properties differ between the two. Performance gains are related primarily to high total target and acquirer expenses, and abnormal returns are associated with the difference between the two total cost measures. While abnormal returns are related to target noninterest expenses, the relationship does not hold with total expenses.
KW  - CONSOLIDATION & merger of corporations
KW  - PUBLIC companies
KW  - PROFIT
KW  - RATE of return
KW  - INTEREST costs
KW  - INDUSTRIAL costs
KW  - COST effectiveness
N1  - Accession Number: 9702145210; PILLOFF, STEVEN J. 1,2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; 2: economist, Board of Governors of the Federal Reserve System; Issue Info: Aug96 Part 1, Vol. 28 Issue 3, p294; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: PUBLIC companies; Thesaurus Term: PROFIT; Thesaurus Term: RATE of return; Thesaurus Term: INTEREST costs; Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: COST effectiveness; Number of Pages: 17p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KENNICKELL, ARTHUR B.
AU  - KWAST, MYRON L.
AU  - STARR-McCLUER, MARTHA
T1  - Households' Deposit Insurance Coverage: Evidence and Analysis of Potential Reforms.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/08//Aug96 Part 1
VL  - 28
IS  - 3
M3  - Article
SP  - 311
EP  - 322
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents information relevant to households' deposit insurance coverage based on the 1992 Survey of Consumer Finances in the U.S. To provide reliable estimates of highly concentrated assets, the survey includes a special sample of relatively wealthy households. The survey interviewed 3 906 households. The survey found that some large depositors appear to be strongly risk-averse, holding large shares of their assets in deposits and describing themselves as unwilling to take financial risks. Other large depositors seem to have uninsured balances for transactions reasons. Policy simulations indicate that many of the characteristics of uninsured households could change little in response to moderate reductions in the insurance limit.
KW  - DEPOSIT insurance
KW  - RISK aversion
KW  - ASSETS (Accounting)
KW  - CONSUMERS
KW  - HOUSEHOLDS
KW  - UNITED States
N1  - Accession Number: 9702145211; KENNICKELL, ARTHUR B. 1,2; KWAST, MYRON L. 3,4; STARR-McCLUER, MARTHA 5,6; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governor of the Federal Reserve System; 2: senior economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; 3: Associate Director, Division of Research and Statistics, Board of Governor of the Federal Reserve System; 4: associate director, Division of Research and Statistics, Board of Governors, Federal Reserve System; 5: Economist, Division of Research and Statistics, Board of Governor of the Federal Reserve System; 6: economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Aug96 Part 1, Vol. 28 Issue 3, p311; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: RISK aversion; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: CONSUMERS; Subject Term: HOUSEHOLDS; Subject: UNITED States; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 12p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Baily, Martin Neil
AU  - Bartelsman, Eric J.
AU  - Halliwanger, John
T1  - Downsizing and Productivity Growth: Myth or Reality?
JO  - Small Business Economics
JF  - Small Business Economics
Y1  - 1996/08//
VL  - 8
IS  - 4
M3  - Article
SP  - 259
EP  - 278
SN  - 0921898X
AB  - The conventional wisdom is that the rising productivity in the U.S. manufacturing sector in the 1980s has been driven by the apparently pervasive downsizing over this period. Aggregate evidence clearly shows falling employment accompanying the rise in productivity. In this paper, we examine the microeconomic evidence using the plant level data from the Longitudinal Research Database (LRD). In contrast to the conventional wisdom, we find that plants that increased employment as well as productivity contribute almost as much to overall productivity growth in the 1980s as the plants that increased productivity at the expense of employment. Further, there are striking differences by sector (defined by industry, size, region, wages, and ownership type) in the allocation of plants in terms of whether they upsize or downsize and whether they increase or decrease productivity. Nevertheless, in spite of the striking differences across sectors defined in a variety of ways, most of the variance of productivity and employment growth is accounted for by idiosyncratic factors. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Small Business Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DOWNSIZING of organizations
KW  - LABOR productivity
KW  - MANUFACTURING industries
KW  - MICROECONOMICS
KW  - EMPLOYMENT (Economic theory)
KW  - UNITED States
N1  - Accession Number: 16844581; Baily, Martin Neil 1; Bartelsman, Eric J. 2; Halliwanger, John 1; Affiliations: 1: University of Maryland and NBER.; 2: Board of Governors of the Federal Reserve System.; Issue Info: Aug1996, Vol. 8 Issue 4, p259; Thesaurus Term: DOWNSIZING of organizations; Thesaurus Term: LABOR productivity; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: MICROECONOMICS; Thesaurus Term: EMPLOYMENT (Economic theory); Subject: UNITED States; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yellen, Janet L.
AD  - Federal Reserve System
T1  - Monetary Policy: Goals and Strategy
JO  - Business Economics
JF  - Business Economics
Y1  - 1996/07//
VL  - 31
IS  - 3
SP  - 40
EP  - 44
SN  - 0007666X
N1  - Accession Number: 0392622; Keywords: Fund;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199610
N2  - In addition to a primary long-term goal of price stability, monetary policy should aim to stabilize output and employment. A managing strategy might include adjusting the federal funds rate above an equilibrium rate by an amount that depends on the deviation between actual and potential output and between actual and targeted inflation. While such a rule could provide a useful benchmark, flexibility in managing policy is required. White the Federal Reserve Act is not seriously flawed, reforming it to provide an improved framework for the Federal Reserve to specify its strategy to attain legislated goals would be desirable. However, focusing on price stability alone would be a cause for concern.
KW  - Monetary Policy          E52
L3  - http://www.palgrave-journals.com/be/archive/index.html
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UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AD  - Federal Reserve System
T1  - Credit Risk, Credit Scoring, and the Performance of Home Mortgages
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/07//
VL  - 82
IS  - 7
SP  - 621
EP  - 648
SN  - 00149209
N1  - Accession Number: 0394019 Partial authors List; ; Keywords: Credit;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199610
N2  - This article examines the ways institutions involved in mortgage lending assess credit risk and how credit risk relates to loan performance. An increasingly prominent tool used to facilitate the assessment of credit risk in mortgage lending is credit scoring based on credit history and other pertinent data, and the article presents new information about the distribution of credit scores across population groups and how credit scores relate to the performance of loans. In addition, this article takes a special look at the performance of loans made through nontraditional underwriting practices and "affordable" home lending programs. Coauthors are Raphael W. Bostic, Paul S. Calem, and Glenn B. Canner.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Yellen, Janet L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Small Business, May 1, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/07//
VL  - 82
IS  - 7
SP  - 652
EP  - 655
SN  - 00149209
N1  - Accession Number: 0394020; Keywords: Bank;  Credit;  Federal Reserve System;  Finance;  Financial Services;  Firm;  Firms;  Reserves;  Small Firm; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199610
N2  - Janel L. Yellen, member, Board of Governors of the Federal Reserve System, discusses the environment for small business financing and the role of banks in providing credit to small firms and says that the Federal Reserve has devoted considerable effort to building its knowledge of the characteristics of small businesses and their use of financial services, including conducting the National Survey of Small Business Finances, and that the Federal Reserve will continue to review its rules and procedures to ensure that unnecessary burdens to not hinder banks' willingness to lend to creditworthy small businesses, before the House Committee on Small Business, May 1, 1996.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - West, Kenneth D.
AU  - Wilcox, David W.
T1  - A Comparison of Alternative Instrumental Variables Estimators of a Dynamic Linear Model.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1996/07//
VL  - 14
IS  - 3
M3  - Article
SP  - 281
EP  - 293
SN  - 07350015
AB  - Using a dynamic linear equation that has a conditionally homoscedastic moving average disturbance, we compare two parameterizations of a commonly used instrumental variables estimator to one that is asymptotically optimal in a class of estimators that includes the conventional one. We find that, for some plausible data-generating processes, the optimal one is distinctly more efficient asymptotically. Simulations indicate that in samples of size typically available, asymptotic theory describes the distribution of the parameter estimates reasonably well but that test statistics sometimes are poorly sized. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ANALYSIS of variance
KW  - ESTIMATION theory
KW  - STATISTICS
KW  - SYSTEMS theory
KW  - HOMOSCEDASTICITY
KW  - EQUATIONS
KW  - COMPUTER simulation
KW  - THEORY
KW  - ALGEBRA
KW  - VARIABLES (Mathematics)
KW  - LINEAR systems
KW  - Asymptotic approximation
KW  - Efficient estimation
KW  - Optimal estimation
KW  - Simulation
KW  - Test statistics
N1  - Accession Number: 9607240689; West, Kenneth D. 1; Wilcox, David W. 2; Affiliations: 1: Dept. of Economics, University of Wisconsin, Madison, Wl 53706; 2: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Jul96, Vol. 14 Issue 3, p281; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: ESTIMATION theory; Thesaurus Term: STATISTICS; Thesaurus Term: SYSTEMS theory; Subject Term: HOMOSCEDASTICITY; Subject Term: EQUATIONS; Subject Term: COMPUTER simulation; Subject Term: THEORY; Subject Term: ALGEBRA; Subject Term: VARIABLES (Mathematics); Subject Term: LINEAR systems; Author-Supplied Keyword: Asymptotic approximation; Author-Supplied Keyword: Efficient estimation; Author-Supplied Keyword: Optimal estimation; Author-Supplied Keyword: Simulation; Author-Supplied Keyword: Test statistics; Number of Pages: 13p; Illustrations: 10 Charts, 18 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Beeson, Patricia E.
AU  - Sniderman, Mark S.
T1  - Posted Rates and Mortgage Lending Activity.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1996/07//
VL  - 13
IS  - 1
M3  - Article
SP  - 11
EP  - 26
SN  - 08955638
AB  - In many metropolitan areas (MSAs) newspapers post mortgage terms for Leaden in a manner designed to permit an easy comparison of discount points and note rates. Using these advertised rates for 73 lenders in three MSAs we examine I) how applicants respond to short-run changes in relative rates, and 2) the relationship between the services provided and quality of applications received by lenders and their long-term market positions. We find that applicant flows increase when lenders lower their rates. We also find that persistent cross-lender differences in rates are associated with differences in product quality reflected in processing limes, loan sales, and PHA/VA lending; and that high-risk borrowers tend to apply to lenders posting above average rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEYLENDERS
KW  - MORTGAGE loans
KW  - MONEY center banks
KW  - LOANS
KW  - URBAN growth
KW  - mortgage interest rates
KW  - mortgage lending
KW  - Nome Mortgage Disclosure Act
KW  - pricing strategy
N1  - Accession Number: 17323842; Avery, Robert B. 1; Beeson, Patricia E. 2; Sniderman, Mark S. 3; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: Department of Economics, University of Pittsburgh, Pittsubrgh, PA 15260; 3: Research Department, Federal Reserve bank of Cleveland, Cleveland, Pa 15260; Issue Info: Jul1996, Vol. 13 Issue 1, p11; Thesaurus Term: MONEYLENDERS; Thesaurus Term: MORTGAGE loans; Thesaurus Term: MONEY center banks; Thesaurus Term: LOANS; Thesaurus Term: URBAN growth; Author-Supplied Keyword: mortgage interest rates; Author-Supplied Keyword: mortgage lending; Author-Supplied Keyword: Nome Mortgage Disclosure Act; Author-Supplied Keyword: pricing strategy; NAICS/Industry Codes: 237210 Land Subdivision; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AU  - Sparks, Roger
T1  - Putting the Squeeze on a Market for Lemons: Government-Sponsored Mortgage Securitization.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1996/07//
VL  - 13
IS  - 1
M3  - Article
SP  - 27
EP  - 43
SN  - 08955638
AB  - Lender either sell or obtain insurance for many of the mortgages they organic to reduce credit risk and enhance liquidity. An overwhelming majority of the mortgages sold are purchased by goveniment-sponsomd enterprises. The prevailing view is that govcrnmenc.sponsorship of mortgage securitintion causes mortgage rates to be lower than they would otherwise bt Using a model that incorporates asymmetric information and adverse selection, we provide an example in which government-sponsor mortgage sccwitizaüon raises the mortgage rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGES
KW  - ASSET-backed financing
KW  - MORTGAGE rates
KW  - INTEREST rates
KW  - LOANS
KW  - INTEREST rate risk
N1  - Accession Number: 17323847; Passmore, Wayne 1; Sparks, Roger 2; Affiliations: 1: Senior Economist, Bawd of Governors of the Federal Reserve System Malt Stop Washington, DC 20551; 2: Assistant Professor of Economics, Department of Economics, Millc College, Oakland, CA 94613; Issue Info: Jul1996, Vol. 13 Issue 1, p27; Thesaurus Term: MORTGAGES; Thesaurus Term: ASSET-backed financing; Thesaurus Term: MORTGAGE rates; Thesaurus Term: INTEREST rates; Thesaurus Term: LOANS; Thesaurus Term: INTEREST rate risk; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
T1  - Mortgage Credit Availability in Low- and Moderate- Income Minority Neighborhoods: Are Information Externalities Critical?
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1996/07//
VL  - 13
IS  - 1
M3  - Article
SP  - 71
EP  - 89
SN  - 08955638
AB  - This study conducts a cross-sectional analysis of U.S. mctlDpolitan counties to inquire into the factors affecting white and minority mortgage loan approval rates during 1990-1991. In particular, evidence is sought on whether minority loan applicants are denied credit more frequently than white applicants because of information externalitiet Within each county, all predominantly minority, low- or moderate-income census tracts are grouped together, and then regression equations are estimated across counties and baa groupings. Separate approval rate equations are estimated for conventional and federally insured (FHA or VA) home purchase loans. In addition, a regression equation for the percentage of applicants applying for federally insured loans is estimated. Both approval rate regressions indicate that across white tract groupings, the depth of the housing market (the number of sales of owner-occupied units during 1989) has a positive and statistically significant effect on the loan approval rate consistent with Ut view that information externalities act mortgage Iran evaluations. However, this relationship appears not to hold across minority bract groupings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING -- Finance
KW  - LOANS
KW  - VETERANS -- Loans
KW  - MORTGAGE loans
KW  - REAL property -- Finance
KW  - HOME ownership
KW  - MORTGAGE banks
KW  - UNITED States
N1  - Accession Number: 17323869; Calem, Paul S. 1; Affiliations: 1: Financial Structure Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Jul1996, Vol. 13 Issue 1, p71; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: LOANS; Thesaurus Term: VETERANS -- Loans; Thesaurus Term: MORTGAGE loans; Thesaurus Term: REAL property -- Finance; Thesaurus Term: HOME ownership; Thesaurus Term: MORTGAGE banks; Subject: UNITED States; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 923140 Administration of Veterans' Affairs; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Blinder, Alan S.
AD  - Federal Reserve System
T1  - Antitrust and Banking
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1996///Summer
VL  - 41
IS  - 2
SP  - 447
EP  - 452
SN  - 0003603X
N1  - Accession Number: 0397209; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199612
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0397209&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Nelson, William R.
AU  - Reid, Brian K.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/06//
VL  - 82
IS  - 6
SP  - 483
EP  - 505
SN  - 00149209
N1  - Accession Number: 0391247; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Continued profitability and rapid growth of assets combined to lift net income of U.S. commercial banks almost 10 percent in 1995 to a record $49 billion. Profitability, as measured by either return on assets or return on equity, edged up near the peak level posted in 1993. Although net interest income as a share of average assets fell slightly, the decline was more than offset by a decline in net noninterest expense. Provisioning for loan and lease losses edged up, as did charge-offs, but both remained quite low. With delinquency rates for real estate and business loans declining, overall loan quality continued to be very good, even though delinquency rates for consumer loans, particularly credit card loans, rose sharply. Banks retained about one-third of their income, and capital-asset ratios generally remained well above regulatory minimums.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391247&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises of the Committee on Banking and Financial Services, April 18,1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/06//
VL  - 82
IS  - 6
SP  - 513
EP  - 514
SN  - 00149209
N1  - Accession Number: 0391249; Keywords: Bank;  Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Susan M. Phillips, member, Board of Governors, provides comments on the Entrepreneurial Investment Act of 1996, a bill that would permit smaller bank holding companies to provide limited equity capital to customers of subsidiary banks, and suggests some additional prudential provisions, which the Board believes would not be in significant conflict with the purpose of the bill, to minimize the risk that could occur with equity investments by smaller bank holding companies, before the Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises of the House Committee on Banking and Financial Services, April 18, 1996.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391249&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsay, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, April 25, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/06//
VL  - 82
IS  - 6
SP  - 514
EP  - 517
SN  - 00149209
N1  - Accession Number: 0391250; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Lawrence B. Lindsey, member, Board of Governors, comments on issues concerning fees imposed on electronic fund transfers at automated teller machines (ATMs) and says that although the level of fees paid by consumers for bank services is a matter of importance for consumers, competition in the marketplace--when combined with clear and full disclosure to consumers of fees--should be sufficient to keep fees at a level commensurate with the value provided in return and to give consumers a range of choices, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, April 25, 1996.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391250&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, April 30, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/06//
VL  - 82
IS  - 6
SP  - 517
EP  - 520
SN  - 00149209
N1  - Accession Number: 0391251; Keywords: Banking;  Depository;  Financial Services;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Edward W. Kelley, Jr., member, Board of Governors, discusses issues concerning the supervision and regulation of the U.S. banking system and says that the U.S. banking system today is extremely healthy and competitive in both its domestic and international operations and that changes in regulatory structure should follow, and not precede, adjustments to the basic structure of our insured depository system and the modernization of its activities, before the House Committee on Banking and Financial Services, April 30, 1996.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391251&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Feldman, Robert A.
AU  - Rienhart, Vincent
AD  - IMF
AD  - Federal Reserve System
T1  - Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue
JO  - International Monetary Fund Staff Papers
JF  - International Monetary Fund Staff Papers
Y1  - 1996/06//
VL  - 43
IS  - 2
SP  - 395
EP  - 418
SN  - 00208027
N1  - Accession Number: 0393139; Keywords: Auctions;  Bid;  Bidding; Publication Type: Journal Article; Update Code: 199610
N2  - This paper evaluates the importance of auction format on bidding behavior and seller revenue, focusing on differences in performance under uniform-price and discriminatory-price formats. The analysis is based on a standard benchmark model from which empirically testable hypotheses are derived on the optimal amount of bid shading that generates revenue equivalence between the two formats. Applying this model to data from the IMF gold auctions run in 1976-80, the authors find evidence of statistically significant shading in excess of the theoretically derived optimum under the discriminatory format. This evidence suggests greater seller revenue under the uniform-price format.
KW  - Auctions          D44
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0393139&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lach, Saul
AU  - Rob, Rafael
AD  - Hebrew U, Federal Reserve System, and NBER
AD  - U PA and Insead
T1  - R&D, Investment, and Industry Dynamics
JO  - Journal of Economics and Management Strategy
JF  - Journal of Economics and Management Strategy
Y1  - 1996///Summer
VL  - 5
IS  - 2
SP  - 217
EP  - 249
SN  - 10586407
N1  - Accession Number: 0394156; Keywords: Innovation;  Investment;  R&D; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199610
N2  - We present a model of industry evolution where the dynamics are driven by a process of endogenous innovations followed by subsequent embodiments in physical capital. Traditionally, the only distinction between R&D and physical investment was one of labeling: the first process accumulates an intangible stock, knowledge, while the second accumulates physical capital. Both stocks affect output in a symmetric fashion. We argue that the story is not that simple, and that there is more to it than differences in the object of accumulation. Our model stresses the causal relationship between past R&D expenditures and current investments in machinery and equipment. This causality pattern, which is supported by the data, also explains the observed higher volatility of physical investment relative to that of R&D expenditures.
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Industry Studies: Manufacturing: General          L60
KW  - Management of Technological Innovation and R&D          O32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291530-9134/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0394156&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291530-9134/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duffee, Gregory R.
AD  - Federal Reserve System
T1  - Idiosyncratic Variation of Treasury Bill Yields
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1996/06//
VL  - 51
IS  - 2
SP  - 527
EP  - 551
SN  - 00221082
N1  - Accession Number: 0390203; Keywords: Bonds; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - The author documents a dramatic increase in the importance of two types of variation in Treasury bill yields beginning in the early 1980s. The first is idiosyncratic variation in individual short-maturity (less than three months) bill yields. The second is a common component in Treasury bill yields that is not shared by yields on other instruments, such as short-maturity privately issued instruments or longer-maturity Treasury notes and bonds. Some evidence suggests the first type reflects increased market segmentation. These results have important implications for the calibration and testing of no-arbitrage term structure models and interpreting tests of the expectations hypothesis.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0390203&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - Noise Traders, Excess Volatility, and a Securities Transactions Tax
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1996/06//
VL  - 10
IS  - 2
SP  - 115
EP  - 129
SN  - 09208550
N1  - Accession Number: 0398024; Keywords: Securities;  Tax; Publication Type: Journal Article; Update Code: 199612
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0398024&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Eisenbeis, Robert A.
T1  - The Role of Principal-Agent Conflicts in the 1980s Thrift Crisis.
JO  - Real Estate Economics
JF  - Real Estate Economics
Y1  - 1996///Summer96
VL  - 24
IS  - 2
M3  - Article
SP  - 195
EP  - 218
PB  - Wiley-Blackwell
SN  - 10808620
AB  - Agency theory suggests that many of the costs incurred by the taxpayer during the 1980s thrift crisis were the result of conflicts between principals and their agents. This study models the costs associated with three distinct types of agency conflicts involved in closing an insolvent thrift--conflicts between creditors and owners, between owners and managers, and between taxpayers and government officials. Using a model that controls for sample-selection bias, the study presents strong evidence that thrift owners effected wealth transfers from creditors by undertaking high-risk investments, and that government officials pursued policies that increased losses to the thrift deposit insurance fund which ultimately were funded by the taxpayer. The results do not show that managers effected wealth transfers from owners through expense-preference behavior, but rather that inefficient management increased the losses of the deposit insurance fund. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REAL estate agents
KW  - AGENCY theory
KW  - SAVING & investment
KW  - REAL property
KW  - ECONOMICS
N1  - Accession Number: 9607105765; Cole, Rebel A. 1; Eisenbeis, Robert A. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: University of North Carolina, Chapel Hill, NC 27599-3490; Issue Info: Summer96, Vol. 24 Issue 2, p195; Thesaurus Term: REAL estate agents; Thesaurus Term: AGENCY theory; Thesaurus Term: SAVING & investment; Thesaurus Term: REAL property; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 531212 Offices of real estate brokers; NAICS/Industry Codes: 531211 Real estate agents; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 24p; Illustrations: 4 Charts; Document Type: Article; Full Text Word Count: 9433
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9607105765&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Calvo, Guillermo A.
AU  - Mendoza, Enrique G.
T1  - Petty crime and cruel punishment: Lessons from the Mexican debacle.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/05//
VL  - 86
IS  - 2
M3  - Article
SP  - 170
SN  - 00028282
AB  - Prior to the recent monetary crisis, Mexico was considered to have a successful economy, in part because of its market-oriented reforms. At first the devaluation of the peso in 1994 was considered a necessary action to correct imbalances in the economy. But the devaluation was followed by a punishment of Mexico by the global market. The global market has, therefore, imposed a harsh environment in which emerging countries can function.
KW  - DEVALUATION of currency
KW  - MARKETS
KW  - ECONOMIC reform
KW  - MEXICO -- Economic conditions
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - ECONOMIC structure
KW  - FINANCIAL crises
KW  - MEXICO
N1  - Accession Number: 9605282472; Calvo, Guillermo A. 1; Mendoza, Enrique G. 2; Affiliations: 1 : Center for International Economics, Department of Economics, University of Maryland, College Park, MD 20742.; 2 : International Finance Division, Board of Governors of the Federal Reserve System, Washington, DC 20551.;  Source Info: May96, Vol. 86 Issue 2, p170; Note: Based on Federal Reserve data and secondary sources; 2 fig., ref.; Historical Period: 1994 to 1995; Subject Term: DEVALUATION of currency; Subject Term: MARKETS; Subject Term: ECONOMIC reform; Subject Term: MEXICO -- Economic conditions; Subject Term: FOREIGN exchange rates; Subject Term: MONETARY policy; Subject Term: ECONOMIC structure; Subject Term: FINANCIAL crises; Subject: MEXICO; Number of Pages: 6p; Illustrations: 2 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=hia&AN=9605282472&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - hia
ER  - 

TY  - JOUR
AU  - Trejos, Alberto
AU  - Wright, Randall
AD  - Northwestern U
AD  - U PA and Federal Reserve Banks of Cleveland and Minneapolis
T1  - Search-Theoretic Models of International Currency
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1996/05//May-June 1996
VL  - 78
IS  - 3
SP  - 117
EP  - 132
N1  - Accession Number: 0402860; Keywords: Currency; Publication Type: Journal Article; Update Code: 199703
KW  - International Monetary Arrangements and Institutions          F33
KW  - Open Economy Macroeconomics          F41
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0402860&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AD  - Federal Reserve System
T1  - Inflation and Growth: In Search of a Stable Relationship: Commentary
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1996/05//May-June 1996
VL  - 78
IS  - 3
SP  - 147
EP  - 149
N1  - Accession Number: 0402864; Keywords: Growth;  Inflation; Publication Type: Journal Article; Update Code: 199703
KW  - Price Level; Inflation; Deflation          E31
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Macroeconomic Analyses of Economic Development          O11
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0402864&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/05//
VL  - 82
IS  - 5
SP  - 383
EP  - 393
SN  - 00149209
N1  - Accession Number: 0391243; Keywords: Current Account;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - In 1995, after three years of substantial increases, the U.S. current account deficit widened only slightly, with some deterioration in the balances on trade and investment income. The current account deficit was counterbalanced by large recorded net capital inflows and a large positive statistical discrepancy.
KW  - Empirical Studies of Trade          F14
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Finance: Other          F39
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391243&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, March 13, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/05//
VL  - 82
IS  - 5
SP  - 397
EP  - 402
SN  - 00149209
N1  - Accession Number: 0391244; Keywords: Bank;  Banking;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Discusses the Federal Reserve's efforts to increase the focus of examiners and other supervisory personnel on the risk management procedures of banking organizations and states that Federal Reserve examiners will be devoting more attention than in the past to reviewing a bank's processes and controls to ensure that risk management practices are commensurate with risks.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391244&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, March 26, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/05//
VL  - 82
IS  - 5
SP  - 403
EP  - 404
SN  - 00149209
N1  - Accession Number: 0391245; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Discusses how the rapid pace of technological change and innovation will affect how the Federal Reserve carries out its legislative mandates, particularly in the areas of supervision and regulation of banks, stewardship of the payments system and monetary policy.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391245&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, March 27, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/05//
VL  - 82
IS  - 5
SP  - 404
EP  - 406
SN  - 00149209
N1  - Accession Number: 0391246; Keywords: Economic Conditions;  Macroeconomics;  Outlook; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Updates an earlier review of current economic conditions and the outlook, as well as reiterating views on some key issues that are important for the nation's economic prospects over the medium term and states that we have made significant and fundamental gains in macroeconomic performance in recent years, including lower rates of inflation, and that the budget deficit has been narrowed--developments that will provide the best possible macroeconomic climate in which the nation can address other economic challenges.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391246&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hall, Alastair R.
AU  - Rudebusch, Glenn D.
AU  - Wilcox, David W.
AD  - NC State U
AD  - Federal Reserve Bank of San Francisco
AD  - Federal Reserve System
T1  - Judging Instrument Relevance in Instrumental Variables Estimation
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1996/05//
VL  - 37
IS  - 2
SP  - 283
EP  - 298
SN  - 00206598
N1  - Accession Number: 0389884; Keywords: Estimation;  Instrumental Variables; Publication Type: Journal Article; Update Code: 199609
N2  - Recent research has emphasized the poor finite-sample performance of the instrumental variables estimator when the instruments are weakly correlated with the regressors. The authors show how the canonical correlations between regressors and instruments can provide a measure of instrument relevance in the general multiple-instrument-multiple-regressor case. However, their simulation results indicate that any such relevance measure probably has little practical merit, as its use may actually exacerbate the poor finite-sample properties of the instrumental variables estimator.
KW  - Multiple or Simultaneous Equation Models; Multiple Variables: General          C30
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0389884&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - HESS, GREGORY D.
AU  - ORPHANIDES, ATHANASIOS
T1  - Taxation and Intergenerational Transfers with Family-Size Heterogeneity: Do Parents with More Children Prefer Higher Taxes?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1996/05//
VL  - 28
IS  - 2
M3  - Article
SP  - 162
EP  - 177
PB  - Ohio State University Press
SN  - 00222879
AB  - The article examines the results of a study which tested the Ricardian equivalence hypothesis on family size and tax preferences using survey data from the General Social Survey. The Ricardian equivalence hypothesis suggests that a representative household will not be able to distinguish between bond and tax financing in regard to government liabilities. This ultimately implies that tax cuts will not lead to cumulative consumption. The author also explores the links that exist between generations within a heterogeneous family.
KW  - TAXATION
KW  - TAX expenditures
KW  - PUBLIC finance
KW  - CONSUMPTION (Economics)
KW  - FAMILY size
KW  - SOCIAL surveys
N1  - Accession Number: 9606196927; HESS, GREGORY D. 1; ORPHANIDES, ATHANASIOS 2; Affiliations: 1: Assistant professor of economics at the University of Kansas.; 2: Economist in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System.; Issue Info: May96, Vol. 28 Issue 2, p162; Thesaurus Term: TAXATION; Thesaurus Term: TAX expenditures; Thesaurus Term: PUBLIC finance; Thesaurus Term: CONSUMPTION (Economics); Subject Term: FAMILY size; Subject Term: SOCIAL surveys; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 16p; Illustrations: 4 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Akerlof, George A.
AU  - Yellen, Janet L.
AU  - Katz, Michael L.
T1  - AN ANALYSIS OF OUT-OF-WEDLOCK CHILDBEARING IN THE UNITED STATES.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1996/05//
VL  - 111
IS  - 2
M3  - Article
SP  - 277
EP  - 317
SN  - 00335533
AB  - The rapid increase in the number of out-of-wedlock births in the United States and other industrialized countries has coincided with an explosion of new technology and a change in attitude toward sexual behavior. The technology led to less expensive abortions and better and more available contraceptives. The change in attitude was a more tolerant attitude toward out-of-wedlock births. The authors adopt a "technology shock" explanation for this change in social custom, in which the availability of contraception led more women to engage in premarital sex without the guarantee of a "shotgun marriage" if necessary. Women who wanted children in this scenario suffered because "their ability to bargain for the marriage guarantee" deteriorated.
KW  - ABORTION -- Law & legislation
KW  - MARRIAGE -- United States
KW  - BIRTHS to unmarried women
KW  - CHILDREN of unmarried parents
KW  - CONTRACEPTION
KW  - SINGLE women
KW  - BIRTH control
KW  - MANNERS & customs
KW  - HUMAN sexuality
KW  - SINGLE mothers
KW  - ATTITUDE (Psychology)
KW  - UNITED States
N1  - Accession Number: 9606211066; Akerlof, George A. 1,2; Yellen, Janet L. 3; Katz, Michael L. 1; Affiliations: 1 : University of California, Berkeley.; 2 : Brookings Institution.; 3 : Board of Governors, Federal Reserve System.;  Source Info: May96, Vol. 111 Issue 2, p277; Note: Based on data from the Current Population Survey; 3 fig., 3 tables, 25 notes, ref., appendix.; Historical Period: 1965 to 1989; Subject Term: ABORTION -- Law & legislation; Subject Term: MARRIAGE -- United States; Subject Term: BIRTHS to unmarried women; Subject Term: CHILDREN of unmarried parents; Subject Term: CONTRACEPTION; Subject Term: SINGLE women; Subject Term: BIRTH control; Subject Term: MANNERS & customs; Subject Term: HUMAN sexuality; Subject Term: SINGLE mothers; Subject Term: ATTITUDE (Psychology); Subject: UNITED States; Number of Pages: 41p; Illustrations: 3 Diagrams, 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Elmendorf, Douglas W.
AU  - Hirschfeld, Mary L.
AU  - Weil, David N.
AD  - Federal Reserve System
AD  - Occidental College
AD  - Brown U and NBER
T1  - The Effect of News on Bond Prices: Evidence from the United Kingdom, 1900-1920
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1996/05//
VL  - 78
IS  - 2
SP  - 341
EP  - 344
SN  - 00346535
N1  - Accession Number: 0393701; Keywords: Bonds; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199610
N2  - The authors study the relationship of news to bond prices. They select a set of major news events based solely on their significance as judged by historians and examine the corresponding bond price movements. The variance of holding returns is higher for weeks with important news than for weeks without such news, and the probability of a very large return (in absolute value) is higher for 'news' weeks than for 'non-news' weeks. The magnitude of these differences, however, suggests that much of the variability in bond prices cannot be explained by news, though important caveats about the authors' measurement of news apply.
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Economic History: Financial Markets and Institutions: Europe: Pre-1913          N23
KW  - Economic History: Financial Markets and Institutions: Europe: 1913-          N24
L3  - http://www.mitpressjournals.org/loi/rest
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rubin, Laura S.
AD  - Federal Reserve System
T1  - The Fiscal Position of the State and Local Government Sector: Developments in the 1990s
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/04//
VL  - 82
IS  - 4
SP  - 302
EP  - 311
SN  - 00149209
N1  - Accession Number: 0385674; Keywords: Budget; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
N2  - After a difficult period during the early 1990s, the fiscal position of state and local governments has improved considerably in the past three years. States, as a group, have fared relatively well, although some local governments are still struggling with fiscal difficulties. In addition, the sector as a whole continues to face persistent underlying structural problems. This article first examines the primary budget concepts that are generally used to evaluate the fiscal condition of state and local governments. Then it surveys the status of the various levels of government, and finally, it discusses some of the underlying problems in state and local budgeting, particularly in the areas of health care, education, corrections, and pensions.
KW  - State and Local Budget and Expenditures          H72
KW  - State and Local Taxation, Subsidies, and Revenue          H71
KW  - Fiscal Policy          E62
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services, February 20, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/04//
VL  - 82
IS  - 4
SP  - 315
EP  - 320
SN  - 00149209
N1  - Accession Number: 0385675; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
N2  - Alan Greenspan, Chairman of the Board of Governors, presents the Federal Reserve's semi-annual report on monetary policy and says that the U.S. economy performed reasonably well in 1995 with the unemployment, rate at the lowest sustained level in five years and with the consumer price index rising less than 3 percent--the fifth year running at 3 percent or below, before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, February 20, 1996. (Chairman Greenspan presented identical testimony before the Senate Committee on Banking, Housing, and Urban Affairs, February 21, 1996).
KW  - General Outlook and Conditions          E66
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking and Financial Services, February 27, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/04//
VL  - 82
IS  - 4
SP  - 320
EP  - 322
SN  - 00149209
N1  - Accession Number: 0385676; Keywords: Currency; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
N2  - Theodore E. Allison, Assistant to the Board, presents information on the security of U.S. currency and says that the currency of the United States is safe--that is, relatively free from counterfeits--both domestically and internationally and that the Federal Reserve is confident that its procedures permit thorough identification of counterfeits and thus prevent their reissuance, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking and Financial Services, February 27, 1996.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, February 28, 1996
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/04//
VL  - 82
IS  - 4
SP  - 322
EP  - 325
SN  - 00149209
N1  - Accession Number: 0385677; Keywords: Bank;  Banking;  Crime;  Financial Services;  Law Enforcement;  Law;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
N2  - Edward W. Kelley, Jr., member, Board of Governors, discusses the impact of crime on the stability of the banking system and the Federal Reserve's efforts to assist banks and law enforcement officials in countering criminal activity and says that a banking organization's best protection against illicit activities is its own policies and procedures designed to identify and then reject potentially illegal or damaging transactions; in this effort the Federal Reserve and other regulators have implemented various directives for banks to establish internal controls and procedures designed to detect unusual or suspicious transactions that if unchecked, could lead to fraud, money laundering, or other types of criminal misconduct, before the House Committee on Banking and Financial Services, February 28, 1996.
KW  - Illegal Behavior and the Enforcement of Law          K42
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Sharpe, Steven A.
T1  - Rents and quasi rents in the wage structure: Evidence from hostile takeovers.
JO  - Industrial Relations
JF  - Industrial Relations
Y1  - 1996/04//
VL  - 35
IS  - 2
M3  - Article
SP  - 145
PB  - Wiley-Blackwell
SN  - 00198676
AB  - We test whether industry-related variation in wage premia and slopes of wage profiles reflects payments of rents or quasi rents, taking our cue from the wealth-transfer hypothesis, which argues that hostile takeovers target such rents. If these wage structure characteristics reflect extramarginal payments, then hostile takeover attempts that sought to transfer wealth from workers to shareholders should have targeted firms with the highest wage premia or the steepest wage profiles. We find that the likelihood of being a hostile takeover target between 1979 and 1989 was generally unrelated to these industry-related characteristics of the wage structure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Industrial Relations is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RENT (Economic theory)
KW  - WAGES
KW  - ECONOMICS
KW  - RENT charges (Feudal law)
KW  - LAND use
KW  - MONEY
KW  - HYPOTHESIS
KW  - UNITED States
KW  - ACQUISITIONS
N1  - Accession Number: 9605283915; Neumark, David 1,2; Sharpe, Steven A. 3; Affiliations: 1: Department of Economics, Michigan State University.; 2: National Bureau of Economic Research.; 3: Federal Reserve System.; Issue Info: Apr96, Vol. 35 Issue 2, p145; Thesaurus Term: RENT (Economic theory); Thesaurus Term: WAGES; Thesaurus Term: ECONOMICS; Thesaurus Term: RENT charges (Feudal law); Thesaurus Term: LAND use; Thesaurus Term: MONEY; Subject Term: HYPOTHESIS; Subject: UNITED States; Author-Supplied Keyword: ACQUISITIONS; Language of Keywords: French; Number of Pages: 35p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kaminsky, Graciela L.
AU  - Lewis, Karen K.
AD  - Federal Reserve System
AD  - NBER and Wharton School, U PA
T1  - Does Foreign Exchange Intervention Signal Future Monetary Policy?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1996/04//
VL  - 37
IS  - 2
SP  - 285
EP  - 312
SN  - 03043923
N1  - Accession Number: 0393436; Keywords: Exchange Rates;  Foreign Exchange;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199610
N2  - A frequently cited explanation for why foreign exchange interventions affect the exchange rate is that these interventions signal future monetary policy intentions. This explanation says that central banks signal a more contractionary monetary policy in the future by buying domestic currency today. Therefore, the expectations of future tighter monetary policy make the domestic currency appreciate, even though the current monetary effects of the intervention are typically offset by central banks. Of course, this explanation presumes that central banks in fact back up interventions with subsequent changes in monetary policy. In this paper, the authors empirically examine this presumption.
KW  - Monetary Policy          E52
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/03043932
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Croushore, Dean
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Philadelphia
T1  - The Marginal Cost of Funds with Nonseparable Public Spending
JO  - Public Finance Quarterly
JF  - Public Finance Quarterly
Y1  - 1996/04//
VL  - 24
IS  - 2
SP  - 216
EP  - 236
SN  - 00485853
N1  - Accession Number: 0385290; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
KW  - Project Evaluation; Social Discount Rate          H43
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AD  - Federal Reserve System
T1  - Understanding the Costs of Sovereign Default: American State Debts in the 1840's
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/03//
VL  - 86
IS  - 1
SP  - 259
EP  - 275
SN  - 00028282
N1  - Accession Number: 0384507; Keywords: Debt; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
N2  - The defaults of U.S. states in the 1840s provide a powerful test of competing models of sovereign debt. The Eleventh Amendment to the U.S. Constitution prevented foreign creditors from obtaining payment in the federal courts. Moreover, because the defaulting states were part of a large and economically integrated nation, creditors could not enforce payment by imposing military or trade sanctions. In spite of the lack of sanctions, however, most states eventually repaid in full. It appears that the states repaid in order to maintain access to capital markets, much as in reputational models of sovereign debt.
KW  - International Lending and Debt Problems          F34
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913          N21
L3  - http://www.aeaweb.org/aer/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Starr-McCluer, Martha
AD  - Federal Reserve System
T1  - Health Insurance and Precautionary Savings
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/03//
VL  - 86
IS  - 1
SP  - 285
EP  - 295
SN  - 00028282
N1  - Accession Number: 0384509; Keywords: Health;  Precautionary Saving;  Saving; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Health: Government Policy; Regulation; Public Health          I18
L3  - http://www.aeaweb.org/aer/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Rudebusch, Glenn D.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/03//
VL  - 86
IS  - 1
SP  - 300
EP  - 309
SN  - 00028282
N1  - Accession Number: 0384512; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
KW  - Monetary Policy          E52
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.aeaweb.org/aer/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kashyap, Anil K.
AU  - Stein, Jeremy C.
AU  - Wilcox, David W.
AD  - U Chicago and NBER
AD  - Sloan School of Management, MIT and NBER
AD  - Federal Reserve System
T1  - Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1996/03//
VL  - 86
IS  - 1
SP  - 310
EP  - 314
SN  - 00028282
N1  - Accession Number: 0384513; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199607
KW  - Monetary Policy          E52
L3  - http://www.aeaweb.org/aer/
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DB  - ecn
ER  - 

TY  - JOUR
AU  - Truman, Edwin M.
AD  - Federal Reserve System
T1  - The Mexican Peso Crisis: Implications for International Finance
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/03//
VL  - 82
IS  - 3
SP  - 199
EP  - 209
SN  - 00149209
N1  - Accession Number: 0383539; Keywords: Crisis; Geographic Descriptors: Mexico; Selected Countries; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199606
N2  - The Mexican peso crisis has raised legitimate questions about Mexican economic policies before and during the events of December 1994 and January 1995, but its propagation through international financial markets has also pointed to broader questions about those markets. This article considers the international financial implications of the peso crisis from three perspectives: the creditors and their markets, the countries receiving large capital inflows, and the functioning of the international financial system.
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helwege, Jean
AU  - Liang, Nellie
T1  - Is there a pecking order? Evidence from a panel of IPO firms.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1996/03//
VL  - 40
IS  - 3
M3  - Article
SP  - 429
EP  - 458
SN  - 0304405X
AB  - We test the pecking order model of capital structure by examining the financing of firms that went public in 1983. We estimate a logic to predict external financing, and a multinomial logic to predict the type of financing using data on the IPO firms' security offerings during 1984-1992. Our results indicate that the probability of obtaining external funds is unrelated to the shortfall in internally generated funds, although firms with cash surpluses avoid external financing. Firms that access the capital markets do not follow the pecking order when choosing the type of security to offer. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOING public (Securities)
KW  - CAPITAL structure
KW  - LONG-term business financing
KW  - CORPORATIONS -- Finance
KW  - CAPITAL market
KW  - SECURITIES
KW  - External financing
KW  - IPOs
KW  - Pecking order
N1  - Accession Number: 12243850; Helwege, Jean 1; Liang, Nellie 2; Affiliations: 1: Federal Reserve Bank of New York, New York, NY 10045, USA.; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Mar1996, Vol. 40 Issue 3, p429; Thesaurus Term: GOING public (Securities); Thesaurus Term: CAPITAL structure; Thesaurus Term: LONG-term business financing; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CAPITAL market; Thesaurus Term: SECURITIES; Author-Supplied Keyword: External financing; Author-Supplied Keyword: IPOs; Author-Supplied Keyword: Pecking order; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Currie, Janet
AU  - Fallick, Bruce C.
AD  - UCLA
AD  - Federal Reserve System
T1  - The Minimum Wage and the Employment of Youth: Evidence from the NLSY
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 1996///Spring
VL  - 31
IS  - 2
SP  - 404
EP  - 428
SN  - 0022166X
N1  - Accession Number: 0390254; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Using panel data on individuals from the National Longitudinal Survey of Youth, the authors find that employed individuals who were affected by the increases in the federal minimum wage in 1979 and 1980 were about 3 percent less likely to be employed a year later, even after accounting for the fact that workers employed at the minimum wage may differ from their peers in unobserved ways.
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
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ER  - 

TY  - JOUR
AU  - Coleman, Wilbur John, II
AU  - Gilles, Christian
AU  - Labadie, Pamela A.
AD  - Fuqua School of Business, Duke U
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - A Model of the Federal Funds Market
JO  - Economic Theory
JF  - Economic Theory
Y1  - 1996/02//
VL  - 7
IS  - 2
SP  - 337
EP  - 357
SN  - 09382259
N1  - Accession Number: 0382052; Keywords: Fund;  Interest Rates;  Interest;  Money Supply;  Money;  Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606
N2  - This paper develops a stochastic general equilibrium model of the federal funds market that incorporates non-Fisherian effects on interest rates stemming from both supply and demand shocks to reserves. Such a model may reconcile the widespread belief in a liquidity effect of money supply shocks with the difficulty many researchers have had in finding empirical support for such an effect. The model also cautions against interpreting the observed negative correlation between the federal funds rate and innovations to nonborrowed reserves as empirical confirmation of the ability of the Federal Reserve to lower short-term real interest rates.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
L3  - http://link.springer.com/journal/volumesAndIssues/199
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0382052&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/199
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wright, David M.
AU  - Houpt, James V.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - An Analysis of Commercial Bank Exposure to Interest Rate Risk
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/02//
VL  - 82
IS  - 2
SP  - 115
EP  - 128
SN  - 00149209
N1  - Accession Number: 0383537; Keywords: Bank;  Banking;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606
N2  - This article evaluates some of the factors that may be affecting the level of interest rate risk among commercial banks and estimates the general magnitude and significance of this risk using data from the quarterly Reports of Condition and Income and a simple interest rate risk model. That risk measure suggests that the interest rate risk exposure for the vast majority of the banking industry is not significant at present. The article also concludes that a relatively simple model can be useful for broadly measuring the interest rate risk exposure of institutions that do not have unusual or complex asset characteristics.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0383537&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, December 5, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/02//
VL  - 82
IS  - 2
SP  - 133
EP  - 138
SN  - 00149209
N1  - Accession Number: 0383538; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses the issues raised by the recent events relating to the U.S. operations of Daiwa Bank; summarizes the present system of supervision of the U.S. offices of foreign banks; and explains several initiatives the Federal Reserve has implemented in this area in the past two years, including a new uniform examination rating system for U.S. branches and agencies of foreign banks that places higher priority on the effectiveness of risk management processes and operational controls, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, December 5, 1995.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0383538&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Feenstra, Robert C.
AU  - Gagnon, Joseph E.
AU  - Knetter, Michael M.
AD  - U CA, Davis and NBER
AD  - Federal Reserve System
AD  - Dartmouth College
T1  - Market Share and Exchange Rate Pass-Through in World Automobile Trade
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1996/02//
VL  - 40
IS  - 1-2
SP  - 187
EP  - 207
SN  - 00221996
N1  - Accession Number: 0390272; Keywords: Automobile;  Exports;  Firm;  Firms;  Trade; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199609
N2  - Using a Bertrand differentiated products model we show that pass-through should be high for exporters based in a country with a very large share of total destination market sales. For source countries with small and intermediate market shares, the relationship is potentially nonlinear and sensitive to assumptions about demand and firm interactions. The model is estimated using a panel data set of automobile exports from four source countries to 12 destination markets over the period 1970-88. The relationship between pass-through and market share is significantly nonlinear: pass-through is lowest when the source country's market share is around 40 percent and highest when market share approaches 100 percent.
KW  - Empirical Studies of Trade          F14
KW  - Automobiles; Other Transportation Equipment          L62
KW  - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation          F12
KW  - Oligopoly and Other Imperfect Markets          L13
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0390272&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wieland, Volker
AD  - Federal Reserve System
T1  - Monetary Policy Targets and the Stabilization Objective: A Source of Tension in the EMS
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1996/02//
VL  - 15
IS  - 1
SP  - 95
EP  - 116
SN  - 02615606
N1  - Accession Number: 0390279; Keywords: Monetary Policy;  Monetary;  Policy;  Stabilization; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199609
N2  - This paper evaluates two different monetary regimes in the European Monetary System (EMS): an asymmetric regime with EMS monetary policy oriented towards German targets and a symmetric regime with EMS-wide targets. Deterministic and stochastic simulations of a macroeconometric model are used to study spillovers, adjustment, and stabilization in EMS economies. The author shows that there exists a significant trade-off between the two regimes in terms of output and price deviations from target. While Germany enjoys more stability under the asymmetric regime, the other EMS economies are stabilized more effectively by a symmetric target. The resulting tension must have been at least partly responsible for the recent EMS crises.
KW  - Monetary Policy          E52
KW  - Financial Aspects of Economic Integration          F36
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0390279&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bernanke, Ben
AU  - Gertler, Mark
AU  - Gilchrist, Simon
T1  - The Financial accelerator and the flight...
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1996/02//
VL  - 78
IS  - 1
M3  - Article
SP  - 1
PB  - MIT Press
SN  - 00346535
AB  - Adverse shocks to the economy may be amplified by worsening credit-market conditions-the "financial accelerator" Theoretically, we interpret the financial accelerator as resulting from endogenous changes over the business cycle in the agency costs of lending. An implication of the theory is that, at the onset of a recession, borrowers facing high agency costs should receive a relatively lower share of credit extended (the flight to quality) and hence should account for a proportionally greater part of the decline in economic activity. We review the evidence for these predictions and present new evidence drawn from a panel of large and small manufacturing firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS -- Methodology
KW  - FINANCE
KW  - BUSINESS cycles
KW  - ECONOMETRIC models
KW  - ECONOMIC activity
KW  - BUSINESS enterprises
KW  - LOANS
KW  - ECONOMICS
N1  - Accession Number: 9605212441; Bernanke, Ben 1; Gertler, Mark 2; Gilchrist, Simon 3; Affiliations: 1: Princeton University; 2: New York University; 3: Board of Governors of the Federal Reserve System; Issue Info: Feb96, Vol. 78 Issue 1, p1; Thesaurus Term: ECONOMICS -- Methodology; Thesaurus Term: FINANCE; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMIC activity; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: LOANS; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 15p; Illustrations: 20 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9605212441&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Miron, Jeffrey A.
AU  - Beaulieu, J. Joseph
AD  - Boston U and NBER
AD  - Federal Reserve System and US Bureau of the Census
T1  - What Have Macroeconomists Learned about Business Cycles form the Study of Seasonal Cycles?
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1996/02//
VL  - 78
IS  - 1
SP  - 54
EP  - 66
SN  - 00346535
N1  - Accession Number: 0390669; Keywords: Business Cycles;  Cycle;  Fluctuation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - This paper argues that analysis of seasonal fluctuations can shed light on the nature of business-cycle fluctuations. The fundamental reason is that, in many instances, identifying restrictions about seasonal fluctuations are more believable than analogous restrictions about nonseasonal fluctuations. The authors show that seasonal fluctuations provide good examples of preference shifts and synergistic equilibria. They also find evidence against production smoothing and in favor of unmeasured variation in labor and capital utilization. In some industries, capacity constraints appear to bind.
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0390669&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Phillips, Susan M.
AD  - Federal Reserve System
A2  - Kendall, Leon T.
A2  - Fishman, Michael J.
T1  - The Place of Securitization in the Financial System: Implications for Banking and Monetary Policy
T2  - A primer on securitization
PB  - Cambridge and London:
PB  - MIT Press
Y1  - 1996///
SP  - 129
EP  - 138
N1  - Accession Number: 0466717; Reviewed Book ISBN: 0-262-11211-6; Keywords: Banking;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0466717&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Achieving Price Stability: Opening Remarks
T2  - Achieving price stability: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 29-31, 1996
PB  - Kansas City:
PB  - Author
Y1  - 1996///
SP  - 1
EP  - 5
N1  - Accession Number: 0469089; Keywords: Prices; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0469089&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Commentary: What Operating Procedures Should Be Adopted to Maintain Price Stability?--Practical Issues
T2  - Achieving price stability: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 29-31, 1996
PB  - Kansas City:
PB  - Author
Y1  - 1996///
SP  - 297
EP  - 306
N1  - Accession Number: 0469104; Keywords: Prices; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0469104&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
ID  - 57122
AU  - Sheets, Nathan
AU  - Boata, Simona
AU  - Board of Governors of the Federal Reserve System (U.S.)
T1  - [Untitled]
T3  - International Finance Discussion Paper          no. 562
Y1  - 1996/01/01/
CY  - Washington, D.C.
CY  - United States
PB  - Board of Governors of the Federal Reserve System
N1  - Accession Number: 57122; Extent: 41 pp; Document Type: Government document; Language: English; Note/Abstract: "September 1996." Government document number: FR 1.62:562
KW  - Eastern Europe--Economic Conditions--1989-
KW  - Eastern Europe--Economic Policy--1989-
KW  - Eastern Europe--Exports
KW  - Eastern Europe--Foreign Trade
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=sbh&AN=57122&site=ehost-live&scope=site
UR  - http://www.bog.frb.fed.us/pubs/ifdp
DP  - EBSCOhost
DB  - sbh
ER  - 

TY  - JOUR
AU  - Corrado, Carol
AD  - Federal Reserve System
T1  - Macroeconomic Implications of Variation in the Workweek of Capital: Comment
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1996///
IS  - 2
SP  - 120
EP  - 126
SN  - 00072303
N1  - Accession Number: 0436979; Keywords: Capital;  Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199801
KW  - Capital; Investment; Capacity          E22
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0436979&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Siegman, Charles
AD  - Federal Reserve System
A2  - Teunissen, Jan Joost
T1  - Comment on 'The Mexican Crisis of 1994: An Assessment.'
T2  - Can currency crises be prevented or better managed? Lessons from Mexico
PB  - The Hague:
PB  - Forum on Debt and Development
Y1  - 1996///
SP  - 27
EP  - 32
N1  - Accession Number: 0465342; Reviewed Book ISBN: 90-74208-07-X; Keywords: Crisis; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Collective Volume Article; Update Code: 199807
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - Foreign Exchange          F31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0465342&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AD  - Federal Reserve System
T1  - New Evidence on the Retirement and Depreciation of Machine Tools
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 1996/01//
VL  - 34
IS  - 1
SP  - 57
EP  - 77
SN  - 00952583
N1  - Accession Number: 0375828; Keywords: Machine;  Machinery; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - This paper uses data from machinery dealers to estimate the retirement and depreciation patterns for a broad set of conventional machine tools. According to the dealers, the average service life of these machines at the survey date was about thirty years. Service lives were even longer in the mid-1970s, with the reduction over time likely caused by the diffusion of superior, computer-controlled machines. Consistent with the relatively long average life, the conventional machines have depreciated slowly. The author uses the results to asses the average service life assumed by the Bureau of Economic Analysis to construct capital stocks for metalworking machinery.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Capital; Investment; Capacity          E22
KW  - Other Machinery; Business Equipment; Armaments          L64
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0375828&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Key, Sydney J.
AD  - Federal Reserve System
A2  - Welfens, Paul J. J.
T1  - Comments on: Liberalization and Regulation in the Process of Financial Market Integration in the European Community
T2  - European monetary integration: EMS developments and international post-Maastricht perspectives
PB  - Third edition.
PB  - Heidelberg and New York:
PB  - Springer
Y1  - 1996///
SP  - 180
EP  - 186
N1  - Accession Number: 0463424; Reviewed Book ISBN: 3-540-60260-7; Keywords: Financial Markets;  Integration;  Liberalization; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Financial Aspects of Economic Integration          F36
KW  - International Financial Markets          G15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0463424&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Johnson, Karen H.
AD  - Federal Reserve System
A2  - Welfens, Paul J. J.
T1  - Comments on: The European Community as an Optimum Currency Area
T2  - European monetary integration: EMS developments and international post-Maastricht perspectives
PB  - Third edition.
PB  - Heidelberg and New York:
PB  - Springer
Y1  - 1996///
SP  - 351
EP  - 354
N1  - Accession Number: 0463434; Reviewed Book ISBN: 3-540-60260-7; Keywords: Currency Area;  Currency; Geographic Descriptors: EU; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Foreign Exchange          F31
KW  - International Monetary Arrangements and Institutions          F33
KW  - Financial Aspects of Economic Integration          F36
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0463434&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Rudebusch, Glenn D.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Is There a Broad Credit Channel for Monetary Policy?
JO  - Federal Reserve Bank of San Francisco Economic Review
JF  - Federal Reserve Bank of San Francisco Economic Review
Y1  - 1996///
IS  - 1
SP  - 4
EP  - 13
N1  - Accession Number: 0389797; Keywords: Fund;  Monetary Policy;  Monetary;  Policy;  Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
N2  - Using data for the U.S. manufacturing sector, we test for the existence of a broad credit channel for monetary policy, which operates through the total supply of loans. Our test focuses on the relationship between internal funds and business investment. After a monetary tightening, we find that this relationship becomes much closer for small firms but not for large firms. In contrast, after a monetary easing, the relationship is little changed for all firms. This evidence supports the existence of a broad credit channel.
KW  - Monetary Policy          E52
L3  - http://www.frbsf.org/publications/economics/review/index.php
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0389797&site=ehost-live&scope=site
UR  - http://www.frbsf.org/publications/economics/review/index.php
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AD  - Federal Reserve System
T1  - Trends in the Structure of Federally Insured Depository Institutions, 1984-94
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/01//
VL  - 82
IS  - 1
SP  - 1
EP  - 15
SN  - 00149209
N1  - Accession Number: 0377243; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Between 1984 and 1994, the number of federally insured depository institutions declined considerably. Institution failure contributed significantly to the decrease, but an even more important factor was mergers and acquisitions stimulated by relaxed restrictions on geographic expansion. Deposits also became considerably more concentrated at the national and state levels, with larger firms increasing their deposit share relative to smaller firms. However, the concentration of deposits within local banking markets increased only slightly.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377243&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Raddock, Richard D.
AD  - Federal Reserve System
T1  - A Revision to Industrial Production and Capacity Utilization, 1991-95
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/01//
VL  - 82
IS  - 1
SP  - 16
EP  - 25
SN  - 00149209
N1  - Accession Number: 0377244; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - The Federal Reserve's index of industrial production and its related measures of capacity and utilization for January 1991 onward have been revised to incorporate updated or additional data, revised seasonal factors through mid-1995 and updated productivity relationships for input-based estimates. The updated measures continue to paint the same broad picture of recovery in industrial activity from the 1990 recession through 1994 followed by a slowdown in early 1995.
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377244&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, November 27, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/01//
VL  - 82
IS  - 1
SP  - 31
EP  - 35
SN  - 00149209
N1  - Accession Number: 0377245; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Discusses the issues raised by the events relating to the U.S. operations of Daiwa Bank and that the Federal Reserve has sought to determine whether the supervision of Daiwa should have proceeded on a different basis and how such problems, to the extent feasible, might be avoided in the future.
KW  - Central Banks and Their Policies          E58
KW  - Multinational Firms; International Business          F23
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377245&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance, Committee on Commerce, November 30, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1996/01//
VL  - 82
IS  - 1
SP  - 35
EP  - 38
SN  - 00149209
N1  - Accession Number: 0377246; Keywords: Bank;  Banking;  Finance;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Presents the views of the Board on securities margin requirements and that the Board believes that federal oversight of securities credit extensions by broker-dealers should be left to self-regulatory organizations and to the Securities and Exchange Commissions, which would necessitate the repeal of sections 7 and 8(a) of the Securities and Exchange Act of 1934, and that this plan would allow banking regulators to develop an approach to oversight of bank securities credit that is more compatible with their overall approach to bank safety and soundness.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377246&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Kamin, Steven B.
T1  - Has Japan Entered a New Era of Financial Constraints?
JO  - International Executive
JF  - International Executive
Y1  - 1996/01//Jan/Feb96
VL  - 38
IS  - 1
M3  - Article
SP  - 123
EP  - 144
SN  - 00206652
AB  - The collapse of Japanese asset prices in the early 1990s-which weakened the balance-sheet positions of banks, firms, and households-has led some observers to suggest that "balance-sheet problems" may have contributed to the recent economic downturn and may impede a recovery. In this article, we conclude that balance-sheet problems did not and will not play a significant role in depressing the Japanese economy. First, while asset prices appear to have some explanatory power in loan demand and supply relationships, we find that asset price shocks in the 1990s had little effect on borrowing and lending, other than through traditional wealth effects on aggregate demand. Second, we find little evidence that bank lending was tighter than usual compared to downturns of the 1990-1993 magnitude. Finally, we find some puzzling evidence that borrowers lowered their appetite for loans, even after accounting for sharp declines in aggregate demand and asset prices. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Executive is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - PRICES
KW  - LOANS
KW  - FINANCIAL statements
KW  - JAPAN -- Economic conditions
KW  - JAPAN
N1  - Accession Number: 5959557; Brunner, Allan D. 1; Kamin, Steven B. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Mail Stop 42, 20th and C Streets, NW, Washington, DC 20551.; Issue Info: Jan/Feb96, Vol. 38 Issue 1, p123; Thesaurus Term: FINANCIAL crises; Thesaurus Term: PRICES; Thesaurus Term: LOANS; Thesaurus Term: FINANCIAL statements; Subject Term: JAPAN -- Economic conditions; Subject: JAPAN; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Illustrations: 2 Charts, 21 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5959557&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - The Timing of Stabilizations
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1996/01//January-March 1996
VL  - 20
IS  - 1-3
SP  - 257
EP  - 279
SN  - 01651889
N1  - Accession Number: 0373939; Keywords: Inflation;  Stabilization; Publication Type: Journal Article; Update Code: 199603
N2  - A unified framework is developed for examining stabilization from high inflation in a stochastic environment. Optimality conditions for the delay in the adoption of a stabilization program and its possible abandonment are derived and analyzed. The anticipation of external aid is shown to reinforce delay in the implementation of a stabilization. Also, conditionality agreements become necessary to ensure that the administration of external aid will increase the probability of success of the program. The presence of speculative activity reinforces delay in the implementation of stabilizations and is found to necessitate otherwise unnecessary frontloading of adjustment.
KW  - Price Level; Inflation; Deflation          E31
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0373939&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kaminsky, Graciela L.
AU  - Klein, Michael
AD  - Federal Reserve System and Johns Hopkins U
AD  - Fletcher School and NBER
A2  - Bayoumi, Tamim
A2  - Eichengreen, Barry
A2  - Taylor, Mark P.
T1  - The Dollar/Pound Real Exchange Rate and Fiscal Policy during the Gold Standard Period
T2  - Modern perspectives on the gold standard
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1996///
SP  - 309
EP  - 340
N1  - Accession Number: 0469656; Reviewed Book ISBN: 0-521-57169-3; Keywords: Exchange Rates;  Fiscal Policy;  Policy; Geographic Descriptors: U.K.; U.S.; Geographic Region: Europe; Northern America; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Foreign Exchange          F31
KW  - Fiscal Policy          E62
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative          N10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0469656&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Tevlin, Stacey
AD  - Federal Reserve System
T1  - CEO Incentive Contracts, Monitoring Costs, and Corporate Performance
JO  - New England Economic Review
JF  - New England Economic Review
Y1  - 1996/01//January-February 1996
SP  - 39
EP  - 50
SN  - 00284726
N1  - Accession Number: 0382973; Keywords: CEO; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606
KW  - Personnel Management; Executives; Executive Compensation          M12
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0382973&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquardt, Jeffrey C.
AU  - Summers, Bruce J.
AU  - Wells, Kirstin E.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Richmond
T1  - Efficiency and Risk in Small-Value, Cross-Border Payments: The North American Case
JO  - North American Journal of Economics and Finance
JF  - North American Journal of Economics and Finance
Y1  - 1996///
VL  - 7
IS  - 2
SP  - 163
EP  - 170
SN  - 10629408
N1  - Accession Number: 0404516; Keywords: Banking; Publication Type: Journal Article; Update Code: 199703
N2  - Initial findings from a study of efficiency and risk involving small-value, cross-border payments in North America suggest that cross-border payment arrangements have not changed much since the adoption of NAFTA. Cross-border and local banking remain the primary methods for making small-value payments. The check, which is the predominant payment instrument in all three NAFTA economies, entails high cost and increased risk when used for cross-border payments. An electronic, bulk payment alternative to the check and wire transfer is widely desired, but appears slow to develop. A major question is whether inefficiencies can be overcome given current technologies and banking arrangements.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/10629408
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0404516&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10629408
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Neumark, David
AU  - Wascher, William
AD  - MI State U and NBER
AD  - Federal Reserve System
A2  - Polachek, Solomon W.
T1  - The Effects of Minimum Wages on Teenage Employment and Enrollment: Evidence from Matched CPS Surveys
T2  - Research in labor economics. Volume 15
PB  - Greenwich, Conn. and London:
PB  - JAI Press
Y1  - 1996///
SP  - 25
EP  - 63
N1  - Accession Number: 0467246; Reviewed Book ISBN: 0-7623-0111-2; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Labor Force and Employment, Size, and Structure          J21
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Fertility; Family Planning; Child Care; Children; Youth          J13
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0467246&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Baily, Martin Neil
AU  - Bartelsman, Eric J.
AU  - Haltiwanger, John
AD  - U MD and NBER
AD  - Federal Reserve System
AD  - U MD and NBER
A2  - Mayes, David G.
T1  - Downsizing and Productivity Growth: Myth or Reality?
T2  - Sources of productivity growth
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1996///
SP  - 263
EP  - 288
N1  - Accession Number: 0464962; Reviewed Book ISBN: 0-521-55437-3; Keywords: Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Industry Studies: Manufacturing: General          L60
KW  - Human Capital; Skills; Occupational Choice; Labor Productivity          J24
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0464962&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Fuhrer, Jeffrey C.
A2  - Little, Jane Sneddon
T1  - Address: Job Insecurity and Technology
T2  - Technology and growth: Conference proceedings, June 1996
PB  - Conference Series, no. 40.
PB  - Boston:
PB  - Federal Reserve Bank of Boston
Y1  - 1996///
SP  - 173
EP  - 181
N1  - Accession Number: 0468203; Keywords: Technology; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Unemployment: Models, Duration, Incidence, and Job Search          J64
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0468203&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
A2  - Lo, Andrew W.
T1  - The Price, Volatility, Volume, and Liquidity Effects of Changes in Federal Reserve Margin Requirements on Both Marginable and Nonmarginable OTC Stocks: Comment
T2  - The industrial organization and regulation of securities industry
PB  - National Bureau of Economic Research Conference Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1996///
SP  - 347
EP  - 351
N1  - Accession Number: 0462292; Reviewed Book ISBN: 0-226-48847-0; ; Publication Type: Collective Volume Article; Update Code: 199807
KW  - Central Banks and Their Policies          E58
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0462292&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Calem, Paul S.
AU  - Mester, Loretta J.
T1  - Consumer Behavior and the Stickiness of Credit-Card Interest Rates.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1995/12//
VL  - 85
IS  - 5
M3  - Article
SP  - 1327
EP  - 1336
PB  - American Economic Association
SN  - 00028282
AB  - The article presents empirical evidence in support of the argument that the credit-card industry deviates from the perfectly competitive model because cardholders do not confirm to the behavioral assumptions of perfect competition. Between May 1989 and November 1991, the prime rate dropped from 11.5 percent to 7.5 percent, and the interest rate on large-denomination CD's fell from around 9 percent to 5 percent. During this period, bank credit-card rates barely moved, the largest issuers holding their rates fixed at 18-20 percent. During several episodes in the l980's, when other interest rates rose or fell credit-card rates changed little. At the same time, credit cards consistently earned higher returns than most other bank products. The historically slow response of credit-card rates to changes in money-market rates is consistent with imperfect competition. The shifting spread between card rates and banks' costs of funds suggests that card issuers have exercised market power. For an issuer with market power, the preferred spread depends upon the perceived elasticity of demand for card credit and would shift with perceived changes in demand.
KW  - CREDIT cards
KW  - CONSUMER credit
KW  - CHARGE accounts
KW  - PRIME rate
KW  - INTEREST rates
KW  - COMPETITION
N1  - Accession Number: 9602051811; Calem, Paul S. 1; Mester, Loretta J. 2,3; Affiliations: 1: Financial Structure, Mail Stop 149, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: Research Department, Federal Reserve Bank of Philadelphia, Ten Independence Mall, Philadelphia, PA 19106-1574; 3: Finance Department Wharton School, University of Pennsylvania; Issue Info: Dec95, Vol. 85 Issue 5, p1327; Thesaurus Term: CREDIT cards; Thesaurus Term: CONSUMER credit; Thesaurus Term: CHARGE accounts; Thesaurus Term: PRIME rate; Thesaurus Term: INTEREST rates; Subject Term: COMPETITION; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 326199 All Other Plastics Product Manufacturing; NAICS/Industry Codes: 522210 Credit Card Issuing; Number of Pages: 10p; Illustrations: 2 Charts; Document Type: Article; Full Text Word Count: 5864
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9602051811&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Kashyap, Anil K.
AU  - Scalise, Joseph M.
T1  - The Transformation of the U.S. Banking Industry: What a Long, Strange Trip It's Been.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1995/12//
IS  - 2
M3  - Article
SP  - 55
EP  - 218
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article examines the changes that underlie the transformation of U.S. commercial banking in order to forecast the industry's future under nationwide banking. The article emphasizes regulatory changes and technical and financial innovations as the central driving forces behind the transformation of the industry. Changes in the regulatory environment include the deregulation of deposit accounts, several major changes in capital requirements, reductions in reserve requirements, expansion of bank powers and liberalization of geographic restrictions on intrastate and interstate banking. Important technical innovations that have affected the banking industry include the advances in information processing and telecommunications technologies that facilitate the low-cost, rapid transfer of information and funds that fuel modern financial markets. Innovations in applied finance include those that have allowed the securitization of many traditional bank assets and have expanded the scope and volume of financial derivative activity.
KW  - BANKING industry -- United States
KW  - BANKING law & legislation
KW  - TECHNOLOGICAL innovations
KW  - FINANCIAL institutions
KW  - UNITED States
N1  - Accession Number: 9602190065; Berger, Allen N. 1; Kashyap, Anil K. 2; Scalise, Joseph M. 3; Affiliations: 1: Board of Governors, Federal Reserve System and Wharton Financial Institutions Center; 2: University of Chicago; 3: Board of Governors, Federal Reserve System; Issue Info: 1995, Issue 2, p55; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANKING law & legislation; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: FINANCIAL institutions; Subject: UNITED States; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 164p; Illustrations: 28 Charts, 3 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9602190065&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Richards, Heidi Willmann
AD  - Federal Reserve System
T1  - Daylight Overdraft Fees and the Federal Reserve's Payment System Risk Policy
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/12//
VL  - 81
IS  - 12
SP  - 1065
EP  - 1077
SN  - 00149209
N1  - Accession Number: 0377240; Keywords: Bank;  Overdraft;  Policy;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - In April 1994 the Federal Reserve began charging fees for daylight overdrafts incurred in accounts at Federal Reserve Banks. The fees produced a dramatic decline in overdrafts and led to significant changes in market practices, particularly in the government securities market. This article summarizes the results to date of the implementation of the Federal Reserve's daylight overdraft program, focusing on the effect of fees. It also highlights related policies for large-value payment systems in the private sector.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377240&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Blinder, Alan S.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, October 11, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/12//
VL  - 81
IS  - 12
SP  - 1089
EP  - 1093
SN  - 00149209
N1  - Accession Number: 0377241; Keywords: Banking;  Financial Services;  Monetary Policy;  Monetary;  Money;  Policy;  Regulation;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Presents the views of the Board on issues raised by various emerging electronic payment technologies that go under such names as "digital cash" or "electronic money" and that the Federal Reserve does not want to inhibit the evolution of this emerging industry by regulation or to constrain its growth and has encouraged, and will continue to encourage, innovations in payments technologies that benefit consumers and businesses.
KW  - Monetary Policy          E52
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377241&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Yellen, Janet L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, October 17, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/12//
VL  - 81
IS  - 12
SP  - 1093
EP  - 1102
SN  - 00149209
N1  - Accession Number: 0377242; Keywords: Bank;  Banking;  Consumer Credit;  Credit;  Federal Reserve Board;  Financial Institutions;  Financial Services;  Merger;  Policy;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Discusses issues related to mergers among U.S. banking organizations and that the very large bank mergers that have been consummated or announced in recent years, and particularly in recent months, have raised a number of public policy questions and concerns and that, in the view of the Federal Reserve Board, the primary objectives of public policy in this area should be to help manage the evolution of the banking industry in ways that preserve the benefits of competition for the consumers of banking services and to ensure a safe and sound banking system.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377242&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Gunther, Jeffery W.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Dallas
T1  - A CAMEL Rating's Shelf Life
JO  - Financial Industry Studies
JF  - Financial Industry Studies
Y1  - 1995/12//
SP  - 13
EP  - 20
N1  - Accession Number: 0391278; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199609
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Corporate Finance and Governance: General          G30
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0391278&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Leahy, Michael P.
AD  - Federal Reserve System
T1  - The Profitability of US Intervention in the Foreign Exchange Markets
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1995/12//
VL  - 14
IS  - 6
SP  - 823
EP  - 844
SN  - 02615606
N1  - Accession Number: 0376339; Keywords: Foreign Exchange;  Interest Parity;  Interest;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Using a formula for intervention profits in which profitability measured as of date T depends on how well intervention operations predict ex post deviations from interest parity, this paper shows that U.S. intervention since the beginning of generalized floating in 1973 has earned profits for the U.S. monetary authorities. Fundamental explanations for the profitability of U.S. intervention are difficult to isolate but statistical tests suggest that it is unlikely the profits are merely the outcome of chance or a normal return to bearing time-invariant risk.
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0376339&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Unferth, Mark D.
AD  - Federal Reserve System
AD  - Simon School of Business, U Rochester
T1  - Is There a World Real Interest Rate?
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1995/12//
VL  - 14
IS  - 6
SP  - 845
EP  - 855
SN  - 02615606
N1  - Accession Number: 0376340; Keywords: Interest Rates;  Interest; Geographic Descriptors: U.S.; Global; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - This study uses panel data techniques to estimate a common component to the ex post real interest rates of nine countries with liberal capital markets over the past sixteen years. The authors show that the residuals from such a regression have almost no serial correlation and that each country's real interest rate is highly correlated with the estimated world real interest rate. The primary exception to these findings is the behavior of the U.S. real interest rate, which exhibits large and persistent deviations from the estimated world real interest rate, although it is still highly correlated with the world real interest rate.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0376340&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dow, James P., Jr.
AD  - Federal Reserve System
T1  - The Demand and Liquidity Effects of Monetary Shocks
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1995/12//
VL  - 36
IS  - 1
SP  - 91
EP  - 115
SN  - 03043923
N1  - Accession Number: 0374095; Keywords: Growth;  Monetary;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199603
N2  - This paper examines the effect of a monetary shock in a stochastic growth model with a cash-in-advance constraint and a financial intermediary. It explores the differences between the results of restrictions on nominal price adjustment (the demand effect) and restrictions on savings behavior (the liquidity effect). It is found that the model that produces the appropriate response to a temporary monetary shock includes both demand and liquidity effects.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
KW  - Monetary Growth Models          O42
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0374095&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Basu, Susanto
AU  - Fernald, John G.
AD  - U MI
AD  - Federal Reserve System
T1  - Are Apparent Productive Spillovers a Figment of Specification Error?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1995/12//
VL  - 36
IS  - 1
SP  - 165
EP  - 188
SN  - 03043923
N1  - Accession Number: 0374098; Keywords: Manufacturing;  Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199603
N2  - Using data on gross output for two-digit manufacturing industries, the authors find that an increase in the output of one manufacturing sector has little or no significant effect on the productivity of other sectors. Using value-added data, however, they confirm the results of previous studies that find that output spillovers instead appear large. The authors provide an explanation for these differences, showing why, with imperfect competition, the use of value-added data leads to a spurious finding of large apparent external effects.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Business Fluctuations; Cycles          E32
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0374098&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gilles, Christian
T1  - Comment on THE EFFECTS OF REAL AND MONETARY SHOCKS IN A BUSINESS CYCLE MODEL WITH SOME STICKY PRICES.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/11/02/Nov95 2 of 2
VL  - 27
IS  - 4
M3  - Article
SP  - 1235
EP  - 1236
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses monetary shocks and reports on the paper "The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices" by Lee E. Ohanian, Alan C. Stockman, and Lutz Kilian. Price stickiness is the impulse responses of price indexes to the changes in the federal funds rate which show that some prices have slower responses. Ohanian and colleagues use a two sector model where both prices are flexible and then one price is set in advance while the other is flexible.
KW  - MONEY
KW  - BUSINESS cycles
KW  - ECONOMETRIC models
KW  - MONETARY policy
KW  - KEYNESIAN economics
KW  - MACROECONOMICS
N1  - Accession Number: 9601071504; Gilles, Christian 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; Issue Info: Nov95 2 of 2, Vol. 27 Issue 4, p1235; Thesaurus Term: MONEY; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: MACROECONOMICS; Number of Pages: 2p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9601071504&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LABADIE, PAMELA
T1  - Financial Intermediation and Monetary Policy in a General Equilibrium Banking Model.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/11/02/Nov95 2 of 2
VL  - 27
IS  - 4
M3  - Article
SP  - 1290
EP  - 1315
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reports on financial intermediation and monetary policy through a general equilibrium banking model. The effect of monetary policy on the level of financial intermediation is examined with particular focus on when an expansionary monetary policy results in an increase in lending or inflation. The financial intermediaries discussed are traditional banks which are subject to reserve requirements. The monetary policies are linked because of the budget constraint of the government and are instituted through open market operations and nominal reserve changes.
KW  - BANKING industry
KW  - MONETARY policy
KW  - FINANCIAL institutions
KW  - RESERVE requirements
KW  - BANK deposits
KW  - ECONOMIC aspects
KW  - POLICY analysis
N1  - Accession Number: 9601071519; LABADIE, PAMELA 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; Issue Info: Nov95 2 of 2, Vol. 27 Issue 4, p1290; Thesaurus Term: BANKING industry; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: RESERVE requirements; Thesaurus Term: BANK deposits; Subject Term: ECONOMIC aspects; Subject Term: POLICY analysis; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 26p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gilles, Christian
AD  - Federal Reserve System
T1  - The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices: Comment
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1995/11/02/
VL  - 27
IS  - 4
SP  - 1235
EP  - 1236
SN  - 00222879
N1  - Accession Number: 0374119; Keywords: Business Cycles;  Cycle;  Monetary;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199603
KW  - Business Fluctuations; Cycles          E32
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0374119&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Wascher, William L.
T1  - Is a Productivity Revolution Under Way in the United States?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1995/11//Nov/Dec95
VL  - 38
IS  - 6
M3  - Article
SP  - 18
EP  - 30
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article examines the productivity of American workers in the 1990s. For roughly the first seventy years of this century, the productivity of American workers improved dramatically, setting the foundation for a huge improvement in the standard of living. Then, around 1970 productivity growth began to wane, averaging less than 1 percent per year between 1973 and 1990. In the 1990s, it has yet to return to the stellar performance of the first seventy years of the century. Recently, some observers have asserted that a pickup in productivity growth is under way, attributing the improvement to heavy investment in information technology and to intense efforts to cut costs in all aspects of corporate operations. The standard measure of productivity cited in the popular press is the quantity of output produced in the nonfarm business sector per hour worked--so-called labor productivity. Such data are published quarterly by the Bureau of Labor Statistics. The numerator of the productivity series is based on the nonfarm business component of the GDP data released by the Bureau of Economic Analysis.
KW  - LABOR productivity
KW  - WORKING class -- Statistics
KW  - COST & standard of living
KW  - PRIVATE sector
KW  - PRODUCTIVITY incentives
KW  - INDUSTRIAL productivity
KW  - UNITED States
N1  - Accession Number: 9511060620; Oliner, Stephen D. 1; Wascher, William L. 1; Affiliations: 1: Economist, Board of Governors of Federal Reserve System, Division of Research and Statistics, Washington, DC.; Issue Info: Nov/Dec95, Vol. 38 Issue 6, p18; Thesaurus Term: LABOR productivity; Thesaurus Term: WORKING class -- Statistics; Thesaurus Term: COST & standard of living; Thesaurus Term: PRIVATE sector; Thesaurus Term: PRODUCTIVITY incentives; Thesaurus Term: INDUSTRIAL productivity; Subject: UNITED States; Number of Pages: 13p; Illustrations: 6 Charts; Document Type: Article; Full Text Word Count: 8130
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Faust, Jon
AU  - Tryon, Ralph
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - A Distributed Block Approach to Solving Near-Block-Diagonal Systems with an Application to a Large Macroeconometric Model
JO  - Computational Economics
JF  - Computational Economics
Y1  - 1995/11//
VL  - 8
IS  - 4
SP  - 303
EP  - 316
SN  - 09277099
N1  - Accession Number: 0367688; Keywords: Macroeconometrics; Publication Type: Journal Article; Update Code: 199512
N2  - This paper illustrates some benefits of small-scale distributed processing in solving nearblock-diagonal systems. We review the theoretical advantages of distributed block algorithms and apply such an algorithm to solve a large nonlinear macroeconometric model. For our application, on a four-processor UNIX server, the algorithm achieves a speedup factor of more than 6 over the standard algorithm on a single processor. A speedup factor of about 2 is due to the added efficiency of the block algorithm on a single processor, and the remaining factor of 3 results from distributing the work over four processors.
KW  - Model Construction and Estimation          C51
L3  - http://link.springer.com/journal/volumesAndIssues/10614
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0367688&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10614
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Passmore, Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Credit Risk and the Provision of Mortgages to Lower-Income and Minority Homebuyers
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/11//
VL  - 81
IS  - 11
SP  - 989
EP  - 1016
SN  - 00149209
N1  - Accession Number: 0377237; Keywords: Credit;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - The institution that bears the credit risk in mortgage lending is critical because, without such an entity, a mortgage cannot be made; but little information is available about the distribution of mortgage credit risk by institution. Using data collected under the Home Mortgage Disclosure Act with data submitted by private mortgage insurers about the mortgages they insure, this article offers a rough gauge of the distribution of mortgage credit risk by institution for single-family home purchase mortgages in 1994. It also shows the distribution of such risk for loans grouped by the income and race or ethnic group of the borrower and by characteristics of the neighborhoods in which mortgage borrowers reside.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377237&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, September 21, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/11//
VL  - 81
IS  - 11
SP  - 1020
EP  - 1021
SN  - 00149209
N1  - Accession Number: 0377238; Keywords: Bank;  Banking;  Commercial Banks;  Consumer Credit;  Credit;  Deposit Insurance;  Deposit;  Depository;  Financial Institutions;  Financial Services;  Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Discusses the proposed legislation to recapitalize the Savings Association Insurance Fund (SAIF), to merge SAIF and the Bank Insurance Fund (BIF), and to merge the thrift institution and the commercial bank charters and says that merger of BIF with a recapitalized SAIF accomplishes the objective of creating a deposit insurance system whose status is unquestioned and provides the Congress with the opportunity to strengthen and rationalize our depository institutions.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377238&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 22, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/11//
VL  - 81
IS  - 11
SP  - 1022
EP  - 1023
SN  - 00149209
N1  - Accession Number: 0377239; Keywords: Economic Conditions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199604
N2  - Views on recent developments in economic conditions and prospects for economic growth and inflation and that, on the whole, the near-term prospects for the U.S. economy have improved in recent months and that he is impressed by the growing public recognition of the importance of deficit reduction and the commitment on the part of the President and the Congress to bring the budget back into balance in the reasonably near future.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0377239&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Metcalf, Gilbert E.
AU  - Hassett, Kevin A.
AD  - Tufts U
AD  - Federal Reserve System
T1  - Investment under Alternative Return Assumptions: Comparing Random Walks and Mean Reversion
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1995/11//
VL  - 19
IS  - 8
SP  - 1471
EP  - 1488
SN  - 01651889
N1  - Accession Number: 0371298; Keywords: Investment;  Supply; Publication Type: Journal Article; Update Code: 199512
N2  - Many recent theoretical papers have come under attack for modeling prices as Geometric Brownian Motion. This process can diverge over time, implying that firms facing this price process can earn infinite profits. We explore the significance of this attack and contrast investment under Geometric Brownian Motion with investment assuming mean reversion. While analytically more complex, mean reversion in many cases is a more plausible assumption, allowing for supply responses to increasing prices. We show that cumulative investment is generally unaffected by the use of a mean reversion process rather than Geometric Brownian Motion and provide an explanation for this result.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0371298&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahmeda, Shaghil
AU  - Rogers, John H.
T1  - Government budget deficits and trade deficits Are present value constraints satisfied in long-term data?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1995/11//
VL  - 36
IS  - 2
M3  - Article
SP  - 351
EP  - 374
SN  - 03043932
AB  - We test whether long-term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and external borrowing constraint, both individually and simultaneously. A very strong test is provided by our focus on whether the present value constraints (PVCs) continue to hold despite unusual events, such as wars, that cause a structural break in the short-run dynamic behavior of the variables. We find that the PVCs hold over the whole sample period. The data also indicate that the PVCs continue to hold following events that cause a structural break in the short-run dynamics. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BALANCE of payments
KW  - INTERNATIONAL liquidity
KW  - INTERNATIONAL finance
KW  - BUDGET
KW  - BALANCE of trade
KW  - WAR
KW  - Government budget and trade deficits
KW  - Intertemporal budget constraints
KW  - Structural breaks
N1  - Accession Number: 13278256; Ahmeda, Shaghil 1; Rogers, John H. 1,2; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551, USA.; 2: Department of Economics, Pennsylvania State University, University Park, PA 16802, USA.; Issue Info: Nov95, Vol. 36 Issue 2, p351; Thesaurus Term: BALANCE of payments; Thesaurus Term: INTERNATIONAL liquidity; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: BUDGET; Thesaurus Term: BALANCE of trade; Subject Term: WAR; Author-Supplied Keyword: Government budget and trade deficits; Author-Supplied Keyword: Intertemporal budget constraints; Author-Supplied Keyword: Structural breaks; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Rogers, John H.
AD  - Board of Governors of the Federal Reserve System
AD  - Board of Governors of the Federal Reserve System
T1  - Government Budget Deficits and Trade Deficits: Are Present Value Constraints Satisfied in Long-Term Data?
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1995/11//
VL  - 36
IS  - 2
SP  - 351
EP  - 374
SN  - 03043923
N1  - Accession Number: 0382720; Keywords: Deficit; Geographic Descriptors: U.S.; U.K.; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199606
N2  - The authors test whether long-term data from the United States and the United Kingdom are consistent with the intertemporal government budget constraint and external borrowing constraint, both individually and simultaneously. A very strong test is provided by the authors' focus on whether the present value constraints continue to hold despite unusual events, such as wars, that cause a structural break in the short-run dynamic behavior of the variables. They find that the present value constraints hold over the whole sample period. The data also indicate that the present value constraints continue to hold following events that cause a structural break in the short-run dynamics.
KW  - Fiscal Policy          E62
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0382720&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - AHMED, SHAGIL
AU  - BYUNG SAM YOO
T1  - Fiscal Trends in Real Economic Aggregates.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/11//Nov95 1 of 2
VL  - 27
IS  - 4
M3  - Article
SP  - 985
EP  - 1001
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents an exploration into the impact of stochastic fiscal trends on real business cycle models based on productivity disturbance sources of growth. The system's assumptions of consumption-output and investment ratios, hours worked per capita, and leisure-labor ratios are outlined. Statistical testing of U.S. economic data is used to challenge previous claims of element stationarity and a method of isolating fiscal trends through economic aggregates is presented. General equilibrium models which incorporate government consumption and investment are also explored concerning their application to accurate growth measures.
KW  - BUSINESS cycles
KW  - ECONOMIC trends
KW  - FINANCIAL ratios
KW  - ECONOMIC development -- Mathematical models
KW  - AGGREGATE demand (Economics)
KW  - ECONOMETRIC models
N1  - Accession Number: 9601220767; AHMED, SHAGIL 1; BYUNG SAM YOO 2; Affiliations: 1: International Finance Division, Board of Governors of the Federal Reserve System; 2: Associate professor of economics, Yonsei University; Issue Info: Nov95 1 of 2, Vol. 27 Issue 4, p985; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC trends; Thesaurus Term: FINANCIAL ratios; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: AGGREGATE demand (Economics); Thesaurus Term: ECONOMETRIC models; Number of Pages: 17p; Illustrations: 1 Chart, 12 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CALEM, PAUL S.
AU  - RIZZO, JOHN A.
T1  - Financing Constraints and Investment: New Evidence from Hospital Industry Data.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/11//Nov95 1 of 2
VL  - 27
IS  - 4
M3  - Article
SP  - 1002
EP  - 1014
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents empirical research extensions to the investigation of investment and internal finance under information asymmetry conditions through data on U.S. hospitals between 1985 and 1989, suggesting agency costs and internal fund considerations in capital markets highly impact investment activities. Conditions and risk factors for finance constraints are hypothesized through the measure of firm liquidity. Specific results are offered concerning the investment policies of small free-standing hospitals as compared to large chain-member organizations.
KW  - HOSPITALS -- Finance
KW  - AGENCY costs
KW  - INVESTMENT policy
KW  - LIQUIDITY (Economics)
KW  - HOSPITALS
KW  - STATISTICS
KW  - INFORMATION asymmetry
KW  - UNITED States
N1  - Accession Number: 9601220768; CALEM, PAUL S. 1; RIZZO, JOHN A. 2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; 2: Assistant professor of public health, Yale University School of Medicine; Issue Info: Nov95 1 of 2, Vol. 27 Issue 4, p1002; Thesaurus Term: HOSPITALS -- Finance; Thesaurus Term: AGENCY costs; Thesaurus Term: INVESTMENT policy; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: HOSPITALS; Thesaurus Term: STATISTICS; Thesaurus Term: INFORMATION asymmetry; Subject: UNITED States; NAICS/Industry Codes: 622110 General Medical and Surgical Hospitals; NAICS/Industry Codes: 622111 General (except paediatric) hospitals; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 13p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Christiano, Lawrence J.
AU  - Eichenbaum, Martin
AD  - Northwestern U and Fed Reserve Banks of Chicago and Minneapolis
AD  - Northwestern U and Federal Reserve Banks of Chicago
T1  - Liquidity Effects, Monetary Policy, and the Business Cycle
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1995/11/01/
VL  - 27
IS  - 4
SP  - 1113
EP  - 1136
SN  - 00222879
N1  - Accession Number: 0374113; Keywords: Business Cycles;  Cycle;  Interest Rates;  Interest;  Monetary Policy;  Monetary;  Money;  Policy;  Prices;  Supply; Publication Type: Journal Article; Update Code: 199603
N2  - This paper presents a flexible-price, quantitative general equilibrium model with the property that a positive money supply shock drives the nominal interest rate down, and aggregate employment, output, and the real wage up. These implications are broadly consistent with postwar U.S. data. The two key features of the model that are responsible for its properties are (1) money shocks have a heterogeneous impact on agents and (2) ex post inflexibilities in production give rise to a very low short-run interest elasticity of money demand. In our model, the extent of the drop in the interest rate after a positive money supply shock depends on the degree to which production is ex post inflexible. Given sufficient ex post inflexibility, the model conforms well with the view, widely held within the U.S. Federal System, that the short-run interest rate elasticity for total reserves is very close to zero.
KW  - Business Fluctuations; Cycles          E32
KW  - Monetary Policy          E52
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kole, Linda S.
AU  - Meade, Ellen E.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - German Monetary Targeting: A Retrospective View
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/10//
VL  - 81
IS  - 10
SP  - 917
EP  - 931
SN  - 00149209
N1  - Accession Number: 0372001; Keywords: Monetary; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199512
N2  - This article discusses the disclosures about derivatives activities in the 1993 and 1994 annual reports of the top ten U.S. banks that deal in derivatives. It also summarizes the accounting standards and recommendations of industry groups and regulators that contributed to the 1994 disclosures. The main thrust of these efforts has been to make derivatives more "transparent," in that relevant information is presented in a way that allows the public and regulatory authorities to make informed judgments about a company's derivatives activity. Finally, the article reviews the improvements in qualitative and quantitative disclosures since 1993.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0372001&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, August 2, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/10//
VL  - 81
IS  - 10
SP  - 935
EP  - 938
SN  - 00149209
N1  - Accession Number: 0372002; Keywords: Banking;  Financial Institutions;  Financial Services; Publication Type: Journal Article; Update Code: 199512
N2  - During the second quarter of 1995, the dollar rose 0.6 percent against the German mark, but it declined 2.1 percent against the Japanese yen, 1.9 percent against the Canadian dollar and 0.3 percent on a trade-weighted basis. By the end of the second quarter, the dollar had risen 2.8 percent and 6.1 percent from its historic lows against the mark and the yen respectively.
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0372002&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sundén, Annika
T1  - International and Comparative.
JO  - ILR Review
JF  - ILR Review
Y1  - 1995/10//
VL  - 49
IS  - 1
M3  - Book Review
SP  - 179
EP  - 181
PB  - Sage Publications Inc.
SN  - 00197939
AB  - The article reviews the book "Age, Work and Social Security," edited by A.B. Atkinson and Martin Rein.
KW  - SOCIAL security
KW  - NONFICTION
KW  - ATKINSON, A. B.
KW  - REIN, Martin
KW  - AGE, Work & Social Security (Book)
N1  - Accession Number: 9601116963; Sundén, Annika 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System Washington, D.C.; Issue Info: Oct95, Vol. 49 Issue 1, p179; Thesaurus Term: SOCIAL security; Subject Term: NONFICTION; Reviews & Products: AGE, Work & Social Security (Book); People: ATKINSON, A. B.; People: REIN, Martin; Number of Pages: 3p; Document Type: Book Review; Full Text Word Count: 845
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kohn, Donald L.
T1  - Comment.
JO  - NBER/Macroeconomics Annual (MIT Press)
JF  - NBER/Macroeconomics Annual (MIT Press)
Y1  - 1995/10//
VL  - 10
IS  - 1
M3  - Article
SP  - 227
EP  - 233
SN  - 08893365
AB  - This article comments on a paper which evaluated the challenges of designing short- and medium-run monetary policy for controlling inflation in the U.S. Anticipatory monetary policy was not universally popular or understood. A number of people asked how the U.S. Federal Reserve could be confident that inflation would have accelerated in the absence of tightening. Moreover, this was not the first time policy actions had been taken in advance of economic developments. For instance, short-term rates were raised in 1984 while unemployment was still elevated, helping to prolong the expansion. More recently, the U.S. Federal Reserve eased policy in 1989 when economic activity softened even as inflation was relatively high and rising. This comment focused on the problems encountered by the study's author, Stephen Cecchetti, in which he predicted future inflation by adding one indicator to past inflation. These tests suffered from a lack of consideration of structural issues. Indicator exercises by their nature submerge the fundamental behavior relationships among economic and financial variables. In addition, even some of the indicator variables themselves seem not to have been specified with close regard for a sense of the underlying structure of the economy or theory that might link the indicator to inflation.
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - FISCAL policy
KW  - ECONOMIC indicators
KW  - ECONOMIC development
KW  - UNITED States
KW  - CECCHETTI, Stephen
N1  - Accession Number: 17651872; Kohn, Donald L. 1; Affiliations: 1: Federal Reserve System; Issue Info: 1995, Vol. 10 Issue 1, p227; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FISCAL policy; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMIC development; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; People: CECCHETTI, Stephen; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AU  - Orphanides, Athanasios
T1  - War Politics: An Economic, Rational-Voter Framework.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1995/09//
VL  - 85
IS  - 4
M3  - Article
SP  - 828
EP  - 846
PB  - American Economic Association
SN  - 00028282
AB  - The frequency of foreign conflict initiations in the United States is found to be significantly greater following the onset of recessions during a president's first term than in other periods. We develop an economic theory of the political use of wars which links the election cycle, war decisions, and economic performance consistent with the observed relationships among these events. An incumbent leader with an unfavorable economic performance record may initiate a war to force the learning of his war leadership abilities and thus salvage, with some probability, his reelection. This obtains despite voter rationality and informational symmetry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RECESSIONS
KW  - DEPRESSIONS (Economics)
KW  - BUSINESS cycles
KW  - EFFECT of inflation on unemployment
KW  - ECONOMIC recovery
KW  - UNITED States
N1  - Accession Number: 9512101074; Hess, Gregory D. 1; Orphanides, Athanasios 2; Affiliations: 1: Department of Economics, University of Kansas, Lawrence, KS 66045; 2: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Sep95, Vol. 85 Issue 4, p828; Thesaurus Term: RECESSIONS; Thesaurus Term: DEPRESSIONS (Economics); Thesaurus Term: BUSINESS cycles; Thesaurus Term: EFFECT of inflation on unemployment; Thesaurus Term: ECONOMIC recovery; Subject: UNITED States; Number of Pages: 19p; Illustrations: 7 Charts; Document Type: Article; Full Text Word Count: 11228
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haliassos, Michael
AU  - Bertaut, Carol C.
AD  - U Cyprus
AD  - Federal Reserve System
T1  - Why Do So Few Hold Stocks?
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1995/09//
VL  - 105
IS  - 432
SP  - 1110
EP  - 1129
SN  - 00130133
N1  - Accession Number: 0367822; Keywords: Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - The authors investigate why 75 percent of U.S. households do not hold stocks despite the equity premium and predictions of expected-utility models. The question is relevant for privatization, asset pricing, and tax progressivity issues. They show that risk aversion per se, heterogeneity of beliefs, habit persistence, time nonseparability, and quantity constraints on borrowing do not account for the phenomenon. A wedge between borrowing and lending rates, and minimum-investment requirements are plausible but empirically weak factors. More promising explanations are inertia and departures from expected-utility maximization. There is also qualified support for nondiversifiable income risk as a contributing factor.
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0297/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edwards, Gerald A., Jr.
AU  - Eller, Gregory E.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Overview of Derivatives Disclosures by Major U.S. Banks
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/09//
VL  - 81
IS  - 9
SP  - 817
EP  - 831
SN  - 00149209
N1  - Accession Number: 0372003; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - Edward W. Kelley, Jr., member, Board of Governors, presents the views of the Board on a bill that would provide for substituting a $1 coin for the $1 bank note now in circulation and says that the $1 coin would produce a substantial budgetary gain for the federal government, provided that the $1 note is withdrawn from circulation, but that the convenience and needs of the American public, as well as cost savings, should weigh heavily in any decision to replace the $1 note, before the Senate Committee on Banking, Housing, and Urban Affairs, July 13, 1995.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0372003&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 13, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/09//
VL  - 81
IS  - 9
SP  - 841
EP  - 844
SN  - 00149209
N1  - Accession Number: 0372005; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - Among the central banks of the major industrial nations, only the Deutsche Bundesbank continues to use a monetary aggregate as its guidepost for monetary policy. The recent volatility of its targeted aggregate, German M3, has raised questions about whether the Bundesbank's approach remains a useful means of controlling inflation, the primary goal of German monetary policy. The article gives a history of monetary targeting in Germany and the other G-7 nations and then discusses a study of the stability of German money demand since 1970. Demand for German M3 appears to have been largely stable over the long run despite the unification of East and West Germany in 1990, suggesting that the Bundesbank has been justified in continuing to use M3 as its primary intermediate target in pursuit of price stability.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services, July 19, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/09//
VL  - 81
IS  - 9
SP  - 844
EP  - 848
SN  - 00149209
N1  - Accession Number: 0372006; Keywords: Fund;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - Alan Greenspan, Chairman, Board of Governors, offers his thoughts on the Savings Association Insurance Fund (SAIF) and on deposit insurance more generally and says that the solution to the problem of SAIF--after putting it on a sound basis--is to merge it with the Bank Insurance Fund and that what is needed is a deposit insurance system whose status is unquestioned so that depositories can appropriately focus their attention on the extension and management of credit in our economy, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, August 2, 1995. [Chairman Greenspan presented similar testimony to the Senate Committee on Banking, Housing, and Urban Affairs, July 28, 1995].
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Gunther, Jeffrey W.
T1  - Separating the likelihood and timing of bank failure.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1995/09//
VL  - 19
IS  - 6
M3  - Article
SP  - 1073
EP  - 1089
SN  - 03784266
AB  - We use a split-population survival-time model to separate the determinants of bank failure from the factors influencing the survival time of failing banks. Basic indicators of a bank's condition, such as capital, troubled assets, and net income, are important in explaining the timing of bank failure. However, many of the other variables typically included in bank failure models, such as measures of bank liquidity, are not associated with the time to failure. The results also suggest that the closure of large banks is not delayed relative to the closure of small banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK failures
KW  - BANKING industry
KW  - BANK capital
KW  - BANK assets
KW  - BANK profits
N1  - Accession Number: 11494082; Cole, Rebel A. 1; Gunther, Jeffrey W. 2; Affiliations: 1: Federal Reserve System, Washington, DC; 2: Federal Reserve Bank of Dallas; Issue Info: Sep95, Vol. 19 Issue 6, p1073; Thesaurus Term: BANK failures; Thesaurus Term: BANKING industry; Thesaurus Term: BANK capital; Thesaurus Term: BANK assets; Thesaurus Term: BANK profits; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 17p; Illustrations: 3 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mariger, Randall P.
AD  - Federal Reserve System
T1  - Taxes, Capital Gains Realizations, and Revenues: A Critical Review and Some New Results
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1995/09//
VL  - 48
IS  - 3
SP  - 447
EP  - 462
SN  - 00280283
N1  - Accession Number: 0374313; Keywords: Revenue;  Taxes; Publication Type: Journal Article; Update Code: 199603
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
L3  - http://ntj.tax.org
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UR  - http://ntj.tax.org
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Auerbach, Alan J.
AU  - Hassett, Kevin
AU  - Sodersten, Jan
AD  - U CA, Berkeley and NBER
AD  - Federal Reserve System
AD  - Uppsala U
T1  - Taxation and Corporate Investment: The Impact of the 1991 Swedish Tax Reform
JO  - Swedish Economic Policy Review
JF  - Swedish Economic Policy Review
Y1  - 1995///Autumn
VL  - 2
IS  - 2
SP  - 361
EP  - 383
SN  - 14001829
N1  - Accession Number: 0391967; Keywords: Investment; Geographic Descriptors: Sweden; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199609
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
L3  - http://www.government.se/sb/d/574/
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UR  - http://www.government.se/sb/d/574/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance and the Subcommittee on Commerce, Trade, and Hazardous Materials of the Committee on Commerce, June 6, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/08//
VL  - 81
IS  - 8
SP  - 778
EP  - 783
SN  - 00149209
N1  - Accession Number: 0369843; Keywords: Telecommunications; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - The author presents the views of the Board on the Financial Services Competitiveness Act of 1995, a bill that would expand permissible affiliations between banks and other financial services providers, and says that the Board believes that modern global financial markets call for permitting financial organizations to operate over a wider range of activities and that this bill has the strong support of the Board of Governors, before the Subcommittee on Telecommunications and Finance and the Subcommittee on Commerce, Trade, and Hazardous Materials of the House Committee on Commerce, June 6, 1995.
KW  - Telecommunications          L96
KW  - Industry Studies: Utilities and Transportation: Government Policy          L98
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - OLINER, STEPHEN
AU  - RUDEBUSCH, GLENN
AU  - SICHEL, DANIEL
T1  - New and Old Models of Business Investment: A Comparison of Forecasting Performance.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/08//
VL  - 27
IS  - 3
M3  - Article
SP  - 806
EP  - 826
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents an evaluation of several econometric models of investment in equipment and nonresidential structures as financial forecasting tools through the application of two Euler equations. The models applied include the accelerator, Q-theory, neoclassical, and modified neoclassical investment functions. The Euler equations are differentiated through their explicit accounting of time lag between investment beginnings and the point of capital contribution to production manifests itself. The data is then used to indicate the specificity of each model and their appropriateness as forecasting tools in set scenarios.
KW  - ECONOMETRIC models
KW  - INVESTMENTS -- Mathematical models
KW  - INVESTMENT analysis
KW  - FORECASTING
KW  - EULER products
KW  - EVALUATION
KW  - EQUATIONS
N1  - Accession Number: 9508142938; OLINER, STEPHEN 1; RUDEBUSCH, GLENN 2; SICHEL, DANIEL 3; Affiliations: 1: Chief, Capital Markets section, Board of Governors, Federal Reserve System.; 2: Research officer, Federal Reserve Bank of San Francisco.; 3: Research associate, Brookings Institution.; Issue Info: Aug95, Vol. 27 Issue 3, p806; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: INVESTMENTS -- Mathematical models; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: FORECASTING; Subject Term: EULER products; Subject Term: EVALUATION; Subject Term: EQUATIONS; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 21p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Zervos, David
T1  - Rational addiction with learning and regret.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1995/08//
VL  - 103
IS  - 4
M3  - Article
SP  - 739
PB  - University of Chicago Press
SN  - 00223808
AB  - We present a theory of rational behavior in which individuals maximize a set of stable preferences over goods with unknown addictive power. The theory is based on three fundamental postulates: that consumption of the addictive good is not equally harmful to all, that individuals possess subjective beliefs concerning this harm, and that beliefs are optimally updated with information gained through consumption. Although individual actions are optimal and dynamically consistent, addicts regret their past consumption decisions and regret their initial assessment of the potential harm of the good. Addict-prone individuals who believe "it could not happen to them" are most likely to be drawn into a harmful addiction. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - CONSUMPTION (Economics) -- Mathematical models
KW  - DEMAND (Economic theory)
KW  - CONSUMER behavior
KW  - CONSUMER goods
KW  - CONSUMERISM
KW  - SUPPLY & demand
N1  - Accession Number: 9509236040; Orphanides, Athanasios 1; Zervos, David 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Aug95, Vol. 103 Issue 4, p739; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CONSUMPTION (Economics) -- Mathematical models; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: CONSUMER behavior; Thesaurus Term: CONSUMER goods; Thesaurus Term: CONSUMERISM; Thesaurus Term: SUPPLY & demand; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; Number of Pages: 20p; Illustrations: 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Financial Services Used by Small Businesses: Evidence from the 1993 National Survey of Small Business Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/07//
VL  - 81
IS  - 7
SP  - 629
EP  - 667
SN  - 00149209
N1  - Accession Number: 0362365; Keywords: Finance;  Financial Services;  Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Using data newly available from the 1993 National Survey of Small Business Finances, this article offers preliminary findings regarding the characteristics of the U.S. population of small businesses - firms with fewer than 500 employees - and their use of credit and other financial services. The main purposes of the survey were to provide information on the use of credit by small and minority-owned firms and to create a general-purpose database on the finances of such firms. Although the 1993 data are still in the editing stage, and hence subject to revision, the broad findings presented in this article are likely to be robust.
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Financial Institutions and Regulatory Relief of the Committee on Banking, Housing, and Urban Affairs, May 2, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/07//
VL  - 81
IS  - 7
SP  - 671
EP  - 675
SN  - 00149209
N1  - Accession Number: 0362366; Keywords: Bank;  Banking;  Federal Reserve System;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Susan M. Phillips, Member, Board of Governors of the Federal Reserve System, discusses the Economic Growth and Regulatory Paperwork Reduction Act of 1995 and says that the Board supports the purpose of this proposed legislation of relieving costs imposed on our nation's banking system by governmental regulation when those costs are not offset by corresponding benefits to the safety and soundness of our nation' s financial institutions, the protection of bank customers, or the availability of credit, before the Subcommittee on Financial Institutions and Regulatory Relief of the Senate Committee on Banking, Housing, and Urban Affairs, May 2, 1995.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W.
AD  - Federal Reserve System
T1  - Statement to U.S. House Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, May 3, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/07//
VL  - 81
IS  - 7
SP  - 676
EP  - 678
SN  - 00149209
N1  - Accession Number: 0362367; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Edward W. Keller, Jr., Member, Board of Governors, presents information on the benefits and costs of substituting a $1 coin for the $1 bank note now in circulation and says that although there would be important budget gains, the foremost consideration in any decision to replace $1 notes with coins should be the convenience and needs of the public and that preparing for issuance of such coins will be complex and time consuming, before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, May 3, 1995.
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, May 18, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/07//
VL  - 81
IS  - 7
SP  - 679
EP  - 683
SN  - 00149209
N1  - Accession Number: 0362368; Keywords: Bank;  Banking;  Financial Institutions;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Governor Phillips testifies on the Economic Growth and Regulatory Paperwork Reduction Act of 1995 and says that although the Board supports the majority of the provisions of the proposed legislation, it believes that there are two provisions of the bill that cause concern: relaxing the standards for foreign banks operating in the United States to the extent proposed and transferring authority for administering the Real Estate Settlement Procedures Act to the Board, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, May 18, 1995.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
T1  - Relationship lending and lines of credit in small firm finance.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1995/07//
VL  - 68
IS  - 3
M3  - Article
SP  - 351
PB  - University of Chicago Press
SN  - 00219398
AB  - This article examines the role of relationship lending in small firm finance. It examines price and nonprice terms of bank lines of credit (L/Cs) extended to small firms. The focus on LICs allows the examination of a type of loan contract in which the hank- borrower relationship is likely to be an important mechanism for solving the asymmetric information problems associated with financing small enterprises. We find that borrowers with longer banking relationships pay lower interest rates and are less likely to pledge collateral. These results are consistent with theoretical arguments that relationship lending generates valuable information about borrower quality. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LINES of credit
KW  - SMALL business -- Finance
KW  - BANK loans
KW  - SMALL business
KW  - LOAN agreements
KW  - BANKING industry
KW  - INTEREST rate risk
KW  - CREDIT
N1  - Accession Number: 9509291678; Berger, Allen N. 1,2; Udell, Gregory F. 3; Affiliations: 1: Board of Governors of the Federal Reserve System.; 2: University of Pennsylvania.; 3: New York University.; Issue Info: Jul95, Vol. 68 Issue 3, p351; Thesaurus Term: LINES of credit; Thesaurus Term: SMALL business -- Finance; Thesaurus Term: BANK loans; Thesaurus Term: SMALL business; Thesaurus Term: LOAN agreements; Thesaurus Term: BANKING industry; Thesaurus Term: INTEREST rate risk; Thesaurus Term: CREDIT; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 31p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Calem, Paul
AU  - Stutzer, Michael
AD  - Federal Reserve System
AD  - CSOM, U MN
T1  - The Simple Analytics of Observed Discrimination in Credit Markets
JO  - Journal of Financial Intermediation
JF  - Journal of Financial Intermediation
Y1  - 1995/07//
VL  - 4
IS  - 3
SP  - 189
EP  - 212
SN  - 10429573
N1  - Accession Number: 0368534; Keywords: Credit Rationing;  Credit;  Mortgage; Publication Type: Journal Article; Update Code: 199512
N2  - Controversial econometric studies of mortgage data show that mortgage loan applications by some minorities are denied more frequently than are applications by whites with similar observable default risk factors. But recent evidence indicates that minority borrowers also default more frequently than whites with similar observable risk. This paper presents a simple equilibrium model of discriminatory credit rationing and finds parametric restrictions consistent with both these empirical findings. However, in this model, proposed anti discrimination policies have surprising side effects. Thus, policy analysts accepting this empirical evidence should not expect to derive model-free conclusions about the effects of proposed policies. (c)1995 Academic Press, Inc.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/10429573
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UR  - http://www.sciencedirect.com/science/journal/10429573
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sheiner, Louise
AD  - Federal Reserve System
T1  - Housing Prices and the Savings of Renters
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 1995/07//
VL  - 38
IS  - 1
SP  - 94
EP  - 125
SN  - 00941190
N1  - Accession Number: 0368822; Keywords: Homeowners;  Housing; Publication Type: Journal Article; Update Code: 199512
N2  - This paper studies the effects of housing prices on the net worth of young households. Because prospective homeowners must accumulate down payments, a change in housing prices can change their saving patterns. Theoretically, the effect of increases in house prices on savings is ambiguous, because households can increase their saving to afford the larger down payment, or decrease their saving because they have chosen to delay or forego purchasing a house. Using data from the 1984 Panel Study of Income Dynamics [27], I show that empirically, the effect of increased housing prices on saving is positive, and quite large relative to the savings of young households. Young renter households living in cities with high housing prices have more net worth than those living in cities with lower housing prices, controlling for both the income of the households, as well as the per capita income of the city in which they live. (c) 1995 Academic Press, Inc.
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/00941190
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UR  - http://www.sciencedirect.com/science/journal/00941190
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AU  - Reid, Brian K.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/06//
VL  - 81
IS  - 6
SP  - 545
EP  - 569
SN  - 00149209
N1  - Accession Number: 0362362; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - In 1994, bank profits increased $1-1/2 billion, to a record $44-1/2 billion. Although profitability, as measured by return on assets, dipped because of rapid growth in reported assets, it remained quite high by historical standards. It was supported by a substantial reduction in loan-loss provisions; a decline in net noninterest expense as a share of assets also contributed to the high profitability. In contrast, net interest income, although remaining at a high level, dipped as a share of assets. Banks retained about one-third of their profits, capital-asset ratios remained well above regulatory minimums on average.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Meulendyke, Ann-Marie
AU  - Hilton, Spence
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Monetary Policy and Open Market Operations during 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/06//
VL  - 81
IS  - 6
SP  - 570
EP  - 584
SN  - 00149209
N1  - Accession Number: 0362363; Keywords: FOMC;  Monetary Policy;  Monetary;  Open Market Operations;  Open Market;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - In 1994 the operating techniques for implementing monetary policy remained similar to those of recent years; however, the Trading Desk at the Federal Reserve Bank of New York gained slightly more flexibility in its execution of open market operations after the Federal Open Market Committee (FOMC) began announcing its policy actions in February. This article briefly reviews the course of monetary policy in 1994 and describes the responses of the fixed-income securities markets to economic and policy developments. It also discusses the Open Market Trading Desk's implementation of the objectives established by the FOMC.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fisher, Peter R.
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/06//
VL  - 81
IS  - 6
SP  - 585
EP  - 591
SN  - 00149209
N1  - Accession Number: 0362364; Keywords: Foreign Exchange;  Monetary;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - During the first quarter of 1995 the dollar declined 11.3 percent against the German mark, 13.1 percent against the Japanese yen, 0.2 percent against the Canadian dollar, and 7.8 percent on a trade-weighted basis. The U.S. monetary authorities entered the foreign exchange markets on March 2 and March 3 to support the dollar. In other operations, Mexico drew a net $1 billion on its swap facility with the Federal Reserve and a net $4 billion on the Treasury Department's Exchange Stabilization Fund. These drawings were part of the $20 billion financial aid package to Mexico announced by the Clinton Administration on January 31 and signed on February 21.
KW  - Central Banks and Their Policies          E58
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jones, David S.
AU  - Kuester King, Kathleen
T1  - The implementation of prompt corrective action: An assessment.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1995/06//
VL  - 19
IS  - 3/4
M3  - Article
SP  - 491
EP  - 510
SN  - 03784266
AB  - To lessen forbearance, the FDIC Improvement Act of 1991 (FDICIA) requires that undercapitalized banks be subject to prompt corrective actions. We show that from 1984 through 1989, the vast majority of banks exhibiting a high risk of insolvency would not have been considered undercapitalized based on the current risk-based capital (RBC) standards, and so would not have been subject to mandatory corrective actions under FDICIA. We present evidence suggesting the usefulness of the RBC ratios could be enhanced substantially by adopting an improved standard for loan loss reserve adequacy and modifying the RBC risk weights to account for the greater credit risks of problem assets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING law & legislation
KW  - BANK capital
KW  - BANKING industry
KW  - FINANCE
KW  - UNITED States
N1  - Accession Number: 11490069; Jones, David S. 1; Kuester King, Kathleen 2; Affiliations: 1: Board of Governor of the Federal Reserve System, Washington, Dc, USA; 2: Laurits R., Chritensen Associates, University, Madison, USA; Issue Info: Jun95, Vol. 19 Issue 3/4, p491; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANK capital; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 20p; Illustrations: 6 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carey, Mark
T1  - Partial market value accounting, banking capital volatility, and bank risk.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1995/06//
VL  - 19
IS  - 3/4
M3  - Article
SP  - 607
EP  - 622
SN  - 03784266
AB  - This paper presents evidence on the costs and benefits for the U.S. banking system of a partial version of market value accounting in which only securities are marked to market. Because accounting for liabilities is unchanged, this accounting system has the same potential for misvaluing bank capital as historical cost accounting. Evidence from bank failure prediction models indicates the new system will not reduce bank failure rates. Other evidence indicates that net benefits will be small in absolute value, and of uncertain sign. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKET value
KW  - ACCOUNTING
KW  - BANKING industry
KW  - BANKING law & legislation
KW  - BANK capital
KW  - UNITED States
N1  - Accession Number: 11490076; Carey, Mark 1; Affiliations: 1: Board of Governor of the Federal Reserve System, Washington, DC, USA; Issue Info: Jun95, Vol. 19 Issue 3/4, p607; Thesaurus Term: MARKET value; Thesaurus Term: ACCOUNTING; Thesaurus Term: BANKING industry; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANK capital; Subject: UNITED States; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 16p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Laing, Andrew J.
AU  - Wilcox, James A.
T1  - Bank capital shocks: Dynamic effects on securities, loans, and Capital.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1995/06//
VL  - 19
IS  - 3/4
M3  - Article
SP  - 661
EP  - 677
SN  - 03784266
AB  - We used quarterly data for individual banks to estimate recent dynamic responses to bank capital shocks. While it took bank capital and securities only one year to adjust to capital shocks, liabilities and most loan categories took two to three years to complete their adjustments. Compared with those in the late 1980s, capital shocks were twice as large and portfolio responses to capital shocks tended to be more rapid in the early 1990s. Larger banks adjusted each component of their portfolios faster than smaller banks. Capital shocks caused banks with capital shortfalls to contract more and more quickly in the 1990s than they had in the 1980s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - CAPITAL
KW  - BANK loans
KW  - BANK investments
KW  - FINANCE
KW  - BANKING industry
N1  - Accession Number: 11490081; Hancock, Diana 1; Email Address: mldxh00@frb.gov.; Laing, Andrew J. 2; Wilcox, James A.; Affiliations: 1: Board of Governor of the Federal reserve System, Washington, Dc; 2: University of California, Berkeley, CA; Issue Info: Jun95, Vol. 19 Issue 3/4, p661; Thesaurus Term: BANK capital; Thesaurus Term: CAPITAL; Thesaurus Term: BANK loans; Thesaurus Term: BANK investments; Thesaurus Term: FINANCE; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 17p; Illustrations: 1 Chart, 24 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
T1  - Comment on Hancock, Laing and Wilcox and Peek and Rosengre.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1995/06//
VL  - 19
IS  - 3/4
M3  - Article
SP  - 713
EP  - 715
SN  - 03784266
AB  - Comments on the research articles 'Bank capital shocks: Dynamic effects on securities, loans, and capital,' by Diana Hancock, Andrew J. Laing and James A. Wilcox and 'Bank regulation and the credit crunch,' by Joe Peek and Eric Rosengren, which were published in the volume 19, 1995 edition of the periodical 'Journal of Banking and Finance,' were presented. The paper by Peek and Rosengren examined the impact of formal regulatory actions on the asset growth of large New England banks during the credit crunch. Their data affords an ideal opportunity to test whether formal regulatory actions affect banks differently than informal actions. The paper by Hancock, Laing and Wilcox examined a different aspect of the credit crunch. The authors use Call Report data to run vector-autoregression-type regressions for a national sample of banks. Changes in individual bank holdings of securities, C and I loans, real estate loans, and capital are regressed against lagged values of these variables and a set of economic variables.
KW  - BANK capital
KW  - BANK loans
KW  - BANKING industry
KW  - FINANCE
KW  - HANCOCK, Diana
KW  - LAING, Andrew J.
KW  - WILCOX, James A.
N1  - Accession Number: 11490084; Avery, Robert B. 1; Affiliations: 1: Cornell University and Board of Governor of the Federal Reserve System, Ithaca, NY; Issue Info: Jun95, Vol. 19 Issue 3/4, p713; Thesaurus Term: BANK capital; Thesaurus Term: BANK loans; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; People: HANCOCK, Diana; People: LAING, Andrew J.; People: WILCOX, James A.; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Herring, Richard J.
AU  - Szego, Giorgio P.
AD  - Federal Reserve System and Wharton Financial Institutions Ctr
AD  - Wharton Financial Institutions Center, Philadelphia
AD  - U Rome 'La Sapienza'
T1  - The Role of Capital in Financial Institutions
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1995/06//
VL  - 19
IS  - 3-4
SP  - 393
EP  - 430
SN  - 03784266
N1  - Accession Number: 0361398; Keywords: Bank;  Capital;  Financial Institutions; Publication Type: Journal Article; Update Code: 199510
N2  - This introductory article examines the role of capital in financial institutions - why it is important, how market-generated capital "requirements" differ from regulatory requirements, and the form that regulatory requirements should take. Along the way, we examine historical trends in bank capital, problems in measuring capital, and some possible unintended consequences of capital requirements. Within this framework, we evaluate how the contributions to this special issue advance the literature and suggest topics for future research.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361398&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AD  - Cornell U and Federal Reserve System
T1  - 'Bank Capital Shocks: Dynamic Effects on Securities, Loans, and Capital' and 'Bank Regulation and the Credit Crunch': Comment
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1995/06//
VL  - 19
IS  - 3-4
SP  - 713
EP  - 715
SN  - 03784266
N1  - Accession Number: 0361417; Keywords: Bank;  Credit Crunch;  Credit; Publication Type: Journal Article; Update Code: 199510
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361417&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Liang, J. Nellie
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Influence of Thrift Competition on Bank Business Loan Rates
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1995/06//
VL  - 9
IS  - 2
SP  - 107
EP  - 122
SN  - 09208550
N1  - Accession Number: 0359632; Keywords: Bank;  Commercial Banks;  Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199509
N2  - This article assesses the competitive influence of thrift institutions on the pricing of commercial loans made by commercial banks. Using detailed survey information on the rates that individual banks charge for various types of commercial loans, we attempt to determine which of various proposed weightings of thrift institutions, when incorporated in measures of market concentration, best explains loan rates. After considering several weighting schemes, including those designed to approximate current regulatory practice in analyzing the competitive impact of proposed bank mergers, we find that in all but one of the cases examined, the use of a positive weight for thrift institutions explains bank loan rates, if anything, more poorly than does a weighting of zero for such institutions.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359632&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hassett, Kevin A.
AU  - Metcalf, Gilbert E.
AD  - Federal Reserve System
AD  - Tufts U and NBER
T1  - Energy Tax Credits and Residential Conservation Investment: Evidence from Panel Data
JO  - Journal of Public Economics
JF  - Journal of Public Economics
Y1  - 1995/06//
VL  - 57
IS  - 2
SP  - 201
EP  - 217
SN  - 00472727
N1  - Accession Number: 0361712; Keywords: Energy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Using panel data on individual tax returns and variation in state tax policy, the authors measure the impact of government tax policies to encourage residential conservation investment on the probability of making these investments. Unlike previous work, they account for unobserved heterogeneity in tastes for energy-saving activities and its possible correlation with tax policy at the state level. The authors find that controlling for unobserved heterogeneity is very important. Based on their preferred point estimate of the tax price coefficient, a 10 percentage point change in the tax price for energy investment would lead to a 24 percent increase in the probability of making an investment.
KW  - Energy: Government Policy          Q48
KW  - Fiscal Policies and Behavior of Economic Agents: Household          H31
L3  - http://www.sciencedirect.com/science/journal/00472727
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361712&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00472727
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Thomas, Charles P.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/05//
VL  - 81
IS  - 5
SP  - 407
EP  - 418
SN  - 00149209
N1  - Accession Number: 0362358; Keywords: Current Account; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - The U.S. current account deficit widened substantially in 1994 as the balances on goods and services, investment income, and transfers all declined. Rapid economic growth in the United States relative to growth abroad contributed significantly to a marked decline in the balance on goods and services. The balance on investment income decreased as payments on foreign direct investment capital in the United States rebounded from very low levels and as large net inflows of portfolio capital raised net portfolio payments. Last year's decline in net investment income pushed this balance into deficit for the first time in eighty years.
KW  - Empirical Studies of Trade          F14
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0362358&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, March 8, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/05//
VL  - 81
IS  - 5
SP  - 422
EP  - 424
SN  - 00149209
N1  - Accession Number: 0362359; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Alan Greenspan, Chairman, Board of Governors, briefly reviews current developments in monetary policy and says in the context of recent foreign exchange market developments that the dollar's weakness is symptomatic of some of the underlying problems confronting the longer-term health of the economy: inadequate national savings, continuing large budget deficits, and a persistent current account imbalance, before the House Committee on the Budget, March 8, 1995.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0362359&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, March 8, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/05//
VL  - 81
IS  - 5
SP  - 424
EP  - 430
SN  - 00149209
N1  - Accession Number: 0362360; Keywords: Banking;  Consumer Credit;  Credit;  Financial Institutions;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Lawrence B. Lindsey, Member, Board of Governors provides the Federal Reserve's perspectives on the status of the Community Reinvestment Act (CRA) and the status of the Board's CRA efforts and says that despite the CRA's lack of clarity and the criticisms of it from all quarters, it is a government program that has entailed little bureaucracy, great local autonomy, and virtually no federal tax dollars to administer, and yet its impact can probably be measured in billions of dollars in community and economic development activity, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Banking and Financial Services, March 8, 1995.
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0362360&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, March 13, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/05//
VL  - 81
IS  - 5
SP  - 431
EP  - 433
SN  - 00149209
N1  - Accession Number: 0362361; Keywords: Cost of Living; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
N2  - Chairman Greenspan addresses some of the issues surrounding the adjustment of federal programs for movements in the cost of living and suggests that the Congress give careful consideration to the establishment of an independent national commission to set annual adjustment factors for federal receipt and outlay programs, before the Senate Committee on Finance, March 13, 1995.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0362361&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Harold L.
AU  - Dow, James
AU  - English, William B.
AD  - Federal Reserve Bank of Minneapolis
AD  - Institute of Finance & Accounting, London Business School
AD  - Federal Reserve System
T1  - Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1995/05//
VL  - 36
IS  - 2
SP  - 365
EP  - 385
SN  - 00206598
N1  - Accession Number: 0359352; Keywords: Debt;  Lending; Publication Type: Journal Article; Update Code: 199509
N2  - This paper develops a simple model of sovereign debt in which defaulting nations are excluded from capital markets and regain access by making partial repayments. This implication of the model is consistent with the historical evidence that defaulting countries return to international loan markets soon after a settlement but after varying periods of exclusion.
KW  - International Lending and Debt Problems          F34
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359352&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Hess, Gregory D.
AD  - Federal Reserve System
AD  - U KS
T1  - Potential Problems in Estimating Bilinear Time-Series Models
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1995/05//
VL  - 19
IS  - 4
SP  - 663
EP  - 681
SN  - 01651889
N1  - Accession Number: 0361490; Keywords: Time Series; Publication Type: Journal Article; Update Code: 199510
N2  - We present evidence of undesirable statistical properties of the bilinear model. We show that in certain regions of the parameter space the expected likelihood function exhibits bimodality. The true optimum is often characterized by a long, narrow spike that becomes more pronounced with increases in the sample size. Consequently, conventional optimization routines would frequently miss a global optimum with this feature. Moreover, although statistical tests would have strong power against alternatives near the global optimum, they would have almost zero power against the local minimum. This phenomenon also continues to persist in extremely large samples. In addition, we show that the distributional properties of the parameter estimates and the standard t-statistic also do not have desirable properties in finite samples.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361490&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Freeman, Richard T.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Inflation Targeting in the 1990s: The Experiences of New Zealand, Canada, and the United Kingdom
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1995/05//
VL  - 47
IS  - 2
SP  - 165
EP  - 192
SN  - 01486195
N1  - Accession Number: 0359532; Keywords: Inflation; Geographic Descriptors: New Zealand; Canada; U.K.; Geographic Region: Oceania; Northern America; Europe; Publication Type: Journal Article; Update Code: 199509
N2  - We survey three countries - New Zealand, Canada, and the United Kingdom - that have announced inflation targets. Although each country has attained its inflation goals thus far, bond yields suggest that long-term inflation expectations generally have exceeded the targets, as have short-term survey inflation expectations. The results of a simulation exercise suggest that the cost of inflation reduction was substantial in New Zealand. So far, a lack of inflationary pressures of nonmonetary origin has relieved the Banks of Canada and England of any need to implement tight monetary policy in pursuit of their inflation targets.
KW  - Price Level; Inflation; Deflation          E31
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359532&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rogers, John H.
AU  - Jenkins, Michael
AD  - PA State U and Federal Reserve System
AD  - U Wales, Bangor
T1  - Haircuts or Hysteresis? Sources of Movements in Real Exchange Rates
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1995/05//
VL  - 38
IS  - 3-4
SP  - 339
EP  - 360
SN  - 00221996
N1  - Accession Number: 0359678; Keywords: Exchange Rates;  Purchasing Power Parity;  Purchasing Power; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 199509
N2  - The authors empirically assess the importance of two sources of real exchange rate movements. In models where purchasing power parity holds only among traded goods, real exchange rate variation results from relative price movements within countries. An alternative explanation relies on hysteretic price-setting and nominal exchange rate changes. Using disaggregated price data from eleven OECD nations, the authors find some support for the nontraded goods models. For example, prices of haircuts in Canada and the United States are related in the long run. The authors find stronger evidence to support models that emphasize sticky prices, transportation costs, or other impediments to frictionless trade.
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359678&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
T1  - The Profit-Structure Relationship in Banking—Tests of Market-Power and Efficient-Structure Hypotheses.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/05//
VL  - 27
IS  - 2
M3  - Article
SP  - 404
EP  - 431
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents an analysis of various models relating the positive statistical relationship between profitability and market structure measures as applied to banking, particularly the relative-market-power and efficient-structure hypothesis. Each system is described and its contrasting implications are explored. Models are derived to distinguish which models best apply to the banking sector with special inclusion of X-efficiency and scale efficiency variable measures which were absent in previous studies. Resulting support for differing elements of each model is outlined.
KW  - INDUSTRIAL organization (Economic theory)
KW  - PROFITABILITY
KW  - ECONOMETRIC models
KW  - BANKING industry
KW  - MARKET power
KW  - INDUSTRIAL efficiency
N1  - Accession Number: 9508161290; BERGER, ALLEN N. 1,2; Affiliations: 1: senior economist, Board of Governors of Federal Reserve System; 2: senior fellow, Wharton Financial Institutions Center; Issue Info: May95, Vol. 27 Issue 2, p404; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: PROFITABILITY; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: BANKING industry; Thesaurus Term: MARKET power; Thesaurus Term: INDUSTRIAL efficiency; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 28p; Illustrations: 5 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9508161290&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
T1  - The Relationship between Capital and Earnings in Banking.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1995/05//
VL  - 27
IS  - 2
M3  - Article
SP  - 432
EP  - 456
PB  - Ohio State University Press
SN  - 00222879
AB  - The article examines the relationship between capital and earnings in banking, citing conventional views that higher capital-asset ratios (CAR) bring about lower after-tax returns on equity. Empirical data taken from U.S. banks in the 1980s, however, are cited suggesting the opposite and a re-evaluation of the statistical relationship between the two factors is presented. Granger-causality functions are used to analyze the data and alternative hypotheses are presented explaining the positive correlation. Concluding remarks are also included addressing the universal application of the results found in the study.
KW  - BANKING industry
KW  - BANK profits
KW  - BANK capital
KW  - RATE of return
KW  - FINANCIAL ratios
KW  - UNITED States -- Economic conditions -- 1981-2001
KW  - UNITED States
N1  - Accession Number: 9508161291; BERGER, ALLEN N. 1,2; Affiliations: 1: senior economist, Board of Governors of the Federal Reserve System; 2: senior fellow, Wharton Financial Institutions Center; Issue Info: May95, Vol. 27 Issue 2, p432; Thesaurus Term: BANKING industry; Thesaurus Term: BANK profits; Thesaurus Term: BANK capital; Thesaurus Term: RATE of return; Thesaurus Term: FINANCIAL ratios; Subject Term: UNITED States -- Economic conditions -- 1981-2001; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 25p; Illustrations: 8 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9508161291&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Wharton Financial Institutions Center and Federal Reserve System
T1  - The Profit-Structure Relationship in Banking--Tests of Market-Power and Efficient-Structure Hypotheses
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1995/05//
VL  - 27
IS  - 2
SP  - 404
EP  - 431
SN  - 00222879
N1  - Accession Number: 0359725; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199509
N2  - This paper enters the debate between market-power and efficient-structure explanations of the profit-structure relationship in banking by including direct measures of X-efficiency and scale efficiency in the analysis. Structural models of two market-power hypotheses and two efficient-structure hypotheses are expressed in testable reduced form profit equations. This methodology is applied to thirty cross-sections of 1980s banking data. These data are somewhat consistent with one of the market-power and one of the efficient-structure hypotheses. However, none of the hypotheses are overwhelmingly important in explaining bank profits, suggesting that alternative theories be pursued.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359725&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Kennickell, Arthur B.
AU  - Luckett, Charles A.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Household Sector Borrowing and the Burden of Debt
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/04//
VL  - 81
IS  - 4
SP  - 323
EP  - 338
SN  - 00149209
N1  - Accession Number: 0358580; Keywords: Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - The debt of the household sector has increased substantially since the early 1980s, a development that has raised concerns about the ability of households to manage their obligations. Various aggregate measures of household financial positions suggest that the sector emerged from this period of expansion, recession, and recovery on a relatively sound footing. Household survey data indicate that much of the debt is owed by households with ample resources to service it and that for many households, heavy indebtedness relative to income is a transitory situation.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0358580&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 22, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/04//
VL  - 81
IS  - 4
SP  - 342
EP  - 348
SN  - 00149209
N1  - Accession Number: 0358581; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - Alan Greenspan discusses the Federal Reserve's conduct of monetary policy as detailed in the semiannual "Monetary Policy Report to the Congress" and says that a key ingredient in achieving the highest possible levels of productivity, real incomes, and living standards is the achievement of price stability, before the Senate Committee on Banking, Housing, and Urban Affairs, February 22, 1995 (Chairman Greenspan presented identical testimony before the Subcommittee on Domestic and International Monetary Policy of the House Committee on Banking and Financial Services, February 23, 1995.)
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0358581&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking and Financial Services, February 28, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/04//
VL  - 81
IS  - 4
SP  - 349
EP  - 354
SN  - 00149209
N1  - Accession Number: 0358582; Keywords: Bank;  Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - Chairman Greenspan presents the views of the Board on expanding permissible affiliations between banks and other financial services providers in the context of the proposed "Financial Services Competitiveness Act of 1995," and says that the Board believes that the risks from securities and most other financial activities are manageable within the holding company framework; the Board also believes that it would be prudent to delay enacting the authority to link commerce and banking until we have gained some actual experience with wider financial ownership of, and wider activities for, banking organizations, before the House Committee on Banking and Financial Services, February 28, 1995.
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0358582&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
T1  - Minimum Wage Effects on Employment and School Enrollment.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1995/04//
VL  - 13
IS  - 2
M3  - Article
SP  - 199
EP  - 206
SN  - 07350015
AB  - We argue in this article that the focus on employment effects in recent studies of minimum wages ignores an important interaction between schooling, employment, and the minimum wage. To study these linkages, we estimate a conditional logit model of employment and enrollment outcomes for teenagers using state--year observations for the period 1977 to 1989. The results show a negative influence of minimum wages on school enrollment and a positive effect on the proportion of teens neither employed nor in school. We further suggest that our results are consistent with substitution by employers of higher- for lower-skilled teenagers, with the displaced teens ending up both out of work and out of school. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MINIMUM wage
KW  - EMPLOYMENT (Economic theory)
KW  - EDUCATION -- Finance
KW  - SCHOOL enrollment
KW  - TEENAGERS
KW  - Minimum wages
KW  - School enrollment
KW  - Youth employment
N1  - Accession Number: 9505021825; Neumark, David 1,2; Wascher, William 3; Affiliations: 1: Department of Economics, Michigan State University, East Lansing, MI 48824; 2: National Bureau of Economic Research, Cambridge, MA 02138; 3: Board of Governors, Federal Reserve System, Washington, DC 20551; Issue Info: Apr95, Vol. 13 Issue 2, p199; Thesaurus Term: MINIMUM wage; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: EDUCATION -- Finance; Subject Term: SCHOOL enrollment; Subject Term: TEENAGERS; Author-Supplied Keyword: Minimum wages; Author-Supplied Keyword: School enrollment; Author-Supplied Keyword: Youth employment; NAICS/Industry Codes: 611699 All Other Miscellaneous Schools and Instruction; NAICS/Industry Codes: 923110 Administration of Education Programs; NAICS/Industry Codes: 611710 Educational Support Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 8p; Illustrations: 4 Charts; Document Type: Article; Full Text Word Count: 6268
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rogers, John H.
AU  - Wang, Ping
AD  - Federal Reserve System and PA State U
AD  - PA State U
T1  - Output, Inflation, and Stabilization in a Small Open Economy: Evidence from Mexico
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 1995/04//
VL  - 46
IS  - 2
SP  - 271
EP  - 293
SN  - 03043878
N1  - Accession Number: 0361461; Keywords: Inflation;  Stabilization; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199510
N2  - The authors study the sources of fluctuation in output and inflation for Mexico, considering fiscal, real, money growth, exchange rate, and asset market disturbances, which are identified using an estimable equilibrium model incorporating important features of high-inflation economies. Changes in inflation are influenced by all shocks, while output growth is explained by real, fiscal, and asset shocks. The results lend strong support to the fiscal view of inflation and, to a lesser degree, support the balance of payments view. The authors also find that higher inflation and higher budget deficits cause each other to spiral upward.
KW  - Fiscal and Monetary Policy in Development          O23
KW  - Price Level; Inflation; Deflation          E31
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361461&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Knetter, Michael M.
AD  - Federal Reserve System
AD  - Dartmouth College
T1  - Markup Adjustment and Exchange Rate Fluctuations: Evidence from Panel Data on Automobile Exports
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1995/04//
VL  - 14
IS  - 2
SP  - 289
EP  - 310
SN  - 02615606
N1  - Accession Number: 0359688; Keywords: Automobile;  Exports; Geographic Descriptors: Japan; Germany; U.S.; Geographic Region: Asia; Europe; Northern America; Publication Type: Journal Article; Update Code: 199509
N2  - This paper uses data on bilateral automobile export prices from the United States, Germany and Japan to gauge the importance of markup adjustment driven by exchange rate movements across several destination markets. We find that Japanese exports are characterized by a high degree of markup adjustment designed to stabilize the price measured in the buyer's currency. There is weak evidence for such behavior on the part of German exporters and no evidence of markup adjustment by U.S. exporters. Where it exists, markup adjustment tends to be highly persistent. The dynamic pattern of markup adjustment is consistent with invoicing in the exporter's currency except for exports to the United States and Canada.
KW  - Empirical Studies of Trade          F14
KW  - Automobiles; Other Transportation Equipment          L62
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359688&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Rose, Andrew K.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - Dynamic Persistence of Industry Trade Balances: How Pervasive Is the Product Cycle?
JO  - Oxford Economic Papers
JF  - Oxford Economic Papers
Y1  - 1995/04//
VL  - 47
IS  - 2
SP  - 229
EP  - 248
SN  - 00307653
N1  - Accession Number: 0354697; Keywords: International Trade;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - This paper looks for dynamic patterns in international trade flows using comprehensive multilateral data for six countries, disaggregated to the four-digit SITC level. The purpose of the paper is to compare predictions of persistent trade balances generated by theories of international trade, such as factor-proportions, with more dynamic theories such as the product cycle. Little evidence is found of dynamic trade behavior at the industry level between 1962 and 1990 for Brazil, Japan, South Korea, Turkey, the United Kingdom, and the United States. Rather, goods that begin the sample in surplus (deficit) almost always remain in surplus (deficit) throughout the sample.
KW  - Empirical Studies of Trade          F14
L3  - http://oep.oxfordjournals.org/content/by/year
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UR  - http://oep.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ammer, John
AU  - Mei, Jianping
AD  - Federal Reserve System
AD  - NYU
T1  - Strategic Returns to International Diversification: An Application to the Equity Markets of Europe, Japan and North America
JO  - European Financial Management
JF  - European Financial Management
Y1  - 1995/03//
VL  - 1
IS  - 1
SP  - 49
EP  - 59
SN  - 13547798
N1  - Accession Number: 0555062; Keywords: Beta;  Diversification;  Portfolio;  Stock Market;  Stocks; Geographic Descriptors: Europe; Japan; N. America; Geographic Region: Europe; Asia; Northern America; Publication Type: Journal Article; Update Code: 200102
N2  - We undertake a decomposition of the risk factor loadings of 15 national stock market returns from 1972 to 1990, using a variant of the Campbell-shiller (1988) linearisation. We find considerable variation among countries in the relative importance of a cash flow component and a discount rate component in determining the beta with the world equity index return and with other risk factors. Also, the substantial international heterogeneity in factor loadings suggests that a global portfolio allows ample hedging opportunities, presumably deriving from differences in underlying economic structure.
KW  - International Financial Markets          G15
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0555062&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Kole, Linda S.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - European Monetary Arrangements: Implications for the Dollar, Exchange Rate Variability and Credibility
JO  - European Financial Management
JF  - European Financial Management
Y1  - 1995/03//
VL  - 1
IS  - 1
SP  - 61
EP  - 86
SN  - 13547798
N1  - Accession Number: 0555063; Keywords: Crisis;  EMU;  Exchange Rates;  Monetary; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200102
N2  - This paper uses the recent history of the ERM to gain insights into what might happen to exchange rates on the road to EMU. To do this, the paper examines the variability of exchange rates, the transmission of monetary policy between countries, the role of the dollar in ERM exchange rate crises, and ERM members' credibility as measured by the realignment probabilities prior to the September 1992 crisis. We identify two factors that might have contributed to the September 1992 crisis: high German interest rates and weakness of the US dollar. We find that behaviour of exchange rates has changed over time and differs between ERM and non-ERM currencies. We also demonstrate that changes in German short-term interest rates influence interest rates in other ERM countries and vice versa.
KW  - Foreign Exchange          F31
KW  - Financial Aspects of Economic Integration          F36
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0555063&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-036X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, January 5, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/03//
VL  - 81
IS  - 3
SP  - 251
EP  - 253
SN  - 00149209
N1  - Accession Number: 0352748; Keywords: Financial Markets; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The author discusses issues involving municipal, corporate, and individual users of derivative products and highly leveraged investment strategies and focuses on the relationship between dealers in financial markets and their customers; he states that the Board has suggested steps that institutions should take to control their risk from financial market transactions and has also issued guidance for banks that act as dealers in sophisticated risk-management instruments that encourages them to ensure that the counterparties understand the nature of, and the risks inherent in.
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352748&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the Senate and House Committees on the Budget, January 10, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/03//
VL  - 81
IS  - 3
SP  - 253
EP  - 255
SN  - 00149209
N1  - Accession Number: 0352749; Keywords: Budget; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The author expresses his views on some of the most important issues involved in producing the budget of the U.S. government and says that in addressing the problem of the long-run structural deficit, the focus should be on how fiscal actions affect the potential of the economy to produce greater output and taxable income on a sustained, ongoing basis; although full dynamic estimates of individual budget initiatives should be the goal, the analytical tools required to achieve these estimates are deficient, and we must avoid resting key legislative decisions on controversial estimates of revenues and outlays.
KW  - National Budget; Budget Systems          H61
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352749&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, January 25, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/03//
VL  - 81
IS  - 3
SP  - 255
EP  - 258
SN  - 00149209
N1  - Accession Number: 0352750; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The author reviews the current condition of the economy and states that although its recent performance has been encouraging, much of the improvement is in the nature of cyclical developments and that the central role of the Federal Reserve is to ensure that the economy remains on a sustainable, noninflationary path.
KW  - Studies of Particular Policy Episodes          E65
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352750&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on the Budget, January 26, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/03//
VL  - 81
IS  - 3
SP  - 258
EP  - 261
SN  - 00149209
N1  - Accession Number: 0352751; Keywords: Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The author offers an economic and fiscal backdrop for policy discussions and says that the U.S. must sustain higher levels of investment to achieve healthy increases in productivity and to be successful in competing internationally; to support investment we need to raise the level of domestic saving or, absent a rise in private saving, eliminate the structural deficit in the federal budge.
KW  - Studies of Particular Policy Episodes          E65
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352751&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Foreign Relations, January 26, 1995
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/03//
VL  - 81
IS  - 3
SP  - 261
EP  - 264
SN  - 00149209
N1  - Accession Number: 0352752; Geographic Descriptors: Mexico; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199507
N2  - The author reviews the Mexican economic and financial situation and says that unless Mexico's efforts to restore economic stability and financial market confidence succeed, years of economic reforms in Mexico will be threatened by pressures to reimpose controls in many areas of its economy and to re-establish governmental interference in its increasingly vibrant private sector; also, a reversal of Mexico's economic reforms and a spread of its financial difficulties to other emerging markets could halt, or even reverse, the global trend toward market-oriented reform and democratization..
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352752&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duffee, Gregory R.
AD  - Federal Reserve System
T1  - Stock Returns and Volatility: A Firm-Level Analysis
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1995/03//
VL  - 37
IS  - 3
SP  - 399
EP  - 420
SN  - 0304405X
N1  - Accession Number: 0351969; Keywords: Stock Price;  Stock Returns;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - It has been previously documented that individual firms' stock return volatility rises after stock prices fall. This paper finds that this statistical relation is largely due to a positive contemporaneous relation between firm stock returns and firm stock return volatility. This positive relation is strongest for both small firms and firms with little financial leverage. At the aggregate level, the sign of this contemporaneous relation is reversed. The reasons for the difference between the aggregate- and firm-level relations are explored.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.sciencedirect.com/science/journal/0304405X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0351969&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquis, Milton H.
AU  - Reffett, Kevin L.
T1  - The Inflation Tax in a Convex Model of Equilibrium Growth.
JO  - Economica
JF  - Economica
Y1  - 1995/02//
VL  - 62
IS  - 245
M3  - Article
SP  - 109
EP  - 121
PB  - Wiley-Blackwell
SN  - 00130427
AB  - The article describes a general equilibrium monetary economy that exhibits equilibrium growth. It describes a pure currency cash-in-advance economy with single-sector production that is consistent with technological primitives. It describes the economic environment, including preferences, technology and the underlying financial structure. It presents representative household decision problems are characterized and the definition of competitive equilibrium balanced growth is formulated. It constructs the dynamic equilibrium growth rates for real and nominal variables for a special case of the economy, and derives asymptotic growth conditions. It calibrates a linear growth version of the model to quantify the implications of the inflation tax in a linear growth model. A general equilibrium monetary economy is described that exhibits equilibrium growth. The inflation tax and nominal interest rates are shown to be inversely related to the equilibrium growth rates of real variables until a critical point is reached.
KW  - INFLATION (Finance) & taxation
KW  - INFLATION (Finance)
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMIC indicators
KW  - FINANCIAL performance
KW  - INTEREST rates
N1  - Accession Number: 9505041343; Marquis, Milton H. 1; Reffett, Kevin L. 2; Affiliations: 1: Board of Governors, Federal Reserve System; 2: Florida State University.; Issue Info: Feb95, Vol. 62 Issue 245, p109; Thesaurus Term: INFLATION (Finance) & taxation; Thesaurus Term: INFLATION (Finance); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMIC indicators; Thesaurus Term: FINANCIAL performance; Thesaurus Term: INTEREST rates; Number of Pages: 13p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Passmore, Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Home Purchase Lending in Low-Income Neighborhoods and to Low-Income Borrowers
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/02//
VL  - 81
IS  - 2
SP  - 71
EP  - 103
SN  - 00149209
N1  - Accession Number: 0352746; Keywords: Credit;  Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - This article reviews the economic arguments underlying the debate about whether enough housing credit is being provided in lower-income areas and uses the 1993 data supplied under the Home Mortgage Disclosure Act to measure the extent of home purchase lending in lower-income and other neighborhoods, as well as the extent of such lending to lower-income and other borrowers. A summary of the 1993 HMDA data is also provided in the Appendix to the article.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352746&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, December 7, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/02//
VL  - 81
IS  - 2
SP  - 107
EP  - 110
SN  - 00149209
N1  - Accession Number: 0352747; Keywords: Economic Conditions;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The author discusses current economic conditions and monetary policy developments and states that the impressive performance of the U.S. economy continues but that we must remain alert to signs of inflationary pressures on resources.
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352747&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mendoza, Enrique G.
AD  - Federal Reserve System
T1  - The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1995/02//
VL  - 36
IS  - 1
SP  - 101
EP  - 137
SN  - 00206598
N1  - Accession Number: 0351727; Keywords: Business Cycles;  Cycle;  Economic Fluctuations;  Exchange Rates;  Fluctuation;  Purchasing Power Parity;  Purchasing Power; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199507
N2  - This paper examines the relationship between terms of trade and business cycles using a three-sector intertemporal equilibrium model and a large multicountry database. Results show that terms-of-trade shocks account for nearly one-half of actual GDP variability. The model explains weak correlations between net exports and terms of trade (the Harberger, Laursen, and Metzler effect), and produces large and weakly correlated deviations from purchasing power parity and real interest rate parity. Terms-of-trade shocks cause real appreciations and positive interest differentials, although productivity shocks have opposite effects. The puzzle that welfare gains of international asset trading are negligible is left unresolved.
KW  - Open Economy Macroeconomics          F41
KW  - Business Fluctuations; Cycles          E32
KW  - Foreign Exchange          F31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeffrey C.
AU  - Moore, George R.
AU  - Schuh, Scott D.
AD  - Federal Reserve Bank of Boston
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Estimating the Linear-Quadratic Inventory Model: Maximum Likelihood versus Generalized Method of Moments
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1995/02//
VL  - 35
IS  - 1
SP  - 115
EP  - 157
SN  - 03043923
N1  - Accession Number: 0354564; Keywords: Inventory; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - The authors compare generalized method of moments (GMM) and maximum likelihood (ML) estimators of the parameters of a linear-quadratic inventory model using nondurable manufacturing data and Monte Carlo simulations. Data-based GMM estimates for five normalizations vary widely, generally rejecting the model. The ML estimate generally supports the model. Monte Carlo experiments reveal that the GMM estimates are often biased (apparently due to poor instruments), statistically insignificant, economically implausible, and dynamically unstable. The ML estimates are generally unbiased (even in misspecified models), statistically significant, economically plausible, and dynamically stable. Asymptotic standard errors for ML are three to fifteen times smaller than for GMM.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0354564&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kavajecz, Kenneth
AU  - Collins, Sean
AD  - Northwestern U
AD  - Federal Reserve System
T1  - Rationality of Preliminary Money Stock Estimates
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1995/02//
VL  - 77
IS  - 1
SP  - 32
EP  - 41
SN  - 00346535
N1  - Accession Number: 0352389; Keywords: M1;  M2;  M3;  Money Stock;  Money; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - Earlier studies have presented mixed evidence on the rationality of the Federal Reserve's preliminary money stock estimates. The authors investigate the rationality of M1A, M1, M2, and M3 for both seasonally and not seasonally adjusted data. They find preliminary growth rates of these aggregates to be rational for not seasonally adjusted data but irrational when data are seasonally adjusted. Using Monte Carlo studies, the authors conclude that irrationality in seasonally adjusted data arises from the specific seasonal adjustment procedure used by the Federal Reserve. As a result, researchers conducting similar tests may want to focus exclusively on not seasonally adjusted data.
KW  - Money and Interest Rates: General          E40
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352389&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - GEN
ID  - 57121
AU  - Sheets, Nathan
AU  - Board of Governors of the Federal Reserve System (U.S.)
T1  - [Untitled]
T3  - International Finance Discussion Paper          no. 514
Y1  - 1995/01/01/
CY  - Washington, D.C.
CY  - United States
PB  - Board of Governors of the Federal Reserve System
N1  - Accession Number: 57121; Extent: 48 pp; Document Type: Government document; Language: English; Note/Abstract: "June 1995." "FR 1.62:514." SUBMITTED BY: Maria Gorecki Nowak, University of Illinois at Urbana-Champaign (mgnowak@uiuc.edu)
KW  - Eastern Europe--Economic Policy--1989-
KW  - Eastern Europe--Market Economy
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=sbh&AN=57121&site=ehost-live&scope=site
UR  - http://www.gpoaccess.gov/cgp/index.html
DP  - EBSCOhost
DB  - sbh
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - A Securities Transactions Tax and Capital Market Efficiency
JO  - Contemporary Economic Policy
JF  - Contemporary Economic Policy
Y1  - 1995/01//
VL  - 13
IS  - 1
SP  - 101
EP  - 112
SN  - 10743529
N1  - Accession Number: 0359064; Keywords: Financial Markets;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199509
N2  - This paper revisits the debate on the securities transaction tax (STT). The analysis uses Tobin's (1984) taxonomy of financial market efficiency to examine the potential effects of such a tax and concludes that a STT probably would not enhance the overall functioning of financial markets.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0359064&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7287
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Avery, Robert B.
AU  - Beeson, Patricia E.
AU  - Sniderman, Mark S.
AD  - Cornell U and Federal Reserve System
AD  - U Pittsburgh and Federal Reserve Bank of Cleveland
AD  - Federal Reserve Bank of Cleveland
A2  - Yezer, Anthony M.
T1  - An Evaluation of the HMDA Data
T2  - Fair lending analysis: A compendium of essays on the use of statistics
PB  - Foreword by Lawrence B. Lindsey. Epilogue by William M. Isaac.
PB  - Washington, D.C.:
PB  - American Bankers Association
Y1  - 1995///
SP  - 37
EP  - 44
N1  - Accession Number: 0451670; Reviewed Book ISBN: 0-89982-424-2; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Housing Supply and Markets          R31
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0451670&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
A2  - Yezer, Anthony M.
T1  - Fair Lending Analysis: A Compendium of Essays on the Use of Statistics: Foreword
T2  - Fair lending analysis: A compendium of essays on the use of statistics
PB  - Foreword by Lawrence B. Lindsey. Epilogue by William M. Isaac.
PB  - Washington, D.C.:
PB  - American Bankers Association
Y1  - 1995///
SP  - ix
EP  - xiv
N1  - Accession Number: 0451665; Reviewed Book ISBN: 0-89982-424-2; Keywords: Lending; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0451665&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Calem, Paul
AU  - Canner, Glenn
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Yezer, Anthony M.
T1  - Integrating Statistical Analysis into Fair Lending Exams: The Fed's Approach
T2  - Fair lending analysis: A compendium of essays on the use of statistics
PB  - Foreword by Lawrence B. Lindsey. Epilogue by William M. Isaac.
PB  - Washington, D.C.:
PB  - American Bankers Association
Y1  - 1995///
SP  - 117
EP  - 126
N1  - Accession Number: 0451678; Reviewed Book ISBN: 0-89982-424-2; Keywords: Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Housing Supply and Markets          R31
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0451678&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Rudebusch, Glenn D.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of San Francisco
T1  - Is There a Bank Lending Channel for Monetary Policy?
JO  - Federal Reserve Bank of San Francisco Economic Review
JF  - Federal Reserve Bank of San Francisco Economic Review
Y1  - 1995///
IS  - 2
SP  - 3
EP  - 20
N1  - Accession Number: 0371080; Keywords: Bank Lending;  Bank;  Credit;  Lending;  Manufacturing;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
N2  - Using data for the U.S. manufacturing sector, we investigate the existence of a credit channel for monetary policy that operates through bank lending. Our test is based on the behavior of the mix of bank and nonbank debt after a shift in monetary policy. We allow for a differential response to monetary policy of the debt mix for small firms and large firms, and we account for movements in all major types of nonbank debt (including trade credit and long-term debt). In contrast to earlier work, we find no support for a bank lending channel.
KW  - Monetary Policy          E52
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.frbsf.org/publications/economics/review/index.php
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0371080&site=ehost-live&scope=site
UR  - http://www.frbsf.org/publications/economics/review/index.php
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Mattey, Joe P.
AU  - Wascher, William L.
AD  - U Southern CA
AD  - Federal Reserve Bank of San Francisco
AD  - Federal Reserve System
T1  - The Demise of California Reconsidered: Interstate Migration over the Economic Cycle
JO  - Federal Reserve Bank of San Francisco Economic Review
JF  - Federal Reserve Bank of San Francisco Economic Review
Y1  - 1995///
IS  - 2
SP  - 30
EP  - 45
N1  - Accession Number: 0371082; Keywords: Cycle;  Migration; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
KW  - Business Fluctuations; Cycles          E32
KW  - State and Local Government; Intergovernmental Relations: Interjurisdictional Differentials and Their Effects          H73
L3  - http://www.frbsf.org/publications/economics/review/index.php
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0371082&site=ehost-live&scope=site
UR  - http://www.frbsf.org/publications/economics/review/index.php
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Cornyn, Barbara G.
AU  - Gunther, Jeffery W.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Dallas
T1  - FIMS: A New Monitoring System for Banking Institutions
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/01//
VL  - 81
IS  - 1
SP  - 1
EP  - 15
SN  - 00149209
N1  - Accession Number: 0352744; Keywords: Banking;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - In 1993 the Federal Reserve set into operation the Financial Institutions Monitoring System to identify financially troubled banking institutions. This article gives the background of FIMS, describes the new off-site monitoring system, and explains how it improves on previous systems.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352744&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Raddock, Richard D.
AD  - Federal Reserve System
T1  - Industrial Production and Capacity Utilization: A Revision
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1995/01//
VL  - 81
IS  - 1
SP  - 16
EP  - 26
SN  - 00149209
N1  - Accession Number: 0352745; Keywords: Capacity;  Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - The Federal Reserve index of industrial production (IP) and the related measures of capacity and utilization have been revised for recent years. The incorporation of preliminary data from the 1992 Census of Manufactures generally results in upward revisions for 1992. However, the introduction of 1992 value-added weights beginning with January 1992 reduces the weight of the fast-growing computer industry in total IP by half and thereby retards the subsequent growth in IP. For the third quarter of 1994, the revisions to the indexes of total industrial production and capacity as well as the resulting utilization rate are all relatively small.
KW  - Capital; Investment; Capacity          E22
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352745&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Oliner, Stephen D.
AD  - Federal Reserve System
A2  - Peek, Joe
A2  - Rosengren, Eric S.
T1  - The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity: Discussion
T2  - Is bank lending important for the transmission of monetary policy?
PB  - Conference Series, no. 39.
PB  - Boston:
PB  - Federal Reserve Bank of Boston
Y1  - 1995///
SP  - 168
EP  - 173
N1  - Accession Number: 0452505; Keywords: Credit;  Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0452505&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ericsson, Neil R.
AU  - Irons, John S.
AD  - Federal Reserve System, Washington, DC
AD  - Federal Reserve System, Washington, DC
A2  - Hoover, Kevin D.
T1  - The Lucas Critique in Practice: Theory without Measurement
T2  - Macroeconometrics: Developments, tensions, and prospects
PB  - Recent Economic Thought Series.
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1995///
SP  - 263
EP  - 312
N1  - Accession Number: 0452301; Reviewed Book ISBN: 0-7923-9589-1; ; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Multiple or Simultaneous Equation Models; Multiple Variables: General          C30
KW  - General Aggregative Models: General          E10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0452301&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Bernanke, Ben S.
A2  - Rotemberg, Julio J.
T1  - Inflation Indicators and Inflation Policy: Comment
T2  - NBER macroeconomics annual 1995
PB  - Cambridge and London:
PB  - MIT Press
Y1  - 1995///
SP  - 227
EP  - 233
N1  - Accession Number: 0451980; Reviewed Book ISBN: 0-262-02394-6; 0-262-52205-5; Keywords: Inflation; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0451980&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Testimonio ante el Comite de Relaciones Exteriores del Senado de los Estados Unidos
JO  - Pensamiento Iberoamericano: Revista de Economia Politica
JF  - Pensamiento Iberoamericano: Revista de Economia Politica
Y1  - 1995/01//January-June 1995
IS  - 27
SP  - 163
EP  - 169
SN  - 02120208
N1  - Accession Number: 0385923; Keywords: Foreign Language Article; Language: Spanish; Publication Type: Journal Article; Update Code: 199607
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0385923&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ahmed, Shaghil
AU  - Croushore, Dean
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Philadelphia
T1  - The Importance of the Tax System in Determining the Marginal Cost of Funds
JO  - Public Finance
JF  - Public Finance
Y1  - 1995///
VL  - 50
IS  - 2
SP  - 173
EP  - 181
SN  - 00333476
N1  - Accession Number: 0403479; Keywords: Tax; Publication Type: Journal Article; Update Code: 199703
KW  - Fiscal Policy          E62
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0403479&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cummins, Jason G.
AU  - Hassett, Kevin A.
AU  - Hubbard, R. Glenn
AD  - Columbia U
AD  - Federal Reserve System
AD  - Columbia U and NBER
A2  - Poterba, James M.
T1  - Have Tax Reforms Affected Investment?
T2  - Tax policy and the economy. Volume 9
PB  - Cambridge:
PB  - MIT Press for the National Bureau of Economic Research
Y1  - 1995///
SP  - 131
EP  - 149
N1  - Accession Number: 0450028; Reviewed Book ISBN: 0-262-16153-2; 0-262-66095-4; Keywords: Investment;  Tax; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0450028&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Dickson, Joel M.
AU  - Shoven, John B.
AD  - Federal Reserve System
AD  - Stanford U and NBER
A2  - Poterba, James M.
T1  - Taxation and Mutual Funds: An Investor Perspective
T2  - Tax policy and the economy. Volume 9
PB  - Cambridge:
PB  - MIT Press for the National Bureau of Economic Research
Y1  - 1995///
SP  - 151
EP  - 180
N1  - Accession Number: 0450029; Reviewed Book ISBN: 0-262-16153-2; 0-262-66095-4; Keywords: Mutual Fund;  Taxation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0450029&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cummins, Jason G.
AU  - Harris, Trevor S.
AU  - Hassett, Kevin A.
AD  - NYU and Columbia U
AD  - Columbia U
AD  - Federal Reserve System
A2  - Feldstein, Martin
A2  - Hines, James R., Jr.
A2  - Hubbard, R. Glenn
T1  - International Accounting, Asymmetric Information, and Firm Investment
T2  - Taxing multinational corporations
PB  - A National Bureau of Economic Research Project Report.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1995///
SP  - 95
EP  - 101
N1  - Accession Number: 0446703; Reviewed Book ISBN: 0-226-24094-0; Keywords: Accounting;  Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Accounting          M41
KW  - International Fiscal Issues; International Public Goods          H87
KW  - Multinational Firms; International Business          F23
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0446703&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cole, Rebel A.
AU  - McKenzie, Joseph A.
AU  - White, Lawrence J.
AD  - Federal Reserve System
AD  - Federal Housing Finance Board
AD  - Stern School of Business, NYU
A2  - Cottrell, Allin F.
A2  - Lawlor, Michael S.
A2  - Wood, John H.
T1  - Deregulation Gone Awry: Moral Hazard in the Savings and Loan Industry
T2  - The causes and costs of depository institution failures
PB  - Innovations in Financial Markets and Institutions series.
PB  - Boston; London and Dordrecht:
PB  - Kluwer Academic
Y1  - 1995///
SP  - 29
EP  - 73
N1  - Accession Number: 0445902; Reviewed Book ISBN: 0-7923-9634-0; Keywords: Deregulation;  Savings and Loan; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0445902&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cummins, Jason G.
AU  - Harris, Trevor S.
AU  - Hassett, Kevin A.
AD  - NYU and Columbia U
AD  - Columbia U
AD  - Columbia U and Federal Reserve System
A2  - Feldstein, Martin
A2  - Hines, James R., Jr.
A2  - Hubbard, R. Glenn
T1  - Accounting Standards, Information Flow, and Firm Investment Behavior
T2  - The effects of taxation on multinational corporations
PB  - A National Bureau of Economic Research Project Report.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1995///
SP  - 181
EP  - 221
N1  - Accession Number: 0446717; Reviewed Book ISBN: 0-226-24095-9; Keywords: Accounting;  Firm;  Firms; Geographic Descriptors: U.S.; Germany; Geographic Region: Northern America; Europe; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Accounting          M41
KW  - Business Taxes and Subsidies including sales and value-added (VAT)          H25
KW  - Fiscal Policies and Behavior of Economic Agents: Firm          H32
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0446717&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ando, Albert
AU  - Brayton, Flint
AD  - PA U and NBER
AD  - Federal Reserve System
A2  - Cross, Rod
T1  - Prices, Wages, and Employment in the US Economy: A Traditional Model and Tests of Some Alternatives
T2  - The natural rate of unemployment: Reflections on 25 years of the hypothesis
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1995///
SP  - 256
EP  - 298
N1  - Accession Number: 0446000; Reviewed Book ISBN: 0-521-47298-9; 0-521-48330-1; Keywords: Employment;  Prices;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0446000&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hooper, Peter
AU  - Marquez, Jaime
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Kenen, Peter B.
T1  - Exchange Rates, Prices, and External Adjustment in the United States and Japan
T2  - Understanding interdependence: The macroeconomics of the open economy
PB  - Princeton:
PB  - Princeton University Press
Y1  - 1995///
SP  - 107
EP  - 168
N1  - Accession Number: 0448184; Reviewed Book ISBN: 0-691-03408-7; Keywords: Exchange Rates; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Collective Volume Article; Update Code: 199805
KW  - Foreign Exchange          F31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0448184&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
AU  - Fuhrer, Jeffrey C.
AU  - Wilcox, David W.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Boston
AD  - Federal Reserve System
T1  - Does Consumer Sentiment Forecast Household Spending? If So, Why?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1994/12//
VL  - 84
IS  - 5
SP  - 1397
EP  - 1408
SN  - 00028282
N1  - Accession Number: 0381675; Keywords: Consumer;  Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0381675&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Jones, Christopher
AD  - Federal Reserve System
T1  - The Interest Sensitivity of Wealth in the Life Cycle Model
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1994/12//
VL  - 46
IS  - 4
SP  - 333
EP  - 337
SN  - 01651765
N1  - Accession Number: 0348957; Keywords: Consumption;  Life Cycle;  Wealth; Publication Type: Journal Article; Update Code: 199505
N2  - This paper examines Modigliani's (1986) conjecture that in the simple life cycle model with Leontief consumption preferences, an increase in the interest rate from zero will cause aggregate wealth to decline. I find that the conjecture does not hold in general, but depends on the age of retirement.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0348957&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rosine, John
AU  - Walraven, Nicholas
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Farm Economy in the First Half of the 1990s
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/12//
VL  - 80
IS  - 12
SP  - 1057
EP  - 1072
SN  - 00149209
N1  - Accession Number: 0351652; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - In the farm sector of the economy, the first half of the 1990s has brought a step-up in the growth of farm output, hesitation at times in the growth of demand, and net declines in the prices of farm products. This article provides perspective on these and other developments that affected farmers, farm lenders, and the consumers of farm products over the first half of this decade.
KW  - Agriculture: General          Q10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0351652&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance and Urban Affairs, October 6, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/12//
VL  - 80
IS  - 12
SP  - 1080
EP  - 1086
SN  - 00149209
N1  - Accession Number: 0351653; Keywords: Banking;  Deposit Insurance;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - John P. LaWare, Member, Board of Governors, discusses the availability of credit to small and minority-owned businesses and also proposed legislation that would require insured depository institutions to submit annually information on small business and small farm lending in Call Reports provided to the federal banking agencies, and says that aggregate data on small business and minority loans may not prove particularly useful in efforts to uncover discriminatory practices because such data provide no insights into the fundamentals that underlie the loan decision, before the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the House Committee on Banking, Finance and Urban Affairs, October 6, 1994.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0351653&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Gunther, Jeffery W.
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Dallas
T1  - When Are Failing Banks Closed?
JO  - Financial Industry Studies
JF  - Financial Industry Studies
Y1  - 1994/12//
SP  - 1
EP  - 12
N1  - Accession Number: 0350662; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199505
N2  - The financial turmoil of the latter 1980s and early 1990s has led policymakers to devote increased attention to the procedures used in resolving troubled banks. Of particular concern has been the potential influence of bank-specific characteristics, such as bank size, on the resolution process. In this article, the authors provide new evidence that differences in regulatory treatment have enhanced the ability of large banks to avoid failure. However, they find little evidence to suggest that regulatory factors also have worked to delay the resolution of large banks that eventually fail. More generally, their results indicate that only a limited number of the variables typically used to explain bank failure actually are useful in explaining the survival time of failing banks.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Bankruptcy; Liquidation          G33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0350662&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Melick, William R.
AD  - Federal Reserve System
T1  - Aggregate Exchange Rate Pass-through: Instability and Inference
JO  - Journal of Economic Integration
JF  - Journal of Economic Integration
Y1  - 1994/12//
VL  - 9
IS  - 4
SP  - 427
EP  - 443
SN  - 1015356X
N1  - Accession Number: 0352858; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
KW  - Empirical Studies of Trade          F14
L3  - http://sejong.metapress.com/app/home/journal.asp?referrer=parent&backto=homemainpublications,1,1;
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0352858&site=ehost-live&scope=site
UR  - http://sejong.metapress.com/app/home/journal.asp?referrer=parent&backto=homemainpublications,1,1;
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
T1  - The economics of saving.
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1994/12//
VL  - 32
IS  - 4
M3  - Book Review
SP  - 1881
EP  - 1882
PB  - American Economic Association
SN  - 00220515
AB  - The article reviews the book "The Economics of Saving," edited by James H. Gapinski.
KW  - SAVING & investment
KW  - NONFICTION
KW  - GAPINSKI, James H.
KW  - ECONOMICS of Saving, The (Book)
N1  - Accession Number: 9501041482; Carroll, Christopher D. 1; Affiliations: 1: Johns Hopkins University and Board of Governors, Federal Reserve System; Issue Info: Dec94, Vol. 32 Issue 4, p1881; Thesaurus Term: SAVING & investment; Subject Term: NONFICTION; Reviews & Products: ECONOMICS of Saving, The (Book); People: GAPINSKI, James H.; Number of Pages: 2p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9501041482&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
AD  - Johns Hopkins U and Board of Governors of the Federal Reserve System
T1  - The economics of saving
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1994/12//
VL  - 32
IS  - 4
SP  - 1881
EP  - 1882
SN  - 00220515
N1  - Accession Number: 0348412. Author of Reviewed Book: Gapinski, James H., ed.; Publisher Information: Recent Economic Thought Series., Norwell, Mass. and Dordrecht:, Kluwer Academic, 1993, Reviewed Book ISBN: 0-7923-9256-6; ; Publication Type: Book Review; Update Code: 199503
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0348412&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Asymmetric Price Rigidity and the Responsiveness of Customers to Price Changes: The Case of Deposit Interest Rates
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1994/12//
VL  - 8
IS  - 4
SP  - 257
EP  - 267
SN  - 09208550
N1  - Accession Number: 0351989; Keywords: Bank;  Commercial Banks;  Deposit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - This article examines differences in the level and type of price rigidity as it applies to different types of deposits offered by commercial banks. Numerous characteristics of the data set employed make it ideally suited for such an investigation. Three basic findings are presented. First, the degree of price rigidity observed for a product varies systematically with the quantity response to a price change likely to be exhibited by customers, with greater rigidity associated with less customer responsiveness. Second, price rigidity is asymmetric in the sense that greater rigidity is observed for upward movements in deposit rates than for downward changes. Finally, this observed asymmetry appears to be greater for cases in which customers are likely to exhibit less of a quantity response to a change in deposit rates.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0351989&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mingo, John J.
AD  - Federal Reserve System
T1  - Open-Bank Assistance Transactions and Prompt Corrective Action
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1994/12//
VL  - 8
IS  - 4
SP  - 313
EP  - 325
SN  - 09208550
N1  - Accession Number: 0351993; Keywords: Bank;  Banking;  FDIC;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199507
N2  - Open-bank assistance (OBA), provided to troubled banking institutions by the FDIC to prevent their failure, has been criticized extensively on grounds that closed-bank transactions, especially early closed bank transactions, are less expensive to the FDIC. This article analyzes a case in which OBA makes public policy sense, under conditions in which uncertainty is introduced into the valuation for a bank's nonperforming assets. Under such uncertainty, the FDIC may play a role by providing to the acquiror of the troubled institution essentially costless (to the FDIC) standby insurance on the ultimate workout values of the nonperforming assets. If properly structured, such an OBA transaction would meet critics' objections by minimizing FDIC cost and creating incentives for the early recapitalization of troubled banks.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0351993&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mendoza, Enrique G.
AU  - Razin, Assaf
AU  - Tesar, Linda L.
AD  - Federal Reserve System
AD  - Tel Aviv U and NBER
AD  - U CA, Santa Barbara and NBER
T1  - Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1994/12//
VL  - 34
IS  - 3
SP  - 297
EP  - 323
SN  - 03043923
N1  - Accession Number: 0354545; Keywords: Macroeconomics;  Revenue;  Tax;  Taxes; Geographic Descriptors: MDCs; Publication Type: Journal Article; Update Code: 199508
N2  - This paper proposes a method for computing tax rates using national accounts and revenue statistics. Using this method, the authors construct time series of tax rates for large industrial countries. The method identifies the revenue raised by different taxes at the general government level and defines aggregate measures of the corresponding tax bases. This method yields estimates of effective tax rates on factor incomes and consumption consistent with the tax distortions faced by a representative agent in a general equilibrium framework. These tax rates compare favorably with existing estimates of marginal tax rates and highlight important international differences in tax policy.
KW  - Fiscal Policy          E62
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
KW  - International Fiscal Issues; International Public Goods          H87
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0354545&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mendozatia, Enrique G.
AU  - Razinb, Assaf
AU  - Tesar, Linda L.
T1  - Effective tax rates in macroeconomics Cross-country estimates of tax rates on factor incomes and consumption.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1994/12//
VL  - 34
IS  - 3
M3  - Article
SP  - 297
EP  - 323
SN  - 03043932
AB  - This paper proposes a method for computing tax rates using national accounts and revenue statistics. Using this method we construct time series of tax rates for large industrial countries. The method identifies the revenue raised by different taxes at the general government level and defines aggregate measures of the corresponding tax bases. This method yields estimates of effective tax rates on factor incomes and consumption consistent with the tax distortions faced by a representative agent in a general equilibrium framework. These tax rates compare favorably with existing estimates of marginal tax rates, and highlight important international differences in tax policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - INCOME
KW  - CONSUMPTION (Economics)
KW  - TAX rates & tables
KW  - CONSUMPTION tax
KW  - ECONOMIC policy
KW  - Consumption tax
KW  - Effective tax rates
KW  - Factor income taxes
KW  - International tax policy
N1  - Accession Number: 13277612; Mendozatia, Enrique G. 1; Razinb, Assaf 2,3; Tesar, Linda L. 3,4; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551, USA.; 2: Tel Aviv University, Tel Aviv 69978, Israel.; 3: National Bureau of Economic Research, Cambridge, MA 02138, USA.; 4: University of California, Santa Barbara, Santa Barbara, CA 83906, USA.; Issue Info: Dec94, Vol. 34 Issue 3, p297; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INCOME; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: TAX rates & tables; Thesaurus Term: CONSUMPTION tax; Thesaurus Term: ECONOMIC policy; Author-Supplied Keyword: Consumption tax; Author-Supplied Keyword: Effective tax rates; Author-Supplied Keyword: Factor income taxes; Author-Supplied Keyword: International tax policy; Number of Pages: 27p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13277612&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bryson, Jay H.
AD  - Federal Reserve System
T1  - Fiscal Policy Coordination and Flexibility under European Monetary Union: Implications for Macroeconomic Stabilization
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1994/12//
VL  - 16
IS  - 6
SP  - 541
EP  - 557
SN  - 01618938
N1  - Accession Number: 0354572; Keywords: EMU;  European Monetary Union;  Fiscal Policy;  Monetary Union;  Policy; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199508
N2  - Some writers have proposed that under European Monetary Union (EMU) fiscal policies should be coordinated to reduce the degree of fiscal activism required for macroeconomic stabilization. We show that, in theory, fiscal policy coordination indeed may lower the degree of fiscal flexibility needed to stabilize a common supply shock. However, fiscal policy coordination may raise the degree of fiscal flexibility needed to stabilize an asymmetric demand shock. These theoretical findings are supported by simulations performed with the multi-country model of the Federal Reserve Board. The results suggest that fiscal policy coordination under EMU may require more fiscal activism rather than less.
KW  - International Policy Coordination and Transmission          F42
KW  - Financial Aspects of Economic Integration          F36
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0354572&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Thurman, Stephan S.
AD  - Federal Reserve System
AD  - OECD
T1  - Exchange Rate Episodes and the Pass-Through of Exchange Rates to Import Prices
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1994/12//
VL  - 16
IS  - 6
SP  - 609
EP  - 623
SN  - 01618938
N1  - Accession Number: 0354576; Keywords: Exchange Rates;  Import Price;  Import; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
N2  - This study uses a variable coefficient estimator with concomitant variables to examine the episodical variation of the pass-through of exchange rate and foreign cost changes to import prices. The hypothesis being tested is that this pass-through to domestic import prices is stronger during periods of pronounced episodes of exchange rate depreciation and low foreign firm profit margins, and is considerably weaker during prolonged periods of exchange rate appreciation and build-up of foreign firm profit margins. Two concomitant variables, measuring duration of exchange rate episode and ratio of foreign producer export prices to costs, demonstrate that the coefficients associated with pass-through vary predictably over time. The results suggest that policy analysts should be keenly aware that simulated or expected episodes of exchange rate and foreign firm profit margin behavior will impart differing strengths to the pass-through of exchange rates and foreign costs to import prices.
KW  - Empirical Studies of Trade          F14
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0354576&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Goodman, John L.
T1  - Using Attitude Data to Forecast Housing Activity.
JO  - Journal of Real Estate Research
JF  - Journal of Real Estate Research
Y1  - 1994/12//
VL  - 9
IS  - 4
M3  - Article
SP  - 445
EP  - 453
PB  - American Real Estate Society
SN  - 08965803
AB  - Several national surveys generate monthly indicators of housing market activity that are released weeks before the "hard" housing statistics (starts, new home sales, existing home sales) for that month. This paper examines whether these surveys of consumers, lenders and builders can help predict what the current month's housing statistics will be. the conclusion is that these surveys, with the exception of homebuilders' attitudes, add little predictive power to that available from the housing series' own histories and from mortgage interest rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Research is the property of American Real Estate Society and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - HOUSING
KW  - STATISTICS
KW  - MORTGAGE loans
KW  - CONSUMERS -- Attitudes
KW  - MORTGAGE rates
KW  - MARKET surveys
KW  - ARCHITECTS & builders
N1  - Accession Number: 54884454; Goodman, John L. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: 1994, Vol. 9 Issue 4, p445; Thesaurus Term: HOUSING market; Thesaurus Term: HOUSING; Thesaurus Term: STATISTICS; Thesaurus Term: MORTGAGE loans; Thesaurus Term: CONSUMERS -- Attitudes; Thesaurus Term: MORTGAGE rates; Thesaurus Term: MARKET surveys; Subject Term: ARCHITECTS & builders; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 9p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=54884454&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - France, Virginia Grace
AU  - Kodres, Laura
AU  - Moser, James T.
AD  - U IL
AD  - Federal Reserve System
AD  - Federal Reserve Bank of Chicago
T1  - A Review of Regulatory Mechanisms to Control the Volatility of Prices
JO  - Federal Reserve Bank of Chicago Economic Perspectives
JF  - Federal Reserve Bank of Chicago Economic Perspectives
Y1  - 1994/11//November-December 1994
VL  - 18
IS  - 6
SP  - 15
EP  - 28
SN  - 01640682
N1  - Accession Number: 0358442; Keywords: Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199508
KW  - Price Level; Inflation; Deflation          E31
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0358442&site=ehost-live&scope=site
UR  - http://www.chicagofed.org/webpages/publications/publications_listing.cfm?filter_series=10
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Collins, Sean
AU  - Edwards, Cheryl L.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - An Alternative Monetary Aggregate: M2 Plus Household Holdings of Bond and Equity Mutual Funds
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1994/11//November-December 1994
VL  - 76
IS  - 6
SP  - 7
EP  - 29
N1  - Accession Number: 0361300; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
KW  - Money and Interest Rates: General          E40
L3  - http://research.stlouisfed.org/publications/review/past/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0361300&site=ehost-live&scope=site
UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Reid, Brian
AU  - Small, David H.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Empirical Properties of a Monetary Aggregate That Adds Bond and Stock Funds to M2
JO  - Federal Reserve Bank of St. Louis Review
JF  - Federal Reserve Bank of St. Louis Review
Y1  - 1994/11//November-December 1994
VL  - 76
IS  - 6
SP  - 31
EP  - 51
N1  - Accession Number: 0361301; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510
KW  - Money and Interest Rates: General          E40
L3  - http://research.stlouisfed.org/publications/review/past/
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UR  - http://research.stlouisfed.org/publications/review/past/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Clouse, James A.
AD  - Federal Reserve System
T1  - Recent Developments in Discount Window Policy
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/11//
VL  - 80
IS  - 11
SP  - 965
EP  - 977
SN  - 00149209
N1  - Accession Number: 0349141; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199505
N2  - Underlying trends in the depository sector along with changes in federal legislation have had important ramifications in recent years for the discount window, the Federal Reserve's lending facility. The severe financial distress of the 1980s and 1990s led to the active involvement of the discount window in many failing-bank situations. In addition, healthy institutions apparently became more reluctant to borrow from the discount window during this period. The Monetary Control Act of 1980 dramatically expanded the universe of depository institutions eligible to borrow at the discount window. The bank failures of the 1980s led to other legislation that discourages lending to institutions that do not meet minimum capital requirements.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 22, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/11//
VL  - 80
IS  - 11
SP  - 981
EP  - 989
SN  - 00149209
N1  - Accession Number: 0349142; Keywords: Banking;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199505
N2  - The author offers the Federal Reserve's views of the progress the banking industry has made in recent years to rebuild its strength and what needs to be done to ensure that the industry remains strong and accommodates the nation's economic growth and says that although current conditions are good, the industry, the regulators, and the Congress need to look to the long term, before the Senate Committee on Banking, Housing, and Urban Affairs, September 22, 1994.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helwege, Jean
AU  - Wagner, Joachim
AD  - Federal Reserve System
AD  - U Luneburg
T1  - The (Dis) Similarity of Interindustry Wage Differentials in Germany and the United States: Evidence from Microdata
JO  - Jahrbucher fur Nationalokonomie und Statistik
JF  - Jahrbucher fur Nationalokonomie und Statistik
Y1  - 1994/11//
VL  - 213
IS  - 6
SP  - 670
EP  - 679
SN  - 00214027
N1  - Accession Number: 0349321; Keywords: Wage; Geographic Descriptors: Germany; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 199505
N2  - This study compares interindustry wages differentials in the U.S. and Germany using large microdata samples from wage surveys in 1979, 1985, and 1987. In contrast to previous studies, which found correlations of wage differentials in Germany and the U.S. of .85 and .95, we find less similarity in the wage structures of the two countries--the unweighted correlations between wage differentials based on the 1979 surveys and based on the later surveys are both about .6 and weighted correlations are as low as .22.
KW  - Wage Level and Structure; Wage Differentials          J31
L3  - http://www.jbnst.de/de/
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UR  - http://www.jbnst.de/de/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - von zur Muehlen, Peter
AD  - Federal Reserve System
T1  - An Optimal Interest Rate Rule with Information from Money and Auction Markets
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1994/11//
VL  - 26
IS  - 4
SP  - 917
EP  - 933
SN  - 00222879
N1  - Accession Number: 0349681; Keywords: Financial Markets;  Interest Rates;  Interest;  Money; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199505
N2  - For an economy characterized by neo-Keynesian wage rigidity, an optimal open market rule is derived based on financial market information, including auction price behavior. Simulations of a small model of the United States--estimated via full information maximum likelihood together with a numerical procedure for solving dynamic, linear rational expectations models--are used to evaluate the response of the economy to sectoral shocks, given the optimal interest rate rule. In the case of three aggregate commodity price indexes studied here, the additional indicator information is unlikely to have significant impact on the performance of monetary policy.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkovec, James A.
AU  - Canner, Glenn B.
AU  - Gabriel, Stuart A.
AU  - Hannan, Timothy H.
T1  - Race, Redlining, and Residential Mortgage Loan Performance.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1994/11//
VL  - 9
IS  - 3
M3  - Article
SP  - 263
EP  - 294
SN  - 08955638
AB  - Theories of discrimination in credit markets suggest that under certain circumstances systematic lender bias may result in creditors holding minority applicants or applicants from minority neighborhoods to higher standards of creditworthiness than other borrowers. This implies lower default rates or smaller dollar losses on loans to marginally qualified minority borrowers or borrowers from minority neighborhoods, compared to loans extended to other similarly qualified borrowers. This study seeks to test this prediction by examining the default-risk characteristics of FHA-insured single-family residential mortgages. All things equal, empirical findings fail to support the theoretical predictions that observed default rates are relatively lower among minority borrowers or neighborhoods. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - RACE discrimination in mortgage loans
KW  - FINANCIAL services industry
KW  - LOANS
KW  - NEIGHBORHOODS
KW  - CITIES & towns
KW  - Default
KW  - discrimination
N1  - Accession Number: 17325826; Berkovec, James A. 1; Canner, Glenn B. 1; Gabriel, Stuart A. 2; Hannan, Timothy H. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; 2: Graduate School of Business Administration, University of Southern California, Los Angeles, California.; Issue Info: Nov1994, Vol. 9 Issue 3, p263; Thesaurus Term: MORTGAGE loans; Thesaurus Term: RACE discrimination in mortgage loans; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: LOANS; Subject Term: NEIGHBORHOODS; Subject Term: CITIES & towns; Author-Supplied Keyword: Default; Author-Supplied Keyword: discrimination; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 32p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - THE TREASURY'S EXPERIMENT WITH SINGLE-PRICE AUCTIONS IN THE MID-1970S:  WINNER'S OR TAXPAYER'S CURSE?
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1994/11//
VL  - 76
IS  - 4
M3  - Article
SP  - 754
EP  - 760
PB  - MIT Press
SN  - 00346535
AB  - This study examines the Treasury's experiment with single-price bond auctions in the mid-1970s and finds that controlling for factors unrelated to auction technique, markups of auction average rates over when-issued rates shortly after auctions were a statistically significant seven to eight basis points higher at single-price auctions than at discriminating-price auctions. These results suggest that single-price auctions raised Treasury borrowing costs by roughly 3/4% of the issuing price of auctioned securities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BONDS (Finance)
KW  - COMMERCE
KW  - LOANS
KW  - SECURITIES
KW  - AUCTIONS
KW  - FINANCIAL instruments
KW  - CAPITAL market
KW  - SECURITIES -- Taxation
KW  - INVESTMENTS
N1  - Accession Number: 5634410; Simon, David P. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Nov94, Vol. 76 Issue 4, p754; Thesaurus Term: BONDS (Finance); Thesaurus Term: COMMERCE; Thesaurus Term: LOANS; Thesaurus Term: SECURITIES; Thesaurus Term: AUCTIONS; Thesaurus Term: FINANCIAL instruments; Thesaurus Term: CAPITAL market; Thesaurus Term: SECURITIES -- Taxation; Thesaurus Term: INVESTMENTS; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
AU  - Starr-McCluer, Martha
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Changes in Family Finances from 1989 to 1992: Evidence from the Survey of Consumer Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/10//
VL  - 80
IS  - 10
SP  - 861
EP  - 882
SN  - 00149209
N1  - Accession Number: 0344766; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Using newly available data from the 1992 Survey of Consumer Finances along with previously available data from the 1989 survey, this article provides detailed evidence of the way family income and net worth changed over the three-year period. Of the developments that the article reports, a few are particularly noteworthy. First, families tended to shift their asset portfolios away from traditional deposits and toward mutual funds. Second, an important increase occurred in ownership of tax-deferred retirement accounts as well as in the median size of such accounts. Third, despite a decline in real family income over the period, the median ratio of debt payments to family income remained steady, largely because of the effects of declining interest rates on payments. Finally, income and net worth for nonwhite and Hispanic families grew substantially relative to the comparatively low levels at which they started the period.
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Passmore, Wayne
AU  - Mittal, Monisha
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Private Mortgage Insurance
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/10//
VL  - 80
IS  - 10
SP  - 883
EP  - 899
SN  - 00149209
N1  - Accession Number: 0344767; Keywords: Insurance;  Mortgage;  Refinancing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Mortgage lenders will accept a relatively small down payment on a home purchase or on a refinancing of an existing loan if repayment of the mortgage is backed by mortgage guarantee insurance, which is offered by both private and governmental insurers. This article reviews some of the history of the mortgage insurance industry, outlines the conduct of the business, details some of the financial implications for a borrower choosing between private and federal insurance, and reports on data released this year by the private mortgage insurance industry on the disposition of applications on which action was taken in the fourth quarter of 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344767&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Siegman, Charles J.
AD  - Federal Reserve System
T1  - The Bank for International Settlements and the Federal Reserve
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/10//
VL  - 80
IS  - 10
SP  - 900
EP  - 906
SN  - 00149209
N1  - Accession Number: 0344768; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses the role of the Bank for International Settlements (BIS) as an international monetary institution, summarizes the Federal Reserve's relationship with the BIS since that organization's founding, and gives background information on the organizational structure of the BIS and its financial operations.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Commerce, Consumer, and Monetary Affairs Subcommittee of the Committee on Government Operations, August 10, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/10//
VL  - 80
IS  - 10
SP  - 910
EP  - 912
SN  - 00149209
N1  - Accession Number: 0344769; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Examines the role of forecasting and the use of economic statistics in making monetary policy and states that the author is not aware that forecasting the U.S. economy is currently any more difficult, or for that matter, any easier than it was several decades ago.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344769&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - The Performance of S&P 500 Futures Product Margins under the SPAN Margining System
JO  - Journal of Futures Markets
JF  - Journal of Futures Markets
Y1  - 1994/10//
VL  - 14
IS  - 7
SP  - 789
EP  - 811
SN  - 02707314
N1  - Accession Number: 0345551; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bryson, Jay H.
AD  - Federal Reserve System
T1  - Macroeconomic Stabilization through Monetary and Fiscal Policy Coordination: Implications for European Monetary Union
JO  - Open Economies Review
JF  - Open Economies Review
Y1  - 1994/10//
VL  - 5
IS  - 4
SP  - 307
EP  - 326
SN  - 09237992
N1  - Accession Number: 0350851; Keywords: Fiscal Policy;  Macroeconomic Stabilization;  Macroeconomics;  Monetary;  Policy;  Stabilization; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199505
N2  - In a two-country model, we consider the implications of monetary and fiscal policy coordination for macroeconomic stabilization. We show that the optimal regime is one of monetary and fiscal policy coordination under flexible exchange rates. In the context of the European Community, this suggests that the desire to fix exchange rates may not be costless. In addition, we show that fiscal coordination requires a relatively high degree of flexibility in fiscal policy. This result suggests that limits on the flexibility of fiscal policies, as suggested in the Delors Report, may hinder macroeconomic stabilization.
KW  - International Policy Coordination and Transmission          F42
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://link.springer.com/journal/volumesAndIssues/11079
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UR  - http://link.springer.com/journal/volumesAndIssues/11079
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kodres, Laura E.
AU  - O'Brien, Daniel P.
T1  - The Existence of Pareto-Superior Price Limits.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1994/09//
VL  - 84
IS  - 4
M3  - Article
SP  - 919
EP  - 932
PB  - American Economic Association
SN  - 00028282
AB  - This paper examines the welfare effects of futures price limits under a simple form of market incompleteness. When prices become volatile, shocks to liquidity and fundamentals may occur between the time investors decide to trade and the time their orders are executed. This gives rise to implementation risk that cannot be transferred with contingent claims. We show that price limits partially insure implementation risk. When price fluctuations are driven by news about fundamentals, judiciously chosen price limits can be (ex ante) Pareto superior to unconstrained trade. When liquidity shocks are large, price limits benefit hedgers but harm some speculators. [ABSTRACT FROM AUTHOR]
AB  - Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - FUTURES market
KW  - LIQUIDITY (Economics)
KW  - VOLATILITY (Finance)
KW  - SPECULATION
N1  - Accession Number: 9410250169; Kodres, Laura E. 1,2; O'Brien, Daniel P. 3; Affiliations: 1: Board of Governors, Federal Reserve System, 20th and C Streets, N.W., Mail Stop 91, Washington, DC 20551; 2: The University of Michigan School of Business Administration; 3: Antitrust Division, U.S. Department of Justice, 555 4th Street, N.W., Washington, DC 20001; Issue Info: Sep94, Vol. 84 Issue 4, p919; Thesaurus Term: PRICES; Thesaurus Term: FUTURES market; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: SPECULATION; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 14p; Illustrations: 1 Graph; Document Type: Article; Full Text Word Count: 8270
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sharpe, Steven A.
AD  - Federal Reserve System
T1  - Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1994/09//
VL  - 84
IS  - 4
SP  - 1060
EP  - 1074
SN  - 00028282
N1  - Accession Number: 0343870; Keywords: Firm;  Firms;  Leverage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Demand and Supply of Labor: General          J20
KW  - Firm Behavior: Theory          D21
L3  - http://www.aeaweb.org/aer/
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UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bartelsman, Eric J.
AU  - Caballero, Ricardo J.
AU  - Lyons, Richard K.
T1  - Customer- and Supplier-Driven Externalities.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1994/09//
VL  - 84
IS  - 4
M3  - Article
SP  - 1075
EP  - 1084
PB  - American Economic Association
SN  - 00028282
AB  - This article focuses on customer- and supplier-driven externalities. It aims to provide empirical evidence helpful for distinguishing different types of externalities. The authors obtain three results. First, from the "within" estimates (using annual data), which emphasize the time-series properties common across sectors, they find a strong reduced-form relationship between industry productivity and the activity level (input growth) of customers. In sharp contrast, supplier activity levels are insignificant. The second result derives from "between" estimates, which emphasize the cross-sectional dimension of the data. Here, they find the opposite is true: there is a strong reduced-form relationship between industry productivity and the activity level of suppliers, but no relationship with customer activity levels. We interpret the first two results as suggesting that over shorter horizons the linkage between an industry and its customers is pivotal in the transmission of external effects, while in the long run external effects are mostly related to intermediate goods linkages. The third result concerns the transition from short to long run. The authors find that as the number of periods over which the variables are averaged is incrementally increased from one year toward the full sample period (27 years), the significance of customers versus suppliers smoothly reverses itself. The remainder of the paper is organized in four sections. Section I presents the core model and the econometric methods for disentangling the external effects; Section II describes the data and estimation; Section III presents the main results; and conclusions are presented in Section IV.
KW  - EXTERNALITIES (Economics)
KW  - INDUSTRIAL productivity
KW  - SUPPLIERS
KW  - CONSUMERS
KW  - ECONOMIC activity
N1  - Accession Number: 9410250176; Bartelsman, Eric J. 1; Caballero, Ricardo J. 2,3; Lyons, Richard K. 3,4; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551; 2: Department of Economics, Massachusetts Institute of Technology, Cambridge, MA 02139; 3: NBER; 4: Haas School of Business, University of California, Berkeley, CA 94270; Issue Info: Sep94, Vol. 84 Issue 4, p1075; Thesaurus Term: EXTERNALITIES (Economics); Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: SUPPLIERS; Thesaurus Term: CONSUMERS; Thesaurus Term: ECONOMIC activity; Number of Pages: 10p; Illustrations: 1 Chart, 4 Graphs; Document Type: Article; Full Text Word Count: 4388
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Marquis, Milton H.
AU  - Reffett, Kevin L.
T1  - NEW TECHNOLOGY SPILLOVERS INTO THE PAYMENT SYSTEM.
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1994/09//
VL  - 104
IS  - 426
M3  - Article
SP  - 1123
EP  - 1138
PB  - Wiley-Blackwell
SN  - 00130133
AB  - In modern economies, multiple means of payment associated with the exchange of goods coexist. This paper examines one such payment system in an economy with endogenous technological change. It consists of money and a costly accounting system that receives spillovers from new technologies. Positive nominal interest rates are shown to produce welfare losses by inducing a reallocation of human capital into the payment system, and out of the production of final goods and new knowledge. The former substitution produces level effects on output and the latter produces growth effects. At higher levels of inflation, these marginal effects are seen to be weaker. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGICAL innovations
KW  - PAYMENT systems
KW  - ACCOUNTING
KW  - MONEY
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - HUMAN capital
N1  - Accession Number: 9501121467; Marquis, Milton H. 1,2; Reffett, Kevin L. 1,2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: Florida State University; Issue Info: Sep94, Vol. 104 Issue 426, p1123; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: PAYMENT systems; Thesaurus Term: ACCOUNTING; Thesaurus Term: MONEY; Thesaurus Term: INTEREST rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: HUMAN capital; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 16p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Recent Trends in Retail Fees and Services of Depository Institutions
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/09//
VL  - 80
IS  - 9
SP  - 771
EP  - 781
SN  - 00149209
N1  - Accession Number: 0344774; Keywords: Banking;  Depository; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Concern over the potentially adverse effect on consumers of increased insurance premiums paid by depository institutions led the Congress in 1989 to require the Board to conduct a survey and report annually on discernible changes in the availability of retail banking services and in the level of their fees. This article discusses the results of the five annual surveys conducted so far, covering the years 1989-93. Overall, the results show that the availability of consumer services in general did not decline and that observed changes in consumer fees varied substantially by type of fee.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344774&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to U.S. House Committee on Banking, Finance and Urban Affairs, July 13, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/09//
VL  - 80
IS  - 9
SP  - 789
EP  - 791
SN  - 00149209
N1  - Accession Number: 0344776; Keywords: Law; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Presents the Federal Reserve's views on plans by the Department of the Treasury to further protect U.S. currency from the threat of counterfeiting and states that although the U.S. has the benefit of a vigorous, and highly effective, enforcement of counterfeiting laws by the U.S. Secret Service and an effective currency design, the security features of the current design are probably not adequate to deal with the counterfeiting threat of the future, which seems likely to be dominated by rapidly improving reprographic technologies, and that the Federal Reserve strongly supports the Treasury Department's efforts to incorporate additional security features to currency now to be better prepared for the threats of the future.
KW  - Money and Interest Rates: Other          E49
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the Bipartisan Commission on Entitlement and Tax Reform, Washington, D.C., July 15, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/09//
VL  - 80
IS  - 9
SP  - 791
EP  - 793
SN  - 00149209
N1  - Accession Number: 0344777; Keywords: Deficit;  Tax; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses the long-term federal budget problem and states that long-term interest rates are higher now because markets are anticipating rising deficits in the next century and that further delay in coming to grips with our long-term budget problem will only raise the total size of the bill that will eventually come due.
KW  - Fiscal Policy          E62
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344777&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 20, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/09//
VL  - 80
IS  - 9
SP  - 793
EP  - 799
SN  - 00149209
N1  - Accession Number: 0344778; Keywords: Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses recent economic developments and the Federal Reserve's conduct of monetary policy and states that our nation has made considerable progress in putting the economy on a sound footing in the past few years and that to preserve and extend these advances, our monetary and fiscal policies will need to remain disciplined and focused on our long-term objectives.
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AD  - Federal Reserve System
T1  - Economic activity, trade, and industry in the U.S.-Japan-world economy: A macro model study of economic interactions
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1994/09//
VL  - 32
IS  - 3
SP  - 1242
EP  - 1243
SN  - 00220515
N1  - Accession Number: 0348371. Author of Reviewed Book: Adams, F. Gerard; Gangnes, Byron; Shishido, Shuntaro; Publisher Information: Westport, Conn. and London:, Greenwood, Praeger, 1993, Reviewed Book ISBN: 0-275-94488-3; Keywords: Trade; Publication Type: Book Review; Update Code: 199503
KW  - Trade: General          F10
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - BERGER, ALLEN N.
AU  - UDELL, GREGORY F.
T1  - Did Risk-Based Capital Allocate Bank Credit and Cause a "Credit Crunch" in the United States?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1994/08/02/Aug1994 Part 2
VL  - 26
IS  - 3
M3  - Article
SP  - 585
EP  - 628
PB  - Ohio State University Press
SN  - 00222879
AB  - The article addresses several possible causes for the "credit crunch" of the U.S. through the reallocation of commercial bank credit from loans to securities in the early 1990s, with particular emphasis on the theory of risk-based capital (RBC) regulation impacts instigated by concerns of depository institution risk raised in the 1980s. It also examines the micro-bank level changes in portfolio behavior between the two decades as a function of RBC ratios and other measures of perceived bank risk. Conclusions are offered against the RBC hypothesis, citing a lack of ratio effects within the analysis.
KW  - FINANCIAL crises
KW  - COMMERCIAL credit
KW  - CAPITAL
KW  - CREDIT risk
KW  - BANKING industry -- United States
KW  - UNITED States -- Economic conditions -- 1981-2001
KW  - UNITED States
N1  - Accession Number: 9592621; BERGER, ALLEN N. 1,2; UDELL, GREGORY F. 3; Affiliations: 1: Senior economist, Federal Reserve System.; 2: Senior Fellow, Wharton Financial Institutions Center, University of Pennsylvania; 3: Associate professor of finance, New York University.; Issue Info: Aug1994 Part 2, Vol. 26 Issue 3, p585; Thesaurus Term: FINANCIAL crises; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: CAPITAL; Thesaurus Term: CREDIT risk; Thesaurus Term: BANKING industry -- United States; Subject Term: UNITED States -- Economic conditions -- 1981-2001; Subject: UNITED States; Number of Pages: 44p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and U PA
T1  - Issues in Measuring the Efficiencies of Agricultural Banks: Discussion
JO  - American Journal of Agricultural Economics
JF  - American Journal of Agricultural Economics
Y1  - 1994/08//
VL  - 76
IS  - 3
SP  - 672
EP  - 674
SN  - 00029092
N1  - Accession Number: 0348501; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199505
KW  - Agricultural Finance          Q14
L3  - http://ajae.oxfordjournals.org/content/by/year
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UR  - http://ajae.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, June 9, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/08//
VL  - 80
IS  - 8
SP  - 705
EP  - 709
SN  - 00149209
N1  - Accession Number: 0344770; Keywords: Consumer Credit;  Consumer;  Credit;  Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - This statement addresses issues related to consumer credit and states that credit to households appears to be quite readily available and that many households have completed substantial adjustments to alleviate debt-servicing strains and are showing that they are again willing to borrow to finance spending.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344770&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, June 14, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/08//
VL  - 80
IS  - 8
SP  - 709
EP  - 714
SN  - 00149209
N1  - Accession Number: 0344771; Keywords: Banking;  Credit;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses Title II, Small Business Capital Formation, of the Community Development, Credit Enhancement, and Regulatory Improvement Act of 1994 (H.R.3474) and states that the Board supports the objective of this legislation of increasing the availability of credit to small businesses by facilitating the securitization of small business loans and is committed to continuing to work with the committee, the other banking agencies, and the Administration in developing an approach that will remove any unnecessary impediments to securitization, while at the same time protecting the safety and soundness of the banking system and minimizing regulatory burden.
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344771&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, June 22, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/08//
VL  - 80
IS  - 8
SP  - 714
EP  - 719
SN  - 00149209
N1  - Accession Number: 0344772; Keywords: Inflation;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses recent monetary policy actions and issues related to inflation and states that despite considerable policy challenges and the always-present future uncertainties, the outlook for the U.S. economy is as bright as it has been in decades and that the intent of monetary policy in recent years has been to foster this kind of healthy economic performance.
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344772&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, June 22, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/08//
VL  - 80
IS  - 8
SP  - 719
EP  - 723
SN  - 00149209
N1  - Accession Number: 0344773; Keywords: Banking;  Consumer Credit;  Credit;  Depository;  Finance;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Discusses the trends in retail fees and the availability of retail services at depository institutions as revealed by data obtained from annual surveys sponsored by the Federal Reserve System and says that results of the most recent surveys indicated that the availability of the majority of retail services examined did not change appreciably between 1992 and 1993 and that a general trend was also observable in the direction of increased fees, corresponding to an increase in deposit insurance premiums.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344773&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helkie, William L.
AU  - Howard, David H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - External Adjustment in Selected Developing Countries in the 1990s
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1994/08//
VL  - 16
IS  - 4
SP  - 353
EP  - 393
SN  - 01618938
N1  - Accession Number: 0345706; Keywords: Debt;  Developing Countries;  Exports; Geographic Descriptors: Selected Countries; LDCs; Publication Type: Journal Article; Update Code: 199503
N2  - An analytic and accounting framework is presented for examining the evolution of the external positions of eight developing countries: Argentina, Brazil, Chile, Korea, Mexico, Peru, the Philippines, and Venezuela. The framework is used to analyze the historical paths of external debts in these countries. Then, under fairly conventional baseline specifications, and assuming that no other relevant factors change significantly, projections for the debt-export ratios in these eight developing countries are generated, using the analytic framework and a simple simulation model. The baseline projections indicate cases in which external adjustment might be warranted. Through the simulation of some alternative scenarios, the analysis then suggests ways and means of effecting the necessary adjustments, including a rough idea of what magnitudes might be involved.
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0345706&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
AU  - Rhee, Byung-Kun
AU  - Rhee, Changyong
AD  - Federal Reserve System
AD  - U Rochester
AD  - Seoul National U
T1  - Are There Cultural Effects on Saving? Some Cross-Sectional Evidence
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1994/08//
VL  - 109
IS  - 3
SP  - 685
EP  - 699
SN  - 00335533
N1  - Accession Number: 0346167; Keywords: Expenditure;  Saving; Geographic Descriptors: Canada; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - Why are there such large differences in saving rates across countries? Conventional economic analyses have not been successful in explaining international saving differences, so economists have sometimes suggested that national saving differences may be explained by cultural differences. This paper tests the hypothesis that cultural factors influence saving by comparing saving patterns of immigrants to Canada from different cultures. Using data from the Canadian Survey of Family Expenditures, the authors find no evidence of cultural effects on saving.
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://qje.oxfordjournals.org/content/by/year
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UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Auerbach, Alan J.
AU  - Hassett, Kevin A.
AU  - Oliner, Stephen D.
AD  - U PA and NBER
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Reassessing the Social Returns to Equipment Investment
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1994/08//
VL  - 109
IS  - 3
SP  - 789
EP  - 802
SN  - 00335533
N1  - Accession Number: 0346171; Keywords: Investment; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199503
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Capital; Investment; Capacity          E22
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
L3  - http://qje.oxfordjournals.org/content/by/year
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UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Benson, Bruce L.
AU  - Faminow, Merle D.
AU  - Marquis, Milton H.
AU  - Sauer, Douglas G.
T1  - The impact of provincial marketing boards on price relations and pricing dynamics in the North American slaughter hog market.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1994/07//
VL  - 26
IS  - 7
M3  - Article
SP  - 677
PB  - Routledge
SN  - 00036846
AB  - Canadian provincial hog marketing boards act as sales agents for hog producers. The hypothesis that the introduction of marketing boards in Alberta, Manitoba and Saskatchewan between 1969 and 1972 created seller side market power is tested and supported: their hog prices rose to levels comparable to Ontario where a marketing board had been in place. Organized sellers can also influence pricing dynamics because of the linked spatial oligopsonistic nature of the hog packing industry. Cointegration tests and variance decompositions indicate that establishing boards in the surplus producing western provinces made them relatively less isolated from pricing innovations in deficit producing eastern Canada. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKETING boards
KW  - TARGET marketing
KW  - MARKETING
KW  - PRICES
KW  - OLIGOPOLIES
KW  - INDUSTRIES
KW  - SWINE
KW  - DECOMPOSITION (Chemistry)
KW  - CANADA
N1  - Accession Number: 9410122748; Benson, Bruce L. 1; Faminow, Merle D. 2; Marquis, Milton H. 3; Sauer, Douglas G. 4; Affiliations: 1: Department of Economics, Florida State University, Tallahassee, Florida 32306, USA.; 2: Department of Agricultural Economics and Farm Management, University of Manitoba, Winnipeg, Manitoba, Canada, R3T 2N2.; 3: Board of Governors of the Federal Reserve System, 20th and Constitution Avenue, NW Mail Stop 75, Washington DC 20551, USA.; 4: Department of Economics, Boise State University, 1910 University Drive, Boise, Idano 83706, USA.; Issue Info: Jul1994, Vol. 26 Issue 7, p677; Thesaurus Term: MARKETING boards; Thesaurus Term: TARGET marketing; Thesaurus Term: MARKETING; Thesaurus Term: PRICES; Thesaurus Term: OLIGOPOLIES; Thesaurus Term: INDUSTRIES; Subject Term: SWINE; Subject Term: DECOMPOSITION (Chemistry); Subject: CANADA; NAICS/Industry Codes: 424520 Livestock Merchant Wholesalers; NAICS/Industry Codes: 411110 Live animal merchant wholesalers; NAICS/Industry Codes: 112210 Hog and Pig Farming; Number of Pages: 12p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Davis, Steven J.
AU  - Haltiwanger, John
AU  - Schuh, Scott
AD  - U Chicago
AD  - U MD
AD  - Federal Reserve System
T1  - Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts
JO  - Business Economics
JF  - Business Economics
Y1  - 1994/07//
VL  - 29
IS  - 3
SP  - 13
EP  - 21
SN  - 0007666X
N1  - Accession Number: 0329714; Keywords: Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The conventional wisdom about the job-creating process of small businesses rests on a misleading interpretation of the data and the use of unsuitable data. This analysis of job creation and job destruction behavior in the manufacturing sector concludes that: (1) large plants and firms account for most newly created and newly destroyed manufacturing jobs; (2) survival rates for manufacturing jobs increase sharply with employer size; and (3) smaller manufacturing firms and plants exhibit sharply higher gross job creation rates but not higher net creation rates.
KW  - Business Economics          M21
KW  - Labor Force and Employment, Size, and Structure          J21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0329714&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Luckett, Charles A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Home Equity Lending: Evidence from Recent Surveys
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/07//
VL  - 80
IS  - 7
SP  - 571
EP  - 583
SN  - 00149209
N1  - Accession Number: 0330349; Keywords: Borrowing;  Credit;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - Borrowing against home equity appears to have leveled off after its rapid rise in the late eighties. In 1993, about one in eight home-owners had home equity credit; roughly two-thirds of the loans were lines of credit and one-third were traditional home equity loans. This article describes the consumers who borrow against their home equity and the lending institutions that make the loans, presents estimates of aggregate home equity debt outstanding, and discusses influences on growth.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330349&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fisher, Peter R.
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/07//
VL  - 80
IS  - 7
SP  - 584
EP  - 588
SN  - 00149209
N1  - Accession Number: 0330350; Keywords: Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - During the February-April period, the dollar declined 4.6 percent against the German mark, 6.5 percent against the Japanese yen, and 3.6 percent on a trade-weighted basis.
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330350&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
T1  - A Summary of Merger Performance Studies in Banking, 1980-93, and an Assessment of the 'Operating Performance' and 'Event Study' Methodologies
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/07//
VL  - 80
IS  - 7
SP  - 588
EP  - 590
SN  - 00149209
N1  - Accession Number: 0330351; Keywords: Bank;  Banking;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author examines thirty-nine studies published from 1980 to 1993 on the effects of bank mergers on efficiency, profitability, or stockholder wealth. The review looks for general conclusions regarding the performance effects of bank mergers and also offers a broad assessment of the two methodological approaches used by the studies.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330351&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, May 25, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/07//
VL  - 80
IS  - 7
SP  - 594
EP  - 605
SN  - 00149209
N1  - Accession Number: 0330352; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author sets forth the Board's views on the impact of derivative instruments on our nation's financial system, identifies the challenges that derivatives pose to users and to policymakers, discusses the steps that the Federal Reserve has taken or plans to take to meet those challenges, and concludes with the Board's assessment of the need for remedial legislation relating to derivative instruments, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, May 25, 1994.
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330352&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, May 27, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/07//
VL  - 80
IS  - 7
SP  - 606
EP  - 609
SN  - 00149209
N1  - Accession Number: 0330353; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author discusses recent monetary policy and says that the intention of the Federal Reserve is to promote financial conditions under which our economy can grow at its greatest potential, consistent with steady, noninflationary expansion of employment and incomes and that if the Federal Reserve is successful in its current endeavors, there will not be an increase in overall inflation and trends toward price stability will be extended, before the Senate Committee on Banking, Housing, and Urban Affairs, May 27, 1994.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330353&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cummins, Jason C.
AU  - Hassett, Kevin A.
AU  - Hubbard, R. Glenn
T1  - A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1994/06//
IS  - 2
M3  - Article
SP  - 1
EP  - 74
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article focuses on investment behavior using tax reforms as natural experiments. Economists and policymakers have long been interested in measuring the effects of changes in the returns to and costs of business fixed investment. That interest reflects both theoretical and practical concerns which have stimulated a large body of empirical research using aggregate and micro-level data. This literature has reached few unambiguous conclusions. As firm demand for fixed capital is a derived demand, changes in the value of installed capital or in the cost of purchasing or using capital should, all else equal, be fundamental determinants of investing. However, specific applications of this general proposition. including the user cost of capital and q model approaches have not proved empirically successful. By the late 1960s, the neoclassical model developed by researcher Dale Jorgenson and his collaborators had become the standard model for studying investment decisions. The neoclassical approach offers a structural link between tax policy parameters, and the investment tax credit, and investment through the user cost of capital.
KW  - TAX credits
KW  - TAX reform
KW  - TAX expenditures
KW  - CAPITAL investments
KW  - CAPITAL costs
KW  - NEOCLASSICAL school of economics
N1  - Accession Number: 9408180773; Cummins, Jason C. 1; Hassett, Kevin A. 2; Hubbard, R. Glenn 1; Affiliations: 1: Columbia University.; 2: Board of Governors of Federal Reserve System.; Issue Info: 1994, Issue 2, p1; Thesaurus Term: TAX credits; Thesaurus Term: TAX reform; Thesaurus Term: TAX expenditures; Thesaurus Term: CAPITAL investments; Thesaurus Term: CAPITAL costs; Thesaurus Term: NEOCLASSICAL school of economics; Number of Pages: 74p; Illustrations: 5 Charts, 2 Graphs; Document Type: Article; Full Text Word Count: 16346
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9408180773&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Sichel, Daniel E.
T1  - Computers and Output Growth Revisited: How Big Is the Puzzle?
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1994/06//
IS  - 2
M3  - Article
SP  - 273
EP  - 334
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article focuses on computers and output growth. During the past 15 years, U.S. companies have poured billions of dollars into information technology. Yet, through the 1980s, many observers argued that these companies were not getting their moneys worth. More recently, much academic and popular opinion has moved toward the position that, at long last, businesses have learned how to use their computing equipment effectively. Both the puzzle of the 1980s and the recent suggestion that information technology might be driving aggregate productivity stem from a basic premise namely that computing equipment should have had a visible effect on aggregate economic growth. The article begin with Denison-style growth accounting, which identifies the underlying sources of growth, to develop baseline estimates of the contribution of computers to output growth. As so much past research has focused on computer hardware, that is our starting point. The paper then examines whether the assumptions underlying the baseline might lead to an understatement of computers' contribution to growth.
KW  - COMPUTERS
KW  - PRODUCTION (Economic theory)
KW  - INFORMATION technology
KW  - ECONOMIC development
KW  - COMPUTER input-output equipment
KW  - COMPUTER systems
N1  - Accession Number: 9408180777; Oliner, Stephen D. 1; Sichel, Daniel E. 2; Affiliations: 1: Board of Governors of Federal Reserve System.; 2: Brookings Institution.; Issue Info: 1994, Issue 2, p273; Thesaurus Term: COMPUTERS; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: INFORMATION technology; Thesaurus Term: ECONOMIC development; Thesaurus Term: COMPUTER input-output equipment; Thesaurus Term: COMPUTER systems; NAICS/Industry Codes: 334118 Computer Terminal and Other Computer Peripheral Equipment Manufacturing; NAICS/Industry Codes: 334110 Computer and peripheral equipment manufacturing; NAICS/Industry Codes: 334111 Electronic Computer Manufacturing; NAICS/Industry Codes: 417310 Computer, computer peripheral and pre-packaged software merchant wholesalers; NAICS/Industry Codes: 443144 Computer and software stores; NAICS/Industry Codes: 423430 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers; NAICS/Industry Codes: 443142 Electronics Stores; NAICS/Industry Codes: 541512 Computer Systems Design Services; NAICS/Industry Codes: 541514 Computer systems design and related services (except video game design and development); Number of Pages: 62p; Illustrations: 4 Charts, 2 Graphs; Document Type: Article; Full Text Word Count: 17767
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9408180777&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
AU  - Weil, David N.
AD  - Federal Reserve System
AD  - Brown U
T1  - Saving and Growth: A Reinterpretation
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1994/06//
VL  - 40
SP  - 133
EP  - 192
SN  - 01672231
N1  - Accession Number: 0344202; Keywords: Consumption;  Growth;  Households;  Saving; Geographic Descriptors: Selected Countries; U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - The authors examine the relationship between income growth and saving using both cross-country and household data. At the aggregate level, they find that growth Granger causes saving but saving does not Granger cause growth. Using household data, the authors find that households with predictably higher income growth save more than households with predictably low growth. They argue that standard permanent income models of consumption cannot explain these findings but a model of consumption with habit formation may. The positive effect of growth on saving implies that previous estimates of the effect of saving on growth may be overstated.
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344202&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AU  - Reid, Brian K.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/06//
VL  - 80
IS  - 6
SP  - 483
EP  - 507
SN  - 00149209
N1  - Accession Number: 0330346; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330346&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, April 13, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/06//
VL  - 80
IS  - 6
SP  - 511
EP  - 516
SN  - 00149209
N1  - Accession Number: 0330347; Keywords: Bank;  Banking;  Finance;  Financial Markets;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author presents the views of the Board on several topics related to hedge funds and says that the Federal Reserve will continue to work with other U.S. agencies and with foreign central banks to monitor important developments in financial markets and to ensure that it is in a position to react promptly to any problems that might arise, before the House Committee on Banking, Finance and Urban Affairs, April 13, 1994.
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330347&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, April 14, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/06//
VL  - 80
IS  - 6
SP  - 517
EP  - 521
SN  - 00149209
N1  - Accession Number: 0330348; Keywords: Bank;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author discusses the Board's views on H.R.3447, "The Securities Regulatory Equality Act," and says that the Board has several concerns about the approach of H.R.3447, which would prohibit banks from directly conducting most securities activities, because it believes that the prohibitions of H.R.3447 would stifle competition in the marketplace for securities services and significantly increase costs to small banks without improving supervision of their securities activities, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, April 14, 1994.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330348&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McManus, Douglas A.
AU  - Nankervis, John C.
AU  - Savin, N. E.
T1  - Multiple optima and asymptotic approximations in the partial adjustment model.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1994/06//
VL  - 62
IS  - 2
M3  - Article
SP  - 91
EP  - 128
SN  - 03044076
AB  - This paper examines statistical problems which arise in empirical applications of the partial adjustment model with autoregressive errors when the model is nearly nonidentified. The results of Monte Carlo experiments show that the NLS estimation criterion function is multipeaked with high probability when the model is nearly nonidentified. In the cases examined the finite-sample distributions of the NLS estimators and the Wald test statistics are poorly approximated by their asymptotic distributions. The asymptotic approximation works better for the likelihood ratio (LR) test statistics, but still can be unsatisfactory. When the Wald and LR tests are based on bootstrap critical values the size distortions are effectively eliminated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ESTIMATION theory
KW  - ECONOMIC stabilization
KW  - ECONOMETRICS
KW  - MONTE Carlo method
KW  - ASYMPTOTIC theory
KW  - AUTOREGRESSION (Statistics)
KW  - BOOTSTRAPPING (Statistics)
KW  - Bootstrap
KW  - Monte Carlo experiment
KW  - Multiple optima
KW  - Partial adjustment
KW  - Power
KW  - Size
N1  - Accession Number: 11937580; McManus, Douglas A. 1; Nankervis, John C. 2; Savin, N. E. 3; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA.; 2: University of Surrey, Guildford GU2 5XH, UK.; 3: University of Iowa, Iowa City, IA 52242, USA.; Issue Info: Jun94, Vol. 62 Issue 2, p91; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MONTE Carlo method; Subject Term: ASYMPTOTIC theory; Subject Term: AUTOREGRESSION (Statistics); Subject Term: BOOTSTRAPPING (Statistics); Author-Supplied Keyword: Bootstrap; Author-Supplied Keyword: Monte Carlo experiment; Author-Supplied Keyword: Multiple optima; Author-Supplied Keyword: Partial adjustment; Author-Supplied Keyword: Power; Author-Supplied Keyword: Size; Number of Pages: 38p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11937580&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Truman, Edwin M.
AD  - Federal Reserve System
T1  - A retrospective on the Bretton Woods system: Lessons for international monetary reform
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1994/06//
VL  - 32
IS  - 2
SP  - 721
EP  - 723
SN  - 00220515
N1  - Accession Number: 0343830. Author of Reviewed Book: Bordo, Michael D.; Eichengreen, Barry, eds.; Publisher Information: National Bureau of Economic Research Project Report., Chicago and London:, University of Chicago Press, 1993, Reviewed Book ISBN: 0-226-06587-1; Keywords: History; Publication Type: Book Review; Update Code: 199412
KW  - Economic History: Financial Markets and Institutions: General, International, or Comparative          N20
KW  - International Finance: General          F30
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0343830&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Truman, Edwin M.
T1  - A retrospective on the Bretton Woods system: Lessons for international monetary reform.
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1994/06//
VL  - 32
IS  - 2
M3  - Book Review
SP  - 721
EP  - 723
PB  - American Economic Association
SN  - 00220515
AB  - The article reviews the book "A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform," edited by Michael D. Bordo and Barry Eichengreen.
KW  - BRETTON Woods System
KW  - NONFICTION
KW  - BORDO, Michael D.
KW  - EICHENGREEN, Barry
KW  - RETROSPECTIVE on the Bretton Woods System: Lessons for International Monetary Reform, A (Book)
N1  - Accession Number: 9408023932; Truman, Edwin M. 1; Affiliations: 1: Federal Reserve System; Issue Info: Jun94, Vol. 32 Issue 2, p721; Thesaurus Term: BRETTON Woods System; Subject Term: NONFICTION; Reviews & Products: RETROSPECTIVE on the Bretton Woods System: Lessons for International Monetary Reform, A (Book); People: BORDO, Michael D.; People: EICHENGREEN, Barry; Number of Pages: 3p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9408023932&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - Bank Capital, Loan Delinquencies, and Real Estate Lending
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1994/06//
VL  - 3
IS  - 2
SP  - 121
EP  - 146
SN  - 10511377
N1  - Accession Number: 0370119; Keywords: Bank;  Lending;  Real Estate; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/10511377
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0370119&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AD  - Federal Reserve System
T1  - Life Expectancy of International Cartels: An Empirical Analysis
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1994/06//
VL  - 9
IS  - 3
SP  - 331
EP  - 341
SN  - 0889938X
N1  - Accession Number: 0346295; Keywords: Cartel;  Market Structure; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199503
N2  - This paper quantifies the importance of the various determinants of life expectancy for international cartels active throughout this century. I explain cartels' optimal duration as a function of market structure and demand growth and estimate the associated parameters recognizing that durability cannot be negative. According to the results, increases in either market shares or cartel concentration prolong life expectancy. Faster demand growth shortens cartel durability but this effect is not reliable. I also find that growth effects are sensitive to both the period of activity and the country coverage.
KW  - Monopoly; Monopolization Strategies          L12
KW  - Multinational Firms; International Business          F23
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0346295&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mann, Catherine L.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/05//
VL  - 80
IS  - 5
SP  - 365
EP  - 378
SN  - 00149209
N1  - Accession Number: 0330342; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The U.S. current account deficit widened from $66 billion in 1992 to $109 billion in 1993--the largest deficit in six years. This broadest measure of the external deficit worsened largely because U.S. domestic economic activity gained momentum while growth in the major U.S. markets abroad on average was sluggish. All components of the current account either remained constant or deteriorated.
KW  - Empirical Studies of Trade          F14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330342&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance, and Urban Affairs, March 8, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/05//
VL  - 80
IS  - 5
SP  - 385
EP  - 389
SN  - 00149209
N1  - Accession Number: 0330344; Keywords: Bank;  Banking;  Deposit Insurance;  Deposit;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author describes the actions the Board has taken to regulate bank sales of mutual funds and presents the Board's views on what additional regulatory or congressional action is necessary and says that the selling of mutual funds and other investment products in a manner that is not misleading and that provides customers with accurate and complete information is an important element of safe and sound banking that the Board intends to enforce, before the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the House Committee on Banking, Finance and Urban Affairs, March 8, 1994.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330344&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Small Business, March 17, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/05//
VL  - 80
IS  - 5
SP  - 389
EP  - 392
SN  - 00149209
N1  - Accession Number: 0330345; Keywords: Bank Lending;  Bank;  Credit;  Lending;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The author discusses regulatory and other initiatives designed to stimulate bank lending, especially to small businesses, and says that the Federal Reserve recognizes the highly important role that business firms play in the economy and the need to promote the flow of credit to these firms and that it will continue to seek ways, consistent with safety and soundness standards, to achieve this objective, before the House Committee on Small Business, March 17, 1994.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330345&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Labadie, Pamela
AD  - Federal Reserve System
T1  - The Term Structure of Interest Rates over the Business Cycle
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1994/05//May-July 1994
VL  - 18
IS  - 3-4
SP  - 671
EP  - 697
SN  - 01651889
N1  - Accession Number: 0330855; Keywords: Business Cycles;  Cycle;  Interest Rates;  Interest;  Term Structure of Interest Rates;  Yield; Publication Type: Journal Article; Update Code: 199412
N2  - Whether real GNP is assumed to be trend-stationary or difference-stationary, which implies that shocks have transitory or permanent effects, is critically important in explaining the behavior of the forward risk premium, the term risk premium, and changes in the yield curve over the business cycle. While this is the main result, there are two additional results of interest. First, although movements in the nominal yield spread are useful in predicting future economic activity, these movements are not enough to separate real from nominal shocks. The source of the shock can be determined if movements in the spread and shifts in the nominal yield curve are used jointly. Second, the yield differential, which is defined as the difference between the yields on inflation-indexed bonds and nominal bonds, is generally a biased predictor of expected inflation and may signal the wrong information about changes in expected inflation.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330855&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - West, Kenneth D.
AU  - Wilcox, David W.
AD  - U WI
AD  - Federal Reserve System
T1  - Estimation and Inference in the Linear-Quadratic Inventory Model
JO  - Journal of Economic Dynamics and Control
JF  - Journal of Economic Dynamics and Control
Y1  - 1994/05//May-July 1994
VL  - 18
IS  - 3-4
SP  - 897
EP  - 908
SN  - 01651889
N1  - Accession Number: 0330865; Keywords: Inventory; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - We summarize some recent work of ours on estimation and hypothesis testing on the parameters of the linear-quadratic inventory model. For some data-generating processes calibrated to estimates from some existing studies, this work uses (1) asymptotic theory to compare alternative estimators on the basis of the asymptotic efficiency of parameter estimates, (2) asymptotic theory and simulations to consider how likely one will be to get sharp estimates of the parameters of the model, and (3) simulations to see how accurately sized are hypothesis tests about the parameters of the model.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.sciencedirect.com/science/journal/01651889
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330865&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651889
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gertler, Mark
AU  - Gilchrist, Simon
AD  - NYU and NBER
AD  - Federal Reserve System
T1  - Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1994/05//
VL  - 109
IS  - 2
SP  - 309
EP  - 340
SN  - 00335533
N1  - Accession Number: 0331774; Keywords: Firm;  Firms;  Manufacturing;  Monetary;  Small Firm; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - The authors analyze the response of small versus large manufacturing firms to monetary policy. The goal is to obtain evidence on the importance of financial propagation mechanisms for aggregate activity. The authors find that small firms account for a significantly disproportionate share of the manufacturing decline that follows tightening of monetary policy. They play a surprisingly prominent role in the slowdown of inventory demand. Large firms initially borrow to accumulate inventories. After a brief period, small firms quickly shed inventories. The authors attempt to sort financial from nonfinancial explanations with evidence on asymmetries and on balance sheet effects on inventory demand across size classes.
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Industry Studies: Manufacturing: General          L60
KW  - Central Banks and Their Policies          E58
L3  - http://qje.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0331774&site=ehost-live&scope=site
UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fallick, Bruce Chelimsky
AD  - Federal Reserve System
T1  - The Endogeneity of Advance Notice and Fear of Destructive Attrition
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1994/05//
VL  - 76
IS  - 2
SP  - 378
EP  - 384
SN  - 00346535
N1  - Accession Number: 0346272; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - This study simultaneously estimates the likelihoods that a worker receives advance notice of a plant closing and that a notified worker quits the job before its scheduled end. The author finds that fear of early attrition is a significant determinant of a firm's decision to provide advance notice. Explicit consideration of employer's concerns may significantly improve prediction of advance notice.
KW  - Unemployment Insurance; Severance Pay; Plant Closings          J65
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0346272&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Knudson, Scott E.
AU  - Walton, Jack K., II
AU  - Young, Florence M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Business-to-Business Payments and the Role of Financial Electronic Data Interchange
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/04//
VL  - 80
IS  - 4
SP  - 269
EP  - 278
SN  - 00149209
N1  - Accession Number: 0326085; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - Today, the majority of businesses pay their suppliers and service providers with paper checks despite business managers' emphasis on improving productivity through automation. Moreover, electronic data interchange (EDI) now permits businesses to send business information to other businesses electronically, and financial electronic data interchange (financial EDI) permits businesses to send payments with remittance data electronically through the banking system to pay suppliers and service providers. This article examines the ways business-to-business payments are made today and describes the methods for making financial EDI payments. It also explores the reasons that businesses have chosen to use various payment instruments, the benefits of financial EDI, and the impediments to its use.
KW  - Business Economics          M21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326085&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions, Supervision, Regulation, and Deposit Insurance of the Committee on Banking, Finance and Urban Affairs, February 1, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/04//
VL  - 80
IS  - 4
SP  - 285
EP  - 286
SN  - 00149209
N1  - Accession Number: 0326087; Keywords: Banking;  Deposit Insurance;  Federal Reserve Board;  Finance;  Financial Institutions;  Financial Markets;  Financial Services;  Policy;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report presents the views of the Federal Reserve Board on the proposed legislation on Fair Trade in Financial Services (H.R.3248) and states that the Federal Reserve opposes this legislation because it believes that the policy of national treatment has served the country well and because the upcoming negotiations of the Uruguay Round are the best hope for achieving further progress in opening foreign financial markets for U.S. financial firms.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326087&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance and Urban Affairs, February 1, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/04//
VL  - 80
IS  - 4
SP  - 286
EP  - 291
SN  - 00149209
N1  - Accession Number: 0326088; Keywords: Banking;  Finance;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report discusses Community Reinvestment Act (CRA) reform and states that the Federal Reserve has been highly aggressive in its approach to proposing comprehensive regulatory reform of the CRA and that it has attempted to balance the competing concerns of providing greater specificity on what is expected on the one hand without dictating credit decisions on the other.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326088&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, February 8, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/04//
VL  - 80
IS  - 4
SP  - 291
EP  - 295
SN  - 00149209
N1  - Accession Number: 0326089; Keywords: Banking;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report reviews the efforts to reform the CRA by amending the regulations of the federal financial institution regulatory agencies and states that the Federal Reserve developed proposed changes to its CRA regulations in conjunction with the other agencies and that the author is paying particular attention to comments about the details of implementation and unintended consequences from how the proposal will work in practice.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326089&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs, February 22, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/04//
VL  - 80
IS  - 4
SP  - 301
EP  - 306
SN  - 00149209
N1  - Accession Number: 0326090; Keywords: Monetary;  Open Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report presents the Federal Reserve's semiannual monetary policy report to the Congress, and states that the performance of the U.S. economy has improved appreciably and that the projections of the Federal Open Market Committee members suggest a continuation of good economic performance in 1994, with reasonable growth and subdued inflation, although there are considerable risks to this generally favorable outlook.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326090&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
T1  - Employment effects of minimum and subminimum wages: Reply to Card, Katz and Krueger.
JO  - ILR Review
JF  - ILR Review
Y1  - 1994/04//
VL  - 47
IS  - 3
M3  - Article
SP  - 497
PB  - Sage Publications Inc.
SN  - 00197939
AB  - In this article the authors reply back to the comments made on their article by the economists David Card, Lawrence F. Katz and Alan B. Krueger (CKK). The first question CKK raise regarding the enrollment rate is whether it should be included in the employment equation. CKK argue that the authors are estimating an employment demand equation, and that it is far from clear that supply-side variables, such as the enrollment rate, belong in this equation. CKK also object to the enrollment variable that the authors use, on the grounds that it measures the proportion of persons who are both enrolled in school and not employed, and they suggest an alternative definition of the enrollment rate that would not preclude joint enrollment and employment. CKK present two arguments suggesting that the authors definition of enrollment as excluding employment is inappropriate. Although CKK's characterization of enrollment variable appears to be incorrect, the authors are, as in original paper, interested in exploring the range of estimated minimum wage effects that can be obtained under plausible alternative specifications. In this connection, CKK's criticism of enrollment rate highlights another specification issue that ought to be thrown into the ring.
KW  - MINIMUM wage
KW  - EMPLOYMENT (Economic theory)
KW  - EQUILIBRIUM (Economics)
KW  - DEMAND (Economic theory)
KW  - MARKETS
KW  - REAL wages
N1  - Accession Number: 9406031649; Neumark, David 1,2; Wascher, William 3; Affiliations: 1: Assistant Professor, University of Pennsylvania.; 2: Faculty Research Fellow, NBER.; 3: Senior Economist, Board of Governors, Federal Reserve System.; Issue Info: Apr94, Vol. 47 Issue 3, p497; Thesaurus Term: MINIMUM wage; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: MARKETS; Thesaurus Term: REAL wages; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 16p; Illustrations: 7 Charts; Document Type: Article; Full Text Word Count: 10287
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9406031649&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - U PA and NBER
AD  - Federal Reserve System
T1  - Employment Effects of Minimum and Subminimum Wages: Panel Data on State Minimum Wage Laws: Reply
JO  - Industrial and Labor Relations Review
JF  - Industrial and Labor Relations Review
Y1  - 1994/04//
VL  - 47
IS  - 3
SP  - 497
EP  - 512
SN  - 00197939
N1  - Accession Number: 0330521; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
KW  - Labor Demand          J23
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
L3  - http://digitalcommons.ilr.cornell.edu/ilrreview/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330521&site=ehost-live&scope=site
UR  - http://digitalcommons.ilr.cornell.edu/ilrreview/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Montgomery, Edward B.
AU  - Stockton, David J.
AD  - U MD
AD  - Federal Reserve System
T1  - Evidence on the Causes of the Rising Dispersion of Relative Wages
JO  - Industrial Relations
JF  - Industrial Relations
Y1  - 1994/04//
VL  - 33
IS  - 2
SP  - 206
EP  - 228
SN  - 00198676
N1  - Accession Number: 0330525; Keywords: Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - In this paper, a neoclassical model of interindustry wage dispersion is derived and used to examine explicitly the fundamental role of microeconomic variables in determining relative wage movements. The empirical results demonstrate that the variance of labor quality and capital intensities across sectors are the primary determinants of the movement of the dispersion of relative wages within the manufacturing sector in the postwar period. Although the relative wage structure exhibits some response to unemployment, it is not sensitive to changes in inflation. The macro variables were also of limited quantitative importance in explaining changes in the relative wage structure.
KW  - Wage Level and Structure; Wage Differentials          J31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-232X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0330525&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-232X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fenn, George W.
AU  - Cole, Rebel A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Announcements of Asset-Quality Problems and Contagion Effects in the Life Insurance Industry
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1994/04//
VL  - 35
IS  - 2
SP  - 181
EP  - 198
SN  - 0304405X
N1  - Accession Number: 0326715; Keywords: Insurance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - The authors investigate contagion effects in the stock returns of life insurance companies at the time of announcements by First Executive and Travelers of significant problems in their investment portfolios. They first demonstrate that investments in junk bonds or commercial mortgages are important for the shareholder wealth effects of other life insurance companies. The authors then directly link the shareholder wealth effects to characteristics of firms' customers. Their evidence shows that effects on shareholder wealth are larger for companies with significant junk bond/commercial mortgage assets and readily mobile customers as represented by guaranteed investment contracts.
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.sciencedirect.com/science/journal/0304405X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326715&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fergus, James T.
AU  - Goodman, John L., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The 1989-92 Credit Crunch for Real Estate: A Retrospective
JO  - American Real Estate and Urban Economics Association Journal
JF  - American Real Estate and Urban Economics Association Journal
Y1  - 1994///Spring
VL  - 22
IS  - 1
SP  - 5
EP  - 32
SN  - 0092914X
N1  - Accession Number: 0325426; Keywords: Construction;  Credit Crunch;  Credit;  Lending;  Mortgage;  Real Estate;  Residential; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This study surveys a broad range of information to establish the degree to which real estate lending and construction activity decreased in the 1989-92 period owing to a "credit crunch." It reviews the conditions that led up to the contraction in mortgage lending and construction and then documents the extent to which the evidence is consistent with a credit crunch in lending for residential and nonresidential construction, permanent financing of income properties, and residential mortgage lending. Also, this study weighs the relative importance of the credit crunch and other factors that contributed to the falloff in real estate lending and contrasts the recent period with earlier credit crunch episodes.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Construction          L74
KW  - Housing Supply and Markets          R31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325426&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - Bank Capital and the Credit Crunch: The Roles of Risk-Weighted and Unweighted Capital Regulations
JO  - American Real Estate and Urban Economics Association Journal
JF  - American Real Estate and Urban Economics Association Journal
Y1  - 1994///Spring
VL  - 22
IS  - 1
SP  - 59
EP  - 94
SN  - 0092914X
N1  - Accession Number: 0325428; Keywords: Bank;  Credit Crunch;  Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325428&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - McKenzie, Joseph A.
AD  - Federal Reserve System
AD  - Federal Housing Finance Board
T1  - Thrift Asset-Class Returns and the Efficient Diversification of Thrift Institution Portfolios
JO  - American Real Estate and Urban Economics Association Journal
JF  - American Real Estate and Urban Economics Association Journal
Y1  - 1994///Spring
VL  - 22
IS  - 1
SP  - 95
EP  - 116
SN  - 0092914X
N1  - Accession Number: 0325429; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325429&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reifschneider, David
AD  - Federal Reserve System
T1  - The Macroeconomic Consequences of Federal Borrowing and Deficit Reduction
JO  - Economic and Financial Review
JF  - Economic and Financial Review
Y1  - 1994///Spring
VL  - 1
IS  - 1
SP  - 23
EP  - 56
SN  - 13513621
N1  - Accession Number: 0422071; Keywords: Deficit;  Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199707
KW  - Fiscal Policy          E62
L3  - http://www.eefclondon.org/pubs/efr.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0422071&site=ehost-live&scope=site
UR  - http://www.eefclondon.org/pubs/efr.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Raddock, Richard D.
AD  - Federal Reserve System
T1  - Industrial Production and Capacity Utilization since 1990: A Revision
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/03//
VL  - 80
IS  - 3
SP  - 220
EP  - 226
SN  - 00149209
N1  - Accession Number: 0326083; Keywords: Capacity;  Industrial Capacity;  Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - The Federal Reserve's index of industrial production and the related measures of capacity and capacity utilization have been revised. The effect on total production was very small. Growth of total industrial capacity is estimated to have been about a quarter of a percent per year higher in 1992 and 1993 than previously reported. As a result, the rate of capacity utilization for the fourth quarter of 1993 has been revised down more than half a percentage point.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Industry Studies: Manufacturing: General          L60
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, January 31, 1994
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/03//
VL  - 80
IS  - 3
SP  - 230
EP  - 233
SN  - 00149209
N1  - Accession Number: 0326084; Keywords: Interest Rates;  Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report identifies the broad considerations that will likely shape the policy decisions of the Board in the weeks and months ahead and states that the foundations of the economic expansion are looking increasingly well entrenched but that short-term interest rates are abnormally low in real terms and will have to be moved to a more neutral stance.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Crabbe, Leland
AU  - Post, Mitchell A.
T1  - The Effect of a Rating Downgrade on Outstanding Commercial Paper.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1994/03//
VL  - 49
IS  - 1
M3  - Article
SP  - 39
EP  - 56
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Diamond (1991) argues that a firm's reputation determines whether it borrows directly or through an intermediary. We test the Diamond model by examining the quantity response of commercial paper issued by bank holding companies to a rating downgrade. From 1986 to 1991, cumulative abnormal declines averaged 6.69 percent in the first two weeks after the downgrade and 11.05 percent in the subsequent 12 weeks. In contrast to commercial paper issued by bank holding companies, large CDs issued by affiliated banks did not change significantly in the period around a downgrade, suggesting that deposit insurance may have removed market discipline from the CD market. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SHORT-term business financing
KW  - COMMERCIAL paper issues
KW  - CREDIT ratings
KW  - CERTIFICATES of deposit
KW  - INTERMEDIATION (Finance)
KW  - BANK holding companies
KW  - CAPITAL structure
KW  - COMMERCIAL credit
KW  - SHORT-term debt
KW  - REPUTATION (Sociology)
N1  - Accession Number: 9501110590; Crabbe, Leland 1; Post, Mitchell A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics; Issue Info: Mar1994, Vol. 49 Issue 1, p39; Thesaurus Term: SHORT-term business financing; Thesaurus Term: COMMERCIAL paper issues; Thesaurus Term: CREDIT ratings; Thesaurus Term: CERTIFICATES of deposit; Thesaurus Term: INTERMEDIATION (Finance); Thesaurus Term: BANK holding companies; Thesaurus Term: CAPITAL structure; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: SHORT-term debt; Subject Term: REPUTATION (Sociology); NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 18p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fergus, James T.
AU  - Goodman Jr., John L.
T1  - The 1989-92 Credit Crunch for Real Estate: A Retrospective.
JO  - Journal of the American Real Estate & Urban Economics Association
JF  - Journal of the American Real Estate & Urban Economics Association
Y1  - 1994///Spring94
VL  - 22
IS  - 1
M3  - Article
SP  - 5
EP  - 32
PB  - Wiley-Blackwell
SN  - 10678433
AB  - This study surveys a broad range of information to establish the degree to which real estate lending and construction activity decreased in the 1989–92 period owing to a ‘credit crunch.’ It reviews the conditions that led up to the contraction in mortgage lending and construction and then documents the extent to which the evidence is consistent with a credit crunch in lending for residential and nonresidential construction, permanent financing of income properties, and residential mortgage lending. Also, this study weighs the relative importance of the credit crunch and other factors that contributed to the falloff in real estate lending and contrasts the recent period with earlier credit crunch episodes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - REAL property
KW  - HOME ownership
KW  - MORTGAGE loans
KW  - BANK loans
KW  - HOUSING -- Finance
KW  - BUSINESS cycles
KW  - BUSINESS forecasting
N1  - Accession Number: 9502031971; Fergus, James T. 1; Goodman Jr., John L. 1; Affiliations: 1: Division of Research and Statistics. Board of Governors of the Federal Reserve System, Washington. D.C. 20551; Issue Info: Spring94, Vol. 22 Issue 1, p5; Thesaurus Term: REAL property; Thesaurus Term: HOME ownership; Thesaurus Term: MORTGAGE loans; Thesaurus Term: BANK loans; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: BUSINESS cycles; Thesaurus Term: BUSINESS forecasting; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 28p; Illustrations: 6 Charts, 8 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
T1  - Bank Capital and the Credit Crunch: The Roles of Risk-Weighted and Unweighted Capital Regulations.
JO  - Journal of the American Real Estate & Urban Economics Association
JF  - Journal of the American Real Estate & Urban Economics Association
Y1  - 1994///Spring94
VL  - 22
IS  - 1
M3  - Article
SP  - 59
EP  - 94
PB  - Wiley-Blackwell
SN  - 10678433
AB  - We investigated whether in recent years banks have increased their holdings of securities at the expense of their holdings of business loans in response to shortfalls of their capital relative lo risk-weighted capital standards and relative to a capital standard that made no explicit allowance for credit risk. We estimated that bank credit fell by about $4.50 for each $1 that a bank's capital fell short of the unweighted capital standard. Banks that had less capital than required by the risk-weighted standard appear to have shifted away from assets with low risk weights (securities and single-family mortgages) and to have shifted toward assets with higher risk weights (commercial real estate and commercial and industrial loans). When we included both shortfall variables in a regression, shortfalls relative lo the unweighted capital standard significantly affected bank credit, while shortfalls of capital relative lo the risk-weighted standard did not. We found no significant effects of capital shortfalls at other, local-competitor banks on bank portfolios. Delinquencies in a given category of a bank's loans generally had significantly negative effects on that bank's holdings of loans in that category. In contrast, banks tended to increase holdings of loans in categories in which local-competitor banks were experiencing higher delinquency rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL investments
KW  - BANK capital
KW  - MORTGAGES
KW  - MORTGAGE banks
KW  - HOUSING -- Finance
KW  - BANK loans
KW  - BANKING industry
N1  - Accession Number: 9502031975; Hancock, Diana 1; Wilcox, James A. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Mail Stop 188, Washington, D.C. 20551; 2: University of California-Berkeley, Berkeley, California 94720; Issue Info: Spring94, Vol. 22 Issue 1, p59; Thesaurus Term: CAPITAL investments; Thesaurus Term: BANK capital; Thesaurus Term: MORTGAGES; Thesaurus Term: MORTGAGE banks; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: BANK loans; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 36p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - McKenzie, Joseph A.
T1  - Thrift Asset-Class Returns and the Efficient Diversification of Thrift Institution Portfolios.
JO  - Journal of the American Real Estate & Urban Economics Association
JF  - Journal of the American Real Estate & Urban Economics Association
Y1  - 1994///Spring94
VL  - 22
IS  - 1
M3  - Article
SP  - 95
EP  - 116
PB  - Wiley-Blackwell
SN  - 10678433
AB  - We estimate quarterly return series from March 1984 through December 1989 for 10 classes of thrift assets using the statistical cost-accounting methodology of Hester and Zoellner (1966). We then use these return series to estimate mean-variance efficient frontiers for all thrifts, for thrifts that were well capitalized two years earlier and for thrifts that were insolvent two years earlier. Our results show that neither the asset restrictions existing before nor those in effect after passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 would have prevented thrifts from reaching most of the portfolios along the efficient frontier. The actual portfolio chosen by well-capitalized thrifts is close to the estimated efficient frontier, while the actual portfolio chosen by insolvent thrifts is located far from the frontier in the high-risk end of investment space. These findings, coupled with the high proportion of nontraditional assets in the actual portfolio chosen by insolvent thrifts, support the hypothesis that moral hazard induced thrifts to take on investments that were excessively risky from the deposit insurer's point of view. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - ASSETS (Accounting)
KW  - ACCOUNTS receivable
KW  - FINANCIAL institutions
KW  - BANKING industry
KW  - THRIFT institutions
N1  - Accession Number: 9502031976; Cole, Rebel A. 1; McKenzie, Joseph A. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; 2: Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006; Issue Info: Spring94, Vol. 22 Issue 1, p95; Thesaurus Term: SAVING & investment; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: ACCOUNTS receivable; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: BANKING industry; Thesaurus Term: THRIFT institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Illustrations: 4 Charts, 3 Cartoon or Caricatures; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Passmore, Wayne
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Residential Lending to Low-Income and Minority Families: Evidence from the 1992 HMDA Data
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/02//
VL  - 80
IS  - 2
SP  - 79
EP  - 108
SN  - 00149209
N1  - Accession Number: 0326081; Keywords: Homes; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - In recent years, the access of lower-income and minority households to mortgage credit has drawn considerable attention, as more information about mortgage lending has become available under the Home Mortgage Disclosure Act (HMDA). This article uses the HMDA data to analyze patterns of loan applications and their disposition by the income, race, or ethnicity of the applicant and by the location of the property pertaining to the loan. It also examines lending in different types of neighborhoods, including those in central city and in noncentral city locations, and describes the role of mortgage originators and of institutions that purchase mortgages. Finally, it reviews the use of HMDA data to monitor the way institutions comply with laws pertaining to fair lending, community reinvestment, and affordable housing.
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand          R21
KW  - Production Analysis and Firm Location: Government Policy          R38
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattingly, J. Virgil
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, December 9, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/02//
VL  - 80
IS  - 2
SP  - 114
EP  - 117
SN  - 00149209
N1  - Accession Number: 0326082; Keywords: Bank;  Banking;  Credit;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - In this report, testimony is given in connection with the hearing into requests that Sheikh Zayed al-Nahyan and two of his adult sons be granted head-of-state immunity in connection with pending civil litigation relating to the acquisition of the First American banking organization by the Bank of Credit and Commerce International, S.A. (BCCI) and briefly summarizes the BCCI matter and the Board's enforcement actions relating to it.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Krane, Spencer D.
AD  - Federal Reserve System
T1  - The Distinction between Inventory Holding and Stockout Costs: Implications for Target Inventories, Asymmetric Adjustment, and the Effect of Aggregation on Production Smoothing
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1994/02//
VL  - 35
IS  - 1
SP  - 117
EP  - 136
SN  - 00206598
N1  - Accession Number: 0326240; Keywords: Firm;  Firms;  Inventory;  Production Smoothing;  Production; Publication Type: Journal Article; Update Code: 199409
N2  - This paper shows that differences between the costs of holding inventories and the costs of incurring stockouts provide a convenient theoretical distinction between production-to-stock and production-to-order industries. Furthermore, differences in holding and stockout costs can cause a firm to replenish inventories following a positive demand surprise at a different speed than it reduces stocks following unexpectedly low sales. This asymmetric adjustment lessens the tendency for firm-specific production shocks to cancel out in aggregation and can cause industry output to be more variable than industry sales even when representative firms exhibit production smoothing behavior.
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
KW  - Capital; Investment; Capacity          E22
KW  - Macroeconomics: Production          E23
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
AD  - Federal Reserve System
T1  - Markups, Quantity Risk, and Bidding Strategies at Treasury Coupon Auctions
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1994/02//
VL  - 35
IS  - 1
SP  - 43
EP  - 62
SN  - 0304405X
N1  - Accession Number: 0326710; Keywords: Auctions;  Bid;  Bidding; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This study uses intraday when-issued rate quotes to examine the rewards and risks of the Treasury coupon auctions for bidders who face different trade-offs between the winner's curse and quantity risk. The data indicate that markups of auction average rates over bid when-issued rates at auction times average $72 basis point. The author also finds that when-issued rates react as strongly to bidding aggressiveness at auctions before the auction results are announced as they do afterward, and that quantity risk is as important as the winner's curse.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Auctions          D44
L3  - http://www.sciencedirect.com/science/journal/0304405X
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - Markups, quantity risk, and bidding strategies at strategies coupon auctions.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1994/02//
VL  - 35
IS  - 1
M3  - Article
SP  - 43
EP  - 62
SN  - 0304405X
AB  - This study uses intraday when-issued rate quotes to examine the rewards and risks of the Treasury coupon auctions for bidders who face different tradeoffs between the winner's curse and quantity risk. The data indicate that markups of auction average rates over bid when-issued rates at auction times average ⅜ basis point. I also find that when-issued rates react as strongly to bidding aggressiveness at auctions before the auction results are announced as they do afterward, and that quantity risk is as important as the winner's curse. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TREASURY bills
KW  - AUCTIONS
KW  - GOVERNMENT securities
KW  - BIDDERS
KW  - MARKUP
KW  - RISK assessment
KW  - Treasury auctions
N1  - Accession Number: 12249435; Simon, David P. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Feb94, Vol. 35 Issue 1, p43; Thesaurus Term: TREASURY bills; Thesaurus Term: AUCTIONS; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: BIDDERS; Thesaurus Term: MARKUP; Thesaurus Term: RISK assessment; Author-Supplied Keyword: Treasury auctions; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AU  - Eisenbeis, Robert A.
AU  - McKenzie, Joseph A.
AD  - Federal Reserve System
AD  - U NC
AD  - Federal Housing Finance Board
T1  - Asymmetric-Information and Principal-Agent Problems as Sources of Value in FSLIC-Assisted Acquisitions of Insolvent Thrifts
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1994/02//
VL  - 8
IS  - 1
SP  - 5
EP  - 28
SN  - 09208550
N1  - Accession Number: 0326738; Keywords: Acquisition;  Acquisitions;  FSLIC;  Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://link.springer.com/journal/volumesAndIssues/10693
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UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
T1  - HOW DOES FUTURE INCOME AFFECT CURRENT CONSUMPTION?
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1994/02//
VL  - 109
IS  - 1
M3  - Article
SP  - 111
EP  - 147
SN  - 00335533
AB  - This paper tests a straightforward implication of the basic Life Cycle model of consumption: that current consumption depends on expected lifetime income. The paper projects future income for a panel of households and finds that consumption is closely related to projected current income, but unrelated to predictable changes in income. However, future income uncertainty has an important effect: consumers facing greater income uncertainty consume less. The results are consistent with "buffer-stock" models of consumption like those of Deaton [1991] or Carroll [1992a, 1992b], where precautionary motives greatly reduce the willingness of prudent consumers to consume out of uncertain future income. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - DEMAND (Economic theory)
KW  - INCOME
KW  - CONSUMERS
KW  - BUFFER stocks
KW  - UNCERTAINTY
KW  - INCOME LEVELS
KW  - LIFETIME INCOME
N1  - Accession Number: 9411075814; Carroll, Christopher D. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Feb94, Vol. 109 Issue 1, p111; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: INCOME; Thesaurus Term: CONSUMERS; Thesaurus Term: BUFFER stocks; Subject Term: UNCERTAINTY; Author-Supplied Keyword: INCOME LEVELS; Author-Supplied Keyword: LIFETIME INCOME; Number of Pages: 37p; Illustrations: 9 Charts, 4 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Roberts, John M.
AU  - Stockton, David J.
AU  - Struckmeyer, Charles S.
T1  - Evidence on the Flexibility of Prices.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1994/02//
VL  - 76
IS  - 1
M3  - Article
SP  - 142
PB  - MIT Press
SN  - 00346535
AB  - We consider two competing theories that provide potentially important explanations of price rigidity. The first theory argues that prices are sticky at the aggregate level because of the cumulative effects of relatively short adjustment lags at the firm level. In contrast, the second theory argues that aggregate prices are slow to adjust because individual prices are slow to adjust. We estimate a structural model in which imperfectly competitive firms set prices in order to maximize profits subject to quadratic costs of price adjustment. The results suggest that to the extent that aggregate price rigidity exists, it can be explained by sluggishness of individual price adjustment. However, prices at both the aggregate and individual level are found to adjust rapidly to nominal cost innovations. <BR> Our results indicated little difference in the speed of price adjustment at the total manufacturing and two-digit industry levels, which suggests that price rigidity for total manufacturing largely can be accounted for by the sluggish adjustment of individual prices. We take this as suggestive that the cumulation hypothesis is not an empirically important factor explaining aggregate price stickiness. More generally, the rapidity of price adjustment in these models suggests to us that the sources of aggregate price rigidity are not to be found in the goods market. Rather, it is our view that research efforts should be refocused toward real and nominal rigidities outside of the goods market if we are to gain a better understanding of the sources of aggregate price rigidity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - PRICING
KW  - MANUFACTURING industries
KW  - BUSINESS enterprises
KW  - PROFIT
KW  - COST
KW  - MARKETS
KW  - HYPOTHESIS
KW  - UNITED States
N1  - Accession Number: 5699426; Roberts, John M. 1; Stockton, David J. 1; Struckmeyer, Charles S. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Feb94, Vol. 76 Issue 1, p142; Thesaurus Term: PRICES; Thesaurus Term: PRICING; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: PROFIT; Thesaurus Term: COST; Thesaurus Term: MARKETS; Subject Term: HYPOTHESIS; Subject: UNITED States; Number of Pages: 9p; Illustrations: 3 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5699426&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
A2  - de Beaufort Wijnholds, J. Onno
A2  - Eijffinger, Sylvester C. W.
A2  - Hoogduin, Lex H.
T1  - A Framework for Monetary Stability--A Policy Maker's Perspective
T2  - A framework for monetary stability: Papers and proceedings of an international conference organised by De Nederlandsche Bank and the Center for Economic Research at Amsterdam
PB  - Financial and Monetary Policy Studies, vol. 27.
PB  - Dordrecht and Boston:
PB  - Kluwer Academic
Y1  - 1994///
SP  - 5
EP  - 15
N1  - Accession Number: 0417371; Reviewed Book ISBN: 0-7923-2667-9; Keywords: Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0417371&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - Measurement Error in the Capital Stock and Its Effect on the Investment Function
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1994/01//
VL  - 26
IS  - 1
SP  - 21
EP  - 26
SN  - 00036846
N1  - Accession Number: 0325470; Keywords: Capital;  Investment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
KW  - Capital; Investment; Capacity          E22
L3  - http://www.tandfonline.com/loi/raec20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325470&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/raec20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engen, Eric M.
AU  - Gale, William G.
AU  - Scholz, John Karl
AD  - Federal Reserve System
AD  - Brookings Institution
AD  - U WI
T1  - Do Saving Incentives Work?
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1994///
IS  - 1
SP  - 85
EP  - 151
SN  - 00072303
N1  - Accession Number: 0262109; Keywords: Life Cycle;  Saving; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199711
N2  - This paper examines the effects of tax-preferred saving incentive plans on private and national saving. Several empirical tests suggest that only a small proportion of contributions to saving incentive plans have represented increases in private saving. Coupled with the revenue losses created by tax-deductible contributions, the authors' results indicate that saving incentives have not appreciably increased and may have reduced national saving. Results from a stochastic life-cycle simulation model are consistent with the empirical findings for short and medium terms (0-30 years), but suggest that over longer horizons, saving incentives can raise the national saving rate.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0262109&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AU  - Zervos, David
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Optimal Consumption Dynamics with Non-concave Habit-Forming Utility
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1994///
VL  - 44
IS  - 1-2
SP  - 67
EP  - 72
SN  - 01651765
N1  - Accession Number: 0329983; Keywords: Habit Formation;  Preference;  Utility; Publication Type: Journal Article; Update Code: 199412
N2  - We study the dynamics of optimal consumption when preferences exhibit habit formation without imposing global concavity conditions on utility. We provide a complete characterization of the dynamics despite possible multiplicities in optimal policies and steady states.
KW  - Intertemporal Household Choice; Life Cycle Models and Saving          D91
KW  - Consumer Economics: Theory          D11
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0329983&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennedy, James E.
AD  - Federal Reserve System
T1  - The Information in Diffusion Indexes for Forecasting Related Economic Aggregates
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1994///
VL  - 44
IS  - 1-2
SP  - 113
EP  - 117
SN  - 01651765
N1  - Accession Number: 0329992; Keywords: Forecast;  Forecasting;  Forecasts; Publication Type: Journal Article; Update Code: 199412
N2  - Time-series techniques are used to assess whether diffusion indexes add unique information to forecasts of some key economic variables. The results indicate that diffusion indexes for industrial production and employment add significantly to the explanation of related aggregates.
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
KW  - Forecasting Models; Simulation Methods          C53
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0329992&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Krishna, Kala
AU  - Hogan, Kathleen
AU  - Swagel, Phillip
AD  - PA State U and NBER
AD  - Oracle Corporation
AD  - Federal Reserve System
A2  - Krugman, Paul
A2  - Smith, Alasdair
T1  - The Nonoptimality of Optimal Trade Policies: The U.S. Automobile Industry Revisited, 1979-1985
T2  - Empirical studies of strategic trade policy
PB  - A National Bureau of Economic Research Project Report.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1994///
SP  - 11
EP  - 37
N1  - Accession Number: 0419816; Reviewed Book ISBN: 0-226-45460-6; Keywords: Automobile;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Automobiles; Other Transportation Equipment          L62
KW  - Trade Policy; International Trade Organizations          F13
KW  - Empirical Studies of Trade          F14
KW  - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation          F12
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0419816&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bull, Nicholas
AU  - Hassett, Kevin A.
AU  - Metcalf, Gilbert E.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Tufts U and NBER
T1  - Who Pays Broad-Based Energy Taxes? Computing Lifetime and Regional Incidence
JO  - Energy Journal
JF  - Energy Journal
Y1  - 1994///
VL  - 15
IS  - 3
SP  - 145
EP  - 164
SN  - 01956574
N1  - Accession Number: 0344702; Keywords: Energy;  Incidence;  Tax;  Taxes; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503
N2  - This paper measures the incidence of energy taxes using a lifetime framework to study both a BTU tax and a carbon tax. It takes into account two key facts. First, because energy taxes have different incidence effects across the life cycle, it is important to measure the burden of taxes in terms of lifetime incidence, not just their burden in a given year. To take account of lifetime incidence, we introduce an estimation methodology for lifetime-correction as well as showing current consumption measures. Second, energy taxes have a total effect that combines both direct and indirect effects: in addition to directly increasing the price of energy goods, energy taxes also indirectly increase the price of all other goods in proportion to the energy used to produce them. We provide incidence estimates by income group and by geographical region.
KW  - Energy: Government Policy          Q48
KW  - Taxation and Subsidies: Incidence          H22
L3  - http://www.iaee.org/en/publications/journal.aspx
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0344702&site=ehost-live&scope=site
UR  - http://www.iaee.org/en/publications/journal.aspx
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, November 4, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/01//
VL  - 80
IS  - 1
SP  - 10
EP  - 19
SN  - 00149209
N1  - Accession Number: 0326079; Keywords: Banking;  Lending;  Mortgage;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report presents the results of the 1992 Home Mortgage Disclosure Act (HMDA) data and states that the HMDA data provide a starting point for in-depth analyses of the mortgage lending practices of individual institutions and that the Federal Reserve is engaged in an aggressive effort in its fair lending examinations to identify any violations of the fair lending laws for corrective action.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326079&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on International Development, Finance, Trade and Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, November 9, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1994/01//
VL  - 80
IS  - 1
SP  - 19
EP  - 22
SN  - 00149209
N1  - Accession Number: 0326080; Keywords: Banking;  Finance;  Financial Services;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This report presents the views of the Board on the proposed legislation on Fair Trade in Financial Services (H.R.3248) and states that the legislation would change two fundamental principles in U.S. policy toward participation by foreign financial firms in U.S. markets--national treatment and grandfather rights for existing foreign banking operations--and states that both of these principles are worth preserving.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326080&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Fuhrer, Jeffrey C.
T1  - Monetary Aggregates Targeting in a Low-Inflation Economy: Discussion
T2  - Goals, guidelines, and constraints facing monetary policymakers: Proceedings of a conference held at North Falmouth, Massachusetts, June 1994
PB  - Conference Series, no. 38.
PB  - Boston:
PB  - Federal Reserve Bank of Boston
Y1  - 1994///
SP  - 130
EP  - 135
N1  - Accession Number: 0418348; Keywords: Inflation;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0418348&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mann, Catherine
AD  - Federal Reserve System
A2  - Lowe, Philip
A2  - Dwyer, Jacqueline
T1  - Internationalisation, Firm Conduct and Productivity: Discussion
T2  - International integration of the Australian economy: Proceedings of a conference held at the H. C. Coombs Centre for Financial Studies, Kirribilli on 11/12 July 1994
PB  - Sydney:
PB  - Reserve Bank of Australia, Economic Group
Y1  - 1994///
SP  - 106
EP  - 108
N1  - Accession Number: 0420155; Reviewed Book ISBN: 0-642-21283-X; ; Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Collective Volume Article; Update Code: 199707
KW  - International Investment; Long-term Capital Movements          F21
KW  - Empirical Studies of Trade          F14
KW  - Multinational Firms; International Business          F23
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0420155&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
AD  - Federal Reserve System
T1  - Further Evidence on Segmentation in the Treasury Bill Market
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1994/01//
VL  - 18
IS  - 1
SP  - 139
EP  - 151
SN  - 03784266
N1  - Accession Number: 0326392; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - This paper shows that differences in supplies of 13- and 12-week Treasury bills have statistically significant and economically meaningful effects on their yield differentials from January 1985 through October 1991, controlling for the general slope of the Treasury bill yield curve, the tendency of bills maturing at month-ends to have lower yields and the tendency of bills whose supply is augmented by cash management bills to have higher yields. The finding that market participants do not arbitrage away yield differentials that owe to differences in supplies indicates that demand curves for individual bills are downward sloping and the segmentation in the Treasury bill market is more pervasive than previously documented.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326392&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Davis, Steven J.
AU  - Haltiwanger, John
AU  - Schuh, Scott
AD  - U Chicago Graduate School of Business and MIT
AD  - U MD
AD  - Federal Reserve System
A2  - Solmon, Lewis C.
A2  - Levenson, Alec R.
T1  - Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts
T2  - Labor markets, employment policy, and job creation
PB  - Milkin Institute Series in Economics and Education.
PB  - Boulder and London:
PB  - Westview Press in cooperation with the Milken Institute for Job and Capital Formation
Y1  - 1994///
SP  - 169
EP  - 199
N1  - Accession Number: 0432169; Reviewed Book ISBN: 0-8133-8900-3; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199711
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Labor Force and Employment, Size, and Structure          J21
KW  - Labor Demand          J23
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0432169&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Blinder, Alan S.
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Reducing Unemployment: Current Issues and Policy Options: Overview
T2  - Reducing unemployment: Current issues and policy options: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 25-27, 1994
PB  - Kansas City:
PB  - Author
Y1  - 1994///
SP  - 329
EP  - 342
N1  - Accession Number: 0417970; Keywords: Policy;  Unemployment; Geographic Descriptors: OECD; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Unemployment: Models, Duration, Incidence, and Job Search          J64
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0417970&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cutler, David M.
AU  - Sheiner, Louise M.
AD  - President's Council of Econ Advisers, Washington, DC
AD  - Federal Reserve System Board of Governors, Washington, DC
A2  - Wise, David A.
T1  - Policy Options for Long-Term Care
T2  - Studies in the economics of aging
PB  - National Bureau of Economic Research Project Report series.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1994///
SP  - 395
EP  - 434
N1  - Accession Number: 0433029; Reviewed Book ISBN: 0-226-90294-3; Keywords: Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199711
KW  - Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination          J14
KW  - Analysis of Health Care Markets          I11
KW  - Health: Government Policy; Regulation; Public Health          I18
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0433029&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Capie, Forrest
T1  - The Development of Central Banking: Discussion
T2  - The future of central banking: The tercentenary symposium of the Bank of England
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1994///
SP  - 241
EP  - 245
N1  - Accession Number: 0416602 Partial authors List; ; Reviewed Book ISBN: 0-521-49634-9; Keywords: Central Banking; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0416602&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Kenen, Peter B.
A2  - Papadia, Francesco
A2  - Saccomanni, Fabrizio
T1  - Concerted Interventions and the Dollar: An Analysis of Daily Data: Discussion
T2  - The international monetary system
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1994///
SP  - 248
EP  - 254
N1  - Accession Number: 0419531; Reviewed Book ISBN: 0-521-45468-9; 0-521-46729-2; ; Geographic Descriptors: U.S.; Japan; Germany; Geographic Region: Northern America; Asia; Europe; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Foreign Exchange          F31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0419531&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Lindner, Deborah J.
AD  - Federal Reserve System
A2  - Kwack, Sung Yeung
T1  - Foreign Exchange Policy, Monetary Policy, and Capital Market Liberalization in Korea
T2  - The Korean economy at a crossroad: Development prospects, liberalization, and South-North economic integration
PB  - Foreword by Lawrence R. Klein.
PB  - Westport, Conn. and London:
PB  - Greenwood, Praeger
Y1  - 1994///
SP  - 123
EP  - 139
N1  - Accession Number: 0419836; Reviewed Book ISBN: 0-275-94636-3; Keywords: Foreign Exchange;  Liberalization;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: S. Korea; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 199707
KW  - Foreign Exchange          F31
KW  - Monetary Policy          E52
KW  - Financial Markets and the Macroeconomy          E44
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0419836&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
AU  - McKibbin, Warwick J.
AD  - Federal Reserve System
AD  - Brookings Institution
T1  - A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1993/12//
VL  - 39
SP  - 221
EP  - 317
SN  - 01672231
N1  - Accession Number: 0325660; Keywords: Interest Rates;  Interest;  Monetary Policy;  Monetary;  Money;  Open Economies;  Policy;  Supply; Geographic Descriptors: U.S.; OECD; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
N2  - Monetary policy regime combinations are compared for symmetric and asymmetric temporary shocks to money demand, goods demand, and productivity. In every region, the interest-rate instrument is either kept constant or changed to eliminate (full instrument adjustment) or reduce (partial instrument adjustment) the gap between actual and desired values for an intermediate target: the money supply, nominal income, or output plus inflation. Nominal wage persistence may be absent (Contract hypothesis) or present (Phillips hypothesis). There are analytical and simulation results from a two-region workhorse model and simulation results from the McKibbin-Sachs Global model. The ranking of regime combinations depends not only on the ultimate target and the source of shocks but also on the degrees of instrument adjustment and wage persistence.
KW  - Monetary Policy          E52
KW  - Open Economy Macroeconomics          F41
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325660&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - A Gold-Based Monetary Policy for Russia
JO  - Cato Journal
JF  - Cato Journal
Y1  - 1993///Winter
VL  - 12
IS  - 3
SP  - 677
EP  - 682
SN  - 02733072
N1  - Accession Number: 0325676; Keywords: Gold;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: Russian Federation; Geographic Region: Europe; Asia; Publication Type: Journal Article; Update Code: 199409
KW  - Socialist Institutions and Their Transitions: Financial Economics          P34
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
KW  - Monetary Policy          E52
L3  - http://www.cato.org/pubs/journal/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0325676&site=ehost-live&scope=site
UR  - http://www.cato.org/pubs/journal/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Savage, Donald T.
AD  - Federal Reserve System
T1  - Interstate Banking: A Status Report
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1075
EP  - 1089
SN  - 00149209
N1  - Accession Number: 0321881; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - All states except Hawaii now permit their banks to be acquired by bank holding companies headquartered in some or all other states. A few states allow banks to branch across state lines. This article reports on the status of interstate banking laws, compares interstate bank holding companies and interstate branch banks as alternative means of bank expansion, provides some data on interstate banking organizations, and reviews the effect of interstate banking on bank concentration.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321881&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, October 5, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1093
EP  - 1097
SN  - 00149209
N1  - Accession Number: 0321882; Keywords: Bank;  Banking;  Insurance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the interstate banking and insurance provisions of S.543, legislation that would authorize interstate banking nationwide through the acquisition of existing banks within a year after enactment and would also permit national banks to engage in insurance agency activities that are now permissible for state banks; and indicates that the Board supports legislation to remove restrictions on geographic expansion and to provide for insurance agency activities by banks and bank holding companies.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321882&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs, October 7, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1098
EP  - 1100
SN  - 00149209
N1  - Accession Number: 0321883; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the Board's views on H.R.2600, the Business, Commercial, and Community Development Secondary Market Development Act, which has as its objective to promote economic growth and credit formation by facilitating the development of a secondary market for business, commercial, and community development debt and equity investments in the private sector; and indicates that the Federal Reserve shares this important objective.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321883&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 13, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1100
EP  - 1107
SN  - 00149209
N1  - Accession Number: 0321884; Keywords: Federal Reserve System;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the important issues raised by recent legislative initiatives to alter the structure of the Federal Reserve System, including provisions that would change the status of Reserve Bank president, broaden the authority of the General Accounting Office to audit the Federal Reserve, and mandate additional disclosure of monetary policy decisions and discussions; indicates that it would be a mistake to legislate structural reform when, as in this case, compelling evidence of the need for change is lacking.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321884&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1110
EP  - 1111
SN  - 00149209
N1  - Accession Number: 0321886; Keywords: FOMC;  Federal Reserve System;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the portion of H.R.28, the Federal Reserve System Accountability Act, dealing with disclosure of FOMC deliberations; stating that the current process works well and that substantial changes in disclosure of these deliberations would threaten the quality of monetary policy decisions.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321886&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1111
EP  - 1112
SN  - 00149209
N1  - Accession Number: 0321887; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the accountability of monetary policy; stating that the current procedures regarding disclosure are on the right track because they permit a careful review of alternative policies while allowing the Congress and the public to analyze both the process by which decisions are reached and the results.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321887&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelly, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1112
EP  - 1113
SN  - 00149209
N1  - Accession Number: 0321888; Keywords: FOMC; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on H.R.28; stating that the existing procedures for release of FOMC decisions are responsive to the public's right to be informed and that there is complete accountability for results.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321888&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1113
EP  - 1114
SN  - 00149209
N1  - Accession Number: 0321889; Keywords: FOMC;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the initiatives in H.R.28 that are purportedly designed to improve the accountability of the FOMC for monetary policy and specifically on the requirement for a full and timely accounting of each FOMC meeting; stating that a verbatim transcript or a videotape recording of the meetings of the FOMC might significantly inhibit the free exchange of ideas, a problem that would be heightened by the knowledge that the matters under discussion are highly sensitive for financial markets here and around the world.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321889&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1114
EP  - 1115
SN  - 00149209
N1  - Accession Number: 0321890; Keywords: FOMC;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on provisions of H.R.28 that pertain to the release of information on monetary policy and says that videotaping the meetings would probably reduce the usefulness of them in that the give and take in the discussion among policymakers would be sharply reduced and more policy discussions would tend to take place outside FOMC meetings.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321890&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1115
EP  - 1116
SN  - 00149209
N1  - Accession Number: 0321891; Keywords: FOMC; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the reporting of FOMC actions with specific reference to sections of H.R.28 that focus on maintaining a record of the FOMC meetings; stating that if a videotape or a literal transcript of FOMC meetings were to be released, many members would feel constrained to speak only from prepared statements, thereby losing the analytical approach now used in building on each other's observations in a truly deliberative process.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321891&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, October 21, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1127
EP  - 1132
SN  - 00149209
N1  - Accession Number: 0321903; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the Community Reinvestment Act (CRA) and the current efforts of the regulatory agencies to strengthen and improve its administration; stating awareness of the concern about whether the Federal Reserve's enforcement of the CRA has been vigorous enough and that the Federal Reserve's goal is to ensure that all citizens are being treated fairly.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321903&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 27, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1132
EP  - 1135
SN  - 00149209
N1  - Accession Number: 0321904; Keywords: Federal Reserve Board;  Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the authority of the General Accounting Office (GAO) to audit Federal Reserve operations and the changes to that authority would be made by H.R.28; stating that the GAO has broad authority to audit most of the operations of both the Federal Reserve Board and the Federal Reserve Banks and that expanding the GAO's audit authority over the Federal Reserve into areas that are now exempt would be contrary to the public interest.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321904&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Phillips, Susan M.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 28, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/12//
VL  - 79
IS  - 12
SP  - 1137
EP  - 1142
SN  - 00149209
N1  - Accession Number: 0321906; Keywords: Bank;  Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the issues of safety and soundness associated with derivatives activities of banking organizations; stating that the Board believes that it and the other banking supervisors have made significant progress in strengthening policies relating to bank derivatives activities and have the authority necessary to address such issues as accounting and financial reporting.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321906&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Carmen M.
AU  - Reinhart, Vincent R.
AD  - IMF
AD  - Federal Reserve System
T1  - Output Fluctuations and Monetary Shocks in Colombia: Reply
JO  - International Monetary Fund Staff Papers
JF  - International Monetary Fund Staff Papers
Y1  - 1993/12//
VL  - 40
IS  - 4
SP  - 876
EP  - 877
SN  - 00208027
N1  - Accession Number: 0326297; Keywords: Fluctuation;  Monetary; Geographic Descriptors: Colombia; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199409
KW  - Business Fluctuations; Cycles          E32
KW  - Money Supply; Credit; Money Multipliers          E51
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0326297&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cole, Rebel A.
AD  - Federal Reserve System
T1  - When Are Thrift Institutions Closed? An Agency-Theoretic Model
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1993/12//
VL  - 7
IS  - 4
SP  - 283
EP  - 307
SN  - 09208550
N1  - Accession Number: 0322654; Keywords: Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322654&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hancock, Diana
AU  - Wilcox, James A.
AD  - Federal Reserve System
AD  - U CA, Berkeley
T1  - Has There Been a 'Capital Crunch' in Banking? The Effects on Bank Lending of Real Estate Market Conditions and Bank Capital Shortfalls
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1993/12//
VL  - 3
IS  - 1
SP  - 31
EP  - 50
SN  - 10511377
N1  - Accession Number: 0370114; Keywords: Bank Lending;  Bank;  Banking;  Lending;  Real Estate; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/10511377
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0370114&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dynan, Karen E.
T1  - How prudent are consumers?
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1993/12//
VL  - 101
IS  - 6
M3  - Article
SP  - 1104
PB  - University of Chicago Press
SN  - 00223808
AB  - Using data from the Consumer Expenditure Survey, this paper presents a simple test that provides an explicit estimate of the parameter in the utility function that reflects the strength of the precautionary saving motive, the coefficient of relative prudence. The test yields a fairly precise estimate of a small precautionary motive; in fact, the estimate is too small to be consistent with widely accepted beliefs about risk aversion. The presence of liquidity-constrained households does not appear to explain this finding, and there is some evidence that self-selection of households into risky environments also cannot explain the results. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER behavior
KW  - CONSUMPTION (Economics)
KW  - ECONOMICS
KW  - PURCHASING
KW  - SAVING & investment
KW  - UTILITY theory
KW  - RISK aversion
N1  - Accession Number: 9411020086; Dynan, Karen E. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Dec93, Vol. 101 Issue 6, p1104; Thesaurus Term: CONSUMER behavior; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ECONOMICS; Thesaurus Term: PURCHASING; Thesaurus Term: SAVING & investment; Thesaurus Term: UTILITY theory; Thesaurus Term: RISK aversion; Number of Pages: 10p; Illustrations: 2 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9411020086&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Aizcorbe, Ana M.
AU  - Jackman, Patrick C.
AD  - Federal Reserve System
AD  - US BLS
T1  - The Commodity Substitution Effect in CPI Data, 1982-91: Anatomy of Price Change
JO  - Monthly Labor Review
JF  - Monthly Labor Review
Y1  - 1993/12//
VL  - 116
IS  - 12
SP  - 25
EP  - 33
SN  - 00981818
N1  - Accession Number: 0327214; Keywords: CPI;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.bls.gov/opub/mlr/#
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0327214&site=ehost-live&scope=site
UR  - http://www.bls.gov/opub/mlr/#
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kusko, Andrea L.
AU  - Rubin, Laura S.
T1  - MEASURING THE AGGREGATE HIGH-EMPLOYMENT BUDGET FOR STATE AND LOCAL GOVERNMENTS.
JO  - National Tax Journal
JF  - National Tax Journal
Y1  - 1993/12//
VL  - 46
IS  - 4
M3  - Article
SP  - 411
EP  - 423
PB  - National Tax Association
SN  - 00280283
AB  - This paper offers a quantitative assessment of the relationship between the aggregate budget for the state and local government sector and the business cycle. We develop a state and local analog to the federal high-employment budget (HEB) to indicate whether the sector's budget is ‘structurally sound’ and whether the sector is providing fiscal stimulus or restraint Our results suggest that while cyclical forces have exacerbated the pressures on states and localities in recent years, these effects have been dominated by a fundamental imbalance between the sector's spending programs and its tax structure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUDGET
KW  - STATE governments
KW  - LOCAL government
KW  - BUSINESS cycles
KW  - EMPLOYMENT (Economic theory)
KW  - TAXATION
N1  - Accession Number: 9410242423; Kusko, Andrea L. 1; Rubin, Laura S. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C. 20551; Issue Info: Dec93, Vol. 46 Issue 4, p411; Thesaurus Term: BUDGET; Thesaurus Term: STATE governments; Thesaurus Term: LOCAL government; Thesaurus Term: BUSINESS cycles; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: TAXATION; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 13p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article; Full Text Word Count: 6106
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9410242423&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mack, Phillip R.
AD  - Federal Reserve System
T1  - Recent Trends in the Mutual Fund Industry
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/11//
VL  - 79
IS  - 11
SP  - 1001
EP  - 1012
SN  - 00149209
N1  - Accession Number: 0321876; Keywords: Financial Markets;  Intermediation;  Mutual Fund; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - The expanding role of mutual funds has had at least two important implications for the performance and structure of the financial markets. By offering households more diversified investment opportunities and corporations a greater market for their financial instruments, mutual funds have improved the efficiency of financial intermediation by reducing transaction costs, and, as intermediaries competing with banks and thrift institutions, mutual funds have contributed to the reduction of the role of these depositories as providers of credit in the intermediation process and consequently have contributed to changes in the relationship between money and economic activity.
KW  - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors          G23
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321876&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 9, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/11//
VL  - 79
IS  - 11
SP  - 1016
EP  - 1019
SN  - 00149209
N1  - Accession Number: 0321877; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the Small Business Loan Securitization and Secondary Market Enhancement Act (S.384), which seeks to increase the availability of credit to small businesses by facilitating the securitization of small business loans and says that the Federal Reserve supports the objectives of S.384 and believes that many of its provisions will prove helpful in encouraging the development, through the securitization process, of a secondary market for small business loans.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321877&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight, Investigations and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance and Urban Affairs, September 17, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/11//
VL  - 79
IS  - 11
SP  - 1020
EP  - 1025
SN  - 00149209
N1  - Accession Number: 0321878; Keywords: Banking;  Finance;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the Community Reinvestment Act and the current efforts of the agencies to strengthen and improve its administration and says that in light of President Clinton's request to the relevant agencies to examine their supervisory approach to this law, the Federal Reserve is working with the other banking and thrift regulatory agencies to comply with the President's request; it is gathering information from the public, including bankers, small business owners, and community groups, and will be in a better position to provide meaningful thoughts on various legislative proposals at a later date.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321878&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 24, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/11//
VL  - 79
IS  - 11
SP  - 1026
EP  - 1031
SN  - 00149209
N1  - Accession Number: 0321879; Keywords: Bank;  Banking;  Credit;  Finance;  Financial Institutions;  Lending;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Focuses on the challenges that face banks in meeting the service and credit needs of low-income and minority communities with specific reference to a community in Prince George's County, Maryland, for which the Board developed a profile of current lending activity, and also discusses some of the initiatives being undertaken by the financial institution regulators, and by the Federal Reserve specifically, to address credit availability for underserved areas.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321879&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Acharya, Sankarshan
AU  - Diwan, Ishac
AD  - Federal Reserve System
AD  - World Bank
T1  - Debt Buybacks Signal Sovereign Countries' Creditworthiness: Theory and Tests
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1993/11//
VL  - 34
IS  - 4
SP  - 795
EP  - 817
SN  - 00206598
N1  - Accession Number: 0322054; Keywords: Creditworthiness;  Debt; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 199406
N2  - The authors show that debt buybacks could convey valuable information about indebted countries' willingness to invest and increase debt repayment when creditors are less informed than debtors. In an informational equilibrium, unwilling countries do not repurchase a part of their debt, but willing countries do; and creditors increase debt repayments by offering reliefs only to those countries that repurchase. Data show that creditors systematically grant debt reliefs only to countries with buyback programs; and a country's secondary market debt price is higher when it has a buyback program than if it does not.
KW  - International Lending and Debt Problems          F34
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322054&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Roberts, John M.
AD  - Federal Reserve System
T1  - The Sources of Business Cycles: A Monetarist Interpretation
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1993/11//
VL  - 34
IS  - 4
SP  - 923
EP  - 934
SN  - 00206598
N1  - Accession Number: 0322060; Keywords: Business Cycles;  Cycle;  Fluctuation;  Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Long-run restrictions can be imposed on a vector autoregressive model to identify structural macroeconomic shocks, as first proposed by Olivier Blanchard and Danny Quah (1989). Here, the author uses restrictions motivated by Milton Friedman's remark that 'Inflation is always and everywhere a monetary phenomenon'to identify low-frequency movements in inflation with changes in the central bank's desired inflation rate. The author can then determine the portion of U.S. business-cycle fluctuations that results from changes in the inflation target. As well, he extends the Blanchard-Quah technique to overidentified models using an asymptotically efficient minimum-distance approach.
KW  - Business Fluctuations; Cycles          E32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322060&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Terrell, Henry S.
AD  - Federal Reserve System
T1  - U.S. Branches and Agencies of Foreign Banks: A New Look
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/10//
VL  - 79
IS  - 10
SP  - 913
EP  - 925
SN  - 00149209
N1  - Accession Number: 0321872; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - Branches and agencies of foreign banks have been active in U.S. banking markets for the past two decades. At year-end 1992, the total assets of branches and agencies of non-U.S. banks located in the United States exceeded $700 billion. Data now available from a new supplemental statistical report, used for the first time in March 1993, indicate that branches of non-U.S. banks located in offshore banking centers had assets in excess of $300 billion, including almost $80 billion in business loans to U.S. borrowers. The new data suggests that banks headquartered in countries other than Japan played a larger role in U.S. markets than was previously estimated.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321872&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Demand for Trade Credit: An Investigation of Motives for Trade Credit Use by Small Business
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/10//
VL  - 79
IS  - 10
SP  - 929
EP  - 930
SN  - 00149209
N1  - Accession Number: 0321874; Keywords: Credit;  Fund; Publication Type: Journal Article; Update Code: 199406
N2  - Trade credit is an important source of funds for business customers, yet little is known about the reasons for its use. The authors of "The Demand for Trade Credit: An Investigation of Motives for Trade Credit Use by Small Businesses" drew on data from the National Survey of Small Business Finances to test two theories. Their analysis indicates that both a transaction motive--a desire to realize economies in cash management--and a financing motive--a need to use trade credit because credit from other sources is limited--apparently prompt small businesses to use trade credit to pay for purchases, and that each motive accounts for a sizable portion of trade credit demand.
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321874&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Engle, Robert F.
AU  - Kozicki, Sharon
AD  - U CA, San Diego
AD  - Federal Reserve System
T1  - Testing for Common Features
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1993/10//
VL  - 11
IS  - 4
SP  - 369
EP  - 380
SN  - 07350015
N1  - Accession Number: 0322315; Keywords: Autoregressive; Geographic Descriptors: MDCs; Publication Type: Journal Article; Update Code: 199406
N2  - This article introduces a class of statistical tests for the hypothesis that some feature that is present in each of several variables is common to them. Features are data properties such as serial correlation, trends, seasonality, heteroscedasticity, autoregressive conditional heteroscedasticity, and excess kurtosis. A feature is detected by a hypothesis test taking no feature as the null, and a common feature is detected by a test that finds linear combinations of variables with no feature. Often, an exact asymptotic critical value can be obtained that is simply a test of overidentifying restrictions in an instrumental variable regression. This article tests for a common international business cycle.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322315&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AD  - Federal Reserve System
T1  - Testing for Common Features: Comment
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1993/10//
VL  - 11
IS  - 4
SP  - 380
EP  - 383
SN  - 07350015
N1  - Accession Number: 0322316; Geographic Descriptors: MDCs; Publication Type: Journal Article; Update Code: 199406
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322316&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mann, Catherine L.
AD  - Federal Reserve System
T1  - Determinants of Japanese Direct Investment in U.S. Manufacturing Industries
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1993/10//
VL  - 12
IS  - 5
SP  - 523
EP  - 541
SN  - 02615606
N1  - Accession Number: 0322718; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199406
N2  - A hybrid model of direct investment is developed from an asset portfolio model and an industrial organization model of investment. Encompassing tests using disaggregate data validate the hybrid model, while its two component models are rejected by at least some of the data. The exchange rate is found to be an important explanatory variable for direct investment in some but not all of U.S. industries. Equity purchase is more likely in R&D intensive industries, in privately held companies, and in highly concentrated industries. Plant and equipment investment is more likely in industries with increasing returns to scale, and in industries experiencing large net export deficits with Japan.
KW  - International Investment; Long-term Capital Movements          F21
L3  - http://www.sciencedirect.com/science/journal/02615606
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322718&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - The Fed Aims for Price Stability.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1993/09//Sep/Oct93
VL  - 36
IS  - 5
M3  - Article
SP  - 4
EP  - 10
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article looks at the status of the monetary policy and economic setting in the U.S. as of September 1993. As the economic expansion has progressed somewhat fitfully, our earlier characterization of the economy as facing stiff headwinds has appeared increasingly appropriate. Doubtless the major headwind in this regard has been the combined efforts of households, businesses and financial institutions to repair and to rebuild their balance sheets following the damage inflicted in recent years as weakening asset values exposed excessive debt burdens. In the past several years, as these influences have restrained the economy, they have been balanced in part by the accommodative stance of monetary policy and, more recently, by declines in longer-term interest rates as the prospects for credible federal deficit cuts improved. From the time monetary policy began to move toward ease in 1989 to now, short-term interest rates have dropped by more than two-thirds and long-term rates have declined substantially too. The process of easing monetary policy, however, had to be closely controlled and generally gradual because of the constraint imposed by the marketplace's acute sensitivity to inflation.
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - PUBLIC spending
KW  - FINANCE
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 9401271766; Greenspan, Alan 1; Affiliations: 1: Chairman of the Board of Governors, Federal Reserve System; Issue Info: Sep/Oct93, Vol. 36 Issue 5, p4; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: FINANCE; Subject Term: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article; Full Text Word Count: 4472
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9401271766&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs, July 20, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/09//
VL  - 79
IS  - 9
SP  - 849
EP  - 855
SN  - 00149209
N1  - Accession Number: 0298452; Keywords: Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - The author discusses the Federal Reserve's semiannual Monetary Policy Report to the Congress and says that a monetary policy that aims at price stability permits low long-term interest rates and helps provide a stable setting to foster the investment and innovation by the private sector that are key to long-run economic growth, before the Subcommittee on Economic Growth and Credit Formation of the House Committee on Banking, Finance, and Urban Affairs, July 20, 1993.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298452&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - Futures Margins and Stock Price Volatility: Is There Any Link?
JO  - Journal of Futures Markets
JF  - Journal of Futures Markets
Y1  - 1993/09//
VL  - 13
IS  - 6
SP  - 677
EP  - 691
SN  - 02707314
N1  - Accession Number: 0299145; Keywords: Stock Price;  Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299145&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AD  - Federal Reserve System and U PA
T1  - 'Distribution-Free' Estimates of Efficiency in the U.S. Banking Industry and Tests of the Standard Distributional Assumptions
JO  - Journal of Productivity Analysis
JF  - Journal of Productivity Analysis
Y1  - 1993/09//
VL  - 4
IS  - 3
SP  - 261
EP  - 292
SN  - 0895562X
N1  - Accession Number: 0300322; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - Studies of efficiency in banking and elsewhere often impose arbitrary assumptions on the distributions of efficiency and random error in order to separate one from the other. In this study, we impose much less structure on these distributions and only assume that efficiencies are stable over time while random error tends to average out. We are able to do so by estimating firm-specific effects on costs using panel data sets of over 28,000 observations on U.S. banks from 1980 to 1989. We find results similar to the literature--X-efficiencies or managerial differences in efficiency are important in banking, while scale-efficiency differences are not. However, we also find that the distributional assumptions usually imposed in the literature are not very consistent with these data.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11123
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0300322&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11123
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
T1  - Comment on INFLATION REGIMES AND THE SOURCES OF INFLATION UNCERTAINTY.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1993/08/02/Aug1993 Part 2
VL  - 25
IS  - 3
M3  - Article
SP  - 512
EP  - 514
PB  - Ohio State University Press
SN  - 00222879
AB  - The article comments on the paper "Inflation Regimes and Sources of Inflation Uncertainty," by Martin Evans and Paul Wachtel. It presents an evaluation of the model developed in the study as well as suggestions for future study. The author feels Evans and Wachtel attempt to address some important deficiencies regarding inflationary dynamics through a simple time series model of inflation. The model is used to form forecasts of inflationary expectations, which are then examined to determine if uncertainty about these forecasts explains uncertainty about economic activity.
KW  - INFLATION (Finance)
KW  - ECONOMIC forecasting
KW  - ECONOMIC activity
KW  - ECONOMIC indicators
KW  - BUSINESS cycles
KW  - MATHEMATICAL models
N1  - Accession Number: 9594593; Brunner, Allan D. 1; Affiliations: 1: Economist in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System.; Issue Info: Aug1993 Part 2, Vol. 25 Issue 3, p512; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: BUSINESS cycles; Thesaurus Term: MATHEMATICAL models; Number of Pages: 3p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9594593&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
T1  - Comment on THE WELFARE GAIN FROM THE INTRODUCTION OF INDEXED BONDS.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1993/08/02/Aug1993 Part 2
VL  - 25
IS  - 3
M3  - Article
SP  - 632
EP  - 635
PB  - Ohio State University Press
SN  - 00222879
AB  - The article comments on the paper "The Welfare Gain from the Introduction of Indexed Bonds," by Alan D. Viard. The author praises the contribution of the paper regarding the portfolio management and consumption behavior of consumers in, and out, of indexed-bond markets. Viard concludes that the welfare gains from introducing trading in indexed bonds would be extremely small. Despite this, the author believes indexed-bonds still have some value because there is evidence households are operating far from the constrained optimum.
KW  - BONDS (Finance)
KW  - ECONOMIC models
KW  - CONSUMPTION (Economics)
KW  - SECURITIES
KW  - ECONOMETRICS
KW  - UNITED States
N1  - Accession Number: 9594754; Wilcox, David W. 1; Affiliations: 1: Economist, Division of Monetary Affairs, Board of Governors of the Federal Reserve System.; Issue Info: Aug1993 Part 2, Vol. 25 Issue 3, p632; Thesaurus Term: BONDS (Finance); Thesaurus Term: ECONOMIC models; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: SECURITIES; Thesaurus Term: ECONOMETRICS; Subject: UNITED States; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 4p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9594754&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Labadie, Pamela
T1  - Comment on AN EQUILIBRIUM MODEL OF NOMINAL BOND PRICES WITH INFLATION-OUTPUT CORRELATION AND STOCHASTIC VOLATILITY.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1993/08/02/Aug1993 Part 2
VL  - 25
IS  - 3
M3  - Article
SP  - 673
EP  - 680
PB  - Ohio State University Press
SN  - 00222879
AB  - The article comments on the paper "An Equilibrium Model of Nominal Bond Prices with Inflation-Output Correlation and Stochastic Volatility," by Jacob Boudoukh. The author divides her critique into three sections: the economic implications of general equilibrium models, the deficiencies of Boudoukh's model, and elements of the data that he does not explain and possible remedies. She suggests that to improve his model it should incorporate market incompleteness and heterogeneity to more accurately assess risk premium.
KW  - INFLATION (Finance)
KW  - STOCHASTIC analysis
KW  - ECONOMIC forecasting
KW  - BONDS (Finance) -- Prices
KW  - VOLATILITY (Finance)
KW  - CONSUMPTION (Economics)
N1  - Accession Number: 9594932; Labadie, Pamela 1; Affiliations: 1: Economist, Division of Monetary Affairs, Board of Governors, Federal Reserve System.; Issue Info: Aug1993 Part 2, Vol. 25 Issue 3, p673; Thesaurus Term: INFLATION (Finance); Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: BONDS (Finance) -- Prices; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: CONSUMPTION (Economics); Number of Pages: 8p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9594932&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AD  - Federal Reserve System
T1  - Inflation Regimes and the Sources of Inflation Uncertainty: Comment
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1993/08/02/
VL  - 25
IS  - 3
SP  - 512
EP  - 514
SN  - 00222879
N1  - Accession Number: 0299267; Keywords: Inflation; Publication Type: Journal Article; Update Code: 199403
KW  - Price Level; Inflation; Deflation          E31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299267&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
AD  - Federal Reserve System
T1  - The Welfare Gain from the Introduction of Indexed Bonds: Comment
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1993/08/02/
VL  - 25
IS  - 3
SP  - 632
EP  - 635
SN  - 00222879
N1  - Accession Number: 0299280; Publication Type: Journal Article; Update Code: 199403
KW  - Financial Markets and the Macroeconomy          E44
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Price Level; Inflation; Deflation          E31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299280&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Labadie, Pamela
AD  - Federal Reserve System
T1  - An Equilibrium Model of Nominal Bond Prices with Inflation-Output Correlation and Stochastic Volatility: Comment
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1993/08/02/
VL  - 25
IS  - 3
SP  - 673
EP  - 680
SN  - 00222879
N1  - Accession Number: 0299283; Keywords: Inflation;  Prices; Publication Type: Journal Article; Update Code: 199403
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Price Level; Inflation; Deflation          E31
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299283&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Crabbe, Leland E.
AD  - Federal Reserve System
T1  - Anatomy of the Medium-Term Note Market
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/08//
VL  - 79
IS  - 8
SP  - 751
EP  - 768
SN  - 00149209
N1  - Accession Number: 0298448; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - Over the past decade, medium-term notes (MTNs) have emerged as major sources of funding for U.S. and foreign corporations, federal agencies, supranational institutions, and sovereign countries. This article discusses the history and economics of the MTN market, analyzes statistics on MTNs collected by the Federal Reserve, and reviews recent developments in the U.S. and Euro-MTN markets.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298448&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance and Urban Affairs, June 22, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/08//
VL  - 79
IS  - 8
SP  - 772
EP  - 777
SN  - 00149209
N1  - Accession Number: 0298449; Keywords: Banking;  Deposit Insurance;  Deposit;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - The author discusses issues associated with interstate banking and says that interstate banking promises wider household and business choices at better prices and, for our banking system, increased competitive efficiency, the elimination of unnecessary costs associated with the delivery of banking services, and risk reduction through diversification, before the Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance of the House Committee on Banking, Finance, and Urban Affairs, June 22, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298449&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Syron, Richard F.
AD  - Federal Reserve System and Bank of Boston
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance and Urban Affairs, June 22, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/08//
VL  - 79
IS  - 8
SP  - 777
EP  - 780
SN  - 00149209
N1  - Accession Number: 0298450; Keywords: Banking;  Credit;  Deposit Insurance;  Deposit;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - The author presents remarks on issues related to the ways that interstate banking can improve credit flows, and says that current restrictions on interstate banking and branching are anachronistic, before the Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance of the House Committee on Banking, Finance, and Urban Affairs, June 22, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298450&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrado, Carol
AU  - Spindt, Paul A.
AD  - Federal Reserve System
AD  - Tulane U
T1  - The Measurement and Analysis of Monetary Transactions
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1993/08//August-October 1993
VL  - 45
IS  - 3-4
SP  - 193
EP  - 211
SN  - 01486195
N1  - Accession Number: 0298941; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - Business Fluctuations; Cycles          E32
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298941&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AU  - Porter, Richard D.
AD  - Carnegie Mellon U and Federal Reserve System
AD  - Federal Reserve System
T1  - Comparing Interest-Rate Spreads and Money Growth as Predictors of Output Growth: Granger Causality in the Sense Granger Intended
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1993/08//August-October 1993
VL  - 45
IS  - 3-4
SP  - 247
EP  - 268
SN  - 01486195
N1  - Accession Number: 0298944; Keywords: Growth;  Interest Rates;  Interest;  M2;  Monetary;  Money;  T Bill; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199403
N2  - We compare the performance of monetary aggregates and rate spreads to predict output growth in Granger-style regressions. Regression results reveal that the rate spread between commercial paper and T-bills has been a powerful indicator of output growth throughout the 1980s, dominating all of the others. However, forecasting results for recent periods and the 1980s suggest that the paper/T-bill spread is the worst indicator of output, whereas M2 is the best. Based upon the ability of a series to predict another one, we believe that the current emphasis on regression results in the monetary transmission literature is misplace.
KW  - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence          O47
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0298944&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - West, Kenneth D.
AU  - Edison, Hali J.
AU  - Cho, Dongchul
AD  - U WI
AD  - Federal Reserve System
AD  - TX A&M U
T1  - A Utility-Based Comparison of Some Models of Exchange Rate Volatility
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1993/08//
VL  - 35
IS  - 1-2
SP  - 23
EP  - 45
SN  - 00221996
N1  - Accession Number: 0299191; Keywords: Exchange Rates; Geographic Descriptors: MDCs; Publication Type: Journal Article; Update Code: 199403
N2  - When estimates of variances are used to make asset allocation decisions, underestimates of population variances lead to lower expected utility than equivalent overestimates: a utility-based criterion is asymmetric, unlike standard criteria such as mean squared error. To illustrate how to estimate a utility-based criterion, the authors use five bilateral weekly dollar exchange rates, 1973-89, and the corresponding pair of Eurodeposit rates. Of homoskedastic, GARCH, autoregressive, and nonparametric models for the conditional variance of each exchange rate, GARCH models tend to produce the highest utility, on average. A mean squared error criterion also favors GARCH, but not as sharply.
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299191&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Adams, Gwyn
AU  - Alexander, Lewis
AU  - Gagnon, Joseph
AD  - Moody's Investors Service
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - German Unification and the European Monetary System: A Quantitative Analysis
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1993/08//
VL  - 15
IS  - 4
SP  - 353
EP  - 392
SN  - 01618938
N1  - Accession Number: 0322849; Keywords: Macroeconomics;  Monetary System;  Monetary; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199406
N2  - This paper uses a macroeconomic model with rational expectations to analyze issues related to German unification. A principal focus of the paper is the effect of unification on member countries of the European Monetary System (EMS). Under certain conditions, German unification has a contractionary effect on other EMS countries. We explore the implications of alternative German fiscal and monetary policies for EMS and other countries.
KW  - Financial Aspects of Economic Integration          F36
KW  - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems          E42
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0322849&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lebow, David E.
AD  - Federal Reserve System
T1  - Import Competition and Wages: The Roles of the Nontradable Goods Sector
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1993/08//
VL  - 75
IS  - 3
SP  - 552
EP  - 558
SN  - 00346535
N1  - Accession Number: 0331879; Keywords: Import;  Non Tradable;  Nontradable;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412
N2  - Several investigators have studied the role of import competition in explaining wage behavior, with apparently conflicting results: Some have found a significant effect of import competition on wages in manufacturing, while others have found no such effect in the aggregate. This paper highlights the role of the nontradable goods sector--not addressed in previous studies--to reconcile these results. The model demonstrates that a fall in the relative price of tradable goods has an ambiguous effect on aggregate real wages: while the lower price of tradable goods leads to lower labor demand in the tradable sector, it also leads to higher labor demand in the nontradable sector. Empirical results show considerable support for the model when tradable goods prices are measured by import or export prices, but not when they are measured by the real exchange rate.
KW  - Wage Level and Structure; Wage Differentials          J31
KW  - Empirical Studies of Trade          F14
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0331879&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - English, William B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Profits and Balance Sheet Developments at U.S. Commercial Banks in 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/07//
VL  - 79
IS  - 7
SP  - 649
EP  - 673
SN  - 00149209
N1  - Accession Number: 0294395; Keywords: Bank;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - U.S. commercial banks in 1992 continued their recovery from the difficulties of recent years. Bank profits were $31.5 billion, an increase of $14 billion over 1991, and a record 0.92 percent of average assets. Return on equity also increased sharply, although it remained in the range of historical experience. Banks retained a sizable proportion of earnings, which, along with a substantial issuance of new debt and equity, significantly bolstered their capital. The restructuring of bank balance sheets, which began in 1990, continued last year, with loan portfolios contracting and securities holdings expanding.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294395&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McDonough, William J.
AU  - Dickey, John W.
AD  - Federal Reserve Bank of New York and Federal Reserve System
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/07//
VL  - 79
IS  - 7
SP  - 674
EP  - 675
SN  - 00149209
N1  - Accession Number: 0294396; Keywords: Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Germany; Japan; Geographic Region: Northern America; Europe; Asia; Publication Type: Journal Article; Update Code: 199312
N2  - The dollar depreciated modestly against most major currencies during the February-April period but declined significantly against the Japanese yen amid concerns relating to the growing Japanese trade surplus. The dollar's decline over the period was 1.6 percent against the German mark, 10.9 percent against the Japanese yen, and 3.2 percent on a trade-weighted basis.
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294396&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance and Urban Affairs, May 18, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/07//
VL  - 79
IS  - 7
SP  - 681
EP  - 684
SN  - 00149209
N1  - Accession Number: 0294397; Keywords: Banking;  Finance;  Financial Institutions;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses ways in which the financial needs of individuals and businesses located in economically underserved neighborhoods can be accommodated and says that improving conditions in the banking system should increase community development lending, before the Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the House Committee on Banking, Finance, and Urban Affairs, May 18, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294397&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, May 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/07//
VL  - 79
IS  - 7
SP  - 684
EP  - 689
SN  - 00149209
N1  - Accession Number: 0294398; Keywords: Banking;  Consumer;  Mortgage;  Protection; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author offers the Board's comments on S.924, the Home Ownership and Equity Protection Act of 1993, legislation that requires additional disclosures to consumers who take out "high-cost mortgages" on their homes and restricts the terms of such mortgages, and says that it is essential to keep the focus of this legislation as narrow as possible to eliminate abusive practices while minimizing adverse consequences that were clearly not intended by the Congress, before the Senate Committee on Banking, Housing, and Urban Affairs, May 19, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Consumer Protection          D18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294398&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, May 26, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/07//
VL  - 79
IS  - 7
SP  - 689
EP  - 694
SN  - 00149209
N1  - Accession Number: 0294399; Keywords: Bank;  Banking;  Finance;  Financial Institutions;  Money;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses the Federal Reserve's role in the government's anti-money-laundering efforts and says that the Federal Reserve has worked to develop and implement programs and procedures in the bank supervision, currency, and payments system areas that enhance the government's ability to detect and deter money laundering activities in financial institutions, before the House Committee on Banking, Finance, and Urban Affairs, May 26, 1993.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Illegal Behavior and the Enforcement of Law          K42
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294399&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AD  - Federal Reserve System
T1  - Are Tax Rates Too Volatile?
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 1993/07//
VL  - 60
IS  - 1
SP  - 72
EP  - 88
SN  - 00384038
N1  - Accession Number: 0299982; Keywords: Optimal Taxation;  Tax;  Taxation; Publication Type: Journal Article; Update Code: 199403
N2  - The simple theory of optimal taxation implies that tax rates should follow a random walk. Under this null hypothesis, variance inequality bounds on the intertemporal government budget constraint are derived. Using the methodology first presented in Mankiw, Romer, and Shapiro (1985, 1991), these bounds are calculated for United States data from 1870-1989. It is found that broad movements in tax rates that correspond to relatively large permanent changes in government expenditures are adequately 'smoothed.' However, tax rates have been excessively volatile in the U.S. both before the first world war and after the second world war. I find that both business cycle and political business cycle effects have significant explanatory power for predicting tax changes.
KW  - Taxation and Subsidies: Efficiency; Optimal Taxation          H21
L3  - http://journal.southerneconomic.org/loi/soec
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299982&site=ehost-live&scope=site
UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kashyap, Anil K.
AU  - Wilcox, David W.
AD  - U Chicago and NBER
AD  - Federal Reserve System
T1  - Production and Inventory Control at the General Motors Corporation during the 1920's and 1930's
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1993/06//
VL  - 83
IS  - 3
SP  - 383
EP  - 401
SN  - 00028282
N1  - Accession Number: 0293309; Keywords: Production; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - This paper analyzes dynamics of production and inventories at the General Motors Corporation during the 1920s and 1930s. The authors begin by examining anecdotal evidence on the nature of the production control system in force during that period. Motivated by that evidence, they then extend the conventional linear-quadratic model of production behavior to take account of annual shutdown. Finally, the authors apply the modified model to newly available data on monthly unit production, sales, and inventories during 1924-40. General Motors appears to have been aiming to maintain a targeted level of inventory relative to expected sales and, secondarily, to smooth production.
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
KW  - Automobiles; Other Transportation Equipment          L62
KW  - Economic History: Manufacturing and Construction: U.S.; Canada: 1913-          N62
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0293309&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fisher, Mark E.
AU  - Seater, John J.
AD  - Federal Reserve System
AD  - NC State U
T1  - Long-Run Neutrality and Superneutrality in an ARIMA Framework
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1993/06//
VL  - 83
IS  - 3
SP  - 402
EP  - 415
SN  - 00028282
N1  - Accession Number: 0293310; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The authors formalize long-run neutrality and long-run superneutrality in the context of a bivariate ARIMA model; show how the restrictions implied by long-run neutrality and long-run superneutrality depend on the orders of integration of the variables; apply their analysis to previous work, showing how that work is related to long-run neutrality and long-run superneutrality; and provide some new evidence on long-run neutrality and long-run superneutrality.
KW  - Econometric Modeling: General          C50
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0293310&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - English, William B.
AD  - Federal Reserve System
T1  - The Decline of Private Deposit Insurance in the United States
JO  - Carnegie-Rochester Conference Series on Public Policy
JF  - Carnegie-Rochester Conference Series on Public Policy
Y1  - 1993/06//
VL  - 38
SP  - 57
EP  - 128
SN  - 01672231
N1  - Accession Number: 0293778; Keywords: Insurance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - Since the early 1980s, the number of private deposit insurance corporations operating in the United States has declined sharply and many private insurers have failed. The failures were caused both by poor design and by inadequate regulation of member institutions. The poor regulation was not primarily the result of inadequate examinations of members but was instead the result of inaction on the part of the insurers and state regulators. The recent private deposit insurance failures are similar in many respects to those of two earlier groups of private deposit insurers.
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
L3  - http://www.sciencedirect.com/science/journal/01672231
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0293778&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01672231
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Feinman, Joshua N.
AD  - Federal Reserve System
T1  - Reserve Requirements: History, Current Practice, and Potential Reform
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/06//
VL  - 79
IS  - 6
SP  - 569
EP  - 589
SN  - 00149209
N1  - Accession Number: 0294392; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - Laws requiring banks and other depository institutions to hold a certain fraction of their deposits in reserve, in safe, secure assets, have been a part of our nation's banking history for many years. Over time, however, the rationale for these requirements has changed as the financial system has evolved and as knowledge about how reserve requirements affect this system has grown. This article reviews the basic concepts and current rules regarding reserve requirements; provides a history of reserve requirements in the United States, including recent experience with cuts in these requirements; and discusses proposals for reforming the system of reserve requirements in light of this recent experience and that of other countries that have reduced their requirements.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294392&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Raddock, Richard D.
AD  - Federal Reserve System
T1  - Industrial Production, Capacity, and Capacity Utilization since 1987
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/06//
VL  - 79
IS  - 6
SP  - 590
EP  - 605
SN  - 00149209
N1  - Accession Number: 0294393; Keywords: Capacity;  Industrial Capacity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The Federal Reserve recently revised its index of industrial production and the related measures of capacity and utilization. Compared with the previous index, the revised index shows that manufacturing grew more slowly from 1987 until the onset of recession late in 1990 and then recovered more rapidly, albeit unevenly. The index of industrial capacity was also revised downward. Capacity utilization, the ratio of output to capacity, was about the same for most of 1987-91 as it was before the revision. However, the more rapid recovery of revised production from the trough and slower growth of revised capacity led to an upward revision of utilization in late 1992 and early 1993.
KW  - Capital; Investment; Capacity          E22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294393&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance and Urban Affairs, April 2, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/06//
VL  - 79
IS  - 6
SP  - 609
EP  - 613
SN  - 00149209
N1  - Accession Number: 0294394; Keywords: Bank Lending;  Bank;  Banking;  Credit;  Finance;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses some of the factors influencing recent national and regional trends in bank lending as well as changes in the composition of banks' balance sheets and says that the steps that banks have taken in recent years to rebuild their balance sheets have been considerable and may well augur an increase in the availability of bank credit, before the Subcommittee on Economic Growth and Credit Formation of the House Committee on Banking, Finance, and Urban Affairs, April 2, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294394&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark J.
AU  - Mittelstaedt, H. Fred
AU  - Cristea, Carrie
AD  - Federal Reserve System
AD  - U Notre Dame
AD  - AZ State U
T1  - Recognizing Retiree Health Benefits: The Effect of SFAS 106
JO  - Financial Management
JF  - Financial Management
Y1  - 1993///Summer
VL  - 22
IS  - 2
SP  - 188
EP  - 199
SN  - 00463892
N1  - Accession Number: 0551682; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200101
KW  - Accounting          M41
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291755-053X/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0551682&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291755-053X/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark J.
AU  - Mittelstaedt, H. Fred
AU  - Cristea, Carrie
T1  - Recognizing retiree health benefits: The effect of SFAS 106.
JO  - FM: The Journal of the Financial Management Association
JF  - FM: The Journal of the Financial Management Association
Y1  - 1993///Summer1993
VL  - 22
IS  - 2
M3  - Article
SP  - 188
PB  - Financial Management Association
SN  - 10877827
AB  - The article reports on the financial retiree health benefits. The article reports that the Financial Accounting Standards Board (FASB) issued a Statement of Financial Accountant Standards No. 106 (SFAS 106) to apply to financial statements. The author says that for the firms that sponsor comprehensive retiree health plans, the shift to Statement No. 106 is expected to have substantial negative effects on balance sheets and income statements. The article provides the provisions of Statement No.106 in detail. Also sample selection and analyzes of cross-industry differences in the percentage of companies sponsoring retiree health plans is discussed. A method for estimating SFAS 106 expense and liability from Statement No 81 pay-as-you go cost. The method provides an analysis on the impact of SFAS 106 on financial statements of firms with material pay-as-you-go costs and evaluates the effect. The author says that the liability for retiree health benefits (accumulated postretirement health obligation) is measured using actuarial assumptions which include the discount rate, and the amount and timing of future benefit payments, which in turn depend on assumptions about per capita claims cost by age, health care cost trend rates, and the Medicare reimbursement rate.
KW  - RETIREES
KW  - FINANCIAL statements
KW  - MEDICAL care costs
KW  - HEALTH planning
KW  - MEDICAL care for the aged -- United States
KW  - UNITED States
KW  - FINANCIAL Accounting Standards Board
N1  - Accession Number: 9403082339; Warshawsky, Mark J. 1; Mittelstaedt, H. Fred 2; Cristea, Carrie 3; Affiliations: 1: Senior Economist, Board of Governors, Federal Reserve System.; 2: Associate Professor of Accountancy, University of Notre Dame.; 3: Accountancy, Arizona State University.; Issue Info: Summer1993, Vol. 22 Issue 2, p188; Thesaurus Term: RETIREES; Thesaurus Term: FINANCIAL statements; Subject Term: MEDICAL care costs; Subject Term: HEALTH planning; Subject Term: MEDICAL care for the aged -- United States; Subject: UNITED States ; Company/Entity: FINANCIAL Accounting Standards Board; Number of Pages: 12p; Illustrations: 6 Charts; Document Type: Article; Full Text Word Count: 8011
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=9403082339&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark J.
AU  - Mittelstaedt, H. Fred
AU  - Cristea, Carrie
T1  - Recognizing retiree health benefits: The effect of SFAS 106.
JO  - FM: The Journal of the Financial Management Association
JF  - FM: The Journal of the Financial Management Association
Y1  - 1993///Summer1993
VL  - 22
IS  - 2
M3  - Article
SP  - 188
PB  - Financial Management Association
SN  - 10877827
AB  - The article reports on the financial retiree health benefits. The article reports that the Financial Accounting Standards Board (FASB) issued a Statement of Financial Accountant Standards No. 106 (SFAS 106) to apply to financial statements. The author says that for the firms that sponsor comprehensive retiree health plans, the shift to Statement No. 106 is expected to have substantial negative effects on balance sheets and income statements. The article provides the provisions of Statement No.106 in detail. Also sample selection and analyzes of cross-industry differences in the percentage of companies sponsoring retiree health plans is discussed. A method for estimating SFAS 106 expense and liability from Statement No 81 pay-as-you go cost. The method provides an analysis on the impact of SFAS 106 on financial statements of firms with material pay-as-you-go costs and evaluates the effect. The author says that the liability for retiree health benefits (accumulated postretirement health obligation) is measured using actuarial assumptions which include the discount rate, and the amount and timing of future benefit payments, which in turn depend on assumptions about per capita claims cost by age, health care cost trend rates, and the Medicare reimbursement rate.
KW  - RETIREES
KW  - FINANCIAL statements
KW  - MEDICAL care costs
KW  - HEALTH planning
KW  - MEDICAL care for the aged -- United States
KW  - UNITED States
KW  - FINANCIAL Accounting Standards Board
N1  - Accession Number: 9403082339; Warshawsky, Mark J. 1; Mittelstaedt, H. Fred 2; Cristea, Carrie 3; Affiliations: 1: Senior Economist, Board of Governors, Federal Reserve System.; 2: Associate Professor of Accountancy, University of Notre Dame.; 3: Accountancy, Arizona State University.; Issue Info: Summer1993, Vol. 22 Issue 2, p188; Thesaurus Term: RETIREES; Thesaurus Term: FINANCIAL statements; Subject Term: MEDICAL care costs; Subject Term: HEALTH planning; Subject Term: MEDICAL care for the aged -- United States; Subject: UNITED States ; Company/Entity: FINANCIAL Accounting Standards Board; Number of Pages: 12p; Illustrations: 6 Charts; Document Type: Article; Full Text Word Count: 8011
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9403082339&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Liang, J. Nellie
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Inferring Market Power from Time-Series Data: The Case of the Banking Firm
JO  - International Journal of Industrial Organization
JF  - International Journal of Industrial Organization
Y1  - 1993/06//
VL  - 11
IS  - 2
SP  - 205
EP  - 218
SN  - 01677187
N1  - Accession Number: 0294562; Keywords: Bank;  Banking;  Deposit;  Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - Using bank-specific data on deposit rates, this paper tests for the existence of market power in banking by means of time-series estimations. A test is developed that can reject perfect competition on the basis of the observed relationship over time between deposit rates and security rates (adjusted for operating costs). The analysis also examines whether pricing behavior differs across markets and banking products in a manner consistent with hypothesized differences. Price-taking behavior is rejected for the vast majority of banks. For the deposit category that one would expect to be more geographically limited, greater market power is found to be exercised by banks located in more concentrated markets.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Business Objectives of the Firm          L21
L3  - http://www.sciencedirect.com/science/journal/01677187
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294562&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01677187
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Starr-McCluer, Martha
AD  - Federal Reserve System
T1  - Cyclical Fluctuations and Sectoral Reallocation: A Reexamination
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1993/06//
VL  - 31
IS  - 3
SP  - 417
EP  - 425
SN  - 03043923
N1  - Accession Number: 0299245; Keywords: Fluctuation;  Recession;  Unemployment; Publication Type: Journal Article; Update Code: 199403
N2  - To investigate how sectoral demand shifts affect cyclical unemployment, studies by K. Murphy and R. Topel (1987) and P. Loungani and R. Rogerson (1989) examine whether labor mobility rises in recession. Results are contradictory, depending on a priori assumptions about unfinished unemployment spells. This note uses monthly data from the early 1980s and a competing risks hazard approach to overcome this problem. Results confirm the Loungani-Rogerson finding of higher respecialization in recession; however, the countercyclicality is fairly modest when estimated in an unbiased way.
KW  - Business Fluctuations; Cycles          E32
KW  - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital          E24
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0299245&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, March 17, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/05//
VL  - 79
IS  - 5
SP  - 464
EP  - 466
SN  - 00149209
N1  - Accession Number: 0294387; Keywords: Finance; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses legislative initiatives concerning the government securities market and says that the apparatus of reporting requirements in this market that could be implemented under H.R.618 might reduce the cost of investigating abuses and facilitate enforcement, but could also boost the cost of every trade and reduce the number of market participants, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, March 17, 1993.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
KW  - National Debt; Debt Management; Sovereign Debt          H63
KW  - Fiscal Policy          E62
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294387&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Commerce, Consumer, and Monetary Affairs of the Committee on Government Operations, March 17, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/05//
VL  - 79
IS  - 5
SP  - 466
EP  - 469
SN  - 00149209
N1  - Accession Number: 0294388; Keywords: Banking;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author, discusses regulatory burden and says that this burden has become substantial, raising the costs of banking services, and that what is needed is new approaches to regulation that are more sensitive to cost-benefit trade-offs, before the Subcommittee on Commerce, Consumer, and Monetary Affairs of the House Committee on Government Operations, March 17, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294388&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, March 24, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/05//
VL  - 79
IS  - 5
SP  - 471
EP  - 473
SN  - 00149209
N1  - Accession Number: 0294390; Keywords: Budget;  Deficit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses the burgeoning federal budget deficit, which on a cyclically adjusted or structural basis has hovered around 3 percent of potential GDP for the past ten years, and says that unless it is addressed, it will increasingly threaten the stability of our economic system, before the Senate Committee on Finance, March 24, 1993.
KW  - National Deficit; Surplus          H62
KW  - National Debt; Debt Management; Sovereign Debt          H63
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294390&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Small Business, March 25, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/05//
VL  - 79
IS  - 5
SP  - 473
EP  - 476
SN  - 00149209
N1  - Accession Number: 0294391; Keywords: Bank;  Credit;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - The author discusses the availability of bank credit to small businesses and says that although there has been a substantial tightening of lending terms and standards that has affected small businesses, banks' attitudes toward loans and risktaking are improving, before the House Committee on Small Business, March 25, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Business Economics          M21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294391&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AD  - Federal Reserve System
T1  - Exchange Rate Variability and the Level of International Trade
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1993/05//
VL  - 34
IS  - 3-4
SP  - 269
EP  - 287
SN  - 00221996
N1  - Accession Number: 0295226; Keywords: Exchange Rates;  International Trade;  Trade; Geographic Descriptors: MDCs; Publication Type: Journal Article; Update Code: 199312
N2  - Theoretical research has shown that, under reasonable assumptions, exchange rate variability ought to depress the level of trade. This paper builds a theoretical model designed to exaggerate the negative effect of exchange rate variability on trade in order to calibrate an upper bound to the potential size of this effect. Numerical analysis demonstrates that exchange rate variability of the magnitude currently observed among industrial countries has an insignificant effect on the level of trade. This result is robust with respect to a wide range of parameter values and with respect to reasonable extensions of the model.
KW  - Foreign Exchange          F31
KW  - Empirical Studies of Trade          F14
KW  - Open Economy Macroeconomics          F41
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0295226&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Feinman, Joshua N.
AD  - Federal Reserve System
T1  - Estimating the Open Market Desk's Daily Reaction Function
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1993/05//
VL  - 25
IS  - 2
SP  - 231
EP  - 247
SN  - 00222879
N1  - Accession Number: 0295338; Keywords: Fed;  Open Market Operations;  Open Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - This paper presents the results of an empirical investigation into the proximate determinants of the Federal Reserve's daily open market operations. Using information available each morning at the Fed conference call, the author models the Open Market Desk's choice of both the quantity and the type of operation, using a friction model for the former and a multinomial logit framework for the latter. Different types of operations are shown to send different signals to the market about the underlying thrust of Fed policy and open market operations in recent years are shown to have become increasingly keyed to the federal funds rate.
KW  - Central Banks and Their Policies          E58
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0295338&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sichel, Daniel E.
AD  - Federal Reserve System
T1  - Business Cycle Asymmetry: A Deeper Look
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 1993/04//
VL  - 31
IS  - 2
SP  - 224
EP  - 236
SN  - 00952583
N1  - Accession Number: 0289324; Keywords: Business Cycles;  Contraction;  Cycle;  Expansion; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - This paper distinguishes two types of asymmetry in business cycles: deepness and steepness. Deepness is defined as the characteristic that troughs are further below trend than peaks are above. Most previous research has focused exclusively on steepness, which refers to cycles in which contractions are steeper than expansions. A test for deepness is proposed and applied to U.S. postwar quarterly unemployment, real GNP, and industrial production. Evidence of deepness is found for unemployment and industrial production, while the evidence for real GNP is weaker. Previous evidence of steepness in unemployment is confirmed.
KW  - Business Fluctuations; Cycles          E32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289324&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Garwood, Griffith L.
AU  - Smith, Dolores S.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Community Reinvestment Act: Evolution and Current Issues
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 251
EP  - 267
SN  - 00149209
N1  - Accession Number: 0289590; Keywords: Credit;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The Community Reinvestment Act has had a major influence on reinvestment activity throughout the country and has stimulated greater attention to local needs, especially in low-income and minority areas. Yet many financial institutions complain that complying with the CRA is costly and burdensome, while community and consumer groups believe that financial institutions are not doing enough to help meet the credit needs of residents and business in low- and moderate-income areas. Today the act remains a source of concerns to regulators, bankers, and community activists, but it also continues to offer wide opportunities for creatively meeting the credit needs of communities.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes          R11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289590&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Garwood, Griffith L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance and Urban Affairs, February 3, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 274
EP  - 279
SN  - 00149209
N1  - Accession Number: 0289592; Keywords: Bank;  Banking;  Deposit Insurance;  Deposit;  Finance;  Financial Institutions;  Regulation;  Reserves;  Urban; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The author gives the Federal Reserve's perspectives on bank-holding-company-related community development corporations (CDCs) and other types of community development equity investments, which are approved by the Federal Reserve, and says that although the Federal Reserve fully supports the CDC concept, it believes that its use has limitations and that is should not be oversold, before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance, and Urban Affairs, February 3, 1993.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes          R11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289592&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, February 18, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 281
EP  - 285
SN  - 00149209
N1  - Accession Number: 0289594; Keywords: Bank;  Banking;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The author discusses the appropriate level of regulation of banking institutions and also the study of regulatory burden made by the Federal Financial Institutions Examination Council in 1992 and says that the regulatory burden imposed on banks may threaten their role in providing important services to the economy, before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the House Committee on Banking, Finance, and Urban Affairs, February 18,1993.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289594&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Credit and Insurance of the Committee on Banking, Finance and Urban Affairs, February 18, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 285
EP  - 292
SN  - 00149209
N1  - Accession Number: 0289595; Keywords: Banking;  Consumer Credit;  Credit;  Finance;  Financial Institutions;  Reserves;  Urban; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The author provides the Federal Reserve's perspectives on the current status of the Community Reinvestment Act (CRA), and says that the CRA is working better than is often recognized and that it has provided much of the momentum for the responses by financial institutions to the needs of their communities, especially in lower-income areas, before the Subcommittee on Consumer Credit and Insurance of the House Committee on Banking, Finance and Urban Affairs, February 18, 1993.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
KW  - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes          R11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289595&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 19, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 292
EP  - 302
SN  - 00149209
N1  - Accession Number: 0289596; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The author discusses developments in the economy and the conduct of monetary policy and says that in 1992 the financial condition of households, firms, and financial institutions improved and confidence rebounded late in the year, before the Senate Committee on Banking, Housing, and Urban Affairs, February 19, 1993.
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289596&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, February 24, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 302
EP  - 307
SN  - 00149209
N1  - Accession Number: 0289597; Keywords: Fiscal Policy;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - In this paper, the author focuses on the economic outlook and the relationship between fiscal policy and monetary policy and says that the Federal Reserve intends to continue to foster economic expansion in the near term while using the tools at its disposal to promote a financial environment conducive to sustainable, long-term growth, before the House Committee on the Budget, February 24, 1993.
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289597&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 24, 1993
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1993/04//
VL  - 79
IS  - 4
SP  - 307
EP  - 313
SN  - 00149209
N1  - Accession Number: 0289598; Keywords: Banking;  Credit;  Discrimination;  Lending;  Mortgage;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The author speaks about concerns related to credit discrimination in mortgage lending, and says that the Federal Reserve Board is committed to rigorously enforcing fair lending laws, before the Senate Committee on Banking, Housing, and Urban Affairs, February 24, 1993.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0289598&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hunter, William C.
AU  - Timme, Stephen G.
T1  - The efficiency of financial institutions: A review and preview of research past, present, and future.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1993/04//
VL  - 17
IS  - 2/3
M3  - Article
SP  - 221
EP  - 249
SN  - 03784266
AB  - The goals of this article are to assess the progress made on the topic of financial institution efficiency, based on research papers published as of  April 1993. The areas of research were subdivided into six categories: scale and scope efficiencies in banking, X-efficiency in banking, efficiency implications of bank mergers, efficiency of thrifts and governmental financial institutions, efficiency of the insurance industry and the determinants of financial institution efficiency. For each category, the authors discussed the prior state of knowledge, summarize the contributions of the articles and suggests directions for future research.
KW  - INDUSTRIAL efficiency
KW  - FINANCIAL institutions
KW  - RESEARCH
KW  - BANKING industry
KW  - FINANCE
N1  - Accession Number: 11478246; Berger, Allen N. 1; Email Address: mlanb00@fed.frb.gov; Hunter, William C. 2; Timme, Stephen G. 3; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; 2: Federal Reserve Bank of Atlanta, USA; 3: Georgia State University, USA; Issue Info: Apr93, Vol. 17 Issue 2/3, p221; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: RESEARCH; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 29p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11478246&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Bauer, Paul W.
AU  - Hancock, Diana
T1  - The efficiency of the Federal Reserve in providing check processing services.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1993/04//
VL  - 17
IS  - 2/3
M3  - Article
SP  - 287
EP  - 311
SN  - 03784266
AB  - The efficiency and productivity of check processing offices of the U.S. Federal Reserve System were examined, using a variety of frontier estimation techniques. Although there is broad agreement among the techniques about the relative efficiency rankings of offices, the average level of efficiency varies considerably depending on the technique chosen. It was found out that measured cost inefficiency dominated scale efficiency. The authors did not find any evidence of significant technological progress over the main sample period. The results suggested that the estimate of the potential increase in efficiency is much more sensitive to the choice of frontier estimation technique.
KW  - CHECKS
KW  - ESTIMATION theory
KW  - BANKING industry
KW  - FINANCE
KW  - UNITED States
N1  - Accession Number: 11478249; Bauer, Paul W. 1; Hancock, Diana 2; Affiliations: 1: Federal Reserve Bank of Cleveland, USA; 2: Board of Governors of the Federal Reserve System, USA; Issue Info: Apr93, Vol. 17 Issue 2/3, p287; Thesaurus Term: CHECKS; Thesaurus Term: ESTIMATION theory; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 25p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11478249&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hancock, Diana
AU  - Humphrey, David B.
T1  - Bank efficiency derived from the profit function.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1993/04//
VL  - 17
IS  - 2/3
M3  - Article
SP  - 317
EP  - 347
SN  - 03784266
AB  - Both input and output inefficiencies were derived from a profit function for U.S. banks. These inefficiencies were decomposed into allocative and technical components in a new way using shadow prices. About half of all potential variable profits were estimated to be lost to inefficiency. Most inefficiencies were from deficient output revenues, rather than excessive input costs. Larger banks were found to be more efficient than smaller banks, which may offset scale diseconomies found elsewhere. Tests of a new concept, optimal scope economies. suggested that joint production is optimal for most banks, but that specialization is optimal for others.
KW  - INDUSTRIAL efficiency
KW  - INPUT-output analysis
KW  - PROFIT
KW  - BANKING industry
KW  - UNITED States
N1  - Accession Number: 11478251; Berger, Allen N. 1; Email Address: mlanb00@fed.frb.gov; Hancock, Diana 1; Humphrey, David B. 2; Affiliations: 1: Board of  Governors of the Federal Reserve System, USA; 2: Florida State University, USA; Issue Info: Apr93, Vol. 17 Issue 2/3, p317; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: INPUT-output analysis; Thesaurus Term: PROFIT; Thesaurus Term: BANKING industry; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 31p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11478251&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Groton, Gary
AU  - Rosen, Richard
T1  - Discussants' comments on Pi and Timme, Grabowski et al., and Färe and Primot.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1993/04//
VL  - 17
IS  - 2/3
M3  - Article
SP  - 545
EP  - 547
SN  - 03784266
AB  - The comments on the research papers 'Corporate control and bank efficiency,' by Lynn Pi and Stephen G. Timme, 'Organizational forms in banking: An empirical investigation of cost efficiency,' by Richard Grabowski et al., and 'Measuring the efficiency of multiunit banking: An activity analysis approach,' by Rolf Fare and Daniel Primont, were presented. It should be emphasized that all of the frontier techniques available in the literature calculate efficiency relative to the best practice frontier, not necessarily the true frontier. Thus, even the efficient observations don't necessarily lie on the true frontier. As a consequence , if all observations are inefficient, but equally so, so they will all lie relatively close to the best practice frontier.
KW  - FINANCE
KW  - RESEARCH
KW  - INDUSTRIAL efficiency
KW  - BANKING industry
KW  - COST analysis
N1  - Accession Number: 11478272; Groton, Gary 1; Rosen, Richard 2; Affiliations: 1: The Wharton School, PA, USA; 2: Board of Governors of the Federal Reserve System, USA; Issue Info: Apr93, Vol. 17 Issue 2/3, p545; Thesaurus Term: FINANCE; Thesaurus Term: RESEARCH; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: BANKING industry; Thesaurus Term: COST analysis; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 3p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11478272&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McAllister, Patrick H.
AU  - McManus, Douglas
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Resolving the Scale Efficiency Puzzle in Banking
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1993/04//
VL  - 17
IS  - 2-3
SP  - 389
EP  - 405
SN  - 03784266
N1  - Accession Number: 0294736; Keywords: Bank;  Banking;  Intermediation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - Most previous empirical research on scale efficiency in banking has found increasing returns to scale only among relatively small banks, and decreasing returns to scale among larger banks. The present study shows that these results were biased by problems in the statistical techniques used and by the fact that the models ignored an important input required for the intermediation process, financial capital. When the econometric problems are solved and the relationship among size, diversification, and risk is properly accounted for, there is strong evidence of increasing returns to scale for banks up to about $500 million in total assets and approximately constant returns for larger banks.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294736&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
T1  - Efficiency Effects of Horizontal (In-Market) Bank Mergers
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1993/04//
VL  - 17
IS  - 2-3
SP  - 411
EP  - 422
SN  - 03784266
N1  - Accession Number: 0294739; Keywords: Bank;  Firm;  Merger; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - This study conducts tests to determine whether banks involved in horizontal mergers achieve efficiency improvements relative to other firms. The analysis covers 898 bank mergers from 1981 to 1986. Efficiency is measured by various expense ratios. The results based on OLS and logit analysis are robust. They indicate that during 1981-86, horizontal bank mergers did not yield efficiency gains. Notably, the findings are based on the mergers believed to be most likely to result in efficiency gains, i.e., they are horizontal mergers, the firms exhibit considerable deposit overlap, and the acquiring firms are, on average, more efficient than the acquired.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294739&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
AD  - Federal Reserve System
T1  - Panel Discussion of 'U.S. Banking Consolidation and Efficiency--Myths and Realities': Discussion Comments on U.S. Banking Consolidation and Efficiency
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1993/04//
VL  - 17
IS  - 2-3
SP  - 457
EP  - 460
SN  - 03784266
N1  - Accession Number: 0294744; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294744&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gorton, Gary
AU  - Rosen, Richard
AD  - Wharton School
AD  - Federal Reserve System
T1  - The Efficiency of Financial Institutions: Discussants' Comments on Pi and Timme, Grabowski et al., and Fare and Primont
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1993/04//
VL  - 17
IS  - 2-3
SP  - 545
EP  - 547
SN  - 03784266
N1  - Accession Number: 0294753; Keywords: Financial Institutions; Publication Type: Journal Article; Update Code: 199312
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294753&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Hess, Gregory D.
T1  - Are Higher Levels of Inflation Less Predictable? A State-Dependent Conditional Heteroscedasticity Approach.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1993/04//
VL  - 11
IS  - 2
M3  - Article
SP  - 187
EP  - 197
SN  - 07350015
AB  - Milton Friedman proposed that there is a positive relationship between inflation and uncertainty about the future path of inflation. In contrast to previous studies of this hypothesis, we find strong statistical evidence that higher levels of inflation are less predictable, although innovations in inflation are somewhat better predictors of future volatility than the actual level of inflation. We argue that previous failures to find an inflation-uncertainty relationship are due to two factors. First, none of the previous work directly tested Friedman's hypothesis by including the level of inflation in the model of the conditional variance. Second, these studies also used symmetric models, which appears inconsistent with Friedman's hypothesis. Our results are robust to different sample periods and to assumptions about the presence of a unit root in inflation. To test the inflation-uncertainty hypothesis, we use state-dependent models (SDM's) of conditional moments to estimate the time-varying conditional variance of inflation. SDM's have three distinct advantages for this application: (1)They include the inflation rate in the model of the conditional variance, (2) they allow for asymmetric relationships, and (3) they nest several alternative, but symmetric, models such as ARCH, GARCH, and Rx models of conditional heteroscedasticity. For completeness, we compare our estimates of conditional variance to estimates using EGARCH models, an alternative to SDM models that also allows for asymmetric relationships but that does not nest ARCH, GARCH, and Rx models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - TIME series analysis
KW  - ECONOMETRICS
KW  - ANALYSIS of variance
KW  - HETEROSCEDASTICITY
KW  - Conditional heteroscedasticity
KW  - Inflation uncertainty
KW  - State-dependent models
N1  - Accession Number: 5825821; Brunner, Allan D. 1; Hess, Gregory D. 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Apr93, Vol. 11 Issue 2, p187; Thesaurus Term: INFLATION (Finance); Thesaurus Term: TIME series analysis; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ANALYSIS of variance; Subject Term: HETEROSCEDASTICITY; Author-Supplied Keyword: Conditional heteroscedasticity; Author-Supplied Keyword: Inflation uncertainty; Author-Supplied Keyword: State-dependent models; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Pauls, B. Dianne
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - A Re-assessment of the Relationship between Real Exchange Rates and Real Interest Rates: 1974-1990
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1993/04//
VL  - 31
IS  - 2
SP  - 165
EP  - 187
SN  - 03043923
N1  - Accession Number: 0295327; Keywords: Exchange Rates;  Interest Rates;  Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
N2  - This paper uses cointegration techniques and error-correction models to reexamine the link between real exchange rates and real interest rate differentials. The results show that real exchange rates and real interest rates are nonstationary; however, they are not cointegrated with each other. On the other hand, the dynamic models indicate that there might be a long-run relationship between these variables, but this cannot be verified. The final conclusion is that there is little empirical evidence in support of a systematic relationship and this result is robust across exchange rates, time periods, and measures of expected inflation.
KW  - Foreign Exchange          F31
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.sciencedirect.com/science/journal/03043932
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UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Pauls, B. Dianne
T1  - A re-assessment of the relationship between real exchange rates and real interest rates: 1974-990.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1993/04//
VL  - 31
IS  - 2
M3  - Article
SP  - 165
EP  - 187
SN  - 03043932
AB  - This paper uses cointegration techniques and error-correction models to re-examine the link between real exchange rates and real interest rate differentials. The results show that real exchange rates and real interest rates are nonstationary; however, they are not cointegrated with each other. On the other hand, the dynamic models indicate that there might be a long-run relationship between these variables, but this cannot be verified. The final conclusion is that there is little empirical evidence in support of a systematic relationship, and this result is robust across exchange rates, time periods, and measures of expected inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - MONETARY policy
KW  - ECONOMIC indicators
KW  - ECONOMETRICS
KW  - Cointegration
KW  - Real exchange rates
KW  - Real uncovered interest rate parity
N1  - Accession Number: 13277284; Edison, Hali J. 1; Pauls, B. Dianne 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Apr93, Vol. 31 Issue 2, p165; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: INTEREST rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMETRICS; Author-Supplied Keyword: Cointegration; Author-Supplied Keyword: Real exchange rates; Author-Supplied Keyword: Real uncovered interest rate parity; Number of Pages: 23p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Shack-Marquez, Janice
AU  - Wascher, William L.
AD  - U Southern CA, Los Angeles
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Does Migration Arbitrage Regional Labor Market Differentials?
JO  - Regional Science and Urban Economics
JF  - Regional Science and Urban Economics
Y1  - 1993/04//
VL  - 23
IS  - 2
SP  - 211
EP  - 233
SN  - 01660462
N1  - Accession Number: 0290804; Keywords: Migration;  Regional Labor Markets;  Regional Migration;  Regional; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - This paper examines the determinants of regional migration in the 1980s using a place-to-place migration model in which migration flows depend upon the relative economic opportunities in the origin and destination regions. Using the results of the model, we then examine the potential role for migration in diffusing the economic pressures associated with disparate regional economic growth. Although the results reinforce the notion that divergent regional growth was an impetus to migration in the 1980s, estimates of the employment status of movers suggest that the true effects of migration on unemployment differentials may be quite small.
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
L3  - http://www.sciencedirect.com/science/journal/01660462
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UR  - http://www.sciencedirect.com/science/journal/01660462
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rudebusch, Glenn D.
T1  - The uncertain unit root in real GNP.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1993/03//
VL  - 83
IS  - 1
M3  - Article
SP  - 264
PB  - American Economic Association
SN  - 00028282
AB  - The impulse and propagation mechanisms of business cycles have long been debated, however, until recently, economists were in fairly broad agreement that business fluctuations could he studied separately from the secular growth of the economy. The common practice of macroeconomists of all theoretical persuasions was to model movements in real Gross National Product (GNP) as stationary fluctuations around a linear deterministic trend. Such a trend-stationary (TS) model of real GNP was the canonical empirical representation of aggregate output until the early 1980s. The article suggests that a new consensus should be formed that stresses the uncertainty about the existence of a unit root in real output and the uncertainty about the amount of persistence of macroeconomic shocks. The appropriate conclusion from unit-root tests on a data sample is that the existence of a unit root is uncertain. This suggests the importance of measuring the confidence intervals for estimates of persistence without conditioning on the TS or DS model.
KW  - ECONOMICS -- Mathematical models
KW  - GROSS national product
KW  - PRODUCTION (Economic theory)
KW  - ECONOMIC models
KW  - STOCHASTIC analysis
KW  - BUSINESS cycles
KW  - MACROECONOMICS
N1  - Accession Number: 9308165666; Rudebusch, Glenn D. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Division of Monetary Affairs, Washington, DC 20551.; Issue Info: Mar1993, Vol. 83 Issue 1, p264; Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: GROSS national product; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: ECONOMIC models; Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: BUSINESS cycles; Thesaurus Term: MACROECONOMICS; Number of Pages: 9p; Illustrations: 3 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Emery, Robert F.
AD  - Federal Reserve System
T1  - Central Banks' Use in East Asia of Money Market Instruments in the Conduct of Monetary Policy
JO  - Journal of Asian Economics
JF  - Journal of Asian Economics
Y1  - 1993///Spring
VL  - 4
IS  - 1
SP  - 99
EP  - 116
SN  - 10490078
N1  - Accession Number: 0291403; Keywords: Monetary Policy;  Monetary;  Money;  Policy; Geographic Descriptors: E. Asia; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199309
KW  - Monetary Policy          E52
KW  - Fiscal and Monetary Policy in Development          O23
L3  - http://www.sciencedirect.com/science/journal/10490078
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UR  - http://www.sciencedirect.com/science/journal/10490078
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Managed Exchange Rate Regimes, Price Stability and the International Monetary System
JO  - Journal of Asian Economics
JF  - Journal of Asian Economics
Y1  - 1993///Spring
VL  - 4
IS  - 1
SP  - 171
EP  - 180
SN  - 10490078
N1  - Accession Number: 0291408; Keywords: Exchange Rates;  Prices; Geographic Descriptors: U.S.; EEC; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199309
KW  - International Monetary Arrangements and Institutions          F33
KW  - Financial Aspects of Economic Integration          F36
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/10490078
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0291408&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10490078
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cortes, Bienvenido S.
AU  - Edgmand, Michael R.
AU  - Rea, John D.
AD  - Pittsburg State U
AD  - OK State U
AD  - Federal Reserve System
T1  - A Firm-Level Comparison of Alternative Theories of Business Fixed Investment
JO  - Journal of Economics (MVEA)
JF  - Journal of Economics (MVEA)
Y1  - 1993///Spring
VL  - 19
IS  - 1
SP  - 65
EP  - 72
SN  - 03616576
N1  - Accession Number: 0324077; Keywords: Accelerator;  Firm Level;  Firm;  Firms;  Investment;  Q; Publication Type: Journal Article; Update Code: 199406
N2  - This paper compares the explanatory power of five theories of business fixed investment--accelerator, accelerator-cash flow, q, standard neoclassical, and modified neoclassical. It estimates the models for each of 104 manufacturing firms for the 1960-84 period. The estimated coefficients of each model are tested for statistical significance and consistency with the hypothesized signs. Given the models that pass these tests, the "best" investment model for a firm is the one that minimizes Theil's standard error criterion. The main finding is that no single theory provides a general explanation of firm investment. The results show that the accelerator-cash flow model explains investment behavior for more firms than any other model but it accounts for only a third of the firms. The standard and modified neoclassical models explain the least number of firms while the q and accelerator models rank in between. Findings from non-nested tests generally support the previous results.
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
L3  - http://www.cba.uni.edu/economics/joe.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0324077&site=ehost-live&scope=site
UR  - http://www.cba.uni.edu/economics/joe.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Campbell, John H.
AU  - Ammer, John
T1  - What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1993/03//
VL  - 48
IS  - 1
M3  - Article
SP  - 3
EP  - 37
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper uses a vector autoregressive model to decompose excess stock and 10-year bond returns into changes in expectations of future stock dividends, inflation, short-term real interest rates, and excess stock and bond returns. In monthly postwar U.S. data, stock and bond returns are driven largely by news about future excess stock returns and inflation, respectively. Real interest rates have little impact on returns, although they do affect the short-term nominal interest rate and the slope of the term structure. These findings help to explain the low correlation between excess stock and bond returns. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCKS (Finance)
KW  - BONDS (Finance)
KW  - DIVIDENDS
KW  - INFLATION (Finance)
KW  - MATHEMATICAL models
KW  - RATE of return
KW  - ECONOMIC forecasting
KW  - AUTOREGRESSION (Statistics)
KW  - VECTOR analysis
KW  - DECOMPOSITION (Mathematics)
N1  - Accession Number: 4653256; Campbell, John H. 1; Ammer, John 2; Affiliations: 1: Woodrow Wilson School, Princeton University; 2: International Finance Division, Board of Governors of the Federal Reserve System; Issue Info: Mar1993, Vol. 48 Issue 1, p3; Thesaurus Term: STOCKS (Finance); Thesaurus Term: BONDS (Finance); Thesaurus Term: DIVIDENDS; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MATHEMATICAL models; Thesaurus Term: RATE of return; Thesaurus Term: ECONOMIC forecasting; Subject Term: AUTOREGRESSION (Statistics); Subject Term: VECTOR analysis; Subject Term: DECOMPOSITION (Mathematics); Number of Pages: 35p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Acharya, Sankarshan
T1  - Value of Latent Information: Alternative Event Study Methods.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1993/03//
VL  - 48
IS  - 1
M3  - Article
SP  - 363
EP  - 385
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper presents an econometric model to value latent information underlying corporate events. This model computes the market's inference of the value of latent information from the probability of an event, conditional on firm-specific, preevent information. It provides a convenient framework for testing significance of preevent information variables, such as accounting attributes and lagged stock return. Simulations show that this model, when applied to both event and preevent period data, can decrease the incidence of bias in event studies. If restricted to only event period data, this model reduces to a truncated regression and does not perform as well as standard procedures. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATIONS -- Finance
KW  - ECONOMETRICS
KW  - STOCK exchanges
KW  - STOCKS (Finance)
KW  - ECONOMIC models
KW  - ACCOUNTING methods
KW  - ECONOMETRIC models
KW  - INVESTMENTS -- Mathematical models
KW  - INFORMATION dissemination
KW  - LATENT variables
N1  - Accession Number: 4653459; Acharya, Sankarshan 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar1993, Vol. 48 Issue 1, p363; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: ECONOMETRICS; Thesaurus Term: STOCK exchanges; Thesaurus Term: STOCKS (Finance); Thesaurus Term: ECONOMIC models; Thesaurus Term: ACCOUNTING methods; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: INVESTMENTS -- Mathematical models; Subject Term: INFORMATION dissemination; Subject Term: LATENT variables; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 23p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wayne Passmore, Stuart
T1  - Econometric Models of the Eleventh District Cost of Funds Index.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1993/03//
VL  - 6
IS  - 2
M3  - Article
SP  - 175
EP  - 188
SN  - 08955638
AB  - The Eleventh District Cost of Funds Index (COFI) is a popular index for pricing adjustable rate mortgages. COR is calculated from the interest expenses incurred by thrifts when raising funds, It is a mixture of current and past interest rates on many different financial instruments. COR can be modelled well with simple econometric models. Commonly used, simple COFI models are compared using a method developed by Hendry (1989). Some of these models, which appear to fit the data veil, have nonrohust parameters, significant serial correlation, and heteroscedastic errors. These poorly specified models may lead to systematic mispricing of COFI mortgages. Once a robust econometric model is chose, the lagged adjustment of COF1 to movements in interest rates can be incorporated into mortgage pricing models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGE loans
KW  - ECONOMETRIC models
KW  - VARIABLE rate loans
KW  - ADJUSTABLE rate mortgages
KW  - PRICING
KW  - INTEREST rates
KW  - Adjustable-rate mortgages
KW  - COFI
KW  - cost of funds indices
KW  - mortgage pricing
N1  - Accession Number: 17325969; Wayne Passmore, Stuart 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Washington, DC; Issue Info: Mar1993, Vol. 6 Issue 2, p175; Thesaurus Term: MORTGAGE loans; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: VARIABLE rate loans; Thesaurus Term: ADJUSTABLE rate mortgages; Thesaurus Term: PRICING; Thesaurus Term: INTEREST rates; Author-Supplied Keyword: Adjustable-rate mortgages; Author-Supplied Keyword: COFI; Author-Supplied Keyword: cost of funds indices; Author-Supplied Keyword: mortgage pricing; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Passmore, Stuart Wayne
AD  - Federal Reserve System
T1  - Econometric Models of the Eleventh District Cost of Funds Index
JO  - Journal of Real Estate Finance and Economics
JF  - Journal of Real Estate Finance and Economics
Y1  - 1993/03//
VL  - 6
IS  - 2
SP  - 175
EP  - 188
SN  - 08955638
N1  - Accession Number: 0290383; Keywords: Adjustable Rate;  Mortgage;  Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - The Eleventh District Cost of Funds Index (COFI) is a popular index for pricing adjustable-rate mortgages. COFI is calculated from the interest expenses incurred by thrifts when raising funds. It is a mixture of current and past interest rates on many different financial instruments. COFI can be modeled well with simple econometric models. Commonly used, simple COFI models are compared using a method developed by Hendry (1989). Some of these models, which appear to fit the data well, have nonrobust parameters, significant serial correlation, and heteroscedastic errors. These poorly specified models may lead to systematic mispricing of COFI mortgages. Once a robust econometric model is chosen, the lagged adjustment of COFI to movements in interest rates can be incorporated into mortgage pricing models.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Housing Supply and Markets          R31
L3  - http://link.springer.com/journal/volumesAndIssues/11146
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0290383&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11146
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mittelstaedt, H. Fred
AU  - Warshawsky, Mark J.
AD  - U Notre Dame
AD  - Federal Reserve System
T1  - The Impact of Liabilities for Retiree Health Benefits on Share Prices
JO  - Journal of Risk and Insurance
JF  - Journal of Risk and Insurance
Y1  - 1993/03//
VL  - 60
IS  - 1
SP  - 13
EP  - 35
SN  - 00224367
N1  - Accession Number: 0295408; Keywords: Health;  Retiree; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Retirement; Retirement Policies          J26
KW  - Analysis of Health Care Markets          I11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291539-6975/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291539-6975/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennedy, James
AD  - Federal Reserve System
T1  - An Analysis of Revisions to the Industrial Production Index
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1993/02//
VL  - 25
IS  - 2
SP  - 213
EP  - 219
SN  - 00036846
N1  - Accession Number: 0288966; Keywords: Production Index; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
KW  - Industry Studies: Manufacturing: General          L60
KW  - Index Numbers and Aggregation; Leading indicators          C43
L3  - http://www.tandfonline.com/loi/raec20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0288966&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/raec20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kamin, Steven B.
AD  - Federal Reserve System
T1  - Devaluation, Exchange Controls, and Black Markets for Foreign Exchange in Developing Countries
JO  - Journal of Development Economics
JF  - Journal of Development Economics
Y1  - 1993/02//
VL  - 40
IS  - 1
SP  - 151
EP  - 169
SN  - 03043878
N1  - Accession Number: 0277638; Keywords: Devaluation;  Developing Countries;  Exchange Rates;  Foreign Exchange;  Trade; Publication Type: Journal Article; Update Code: 199306
N2  - This paper analyzes the response of external balance indicators to anticipated devaluation in a model incorporating the movement of black market exchange rates under rational expectations. The analysis is then extended to the case of "devaluation cycles" to examine the behavior of black market rates and official trade statistics in the face of persistent inflation that appreciates the real exchange rate and motivates periodic devaluation. The data confirm the predicted response of the black market rate to devaluation as well as the sensitivity of official exports data to movements in the black market rate.
KW  - International Linkages to Development; Role of International Organizations          O19
KW  - Foreign Exchange          F31
L3  - http://www.sciencedirect.com/science/journal/03043878
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0277638&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043878
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AU  - Marquez, Jaime
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Encompassing the Forecasts of U.S. Trade Balance Models
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1993/02//
VL  - 75
IS  - 1
SP  - 19
EP  - 31
SN  - 00346535
N1  - Accession Number: 0290858; Keywords: Forecast;  Forecasts;  Simulation;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
N2  - Yock Y. Chong and David F. Hendry (1986) propose the concept of forecast encompassing--the lack of additional information in another model's forecasts. The corresponding test statistic is based on the regression of one model's forecast errors on the other model's forecasts. This paper generalizes Chong and Hendry's statistic to include sets of dynamic nonlinear models with uncertain estimated coefficients generating multistep forecasts with possibly systematic biases. Using stochastic simulation, the generalized statistic is applied to forecasts over 1985Q1-1987Q4 from six models of the U.S. merchandise trade balance, revealing misspecification in all models.
KW  - Forecasting Models; Simulation Methods          C53
KW  - Trade: Forecasting and Simulation          F17
KW  - Current Account Adjustment; Short-term Capital Movements          F32
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0290858&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mariger, Randall P.
AU  - Shaw, Kathryn
AD  - Federal Reserve System
AD  - Carnegie Mellon U
T1  - Unanticipated Aggregate Disturbances and Tests of the Life-Cycle Consumption Model Using Panel Data
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1993/02//
VL  - 75
IS  - 1
SP  - 48
EP  - 56
SN  - 00346535
N1  - Accession Number: 0290861; Keywords: Food Consumption;  Liquidity Constraints;  Panel Data; Publication Type: Journal Article; Update Code: 199309
N2  - Several recent studies have used data on food consumption from the Panel Study of Income Dynamics (PSID) to test t he rational expectations life-cycle hypothesis against the alternative of prevalent liquidity constraints. These tests invoke the rational expectations restriction that income forecast errors are independent of lagged information. This restriction, however, applies only in a time-series context. It is possible that unanticipated macroeconomic disturbances cause forecast errors to be correlated with lagged information in a cross-section of families. The authors present evidence of such a correlation in the PSID data, show that this correlation biases previous tests of the life-cycle model toward rejection, and derive a proper test of the life-cycle model using pa nel data.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models          C23
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0290861&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
A2  - Kaufman, George G.
A2  - Litan, Robert E.
T1  - Capital Standards and the Performance of the U.S. Banking Industry
T2  - Assessing bank reform: FDICIA one year later
PB  - Washington, D.C.:
PB  - Brookings Institution
Y1  - 1993///
SP  - 90
EP  - 103
N1  - Accession Number: 0395564; Reviewed Book ISBN: 0-8157-4874-4; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199610
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0395564&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sichel, Daniel E.
AD  - Federal Reserve System
T1  - Tax Incentives and Equipment Investment: Comment
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1993///
IS  - 1
SP  - 340
EP  - 344
SN  - 00072303
N1  - Accession Number: 0321270; Keywords: Investment; Publication Type: Journal Article; Update Code: 199406
KW  - Capital; Investment; Capacity          E22
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0321270&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
AU  - Sichel, Daniel E.
AD  - U PA
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Stock, James H.
A2  - Watson, Mark W.
T1  - Further Evidence on Business-Cycle Duration Dependence
T2  - Business cycles, indicators, and forecasting
PB  - NBER Studies in Business Cycles, vol. 28.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1993///
SP  - 255
EP  - 280
N1  - Accession Number: 0405783; Reviewed Book ISBN: 0-226-774880-0; Keywords: Business Cycles;  Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199704
KW  - Business Fluctuations; Cycles          E32
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0405783&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence
AD  - Federal Reserve System
T1  - The Excesses of the Eighties
JO  - Business Economics
JF  - Business Economics
Y1  - 1993/01//
VL  - 28
IS  - 1
SP  - 15
EP  - 18
SN  - 0007666X
N1  - Accession Number: 0276635; Publication Type: Journal Article; Update Code: 199306
N2  - The so-called Excesses of the Eighties, used as an excuse to explain our current troubles, were hardly unique to the 1980s or to the United States. Three challenges face us today: a worldwide disinflation and a move toward price stability; a move toward a restructured global financial system; and the collapse of the Soviet Empire. Our success in meeting the challenges thus far demonstrate the vibrancy and resiliency of market economies, and with patience and prudence future challenges can be met.
KW  - General Outlook and Conditions          E66
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0276635&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - US Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Changing Capital Markets: Implications for Monetary Policy: Opening Remarks
T2  - Changing capital markets: Implications for monetary policy: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 19-21, 1993
PB  - Kansas City:
PB  - Author
Y1  - 1993///
SP  - 1
EP  - 4
N1  - Accession Number: 0408977; Keywords: Capital Market;  Monetary Policy;  Monetary;  Policy; Publication Type: Collective Volume Article; Update Code: 199704
KW  - Monetary Policy          E52
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0408977&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - US Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Commentary: The Role of Judgment and Discretion in the Conduct of Monetary Policy
T2  - Changing capital markets: Implications for monetary policy: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 19-21, 1993
PB  - Kansas City:
PB  - Author
Y1  - 1993///
SP  - 197
EP  - 203
N1  - Accession Number: 0408984; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199704
KW  - Monetary Policy          E52
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0408984&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattey, Joe P.
AD  - Federal Reserve System
T1  - Cumulation of Individual Responses to Input Price Changes: Estimates from an Input-Output System with Distributed Activities
JO  - Economic Systems Research
JF  - Economic Systems Research
Y1  - 1993///
VL  - 5
IS  - 1
SP  - 17
EP  - 40
SN  - 09535314
N1  - Accession Number: 0294102; Keywords: Input Output; Publication Type: Journal Article; Update Code: 199312
N2  - This paper uses an inter-industry transactions model, similar to the input-output model with distributed activities of T. ten Raa (1986), to examine short-term inflation dynamics. Aggregate output rices appear to respond more slowly to changes in the prices of aggregate inputs than prices in individual industries appear to respond to changes in the prices of individual inputs. This difference is caused by a "cumulation effect" if firms in individual industries adjust prices relatively quickly, but the small individual lags cumulate as commodities pass through the chain of production. This paper shows that the transmission mechanism--dynamic interactions created by industries' use of each other's commodities--can generate a significant cumulation effect in the US economy. The paper uses detailed input-output data to show that more cumulation becomes apparent when inter-industry flows are modeled more completely than has been the case in previous studies.
KW  - General Equilibrium and Disequilibrium: Input-Output Tables and Analysis          D57
L3  - http://www.tandfonline.com/loi/cesr20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0294102&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/cesr20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mullins, David W., Jr.
AD  - US Federal Reserve System
A2  - Mikdashi, Zuhayr
T1  - The US Financial Situation and Banking System--Implications for Regulation and Monetary Policy
T2  - Financial strategies and public policies: Banking, insurance and industry
PB  - New York:
PB  - St. Martin's Press;
PB  - London:
PB  - Macmillan
Y1  - 1993///
SP  - 50
EP  - 55
N1  - Accession Number: 0396266; Reviewed Book ISBN: 0-312-09113-3; Keywords: Banking;  Monetary Policy;  Monetary;  Policy;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199610
KW  - Monetary Policy          E52
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0396266&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Gabriel, Stuart A.
AU  - Shack-Marquez, Janice
AU  - Wascher, William L.
AD  - U Southern CA
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Kingsley, G. Thomas
A2  - Turner, Margery Austin
T1  - The Effects of Regional House Price and Labor Market Variability on Interregional Migration: Evidence from the 1980s
T2  - Housing markets and residential mobility
PB  - Urban Opportunity Series.
PB  - Washington, D.C.:
PB  - Urban Institute Press; distributed by University Press of America, Lanham, Md.
Y1  - 1993///
SP  - 31
EP  - 51
N1  - Accession Number: 0408230; Reviewed Book ISBN: 0-87766-582-6; Keywords: Migration;  Regional; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199704
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
KW  - Housing Supply and Markets          R31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0408230&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur B.
T1  - How Rich is Too Rich? Income and Wealth in America (Book).
JO  - ILR Review
JF  - ILR Review
Y1  - 1993/01//
VL  - 46
IS  - 2
M3  - Book Review
SP  - 415
EP  - 416
PB  - Sage Publications Inc.
SN  - 00197939
AB  - Reviews the book "How Rich is Too Rich? Income and Wealth in America," by Herbert Inhaber and Sidney Carroll.
KW  - WEALTH
KW  - NONFICTION
KW  - INHABER, Herbert
KW  - CARROLL, Sidney
KW  - HOW Rich Is Too Rich? Income & Wealth in America (Book)
N1  - Accession Number: 9302020913; Kennickell, Arthur B. 1; Affiliations: 1: Senior Economist, Board of Governors of the Federal Reserve System; Issue Info: Jan93, Vol. 46 Issue 2, p415; Thesaurus Term: WEALTH; Subject Term: NONFICTION; Reviews & Products: HOW Rich Is Too Rich? Income & Wealth in America (Book); People: INHABER, Herbert; People: CARROLL, Sidney; Number of Pages: 2p; Document Type: Book Review; Full Text Word Count: 795
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AD  - Federal Reserve System
T1  - The Autonomy of Elasticities for Trade among Canada, Japan, and the United States
JO  - Japan and the World Economy
JF  - Japan and the World Economy
Y1  - 1993///
VL  - 5
IS  - 3
SP  - 179
EP  - 195
SN  - 09221425
N1  - Accession Number: 0332646; Keywords: Trade; Geographic Descriptors: Canada; U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 199412
KW  - Empirical Studies of Trade          F14
L3  - http://www.sciencedirect.com/science/journal/09221425
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0332646&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/09221425
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - French, Mark W.
AU  - Sichel, Daniel E.
T1  - Cyclical Pattern in the Variance of Economic Activity.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1993/01//
VL  - 11
IS  - 1
M3  - Article
SP  - 113
EP  - 119
SN  - 07350015
AB  - This article models the conditional mean and variance of real gross national product (GNP) and its components using asymmetric exponential generalized autoregressive conditional heteroscedasticity, a model previously applied only to financial variables. The results imply that the variance of real GNP is higher following negative innovations than positive innovations and that this asymmetry arises in the cyclically sensitive sectors. Further evidence links this asymmetry to the phase of the business cycle: The conditional variance appears to be largest around business-cycle troughs. In addition, shocks to the conditional variance of GNP and its components typically persist for long periods. The evidence of asymmetry in conditional variance is robust to a variety of alternative specifications. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS national product
KW  - BUSINESS cycles
KW  - PROBABILITY theory
KW  - CONDITIONAL expectations (Mathematics)
KW  - HETEROSCEDASTICITY
KW  - ARCH models
KW  - Asymmetric exponential GARCH
KW  - Business-cycle asymmetry
KW  - Nonlinear models
N1  - Accession Number: 5823922; French, Mark W. 1; Sichel, Daniel E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Washington, DC 20551; Issue Info: Jan1993, Vol. 11 Issue 1, p113; Thesaurus Term: GROSS national product; Thesaurus Term: BUSINESS cycles; Thesaurus Term: PROBABILITY theory; Subject Term: CONDITIONAL expectations (Mathematics); Subject Term: HETEROSCEDASTICITY; Author-Supplied Keyword: ARCH models; Author-Supplied Keyword: Asymmetric exponential GARCH; Author-Supplied Keyword: Business-cycle asymmetry; Author-Supplied Keyword: Nonlinear models; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Krane, Specer D.
AD  - Federal Reserve System
T1  - Induced Seasonality and Production-Smoothing Models of Inventory Behavior
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1993/01//January-February 1993
VL  - 55
IS  - 1-2
SP  - 135
EP  - 168
SN  - 03044076
N1  - Accession Number: 0277674; Keywords: Inventory; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - This paper examines whether seasonal patterns in production are consistent with the observed seasonality in sales and the constraints imposed by a simple model of optimal production and inventory behavior. Formal hypothesis tests often provide statistical rejections of the model's restrictions. Nonetheless, in many cases seasonals constructed from the model explain most of the variation in the unconstrained production seasonals. And in contrast to instrumental variable estimates of Euler equations, the estimates of structural parameters embedded in the constrained seasonals often have the signs postulated by traditional models of inventory behavior.
KW  - Model Construction and Estimation          C51
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
L3  - http://www.sciencedirect.com/science/journal/03044076
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UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bell, William R.
AU  - Wilcox, David W.
T1  - The effect of sampling error on the time series behavior of consumption data.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1993/01//Jan/Feb93
VL  - 55
IS  - 1/2
M3  - Article
SP  - 235
EP  - 265
SN  - 03044076
AB  - Much empirical economic research today involves estimation of tightly specified time series models that derive from theoretical optimization problems. Resulting conclusions about underlying theoretical parameters may be sensitive to imperfections in the data. We illustrate this fact by considering sampling error in data from the Census Bureau's Retail Trade Survey. We find that parameter estimates in seasonal time series models for retail sales axe sensitive to whether a sampling error component is included in the model. We conclude that sampling error should be taken seriously in attempts to derive economic implications by modeling time series data from repeated surveys. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Econometrics is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAMPLING (Statistics)
KW  - CONSUMPTION (Economics)
KW  - MATHEMATICAL optimization
KW  - RETAIL inventories
KW  - MARKETING channels
KW  - ERRORS
N1  - Accession Number: 11936979; Bell, William R. 1; Wilcox, David W. 2; Affiliations: 1: U.S. Bureau of the Census, Washington, DC 20233, USA.; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jan/Feb93, Vol. 55 Issue 1/2, p235; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: RETAIL inventories; Thesaurus Term: MARKETING channels; Subject Term: ERRORS; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Beaulieu, J. Joseph
AU  - Miron, Jeffrey A.
AD  - Federal Reserve System
AD  - Boston U and NBER
T1  - Seasonal Unit Roots in Aggregate U.S. Data
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1993/01//January-February 1993
VL  - 55
IS  - 1-2
SP  - 305
EP  - 328
SN  - 03044076
N1  - Accession Number: 0277684; Keywords: Unit Root; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - In this paper, the authors provide evidence on the presence of seasonal unit roots in aggregate U.S. data. The analysis is conducted using the approach developed by S. Hylleberg, R. Engle, C. W. J. Granger, and B. S. Yoo (1990). They first derive the mechanics of this procedure for monthly data and use Monte Carlo methods to compute the finite sample critical values of the associated test statistics. They then apply the quarterly and monthly procedures of the Hylleberg, Engle, Granger, and Yoo approach to aggregate U.S. data. The data reject the presence of unit roots at most seasonal frequencies in a large fraction of the series considered.
KW  - General Aggregative Models: General          E10
KW  - Model Construction and Estimation          C51
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0277684&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Goodman, John L.
AU  - Jr.
T1  - A Housing Market Matching Model of the Seasonality in Geographic Mobility.
JO  - Journal of Real Estate Research
JF  - Journal of Real Estate Research
Y1  - 1993///Winter93
VL  - 8
IS  - 1
M3  - Article
SP  - 117
PB  - American Real Estate Society
SN  - 08965803
AB  - Abstract. Geographic mobility is highly seasonal. Moves are twice as likely to occur during the summer months as during the winter months. Summer marriages and school calendars contribute to the seasonality in mobility. But most people who move are neither newlyweds nor parents of school-age children. Using data from the American Housing Survey, the author shows that the summer peaking of moves is universal: The seasonality is similar for all life cycle stages, for all reasons for moving, in all regions of the country and climate zones, and for both home buyers and renters. The author also presents evidence that the seasonality has been stable over the past quarter century.  The second part of the paper offers an explanation for this shared seasonality: While newlyweds and parents of school-age children have specific reasons for moving in the summer, other movers with no particular demographic motivation for moving during the summer nonetheless find it economically advantageous to move when everyone else is moving. These movers are motivated by the greater selection of units available and consequently the better chance of an optimal match, and by the lower search costs of finding a good match. Housing suppliers accommodate this peaking in order to shorten their marketing periods and to secure higher prices from consumers who will pay a premium for housing that closely matches their needs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Research is the property of American Real Estate Society and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING market
KW  - SEASONAL variations (Economics)
KW  - HOUSING
KW  - INTERNAL migration
KW  - GEOGRAPHIC mobility
KW  - HUMAN life cycle
KW  - MARRIAGE
KW  - HOUSING surveys
KW  - UNITED States
N1  - Accession Number: 4479387; Goodman, John L.; Jr. 1; Affiliations: 1: Djvjsion of Research and Stattstics, Board of Governors of the Federal Reserve System, Washington, D C. 20551; Issue Info: Winter93, Vol. 8 Issue 1, p117; Thesaurus Term: HOUSING market; Thesaurus Term: SEASONAL variations (Economics); Thesaurus Term: HOUSING; Subject Term: INTERNAL migration; Subject Term: GEOGRAPHIC mobility; Subject Term: HUMAN life cycle; Subject Term: MARRIAGE; Subject Term: HOUSING surveys; Subject: UNITED States; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Oliner, Stephen D.
AD  - Federal Reserve System
A2  - Foss, Murray F.
A2  - Manser, Marilyn E.
A2  - Young, Allan H.
T1  - Constant-Quality Price Change, Depreciation, and Retirement of Mainframe Computers
T2  - Price measurements and their uses
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 57.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1993///
SP  - 19
EP  - 61
N1  - Accession Number: 0388036; Reviewed Book ISBN: 0-226-25730-4; Keywords: Computers;  Quality; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199607
KW  - General Aggregative Models: General          E10
KW  - Information and Product Quality; Standardization and Compatibility          L15
KW  - Microelectronics; Computers; Communications Equipment          L63
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0388036&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - JOUR
AU  - Gertler, Mark
AU  - Gilchrist, Simon
AD  - NYU
AD  - Federal Reserve System
T1  - The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence
JO  - Scandinavian Journal of Economics
JF  - Scandinavian Journal of Economics
Y1  - 1993///
VL  - 95
IS  - 1
SP  - 43
EP  - 64
SN  - 03470520
N1  - Accession Number: 0291015; Keywords: Credit;  Monetary; Publication Type: Journal Article; Update Code: 199309
N2  - Recently, a debate has resurfaced on whether and how credit market imperfections may play a role in the transmission of monetary policy. This new literature attempts to identify the effect s of credit market imperfections by analyzing the response to tight mo ney of different forms of credit and different types of borrowers. The arguments and evidence in this literature are reviewed and some new evidence is presented. There is a striking difference in response of credit flows to small versus large borrowers, potentially consistent with the view that credit market imperfections help propagate the impact of monetary policy.
KW  - Money Supply; Credit; Money Multipliers          E51
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0291015&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Orphanides, Athanasios
AD  - Federal Reserve System
T1  - Labor Hoarding When Unemployment Is a Worker Discipline Device
JO  - Scandinavian Journal of Economics
JF  - Scandinavian Journal of Economics
Y1  - 1993///
VL  - 95
IS  - 1
SP  - 111
EP  - 118
SN  - 03470520
N1  - Accession Number: 0291019; Publication Type: Journal Article; Update Code: 199309
KW  - Labor Demand          J23
KW  - Labor Contracts          J41
KW  - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions          J32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0291019&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Phillips, Susan M.
AU  - Zecher, J. Richard
AD  - Federal Reserve System
AD  - UBS Asset Management (New York) Inc
A2  - McCloskey, Donald N.
T1  - The Securities Exchange Commission: Where From, Where To?
T2  - Second thoughts: Myths and morals of U.S. economic history
PB  - New York; Oxford; Toronto and Melbourne:
PB  - Oxford University Press for the Manhattan Institute
Y1  - 1993///
SP  - 136
EP  - 141
N1  - Accession Number: 0396208; Reviewed Book ISBN: 0-19-506633-2; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199610
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-          N22
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Bauer, Paul W.
AU  - Berger, Allen N.
AU  - Humphrey, David B.
AD  - Federal Reserve Bank of Cleveland
AD  - Federal Reserve System
AD  - FL State U
A2  - Fried, Harold O.
A2  - Lovell, C. A. Knox
A2  - Schmidt, Shelton S.
T1  - Efficiency and Productivity Growth in U.S. Banking
T2  - The measurement of productive efficiency: Techniques and applications
PB  - New York; Oxford; Toronto and Melbourne:
PB  - Oxford University Press
Y1  - 1993///
SP  - 386
EP  - 413
N1  - Accession Number: 0388124; Reviewed Book ISBN: 0-19-507218-9; Keywords: Banking;  Productivity; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199607
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity          D24
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, October 26, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/12//
VL  - 78
IS  - 12
SP  - 905
EP  - 908
SN  - 00149209
N1  - Accession Number: 0277240; Keywords: Bank;  Banking;  Commercial Banks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - The author addresses developments in the banking system and the near-term outlook for bank failures and says that, although a significant number of commercial banks remain troubled, a turnaround in the commercial banking industry seems well under way, before the Senate Committee on Banking, Housing, and Urban Affairs, October 26, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Goodman, John L., Jr.
AU  - Ittner, John B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Accuracy of Home Owners' Estimates of House Value
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1992/12//
VL  - 2
IS  - 4
SP  - 339
EP  - 357
SN  - 10511377
N1  - Accession Number: 0370110; Keywords: Homes; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/10511377
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UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Coleman II, Wilbur John
AU  - Gilles, Christian
AU  - Labadie, Pamela
T1  - The liquidity premium in average interest rates.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1992/12//
VL  - 30
IS  - 3
M3  - Article
SP  - 449
EP  - 465
SN  - 03043932
AB  - We extend recent models of liquidity to study how a systematic relationship between monetary shocks and output affects the average real short-term interest rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LIQUIDITY (Economics)
KW  - FINANCE
KW  - INTEREST rates
KW  - INTEREST (Finance)
KW  - MONETARY policy
KW  - BUSINESS conditions
KW  - BUSINESS cycles
KW  - PRODUCTION (Economic theory)
KW  - LIQUIDATION
N1  - Accession Number: 7040288; Coleman II, Wilbur John 1; Gilles, Christian 2; Labadie, Pamela 2; Affiliations: 1: Duke University, Durham, USA; 2: Board of Governors, Federal Reserve System, Washington, USA; Issue Info: Dec92, Vol. 30 Issue 3, p449; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FINANCE; Thesaurus Term: INTEREST rates; Thesaurus Term: INTEREST (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: BUSINESS conditions; Thesaurus Term: BUSINESS cycles; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: LIQUIDATION; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 17p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Smith, Dolores S.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Expanded HMDA Data on Residential Lending: One Year Later
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/11//
VL  - 78
IS  - 11
SP  - 801
EP  - 824
SN  - 00149209
N1  - Accession Number: 0277236; Keywords: Lending;  Minorities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - A first study of the expanded HMDA data for 1990, in the November 1991 Bulletin, depicted certain statistical relationships that the data revealed about lending activity nationwide. The 1991 HMDA data continue to reflect wide differences in approval and rejection rates for minorities and whites. After presenting national aggregates from the 1991 reports, this article describes some of the responses within the public and private sectors to the data released a year ago. It discusses as well the special role that entities in the secondary mortgage market play in the home-lending process and steps such institutions have taken to promote affordable housing.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
KW  - Labor Discrimination          J71
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0277236&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance and Urban Affairs, September 16, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/11//
VL  - 78
IS  - 11
SP  - 828
EP  - 831
SN  - 00149209
N1  - Accession Number: 0277237; Keywords: Banking;  Finance;  Financial Institutions; Publication Type: Journal Article; Update Code: 199306
N2  - The author discusses the implementation and effectiveness of the real estate appraisal requirements contained in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and says that the Board has expended considerable effort in working with the other financial regulatory agencies in prescribing appropriate standards for the performance of real estate appraisals and has attempted to comply with both the letter and the spirit of the Title XI while remaining sensitive to the potential costs and burdens that the regulation could impose, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance and Urban Affairs, September 16, 1992.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0277237&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - WHITESELL, WILLIAM C.
T1  - Deposit Banks and the Market for Payment Media.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1992/11//
VL  - 24
IS  - 4
M3  - Article
SP  - 483
EP  - 498
PB  - Ohio State University Press
SN  - 00222879
AB  - This paper presents a study of the choices banks make with regard to service fees and deposit interest rates. The authors construct a model with consumer choice theory with the focus on the efficiency of equilibria operating in various market structures. They contend it also offers new insights on the payment of implicit interest and on some regulatory issues, while building upon the work of Michael Klein on the modeling of deposit markets. The model suggests a floor on deposit rates, instead of a ceiling, is a more effective form of bank regulation.
KW  - BANK deposits
KW  - PRICING
KW  - BANKING industry -- Service charges
KW  - INTEREST rates
KW  - FOREIGN exchange
KW  - MONEY supply
N1  - Accession Number: 5236576; WHITESELL, WILLIAM C. 1; Affiliations: 1: Chief, Money and Reserves Projections Section, Board of Governors of the Federal Reserve System; Issue Info: Nov92, Vol. 24 Issue 4, p483; Thesaurus Term: BANK deposits; Thesaurus Term: PRICING; Thesaurus Term: BANKING industry -- Service charges; Thesaurus Term: INTEREST rates; Thesaurus Term: FOREIGN exchange; Thesaurus Term: MONEY supply; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warner, Andrew M.
AD  - Federal Reserve System
T1  - Did the Debt Crisis Cause the Investment Crisis?
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1992/11//
VL  - 107
IS  - 4
SP  - 1161
EP  - 1186
SN  - 00335533
N1  - Accession Number: 0278448; Keywords: Debt Crisis;  Debt;  Exports;  International Debt; Geographic Descriptors: LDCs; Publication Type: Journal Article; Update Code: 199306
N2  - There is now a large literature that attributes the investment decline in heavily indebted countries to the effects of the international debt crisis which began in 1982. However, these countries also faced falling export prices and high world real interest rates in the early 1980s, and these shocks could have directly caused investment to decline. One way to test for debt effects is to see whether equations without any debt-related information can nevertheless forecast the investment declines that these countries experienced. This paper shows that such equations can forecast investment in many indebted countries, and thus casts doubt on many debt-related explanations for the investment declines.
KW  - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance          O16
KW  - International Lending and Debt Problems          F34
KW  - International Linkages to Development; Role of International Organizations          O19
L3  - http://qje.oxfordjournals.org/content/by/year
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UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dudey, Marc
AD  - Federal Reserve System and Rice U
T1  - Dynamic Edgeworth-Bertrand Competition
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1992/11//
VL  - 107
IS  - 4
SP  - 1461
EP  - 1477
SN  - 00335533
N1  - Accession Number: 0278461; Keywords: Competition; Publication Type: Journal Article; Update Code: 199306
KW  - Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection          D43
KW  - Oligopoly and Other Imperfect Markets          L13
L3  - http://qje.oxfordjournals.org/content/by/year
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UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Oliner, Stephen D.
AU  - Rudebusch, Glenn D.
T1  - SOURCES OF THE FINANCING HIERARCHY FOR BUSINESS INVESTMENT.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1992/11//
VL  - 74
IS  - 4
M3  - Article
SP  - 643
PB  - MIT Press
SN  - 00346535
AB  - Abstract--What accounts for the apparent preference of firms to finance investment with internal funds? Recent theories stress information problems in capital markets, while older theories emphasize the transactions costs of external finance. To test these competing hypotheses, we estimate the sensitivity of investment spending to internal funds across firms likely to face varying degrees of information problems and transactions costs. Several attributes are used to differentiate these firms. The results provide some support for information asymmetries as a source of the financing hierarchy but indicate no significant role for transactions costs. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL investments
KW  - INVESTMENTS
KW  - BUSINESS enterprises -- Finance
KW  - CAPITAL market
KW  - INFORMATION resources
KW  - TRANSACTION costs
KW  - INVENTORY control
KW  - SENSITIVITY theory (Mathematics)
N1  - Accession Number: 4645436; Oliner, Stephen D. 1; Rudebusch, Glenn D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Nov92, Vol. 74 Issue 4, p643; Thesaurus Term: CAPITAL investments; Thesaurus Term: INVESTMENTS; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: CAPITAL market; Thesaurus Term: INFORMATION resources; Thesaurus Term: TRANSACTION costs; Thesaurus Term: INVENTORY control; Subject Term: SENSITIVITY theory (Mathematics); NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 561990 All Other Support Services; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Manypenny, Gerald D.
AU  - Bermudez, Michael L.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Federal Reserve Banks as Fiscal Agents and Depositories of the United States
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/10//
VL  - 78
IS  - 10
SP  - 727
EP  - 737
SN  - 00149209
N1  - Accession Number: 0274110; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The Federal Reserve, the nation' s central bank, is also the U.S. government's bank. As fiscal agents of the United States, the Reserve Banks provide debt-related services to the U.S. Treasury-issuing, servicing, and redeeming Treasury securities and processing their resale in secondary market transactions initiated by depository institutions. As depositories, the Reserve Banks provide payment-related services-handling the government checking account and the collection of taxes and fees. This article describes the nature of the principal fiscal and depository services required by the U.S. Treasury; explains how the Federal Reserve Banks meet those requirements; surveys other fiscal and depository services performed by the Reserve Banks; and discusses the direction of developments in certain service areas.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McDonough, William J.
AU  - Brotman, Daniel H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/10//
VL  - 78
IS  - 10
SP  - 738
EP  - 742
SN  - 00149209
N1  - Accession Number: 0274111; Keywords: Reserves; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 199303
N2  - The dollar came under strong downward pressure during the May-July period, declining more than 10 percent against the German mark and most other European currencies, nearly 5 percent against the Japanese yen, and more than 8 percent on a trade-weighted basis.
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274111&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance and Urban Affairs, August 4, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/10//
VL  - 78
IS  - 10
SP  - 746
EP  - 751
SN  - 00149209
N1  - Accession Number: 0274112; Keywords: Banking;  Credit;  Finance;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author discusses the impact of recent legislative and regulatory actions on credit availability and credit terms and says that the Board believes that prudent lending standards and effective and timely supervision should not inhibit banking organizations from playing an active role in meeting legitimate demands for credit, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance, and Urban Affairs, August 4, 1992.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274112&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William
AD  - U PA and NBER
AD  - Federal Reserve System
T1  - Employment Effects of Minimum and Subminimum Wages: Panel Data on State Minimum Wage Laws
JO  - Industrial and Labor Relations Review
JF  - Industrial and Labor Relations Review
Y1  - 1992/10//
VL  - 46
IS  - 1
SP  - 55
EP  - 81
SN  - 00197939
N1  - Accession Number: 0274195; Keywords: Minimum Wage;  Wage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - Using panel data for 1973-89, the authors find that each percentage point increase in the minimum wage is associated with a decline of about 0.10 to 0.20 percent in the employment-to-population ratio of teenagers (aged 16-19) and a decline of about 0.15 to 0.20 percent in the employment-to-population ratio of young adults (aged 16-24). These authors also find evidence that youth subminimum wage provisions enacted by state legislatures moderate the disemployment effects of minimum wages on teenagers.
KW  - Wages, Compensation, and Labor Costs: Public Policy          J38
KW  - Labor Demand          J23
L3  - http://digitalcommons.ilr.cornell.edu/ilrreview/
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UR  - http://digitalcommons.ilr.cornell.edu/ilrreview/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
T1  - Some evidence on the empirical significance of credit rationing.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1992/10//
VL  - 100
IS  - 5
M3  - Article
SP  - 1047
PB  - University of Chicago Press
SN  - 00223808
AB  - This paper examines the credit rationing debate using detailed contract information on over one million commercial bank loans from 1977 to 1988. While commercial loan rates are "Sticky," consistent with rationing, this stickiness varies with loan contract terms in ways that are not predicted by equilibrium credit rationing theory. In addition, the proportion of new loans issued under commitment does not increase significantly when credit markets are tight, despite the fact that borrowers without commitments can be rationed whereas commitment borrowers are contractually insulated from rationing. Overall, the data suggest that equilibrium rationing is not a significant macroeconomic phenomenon. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING research
KW  - COMMERCIAL credit
KW  - BANKING industry
KW  - BANK loans
KW  - LOANS
KW  - CREDIT
KW  - ECONOMICS
N1  - Accession Number: 9301170378; Berger, Allen N. 1; Udell, Gregory F. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: New York University; Issue Info: Oct92, Vol. 100 Issue 5, p1047; Thesaurus Term: BANKING research; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: BANKING industry; Thesaurus Term: BANK loans; Thesaurus Term: LOANS; Thesaurus Term: CREDIT; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 31p; Illustrations: 5 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
T1  - Have Postwar Economic Fluctuations Been Stabilized?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1992/09//
VL  - 82
IS  - 4
M3  - Article
SP  - 993
EP  - 1005
PB  - American Economic Association
SN  - 00028282
AB  - This article addresses the issue of economic stabilization in the U.S. and provides evidence on the stability of the postwar economy by investigating a different aspect of stabilization and by employing a different type of data.  The postwar stabilization has been investigation from the perspective of duration, or frequency, as opposed to volatility, or amplitude. The analysis made use of the qualitative information contained in the National Bureau of Economic Research's business-cycle chronology and was robust to criticisms of conventional measures of prewar aggregate data. Using a distribution-free statistical procedure, the authors found strong evidence of a postwar shift toward longer expansions and shorter contractions, which is consistent with a broad interpretation of the stabilization hypothesis. Moreover, no evidence was found for a postwar shift in the distribution of whole cycle duration. To the extent that postwar volatility was stabilized, one expects concomitant duration stabilization due to the upward trend in aggregate economic activity. The postwar shift toward duration stabilization is large and difficult to deny. It is likely, therefore, that duration stabilization arose, independently of volatility stabilization.
KW  - ECONOMIC stabilization
KW  - BUSINESS cycles
KW  - VOLATILITY (Finance)
KW  - UNITED States -- Economic conditions
KW  - POSTWAR reconstruction
KW  - UNITED States
N1  - Accession Number: 9301140626; Diebold, Francis X. 1; Rudebusch, Glenn D. 2; Affiliations: 1: Department of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104-6297; 2: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Sep92, Vol. 82 Issue 4, p993; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: BUSINESS cycles; Thesaurus Term: VOLATILITY (Finance); Subject Term: UNITED States -- Economic conditions; Subject Term: POSTWAR reconstruction; Subject: UNITED States; Number of Pages: 13p; Illustrations: 6 Charts; Document Type: Article; Full Text Word Count: 6938
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Humphrey, David B.
AD  - Federal Reserve System
AD  - FL State U
T1  - Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1992///Fall
VL  - 37
IS  - 3
SP  - 541
EP  - 600
SN  - 0003603X
N1  - Accession Number: 0288931; Keywords: Banking;  Mega Mergers; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
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UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Liang, J. Nellie
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Relationship between Entry into Banking Markets and Changes in Legal Restrictions on Entry
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1992///Fall
VL  - 37
IS  - 3
SP  - 631
EP  - 649
SN  - 0003603X
N1  - Accession Number: 0288933; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0288933&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Small Business Clustering of Financial Services and the Definition of Banking Markets for Antitrust Analysis
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1992///Fall
VL  - 37
IS  - 3
SP  - 707
EP  - 735
SN  - 0003603X
N1  - Accession Number: 0288937; Keywords: Banking;  Financial Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199309
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance          G34
KW  - Monopolization; Horizontal Anticompetitive Practices          L41
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0288937&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Faust, Jon
AD  - Federal Reserve System
T1  - When Are Variance Ratio Tests for Serial Dependence Optimal?
JO  - Econometrica
JF  - Econometrica
Y1  - 1992/09//
VL  - 60
IS  - 5
SP  - 1215
EP  - 1226
SN  - 00129682
N1  - Accession Number: 0273715; Keywords: Time Series; Publication Type: Journal Article; Update Code: 199303
N2  - This paper considers a class of statistics that can be written as the ratio of the sample variance of a filtered time series to the sample variance of the original series. Any such statistic is shown to be optimal under normality for testing a null of white noise against some class of serially dependent alternatives. A simple characterization of the alternative class is provided. The results are used to show that a variance ratio test for mean reversion is an optimal test and to illustrate the forms of mean reversion it is best at detecting.
KW  - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C22
L3  - http://www.econometricsociety.org/tocs.asp
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UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Luckett, Charles A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Developments in the Pricing of Credit Card Services
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/09//
VL  - 78
IS  - 9
SP  - 652
EP  - 666
SN  - 00149209
N1  - Accession Number: 0274118; Keywords: Credit Card;  Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - Interest rates on credit cards have typically fluctuated within a narrower range--and at higher levels--than rates for most other types of credit. Historically, special conditions, such as high start-up costs and state-mandated rate ceilings, have curbed movements in credit card rates. More generally, the behavior of credit card rates has reflected, on the supply side, a cost structure in which funding costs are outweighed by relatively high operating costs and default risks and, on the demand side, a consumer demand for credit card services that has been relatively insensitive to rate differences. Although consumers have for some time been offered a much wider range of interest rates in the marketplace than is often recognized, recent months have seen more competition based on rate reductions than in the past. In the past year, virtually all major card issuers have lowered interest rates for all or certain segments of their cardholders.
KW  - Financial Institutions and Services: Other          G29
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274118&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Syron, Richard F.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Small Business, July 2, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/09//
VL  - 78
IS  - 9
SP  - 670
EP  - 672
SN  - 00149209
N1  - Accession Number: 0274119; Keywords: Bank;  Credit;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author discusses his views on the current availability of credit and bank capital standards and says that some improvement is evident in the ability of banks to raise new capital as well as in an increased appreciation by regulators of the macroeconomic impact of capital regulations, before the House Committee on Small Business, July, 2, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274119&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 21, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/09//
VL  - 78
IS  - 9
SP  - 673
EP  - 678
SN  - 00149209
N1  - Accession Number: 0276085; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author presents the semiannual Monetary Policy Report to the Congress and says that the recent easing of reserve conditions should help to shore up the economy and, coming in the context of a solid trend toward lower inflation, has contributed to laying a foundation for sustained expansion of the U.S. economy, before the Senate Committee on Banking, Housing, and Urban Affairs, July 21, 1992.
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, July 30, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/09//
VL  - 78
IS  - 9
SP  - 678
EP  - 684
SN  - 00149209
N1  - Accession Number: 0274120; Keywords: Bank Lending;  Bank;  Banking;  Credit;  Finance;  Lending;  Real Estate;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author discusses the Federal Reserve's supervision of bank lending on commercial real estate and the international coordination of supervisory efforts in general and says that conditions within the U.S. banking system generally appear to be improving, although problem real estate credits remain a principal concern to major bank lenders and to the supervisory agencies, before the House Committee on Banking, Finance, and Urban Affairs, July 30, 1992.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Real Estate Services          L85
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274120&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bradley, Michael G.
AU  - Lumpkin, Stephen A.
T1  - The Treasury Yield Curve as a Cointegrated System.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1992/09//
VL  - 27
IS  - 3
M3  - Article
SP  - 449
EP  - 463
PB  - Cambridge University Press
SN  - 00221090
AB  - This paper examines the temporal relationship between interest rates on Treasury securities ranging in maturity from three months to 30 years. We find strong empirical support that the seven Treasury rates selected are cointegrated, a conclusion that is insensitive to the normalization chosen. In particular, the hypothesis of noncointegration is rejected decisively regardless of the rate selected as the dependent variable in the cointegrating equation. To determine whether this information can be used to improve forecasts of Treasury rates, the seven rates are forecasted with a corresponding error-correction model that is shown to outperform an augmented VAR model that ignores the cointegration of the rates. The results are consistent with the belief that arbitrage limits the extent to which rates on different maturities of a given security diverge. In addition, the results confirm the appropriateness of imposing a common stochastic process for interest rates in equilibrium models of the term structure. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COINTEGRATION
KW  - INTEREST rates
KW  - GOVERNMENT securities
KW  - ECONOMIC indicators
KW  - ARBITRAGE
KW  - STOCHASTIC processes
KW  - EQUILIBRIUM (Economics)
KW  - MONETARY policy
KW  - BONDS (Finance)
KW  - CAPITAL structure
KW  - BUSINESS forecasting
KW  - ECONOMETRIC models
KW  - MATURITY (Finance)
KW  - COMMODITY exchanges
N1  - Accession Number: 5722905; Bradley, Michael G. 1; Lumpkin, Stephen A. 2; Affiliations: 1: Financial Research Department, Federal Home Loan Mortgage Corporation, McLean, VA 22102; 2: Division of Research and Statistics, Board of Governors, Federal Reserve System, Washington, DC 20551; Issue Info: Sep92, Vol. 27 Issue 3, p449; Thesaurus Term: COINTEGRATION; Thesaurus Term: INTEREST rates; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ARBITRAGE; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: MONETARY policy; Thesaurus Term: BONDS (Finance); Thesaurus Term: CAPITAL structure; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MATURITY (Finance); Thesaurus Term: COMMODITY exchanges; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Shack-Marquez, Janice
AU  - Wascher, William L.
AD  - U Southern CA
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Regional House-Price Dispersion and Interregional Migration
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1992/09//
VL  - 2
IS  - 3
SP  - 235
EP  - 256
SN  - 10511377
N1  - Accession Number: 0370104; Keywords: Migration;  Regional; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics          R23
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/10511377
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UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - The Design of an Interest Rate Rule with Staggered Contracting and Costly Transacting
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 1992///Fall
VL  - 14
IS  - 4
SP  - 663
EP  - 688
SN  - 01640704
N1  - Accession Number: 0274965; Keywords: Interest Rates;  Interest;  Nominal Interest Rates; Publication Type: Journal Article; Update Code: 199303
N2  - The author examines interest rate rules in a model in which agents plan their consumption decisions in the face of two rigidities. First, households need cash balances to aid trade. Second, today's price level is inherited from past contracting decisions so that changes in nominal aggregate demand fall on output in the short run. Given these rigidities, the central bank can set the nominal interest rate in the short run. However, a pure interest rate peg fails to uniquely determine nominal and real magnitudes. A reaction function constraining the nominal interest rate to be continuous and showing some sensitivity to inflation does not exhibit this indeterminacy.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/01640704
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274965&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01640704
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Frankel, Allen B.
AU  - Morgan, Paul B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Deregulation and Competition in Japanese Banking
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/08//
VL  - 78
IS  - 8
SP  - 579
EP  - 593
SN  - 00149209
N1  - Accession Number: 0274113; Keywords: Banking;  Deregulation;  Finance;  Financial Markets;  Intermediation;  Policy; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199303
N2  - In the past fifteen years, the Japanese financial system has been the focus of a series of liberalization measures aimed at modernizing the intermediation process and improving the efficiency of Japanese corporate finance. These policy developments have stemmed largely from pressures external to the domestic banking sector itself, such as the Japanese government deficits of the 1970s, competition in international financial markets, and a new emphasis on capital management. This article provides an overview of the forces that have induced changes in the Japanese banking system.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274113&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, June 10, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/08//
VL  - 78
IS  - 8
SP  - 597
EP  - 603
SN  - 00149209
N1  - Accession Number: 0274114; Keywords: Bank;  Banking;  Commercial Banks;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author discusses the condition of U.S. commercial banks, the Federal Reserve's recent efforts to implement new banking legislation, and its efforts to promote a sound banking system, and says that the recent performance of the banking industry offers encouragement that conditions are beginning to improve, before the Senate Committee on Banking, Housing, and Urban Affairs, June 10,1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274114&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Commerce, Consumer, and Monetary Affairs Subcommittee of the Committee on Government Operations, June 16, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/08//
VL  - 78
IS  - 8
SP  - 603
EP  - 607
SN  - 00149209
N1  - Accession Number: 0274115; Keywords: Bonds; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author discusses the potential issuance of indexed bonds by the Treasury and says that the Federal Reserve would use new market-based indicators of inflation and real interest rates that would be made available by the issuance of indexed bonds, before the Subcommittee on Commerce, Consumer, and Monetary Affairs of the House Committee on Government Operations, June 16, 1992.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Portfolio Choice; Investment Decisions          G11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274115&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, June 23, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/08//
VL  - 78
IS  - 8
SP  - 607
EP  - 612
SN  - 00149209
N1  - Accession Number: 0274116; Keywords: Banking;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author addresses issues of regulatory burden and says that both the Congress and the regulatory agencies must act now to stem the tide of ever-increasing regulatory burden and to explore ways of reducing existing burdens, before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the House Committee on Banking, Finance and Urban Affairs. June 23, 1992.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274116&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Garwood, Griffith L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs, June 24, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/08//
VL  - 78
IS  - 8
SP  - 612
EP  - 614
SN  - 00149209
N1  - Accession Number: 0274117; Keywords: Banking;  Consumer;  Finance;  Protection; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - The author comments on the "Lease-Purchase Agreement Act," H.R.4497, which would amend the Consumer Credit Protection Act by imposing disclosure and substantive requirements on lease-purchase transactions, and says that a uniform federal disclosure scheme for lease-purchase agreements that provides key information to consumers without causing a substantial compliance burden to lessors might prove beneficial, provided the various parties affected by such legislation can identify a genuine need for it, before the Subcommittee on Consumer Affairs and Coinage of the House Committee on Banking, Finance, and Urban Affairs, June 24,1992.
KW  - Consumer Protection          D18
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Regulation and Business Law: General          K20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274117&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rudebusch, Glenn D.
AD  - Federal Reserve System
T1  - Trends and Random Walks in Macroeconomic Time Series: A Re-examination
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1992/08//
VL  - 33
IS  - 3
SP  - 661
EP  - 680
SN  - 00206598
N1  - Accession Number: 0274247; Keywords: Macroeconomic Time Series;  Macroeconomics;  Unit Root; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - In their 1982 article, C. R. Nelson and C. I. Plosser provided evidence supporting the existence of an autoregressive unit root in a variety of macroeconomic time series. The author reexamines their evidence using small-sample distributions for various unit root test statistics. These distributions are calculated from specific null and alternative models (including median-unbiased models that correct for OLS coefficient bias) estimated from the data. Contrary to earlier assertions, the null and alternative models of many macroeconomic series provide very different characterizations of persistence but cannot be distinguished with unit root tests.
KW  - General Aggregative Models: General          E10
KW  - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)          E20
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274247&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Roberts, John M.
AD  - Federal Reserve System
T1  - Evidence on Price Adjustment Costs in U.S. Manufacturing Industry
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 1992/07//
VL  - 30
IS  - 3
SP  - 399
EP  - 417
SN  - 00952583
N1  - Accession Number: 0273782; Keywords: Manufacturing;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199303
N2  - This paper investigates the degree of rigidity in prices of manufactured products in the United States, conditional on labor costs. The author extends Julio J. Rotemberg's model of quadratic price-adjustment costs and finds that prices are costly to adjust: after a year, about 40 percent of adjustment remains to be completed for aggregate manufacturing, while for some industries the adjustment is twice as slow. But manufacturing prices are less sluggish than prices in the U.S. economy as a whole. Thus, nominal rigidity in other markets, such as those for services or labor, may be important.
KW  - Industry Studies: Manufacturing: General          L60
KW  - Price Level; Inflation; Deflation          E31
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0273782&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Hancock, Diana
AU  - McLaughlin, Mary M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Recent Developments Affecting the Profitability and Practices of Commercial Banks
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 459
EP  - 483
N1  - Accession Number: 0270038; Keywords: Bank;  Commercial Banks;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - Sluggish overall economic activity and continuing problems with asset quality made 1991 another difficult year for U.S.-chartered insured commercial banks. As the year progressed, however, banks strengthened their financial condition by making substantial further provisions against loan losses, improving their capital and liquidity positions, widening their lending margins, and taking actions that should reduce expenses over the longer run through restructuring and, in some cases, consolidation.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270038&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McDonough, William J.
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 484
EP  - 488
N1  - Accession Number: 0270039; Keywords: Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The dollar advanced against all major foreign currencies during the February through April period as an improved outlook for the U.S. recovery contrasted with evidence of economic and financial fragility abroad. On balance, the dollar gained 2.25 percent against the German mark, 6 percent against the Japanese yen, and 2.25 percent on a trade-weighted basis as measured by the staff of the Federal Reserve Board.
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270039&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spillenkothen, Richard
AU  - Wilson, Donald H.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Policy, Research, and Insurance of the Committee on Banking, Finance and Urban Affairs, May 6, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 492
EP  - 495
N1  - Accession Number: 0270040; Keywords: Banking;  Finance;  Policy;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The authors review the evolution and current state of the general asset-backed securities market and say that the securitization process as it has evolved to date has been beneficial to both the originators of asset-backed securities and to investors, before the Subcommittee on Policy, Research, and Insurance of the House Committee on Banking, Finance, and Urban Affairs, May 6, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270040&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, May 8, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 495
EP  - 500
N1  - Accession Number: 0270041; Keywords: Bank;  Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author presents the views of the Board on H.R.4803, the Non-Proliferation of Weapons of Mass Destruction and Regulatory Improvements Act of 1992, focusing on title II, concerning the activities in the United States of foreign banks that are controlled by foreign governments, and says that this legislation would severely curtail the U.S. activities of such banks, before the House Committee on Banking, Finance, and Urban Affairs, May 8, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - National Security and War          H56
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270041&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Housing and Community Development and the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs, May 14, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 500
EP  - 504
N1  - Accession Number: 0270042; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270042&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattingly, J. Virgil, Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Terrorism, Narcotics and International Operations of the Committee on Foreign Relations, May 14, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 504
EP  - 511
N1  - Accession Number: 0270043; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270043&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, May 21, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 511
EP  - 512
N1  - Accession Number: 0270044; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author comments on the Federal Reserve's participation in the deliberations by the National Advisory Council on International Monetary and Financial Policies (NAC) on the fiscal 1990 Commodity Credit Corporation (CCC) program for Iraq and says that the Federal Reserve's reservations and opposition related to the fiscal 1990 CCC program for Iraq were based on concerns about Iraq's creditworthiness at that time and had been reinforced by the unfolding of the Banca Nazionale del Lavoro case in summer 1989, before the House Committee on Banking, Finance, and Urban Affairs, May 21,1992.
KW  - Foreign Aid          F35
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270044&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. Commission on Civil Rights, May 22, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 513
EP  - 514
N1  - Accession Number: 0269407; Keywords: Inequality; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author discusses some of the economic aspects of poverty and inequality in America and says that inflationary policies do not correspond with enhanced economic opportunity; in fact, lower inflation and interest rates greatly increase the affordability of housing in America, before the U.S. Commission on Civil Rights, May 22, 1992.
KW  - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)          E30
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0269407&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 515
EP  - 524
N1  - Accession Number: 0269866; Keywords: Banking;  Finance;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The authors discuss and review the Federal Reserve System's expenses and budget for 1992 and say that the existing budget processes are working well in controlling costs while at the same time encouraging quality improvements, before the Subcommittee on Domestic Monetary POlicy of the House Committee on Banking, Finance, and Urban Affairs, May 27, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0269866&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lindsey, Lawrence B.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs, May 27, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 524
EP  - 529
N1  - Accession Number: 0270045; Keywords: Banking;  Finance;  Lending;  Mortgage;  Refinancing; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author offers the Board's comments on H.R. 5170, the Mortgage Refinancing Reform Act of 1992, which would amend both the Truth in Lending Act and the Real Estate Settlement Procedures Act, and says that the Board believes that the burden and expense of compliance with this legislation would outweigh the consumer need for it, before the Subcommittee on Consumer Affairs and Coinage of the House Committee on Banking, Finance and Urban Affairs, May 27, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270045&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Allison, Theodore E.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Task Force on Economic Policy, Projections, and Revenues of the Committee on the Budget, May 28, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/07//
VL  - 78
IS  - 7
SP  - 529
EP  - 531
N1  - Accession Number: 0270046; Keywords: Federal Reserve System; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author presents estimates of the effect on the Federal Reserve System of substituting a one-dollar coin for the one-dollar bank note now in circulation, as would be required by H.R.1245--the United States One Dollar Coin Act of 1991--and says that a dollar coin could produce sizable cost savings for the federal government as a whole, before the Task Force on Economic Policy, Projections, and Revenues of the House Committee on the Budget, May 28, 1992.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270046&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McManus, Douglas A.
AD  - Federal Reserve System
T1  - How Common Is Identification in Parametric Models?
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1992/07//July-September 1992
VL  - 53
IS  - 1-3
SP  - 5
EP  - 23
SN  - 03044076
N1  - Accession Number: 0274552; Publication Type: Journal Article; Update Code: 199303
N2  - This paper examines whether identification is a "common" or "rare" phenomenon in nonlinear parametric models. For several broad classes of models, it is shown that there is an open and dense subset of identified models, and that consequently the set of nonidentified models is nowhere dense. The results of this paper suggest that the assumption of linearity in functional relationships to ease the conceptual and computational development of a theory can drastically limit the estimability of the model. An interesting feature of this paper is that global identification is established in the context of nonlinear models.
KW  - Estimation: General          C13
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0274552&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Prowse, Stephen D.
T1  - The Structure of Corporate Ownership in Japan.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1992/07//
VL  - 47
IS  - 3
M3  - Article
SP  - 1121
EP  - 1140
PB  - Wiley-Blackwell
SN  - 00221082
AB  - I examine the structure of corporate ownership in a sample of Japanese firms in the mid 1980s. Ownership is highly concentrated in Japan, with financial institutions by far the most important large shareholders. Ownership concentration in independent Japanese firms is positively related to the returns from exerting greater control over management. This is not the case in firms that are members of corporate groups (keiretsu). Ownership concentration and the accounting profit rate in both independent and keiretsu firms are unrelated. The results are consistent with the notion that there exist two distinct corporate governance systems in Japan—one among independent firms and the other among firms that are members of keiretsu. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - JAPANESE corporations
KW  - STOCK ownership
KW  - FINANCIAL institutions
KW  - CONGLOMERATE corporations
KW  - INDUSTRIAL management
KW  - CORPORATE governance
KW  - FINANCIAL services industry
KW  - MANAGEMENT controls
KW  - JAPAN
N1  - Accession Number: 4652677; Prowse, Stephen D. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington D.C.; Issue Info: Jul1992, Vol. 47 Issue 3, p1121; Thesaurus Term: JAPANESE corporations; Thesaurus Term: STOCK ownership; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CONGLOMERATE corporations; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: CORPORATE governance; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: MANAGEMENT controls; Subject: JAPAN; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 20p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4652677&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - An Analysis of Potential Treasury Auction Techniques
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/06//
VL  - 78
IS  - 6
SP  - 403
EP  - 413
N1  - Accession Number: 0270034; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - By reviewing the academic literature on auctions, this article puts current Treasury practice and a popular proposal for reform in critical perspective. It also examines an alternative scheme that uses technology to give better protection against certain kinds of manipulation behavior and that has a potential for lowering borrowing costs.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270034&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, April 17, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/06//
VL  - 78
IS  - 6
SP  - 417
EP  - 421
N1  - Accession Number: 0270035; Keywords: Stock Market;  Stock Price;  Stocks; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 199212
N2  - The author discusses recent stock market developments in Japan and says that the impact on the United States from changes to date in Japanese Stock prices is likely to be limited, before the Senate Committee on Banking, Housing, and Urban Affairs, April 17, 1992.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270035&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, April 28, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/06//
VL  - 78
IS  - 6
SP  - 421
EP  - 424
N1  - Accession Number: 0270036; Keywords: Finance;  Policy;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author presents the views of the Board on proposed legislation concerning the government securities market and says that substantial progress has been made in exploring, identifying, and implementing approaches to improve Treasury auctions and that this process should be allowed to run its course before the Congress turns to legislative approaches to reform, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance, and Urban Affairs, April 28, 1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270036&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sternlight, Peter D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, April 28, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/06//
VL  - 78
IS  - 6
SP  - 425
EP  - 427
N1  - Accession Number: 0270037; Keywords: Finance;  Policy;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - The author testifies on matters related to the U.S. government securities market, focusing on automating Treasury auctions, and says that additional legislation is not needed to ensure that public confidence in the auction process is not impaired, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance, and Urban Affairs, April 28, 1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270037&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Morisse, Kathryn A.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/05//
VL  - 78
IS  - 5
SP  - 313
EP  - 325
SN  - 00149209
N1  - Accession Number: 0266852; Keywords: Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - In 1991, for the fourth consecutive year, the U.S. current account deficit narrowed substantially. The largest changes reflected improvements in the merchandise trade balance and special transactions related to the war in the Persian Gulf. The sharp reduction in the recorded U.S. current account deficit was mirrored by changes in recorded capital inflows and the statistical discrepancy.
KW  - Empirical Studies of Trade          F14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266852&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, March 3, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/05//
VL  - 78
IS  - 5
SP  - 329
EP  - 331
SN  - 00149209
N1  - Accession Number: 0266853; Keywords: Outlook; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author focuses on some of the broad considerations bearing on the outlook for the economy and says that, in part, our current economic adjustments can be seen as arising out of process in which debt is being realigned with a more realistic outlook for incomes and asset values, before the Joint Economic Committee, March 3, 1992.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266853&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gilles, Christian
AU  - LeRoy, Stephen F.
AD  - Federal Reserve System
AD  - U MN
T1  - Bubbles and Charges
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1992/05//
VL  - 33
IS  - 2
SP  - 323
EP  - 339
SN  - 00206598
N1  - Accession Number: 0267054; Keywords: Equilibrium;  Finance;  General Equilibrium; Publication Type: Journal Article; Update Code: 199209
N2  - The definition of "fundamental value" and "speculative bubbles" that are standard in macroeconomics and finance are given formal representations as the countably additive part and the purely finitely additive part (a measure and a pure charge, respectively) of the supporting price system when the commodity space is L(infinity). Examples illustrate that rational bubbles can occur in standard general equilibrium models with complete markets and a finite number of agents, even in the absence of uncertainty.
KW  - Exchange and Production Economies          D51
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Acharya, Sankarshan
AD  - NYU and Federal Reserve System
T1  - Maximizing the Market Value of a Firm to Choose Dynamic Policies for Managerial Hiring, Compensation, Firing and Tenuring
JO  - International Economic Review
JF  - International Economic Review
Y1  - 1992/05//
VL  - 33
IS  - 2
SP  - 373
EP  - 397
SN  - 00206598
N1  - Accession Number: 0267057; Keywords: CEO;  Executives;  Firm;  Firms; Publication Type: Journal Article; Update Code: 199209
N2  - Sequentially incentive compatible policies for compensation, replacement, and tenuring of chief executive officers (CEOs) exist when a firm maximizes its market value and CEOs maximize their expected utility of wealth. In equilibrium, these policies induce CEOs to implement their firm's highest profit potential. The market value of a firm increases following replacement of CEOs. The probability of removal of a CEO decreases in the expected profits of the firm, but increases in the CEO's risk aversion, the wage he can receive from the next best job opportunity, the cost of implementing instruction, and the firm's cost of capital.
KW  - Personnel Management; Executives; Executive Compensation          M12
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-2354/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Hannan, Timothy H.
T1  - THE PRICE-CONCENTRATION RELATIONSHIP IN BANKING: A REPLY.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1992/05//
VL  - 74
IS  - 2
M3  - Article
SP  - 376
PB  - MIT Press
SN  - 00346535
AB  - This article presents authors' views on the price-concentration relationship in banking. The author reports two basic results about the relationship between retail deposit interest rates and local banking market concentration: First the relationship is negative and statistically significant, and second, it varies substantially over time. Both results were shown to be very robust. The comment suggests another non-constancy in the data that the negative price-concentration relationship may not hold over the entire range of observed market concentration and may actually turn positive at the upper end of the concentration range. Such a finding, if significant and robust, would be important for policy purposes, implying that antitrust actions against highly concentrated firms may be counterproductive. Authors report that unfortunately, empirical analysis falls short of demonstrating either significance or robustness in opinion. According to a researcher, nonlinear price-concentration relationship would not be consistent with the structure-performance hypothesis. The structure-performance hypothesis has no requirement of linearity.
KW  - BANKING industry
KW  - MONETARY policy
KW  - BANK deposits
KW  - BUSINESS enterprises
KW  - INTEREST rates
KW  - LINEAR models (Statistics)
KW  - PRICES
KW  - PERFORMANCE
N1  - Accession Number: 4646435; Berger, Allen N. 1; Hannan, Timothy H. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May92, Vol. 74 Issue 2, p376; Thesaurus Term: BANKING industry; Thesaurus Term: MONETARY policy; Thesaurus Term: BANK deposits; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: INTEREST rates; Thesaurus Term: LINEAR models (Statistics); Thesaurus Term: PRICES; Subject Term: PERFORMANCE; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McDonough, William J.
AU  - Ennis, Robert
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 242
EP  - 247
SN  - 00149209
N1  - Accession Number: 0266845; Keywords: Federal Reserve Board;  Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The dollar declined during the period from November 1991 through January 1992 a net 3.5 percent against the mark and 4 percent against the yen. On a trade-weighted basis, as measured by the Federal Reserve Board's index, the dollar declined 2.75 percent, on balance, over the period.
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266845&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Oversight of the Committee on Ways and Means, February 3, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 251
EP  - 253
SN  - 00149209
N1  - Accession Number: 0266846; Keywords: Regulation;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author presents the Board's views on reforms to the regulation of the government securities market and says that the proposals contained in a joint report by the Federal Reserve, the Treasury Department, and the Securities and Exchange Commission, along with other reforms announced earlier, constitute a careful, comprehensive modernization of the mechanisms and practices in the government securities market, before the Subcommittee on Oversight of the House Committee on Ways and Means, February 3, 1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266846&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, February 4, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 253
EP  - 256
SN  - 00149209
N1  - Accession Number: 0266847; Keywords: Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author focuses on some of the broad considerations bearing on our economic prospects and says that the attainment of rising living standards in the future will hinge crucially on our ability to elevate productivity growth and that bolstering the supply of saving available to support productive private investment must be a priority for fiscal policy, before the House Committee on the Budget, February 4,1992.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266847&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking Finance and Urban Affairs, February 6, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 256
EP  - 258
SN  - 00149209
N1  - Accession Number: 0266848; Keywords: Finance;  Policy;  Regulation;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author discusses reforms to the regulation of the government securities market and says that over the longer term, the most effective force in enhancing market efficiency and reducing the potential for manipulative abuses is the force of competition and that proposed reforms to the market will open it up to broad-based participation, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance, and Urban Affairs, February 6,1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266848&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, February 6, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 258
EP  - 262
SN  - 00149209
N1  - Accession Number: 0266849; Keywords: Finance;  Policy;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author shares his views on the Joint Report on the Government Securities Market and says that he strongly supports the overall thrust of the joint report and believes that the changes and legislative recommendations outlined in it represent a comprehensive yet well-balanced approach to the problems that surfaced in the government securities market last year, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance, and Urban Affairs, February 6,1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266849&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ettin, Edward C.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Treasury, Postal Service, and General Government of the Committee on Appropriations, February 24, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 262
EP  - 264
SN  - 00149209
N1  - Accession Number: 0266850; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author discusses issues related to bank mergers in the United States and says that a substantial volume of bank mergers has been a natural response to a changing banking environment and that the Board is continuing to analyze the competitive effects of all proposed mergers and acquisitions, before the Subcommittee on Treasury, Postal Service, and General Government of the Senate Committee on Appropriations, February 24,1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266850&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 25, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/04//
VL  - 78
IS  - 4
SP  - 264
EP  - 271
SN  - 00149209
N1  - Accession Number: 0266851; Keywords: Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author presents the Federal Reserve's Monetary Policy Report to the Congress and says that even though the recovery that seemed to be in train at the time of the last report to the Congress has stalled, there are reasons to believe that business activity will pick up, before the Senate Committee on Banking, Housing, and Urban Affairs, February 25, 1992.
KW  - General Outlook and Conditions          E66
KW  - Studies of Particular Policy Episodes          E65
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266851&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeffrey C.
T1  - Inferring Changes in Expectation Behavior Over Time: An Application of Nonlinear Time-Varying-Parameters Estimation.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1992/04//
VL  - 10
IS  - 2
M3  - Article
SP  - 169
EP  - 177
SN  - 07350015
AB  - This article develops a new method for inferring the structure of agents' expectations from macroeconomic time series. Two versions of a somewhat stylized macroeconomic model are examined Expectations of money growth are a central driving variable, assumed to be formed as a time-varying weighted average of alternative money-growth models. The weights are estimated as time-varying parameters jointly with the structural parameters for the model, using a nonlinear time-varying-parameters method developed for the article. The results allow us to infer how agents may have revised their beliefs about competing money-growth models (including Federal Open Market Committee announcements) over the sample. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATIONAL expectations (Economic theory)
KW  - ECONOMIC forecasting
KW  - CONTROL theory (Mathematics)
KW  - MACROECONOMICS
KW  - KALMAN filtering
KW  - METHODOLOGY
KW  - Extended Kalman filter
KW  - Rational expectations.
N1  - Accession Number: 5822824; Fuhrer, Jeffrey C. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of Federal Reserve System, Washington, DC 20551.; Issue Info: Apr92, Vol. 10 Issue 2, p169; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: CONTROL theory (Mathematics); Thesaurus Term: MACROECONOMICS; Subject Term: KALMAN filtering; Subject Term: METHODOLOGY; Author-Supplied Keyword: Extended Kalman filter; Author-Supplied Keyword: Rational expectations.; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McKenzie, Joseph A.
AU  - Cole, Rebel A.
AU  - Brown, Richard A.
AD  - Federal Housing Finance Board, DC
AD  - Federal Reserve System
AD  - Federal Deposit Insurance Corporation, DC
T1  - Moral Hazard, Portfolio Allocation, and Asset Returns for Thrift Institutions
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1992/04//
VL  - 5
IS  - 4
SP  - 315
EP  - 339
SN  - 09208550
N1  - Accession Number: 0270601; Keywords: Hazard;  Moral Hazard;  Portfolio;  Thrift; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199212
N2  - This article examines the earnings performance of nontraditional assets allowed to thrifts since the early 1980s. It uses the statistical cost accounting methodology developed by D. Hester and J. Zoellner to estimate average returns on thrift portfolio investments for the years ending June 30,1987 and June 30,1988. Results show that average returns on land loans, service corporation investment, real estate investment, and commercial loans were significantly lower than returns on more traditional assets. The results are far more pronounced at capital deficient institutions, lending support to the hypothesis that they used nontraditional investments as a means of exploiting the deposit insurance system. Returns on nontraditional assets are significantly affected by geographic factors, even for well capitalized institutions. The article concludes with an evaluation of the reimposition of portfolio restrictions on thrifts by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Portfolio Choice; Investment Decisions          G11
KW  - Asymmetric and Private Information; Mechanism Design          D82
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0270601&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeff
AU  - Moore, George
T1  - Monetary policy rules and the indicator properties of asset prices.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1992/04//
VL  - 29
IS  - 2
M3  - Article
SP  - 303
EP  - 336
SN  - 03043932
AB  - We investigate relationships between asset prices and inflation in a modern Keynesian model in which monetary policy controls inflation by manipulating the federal funds rate. The indicator properties of asset prices are quite sensitive to the monetary policy rule. Including the asset prices themselves in the reaction function can invert the sense of the indicator properties. Targeting the asset prices is tantamount to targeting the real interest rate: when all of the weight in the reaction function is placed on asset prices, the real rate converges so rapidly that policy loses control of inflation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - KEYNESIAN economics
KW  - MONETARY policy
KW  - PRICES
KW  - INFLATION (Finance)
KW  - MONETARY theory
KW  - INTEREST rates
KW  - FEDERAL funds market (U.S.)
KW  - CORRELATION (Statistics)
KW  - ECONOMICS
N1  - Accession Number: 7179112; Fuhrer, Jeff 1; Moore, George 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Apr92, Vol. 29 Issue 2, p303; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: MONETARY policy; Thesaurus Term: PRICES; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONETARY theory; Thesaurus Term: INTEREST rates; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: ECONOMICS; Number of Pages: 34p; Illustrations: 6 Charts, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Commodity Prices and Monetary Policy: What Have We Learned?
JO  - Cato Journal
JF  - Cato Journal
Y1  - 1992///Spring-Summer 1992
VL  - 12
IS  - 1
SP  - 185
EP  - 192
SN  - 02733072
N1  - Accession Number: 0297865; Keywords: Monetary Policy;  Monetary;  Policy;  Prices; Publication Type: Journal Article; Update Code: 199403
KW  - Monetary Policy          E52
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.cato.org/pubs/journal/index.html
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UR  - http://www.cato.org/pubs/journal/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Banking Markets and the Use of Financial Services by Households
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 169
EP  - 181
SN  - 00149209
N1  - Accession Number: 0266837; Keywords: Banking;  Consumer;  Finance;  Financial Institutions;  Financial Services;  Households; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - Since the 1960s, markets for banking services have generally been defined as consisting of financial institutions offering the full range of banking products in relatively small geographic areas. Recently, some analysts have questioned whether this view has become out- dated through the effects of deregulation, market innovation, and advances in electronic technology. Addressing the issue with data from the 1989 Survey of Consumer Finances, the authors investigate the full range of financial services and institutions used by households and the distances over which households conduct their financial affairs.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266837&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parkinson, Patrick
AD  - Federal Reserve System
T1  - Clearance and Settlement in U.S. Securities Markets
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 182
EP  - 184
SN  - 00149209
N1  - Accession Number: 0266838 Partial authors List; ; Keywords: Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - Disturbances in settlements of securities transactions have the potential to adversely affect the stability of payment systems and the integrity of the financial system generally. The authors present an analysis of the sources of risk in clearance and settlement arrangements and describe the arrangements in place in the United States, including the safeguards employed by U.S. clearing organizations to limit risk. Coauthors are Jeff Stehm, Adam Gilbert, Emily Gollob, Lauren Hargraves, Richard Mead, and Mary Ann Taylor.
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266838&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement before a Joint Meeting of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the Committee on the Budget, January 10, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 191
EP  - 193
SN  - 00149209
N1  - Accession Number: 0266840; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author analyzes the forces affecting the economy and says that the upturn in economic activity that began last year clearly has faltered, although the containment of inflationary pressures and expectations, the enhancement of productivity and efficiency in industry, and the rebuilding of balance sheets by lenders and borrowers should promote the return to solid economic expansion, before a joint meeting of the Senate Committees on Banking, Housing, and Urban Affairs and on the Budget, January 10, 1992.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266840&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the Committee on Banks of the New York State Assembly, Albany, New York, January 22, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 193
EP  - 195
SN  - 00149209
N1  - Accession Number: 0266841; Keywords: Bank;  Discrimination;  Lending;  Mortgage;  Race;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author provides the Federal Reserve's perspective on issues related to mortgage lending discrimination and focuses on data recently released under the Home Mortgage Disclosure Act (HMDA) and says that the new HMDA information about the race or national origin, sex, and annual income of mortgage applicants will make it easier for Federal Reserve examiners to look behind the statistical differences in denial rates that may exist among subsets of applicants at particular institutions, before the Committee on Banks of the New York State Assembly, Albany, New York, January 22, 1992.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Labor Discrimination          J71
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266841&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing and Urban Affairs, January 23, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 194
EP  - 198
SN  - 00149209
N1  - Accession Number: 0266842; Keywords: Regulation;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author presents the Federal Reserve Board's views on reforms to the regulation of the government securities market, including some of the main conclusions of a report on an examination of that market conducted by the Federal Reserve, the Treasury Department, and the Securities and Exchange Commission, and says that the proposals contained in the joint report, along with other reforms announced earlier, constitute the comprehensive modernization of the mechanisms and practices in the government securities market, before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs, January 23,1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266842&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, January 23, 1992
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/03//
VL  - 78
IS  - 3
SP  - 199
EP  - 201
SN  - 00149209
N1  - Accession Number: 0266843; Keywords: Regulation;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author discusses the joint report on improvements in the government securities market and the official oversight and regulation of that market, specifically with regard to the activities of the Federal Reserve Bank of New York, and says that the changes outlined in the joint report are fully in keeping with a philosophy of progressive but cautious change, before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs, January 23,1992.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - General Financial Markets: General (includes Measurement and Data)          G10
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266843&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Goodman, John L., Jr.
AD  - Federal Reserve System
T1  - Adjustable-Rate Mortgages and Aggregate Demand for Mortgage Credit
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1992/03//
VL  - 2
IS  - 1
SP  - 1
EP  - 16
SN  - 10511377
N1  - Accession Number: 0370094; Keywords: Adjustable Rate;  Credit;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand          R21
L3  - http://www.sciencedirect.com/science/journal/10511377
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0370094&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kavanagh, Barbara
AU  - Boemio, Thomas R.
AU  - Edwards, Gerald A., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Asset-Backed Commercial Paper Programs
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/02//
VL  - 78
IS  - 2
SP  - 107
EP  - 116
SN  - 00149209
N1  - Accession Number: 0266834; Keywords: Banking;  Capital;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - In existence since 1983, asset-backed commercial paper programs, which involve the securitization of assets, have grown substantially over the past two years. This article examines the benefits and risks of asset-backed commercial paper programs, including the risk-based capital treatment of the liquidity facilities and other supporting arrangements for these programs provided by banking organizations, and how the existing guidance on securitization activities that the Federal Reserve has provided its examiners pertains to asset-backed commercial paper programs.
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266834&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
T1  - Evidence on the Size of Banking Markets from Mortgage Loan Rates in Twenty Cities
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/02//
VL  - 78
IS  - 2
SP  - 117
EP  - 118
SN  - 00149209
N1  - Accession Number: 0266835; Keywords: Bank;  Banking;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - In this paper the author considers whether financial innovation and a surge in bank mergers over the past decade have broadened the geographic market for banking services. The study focuses on the market for mortgage loans, considered by some to have become national in scope. The data consist of more than 13,500 observations of mortgage loan terms covering a sixteen-week period for twenty U.S. cities from late 1987 through early 1988. Results of two statistical tests indicate that local market conditions still influence mortgage rates.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266835&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Ways and Means, December 18, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/02//
VL  - 78
IS  - 2
SP  - 122
EP  - 124
SN  - 00149209
N1  - Accession Number: 0266836; Keywords: Tax; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
N2  - The author says that an analysis both of the special factors affecting the economy at present and of the requirements for healthy growth of productivity and for international competitiveness over the longer run suggests that any changes made to the tax code should give considerable emphasis to the encouragement of long-term economic growth through incentives for saving and investment, before the House Committee on Way and Means, December 18, 1991.
KW  - Fiscal Policy          E62
KW  - Policy Objectives; Policy Designs and Consistency; Policy Coordination          E61
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0266836&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dohner, Robert S.
AU  - Terrell, Henry S.
AD  - US Dept of State
AD  - Federal Reserve System
T1  - Estimating the Impact of Exchange Rate Changes on the Asset Growth of Multinational Banks
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1992/02//
VL  - 5
IS  - 3
SP  - 195
EP  - 216
SN  - 09208550
N1  - Accession Number: 0267539; Keywords: Bank;  Exchange Rates; Geographic Descriptors: N. America; U.K.; Japan; Germany; France; Geographic Region: Northern America; Europe; Asia; Publication Type: Journal Article; Update Code: 199209
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Foreign Exchange          F31
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0267539&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - O'Driscoll, Gerald P., Jr.
A2  - Brown, Stephen P. A.
T1  - The Changing International Marketplace
T2  - An economic perspective on the Southwest: Defining the decade: Proceedings of the 1990 conference on the Southwest economy sponsored by the Federal Reserve Bank of Dallas
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1992///
SP  - 3
EP  - 12
N1  - Accession Number: 0358048; Reviewed Book ISBN: 0-7923-9221-3; ; Publication Type: Collective Volume Article; Update Code: 199507
KW  - Global Outlook          F01
KW  - Multinational Firms; International Business          F23
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0358048&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carroll, Christopher D.
AD  - Federal Reserve System
T1  - The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1992///
IS  - 2
SP  - 61
EP  - 135
SN  - 00072303
N1  - Accession Number: 0293701; Keywords: Macroeconomics;  Saving; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0293701&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Lebow, David E.
AD  - Federal Reserve System
T1  - Imperfect Competition and Business Cycles: An Empirical Investigation
JO  - Economic Inquiry
JF  - Economic Inquiry
Y1  - 1992/01//
VL  - 30
IS  - 1
SP  - 177
EP  - 193
SN  - 00952583
N1  - Accession Number: 0262944; Keywords: Business Cycles;  Cycle;  Firm;  Firms;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - Does imperfect competition increase the magnitude of business cycles? If so, the variability of an industry's employment and output should be positively related to the market power of firms in that industry. This paper demonstrates that the opposite is true: U.S. manufacturing industries with high price-cost margins display less employment variability than do low-markup industries. These high-markup industries display less price variability as well. Highly concentrated industries, however, do display more employment variability. To some degree, markups may reflect labor hoarding rather than market power; this may account for part, but not all, of the negative correlation between markups and variability.
KW  - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices          L16
KW  - Business Fluctuations; Cycles          E32
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0262944&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291465-7295/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Dunne, Timothy
AU  - Roberts, Mark J.
AD  - Federal Reserve System
AD  - PA State U
A2  - Audretsch, David B.
A2  - Siegfried, John J.
T1  - Costs, Demand, and Imperfect Competition as Determinants of Plant-Level Output Prices
T2  - Empirical studies in industrial organization: Essays in honor of Leonard W. Weiss
PB  - Studies in Industrial Organization, vol. 16.
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1992///
SP  - 13
EP  - 33
N1  - Accession Number: 0379941; Reviewed Book ISBN: 0-7923-1806-4; Keywords: Competition;  Imperfect Competition; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Festschrift: Weiss, Leonard W.; Update Code: 199604
KW  - Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection          D43
KW  - Oligopoly and Other Imperfect Markets          L13
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0379941&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
A2  - Audretsch, David B.
A2  - Siegfried, John J.
T1  - The Functional Relationship between Prices and Market Concentration: The Case of the Banking Industry
T2  - Empirical studies in industrial organization: Essays in honor of Leonard W. Weiss
PB  - Studies in Industrial Organization, vol. 16.
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1992///
SP  - 35
EP  - 59
N1  - Accession Number: 0379942; Reviewed Book ISBN: 0-7923-1806-4; Keywords: Banking;  Concentration; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Festschrift: Weiss, Leonard W.; Update Code: 199604
KW  - Market Structure and Pricing: General          D40
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0379942&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Henderson, Dale W.
AD  - Federal Reserve System
A2  - Canzoneri, Matthew B.
A2  - Grilli, Vittorio
A2  - Masson, Paul R.
T1  - Hard-ERM, Hard ECU and European Monetary Union: Discussion
T2  - Establishing a central bank: Issues in Europe and lessons from the U.S
PB  - Cambridge; New York and Oakleigh, Australia:
PB  - Cambridge University Press
Y1  - 1992///
SP  - 148
EP  - 155
N1  - Accession Number: 0364919; Reviewed Book ISBN: 0-521-42098-9; Keywords: ECU;  European Monetary Union;  Monetary Union; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199512
KW  - Financial Aspects of Economic Integration          F36
KW  - International Policy Coordination and Transmission          F42
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0364919&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kennickell, Arthur
AU  - Shack-Marquez, Janice
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Changes in Family Finances from 1983 to 1989: Evidence from the Survey of Consumer Finances
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/01//
VL  - 78
IS  - 1
SP  - 1
EP  - 18
SN  - 00149209
N1  - Accession Number: 0263280; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - Using data from the 1983 and 1989 Surveys of Consumer Finances, this article looks at liabilities of U.S. families and analyzes them according to a variety of economic and demographic characteristics.
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263280&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greene, Margaret L.
AU  - Scher, Roger M.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/01//
VL  - 78
IS  - 1
SP  - 19
EP  - 23
SN  - 00149209
N1  - Accession Number: 0263281; Keywords: Foreign Exchange;  Monetary;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The dollar moved irregularly and moderately lower during the August-October period under review; it eased more than 4 percent against the mark, close to 5 percent against the yen, and about 3 3/4 percent on a trade-weighted basis. The U.S. monetary authorities did not intervene in foreign exchange markets during the period.
KW  - Foreign Exchange          F31
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263281&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spillenkothen, Richard
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance and Urban Affairs, Presented in Orlando, Florida, November 15, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/01//
VL  - 78
IS  - 1
SP  - 27
EP  - 31
SN  - 00149209
N1  - Accession Number: 0263282; Keywords: Bank;  Banking;  Credit;  Finance;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author discusses the availability of bank credit and the possible effect of certain bank supervisory policies on the willingness of banks to lend, and says that prudent lending standards and effective and timely supervision should not inhibit banking organizations from playing an active role in financing the needs of sound, creditworthy borrowers.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263282&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance and the Subcommittee on International Development, Finance, Trade and Monetary Policy of the Committee on Banking, Finance and Urban Affairs, November 20, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1992/01//
VL  - 78
IS  - 1
SP  - 31
EP  - 35
SN  - 00149209
N1  - Accession Number: 0263283; Keywords: Bank;  Banking;  Finance;  Financial Institutions;  Financial Services;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author presents the views of the Federal Reserve Board on two legislative proposals, the Fair Trade in Financial Services Act and the Foreign Bank Supervision Enhancement Act of 1991, and says that the Board believes that strengthened supervision of foreign banks is in the national interest and also fully consistent with the policy of national treatment.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263283&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Gabriel, Stuart A.
AD  - Federal Reserve System
AD  - U Southern CA
T1  - Market Segmentation and Lender Specialization in the Primary and Secondary Mortgage Markets
JO  - Housing Policy Debate
JF  - Housing Policy Debate
Y1  - 1992///
VL  - 3
IS  - 2
SP  - 241
EP  - 329
SN  - 10511482
N1  - Accession Number: 0287536; Keywords: Homes;  Mortgage Market;  Mortgage;  Racial; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - This paper provides a comprehensive evaluation of market segmentation and lender/purchaser specialization in the primary and secondary mortgage markets. It describes and assesses the 1990 Home Mortgage Disclosure Act (HMDA) data, which for the first time provide detailed information on the borrower and neighborhood racial and income characteristics of mortgage loan originations and securitizations in the primary and secondary mortgage markets. Evidence presented in the paper indicates that home purchase loan origination rates for black applicants--and, to a lesser degree, Hispanic applicants--appear to be significantly lower than those of other racial or ethnic groups. Similarly, the HMDA data reveal that home purchase mortgage origination rates in predominantly minority census tracts are significantly lower than those in predominantly white neighborhoods. The HMDA data also indicate a striking reliance of black borrowers on government-backed forms of mortgage credit.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
KW  - Housing Supply and Markets          R31
KW  - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination          J15
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.tandfonline.com/loi/rhpd20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0287536&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/rhpd20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Frankel, Allen B.
AD  - Federal Reserve System
T1  - The Decline of Special Circuits in Developed Country Housing Finance: Comment
JO  - Housing Policy Debate
JF  - Housing Policy Debate
Y1  - 1992///
VL  - 3
IS  - 3
SP  - 779
EP  - 782
SN  - 10511482
N1  - Accession Number: 0287546; Keywords: Finance; Geographic Descriptors: U.S.; U.K.; Denmark; France; Germany; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199306
KW  - Financial Aspects of Economic Integration          F36
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - International Financial Markets          G15
L3  - http://www.tandfonline.com/loi/rhpd20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0287546&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/rhpd20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Rogoff, Kenneth
AD  - Federal Reserve System
A2  - Letiche, John M.
T1  - Can International Monetary Policy Cooperation Be Counterproductive?
T2  - International economic policies and their theoretical foundations: A sourcebook
PB  - Second edition.
PB  - Economic Theory, Econometrics, and Mathematical Economics series.
PB  - San Diego; London; Toronto and Sydney:
PB  - Harcourt Brace Jovanovich, Academic Press
Y1  - 1992///
SP  - 874
EP  - 892
RP  - [1985]
N1  - Accession Number: 0365626; Reviewed Book ISBN: 0-12-444281-1; Keywords: Monetary Policy;  Policy; Publication Type: Collective Volume Article; Update Code: 199512
KW  - International Policy Coordination and Transmission          F42
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0365626&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
T1  - Conditional Asymmetries in Real GNP: A Seminonparametric Approach.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1992/01//
VL  - 10
IS  - 1
M3  - Article
SP  - 65
EP  - 72
SN  - 07350015
AB  - Two critical assumptions are often made in empirical research regarding the relationship between economic variables and economic disturbances--linearity and Gaussianity. Together, these two assumptions place strong restrictions on the time series behavior of a model. Most important, these restrictions imply conditional symmetry. Using seminonparametric (SNP) techniques, this article presents evidence that real gross national product growth displays conditional asymmetry. Although these results confirm related results of Brock and Sayers, Sichel, and Hamilton, the SNP approach is novel in that it emphasizes the relationship between common modeling assumptions and the restrictions that these assumptions place on data. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GROSS national product
KW  - ECONOMIC indicators
KW  - TIME series analysis
KW  - MATHEMATICAL statistics
KW  - PROBABILITY theory
N1  - Accession Number: 5826251; Brunner, Allan D. 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Jan1992, Vol. 10 Issue 1, p65; Thesaurus Term: GROSS national product; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: TIME series analysis; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: PROBABILITY theory; Number of Pages: 8p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5826251&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Passmore, Wayne
AD  - Federal Reserve System
T1  - Can Retail Depositories Fund Mortgages Profitably?
JO  - Journal of Housing Research
JF  - Journal of Housing Research
Y1  - 1992///
VL  - 3
IS  - 2
SP  - 305
EP  - 340
SN  - 10527001
N1  - Accession Number: 0287950; Keywords: Bank;  Credit;  Deposit;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
N2  - Using a model of a profit-maximizing bank, the costs of funding a mortgage with deposits are decomposed into the costs associated with interest-rate-risk hedging, prepayment, credit risks, and deposit collection. Funding mortgages with retail deposits will be a successful strategy if using retail deposits lowers the costs of hedging against interest rate risks. But my research indicates no significant hedging cost advantage from using retail deposits. Indeed, the costs of collecting retail deposits combined with the regulatory capital requirements for banks make mortgage lending an unprofitable activity for many banks. However, profits can be increased by securitizing mortgages and by not expanding mortgage lending beyond available retail funds.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://ares.metapress.com/content/121541/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0287950&site=ehost-live&scope=site
UR  - http://ares.metapress.com/content/121541/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helwege, Jean
T1  - Sectoral Shifts and Interindustry Wage Differentials.
JO  - Journal of Labor Economics
JF  - Journal of Labor Economics
Y1  - 1992/01//
VL  - 10
IS  - 1
M3  - Article
SP  - 55
PB  - University of Chicago Press
SN  - 0734306X
AB  - The observed differences in wages across industries may arise from a lack of worker mobility, particularly among experienced workers, allowing the effects of industry shocks to persist for some time. Although young workers arbitrage wage shocks, they will have little effect on the dispersion of experienced workers' wages if young and old workers are poor substitutes in production. This explanation is investigated using the five Censuses of Population between 1940 and 1980. The evidence strongly suggests that differences in pay are not temporary phenomena. The data provide some support for the role of human capital and ability. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Labor Economics is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR mobility
KW  - WAGES
KW  - ARBITRAGE
KW  - PRODUCTION (Economic theory)
KW  - WAGE differentials
KW  - HUMAN capital
N1  - Accession Number: 9305105008; Helwege, Jean 1; Affiliations: 1: Federal Reserve System.; Issue Info: Jan92, Vol. 10 Issue 1, p55; Thesaurus Term: LABOR mobility; Thesaurus Term: WAGES; Thesaurus Term: ARBITRAGE; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: WAGE differentials; Thesaurus Term: HUMAN capital; Number of Pages: 30p; Illustrations: 13 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9305105008&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Berger, Allen N.
AU  - Humphrey, David B.
AD  - Federal Reserve System
AD  - FL State U
A2  - Griliches, Zvi
T1  - Measurement and Efficiency Issues in Commercial Banking
T2  - Output measurement in the service sectors
PB  - With the assistance of Ernst R. Berndt, Timothy F. Bresnahan, and Marilyn E. Manser.
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 56.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1992///
SP  - 245
EP  - 279
N1  - Accession Number: 0366952; Reviewed Book ISBN: 0-226-30885-5; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199512
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Financial Institutions and Services: General          G20
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0366952&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hancock, Diana
AD  - Federal Reserve System
A2  - Griliches, Zvi
T1  - Measurement and Efficiency Issues in Commercial Banking: Comment
T2  - Output measurement in the service sectors
PB  - With the assistance of Ernst R. Berndt, Timothy F. Bresnahan, and Marilyn E. Manser.
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 56.
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1992///
SP  - 296
EP  - 300
N1  - Accession Number: 0366955; Reviewed Book ISBN: 0-226-30885-5; Keywords: Banking; Publication Type: Collective Volume Article; Update Code: 199512
KW  - General Financial Markets: General (includes Measurement and Data)          G10
KW  - Financial Institutions and Services: General          G20
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0366955&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Angell, Wayne D.
AD  - Federal Reserve System
A2  - Edwards, Franklin R.
A2  - Patrick, Hugh T.
T1  - Cooperative Approaches to Reducing Risks in Global Financial Markets
T2  - Regulating international financial markets: Issues and policies
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1992///
SP  - 235
EP  - 240
N1  - Accession Number: 0357032; Reviewed Book ISBN: 0-7923-9155-1; Keywords: Financial Markets; Publication Type: Collective Volume Article; Update Code: 199507
KW  - Central Banks and Their Policies          E58
KW  - International Financial Markets          G15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0357032&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

AU  - Mihailov S.
TI  - Mission d' appui au BIEP [Bureau Interministeriel d' Etudes de Projets], 22 fevrier au 31 mars 1992. [Language: fre]
T2  - Report mission to BIEP [Bureau Interministeriel d'Etudes de Projets], 22 February to 31 March 1992 [Language: eng]
PY  - 1992/01/01/
N1  - Database Contributor: AGRIS. Database Contributor ID: XF19930093929. Database Subset: AFRICAN STUDIES. Corporate Author: Board of Governors of the Federal Reserve System [USA]. Division of Research and Statistics. Language: French. Publication Type: Monograph / Series. Accession Number: XF19930093929. 
KW  - capacitacion
KW  - programme de formation
KW  - commercialisation
KW  - marketing
KW  - mercadeo
KW  - technical aid
KW  - circuit de commercialisation
KW  - existencias reguladoras
KW  - tchad
KW  - buffer stocks
KW  - corrientes de mercadeo
KW  - cereals
KW  - marketing channels
KW  - training
KW  - asistencia tecnica
KW  - programas de capacitacion
KW  - cereales
KW  - training programmes
KW  - stock regulateur
KW  - chad
KW  - cereale
KW  - aide technique
KW  - formation
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=awn&AN=XF19930093929&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - awn
ER  - 

TY  - JOUR
AU  - Rosine, John
AU  - Walraven, Nicholas
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - An Update on the Farm Economy
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/12//
VL  - 77
IS  - 12
SP  - 967
EP  - 979
SN  - 00149209
N1  - Accession Number: 0263277; Keywords: Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The latter part of the 1980s was a relatively prosperous time for farmers. In 1990, however, prices fell sharply in some parts of the farm economy, and in 1991, weakness in the sector has become more widespread. A softening of the farm economy perhaps rekindles memories of the farm financial stresses of the first half of the 1980s. But overall, imbalances in the sector far less pronounced than those of the early 1980s, and its vulnerability to financial setback has been reduced.
KW  - Agriculture: Aggregate Supply and Demand Analysis; Prices          Q11
KW  - Agricultural Finance          Q14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263277&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs, Washington, D.C., October 9, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/12//
VL  - 77
IS  - 12
SP  - 983
EP  - 987
SN  - 00149209
N1  - Accession Number: 0263278; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author comments on the credit and charge card legislation being considered in H.R.2440, as well as other issues concerning credit cards, and says that it is not apparent to the Board that the current disclosure rules and public information on credit card charges need to be supplemented by further legislation.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263278&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, October 25, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/12//
VL  - 77
IS  - 12
SP  - 987
EP  - 989
SN  - 00149209
N1  - Accession Number: 0263279; Keywords: Finance;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author presents the views of the Federal Reserve Board on legislative proposals pertaining to the regulation of the government securities market and says that surveillance and enforcement activities in this market have been intensified and that plans for automating the auction process have been accelerated; however, he believes that more sweeping changes are premature at this time.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263279&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Peek, Joe
AU  - Wilcox, James A.
AD  - Boston College and Federal Reserve Bank of Boston
AD  - U CA, Berkeley and Federal Reserve System
T1  - The Baby Boom, 'Pent-Up' Demand, and Future House Prices
JO  - Journal of Housing Economics
JF  - Journal of Housing Economics
Y1  - 1991/12//
VL  - 1
IS  - 4
SP  - 347
EP  - 367
SN  - 10511377
N1  - Accession Number: 0370091; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199512
KW  - Housing Supply and Markets          R31
L3  - http://www.sciencedirect.com/science/journal/10511377
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0370091&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/10511377
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Giovannini, Alberto
AU  - Labadie, Pamela
AD  - Columbia U, NBER, and Centre for Econ Policy Research
AD  - Federal Reserve System
T1  - Asset Prices and Interest Rates in Cash-in-Advance Models
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1991/12//
VL  - 99
IS  - 6
SP  - 1215
EP  - 1251
SN  - 00223808
N1  - Accession Number: 0264321; Keywords: Asset Prices;  Interest Rates;  Interest;  Money;  Nominal Interest Rates; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The authors develop a method to solve and simulate cash-in-advance models of money and asset prices. They calibrate the models to U.S. data spanning the period 1890-1987 and study some empirical regularities observed over this period. The phenomena of interest include the average level of stock returns and returns on nominal bonds, the covariation of realized real interest rates and real asset returns with inflation, and the ability of nominal interest rates to predict inflation and nominal stock returns.
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
KW  - Financial Markets and the Macroeconomy          E44
L3  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0264321&site=ehost-live&scope=site
UR  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Davies, Sally M.
T1  - Dynamic price competition, briefly sunk costs, and entry deterrence.
JO  - RAND Journal of Economics (RAND Journal of Economics)
JF  - RAND Journal of Economics (RAND Journal of Economics)
Y1  - 1991///Winter91
VL  - 22
IS  - 4
M3  - Article
SP  - 519
EP  - 530
PB  - RAND Journal of Economics
SN  - 07416261
AB  - This article examines how the threat of entry constrains pricing behavior in a natural monopoly with briefly sunk costs. In the model of dynamic price competition explored here, costs are too briefly sunk to confer any strategic advantage to incumbency. Despite the lack of advantage to incumbency, the threat of entry exerts little discipline on prices. In the presence of a slight cost asymmetry, monopoly for the lower-cost firm is the unique equilibrium, regardless of which firm is initially the incumbent. [ABSTRACT FROM AUTHOR]
AB  - Copyright of RAND Journal of Economics (RAND Journal of Economics) is the property of RAND Journal of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONOPOLIES
KW  - MONOPOLISTIC competition
KW  - PRICING
KW  - PRICE fixing
KW  - EQUILIBRIUM (Economics)
KW  - COMPETITION
N1  - Accession Number: 5161416; Davies, Sally M. 1; Affiliations: 1: Monetary and Financial Studies Section, Board of Governors of the Federal Reserve System; Issue Info: Winter91, Vol. 22 Issue 4, p519; Thesaurus Term: MONOPOLIES; Thesaurus Term: MONOPOLISTIC competition; Thesaurus Term: PRICING; Thesaurus Term: PRICE fixing; Thesaurus Term: EQUILIBRIUM (Economics); Subject Term: COMPETITION; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Kennickel, Arthur B.
T1  - HOUSEHOLD SAVING IN THE U.S.
JO  - Review of Income & Wealth
JF  - Review of Income & Wealth
Y1  - 1991/12//
VL  - 37
IS  - 4
M3  - Article
SP  - 409
EP  - 432
PB  - Wiley-Blackwell
SN  - 00346586
AB  - In this paper the authors present evidence on household saving in the U.S. based on the panel data from the 1983 and 1986 waves of the Survey of Consumer Finances. Saving is measured in these surveys as the change in wealth over the three-year period. Using a variety of models, we are able to explain only about 7 percent of the variation in the level of saving. Demographic factors appear to be modestly useful in explaining saving. However, one her is very clear from the patterns of correlation extracted so far; either the measurement error in the data is quite large, or idiosyncratic factors are very important in explaining saving behavior, or both. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Income & Wealth is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVING & investment
KW  - PERSONAL finance
KW  - COST & standard of living
KW  - CUSTOMER satisfaction
KW  - CONSUMERS
KW  - UNITED States
N1  - Accession Number: 5773960; Avery, Robert B. 1; Kennickel, Arthur B. 2; Affiliations: 1: Cornell University; 2: Board of Governors, Federal Reserve System; Issue Info: Dec91, Vol. 37 Issue 4, p409; Thesaurus Term: SAVING & investment; Thesaurus Term: PERSONAL finance; Thesaurus Term: COST & standard of living; Thesaurus Term: CUSTOMER satisfaction; Thesaurus Term: CONSUMERS; Subject Term: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Juncker, George R.
AU  - Summers, Bruce J.
AU  - Young, Florence M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - A Primer on the Settlement of Payments in the United States
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 847
EP  - 858
SN  - 00149209
N1  - Accession Number: 0263263; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - This article examines the concept of settlement as it applies to payments in the United States and describes the settlement process for large-value transfer systems. The examination takes place in the context of increased public policy attention to the importance of a sound payment system, which can be measured by the certainty that payments will settle on schedule, for the efficient operation of a modern market economy.
KW  - Central Banks and Their Policies          E58
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Smith, Dolores S.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Home Mortgage Disclosure Act: Expanded Data on Residential Lending
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 859
EP  - 881
SN  - 00149209
N1  - Accession Number: 0263264; Keywords: Lending;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - This article gives an overview of the reporting system required under the Home Mortgage Disclosure Act (HMDA) in light of recent changes in HMDA that have substantially increased the type and amount of information available about residential lending, beginning with data for 1990. It presents some preliminary numbers drawn from nationwide aggregates of the 1990 data and sounds some cautions about limitations of the data. It also discusses potential uses of the data and looks at a new area now covered by HMDA--sales of home loans to the secondary mortgage market.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Regulation and Business Law: Other          K29
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, September 4, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 885
EP  - 887
SN  - 00149209
N1  - Accession Number: 0263265; Keywords: Finance;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author testifies in connection with the regulation of the government securities market, in particular the potential implications of the disclosures by Salomon Brothers for regulatory and legislative initiatives.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, September 4, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 887
EP  - 891
SN  - 00149209
N1  - Accession Number: 0263266; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author provides his views concerning the disclosures by Salomon Brothers and says that these disclosures must be addressed to ensure that confidence in the U.S. government securities market is maintained at the highest levels.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, September 11, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 891
EP  - 895
SN  - 00149209
N1  - Accession Number: 0263267; Keywords: Banking;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author discusses the regulation of the government securities market in connection with the Salomon Brothers episode, and says that while this episode has been a troubling one, it is not apparent that sweeping changes in regulation are warranted.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ireland, Oliver
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Agriculture, September 11, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 895
EP  - 896
SN  - 00149209
N1  - Accession Number: 0263268; Keywords: Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author discusses the provisions of H.R.6, the Financial Institutions Safety and Consumer Choice Act of 1991, concerning Payment System Risk Reduction and says that the Board strongly supports provisions contained in H.R.6 that are designed to confirm the validity of contractual agreements providing for the netting of payment obligations between and among financial institutions.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Business and Securities Law          K22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattingly, J. Virgil, Jr.
AU  - Taylor, William
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 902
EP  - 918
SN  - 00149209
N1  - Accession Number: 0263269; Keywords: Bank;  Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The authors describe the Federal Reserve's role in the supervision of the Bank of Credit&Commerce International (BCCI) and the Federal Reserve's investigation of BCCI's secret acquisition of the shares of several U.S. banking organizations.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 918
EP  - 920
SN  - 00149209
N1  - Accession Number: 0263270; Keywords: Bank;  Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author reviews the role played by the Federal Reserve Bank of New York in the Bank of Credit&Commerce International (BCCI) affair and says that the New York Reserve has been intimately involved in virtually every aspect of the Federal Reserve's investigation into BCCI, including its illegal control of banking institutions in the United States.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263270&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Black, Robert P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 920
EP  - 924
SN  - 00149209
N1  - Accession Number: 0263271; Keywords: Bank;  Banking;  Finance;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author describes the role of the Richmond Reserve Bank in the supervision and regulation of Credit and Commerce American Holdings (CCAH), which came under the supervision of the Richmond Reserve Bank after CCAH acquired First American Bank-shares, and says that the staff of the Richmond Reserve Bank is working with the staff of the Board to sever any improper connections between BCCI&the First American banks so that the banks will be free of any tarnish that they may be suffering from their association with BCCI.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
KW  - Business and Securities Law          K22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Forrestal, Robert P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 924
EP  - 928
SN  - 00149209
N1  - Accession Number: 0263272; Keywords: Bank;  Banking;  Finance;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author discusses the role of the Atlanta Reserve Bank in the supervision of the Florida offices of BCCI&in the supervision of the NBG Financial Corporation, the parent bank holding company of the National Bank of Georgia, and says that the Atlanta Reserve Bank supervised the regulation of BCCI's&NBG's activities in the Atlanta District and has made criminal referrals of suspicious activity and increased its on-site presence as warranted in full cooperation with law enforcement agencies.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Thomson, Thomas D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 928
EP  - 931
SN  - 00149209
N1  - Accession Number: 0263273; Keywords: Bank;  Banking;  Finance;  Money;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author provides information on the San Francisco Reserve Bank's supervision&regulation of BCCI and related entities in the San Francisco District and says that the San Francisco Reserve Bank's supervision was concentrated on its on-site examination program adopted in cooperation with the California State Banking Department, its role in drafting enforcement actions issued against BCCI, its oversight efforts in light of money laundering allegations in 1988, and a continuous on-site- presence since 1991 at a Los Angeles banking agency owned by BCCI.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263273&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 24, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 932
EP  - 941
SN  - 00149209
N1  - Accession Number: 0263274; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author discusses issues related to mergers among U.S. banking organizations and says that the primary objectives of public policy in this area should be to help manage the evolution of the banking industry in ways that preserve the benefits of competition for the consumers of banking services and to ensure a safe, sound, and profitable banking system.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263274&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Oversight of the Committee on Ways and Means, September 26, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 941
EP  - 944
SN  - 00149209
N1  - Accession Number: 0263275; Keywords: Regulation;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author testifies in connection with the regulation of the government securities market and says that the Board considers this market to be the most important securities market in the world and that he does not believe that this market is broken in any fundamental sense.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Business and Securities Law          K22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sternlight, Peter D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Oversight of the Committee on Ways and Means, September 26, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/11//
VL  - 77
IS  - 11
SP  - 944
EP  - 948
SN  - 00149209
N1  - Accession Number: 0263276; Keywords: Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - The author talks about the market for U.S. government securities and says that although he believes that improvements in market practice and official oversight are needed, the government securities market is not fundamentally flawed.
KW  - Business and Securities Law          K22
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263276&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Carre, Herve
AD  - Federal Reserve System
T1  - Progress toward a European Monetary Union
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/10//
VL  - 77
IS  - 10
SP  - 769
EP  - 783
SN  - 00149209
N1  - Accession Number: 0252408; Keywords: EMU;  European Monetary Union;  Monetary Union; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199203
N2  - Negotiations are currently under way among member states of the European Community to define the legal provisions necessary to establish economic and monetary union (EMU) and, in parallel, a political union. This article reviews the progress to date toward EMU. It provides historical background to the current move, presents the progress of the negotiations, and outlines the likely prospects and consequences of EMU for international relations and for the United States.
KW  - Financial Aspects of Economic Integration          F36
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252408&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cross, Sam Y.
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/10//
VL  - 77
IS  - 10
SP  - 784
EP  - 788
SN  - 00149209
N1  - Accession Number: 0252409; Keywords: Foreign Exchange;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Over the three-month period from May through July, the dollar rose about 2 percent against the mark, about 1 percent against the yen, and just under 1 percent on a trade-weighted basis.
KW  - Foreign Exchange          F31
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattingly, J. Virgil, Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Terrorism, Narcotics and International Communications of the Committee on Foreign Relations, August 1, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/10//
VL  - 77
IS  - 10
SP  - 791
EP  - 798
SN  - 00149209
N1  - Accession Number: 0252410; Keywords: Bank;  Banking;  Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - J. Virgil Mattingly, Jr., General Counsel, and William Taylor, Staff Director, Division of Banking Supervision and Regulation, Board of Governors, describe recent developments in the case of Bank of Credit and Commerce International, S.A. and its affiliates, including a summary of events leading to the seizure of the bank's asset and the effect of BCCI's seizure on two U.S. banking organizations, First American Bankshares of Washington, D.C., and Independence Bank, Encino, California, before the Subcommittee on Terrorism, Narcotics and International Communications of the Senate Committee on Foreign Relations, August 1, 1991.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252410&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hallman, Jeffrey J.
AU  - Porter, Richard D.
AU  - Small, David H.
AD  - Federal Reserve Bank of Cleveland
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Is the Price Level Tied to the M2 Monetary Aggregate in the Long Run?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1991/09//
VL  - 81
IS  - 4
SP  - 841
EP  - 858
SN  - 00028282
N1  - Accession Number: 0251132; Keywords: Inflation;  M2;  Monetary;  Money;  Phillips Curve;  Price Level;  Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - A long-run link between money and prices is evident for the United States since the Korean War if the M2 measure of money is used and the velocity of M2 (V2) is modeled as a mean-reverting series. This link between M2 and prices is the basis for a dynamic model of inflation that compares favorably in forecasting exercises with Phillips-curve and more typical monetarist approaches. The behavior of V2 is examined from 1870 to the present, providing a basis for reconsidering previous findings that V2 follows a random walk.
KW  - Price Level; Inflation; Deflation          E31
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251132&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - Berger, Allen N.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Rigidity of Prices: Evidence from the Banking Industry
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1991/09//
VL  - 81
IS  - 4
SP  - 938
EP  - 945
SN  - 00028282
N1  - Accession Number: 0251140; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.aeaweb.org/aer/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Peek, Joe
AU  - Wilcox, James A.
AD  - Boston College and Federal Reserve Bank of Boston
AD  - U CA, Berkeley and Federal Reserve System
T1  - The Measurement and Determinants of Single-Family House Prices
JO  - American Real Estate and Urban Economics Association Journal
JF  - American Real Estate and Urban Economics Association Journal
Y1  - 1991///Fall
VL  - 19
IS  - 3
SP  - 353
EP  - 382
SN  - 0092914X
N1  - Accession Number: 0265967; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199209
KW  - Housing Supply and Markets          R31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0265967&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ericsson, Neil R.
AD  - Federal Reserve System
T1  - Monte Carlo Methodology and the Finite Sample Properties of Instrumental Variables Statistics for Testing Nested and Non-nested Hypotheses
JO  - Econometrica
JF  - Econometrica
Y1  - 1991/09//
VL  - 59
IS  - 5
SP  - 1249
EP  - 1277
SN  - 00129682
N1  - Accession Number: 0251782; Keywords: Instrumental Variables;  Monte Carlo;  Simultaneous Equation; Publication Type: Journal Article; Update Code: 199203
N2  - Using Monte Carlo methodology, this paper investigates the effect of dynamics and simultaneity on the finite sample properties of instrumental variables statistics for testing nested and nonnested hypotheses. Simple numerical-analytical formulae (response surfaces) are obtained which closely approximate the statistics' unknown size and power functions for a dynamic simultaneous-equations model. The analysis illustrates the value and limitations of asymptotic theory in interpreting finite sample properties. Two practical results arise. The F form and the Wald statistic is favored over its chi-squared form, and "large-sigma" and small "effective" sample size strongly affect the test of over-identifying restrictions and the Cox-type test.
KW  - Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes          C32
KW  - Statistical Simulation Methods: General          C15
L3  - http://www.econometricsociety.org/tocs.asp
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251782&site=ehost-live&scope=site
UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Ireland, Oliver
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Policy Research and Insurance of the Committee on Banking, Finance and Urban Affairs, July 10, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/09//
VL  - 77
IS  - 9
SP  - 706
EP  - 708
SN  - 00149209
N1  - Accession Number: 0252403; Keywords: Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Oliver Ireland, Associate General Counsel, Legal Division, Board of Governors of the Federal Reserve System, discusses the issues of lender liability under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) and says that as an initial matter the Board supports the purposes of CERCLA but is concerned over the effect of recent court interpretations that have held lenders liable for the cost of cleanup of hazardous substances found on a borrower's property and believes that the imposition of cleanup liability on lenders is counterproductive to long-term environmental goals and is contributing to an unnecessary and unwarranted constriction of credit availability to a wide range of otherwise creditworthy borrowers, before the Subcommittee on Policy Research and Insurance of the House Committee on Banking, Finance and Urban Affairs, July 10, 1991.
KW  - Environmental, Health, and Safety Law          K32
KW  - Renewable Resources and Conservation: General          Q20
KW  - Financial Institutions and Services: General          G20
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252403&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, July 16, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/09//
VL  - 77
IS  - 9
SP  - 709
EP  - 715
SN  - 00149209
N1  - Accession Number: 0252404; Keywords: Monetary;  Money;  Outlook;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Alan Greenspan, Chairman, Board of Governors, presents the midyear Monetary Policy Report to the Congress and focuses on current economic and financial conditions as well as the outlook for the economy and monetary policy over the coming year and a half; he also discusses the importance of changes in patterns of credit usage and flows of money and credit through the financial system in light of what could be significant departures from the trends prevalent in the 1980s, before the House Committee on Banking, Finance and Urban Affairs, July 16, 1991.
KW  - General Outlook and Conditions          E66
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252404&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, July 18, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/09//
VL  - 77
IS  - 9
SP  - 715
EP  - 722
SN  - 00149209
N1  - Accession Number: 0252405; Keywords: Federal Reserve System;  Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Wayne D. Angell and Edward W. Kelley, Jr., Members, Board of Governors, discuss and review the Federal Reserve System's expenses and its budget for 1991 and the budgets of the Reserve Banks and say that the increase in the Federal Reserve System's expenses is projected to average 5.3 percent at an annual rate from 1986 through the 1991 budget and that the Reserve Banks' increase in expenses from 1989 to 1990 was only 4.2 percent because actual 1990 expenses were lower than budgeted, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs, July 18, 1991.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252405&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bowen, Brent L.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, July 18, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/09//
VL  - 77
IS  - 9
SP  - 722
EP  - 726
SN  - 00149209
N1  - Accession Number: 0252406; Keywords: Bank;  Banking;  Finance;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199203
N2  - Brent L. Bowen, Inspector General, Board of Governors, provides a brief review of the points made in the June 7, 1991, assessment of Governor Angell's report entitled "System and Procedures for Financial Supervision and Control" to determine any particular weaknesses or strengths in the System's design for auditing and controlling its own financial operations and also outlines plans for examining the Board's systems of oversight and supervision of the Federal Reserve Banks, before the Subcommittee on Banking, Finance and Urban Affairs, July 18, 1991.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252406&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dreyer, Franklin D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Policy Research and Insurance of the Committee on Banking, Finance and Urban Affairs, July 31, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/09//
VL  - 77
IS  - 9
SP  - 726
EP  - 731
SN  - 00149209
N1  - Accession Number: 0252407; Keywords: Bank;  Banking;  Finance;  Financial Institutions;  Policy;  Regulation; Publication Type: Journal Article; Update Code: 199203
N2  - Franklin D. Dreyer, Senior Vice President, Supervision and Regulation and Loans, Federal Reserve Bank of Chicago, discusses asset securitization as it relates to financial institutions and says that staff members at the Federal Reserve have been carefully reviewing securitization to ensure that this process will not pose undue risk for depository institutions and their holding companies, before the Subcommittee on Policy Research and Insurance of the House Committee on Banking, Finance and Urban Affairs, July 31, 1991.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252407&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - King, Kathleen Kuester
AU  - O'Brien, James M.
T1  - The limitations of market value accounting and a more realistic alternative.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/09//
VL  - 15
IS  - 4/5
M3  - Article
SP  - 753
EP  - 783
SN  - 03784266
AB  - The limitations of market value accounting and a more realistic alternative are discussed.  Market value accounting (MVA) might boost market and regulatory discipline on financial institutions. However, there are problems with implementing MVA. Such problems are suggested by the theory of asymmetric information and the role intermediaries play in solving information and monitoring problems. An alternative approach that applies MVA principles is developed after analyzing the problems with MVA. This procedure may substantially boost the distribution of regulatory discipline.
KW  - ACCOUNTING
KW  - MARKET value
KW  - FINANCIAL institutions
KW  - FINANCE
KW  - BUSINESS
N1  - Accession Number: 11478294; Berger, Allen N. 1; King, Kathleen Kuester 1; O'Brien, James M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep91, Vol. 15 Issue 4/5, p753; Thesaurus Term: ACCOUNTING; Thesaurus Term: MARKET value; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCE; Thesaurus Term: BUSINESS; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Berger, Allen N.
T1  - Risk-based capital and deposit insurance reform.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/09//
VL  - 15
IS  - 4/5
M3  - Article
SP  - 847
EP  - 874
SN  - 03784266
AB  - The risk-based capital (RBC) standards are analyzed using data on banks in the United States from 1982 to 1989.  The associations between bank performance and the RBC relative risk weights and compliance with the RBC standards are investigated. Such associations indicate that RBC comprises a significant improvement over the old capital standards. However, both standards incorporate useful independent information. Moreover, the data suggest that relative to the old standards, the new standards are more stringent on big banks and are more strict overall. Consequently, banks representing over one-fourth of all bank assets would have failed the new standards as of 1989.
KW  - CAPITAL
KW  - BANKING industry
KW  - STANDARDS
KW  - BANK assets
KW  - UNITED States
N1  - Accession Number: 11478298; Avery, Robert B. 1,2; Berger, Allen N. 3; Affiliations: 1: Cornell University, USA; 2: Federal Reserve Bank of Cleveland, USA; 3: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep91, Vol. 15 Issue 4/5, p847; Thesaurus Term: CAPITAL; Thesaurus Term: BANKING industry; Thesaurus Term: STANDARDS; Thesaurus Term: BANK assets; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Davies, Sally M.
AU  - McManus, Douglas A.
T1  - The effects of closure policies on bank risk-taking.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/09//
VL  - 15
IS  - 4/5
M3  - Article
SP  - 917
EP  - 938
SN  - 03784266
AB  - Bank closure policy for a risk-averse bank that enjoys flat-rate deposit insurance is modelled. Increasing the level of net worth at which banks are closed can boost or decrease induced risk aversion, as well as increase the probability that marginally healthy banks would be subject to extreme moral hazard. Such results indicate that more timely closure policies should be levied in conjunction with greater monitoring of bank portfolio risk and with restrictions on risk-taking for marginally  healthy banks. Moreover, changes in closure policy can increase or decrease desired leverage and that this effect hinges on the degree of correlation among asset returns.
KW  - BANKING industry
KW  - BUSINESS failures
KW  - DEPOSIT insurance
KW  - RISK aversion
KW  - FINANCE
N1  - Accession Number: 11478301; Davies, Sally M. 1; McManus, Douglas A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep91, Vol. 15 Issue 4/5, p917; Thesaurus Term: BANKING industry; Thesaurus Term: BUSINESS failures; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: RISK aversion; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - King, Kathleen Kuester
AU  - O'Brien, James M.
T1  - Market-based, risk-adjusted examination schedules for depository institutions.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/09//
VL  - 15
IS  - 4/5
M3  - Article
SP  - 955
EP  - 974
SN  - 03784266
AB  - The market-based, risk-adjusted examination schedules for depository institutions are examined. It is suggested that risk-adjusted deposit insurance premiums or capital ratios be calculated by applying option pricing models to stock market data. On the other hand, the option methodology could be utilized to establish a risk-based examination schedule whereby riskier banks would be examined more frequently. Alternatives are considered to the assumptions regarding examination policies made in standard applications of the option model.
KW  - BANKING industry
KW  - DEPOSIT insurance
KW  - CAPITAL
KW  - FINANCE -- Mathematical models
KW  - INSURANCE -- Rates
N1  - Accession Number: 11478303; King, Kathleen Kuester 1; O'Brien, James M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, USA; Issue Info: Sep91, Vol. 15 Issue 4/5, p955; Thesaurus Term: BANKING industry; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: CAPITAL; Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: INSURANCE -- Rates; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 524299 All other insurance related activities; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Asquith, Paul
AU  - Mullins Jr., David W.
T1  - Convertible Debt: Corporate Call Policy and Voluntary Conversion.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1991/09//
VL  - 46
IS  - 4
M3  - Article
SP  - 1273
EP  - 1289
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper examines why, in contrast to the predictions of finance theory, firms do not call convertible debt when the conversion price exceeds the call price. The empirical results suggest that the principal reason is because some firms enjoy an advantage of paying less in after-tax interest than they would pay in dividends were the bond converted. This cash flow incentive is the inverse of an investor's incentive to convert voluntarily if the converted dividends are greater than the bond's coupon. Because of taxation, however, the decisions by investors and firms are not symmetric, and there exist bonds which the firm may not call and an investor will not convert. The results also find that voluntary conversion is significantly related to both the conversion price and the differential between the coupon and the dividends on the converted stock. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE debt
KW  - DEBT equity conversion
KW  - CONVERTIBLE bonds
KW  - CORPORATIONS -- Finance
KW  - OPTIONS (Finance)
KW  - STOCKS (Finance)
KW  - BUSINESS enterprises -- Finance
KW  - MONETARY incentives
KW  - INCENTIVES in industry
KW  - DIVIDENDS
N1  - Accession Number: 4652937; Asquith, Paul 1; Mullins Jr., David W. 2; Affiliations: 1: MIT Sloan School of Management; 2: Board of Governors of the Federal Reserve System; Issue Info: Sep91, Vol. 46 Issue 4, p1273; Thesaurus Term: CORPORATE debt; Thesaurus Term: DEBT equity conversion; Thesaurus Term: CONVERTIBLE bonds; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: STOCKS (Finance); Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: MONETARY incentives; Thesaurus Term: INCENTIVES in industry; Thesaurus Term: DIVIDENDS; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - The 'Tobin Tax,' Asset Accumulation, and the Real Exchange Rate
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1991/09//
VL  - 10
IS  - 3
SP  - 420
EP  - 431
SN  - 02615606
N1  - Accession Number: 0253256; Keywords: Exchange Rates;  Policy;  Tariff;  Tax;  Trade; Publication Type: Journal Article; Update Code: 199203
N2  - The author extends a standard model of exchange-rate determination in a small, open economy to examine the general equilibrium consequences of a tax on foreign assets. The model incorporates asset market clearing at a point in time, accounts for asset accumulation over time by way of trade imbalances and the government's financing needs, and broadens the government's policy options to include a tariff on the traded good and a tax on foreign assets. A capital tax results in a transitory trade deficit because agents shift to home assets; their decumulation of foreign assets is mirrored in a trade deficit.
KW  - Foreign Exchange          F31
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
KW  - Trade Policy; International Trade Organizations          F13
KW  - International Fiscal Issues; International Public Goods          H87
L3  - http://www.sciencedirect.com/science/journal/02615606
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UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - Conducting Monetary Policy without a Nominal Anchor
JO  - Journal of Macroeconomics
JF  - Journal of Macroeconomics
Y1  - 1991///Fall
VL  - 13
IS  - 4
SP  - 573
EP  - 596
SN  - 01640704
N1  - Accession Number: 0253338; Keywords: Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199203
N2  - The analysis of a simple macro model with forward-looking expectations suggests that a monetary authority can operate a stable and determinate gradualist interest rate policy only as long as concern for inflation is teamed with monitoring other indicators, supporting the policy eclecticism of the recent MONETARY POLICY REPORT TO CONGRESS. In general, an interest rate-smoothing rule cannot be based solely on relative prices or rates of return, including relative commodity prices and the slope of the yield cure, or respond solely to real magnitudes, such as the output gap. Any of these indicator variables, however, complement the use of an inflation target.
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/01640704
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UR  - http://www.sciencedirect.com/science/journal/01640704
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Peek, Joe
AU  - Wilcox, James A.
T1  - The Measurement and Determinants of Single-Family House Prices.
JO  - Journal of the American Real Estate & Urban Economics Association
JF  - Journal of the American Real Estate & Urban Economics Association
Y1  - 1991///Fall91
VL  - 19
IS  - 3
M3  - Article
SP  - 353
EP  - 382
PB  - Wiley-Blackwell
SN  - 10678433
AB  - We assess the conceptual and empirical features of a number of house price series for the United States. We then calculate a measure of the net up-grading of the existing stock of houses that took place during the 1950-1969 period and adjust price indexes for this net increase in quality. Judgments about the trend, volatility, and determinants of house prices are shown to depend crucially on which price series i8 used. The Freddie Mac upgrade-adjusted house price measure rose 5.7% over the past four decades, falling 7.7% from 1950 through 1970 before rising 14.5% from 1970 through 1989. Real house prices declined in the early 1980s due to the increase in real after, tax interest rates and the decline in real materials costs. The recovery of house prices in the late 1960s is attributed to lower unemployment and real after-tax interest rates and particularly to demographic factors associated with the aging of baby boomers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RENTAL housing
KW  - SECURITIES -- Prices
KW  - MONETARY policy
KW  - ECONOMIC indicators
KW  - SINGLE family housing
KW  - DWELLINGS
N1  - Accession Number: 5860102; Peek, Joe 1,2; Wilcox, James A. 3,4; Affiliations: 1: Department of Economics, Boston College, Chestnut Hill, Massachusetts 02167.; 2: Research Department Federal Reserve Bank of Boston, Boston, Massachusetts 02106.; 3: Haas School of Business, 350 Barrows Hall, University of California, Berkeley, California 94720.; 4: Mail Stop 84, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; Issue Info: Fall91, Vol. 19 Issue 3, p353; Thesaurus Term: RENTAL housing; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC indicators; Subject Term: SINGLE family housing; Subject Term: DWELLINGS; NAICS/Industry Codes: 541310 Architectural Services; NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 238390 Other Building Finishing Contractors; NAICS/Industry Codes: 236115 New Single-Family Housing Construction (except For-Sale Builders); NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531111 Lessors of residential buildings and dwellings (except social housing projects); NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rosen, Richard J.
T1  - Research and development with asymmetric firm sizes.
JO  - RAND Journal of Economics (RAND Journal of Economics)
JF  - RAND Journal of Economics (RAND Journal of Economics)
Y1  - 1991/09//
VL  - 22
IS  - 3
M3  - Article
SP  - 411
EP  - 429
PB  - RAND Journal of Economics
SN  - 07416261
AB  - This article presents a theoretical model of research and development (R&D) competition among firms. The goal of the model is to simultaneously explain two empirical observations pertaining to the persistence of dominant firms: small firms make a disproportionate share of major innovations, while large firms tend to spend more (in absolute terms) on R&D than small firms do. In the model here, firms choose investment levels and R&D project riskiness. In equilibrium, a large firm invests more than a smaller firm but, by choosing safer R&D projects, makes fewer major innovations. [ABSTRACT FROM AUTHOR]
AB  - Copyright of RAND Journal of Economics (RAND Journal of Economics) is the property of RAND Journal of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS enterprises
KW  - RESEARCH & development
KW  - INVESTMENTS
KW  - SMALL business
KW  - BIG business
KW  - TECHNOLOGICAL innovations
KW  - ECONOMIC models
KW  - COMPETITION
KW  - COMPETING risks
N1  - Accession Number: 5173212; Rosen, Richard J. 1; Affiliations: 1: Board of Governors', Federal Reserve System; Issue Info: Autumn91, Vol. 22 Issue 3, p411; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: RESEARCH & development; Thesaurus Term: INVESTMENTS; Thesaurus Term: SMALL business; Thesaurus Term: BIG business; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: ECONOMIC models; Subject Term: COMPETITION; Subject Term: COMPETING risks; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology); NAICS/Industry Codes: 541711 Research and Development in Biotechnology; Number of Pages: 19p; Illustrations: 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Houpt, James V.
AU  - Embersit, James A.
AD  - Federal Reserve System
AD  - 
T1  - A Method for Evaluating Interest Rate Risk in U.S. Commercial Banks
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 625
EP  - 637
SN  - 00149209
N1  - Accession Number: 0252397; Keywords: Bank;  Commercial Banks;  Interest Rates;  Interest;  Reserves; Publication Type: Journal Article; Update Code: 199203
N2  - Staff members of the Federal Reserve are investigating a possible supervisory approach to assessing the interest rate risk of commercial banks. Once fully developed and field tested, the approach under consideration could supplement existing examination procedures and provide an additional off-site monitoring tool for understanding potential exposures to interest rate changes. Institutions identified as having high exposures to interest rate risk would be more likely to receive detailed reviews concerning such risk, and examiners would continue to apply significant flexibility in their consideration of the conditions at each bank.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Interest Rates: Determination, Term Structure, and Effects          E43
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252397&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, June 11, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 644
EP  - 650
SN  - 00149209
N1  - Accession Number: 0252398; Keywords: Bank;  Banking;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Alan Greenspan, Chairman, Board of Governors, testifies in support of the Foreign Bank Supervision Enhancement Act, which is designed to strengthen the supervision and regulation of foreign banks operating in the United States, and on section 231 of the Financial Institutions Safety and Consumer Choice Act of 1991 (H.R.15015), which deals with proposed restrictions on activities of foreign banks in the United States, and says that the Foreign Bank Supervision Enhancement Act would achieve an appropriate level of supervision of foreign banks without the negative side effects of some of the requirements of section 231, before the House Committee on Banking, Finance and Urban Affairs, June 11, 1991.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252398&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, June 12, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 651
EP  - 654
SN  - 00149209
N1  - Accession Number: 0252399; Keywords: Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Edward W. Kelley, Jr., Member, Board of Governors, discusses lender liability under CERCLA and the solutions to this problem proposed by S.651, and says that it is in the interests of the financial and environmental communities to find a balanced solution to the lender liability issue and that the environmental goals of CERCLA will be furthered by S.651, before the Senate Committee on Banking, Housing, and Urban Affairs, June 12, 1991.
KW  - Renewable Resources and Conservation: Government Policy          Q28
KW  - Renewable Resources and Conservation: Land          Q24
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252399&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, June 12, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 654
EP  - 656
SN  - 00149209
N1  - Accession Number: 0252400; Keywords: Banking;  Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - John P. LaWare, Member, Board of Governors, gives the views of the Board regarding possible amendments to the Government Securities Act of 1986 and says that the Treasury's current authority to write the rules in the market for government securities should be extended beyond the sunset date, before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs, June 12, 1991.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252400&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Ways and Means, June 18, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 657
EP  - 660
SN  - 00149209
N1  - Accession Number: 0252401; Keywords: Standard of Living; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Alan Greenspan, Chairman, Board of Governors, discusses U.S. international competitiveness and says that the ultimate test of the country's competitiveness is what is happening to the standard of living of U.S. citizens over time, before the House Committee on Ways and Means, June 18, 1991.
KW  - Consumer Economics: Empirical Analysis          D12
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252401&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mullins, David W., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, June 18, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/08//
VL  - 77
IS  - 8
SP  - 660
EP  - 662
SN  - 00149209
N1  - Accession Number: 0252402; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - David W. Mullins, Jr., Member, Board of Governors, and nominee to serve as Vice Chairman, reviews the basic goals of the Federal Reserve in its two major areas of activity, monetary policy and financial regulation, before the Senate Committee on Banking, Housing, and Urban Affairs, June 18, 1991.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252402&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Humphrey, David B.
T1  - The dominance of inefficiencies over scale and product mix economies in banking.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1991/08//
VL  - 28
IS  - 1
M3  - Article
SP  - 117
EP  - 148
SN  - 03043932
AB  - This study measures and analyzes inefficiencies for all U.S. banks in 1984. Inefficiencies are measured relative to a 'thick frontier' cost function and are found to dominate measured scale and product mix economies. Most inefficiencies are operational in nature, involving the overuse of physical inputs, rather than financial, involving overpayment of interest. Also, technical inefficiencies (proportionate overuse of all inputs) dominate allocative inefficiencies (improper mix of inputs). These results suggest that competitive pressures in banking from deregulation will be focused primarily on banks that do not control costs, rather than on those of a particular size or product mix. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - PRODUCT mixes
KW  - PRODUCT management
KW  - PRODUCT lines
KW  - FINANCIAL institutions
KW  - FINANCE
KW  - MARKETING management
KW  - UNITED States
N1  - Accession Number: 7036655; Berger, Allen N. 1; Humphrey, David B. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, USA; 2: Florida State University, Tallahassee, USA; Issue Info: Aug91, Vol. 28 Issue 1, p117; Thesaurus Term: BANKING industry; Thesaurus Term: PRODUCT mixes; Thesaurus Term: PRODUCT management; Thesaurus Term: PRODUCT lines; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCE; Thesaurus Term: MARKETING management; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 541613 Marketing Consulting Services; Number of Pages: 32p; Illustrations: 5 Charts, 2 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7036655&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wachter, Michael L.
AU  - Wascher, William L.
T1  - LEVELING THE PEAKS AND TROUGHS OF THE DEMOGRAPHIC CYCLE: AN APPLICATION TO SCHOOL ENROLLMENT RATES: A REPLY.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1991/08//
VL  - 73
IS  - 3
M3  - Article
SP  - 575
PB  - MIT Press
SN  - 00346535
AB  - This article presents a reply to an article related to demographic transition. It is on the specific nature of the school enrollment decision that results obtained by Evangelos M. Falaris and H. Elizabeth Peters on school completioh are most interesting. Their finding that school completion rates are influenced by the position of the relevant cohort to the peak cohort in the demographic cycle is important because it focuses attention on the role of educational attainment in mitigating the now well-known cohort size effects on relative earnings. That is, workers apparently distance themselves from the largest cohorts by altering the amount of education they obtain. Their results contrast sharply with the predictions of the diminishing substitutability hypothesis proposed by David C. Stapleton and Douglas J. Young, who argue that a cohort's size, rather than its position relative to the baby boom, should affect educational attainment. As a final point, authors would simply note that the testable hypotheses set up by Falaris and Peters represent an overly restrictive interpretation of authors' paper. Recognizing that school enrollment rates provide insufficient information to identify the exact nature of educational investments, we attempted to take a relatively agnostic view of that specific issue and focus instead on the implications of asymmetric demographic effects for school enrollment in general.
KW  - TIME series analysis
KW  - DEMOGRAPHY
KW  - REGRESSION analysis
KW  - FORECASTING
KW  - VITAL statistics
KW  - INVESTMENTS
KW  - SCHOOL enrollment
KW  - PETERS, H. Elizabeth
N1  - Accession Number: 4647451; Wachter, Michael L. 1; Wascher, William L. 2; Affiliations: 1: University of Pennsylvania.; 2: Board of Governors of the Federal Reserve System.; Issue Info: Aug91, Vol. 73 Issue 3, p575; Thesaurus Term: TIME series analysis; Thesaurus Term: DEMOGRAPHY; Thesaurus Term: REGRESSION analysis; Thesaurus Term: FORECASTING; Thesaurus Term: VITAL statistics; Thesaurus Term: INVESTMENTS; Subject Term: SCHOOL enrollment; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; People: PETERS, H. Elizabeth; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Coleman, Wilbur John, II
AD  - Federal Reserve System
T1  - Equilibrium in a Production Economy with an Income Tax
JO  - Econometrica
JF  - Econometrica
Y1  - 1991/07//
VL  - 59
IS  - 4
SP  - 1091
EP  - 1104
SN  - 00129682
N1  - Accession Number: 0251774; Keywords: Income Tax;  Tax;  Taxes; Publication Type: Journal Article; Update Code: 199203
N2  - This paper develops a method to study an infinite-horizon production economy distorted by a state-dependent income tax. This setting permits taxes to depend on the capital stock, an endogenous state variable, and thus captures situations where the evolution for capital and taxes is jointly determined. To solve this model, the consumption function is represented as a fixed point of a nonlinear monotone operator that is defined such that its nth iteration computes the consumption function n steps away from the horizon for a corresponding finite-horizon economy. The oparator's monotonicity is exploited in proving the existence of, and constructing, an equilibrium.
KW  - Fiscal Policy          E62
KW  - Existence and Stability Conditions of Equilibrium          C62
KW  - Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes          H24
L3  - http://www.econometricsociety.org/tocs.asp
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251774&site=ehost-live&scope=site
UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Brunner, Allan D.
AU  - Duca, John V.
AU  - McLaughlin, Mary M.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Recent Developments Affecting the Profitability and Practices of Commercial Banks
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 505
EP  - 527
SN  - 00149209
N1  - Accession Number: 0252386; Keywords: Bank;  Commercial Banks;  Credit; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - In 1990, U.S.-chartered insured commercial banks experienced a substantial increase in nonperforming loans, their loss provisions remained high, and their profitability edged down from the already depressed level of 1989. Loan quality problems last year were concentrated in the commercial real estate sector and, to a lesser extent, in merger-related credits to highly leveraged firms.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252386&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Stabilization of the Committee on Banking, Finance and Urban Affairs, May 9, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 549
EP  - 554
SN  - 00149209
N1  - Accession Number: 0252391; Keywords: Banking;  Finance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - John P. LaWare, Member, Board of Governors, discusses the economic implications of the so-called too-big-to-fail doctrine and proposed legislation dealing with this issue and pays that the Board urges the Congress to view the too-big-to-fail doctrine as one element of a very complex set of problems that need to be attacked on several fronts, before the Subcommittee on Economic Stabilization of the House Committee on Banking, Finance and Urban Affairs, May 9, 1991.
KW  - Insurance; Insurance Companies; Actuarial Studies          G22
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Bankruptcy; Liquidation          G33
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252391&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, May 16, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 565
EP  - 568
SN  - 00149209
N1  - Accession Number: 0252393; Keywords: Finance;  Fund;  Saving;  Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the low level of saving in the United States and says that inadequate domestic saving is impairing our economic prospects for the longer run and that substantial reductions in the federal budget deficit are still the surest way to overcome the shortage of domestic saving and, thus, to increase permanently the supply of domestic funds available for investment, before the Senate Committee on Finance, May 16, 1991.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252393&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Taylor, William
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Consumer and Regulatory Affairs of the Committee on Banking, Housing, and Urban Affairs, May 23, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 569
EP  - 572
SN  - 00149209
N1  - Accession Number: 0252394; Keywords: Bank;  Banking;  Credit;  Federal Reserve System;  Regulation;  Reserves; Publication Type: Journal Article; Update Code: 199203
N2  - William Taylor, Staff Director, Division of Banking Supervision and Regulation, Board of Governors, testifies about the experience of the Federal Reserve System with the Bank of Credit and Commerce International (BCCI), including some of the efforts undertaken by the Federal Reserve to investigate the relationship between the BCCI&First American Bankshares and the steps that the Federal Reserve is taking to strengthen the supervision of foreign banks in light of this experience, before the Subcommittee on Consumer and Regulatory Affairs of the Senate Committee on Banking, Housing, and Urban Affairs, May 23, 1991.
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252394&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mattingly, J. Virgil, Jr.
AD  - Federal Reserve System
T1  - Statement to the Subcommittee on Consumer and Regulatory Affairs of the Committee on Banking, Housing, and Urban Affairs, May 23, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 572
EP  - 582
SN  - 00149209
N1  - Accession Number: 0252395; Keywords: Bank;  Banking;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - J. Virgil Mattingly, Jr., General Counsel, Board of Governors, describes the Federal Reserve's experience with the BCCI and expresses the Federal Reserve's support for S.1019, the Foreign Bank Supervision Enhancement Act, and says that as a result of the BCCI matter&other recent foreign bank supervisory problems, the Board determined that improvements in the existing statutory framework governing foreign bank operations in this country were needed and recommended the legislation being considered to build upon, and complement, the existing supervisory structure to fill those regulatory gaps that experience has demonstrated exist, before the Subcommittee on Consumer and Regulatory Affairs of the Senate Committee on Banking, Housing, and Urban Affairs, May 23, 1991.
KW  - Monetary Policy, Central Banking, and the Supply of Money and Credit: General          E50
KW  - International Financial Markets          G15
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252395&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Schemering, Stephen C.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, May 31, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/07//
VL  - 77
IS  - 7
SP  - 585
EP  - 588
SN  - 00149209
N1  - Accession Number: 0252396; Keywords: Bank;  Banking;  Finance;  Lending;  Policy;  Regulation;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - Stephen C. Schemering, Deputy Associate Director, Division of Banking Supervision and Regulation, Board of Governors, reviews the Federal Reserve's administration of its discount window activities with respect to the Madison National Bank and says that the loans to Madison National Bank were made consistent with the Federal Reserve's overall policy governing discount window lending, before the House Committee on Banking, Finance and Urban Affairs, May 31, 1991.
KW  - Central Banks and Their Policies          E58
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0252396&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Collins, Sean
T1  - Prediction Techniques for Box-Cox Regression Models.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1991/07//
VL  - 9
IS  - 3
M3  - Article
SP  - 267
EP  - 277
SN  - 07350015
AB  - This article reviews several techniques useful for forming point and interval predictions in regression models with Box-Cox transformed variables. The techniques reviewed—plug-in, mean squared error analysis, predictive likelihood, and stochastic simulation—take account of nonnormality and parameter uncertainty in varying degrees. A Monte Carlo study examining their small-sample accuracy indicates that uncertainty about the Box-Cox transformation parameter may be relatively unimportant. For certain parameters, deterministic point predictions are biased, and plug-in prediction intervals are also biased. Stochastic simulation, as usually carried out, leads to badly biased predictions. A modification of the usual approach renders stochastic simulation predictions largely unbiased. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONTE Carlo method
KW  - FORECASTING
KW  - REGRESSION analysis
KW  - MATHEMATICAL statistics
KW  - PREDICTION theory
KW  - VARIABLES (Mathematics)
KW  - Mean squared error
KW  - Prediction bias
KW  - Prediction interval
KW  - Predictive likelihood
KW  - Stochastic simulation
KW  - Transformation
N1  - Accession Number: 5825960; Collins, Sean 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Jul91, Vol. 9 Issue 3, p267; Thesaurus Term: MONTE Carlo method; Thesaurus Term: FORECASTING; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MATHEMATICAL statistics; Subject Term: PREDICTION theory; Subject Term: VARIABLES (Mathematics); Author-Supplied Keyword: Mean squared error; Author-Supplied Keyword: Prediction bias; Author-Supplied Keyword: Prediction interval; Author-Supplied Keyword: Predictive likelihood; Author-Supplied Keyword: Stochastic simulation; Author-Supplied Keyword: Transformation; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Keleher, Robert E.
AD  - Federal Reserve System
T1  - The Use of Market Prices in Implementing Monetary Policy: The Bullionist Contribution
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 1991/07//
VL  - 58
IS  - 1
SP  - 144
EP  - 154
SN  - 00384038
N1  - Accession Number: 0254451; Keywords: Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199203
N2  - This article demonstrates that classical monetary theorists explicitly endorsed market price indicators as guides to monetary policymakers under inconvertible, flexible exchange rate regimes. In fact, they argued that it was the duty of the central bank to use certain market prices as policy guides in such circumstances. These theorists contended that real economic variables, interest rate levels, and monetary aggregates were inappropriate guides to monetary policy. Recent proposals to use commodity prices, exchange rates, and interest rate spreads as monetary policy indicators, therefore, constitute a contemporary reemergence and refinement of this classical prescription for monetary policy under flexible exchange rates.
KW  - History of Economic Thought: Classical (includes Adam Smith)          B12
KW  - Monetary Policy          E52
L3  - http://journal.southerneconomic.org/loi/soec
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0254451&site=ehost-live&scope=site
UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Gabriel, Stuart A.
AU  - Woolley, J. Michael
AD  - Federal Reserve System
AD  - U Southern CA
AD  - U Southern CA
T1  - Race, Default Risk Mortgage Lending: A Study of the FHA and Conventional Loan Markets
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 1991/07//
VL  - 58
IS  - 1
SP  - 249
EP  - 262
SN  - 00384038
N1  - Accession Number: 0254458; Keywords: Lending;  Mortgage;  Race;  Racial; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - This study uses consumer surveys to evaluate the effects of default risk and race in an analysis of mortgage lending. The empirical analysis is based on a two-stage logit model. Results of the analysis indicate that higher levels of default risk and cost decrease the likelihood of conventional loan use. Moreover, this study finds no evidence that creditors limit their conventional mortgage lending activity based on the racial composition of neighborhoods. However, after controlling for individual and neighborhood proxies of default risk and cost, results of the analysis suggest that minority households are less likely to obtain conventional financing than whites.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Labor Discrimination          J71
L3  - http://journal.southerneconomic.org/loi/soec
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0254458&site=ehost-live&scope=site
UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McManus, Douglas A.
AD  - Federal Reserve System
T1  - Who Invented Local Power Analysis?
JO  - Econometric Theory
JF  - Econometric Theory
Y1  - 1991/06//
VL  - 7
IS  - 2
SP  - 265
EP  - 268
SN  - 02664666
N1  - Accession Number: 0251757; Publication Type: Journal Article; Update Code: 199203
KW  - History of Economic Thought: Quantitative and Mathematical          B23
KW  - Hypothesis Testing: General          C12
L3  - http://journals.cambridge.org/action/displayBackIssues?jid=ECT
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251757&site=ehost-live&scope=site
UR  - http://journals.cambridge.org/action/displayBackIssues?jid=ECT
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Shack-Marquez, Janice
AD  - Federal Reserve System
T1  - Issues in Labor Supply
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 375
EP  - 387
SN  - 00149209
N1  - Accession Number: 0248396; Keywords: Labor Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - This article introduces a basic framework for analyzing individuals' decisions to supply labor and uses it to discuss shifts in labor supply in the short and the long terms. It also looks at the recent slowdown in and the prospects for growth in the labor force.
KW  - Time Allocation and Labor Supply          J22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248396&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Fain, Kenneth P.
AU  - Braunstein, Sandra F.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Bank Holding Company Investments for Community Development
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 388
EP  - 396
SN  - 00149209
N1  - Accession Number: 0248397; Keywords: Bank;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Since 1971, the Federal Reserve has permitted bank holding companies to invest, under certain guidelines and limitations, in projects primarily benefiting economically disadvantaged communities. This article explores the concept of community development and examines the mechanisms used by bank holding companies to undertake community development investment activities under Regulation Y.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes          R11
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248397&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Maland, Ellen
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance and Urban Affairs, Presented in Boston, Massachusetts, April 8, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 401
EP  - 405
SN  - 00149209
N1  - Accession Number: 0248398; Keywords: Consumer; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Ellen Maland, Assistant Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, addresses issues about the extent and manner in which financial institutions evaluate the creditworthiness of consumer credit cardholders and says that the Board believes it would be unwise to place restraints on an institution's ability to engage in a regional evaluation of its credit card portfolio, particularly when increased problems and risks are identified in that area, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance, and Urban Affairs, April 8, 1991.
KW  - Consumer Protection          D18
KW  - Business and Securities Law          K22
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248398&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs, April 10, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 405
EP  - 410
SN  - 00149209
N1  - Accession Number: 0248399; Keywords: Consumer;  Finance;  Financial Institutions;  Financial Services;  Safety; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - John P. LaWare, Member, Board of Governors, discusses the potential effects on consumers of H.R.1505, the Treasury's proposed Financial Institutions Safety and Consumer Choice Act of 1991, and says that the Board generally supports this bill because it would result in better and cheaper services to consumers and other users of financial services, while at the same time it would restrict the further extension of the federal safety net, before the Subcommittee on Consumer Affairs and Coinage of the House Committee on Banking, Finance and Urban Affairs, April 10, 1991.
KW  - Business and Securities Law          K22
KW  - Financial Institutions and Services: General          G20
KW  - Consumer Protection          D18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248399&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, April 11, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 411
EP  - 423
SN  - 00149209
N1  - Accession Number: 0248400; Keywords: Bank;  Banking;  Commercial Banks;  Finance;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - E. Gerald Corrigan, President, Federal Reserve Bank of New York, presents his views on the Administration proposals to modify the current restrictions on the ability of commercial banks to affiliate with both securities firms and commercial entities and says that it would be a huge mistake to eliminate the barriers the Congress has constructed between banking and commerce, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, April 11, 1991.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies          G24
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248400&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, April 16, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 423
EP  - 425
SN  - 00149209
N1  - Accession Number: 0248401; Keywords: Financial Markets; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Alan Greenspan, Chairman, Board of Governors, discusses title III of S.207, the Futures Trading Practices Act of 1991, particularly those provisions dealing with margins on stock index futures and those dealing with the exclusivity provisions of the Commodity Exchange Act, and says that it is important for the Congress to clarify the limits of the CEA in a way that permits innovation in U.S. financial markets so that they can continue to be strong and competitive, before the Senate Committee on Banking, Housing, and Urban Affairs, April 16, 1991.
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
KW  - General Financial Markets: Government Policy and Regulation          G18
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248401&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Syron, Richard
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance and Urban Affairs, April 17, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 425
EP  - 430
SN  - 00149209
N1  - Accession Number: 0248402; Keywords: Bank;  Banking;  Credit;  Deposit;  Finance;  Reserves; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Richard Syron, President, Federal Reserve Bank of Boston, discusses the failure of the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) in terms of the effect of the crisis on individual citizens in Rhode Island and on the economy of the state and reviews actions taken by the Federal Reserve Bank of Boston in response to the financial problems of loan and investment companies, banks, and credit unions insured by RISDIC, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance and Urban Affairs, April 17, 1991.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248402&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, April 23, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 430
EP  - 443
SN  - 00149209
N1  - Accession Number: 0248403; Keywords: Banking;  Deposit Insurance;  Deposit;  Financial Institutions; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Chairman Greenspan discusses two banking reform bills, S.543, the Comprehensive Deposit Insurance Reform and Taxpayer Protection Act of 1991, and S.713, the Treasury's proposed Financial Institutions Safety and Consumer Choice Act of 1991, and says that the Board strongly supports both bills in their approach to deposit insurance and supervisory procedures and similarly strongly supports the thrust of the Treasury bill to authorize new activities and interstate branching, before the Senate Committee on Banking, Housing, and Urban Affairs, April 23, 1991.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248403&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic Stabilization of the Committee on Banking, Finance and Urban Affairs, April 24, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 443
EP  - 445
SN  - 00149209
N1  - Accession Number: 0248404; Keywords: Finance;  Policy;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Governor LaWare presents the views of the Board on the proposed Fair Trade in Financial Services Act of 1991 and says that the proposed act would replace the U.S. policy of national treatment with a policy of reciprocal national treatment and that the Federal Reserve believes strongly that there are better ways to encourage other countries to open their markets, before the Subcommittee on Economic Stabilization of the House Committee on Banking, Finance and Urban Affairs, April 24, 1991.
KW  - General Financial Markets: Government Policy and Regulation          G18
KW  - Trade Policy; International Trade Organizations          F13
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248404&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, April 30, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/06//
VL  - 77
IS  - 6
SP  - 446
EP  - 460
SN  - 00149209
N1  - Accession Number: 0248405; Keywords: Banking;  Deposit Insurance;  Deposit;  Finance;  Financial Institutions;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Chairman Greenspan discusses three banking reform bills, H.R.6, the Deposit Insurance and Regulatory Reform Act of 1991, H.R.15, the Depositor Protection Act of 1991, and H.R.1505, the Treasury's proposed Financial Institutions Safety and Consumer Choice Act of 1991, and says that modifications of the deposit insurance system are necessary, but the Board strongly prefers the comprehensive approach to banking reform that the Treasury bill offers, before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, April 30, 1991.
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248405&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sharpe, Steven A.
T1  - Credit rationing, concessionary lending, and debit maturity.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/06//
VL  - 15
IS  - 3
M3  - Article
SP  - 581
EP  - 604
SN  - 03784266
AB  - A firm, raises capital for a two-period investment. While creditors observe the project status midstream, unobservable managerial perks may consume capital each period. When the firm is unfortunate early on, short-term financing results in either concessionary lending or costly liquidation. Rolling over short-term debt may be problematic because the high risk premium creditors demand when asset value is low relative to debt impares managerial motivation precisely when the incentive to defer perk consumption is weakest. Long-term financing may reduce total agency costs be enabling lenders to charge higher initial premia, in effect, shifting loan repayments to states in which incentive constraints are non-binding. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL
KW  - COMMERCIAL credit
KW  - COMMERCIAL loans
KW  - REPAYMENTS
KW  - CORPORATIONS -- Finance
N1  - Accession Number: 11487669; Sharpe, Steven A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, N.W. Washington, USA; Issue Info: Jun91, Vol. 15 Issue 3, p581; Thesaurus Term: CAPITAL; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: COMMERCIAL loans; Thesaurus Term: REPAYMENTS; Thesaurus Term: CORPORATIONS -- Finance; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Crabbe, Leland
T1  - Event Risk: An Analysis of Losses to Bondholders and "Super Poison Put" Bond Covenants.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1991/06//
VL  - 46
IS  - 2
M3  - Article
SP  - 689
EP  - 706
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Ten percent of the investment-grade industrial bonds that were associated with major capital restructurings between 1983 and 1988 had already been downgraded to speculative grade as of August 1989. In response to these downgrades, and the corresponding wealth losses for bondholders, over 40 percent of recently issued investment-grade industrial bonds are protected from this type of "event risk" by virtue of specialized covenants. These event-risk convenants may have initially reduced interest costs for borrowers by roughly 20 to 30 basis points. However, the magnitude of the effect appears to have declined along with the general decline in corporate restructurings. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL development bonds
KW  - CORPORATE reorganizations
KW  - CORPORATE debt
KW  - CORPORATIONS -- Finance
KW  - BOND market
KW  - ESTIMATION theory
KW  - RISK assessment
KW  - MARKET value
KW  - BONDHOLDERS
KW  - REGRESSION analysis
N1  - Accession Number: 4653333; Crabbe, Leland 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; Issue Info: Jun91, Vol. 46 Issue 2, p689; Thesaurus Term: INDUSTRIAL development bonds; Thesaurus Term: CORPORATE reorganizations; Thesaurus Term: CORPORATE debt; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: BOND market; Thesaurus Term: ESTIMATION theory; Thesaurus Term: RISK assessment; Thesaurus Term: MARKET value; Thesaurus Term: BONDHOLDERS; Thesaurus Term: REGRESSION analysis; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 18p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AU  - Sharpe, Steven A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Animal Spirits, Margin Requirements, and Stock Price Volatility
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1991/06//
VL  - 46
IS  - 2
SP  - 717
EP  - 731
N1  - Accession Number: 0248881; Keywords: Asset Prices;  Stock Price;  Stocks; Publication Type: Journal Article; Update Code: 199112
N2  - A simple overlapping generations model is used to characterize the effects of initial margin requirements in the volatility of risky asset prices. Investors are assumed to exhibit heterogenous preferences for risk-bearing, the distribution of which evolves stochastically across generations. This framework is used to show that imposing a binding initial marginal requirement may either increase or decrease stock price volatility, depending upon the microeconomic structure behind fluctuations in economywide average risk-bearing propensity. The ambiguous effect on volatility similarly arises when the source of heterogeneity is noise trader beliefs.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248881&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Krane, Spencer D.
AU  - Braun, Steven N.
T1  - Production smoothing evidence from physical-product data.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1991/06//
VL  - 99
IS  - 3
M3  - Article
SP  - 558
PB  - University of Chicago Press
SN  - 00223808
AB  - We reconsider the paradox that the variance of production often exceeds the variance of shipments, a result that casts doubt on the production smoothing model of inventory behavior. Most studies of production smoothing have analyzed two-digit SIC dollar-value data from Commerce Department surveys. In contrast, this paper examines disaggregated physical-product data and finds that production is smoother than shipments in about two-thirds of the 38 industry or product groupings considered. However, doubts about the model persist; most notably, Euler equation estimates of the model's cost parameters are usually imprecise and often do not have the signs postulated by production smoothing models. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - INVENTORY control
KW  - PRODUCT management
KW  - SHIPMENT of goods
KW  - COMMERCE
KW  - COST
KW  - SURVEYS
N1  - Accession Number: 9107224352; Krane, Spencer D. 1; Braun, Steven N. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Jun91, Vol. 99 Issue 3, p558; Thesaurus Term: ECONOMICS; Thesaurus Term: INVENTORY control; Thesaurus Term: PRODUCT management; Thesaurus Term: SHIPMENT of goods; Thesaurus Term: COMMERCE; Thesaurus Term: COST; Subject Term: SURVEYS; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; NAICS/Industry Codes: 561990 All Other Support Services; Number of Pages: 24p; Illustrations: 4 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mann, Catherine L.
AD  - Federal Reserve System
T1  - Industry Restructuring in East-Central Europe: The Challenge and the Role for Foreign Investment
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1991/05//
VL  - 81
IS  - 2
SP  - 181
EP  - 184
SN  - 00028282
N1  - Accession Number: 0244326; Keywords: Foreign Investment; Geographic Descriptors: E. Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199109
KW  - Socialist Institutions and Their Transitions: International Trade, Finance, Investment, Relations, and Aid          P33
KW  - Socialist Systems and Transitional Economies: Performance and Prospects          P27
L3  - http://www.aeaweb.org/aer/
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UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stekler, Lois
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/05//
VL  - 77
IS  - 5
SP  - 287
EP  - 296
SN  - 00149209
N1  - Accession Number: 0248393; Keywords: Import;  Trade; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - In 1990, for the third year in a row, the U.S. current account deficit narrowed, falling slightly below $100 billion. The merchandise trade deficit despite a sharp increase in the value of oil imports, and the surplus on other current account items, such as services and investment income, increased.
KW  - Empirical Studies of Trade          F14
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248393&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Ways and Means, March 6, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/05//
VL  - 77
IS  - 5
SP  - 300
EP  - 305
SN  - 00149209
N1  - Accession Number: 0248394; Keywords: Monetary;  Outlook;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Alan Greenspan, Chairman, Board of Governors, discusses some of the most critical considerations affecting the outlook for the economy and the formulation of monetary policy and some budgetary issues, and says that it is not yet clear whether further adjustments to policy will be required to foster an upturn in output and employment, before the House Committee on Ways and Means, March 6, 1991.
KW  - General Outlook and Conditions          E66
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248394&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, March 13, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/05//
VL  - 77
IS  - 5
SP  - 305
EP  - 310
SN  - 00149209
N1  - Accession Number: 0248395; Keywords: Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Chairman Greenspan again discusses monetary policy and budgetary issues and says that the budget accord, on the whole, provides a useful framework for conducting fiscal policy, including sufficient flexibility for specific tax and spending policies to be altered to improve economic incentives or to reset priorities, before the Joint Economic Committee of the Congress, March 13, 1991.
KW  - General Outlook and Conditions          E66
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248395&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - Reading the Effects of an Energy Shock in Financial Markets
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1991/05//
VL  - 43
IS  - 2
SP  - 115
EP  - 132
SN  - 01486195
N1  - Accession Number: 0248726; Keywords: Energy;  Oil Price;  Oil;  Prices; Publication Type: Journal Article; Update Code: 199112
N2  - The impact of an oil price increase on goods output depends, in part, on the response of financial markets. This article adds three distinct effects of energy prices to a Keynesian model peopled with forward-looking investors choosing among a menu of assets. Combining Blanchard's (1981) long-term-asset dynamics with Mussa's (1981) explanation of goods-price stickiness arrives at a perfect foresight adjustment path that can be projected on the traditional IS-LM framework.
KW  - Energy and the Macroeconomy          Q43
KW  - Price Level; Inflation; Deflation          E31
L3  - http://www.sciencedirect.com/science/journal/01486195
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UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Levine, Ross
AD  - Federal Reserve System
T1  - An Empirical Inquiry into the Nature of the Forward Exchange Rate Bias
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1991/05//
VL  - 30
IS  - 3-4
SP  - 359
EP  - 369
SN  - 00221996
N1  - Accession Number: 0248975; Keywords: Exchange Rates; Publication Type: Journal Article; Update Code: 199112
N2  - This paper tests whether anticipated real exchange rate movements fully account for the systematic, time-varying discrepancies between forward and future spot exchange rates. The data do not reject this hypothesis. The results demonstrate that (1) real exchange rate changes are predictable; (2) anticipated real exchange rate changes are reflected in the forward bias; and (3) information available at the signing of the forward contract is useless in forecasting differences between forward and future spot prices beyond the information's ability to predict real exchange rate changes. The results emphasize the importance of real exchange rates in international asset pricing.
KW  - Foreign Exchange          F31
KW  - Contingent Pricing; Futures Pricing; option pricing          G13
L3  - http://www.sciencedirect.com/science/journal/00221996
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248975&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00221996
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sichel, Daniel E.
T1  - BUSINESS CYCLE DURATION DEPENDENCE: A PARAMETRIC APPROACH.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1991/05//
VL  - 73
IS  - 2
M3  - Article
SP  - 254
PB  - MIT Press
SN  - 00346535
AB  - Abstract--This paper reexamines duration dependence in U.S. business cycles using parametric hazard models. Positive duration dependence would indicate that expansions or contractions are more likely to end as they become "older." This paper provides statistically significant evidence of positive duration dependence for expansions before World War II and contractions after World War II. The evidence is stronger than in earlier research utilizing nonparametric techniques, because certain nonparametric techniques have low statistical power against the type of duration dependence found in this paper. Evidence is also presented suggesting that expansions became longer, on average, after World War II, while contractions became shorter. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - BUSINESS enterprises
KW  - NONPARAMETRIC statistics
KW  - BUSINESS conditions
KW  - BUSINESS forecasting
KW  - WORLD War, 1939-1945
KW  - UNITED States
N1  - Accession Number: 4645945; Sichel, Daniel E. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May91, Vol. 73 Issue 2, p254; Thesaurus Term: BUSINESS cycles; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: NONPARAMETRIC statistics; Thesaurus Term: BUSINESS conditions; Thesaurus Term: BUSINESS forecasting; Subject Term: WORLD War, 1939-1945; Subject: UNITED States; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Keleher, Robert E.
AD  - Federal Reserve System
T1  - The Swedish Market Price Approach to Monetary Policy of the 1930s
JO  - Contemporary Policy Issues
JF  - Contemporary Policy Issues
Y1  - 1991/04//
VL  - 9
IS  - 2
SP  - 1
EP  - 12
SN  - 07350007
N1  - Accession Number: 0244847; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: Sweden; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199109
KW  - Central Banks and Their Policies          E58
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-          N14
KW  - Monetary Policy          E52
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0244847&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mann, Catherine L.
AD  - Federal Reserve System
T1  - Structural Change and Prospects for Sustained Improvement in U.S. External Balance
JO  - Contemporary Policy Issues
JF  - Contemporary Policy Issues
Y1  - 1991/04//
VL  - 9
IS  - 2
SP  - 50
EP  - 58
SN  - 07350007
N1  - Accession Number: 0244851; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Projections from many macroeconometric models have suggested that the improving trend in U.S. external balance since 1987 would peter out by the end of 1990. Because the 1980s decade was a turbulent period in the international environment, one might question the reliability of these projections since the economic relationships underlying the models could have changed. The review finds insufficient evidence of structural change or of sufficiently important omitted variables to justify seriously questioning the projections. However, this study also considers model and parameter uncertainty and concludes that continued improvement in U.S. external balance is within the realm of statistcal probability-- but, then, so is substantial worsening.
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - Demand for Money          E41
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0244851&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wood, John C.
AU  - Smith, Dolores S.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Electronic Transfer of Government Benefits
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/04//
VL  - 77
IS  - 4
SP  - 203
EP  - 217
SN  - 00149209
N1  - Accession Number: 0245371; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - To increase the efficiency and minimize the costs ofthe delivery systems of government benefits and to improve the service to benefit recipients, agencies at teh federal and state levles are actively working toward electronic delivery of these payments. this article gives an overbiew of the developing interest in EBT among the various parties. It describes some of the pilot programs that have tested the practicality of electronic delivery and reviews issues-- including those related to the Electronic Fund Transfer Act and the Federal Reserve Board's Regulation E--that the implementation of EBT programs raises.
KW  - National Government Expenditures and Related Policies: Other          H59
KW  - Social Security and Public Pensions          H55
KW  - National Government Expenditures and Welfare Programs          H53
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0245371&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Luckett, Charles A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Payment of Household Debts
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/04//
VL  - 77
IS  - 4
SP  - 218
EP  - 229
SN  - 00149209
N1  - Accession Number: 0245372; Keywords: Households;  Individual; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - The indebtedness of U.S. households grew substantially in the decade that ended last year. This article (1) reviews various statistics on debt growth, personal bankruptcies, and loan delinquency rates that provide some aggregate information on the extent to which households maybe experiencing debt payment problems; and (2) examines data on late payments by individual borrowers obtained from surveys of households conducted for the Federal Reserve by the Survey Research Center at the University of Michigan.
KW  - Consumer Economics: Empirical Analysis          D12
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, February 7, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/04//
VL  - 77
IS  - 4
SP  - 238
EP  - 240
SN  - 00149209
N1  - Accession Number: 0245374; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Alan Greenspan, Chairman, Board of Governors, discusses title III of "The Intermarket Coordination Act of 1991," (S. 207) and says that this bill addresses important issues affecting the integrity of our financial markets and that, in the work on this bill, contributions have been made toward better understanding of these issues and toward strengthening the regulatory system, before the Senate Committee on Agriculture, Nutrition, and Forestry, February 7, 1991.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0245374&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 20, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/04//
VL  - 77
IS  - 4
SP  - 240
EP  - 246
SN  - 00149209
N1  - Accession Number: 0245375; Keywords: Interest Rates;  Interest;  Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Chairman Greenspan focuses on monetary policy and the current situation in the economy and says that the current downturn in business activity may prove shorter and shallower than most previous postwar recessions in part because of the reversal of the run-up in oil prices and the substantial decline in interest rates over the past year and an half, before the Senate Committee on Banking, Housing, and Urban Affairs, February 20, 1991. (Chairman Greenspan presented identical testimony before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs, February 21, 1991).
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, February 21, 1991
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/04//
VL  - 77
IS  - 4
SP  - 246
EP  - 249
SN  - 00149209
N1  - Accession Number: 0245376; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - John P. LaWare, member, Board of Governors, discusses the proposed "Financial Industry Reform and Capital Enforcement Act" (H.R. 192) and says that the bill highlights two of the basic problems that need to be addressed in reforming the financial services industry--expanding the activities that banking organizations are authorized to deliver and developing legislation to limit the size of potential taxpayer exposure for deposit insurance in the commerical industry--before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, February 28, 1991.
KW  - Central Banks and Their Policies          E58
KW  - Asymmetric and Private Information; Mechanism Design          D82
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0245376&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - Secrecy, signalling and the accuracy of expectations during the borrowed reserves operating regime.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/04//
VL  - 15
IS  - 2
M3  - Article
SP  - 329
EP  - 341
SN  - 03784266
AB  - The predictability and observability of undisclosed monetary policy changes during the borrowed reserved operating regime are assessed by examining the forecasting accuracy of the term federal funds market around Federal Open Market Committee (FMOC) meetings in the United States. The results suggest that monetary policy changes are informally, but effectively, disclosed to market participants, through signals from the Open Market Desk. The findings also indicate that the legislation before Congress that would mandate immediate release of the FOMC policy directive would have little impact on the accuracy of financial market expectations over the sample.
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - FEDERAL funds market (U.S.)
KW  - ECONOMIC forecasting
KW  - UNITED States
N1  - Accession Number: 11511739; Simon, David P. 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Apr91, Vol. 15 Issue 2, p329; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: ECONOMIC forecasting; Subject: UNITED States; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simon, David P.
AD  - Federal Reserve System
T1  - Secrecy, Signalling and the Accuracy of Expectations during the Borrowed Reserves Operating Regime
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1991/04//
VL  - 15
IS  - 2
SP  - 329
EP  - 341
N1  - Accession Number: 0248665; Keywords: FOMC;  Monetary Policy;  Monetary;  Open Market;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - This paper demonstrates that the information in the undisclosed Federal Open Market Committee (FOMC) policy directive is not completely incorporated into the yield curve one day before FOMC meetings, but is incorporated one day after meetings during the borrowed reserves operating regime. These results suggest that monetary policy changes are informally, but effectively, disclosed to market participants through signals from the Open Market Desk. These findings indicate that the legislation before Congress that would mandate the immediate release of the FOMC policy directive would have had little impact on the accuracy of financial market expectations over the sample.
KW  - Central Banks and Their Policies          E58
KW  - Monetary Policy          E52
L3  - http://www.sciencedirect.com/science/journal/03784266
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248665&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Wascher, William L.
T1  - Can We Improve Upon Preliminary Estimates of Payroll Employment Growth.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1991/04//
VL  - 9
IS  - 2
M3  - Article
SP  - 197
EP  - 205
SN  - 07350015
AB  - We explore the feasibility of improving upon the preliminary estimates of payroll employment growth from the U.S. Bureau of Labor Statistics by predicting subsequent revisions to these estimates, using the preliminary estimates themselves and other information available concurrently. Results of statistical tests suggest that the preliminary estimates can be improved upon; that is, they are not “efficient forecasts” of the revised estimates. The improvement of preliminary estimates as indicators of estimates of employment growth following annual benchmarks is particularly large; the unanticipated component of the revision based on the annual benchmarks is reduced by more than 22%. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PAYROLLS
KW  - EMPLOYMENT (Economic theory)
KW  - ESTIMATES
KW  - ECONOMIC indicators
KW  - UNITED States
KW  - Data revisions
KW  - Efficient forecasts
KW  - Measurement error
KW  - UNITED States. Bureau of Labor Statistics
N1  - Accession Number: 5825185; Neumark, David 1; Wascher, William L. 2; Affiliations: 1: Department of Economics, University of Pennsylvania, Philadelphia, PA 19104.; 2: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Apr91, Vol. 9 Issue 2, p197; Thesaurus Term: PAYROLLS; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: ESTIMATES; Thesaurus Term: ECONOMIC indicators; Subject: UNITED States; Author-Supplied Keyword: Data revisions; Author-Supplied Keyword: Efficient forecasts; Author-Supplied Keyword: Measurement error ; Company/Entity: UNITED States. Bureau of Labor Statistics; NAICS/Industry Codes: 541215 Bookkeeping, payroll and related services; NAICS/Industry Codes: 541214 Payroll Services; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hendry, David F.
AU  - Ericsson, Neil R.
AD  - Nuffield College, Oxford U
AD  - Federal Reserve System
T1  - An Econometric Analysis of U.K. Money Demand in 'Monetary Trends in the United States and the United Kingdom' by Milton Friedman and Anna Schwartz
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1991/03//
VL  - 81
IS  - 1
SP  - 8
EP  - 38
SN  - 00028282
N1  - Accession Number: 0244265; Keywords: Monetary;  Money Demand;  Money; Geographic Descriptors: U.K.; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J. Schwartz in Monetary Trends in the United States and the United Kingdom. Testing reveals misspecification and, hence, the potential for an improved model. Using recursive procedures on their annual data, the authors obtain a better-fitting, constant, dynamic error-correction (cointegration) model. Results on exogeneity and encompassing imply that the authors' money-demand model is interpretable as a model of money, but not of prices, since its constancy holds only conditionally on contemporaneous prices.
KW  - Demand for Money          E41
L3  - http://www.aeaweb.org/aer/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hess, Gregory D.
AD  - Federal Reserve System
T1  - Voting and the Intertemporal Selection of Tax Rates in a Macro-economy
JO  - Economics and Politics
JF  - Economics and Politics
Y1  - 1991/03//
VL  - 3
IS  - 1
SP  - 41
EP  - 62
SN  - 09541985
N1  - Accession Number: 0248177; Keywords: Tax;  Voting; Publication Type: Journal Article; Update Code: 199112
KW  - Fiscal Policy          E62
KW  - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior          D72
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0343/issues
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/03//
VL  - 77
IS  - 3
SP  - 168
EP  - 171
SN  - 00149209
N1  - Accession Number: 0245370; Keywords: Economic Outlook;  Outlook; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Alan Greenspan, Chairman, Board of Governors, addresses the nation's economic prospects and says that assessing the economic outlook is especially daunting at the present time and that we must make sure that our policies remain consistent with the achievement of our economic goals for the longer run, before the House Committee on the Budget, January 22, 1991.
KW  - Central Banks and Their Policies          E58
KW  - General Outlook and Conditions          E66
KW  - Monetary Policy          E52
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Irwin, Douglas A.
AD  - Federal Reserve System
T1  - Challenges to Free Trade
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1991///Spring
VL  - 5
IS  - 2
SP  - 201
EP  - 208
SN  - 08953309
N1  - Accession Number: 0248812; Keywords: Free Trade;  Trade; Publication Type: Journal Article; Update Code: 199112
KW  - Trade Policy; International Trade Organizations          F13
L3  - http://www.aeaweb.org/jep/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248812&site=ehost-live&scope=site
UR  - http://dx.doi.org/10.1257/jep.5.2.201
UR  - http://www.aeaweb.org/jep/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Neumark, David
AU  - Tinsley, P. A.
AU  - Tosini, Suzanne
AD  - U PA and NBER
AD  - Federal Reserve System
AD  - McKinsey and Co, New York
T1  - After-Hours Stock Prices and Post-Crash Hangovers
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1991/03//
VL  - 46
IS  - 1
SP  - 159
EP  - 178
N1  - Accession Number: 0246003; Keywords: Securities; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - After-hours pricing in foreign equity markets of multiple-listed U.S. securities appeared to be efficient in predicting New York prices in the weeks immediately following the October 1987 crash, but relatively uninformative in succeeding months. By contrast, daily changes in New York prices appear to be efficiently incorporated in after-hours trading on both the Tokyo and London exchanges throughout the sample period. This paper suggests that the asymmetry and temporal variations in cross-market correlations are consistent with rational investor behavior in equity markets with nonzero transaction costs and time-varying share price volatility.
KW  - Information and Market Efficiency; Event Studies; Insider Trading          G14
KW  - International Financial Markets          G15
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - Segmentation in the Treasury Bill Market: Evidence from Cash Management Bills.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1991/03//
VL  - 26
IS  - 1
M3  - Article
SP  - 97
EP  - 108
PB  - Cambridge University Press
SN  - 00221090
AB  - This paper examines cash management bill announcements in an event study framework and finds that segmentation in the Treasury bill market is widespread and not limited to bills maturing across month-ends. Announcements of cash management bills, which represent unexpected additional supplies of outstanding Treasury bills, cause the yields on these bills to rise significantly relative to yields on adjacent maturity bills. This paper also finds, consistent with other studies, that segmentation is greater at the short end of the bill market. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TREASURY bills
KW  - CASH management
KW  - GOVERNMENT securities
KW  - MARKET segmentation
KW  - CASH flow
KW  - CORPORATIONS -- Finance
KW  - INTEREST rates
KW  - BILLS of exchange
KW  - SECURITIES trading
KW  - FINANCIAL market reaction
KW  - OFFER & acceptance (Contracts)
KW  - FINANCIAL management
N1  - Accession Number: 5722918; Simon, David P. 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors, Federal Reserve System, Washington, D.C. 20551; Issue Info: Mar1991, Vol. 26 Issue 1, p97; Thesaurus Term: TREASURY bills; Thesaurus Term: CASH management; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: MARKET segmentation; Thesaurus Term: CASH flow; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: INTEREST rates; Thesaurus Term: BILLS of exchange; Thesaurus Term: SECURITIES trading; Thesaurus Term: FINANCIAL market reaction; Thesaurus Term: OFFER & acceptance (Contracts); Thesaurus Term: FINANCIAL management; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simon, David P.
AD  - Federal Reserve System
T1  - Segmentation in the Treasury Bill Market: Evidence from Cash Management Bills
JO  - Journal of Financial and Quantitative Analysis
JF  - Journal of Financial and Quantitative Analysis
Y1  - 1991/03//
VL  - 26
IS  - 1
SP  - 97
EP  - 108
N1  - Accession Number: 0253144; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - This paper examines cash management bill announcements in an event study framework and finds that segmentation in the Treasury bill market is widespread and not limited to bills maturing across month-ends. Announcements of cash management bills, which represent unexpected additional supplies of outstanding Treasury bills, cause the yields on these bills to rise significantly relative to yields on adjacent maturity bills. This paper also finds, consistent with other studies, that segmentation is greater at the short end of the bill market.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://journals.cambridge.org/action/displayBackIssues?jid=JFQ
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Eisenbeis, Robert A.
AU  - Kwast, Myron L.
AD  - U NC
AD  - Federal Reserve System
T1  - Are Real Estate Specializing Depositories Viable? Evidence from Commercial Banks
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1991/03//
VL  - 5
IS  - 1
SP  - 5
EP  - 24
SN  - 09208550
N1  - Accession Number: 0246067; Keywords: Bank;  Commercial Banks;  Depository;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - This study investigates whether depository institutions that concentrate on real estate lending are economically viable by examining the behavior of a sample of commercial banks that chose over the last decade to specialize in real estate lending. The results show that over the 1978-88 period, the average real estate specializing bank earnings performance was on par with regular commercial banks, and those that were in the business for longer periods of time had higher returns with less risk than substantially more diversified commercial banks. Real estate banks had relatively lower loan losses and relatively higher propositions of lower risk, one- to four-family mortgage loans than regular commercial banks. Finally, it appears that real estate banks exhibited substantial flexibility in their ability to adjust their real estate loan holdings.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/10693
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UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean
AU  - Froeb, Luke
AD  - Federal Reserve System
AD  - U Chicago and US Dept of Justice
T1  - Do Firms Differ Much?
JO  - Journal of Industrial Economics
JF  - Journal of Industrial Economics
Y1  - 1991/03//
VL  - 39
IS  - 3
SP  - 323
EP  - 331
SN  - 00221821
N1  - Accession Number: 0246113; Keywords: Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - With firm profitability data for a cross-section of geographic markets, it is possible to determine the relative importance of firm and market effects on profitability. Analysis of variance from a panel of multibank holding companies in Texas suggests that firm effects are more important than market effects in determining profitability and that the magnitudes of the effects vary over time.
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-6451/issues
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Fisher, Eric O'N.
AD  - Federal Reserve System
AD  - Cornell U and U Chicago
T1  - A Long-run View of the European Monetary System
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1991/03//
VL  - 10
IS  - 1
SP  - 53
EP  - 70
SN  - 02615606
N1  - Accession Number: 0246154; Keywords: Exchange Rates; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199109
N2  - This paper analyzes the exchange rates and consumer price indices of six countries participating in the European Monetary System (EMS) during the entire period of floating exchange rates. The analysis shows that most of these real exchange rates have unit roots, even when one allows for the possibility of a structural break at the time of the advent of the EMS. Further, prices and exchange rates are not cointegrated during the EMS period. The data suggest that the twelve realignments of the EMS have not served fully to offset the member countries' inflation differentials.
KW  - International Monetary Arrangements and Institutions          F33
KW  - Foreign Exchange          F31
KW  - Financial Aspects of Economic Integration          F36
L3  - http://www.sciencedirect.com/science/journal/02615606
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UR  - http://www.sciencedirect.com/science/journal/02615606
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duca, John V.
AU  - Rosenthal, Stuart S.
AD  - Federal Reserve System
AD  - U British Columbia
T1  - An Empirical Test of Credit Rationing in the Mortgage Market
JO  - Journal of Urban Economics
JF  - Journal of Urban Economics
Y1  - 1991/03//
VL  - 29
IS  - 2
SP  - 218
EP  - 234
SN  - 00941190
N1  - Accession Number: 0246399; Keywords: Credit Rationing;  Credit;  Deposit;  Mortgage Market;  Mortgage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Recent theoretical models of credit rationing suggest that mortgages are rationed with nonprice terms on the basis of default risk despite the development of secondary mortgage markets and the deregulation of deposit rates. We test this hypothesis using aggregate time series data on FHA and conventional mortgage originations. FHA loans are more expensive for borrowers but provide federal guarantees which protect lenders against default losses. For this reason, FHA loans should be subject to easier credit constraints than conventional mortgages, and the FHA share of mortgage originations should increase with aggregate default risk. Default risk is proxied by a bond rate quality spread consistent with previous studies. Our results imply that default risk-induced mortgage rationing persists in the post disintermediation era, but that FHA programs help offset the overall impact of rationing on housing markets.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/00941190
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UR  - http://www.sciencedirect.com/science/journal/00941190
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Juster, F. Thomas
AU  - Kuester, Kathleen A.
AD  - U MI
AD  - Federal Reserve System
T1  - Differences in the Measurement of Wealth, Wealth Inequality and Wealth Composition Obtained from Alternative U.S. Wealth Surveys
JO  - Review of Income and Wealth
JF  - Review of Income and Wealth
Y1  - 1991/03//
VL  - 37
IS  - 1
SP  - 33
EP  - 62
SN  - 00346586
N1  - Accession Number: 0249484; Keywords: Inequality;  Wealth; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199112
N2  - Since household wealth surveys have been widely used to study saving and other issues, it is important to examine the reliability of the various survey estimates of wealth. In this paper, the authors assess the quality characteristics of the National Longitudinal Survey of Mature Men and the Retirement History Survey, as compared to the 1983 Survey of Consumer Finances. They find that the NLS and especially the RHS underreport wealth and wealth concentration. The underestimates of wealth held in the form of common stock, business equity, and investment real estate equity are substantial. The principal problem lies in underrepresentation of both tails of the wealth and income distributions, with the consequences of underrepresenting the upper tail being especially serious for wealth measurement. Several potential reasons for the underrepresentation are examined.
KW  - Personal Income, Wealth, and Their Distributions          D31
KW  - Equity, Justice, Inequality, and Other Normative Criteria and Measurement          D63
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291475-4991/issues
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Summers, Bruce J.
AD  - Federal Reserve System
T1  - Clearing and Payment Systems: The Role of the Central Bank
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/02//
VL  - 77
IS  - 2
SP  - 81
EP  - 91
SN  - 00149209
N1  - Accession Number: 0245369; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - This article develops a model of the payment system, with special reference to the essential role of the central bank; discusses the implications of the public policy and supervisory roles of the central bank in the payment system; and examines the role of the central bank as operator of a large-value, interbank payment mechanism.
KW  - Central Banks and Their Policies          E58
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
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UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Berger, Allen N.
T1  - Loan commitments and bank risk exposure.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1991/02//
VL  - 15
IS  - 1
M3  - Article
SP  - 173
EP  - 192
SN  - 03784266
AB  - Increases in off-balance sheet activities by financial institutions have generated a surge of interest in these activities. This research article analyzes the risks to banks associated with loan commitments, one of the largest off-balance sheet activities. Loan commitments increase a bank's risk by obligating it to issue future loans under terms it might otherwise refuse. However, a moral hazard and adverse selection problems may result in these contracts being rationed or sorted. Depending on the relative risks of the borrowers who do and do not receive commitments, commitment loans could be safer or riskier on average than other loans.
KW  - OFF balance sheet financing
KW  - RISK
KW  - BANKING industry
KW  - LOANS
KW  - FINANCE
N1  - Accession Number: 11478700; Avery, Robert B. 1; Berger, Allen N. 2,3; Affiliations: 1: Cornell University, USA; 2: Board of Governors of the Federal Reserve System, USA; 3: Federal Reserve Bank of Cleveland, USA; Issue Info: Feb91, Vol. 15 Issue 1, p173; Thesaurus Term: OFF balance sheet financing; Thesaurus Term: RISK; Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Bank Commercial Loan Markets and the Role of Market Structure: Evidence from Surveys of Commercial Lending
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1991/02//
VL  - 15
IS  - 1
SP  - 133
EP  - 149
N1  - Accession Number: 0245693; Keywords: Bank;  Banking;  Lending; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - This paper seeks to test two tenets that underlie the current practice of antitrust analysis in banking. The first is the view that bank commercial loan markets are local in nature and the second is the view that banks in more concentrated markets are more likely to engage in some form of noncompetitive behavior. Tests of both of these tenets are conducted using an extensive set of loan-specific survey information not previously employed to address these issues. Results consistent with the existence of local banking markets and the dominance of competitive differences as an explanation for observed differences in loan rates are found.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.sciencedirect.com/science/journal/03784266
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UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Berger, Allen N.
AD  - Cornell U
AD  - Federal Reserve System and Federal Reserve Bank of Cleveland
T1  - Loan Commitments and Bank Risk Exposure
JO  - Journal of Banking and Finance
JF  - Journal of Banking and Finance
Y1  - 1991/02//
VL  - 15
IS  - 1
SP  - 173
EP  - 192
N1  - Accession Number: 0245696; Keywords: Bank; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - Loan commitments increase a bank's risk by obligating it to issue future loans under terms it might otherwise refuse. However, moral hazard and adverse selection problems may result in the contracts being rationed or sorted. Depending on the relative risks of the borrowers who do and do not receive commitments, commitment loans could be safer or riskier on average than other loans. The empirical results indicate that commitment loans tend to have slightly better than average performance, suggesting that either commitments generate little risk or that the risk is offset by the selection of safer borrowers to receive commitments.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://www.sciencedirect.com/science/journal/03784266
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UR  - http://www.sciencedirect.com/science/journal/03784266
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Leeper, Eric M.
AD  - Federal Reserve System
T1  - Equilibria under 'Active' and 'Passive' Monetary and Fiscal Policies
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1991/02//
VL  - 27
IS  - 1
SP  - 129
EP  - 147
SN  - 03043923
N1  - Accession Number: 0249027; Keywords: Fiscal Policy;  Monetary;  Policy; Publication Type: Journal Article; Update Code: 199112
N2  - Monetary and fiscal policy interactions are studied in a stochastic maximizing model. Policy is "active" or "passive" depending on its responsiveness to government debt shocks. Schemes for financing deficits and, therefore, the existence and uniqueness of equilibria depend on two policy parameters. The model is used to (1) characterize the equilibria implied by various financing schemes, (2) derive policies where fiscal behavior determines how monetary shocks affect prices, and (3) reinterpret M. Friedman's 1948 policy framework. The paper reconsiders the result that prices are indeterminate when the nominal interest rate is pegged. The setup can be used to interpret reduced-form studies on fiscal financing.
KW  - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy          E63
L3  - http://www.sciencedirect.com/science/journal/03043932
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0249027&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03043932
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
T1  - Foundations of the Structure-Conduct-Performance Paradigm in Banking
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1991/02//
VL  - 23
IS  - 1
SP  - 68
EP  - 84
SN  - 00222879
N1  - Accession Number: 0246247; Keywords: Bank;  Banking;  Concentration;  Deposit;  Firm;  Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - This paper employs an explicit model of the banking firm to derive formally, and thereby assess critically, the most commonly tested relationships implied by the structure-conduct-performance paradigm as it applies to the banking industry. These include the relationship between loan rates and market concentration, deposit rates and market concentration, and bank profitability and market concentration. The necessary assumptions and simplifications implicit in past empirical studies are outlined and suggestions for future empirical implementation of the underlying model are presented.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Production, Pricing, and Market Structure; Size Distribution of Firms          L11
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0246247&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hoshi, Takeo
AU  - Kashyap, Anil
AU  - Scharfstein, David
AD  - U CA, San Diego
AD  - Federal Reserve System
AD  - MIT and NBER
T1  - Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1991/02//
VL  - 106
IS  - 1
SP  - 33
EP  - 60
SN  - 00335533
N1  - Accession Number: 0246839; Keywords: Capital;  Finance;  Firm;  Firms;  Investment; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199109
N2  - This paper presents evidence suggesting that information and incentive problems in the capital market affect investment. The authors come to this conclusion by examining two sets of Japanese firms. The first set has close financial ties to large Japanese banks that serve as their primary source of external finance and are likely to be well informed about the firm. The second set of firms has weaker links to a main bank and presumably faces greater problems raising capital. Investment is more sensitive to liquidity for the second set of firms than for the first set. The analysis also highlights the role of financial intermediaries in the investment process.
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
L3  - http://qje.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0246839&site=ehost-live&scope=site
UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
T1  - IS CONSUMPTION TOO SMOOTH?  LONG MEMORY AND THE DEATON PARADOX.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1991/02//
VL  - 73
IS  - 1
M3  - Article
SP  - 1
PB  - MIT Press
SN  - 00346535
AB  - Under common ARIMA representations of income, the permanent-income hypothesis predicts that the volatility of consumption should be larger than the volatility of unanticipated shocks to income; this prediction is not supported by the data. We examine whether this apparent excess smoothness of consumption is the result of the ARIMA representation's implicit restrictions on low-frequency dynamics. By using a generalized long-memory stochastic representation, we construct confidence intervals for the long-run impulse response of income in the absence of such low-frequency restrictions. These intervals arc quite wide and include regions m which excess smoothness vanishes. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - BOX-Jenkins forecasting
KW  - PERMANENT income theory
KW  - INCOME
KW  - VOLATILITY (Finance)
KW  - FORECASTING
KW  - SMOOTHNESS of functions
KW  - HYPOTHESIS
KW  - CONFIDENCE intervals
N1  - Accession Number: 4644700; Diebold, Francis X. 1; Rudebusch, Glenn D. 2; Affiliations: 1: University of Pennsylvania.; 2: Board of Governors, Federal Reserve System.; Issue Info: Feb91, Vol. 73 Issue 1, p1; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: BOX-Jenkins forecasting; Thesaurus Term: PERMANENT income theory; Thesaurus Term: INCOME; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: FORECASTING; Subject Term: SMOOTHNESS of functions; Subject Term: HYPOTHESIS; Subject Term: CONFIDENCE intervals; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeffrey C.
AU  - Weiller, Kenneth J.
T1  - A MULTIVARIATE POSTERIOR ODDS APPROACH TO ASSESSNG COMPETING EXCHANGE RATE MODELS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1991/02//
VL  - 73
IS  - 1
M3  - Article
SP  - 113
PB  - MIT Press
SN  - 00346535
AB  - A "horse race" is performed among competing models of bilateral exchange rates between the United States and Canada, United Kingdom, Germany and Japan. We compute posterior odds that any of the competing models is true, using standard Bayes' rule formulae. The distinguishing feature of this horse race is that the posterior odds incorporate the information contained in the covariances among the forecast errors of competing models. It is found, in contrast to Meese and Rogoff (1983a), that the random walk model is dominated by one of the Dornbusch overshooting model, the Flexible Price Monetarist Model or the Hooper-Morton Model for all bilateral rates for almost all of the sample. We are able to replicate the random walk dominance results by forcing the posterior odds to ignore covariance information, so that in a sense our results "encompass" those of earlier studies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - BAYESIAN analysis
KW  - ANALYSIS of covariance
KW  - PRICES
KW  - UNITED States
KW  - CANADA
N1  - Accession Number: 4644971; Fuhrer, Jeffrey C. 1; Weiller, Kenneth J. 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: CITICORP.; Issue Info: Feb91, Vol. 73 Issue 1, p113; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: ANALYSIS of covariance; Thesaurus Term: PRICES; Subject: UNITED States; Subject: CANADA; Number of Pages: 12p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4644971&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AD  - Federal Reserve System
T1  - Forecast Performance of Exchange Rate Models Revisited
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1991/01//
VL  - 23
IS  - 1
SP  - 187
EP  - 196
SN  - 00036846
N1  - Accession Number: 0244487; Keywords: Exchange Rates; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
KW  - Foreign Exchange          F31
L3  - http://www.tandfonline.com/loi/raec20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0244487&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/raec20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Frankel, Allen B.
AU  - Montgomery, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Financial Structure: An International Perspective
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1991///
IS  - 1
SP  - 257
EP  - 297
SN  - 00072303
N1  - Accession Number: 0251418; Keywords: Bank Regulation;  Bank;  Banking;  Regulation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - This paper compares the structure and organization of banking systems in Germany, Japan, the United Kingdom, and the United States. The first section examines indicators of the relative performance of the four systems. The second section sets out differences between the systems in terms of bank regulation, degree of competition, structure of customer relationships, and legal environment, with a particular focus on bankruptcy procedures. The third section assesses the degree to which these structural differences explain differences in performance. The final section discusses the implications of the paper's findings for U.S. banking reform.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251418&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Irwin, Douglas A.
T1  - TERMS OF TRADE AND ECONOMIC GROWTH IN NINETEENTH CENTURY BRITAIN.
JO  - Bulletin of Economic Research
JF  - Bulletin of Economic Research
Y1  - 1991/01//
VL  - 43
IS  - 1
M3  - Article
SP  - 93
PB  - Wiley-Blackwell
SN  - 03073378
AB  - International trade and economic growth have been considered intimately linked in nineteenth century Britain. Conventional estimates of Britain's gross national product, however, fail to account for changes in the terms of trade and may be misleading indicators of changes in real income. Revised figures that incorporate terms of trade changes are presented here. One finding is that conventional estimates of GNP overstate growth in real income early in the century when the terms of trade deteriorated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Bulletin of Economic Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development
KW  - INTERNATIONAL trade
KW  - GROSS national product
KW  - NATIONAL income
KW  - GREAT Britain -- Economic conditions -- 19th century
KW  - GREAT Britain
N1  - Accession Number: 4521160; Irwin, Douglas A. 1; Affiliations: 1: Division of International Finance,  Board of Governors of the Federal Reserve System Washington, DC 20551.; Issue Info: Jan1991, Vol. 43 Issue 1, p93; Thesaurus Term: ECONOMIC development; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: GROSS national product; Thesaurus Term: NATIONAL income; Subject Term: GREAT Britain -- Economic conditions -- 19th century; Subject: GREAT Britain; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 9p; Illustrations: 3 Charts, 2 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4521160&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Economic Forecasting in the Private and Public Sectors
JO  - Business Economics
JF  - Business Economics
Y1  - 1991/01//
VL  - 26
IS  - 1
SP  - 52
EP  - 55
SN  - 0007666X
N1  - Accession Number: 0241216; Keywords: Forecast;  Forecasting;  Forecasts; Publication Type: Journal Article; Update Code: 199106
N2  - The similarities and differences between public and private forecasting are highlighted in this article. The advantages and limitations of economic models and judgemental forecasts are reviewed, and a process that incorporates features of both is recommended. Forecasting is also complicated by difficulties in determining where we are at the present time as well as an increasingly elusive and complex economic structure.
KW  - Econometric Modeling: General          C50
KW  - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications          E27
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
KW  - Money and Interest Rates: Forecasting and Simulation: Models and Applications          E47
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241216&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Fair, Ray C.
AU  - Alexander, Lewis S.
AD  - Yale U
AD  - Federal Reserve System
A2  - Klein, Lawrence R.
T1  - A Comparison of the Michigan and Fair Models
T2  - Comparative performance of U.S. econometric models
PB  - New York and Oxford:
PB  - Oxford University Press
Y1  - 1991///
SP  - 168
EP  - 197
N1  - Accession Number: 0335348; Reviewed Book ISBN: 0-19-505772-4; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0335348&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ando, Albert
AU  - Brayton, Flint
AU  - Kennickell, Arthur B.
AD  - U PA
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Klein, Lawrence R.
T1  - Reappraisal of the Phillips Curve and Direct Effects of Money Supply on Inflation
T2  - Comparative performance of U.S. econometric models
PB  - New York and Oxford:
PB  - Oxford University Press
Y1  - 1991///
SP  - 201
EP  - 226
N1  - Accession Number: 0335349; Reviewed Book ISBN: 0-19-505772-4; Keywords: Inflation;  Money Supply;  Money;  Phillips Curve;  Supply; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - General Aggregative Models: Forecasting and Simulation: Models and Applications          E17
KW  - Price Level; Inflation; Deflation          E31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0335349&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berkovec, James
AU  - Stern, Steven
AD  - Federal Reserve System
AD  - U VA, Charlotteville
T1  - Job Exit Behavior of Older Men
JO  - Econometrica
JF  - Econometrica
Y1  - 1991/01//
VL  - 59
IS  - 1
SP  - 189
EP  - 210
SN  - 00129682
N1  - Accession Number: 0244911; Keywords: Retirement; Publication Type: Journal Article; Update Code: 199109
N2  - A dynamic programming model of job exit behavior and retirement is constructed and estimated using the method of simulated moments. The model and estimation method allow for both unobserved individual effects and unobserved job-specific "match" effects. The model is estimated using two different assumptions about individual discount factors. First, a static model, with the discount factor equal to zero, is estimated. Then a dynamic model, with the discount factor equal to .95 is estimated. In both models, it is found that bad health, age, and lack of education increase the probability of retirement. The dynamic model performs better than the static model and has different implications for retirement behavior. The job-specific effects are an important source of unobserved heterogeneity.
KW  - Retirement; Retirement Policies          J26
L3  - http://www.econometricsociety.org/tocs.asp
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0244911&site=ehost-live&scope=site
UR  - http://www.econometricsociety.org/tocs.asp
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Milleron, Jean-Claude
AU  - Garnier, Olivier
AD  - INSEE
AD  - Federal Reserve System
A2  - Llewellyn, John
A2  - Potter, Stephen J.
T1  - Economic Policies for the 1990s: The Countries of the European Community
T2  - Economic policies for the 1990s
PB  - Oxford and Cambridge:
PB  - Blackwell
Y1  - 1991///
SP  - 66
EP  - 94
N1  - Accession Number: 0341989; Reviewed Book ISBN: 0-631-17662-4; ; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199412
KW  - International Economic Order          F02
KW  - International Policy Coordination and Transmission          F42
KW  - Economywide Country Studies: Europe          O52
KW  - Economic Integration          F15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341989&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Simpson, Thomas D.
AD  - Federal Reserve System
A2  - Solomon, Elinor Harris
T1  - Trends in Global Securities Markets
T2  - Electronic money flows: The molding of a new financial order
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1991///
SP  - 127
EP  - 141
N1  - Accession Number: 0337726; Reviewed Book ISBN: 0-7923-9134-9; Keywords: Securities; Publication Type: Collective Volume Article; Update Code: 199412
KW  - International Financial Markets          G15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0337726&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Helkie, William L.
AD  - Federal Reserve System
T1  - The Impact of an Oil Market Disruption on the Price of Oil: A Sensitivity Analysis
JO  - Energy Journal
JF  - Energy Journal
Y1  - 1991///
VL  - 12
IS  - 4
SP  - 105
EP  - 116
SN  - 01956574
N1  - Accession Number: 0263176; Keywords: Energy;  Oil; Publication Type: Journal Article; Update Code: 199206
N2  - This paper provides a quantitative analysis of the change in the price of oil due to an exogenous change in the supply of oil. It first outlines the role of oil in large-scale econometric models and reviews the theory upon which the oil/energy sectors in these models are based. It then presents a small reduced form of the large-scale econometric model and discusses the model's key parameters. The model is solved in order to determine the price of oil in the event of an oil supply disruption. The paper then discusses the sensitivity of the price effects of an oil market disruption to changes in the model's parameters and compares this range of price estimates to the three major supply disruptions of the past two decades.
KW  - Mining, Extraction, and Refining: Hydrocarbon Fuels          L71
KW  - Energy: Demand and Supply; Prices          Q41
L3  - http://www.iaee.org/en/publications/journal.aspx
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0263176&site=ehost-live&scope=site
UR  - http://www.iaee.org/en/publications/journal.aspx
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Durkin, Thomas A.
AU  - Elliehausen, Gregory E.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Mayer, Robert N.
T1  - The Issue of Market Transparency: Truth-in-Lending Disclosure Requirements as Consumer Protections in the United States
T2  - Enhancing consumer choice: Proceedings of the Second International Conference on Research in the Consumer Interest, Snowbird, Utah, U.S.A., August 1990
PB  - Columbia, Mo.:
PB  - American Council on Consumer Interests
Y1  - 1991///
SP  - 255
EP  - 265
N1  - Accession Number: 0336880; Reviewed Book ISBN: 0-945857-01-2; Keywords: Consumer Protection;  Consumer;  Protection; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Consumer Protection          D18
KW  - Search; Learning; Information and Knowledge; Communication; Belief          D83
KW  - Financial Institutions and Services: Government Policy and Regulation          G28
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0336880&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Irwin, Douglas A.
AD  - Federal Reserve System
A2  - Viner, Jacob
T1  - Essays on the Intellectual History of Economics: Introduction
T2  - Essays on the intellectual history of economics
PB  - Edited by Douglas A. Irwin
PB  - Princeton:
PB  - Princeton University Press
Y1  - 1991///
SP  - 3
EP  - 35
N1  - Accession Number: 0339860; Reviewed Book ISBN: 0-691-04266-7; ; Named Person: Viner, Jacob; Publication Type: Collective Volume Article; Update Code: 199412
KW  - History of Economic Thought: Individuals          B31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0339860&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Key, Sydney J.
AD  - Federal Reserve System
A2  - Welfens, Paul J. J.
T1  - Liberalization and Regulation in the Process of Financial Market Integration in the European Community: Comments
T2  - European monetary integration: From German dominance to an EC central bank?
PB  - Berlin; New York; London and Tokyo:
PB  - Springer
Y1  - 1991///
SP  - 180
EP  - 186
N1  - Accession Number: 0335415; Reviewed Book ISBN: 0-387-53790-2; Keywords: Integration;  Liberalization; Geographic Descriptors: EEC; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Financial Aspects of Economic Integration          F36
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0335415&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Steinherr, Alfred
A2  - Weiserbs, Daniel
T1  - Approaches to Managing External Equilibria: Where We Are, Where We Might Be Headed, and How We Might Get There
T2  - Evolution of the international and regional monetary systems. Essays in honour of Robert Triffin
PB  - New York:
PB  - St. Martin's Press
Y1  - 1991///
SP  - 59
EP  - 77
N1  - Accession Number: 0341163; Reviewed Book ISBN: 0-312-05302-9; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Festschrift: Triffin, Robert; Update Code: 199412
KW  - Current Account Adjustment; Short-term Capital Movements          F32
KW  - International Policy Coordination and Transmission          F42
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341163&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Irwin, Douglas A.
AD  - Federal Reserve System
T1  - Was Britain Immiserized during the Industrial Revolution?
JO  - Explorations in Economic History
JF  - Explorations in Economic History
Y1  - 1991/01//
VL  - 28
IS  - 1
SP  - 121
EP  - 124
SN  - 00144983
N1  - Accession Number: 0241876; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199106
N2  - Economic historians have been cautious in ruling out, or have ruled out for the wrong reasons, the possibility that Britain was immiserized in the early 19th century. This note suggests that the notion that Britain was, or came close to being, immiserized can be rejected.
KW  - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913          N13
L3  - http://www.sciencedirect.com/science/journal/00144983
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241876&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00144983
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
AD  - Federal Reserve System
T1  - Household Spending and Saving: Measurement, Trends, and Analysis
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/01//
VL  - 77
IS  - 1
SP  - 1
EP  - 17
SN  - 00149209
N1  - Accession Number: 0241921; Keywords: Saving; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - This article introduces the basic framework used in the national income accounts of the United States to describe the economic transactions of the household sector and reviews recent trends in household spending. It also discusses the standard economic theories of household spending and saving behavior and presents some of the evidence that has been brought to bear on the validity of those theories.
KW  - Macroeconomics: Consumption; Saving; Wealth          E21
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241921&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, November 28, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1991/01//
VL  - 77
IS  - 1
SP  - 26
EP  - 29
SN  - 00149209
N1  - Accession Number: 0241923; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the economic implications of developments in the Persian Gulf and says that the world economy is being profoundly influenced by these developments, including their effects on oil markets during the past four months, before the House Committee on Banking, Finance and Urban Affairs, November 28, 1990.
KW  - General Outlook and Conditions          E66
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241923&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Warshawsky, Mark J.
AD  - Federal Reserve System
A2  - Hubbard, R. Glenn
T1  - Is There a Corporate Debt Crisis? Another Look
T2  - Financial markets and financial crises
PB  - A National Bureau of Economic Research Project Report
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 207
EP  - 230
N1  - Accession Number: 0334670; Reviewed Book ISBN: 0-226-35588-8; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill          G32
KW  - Bankruptcy; Liquidation          G33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0334670&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Montgomery, John D.
AD  - Federal Reserve System, DC
A2  - Wihlborg, Clas
A2  - Fratianni, Michele
A2  - Willett, Thomas D.
T1  - Market Segmentation and 1992: Toward a Theory of Trade in Financial Services
T2  - Financial regulation and monetary arrangements after 1992
PB  - Contributions to Economic Analysis, vol. 204
PB  - Amsterdam; London; New York and Tokyo:
PB  - North-Holland; distributed in the U.S. and Canada by Elsevier Science, New York
Y1  - 1991///
SP  - 173
EP  - 199
N1  - Accession Number: 0342652; Reviewed Book ISBN: 0-444-89083-1; Keywords: Financial Services;  Trade; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Empirical Studies of Trade          F14
KW  - Financial Institutions and Services: General          G20
KW  - International Financial Markets          G15
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0342652&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hooper, Peter
AD  - Federal Reserve System
A2  - Bergsten, C. Fred
T1  - A Sectoral Assessment of the US Current Account Deficit: Performance and Prospects: Comment
T2  - International adjustment and financing: The lessons of 1985-1991
PB  - Washington, D.C.:
PB  - Institute for International Economics
Y1  - 1991///
SP  - 103
EP  - 112
N1  - Accession Number: 0340873; Reviewed Book ISBN: 0-88132-112-5; Keywords: Current Account; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Empirical Studies of Trade          F14
KW  - Foreign Exchange          F31
KW  - Current Account Adjustment; Short-term Capital Movements          F32
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0340873&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hooper, Peter
AU  - Richardson, J. David
AD  - Federal Reserve System
AD  - SyracuseBER
A2  - Hooper, Peter
A2  - Richardson, J. David
T1  - International Economic Transactions: Issues in Measurement and Empirical Research: Introduction
T2  - International economic transactions: Issues in measurement and empirical research
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 55
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 1
EP  - 14
N1  - Accession Number: 0341008; Reviewed Book ISBN: 0-226-35135-1; ; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Trade: General          F10
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341008&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Meade, Ellen E.
AD  - Federal Reserve System
A2  - Hooper, Peter
A2  - Richardson, J. David
T1  - Computers and the Trade Deficit: The Case of the Falling Prices
T2  - International economic transactions: Issues in measurement and empirical research
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 55
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 61
EP  - 85
N1  - Accession Number: 0341011; Reviewed Book ISBN: 0-226-35135-1; Keywords: Computers;  Trade; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Empirical Studies of Trade          F14
KW  - Trade: Forecasting and Simulation          F17
KW  - Microelectronics; Computers; Communications Equipment          L63
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341011&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mann, Catherine L.
AD  - Federal Reserve System
A2  - Hooper, Peter
A2  - Richardson, J. David
T1  - Measures of Prices and Price Competitiveness in International Trade in Manufactured Goods: Comment
T2  - International economic transactions: Issues in measurement and empirical research
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 55
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 196
EP  - 199
N1  - Accession Number: 0341018; Reviewed Book ISBN: 0-226-35135-1; Keywords: International Trade;  Trade; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Trade: General          F10
KW  - Empirical Studies of Trade          F14
KW  - Industry Studies: Manufacturing: General          L60
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341018&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Stekler, Lois E.
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Hooper, Peter
A2  - Richardson, J. David
T1  - The Adequacy of U.S. Direct Investment Data
T2  - International economic transactions: Issues in measurement and empirical research
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 55
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 321
EP  - 350
N1  - Accession Number: 0341025; Reviewed Book ISBN: 0-226-35135-1; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - International Factor Movements and International Business: General          F20
KW  - International Investment; Long-term Capital Movements          F21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341025&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cortes, Bienvenido S.
AU  - Edgmand, Michael R.
AU  - Rea, John D.
AD  - Pittsburg State U
AD  - OK State U
AD  - Federal Reserve System
T1  - A Firm-Level Comparison of Alternative Theories of Business Fixed Investment
JO  - Journal of Economics (MVEA)
JF  - Journal of Economics (MVEA)
Y1  - 1991///
VL  - 17
SP  - 31
EP  - 38
SN  - 03616576
N1  - Accession Number: 0287767; Keywords: Firm Level;  Firm;  Firms;  Investment; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199306
KW  - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity          G31
KW  - Intertemporal Firm Choice: Investment, Capacity, and Financing          D92
L3  - http://www.cba.uni.edu/economics/joe.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0287767&site=ehost-live&scope=site
UR  - http://www.cba.uni.edu/economics/joe.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
AD  - U PA
AD  - Federal Reserve System
A2  - Lahiri, Kajal
A2  - Moore, Geoffrey H.
T1  - Turning Point Prediction with the Composite Leading Index: An Ex Ante Analysis
T2  - Leading economic indicators: New approaches and forecasting records
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1991///
SP  - 231
EP  - 256
N1  - Accession Number: 0337479; Reviewed Book ISBN: 0-521-37155-4; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications          E37
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0337479&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Johnson, Christopher
T1  - Monetary Policy in the United States
T2  - Monetarism and the Keynesians
PB  - Lloyds Bank Annual Review, vol. 4
PB  - London and Irvington, N.Y.:
PB  - Pinter; distributed by Columbia University Press
Y1  - 1991///
SP  - 20
EP  - 29
N1  - Accession Number: 0342992; Reviewed Book ISBN: 0-86187-121-9; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Money Supply; Credit; Money Multipliers          E51
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
KW  - National Debt; Debt Management; Sovereign Debt          H63
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0342992&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Lindsey, David
AD  - Federal Reserve System
A2  - Caprio, Gerard, Jr.
A2  - Honohan, Patrick
T1  - Monetary Targeting: Lessons from the U.S. Experience
T2  - Monetary policy instruments for developing countries
PB  - A World Bank Symposium
PB  - Washington, D.C.:
PB  - World Bank
Y1  - 1991///
SP  - 67
EP  - 79
N1  - Accession Number: 0336920; Reviewed Book ISBN: 0-8213-1969-8; Keywords: Monetary; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Monetary Policy          E52
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0336920&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Belongia, Michael T.
T1  - Commentary: The Federal Reserve Policy Process
T2  - Monetary policy on the 75th anniversary of the Federal Reserve System: Proceedings of the Fourteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis
PB  - Norwell, Mass. and Dordrecht:
PB  - Kluwer Academic
Y1  - 1991///
SP  - 96
EP  - 103
N1  - Accession Number: 0340040; Reviewed Book ISBN: 0-7923-9124-1; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Central Banks and Their Policies          E58
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0340040&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kenessey, Zoltan
AD  - Federal Reserve System
A2  - Barber, William J.
T1  - Why Das Kapital Remained Unfinished
T2  - Perspectives on the history of economic thought. Volume 5. Themes in Keynesian criticism and supplementary modern topics: Selected papers from the History of Economics Society Conference, 1989
PB  - Aldershot, U.K. and Brookfield, Vt.:
PB  - Elgar for the History of Economics Society
Y1  - 1991///
SP  - 119
EP  - 133
N1  - Accession Number: 0339048; Reviewed Book ISBN: 1-85278-363-X; ; Named Person: Marx, Karl; Publication Type: Collective Volume Article; Update Code: 199412
KW  - History of Economic Thought: Individuals          B31
KW  - History of Economic Thought through 1925: Socialist; Marxist          B14
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0339048&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Dohner, Robert S.
AU  - Terrell, Henry S.
AD  - Tufts U
AD  - Federal Reserve System
A2  - Fels, Gerhard
A2  - Sutija, George
T1  - The Determinants of the Growth of Multinational Banking Organisations: 1972-86
T2  - Protectionism and international banking
PB  - New York:
PB  - St. Martin's Press
Y1  - 1991///
SP  - 100
EP  - 143
N1  - Accession Number: 0334215; Reviewed Book ISBN: 0-312-04893-9; Keywords: Banking;  Multinational; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Multinational Firms; International Business          F23
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0334215&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Irwin, Douglas A.
AD  - Federal Reserve System
A2  - Samuels, Warren J.
T1  - The Search for an Ideal Commonwealth: Introduction
T2  - Research in the history of economic thought and methodology. Archival supplement 2
PB  - Greenwich, Conn. and London:
PB  - JAI Press
Y1  - 1991///
SP  - 111
EP  - 115
N1  - Accession Number: 0339840; Reviewed Book ISBN: 1-55938-245-7; ; Named Person: Viner, Jacob; Publication Type: Collective Volume Article; Update Code: 199412
KW  - History of Economic Thought: Individuals          B31
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0339840&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gilles, Christian
AU  - LeRoy, Stephen F.
AD  - Federal Reserve System
AD  - U MN
T1  - Econometric Aspects of the Variance-Bounds Tests: A Survey
JO  - Review of Financial Studies
JF  - Review of Financial Studies
Y1  - 1991///
VL  - 4
IS  - 4
SP  - 753
EP  - 791
SN  - 08939454
N1  - Accession Number: 0264916; Keywords: Asset Prices; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206
N2  - We survey the variance-bounds tests of asset-price volatility, stressing the econometric aspects of these tests. The first variance-bounds tests of the present-value relation reported apparently striking evidence of excess volatility of asset prices. The statistical significance of the results, however, was either marginal or, in the case of model-free tests, impossible to assess. Moreover, the tests were soon criticized for a number of biases. Various other tests of the present-value relations were later developed, avoiding in different degrees the econometric problems attending the first-generation tests also found excess volatility, though sometimes of borderline statistical significance. This finding of excess volatility is robust and is difficult to explain within the representative-consumer, frictionless-market model.
KW  - Asset Pricing; Trading Volume; Bond Interest Rates          G12
L3  - http://rfs.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0264916&site=ehost-live&scope=site
UR  - http://rfs.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Liang, J. Nellie
AU  - Rhoades, Stephen A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Asset Diversification, Firm Risk, and Risk-Based Capital Requirements in Banking
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1991///
VL  - 6
IS  - 1
SP  - 49
EP  - 59
SN  - 0889938X
N1  - Accession Number: 0254249; Keywords: Bank;  Banking; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203
N2  - The implications of diversification by firms for risk has been raised particularly in connection with conglomerate mergers. This issue is of special interest in banking now because of a recently implemented policy--risk-based capital guidelines. This study presents results of an empirical investigation into the relationship between diversification of a bank's financial assets and indicators of the risk of insolvency. Results indicate that financial asset diversification, as well as geographic diversification, are related to lower risk.
KW  - Banks; Depository Institutions; Micro Finance Institutions; Mortgages          G21
L3  - http://link.springer.com/journal/volumesAndIssues/11151
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0254249&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11151
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Seger, Martha
AD  - Federal Reserve System
A2  - Sahu, Anandi P.
A2  - Tracy, Ronald L.
T1  - Monetary Policy in the Reagan Era
T2  - The economic legacy of the Reagan years: Euphoria or chaos?
PB  - Westport, Conn. and London:
PB  - Greenwood, Praeger
Y1  - 1991///
SP  - 179
EP  - 184
N1  - Accession Number: 0339579; Reviewed Book ISBN: 0-275-93596-5; Keywords: Monetary Policy;  Monetary;  Policy; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Monetary Policy          E52
KW  - Studies of Particular Policy Episodes          E65
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0339579&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Mann, Catherine L.
AD  - Federal Reserve System
A2  - Krugman, Paul
T1  - Price Behavior in Japanese and U.S. Manufacturing: Comment
T2  - Trade with Japan: Has the door opened wider?
PB  - A National Bureau of Economic Research Project Report
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1991///
SP  - 141
EP  - 146
N1  - Accession Number: 0341195; Reviewed Book ISBN: 0-226-45458-4; Keywords: Manufacturing; Geographic Descriptors: Japan; U.S.; Geographic Region: Asia; Northern America; Publication Type: Collective Volume Article; Update Code: 199412
KW  - Multinational Firms; International Business          F23
KW  - Industry Studies: Manufacturing: General          L60
KW  - Technological Change: Choices and Consequences; Diffusion Processes          O33
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0341195&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 
TY  - JOUR
AU  - Dudey, Marc
AD  - Federal Reserve System
T1  - Competition by Choice: The Effect of Consumer Search on Firm Location Decisions
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1990/12//
VL  - 80
IS  - 5
SP  - 1092
EP  - 1104
SN  - 00028282
N1  - Accession Number: 0240972; Publication Type: Journal Article; Update Code: 199106
N2  - This paper relates firm location choice and consumer search. Firms that cluster together attract consumers by facilitating price comparison, but clustering increases the intensity of local competition. The author constructs a simple model which shows that firms may choose head-on competition by locating together. Under reasonable conditions, this is the only equilibrium outcome.
L3  - http://www.aeaweb.org/aer/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0240972&site=ehost-live&scope=site
UR  - http://www.aeaweb.org/aer/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Mauskopf, Eileen
AD  - Federal Reserve System
T1  - The Transmission Channels of Monetary Policy: How Have They Changed?
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/12//
VL  - 76
IS  - 12
SP  - 985
EP  - 1008
SN  - 00149209
N1  - Accession Number: 0241917; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Over the past two decades, important structural changes in the economy--resulting from institutional, regulatory, and technological developments--may have altered the nature and stability of the channels through which monetary policy affects the level of economic activity in the short run. To assess the scope and magnitude of possible structural changes in the economy that may have affected the transmission channels of monetary policy, this article uses the MPS model of the U.S. economy to examine whether the key links between monetary policy and economic activity appear to have changed appreciably over the 1980s.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241917&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rubin, Laura S.
AD  - Federal Reserve System
T1  - The Current Fiscal Situation in State and Local Governments
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/12//
VL  - 76
IS  - 12
SP  - 1009
EP  - 1018
SN  - 00149209
N1  - Accession Number: 0241918; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - The fiscal position of state and local governments has deteriorated markedly during the past several years, with many governments confronting potential shortfalls in the operating accounts. This article describes the accounts of the state and local sector, discusses the recent spending requirements and revenue weaknesses that have precipitated the current budget woes, and gives a brief perspective on the outlook.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241918&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Commerce, Consumer, and Monetary Affairs of the Committee on Government Operations, October 3, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/12//
VL  - 76
IS  - 12
SP  - 1022
EP  - 1031
SN  - 00149209
N1  - Accession Number: 0241919; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Alan Greenspan, Chairman, Board of Governors, discusses deposit insurance reform and says that the Board believes it is important for the Congress to review options other than reduced insurance coverage to address the root cause of the taxpayer exposure and potential financial market distortions associated with our present deposit insurance and supervisory approaches, before the Subcommitte on Commerce, Consumer, and Monetary Affairs of the House Committee on Monetary Affairs, October 3, 1990.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241919&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Taylor, William
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, October 16, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/12//
VL  - 76
IS  - 12
SP  - 1032
EP  - 1035
SN  - 00149209
N1  - Accession Number: 0241920; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - William Taylor, Staff Director, Division of Banking Supervision and Regulation, Board of Governors, testifies on the role of the Federal Reserve in the supervision of foreign banks operating in the United States and uses the actions taken by the Federal Reserve to deal with the problems at the Atlanta agency of Banca Nazionale del Lavoro to show how the Federal Reserve's authority was used in a particular situation, before the House Committee on Banking, Finance and Urban Affairs, October 16, 1990.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241920&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Kennickell, Arthur B.
AU  - von zur Muehlen, Peter
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Comparing Forecasts from Fixed and Variable Coefficient Models: The Case of Money Demand
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 1990/12//
VL  - 6
IS  - 4
SP  - 469
EP  - 477
SN  - 01692070
N1  - Accession Number: 0245581; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - In this paper we introduce a class of tentatively plausible, fixed-coefficient models of money demand and evaluate their forecast performance. When these models are reestimated allowing all coefficients to vary over time, the forecasting performance improves dramatically. Aside from offering insights about improved methods of analyzing time series data, the most promising direct use for point estimates derived from time-varying coefficients is as an aid in calibrating proposed models of the kind discussed here.
L3  - http://www.sciencedirect.com/science/journal/01692070
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0245581&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01692070
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - McAllister, Patrick H.
AD  - Federal Reserve System
T1  - Rational Behavior and Rational Expectations
JO  - Journal of Economic Theory
JF  - Journal of Economic Theory
Y1  - 1990/12//
VL  - 52
IS  - 2
SP  - 332
EP  - 363
N1  - Accession Number: 0242574; Publication Type: Journal Article; Update Code: 199106
N2  - This paper presents a new definition of rational expectations equilibrium in security markets, characterized by a rigorous treatment of the decision problem facing each agent. A rational expectations equilibrium is one in which it is common knowledge among the agents that all of them are rational and that the price observed is the market clearing price. The paper shows that such equilibria always exist and that they need not have the property that for generic economies the equilibrium price reveals all economically relevant information. The paper also shows that the new definition generalizes existing definitions of rational expectation equilibrium.
L3  - http://www.sciencedirect.com/science/journal/00220531
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0242574&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/00220531
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hoshi, Takeo
AU  - Kashyap, Anil K.
AD  - U CA, San Diego
AD  - Federal Reserve System
T1  - Evidence on q and Investment for Japanese Firms
JO  - Journal of the Japanese and International Economies
JF  - Journal of the Japanese and International Economies
Y1  - 1990/12//
VL  - 4
IS  - 4
SP  - 371
EP  - 400
SN  - 08891583
N1  - Accession Number: 0242750; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199106
N2  - This paper presents estimates of q from April 1974 to March 1988 for 580 Japanese manufacturing firms. The estimates appear reasonable in several respects. First, the level of q for most firms is just above one. Interestingly, the large jump in the price earnings ratio in 1986 (which had led many to question the rationality of share prices) is not present in q. Second, taxes have important effects in the level of q. Third, the measurement error in q, at least prior to the recent stock market boom, appears to be small. Despite the plausibility of the q estimates, the basic and most tractable model relating investment and q does not fare well. The model's estimated parameters are implausible and unstable, and liquidity, which should be irrelevant, also seems to play an important role in influencing investment.
L3  - http://www.sciencedirect.com/science/journal/08891583
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0242750&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/08891583
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Pauls, B. Dianne
AD  - Federal Reserve System
T1  - U.S. Exchange Rate Policy: Bretton Woods to Present
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/11//
VL  - 76
IS  - 11
SP  - 891
EP  - 908
SN  - 00149209
N1  - Accession Number: 0241913; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - This article traces U.S. exchange rate policy through two major exchange rate regimes: The Bretton Woods system of fixed exchange rates from December 1958 to 1973 and the present system of managed floating, which began in March 1973. This article discusses broad objectives, approaches, and major episodes in policy during each regime.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241913&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 10, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/11//
VL  - 76
IS  - 11
SP  - 911
EP  - 917
SN  - 00149209
N1  - Accession Number: 0241914; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Wayne D. Angell, Member, Board of Governors, discusses regulatory accounting standards and capital requirements for depository institutions and focuses in particular on market value accounting and the Federal Reserve's view on how the banking agencies might proceed to assess interest rate risk for examination and capital adequacy purpose, before the Senate Committee on Banking, Housing, and Urban Affairs, September 10, 1990.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241914&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, September 13, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/11//
VL  - 76
IS  - 11
SP  - 917
EP  - 927
SN  - 00149209
N1  - Accession Number: 0241915; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses deposit insurance reform and says that this issue is intimately related to the need for legislation to modernize our banking system in other ways in light of the erosion of the competitiveness of our banking system both domestically and internationally, before the House Committee on Banking, Finance and Urban Affairs, September 13, 1990.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241915&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, September 19, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/11//
VL  - 76
IS  - 11
SP  - 928
EP  - 930
SN  - 00149209
N1  - Accession Number: 0241916; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - Chairman Greenspan discusses the state of the economy and says that it is the responsibility of monetary policy to look through the uncertainty of the near term and to provide the stable financial environment that is consistent with our longer-run objectives, before the Joint Economic Committee of the U.S. Congress, September 19, 1990.
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0241916&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duca, John V.
AU  - VanHoose, David D.
AD  - Federal Reserve System
AD  - Unlisted
T1  - Optimal Monetary Policy in a Multisector Economy with an Economywide Money Market
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1990/11//
VL  - 42
IS  - 4
SP  - 253
EP  - 263
SN  - 01486195
N1  - Accession Number: 0242442; Publication Type: Journal Article; Update Code: 199106
N2  - This article analyzes optimal interest-rate-conditioned monetary policy in a two-sector, closed economy in which one sector has wage contracts and there is an aggregate money market. If workers consume both sectors' goods, the relative effect of interest rates on output across the sectors equals that of the symmetric shocks. Thus, one policy rule can stabilize every sector if disturbances are symmetric, but not if shocks are asymmetric. Hence the optimal degree of interest rate smoothing depends not only on the relative shock variances with symmetric shocks, but also on how policymakers value sectoral tradeoffs when shocks are asymmetric.
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0242442&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Irwin, Douglas A.
T1  - Power, Protection and Free Trade: International Sources of U.S. Commercial Strategy, 1887-1939.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1990/11//
VL  - 29
IS  - 3/4
M3  - Book Review
SP  - 390
EP  - 392
SN  - 00221996
AB  - The article reviews the book "Power, Protection and Free Trade: International Sources of U.S. Commercial Strategy, 1887-1939," by David A. Lake.
KW  - FREE trade
KW  - NONFICTION
KW  - LAKE, David A.
KW  - POWER, Protection & Free Trade: International Sources of US Commercial Strategy 1887-1939 (Book)
N1  - Accession Number: 18060801; Irwin, Douglas A. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov90, Vol. 29 Issue 3/4, p390; Thesaurus Term: FREE trade; Subject Term: NONFICTION; Reviews & Products: POWER, Protection & Free Trade: International Sources of US Commercial Strategy 1887-1939 (Book); People: LAKE, David A.; Number of Pages: 3p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18060801&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
T1  - Targeting Nominal Income in a Dynamic Model.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1990/11//
VL  - 22
IS  - 4
M3  - Article
SP  - 427
EP  - 443
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the use of dynamic model to determine the monetary policy role in providing a constant growth in the money stock or nominal income. The article cites the work of John B. Taylor, who judges a nominal income rule by its effects on the dynamics of the economy, using a perfect-foresight planning model the combines the contributions of Guillermo A. Calvo and Kent P. Kimbrough. According to Kimbrough's work, money plays an important role in the economy because real balances help households economize on making transactions. While Calvo asserts that the monetary policymaker plays an essential role because prices are bound by contracts set at staggered and overlapping intervals.
KW  - MONETARY policy
KW  - MONEY supply
KW  - INCOME
KW  - REAL income
KW  - CALVO, Guillermo
KW  - KIMBROUGH, Kent P.
N1  - Accession Number: 5164172; Reinhart, Vincent 1; Affiliations: 1: Economist, Division of Monetary Affairs, Board of Governors of the Federal Reserve System; Issue Info: Nov90, Vol. 22 Issue 4, p427; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: INCOME; Thesaurus Term: REAL income; People: CALVO, Guillermo; People: KIMBROUGH, Kent P.; Number of Pages: 17p; Illustrations: 2 Charts, 2 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5164172&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rausser, Gordon C.
AU  - Wairaven, Nicholas A.
T1  - LINKAGES AMONG COMMODITY FUTURES MARKETS AND DYNAMIC WELFARE ANALYSIS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1990/11//
VL  - 72
IS  - 4
M3  - Article
SP  - 631
EP  - 639
PB  - MIT Press
SN  - 00346535
AB  - Abstract--This study constructs dynamic welfare measures for a system of futures markets that express the allocative efficiency of a particular market as a function of its accuracy and speed of adjustment following a shock to the system. The system comprises future prices for T-bills, exchange rates (German mark, British pound, Canadian dollar and yen), and agricultural commodities (corn, wheat, and cotton) for delivery in 1981 and 1982. The results suggest that, although agricultural, exchange, and financial markets all overreact to a disturbance, agricultural markets do so to a much greater degree. Owing to their much greater size, however, the welfare loss arising from the overshooting is likely to be much larger for interest rate and exchange markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WELFARE economics
KW  - COMMODITY futures
KW  - TREASURY bills
KW  - FOREIGN exchange rates
KW  - FUTURES market
KW  - SECURITIES markets
KW  - INTEREST rate futures
KW  - FARM produce
N1  - Accession Number: 4648727; Rausser, Gordon C. 1; Wairaven, Nicholas A. 2; Affiliations: 1: University of California, Berkeley.; 2: Board of Governors, Federal Reserve System.; Issue Info: Nov90, Vol. 72 Issue 4, p631; Thesaurus Term: WELFARE economics; Thesaurus Term: COMMODITY futures; Thesaurus Term: TREASURY bills; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FUTURES market; Thesaurus Term: SECURITIES markets; Thesaurus Term: INTEREST rate futures; Subject Term: FARM produce; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 424590 Other Farm Product Raw Material Merchant Wholesalers; NAICS/Industry Codes: 493130 Farm Product Warehousing and Storage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Banking Markets and the Use of Financial Services by Small and Medium-Sized Businesses
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/10//
VL  - 76
IS  - 10
SP  - 801
EP  - 817
SN  - 00149209
N1  - Accession Number: 0238699; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Although buttressed by recent general empirical evidence and market surveys conducted in specific cases, the definition of banking markets has generally relied on Supreme Court decisions from the 1960s and early 1970s. This article examines evidence from the 1988-89 National Survey of Small Business Finance to investigate whether the definition derived from those decisions remains valid despite the changes brought about by the deregulation and financial innovation of recent years.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238699&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Cross, Sam Y.
AD  - Federal Reserve System
T1  - Treasury and Federal Reserve Foreign Exchange Operations
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/10//
VL  - 76
IS  - 10
SP  - 818
EP  - 823
SN  - 00149209
N1  - Accession Number: 0238700; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - On a trade-weighted basis, as measured by the staff of the Board of Governors, the dollar declined about 6 percent during the May-July reporting period. By the close of the period, the dollar had declined more than 8 percent against the yen and 5 1/2 percent against the mark, approaching the previous postwar low against the latter currency. Against sterling, the dollar declined 12 percent.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238700&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, August 9, 1990.
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/10//
VL  - 76
IS  - 10
SP  - 827
EP  - 831
SN  - 00149209
N1  - Accession Number: 0238701; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - John P. LaWare, Member, Board of Governors, provides a brief overview of the trends and developments in real estate lending over the past decade, discusses the evolution of conditions in real estate markets and the dimensions of the problems they have presented to banks, and addresses some supervisory considerations and the effects of recent actions by banks on the availability of bank credit, before the House Committee on Banking, Finance and Urban Affairs, August 9, 1990.
KW  - Commercial Banking          3120
KW  - Industry Studies--Services--Real Estate          6357
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238701&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Terrell, Henry
AD  - Federal Reserve System
T1  - Statement to the U.S. House Task Force on the International Competitiveness of U.S. Financial Institutions, Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committe on Banking, Finance and Urban Affairs, August 2, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/10//
VL  - 76
IS  - 10
SP  - 831
EP  - 835
SN  - 00149209
N1  - Accession Number: 0238702; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Henry Terrell, Senior Economist, Board of Governors, discusses recent research into the activities of U.S. Agencies and branches of Japanese banks and suggests that the growth of activities of Japanese agencies and branches has, in large part, been affected by economic and financial factors in the United States and Japan, before the Task Force on the Interaction Competitiveness of U.S. Financial Institutions, Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, August 2, 1990.
KW  - Commercial Banking          3120
KW  - International Business and Multinational Enterprises          4420
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238702&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - A Survey of Exchange-Traded Basket Instruments
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1990/10//
VL  - 4
IS  - 3
SP  - 175
EP  - 190
SN  - 09208550
N1  - Accession Number: 0242645; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199106
N2  - This survey discusses "basket" financial instruments generically known as Index Participation shares (IPs). An IP is a hybrid instrument that has characteristics similar to those of existing index-futures contracts, options contracts, and stock-index mutual funds. An IP is a contract and does not represent direct ownership over any individual security. Similar to other derivatives, an IP has a clearing house guaranteeing its performance and a zero net supply. The equilibrium market price of an IP will differ from its underlying index's cash price by an amount defined as the IP basis. The IP basis will be determined by the dividend stream of the underlying index and expected short-term interest rates. IP contracts opened trading on the AMEX and PHILX exchanges on May 12, 1989, after the SEC lifted a temporary stay of trading.
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0242645&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, July 12, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/09//
VL  - 76
IS  - 9
SP  - 731
EP  - 743
SN  - 00149209
N1  - Accession Number: 0238698; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, discusses reform of the deposit insurance system and expanded activities for banking organizations and says that the potential for public cost of the deposit insurance obligation and the erosion of the competitiveness of our banking system, both domestically and international, must be addressed, before the Senate Committee on Banking, Housing, and Urban Affairs, Juely 12, 1990.
KW  - Commercial Banking          3120
KW  - Financial Intermediaries          3140
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238698&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Amel, Dean F.
AU  - Liang, J. Nellie
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Dynamics of Market Concentration in U.S. Banking, 1966-86
JO  - International Journal of Industrial Organization
JF  - International Journal of Industrial Organization
Y1  - 1990/09//
VL  - 8
IS  - 3
SP  - 375
EP  - 384
SN  - 01677187
N1  - Accession Number: 0238882; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - This paper estimates the speed at which local banking market concentration adjusts to its long-run equilibrium level. Long-run market concentration is estimated as a function of the attractiveness of entry and regulatory barriers to entry into the market. The speed of adjustment is allowed to vary across markets and depends on the deviation of market from normal profits. The empirical results from panels of data over 5, 10, 15 and 20 years show that concentration levels in local banking markets adjust slowly over time. Markets with unusually high or low profits shown significantly more rapid adjustment than other markets over shorter time periods, but the differences are small in magnitude. Legal barriers to entry significantly impede market adjustment over longer time periods.
KW  - Commercial Banking          3120
KW  - Market Structure: Industrial Organization and Corporate Strategy          6110
L3  - http://www.sciencedirect.com/science/journal/01677187
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238882&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01677187
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sharpe, Steven A.
AD  - Federal Reserve System
T1  - Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1990/09//
VL  - 45
IS  - 4
SP  - 1069
EP  - 1087
N1  - Accession Number: 0239420; Publication Type: Journal Article; Update Code: 199103
N2  - Customer relationships arise between banks and firms because, in the process of lending, a bank learns more than others about its own customers. This information asymmetry allows lenders to capture some of the rents generated by their older customers; competition, thus, drives banks to lend to new firms at interest rates that initially generate expected losses. As a result, the allocation of capital is shifted toward lower quality and inexperienced firms. This inefficiency is eliminated if complete contingent contracts are written or, when this is costly, if banks can make nonbinding commitments that, in equilibrium, are backed by reputation.
KW  - Commercial Banking          3120
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0239420&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Prowse, Stephen D.
AD  - Federal Reserve System
T1  - Institutional Investment Patterns and Corporate Financial Behavior in the United States and Japan
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1990/09//
VL  - 27
IS  - 1
SP  - 43
EP  - 66
N1  - Accession Number: 0248887; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Journal Article; Update Code: 199112
N2  - This paper examines the agency problem between shareholders and debtholders of Japanese and U.S. firms. Whereas U.S. institutional investors are restricted from doing so, Japanese financial institutions take large equity positions in firms to which they lend, particularly in firms more susceptible to the agency problem. Debt ratios of U.S. firms are negatively related to the firm's potential to engage in risky, suboptimal investments, whereas Japanese debt ratios show no such relation. The evidence is consistent with the notion that the agency problem is mitigated to a greater degree in Japan than in the United States.
L3  - http://www.sciencedirect.com/science/journal/0304405X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248887&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Takeo Hoshi
AU  - Kashyap, Anil
AU  - Scharfstein, David
T1  - Th role of banks in reducing the costs of financial distress in Japan.
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1990/09//
VL  - 27
IS  - 1
M3  - Article
SP  - 67
EP  - 88
SN  - 0304405X
AB  - We explore the idea that financial distress is costly because free-rider problems and information asymmetries make it difficult for firms to renegotiate with their creditors. We present evidence that Japanese firms with financial structures in which these problems are likely to be small perform better than other firms after the onset of distress. In particular, we show that firms in industrial groups - those with close financial relationships to their banks, suppliers, and customers - invest more and sell more after the onset of distress than nongroup firms. We find similar results for nongroup firms that nevertheless have strong ties to a main bank. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL crises
KW  - SECURITIES markets
KW  - DEBTOR & creditor
KW  - BANKING industry
KW  - MANUFACTURERS' agents
KW  - JAPAN
N1  - Accession Number: 12243084; Takeo Hoshi 1; Kashyap, Anil 2; Scharfstein, David 3,4; Affiliations: 1: University of California, San Diego, CA 92093, USA.; 2: Board of Governors, Federal Reserve System, Washington, DC 20551, USA.; 3: Massachusetts Institute of Technology, Cambridge, MA 02139, USA.; 4: National Bureau of Economic Research, Cambridge, MA 02138, USA.; Issue Info: Sep90, Vol. 27 Issue 1, p67; Thesaurus Term: FINANCIAL crises; Thesaurus Term: SECURITIES markets; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: BANKING industry; Thesaurus Term: MANUFACTURERS' agents; Subject: JAPAN; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 22p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12243084&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hoshi, Takeo
AU  - Kashyap, Anil
AU  - Scharfstein, David
AD  - U CA, San Diego
AD  - Federal Reserve System
AD  - MIT and NBER
T1  - The Role of Banks in Reducing the Costs of Financial Distress in Japan
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1990/09//
VL  - 27
IS  - 1
SP  - 67
EP  - 88
N1  - Accession Number: 0248888; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199112
N2  - The authors explore the idea that financial distress is costly because free-rider problems and information asymmetries make it difficult for firms to renegotiate with their creditors. The authors present evidence that Japanese firms with financial structures in which these problems are likely to be small perform better than other firms after the onset of distress. In particular, they show that firms in industrial groups--those with close financial relationships to their banks, suppliers, and customers--invest more and sell more after the onset of distress than nongroup firms. The authors find similar results for nongroup firms that nevertheless have strong ties to a main bank.
L3  - http://www.sciencedirect.com/science/journal/0304405X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0248888&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Crabbe, Leland E.
AU  - Pickering, Margaret H.
AU  - Prowse, Stephen D.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Recent Developments in Corporate Finance
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 593
EP  - 603
SN  - 00149209
N1  - Accession Number: 0238692; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Recent years have seen dramatic changes in the financial structure of U.S. nonfinancial corporations, in corporate securities markets, and in corporate financing techniques. Many of these changes have been associated with the wave of mergers, acquisitions,and other corporate restructurings during the last half of the 1980s. This article explores restructurings and corporate financial developments, corporate balance sheets and profitability, and the implications of shifts in the relative importance of various debt instruments in financing business activity.
KW  - Business Finance          5210
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238692&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Canner, Glenn B.
AU  - Luckett, Charles A.
AU  - Durkin, Thomas A.
AD  - Federal Reserve System
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Mortgage Refinancing
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 604
EP  - 612
SN  - 00149209
N1  - Accession Number: 0238693; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - This article focuses on mortgage refinancing, particularly as it is used to tap accumulated home equity. To the extent possible, the article draws comparisons between those who increase their net borrowing by refinancing and those who do so through the use of home equity loans. Most of the material regarding refinancings presented is drawn from a consumer survey sponsored by the Federal Reserve Board in mid-1989.
KW  - Mortgage Market          3152
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238693&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Small Business, June 6, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 615
EP  - 618
SN  - 00149209
N1  - Accession Number: 0238694; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - John P. LaWare, Member, Board of Governors, discusses credit availability to small businesses, including concerns that the supervisory or examination process, itself, may be contributing to reduced credit for certain sectors or regions of the country, and says that a slowdown in lending in certain markets seems entirely warranted given current economic conditions and the need for some leaders to strengthen underwriting standards in light of higher levels of loan losses, before the House Committee on Small Business, June 6, 1990.
KW  - Commercial Banking          3120
KW  - Business Credit          3153
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238694&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AU  - Kelley, Edward W., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, June 14, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 619
EP  - 629
SN  - 00149209
N1  - Accession Number: 0238695; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Wayne D. Angell and Edward W. Kelley, Jr., Members, Board of Governors, discuss and review the Federal Reserve System's expenses and budget for 1990, including the Board's budget and major initiatives and the Reserve Bank budgets and System initiatives, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs, June 14, 1990.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238695&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, June 21, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 629
EP  - 632
SN  - 00149209
N1  - Accession Number: 0238696; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - Alan Greenspan, Chairman, Board of Governors, discusses the issue of credit availability and its effects on the health of the economy and says that the Federal Reserve has found that lenders have tightened their standards in certain sectors and locales but that there has not been a broad-based squeeze on credit, before the Senate Committee on Banking, Housing, and Urban Affairs, June 21, 1990.
KW  - Credit to Business, Consumer, etc. (including mortgages): General          3150
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238696&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Taylor, William
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Banking, Finance and Urban Affairs, June 22, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/08//
VL  - 76
IS  - 8
SP  - 632
EP  - 637
SN  - 00149209
N1  - Accession Number: 0238697; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - William Taylor, Staff Director, division of Banking Supervision and Regulation, Board of Governors, reviews the condition of Texas banks and their ability to meet the existing and potential credit demand of the Texas economy and says that there are adequately capitalized banks and lending institutions in Texas and elsewhere that have the capacity to make sound loans for economically viable business purposes, in Houston, Texas, before the House Committee on Banking, Finance and Urban Affairs, June 22, 1990.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238697&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Keleher, Robert E.
AD  - Federal Reserve System
T1  - The Use of Market Price Data in the Formulation of Monetary Policy
JO  - Business Economics
JF  - Business Economics
Y1  - 1990/07//
VL  - 25
IS  - 3
SP  - 36
EP  - 40
SN  - 0007666X
N1  - Accession Number: 0233382; Publication Type: Journal Article; Update Code: 199012
N2  - After describing the current policy dilemma facing monetary authorities and some clues to its resolution, the paper briefly outlines a market price approach to monetary policymaking. The philosophy and advantages of using price data are described as is the growing evidence in support of these market price indicators. The notion that the relevant price indicators should be used in conjunction with one another to minimize the probability of policy error is emphasized. Reasons why the approach may not receive strong empirical support are detailed.
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
L3  - http://www.palgrave-journals.com/be/archive/index.html
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0233382&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/be/archive/index.html
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AU  - Taylor, John B.
AD  - Federal Reserve System
AD  - Council of Economic Advisers
T1  - Solving Stochastic Equilibrium Models with the Extended Path Method
JO  - Economic Modelling
JF  - Economic Modelling
Y1  - 1990/07//
VL  - 7
IS  - 3
SP  - 251
EP  - 257
SN  - 02649993
N1  - Accession Number: 0238527; Publication Type: Journal Article; Update Code: 199103
N2  - This paper demonstrates that the extended path algorithm of Fair and Taylor can be used to solve the class of asset pricing models introduced by Lucas. The paper begins by describing the application of the extended path method to capital asset pricing. Next, the numerical solution is shown to converge to the true solution as the forecast horizon and the numbe of stochastic draws are increased. Finally, the method is used to solve a specific functional form of the model in order to test for accuracy and computational intensity.
KW  - Mathematical Methods and Models--Computational Techniques          2134
KW  - Construction, Analysis, and Use of Econometric Models          2120
L3  - http://www.sciencedirect.com/science/journal/02649993
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238527&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/02649993
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duca, John V.
AU  - McLaughlin, Mary M.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Developments Affecting the Profitability of Commercial Banks
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/07//
VL  - 76
IS  - 7
SP  - 477
EP  - 499
SN  - 00149209
N1  - Accession Number: 0234199; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - The profitability of U.S.-chartered insured commercial banks declined in 1989 after rebounding in 1988 mainly because banks increased loss provisions. Despite the decline in profitability, dividends paid as a share of assets continued at high levels.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234199&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, May 14, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/07//
VL  - 76
IS  - 7
SP  - 507
EP  - 512
SN  - 00149209
N1  - Accession Number: 0234201; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Alan Greenspan, Chairman, Board of Governors, describes the global environment in which U.S. financial firms are likely to be operating over the foreseeable future; assesses how well U.S. banks are competing in the new globally competitive setting; and then discusses some policy implications, before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, May 14, 1990. (Chairman Greenspan presented similar testimony before the Task Force on the International Competitiveness of the U.S. Financial Institutions, Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, April 4, 1990.)
KW  - Commercial Banking          3120
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234201&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - LaWare, John P.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Banking, Housing, and Urban Affairs, May 16, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/07//
VL  - 76
IS  - 7
SP  - 512
EP  - 517
SN  - 00149209
N1  - Accession Number: 0234202; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - John P. LaWare, Member, Board of Governors, reports on the Federal Reserve System's ongoing programs to ensure equal access to housing credit and to promote private sector reinvestment in low and moderate income communities, before the Subcommittee on Consumer and regulatory Affairs of the Senate Committee on Banking, Housing, and Urban Affairs, May 16, 1990.
KW  - Mortgage Market          3152
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234202&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Farnsworth, Clyde H., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, May 18, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/07//
VL  - 76
IS  - 7
SP  - 517
EP  - 519
SN  - 00149209
N1  - Accession Number: 0234203; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Clyde H. Farnsworth, Jr., Director, Division of Federal Reserve Bank Operations, Board of Governors, comments on proposed legislation related to money laundering and says that the Federal Reserve places a high priority on supporting efforts to attack the laundering of proceeds from illegal activities, before the Senate Committee on Banking, Housing, and Urban Affairs, May 18, 1990.
KW  - Economics of Law and Crime          9160
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234203&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, May 24, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/07//
VL  - 76
IS  - 7
SP  - 519
EP  - 523
SN  - 00149209
N1  - Accession Number: 0234204; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Chairman Greenspan discusses issues involving the regulation of securities markets and says that some changes to the existing regulatory system for financial futures are necessary to avoid the prospect that jurisdictional disputes among regulators will impede innovation in our financial markets, but consolidation of jurisdiction is not necessary to achieve this objective, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, May 24, 1990.
KW  - Capital Markets--Empirical Studies, Including Regulation          3132
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234204&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Sharpe, Steven A.
AD  - U PA
AD  - Federal Reserve System
T1  - Post-deregulation Bank-Deposit-Rate Pricing: The Multivariate Dynamics
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1990/07//
VL  - 8
IS  - 3
SP  - 281
EP  - 291
SN  - 07350015
N1  - Accession Number: 0234581; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - The relationship between wholesale and retail interest rates since deregulation is of substantial interest to economists and policymakers, because the predictability of the monetary aggregates and their relationship to bank reserves depend on adjustment patterns in the wholesale and retail monetary markets. We provide evidence on the nature of wholesale-retail interest rate relationships by examining the dynamic interactions among two wholesale interest rates (federal funds and six-month treasury bills) and three retail deposit rates (six-month consumer certificates of deposit, money market deposit accounts, and super NOW's). We perform a multivariate time series analysis, with particular attention paid to a causal patterns and the shapes of impulse response functions. A number of stylized facts, related to size of adjustment, speed of adjustment, and pattern of adjustment, are established for the response of retail rates to unanticipated shocks in wholesale rates.
KW  - Commercial Banking          3120
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234581&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Braun, Steven N.
AD  - Federal Reserve System and OECD
T1  - Estimation of Current-Quarter Gross National Product by Pooling Preliminary Labor-Market Data
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1990/07//
VL  - 8
IS  - 3
SP  - 293
EP  - 304
SN  - 07350015
N1  - Accession Number: 0234582; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Two methods of using labor-market data as indicators of contemporaneous gross national product (GNP) are developed. The establishment survey data are used by inverting a partial-adjustment equation for hours. A second GNP forecast can be extracted from the household survey by using Okun's law. Using preliminary rather than final data adds about .2 to .4 percentage points to the expected value of the root mean squared errors and changes the weights that the pooling procedures assigns to the two forecasts. The use of preliminary rather than final data results in a procedure that assigns more importance to the Okun's-law forecast.
KW  - National Income Accounts          2212
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234582&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AU  - Burke, Jim
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Economic and Political Foundations of Section 7 Enforcement in the 1980's
JO  - Antitrust Bulletin
JF  - Antitrust Bulletin
Y1  - 1990///Summer
VL  - 35
IS  - 2
SP  - 373
EP  - 446
SN  - 0003603X
N1  - Accession Number: 0238044; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
KW  - Public Policy Towards Monopoly and Competition          6120
KW  - Economics of Law and Crime          9160
L3  - http://www.federallegalpublications.com/antitrust-bulletin/all
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238044&site=ehost-live&scope=site
UR  - http://www.federallegalpublications.com/antitrust-bulletin/all
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Raddock, Richard D.
AD  - Federal Reserve System
T1  - Recent Developments in Industrial Capacity and Utilization
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/06//
VL  - 76
IS  - 6
SP  - 411
EP  - 435
SN  - 00149209
N1  - Accession Number: 0234196; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - The Federal Reserve has revised and restructured its estimates of industrial capacity and utilization. This article presents the new estimates, reviews capacity developments by sector, and discusses the evolution, the methodology, and the new structure of the measures.
KW  - Economic Capacity          6410
KW  - Industry Studies--Manufacturing--General          6310
KW  - Productivity Studies: Labor, Capital, and Total Factor          8250
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234196&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Task Force on the International Competitiveness of the U.S. Financial Institutions, Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, April 4, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/06//
VL  - 76
IS  - 6
SP  - 439
EP  - 443
SN  - 00149209
N1  - Accession Number: 0234197; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Alan Greenspan, Chairman, Board of Governors, describes the global environment in which U.S. financial firms are likely to be operating over the foreseeable future; assesses how well U.S. banks are competing in the new globally competitive setting; and then discusses some policy implications, before the Task Force on the International Competitiveness of U.S. Financial Institutions, Subcommittee on Financial Institutions of the House Committee on Banking, Finance and Urban Affairs, April 4, 1990.
KW  - Commercial Banking          3120
KW  - Capital Markets--Empirical Studies, Including Regulation          3132
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234197&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Johnson, Manuel H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, April 4, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/06//
VL  - 76
IS  - 6
SP  - 444
EP  - 447
SN  - 00149209
N1  - Accession Number: 0234198; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Manuel H. Johnson, Vice Chairman, Board of Governors, presents the views of the Board on the implications of the decision of the U.S. Court of Appeals upholding the Board's order in the MERCHANTS NATIONAL case and says that the board believes that it has correctly interpreted the Bank Holding Company Act in the MERCHANTS NATIONAL case in determining that the nonbanking restrictions of that act do not apply to the direct activities of holding company subsidiary banks, before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, April 4, 1990.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234198&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Simon, David P.
AD  - Federal Reserve System
T1  - Expectations and the Treasury Bill-Federal Funds Rate Spread over Recent Monetary Policy Regimes
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1990/06//
VL  - 45
IS  - 2
SP  - 467
EP  - 477
SN  - 00221082
N1  - Accession Number: 0234909; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This paper shows that the spread between the three-month Treasury bill and the federal funds rate has significant predictive power for the future change in the federal funds rate during the volatile nonborrowed reserves operating regime, but it has less and no predictive power during the borrowed reserves regime and the federal funds targeting regime, respectively. These findings suggest that Treasury bill rates forecast future federal funds rates most accurately when the Federal Reserve follows a well-defined rule that does not smooth the impact of shocks on the federal funds rate.
KW  - Capital Markets Empirical Studies, Including Regulation          3132
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234909&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
AD  - U PA
AD  - Federal Reserve System
T1  - A Nonparametric Investigation of Duration Dependence in the American Business Cycle
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1990/06//
VL  - 98
IS  - 3
SP  - 596
EP  - 616
SN  - 00223808
N1  - Accession Number: 0235159; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Does the termination probability of a business expansion or contraction increase with age? This question may be formally addressed by analyzing the nature of duration dependence in aggregate economic activity. The author's null hypothesis is that there is no duration dependence, which they test via intentionally nonparametric procedures. They also argue that a common notion of business cycle periodicity can be usefully interpreted in terms of whole-cycle duration dependence. The authors find some evidence for duration dependence in whole cycles and in prewar expansions, but little evidence elsewhere.
KW  - Economic Fluctuations Studies          1313
L3  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0235159&site=ehost-live&scope=site
UR  - http://www.jstor.org/action/showPublication?journalCode=jpoliecon
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - U.S. International Transactions in 1989
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 267
EP  - 279
SN  - 00149209
N1  - Accession Number: 0234189; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - In 1989, for the second year in a row, the U.S. current account deficit narrowed, falling to $104 billion (excluding capital gains and losses). The trade deficit also fell, to $113 billion. However, the pace of improvements slowed noticeably during the year. The question for the year ahead is whether the recent slowing merely interrupts a longer-term improving trend or signals a more lasting reversal of current account adjustment.
KW  - Trade Relations          4210
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234189&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Liang, J. Nellie
AU  - Savage, Donald T.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Nonbank Activities of Bank Holding Companies
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 280
EP  - 292
SN  - 00149209
N1  - Accession Number: 0234190; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This article uses 1988 data from two relatively new reporting forms to describe the extent of the nonbank activities of bank holding companies and the contribution of nonbank subsidiaries to the financial condition of bank holding companies. It also provides some historical background on these nonbank activities.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234190&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Economic and Commercial Law of the Committee on the Judiciary, March 1, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 301
EP  - 304
SN  - 00149209
N1  - Accession Number: 0234191; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Alan Greenspan, Chairman, Board of Governors, reviews the Federal Reserve's role in the developments surrounding the recent decision of Drexel Burnham Lambert to liquidate its operations and offers his views on some issues that have emerged from the Drexel experience that might merit further consideration, before the Subcommittee on Economic and Commercial Law of the House Committee on the Judiciary, March 1, 1990.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Capital Markets--Empirical Studies, Including Regulation          3132
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234191&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Consumer and Regulatory Affairs of the Committee on Banking, Housing, and Urban Affairs, March 1, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 304
EP  - 308
SN  - 00149209
N1  - Accession Number: 0234192; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Wayne D. Angell, Member, Board of Governors, discusses the effects of the Expedited Funds Availability Act on depository institutions and on their customers, before the Subcommittee on Consumer and Regulatory Affairs of the Senate Committee on Banking, Housing, and Urban Affairs, March 1, 1990.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234192&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Farnsworth, Clyde H., Jr.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance and Urban Affairs, March 8, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 308
EP  - 312
SN  - 00149209
N1  - Accession Number: 0234193; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Clyde H. Farnsworth, Jr., Director, Division of Federal Reserve Bank Operations, comments on proposed legislation related to money laundering, before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Finance and Urban Affairs, March 8, 1990.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234193&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Johnson, Manuel H.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance and Urban Affairs, March 19, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 312
EP  - 319
SN  - 00149209
N1  - Accession Number: 0234194; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Manuel H. Johnson, Vice Chairman, Board of Governors, presents the views of the Board on the report of the General Accounting Office on the activities of securities subsidiaries of bank holding companies and says that the study concurs in the overall initial approach taken by the board, before the Subcommittee on General Oversight and Investigations of the House Committee on Banking, Finance and Urban Affairs, March 19, 1990.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234194&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, March 29, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/05//
VL  - 76
IS  - 5
SP  - 319
EP  - 323
SN  - 00149209
N1  - Accession Number: 0234195; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Chairman Greenspan discusses major issues involving the regulation of securities markets, including the appropriate level of margins for stock index futures and the need for federal authority over such margins, existing impediments to innovation, and whether there is a need to modify the existing regulatory system for stocks and stock derivatives, before the Subcommittee on Securities of the Senate Committee on Banking, Housing, and Urban Affairs, March 29, 1990.
KW  - Capital Markets--General          3130
KW  - Economics of Regulation          6190
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234195&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Duca, John V.
AU  - Vanhoose, David D.
T1  - Loan Commitments and Optimal Monetary Policy.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1990/05//
VL  - 22
IS  - 2
M3  - Article
SP  - 178
EP  - 194
PB  - Ohio State University Press
SN  - 00222879
AB  - The article examines the impact of commitment lending on the optimal conduct of monetary policy. The article discusses how increased commitment lending affects the optimal conduct of monetary policy when the central bank uses an interest-rate-based transmission mechanism. The article investigates the response of an optimal combination policy to variations in the proportion of bank lending under commitments. The article models the choice between traditional fixed-rate loans and floating-rate commitment loans. The models are then used to determine the share of bank loans that are negotiated as commitments.
KW  - MONETARY policy
KW  - CENTRAL banking industry
KW  - INTEREST rates
KW  - LOANS
KW  - FIXED interest rates
KW  - TRANSMISSION mechanism (Monetary policy)
N1  - Accession Number: 5156446; Duca, John V. 1; Vanhoose, David D. 2; Affiliations: 1: Economist Division of Monetary Affairs, Board of Governors Federal Reserve System; 2: Assistant Professor of Economics, Indiana University; Issue Info: May90, Vol. 22 Issue 2, p178; Thesaurus Term: MONETARY policy; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: INTEREST rates; Thesaurus Term: LOANS; Thesaurus Term: FIXED interest rates; Subject Term: TRANSMISSION mechanism (Monetary policy); NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 17p; Illustrations: 3 Graphs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5156446&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Feltenstein, Andrew
AU  - Lebow, David
AU  - van Wijnbergen, Sweder
AD  - U KS
AD  - Federal Reserve System
AD  - World Bank
T1  - Savings, Commodity Market Rationing, and the Real Rate of Interest in China
JO  - Journal of Money, Credit, and Banking
JF  - Journal of Money, Credit, and Banking
Y1  - 1990/05//
VL  - 22
IS  - 2
SP  - 234
EP  - 252
SN  - 00222879
N1  - Accession Number: 0239591; Geographic Descriptors: China; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199103
N2  - This paper uses an intertemporal, disequilibrium framework to analyze the rapid increase in personal savings that has taken place in China since 1979. A theoretical model of savings behavior under rationing is developed, and a specification of a "virtual" price index is derived. The virtual price index is then used to estimate certain savings functions, and is found to explain the data better than official price indices. When savings are allowed to depend on real interest rates, defined in terms of the virtual price index, a negative and significant interest rate effect on consumption is found. Using official prices these results no longer hold.
KW  - Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies          9211
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0239591&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291538-4616/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Keleher, Robert E.
AD  - Federal Reserve System
T1  - Monetarism and the Use of Market Prices as Monetary Policy Indicators
JO  - Contemporary Policy Issues
JF  - Contemporary Policy Issues
Y1  - 1990/04//
VL  - 8
IS  - 2
SP  - 36
EP  - 49
SN  - 07350007
N1  - Accession Number: 0233606; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
KW  - Domestic Monetary Theory and Policy          3110
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0233606&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Armitage, Kenneth
AU  - Tranum, Dixon A.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Industrial Production: 1989 Developments and Historical Revision
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/04//
VL  - 76
IS  - 4
SP  - 187
EP  - 204
SN  - 00149209
N1  - Accession Number: 0234183; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - The Federal Reserve Board has completed the first comprehensive revision since 1985 of its index of industrial production, which now uses 1987 instead of 1977 as its reference period. This article reviews the recent performance of the industrial sector in light of the new data; presents highlights of the revision; and discusses areas in which the new estimates have shown changes in industrial production trends over the past thirteen years.
KW  - Industry Studies--General          6300
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234183&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Angell, Wayne D.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, February 21, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/04//
VL  - 76
IS  - 4
SP  - 211
EP  - 215
SN  - 00149209
N1  - Accession Number: 0234185; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Wayne D. Angell, Member, Board of Governors, discusses issues related to the security of electronic funds transfer systems for large-dollar value transactions, before the Subcommittee on Telecommunications and Finance of the House Committee on Energy and Commerce, February 21, 1990.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234185&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, February 22, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/04//
VL  - 76
IS  - 4
SP  - 215
EP  - 222
SN  - 00149209
N1  - Accession Number: 0234186; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Alan Greenspan, Chairman, Board of Governors, in conjunction with the Monetary Policy Report to the Congress, discusses monetary policy actions and plans in the context of both the current and projected state of the economy and longer-term objectives and the strategy for achieving them; he also addresses some issues raised by the increasingly international character of financial markets, before the Senate Committee on Banking, Housing, and Urban Affairs, February 22, 1990. (Chairman Greenspan presented similar testimony before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs, February 20, 1990.)
KW  - General Outlook          1330
KW  - Exchange Rates and Markets--Theory and Studies          4314
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234186&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Senate Committee on Finance, February 27, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/04//
VL  - 76
IS  - 4
SP  - 222
EP  - 226
SN  - 00149209
N1  - Accession Number: 0234187; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Chairman Greenspan discusses recent proposals to return social security to a pay-as-you-go basis and to move its finances off budget and says that he is concerned that these proposals, if enacted, would hamper the efforts needed to meet our longer-term fiscal responsibilities and to provide for the needs of an aging population in a way that is equitable across generations, before the Senate Committee on Finance, February 27, 1990.
KW  - Social Security          9150
KW  - Fiscal Policy          3216
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234187&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on the Budget, February 28, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/04//
VL  - 76
IS  - 4
SP  - 226
EP  - 230
SN  - 00149209
N1  - Accession Number: 0234188; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - Chairman Greenspan reviews some of the main themes of the Monetary Policy Report to the Congress and some specific budgetary issues, including the proposals to return the social security system to a pay-as-you-go basis or to move social security off budget, and says that he hopes that the Congress will give special attention to the long-run needs of the economy in its deliberations on the budget, before the House Committee on the Budget, February 28, 1990.
KW  - General Outlook          1330
KW  - Social Security          9150
KW  - Fiscal Policy          3216
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234188&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Swamy, Paravastu A. V. B.
AU  - Kolluri, Bharat R.
AU  - Singamsetti, Rao N.
AD  - Federal Reserve System
AD  - U Hartford
AD  - U Hartford
T1  - What Do Regressions of Interest Rates on Deficits Imply?
JO  - Southern Economic Journal
JF  - Southern Economic Journal
Y1  - 1990/04//
VL  - 56
IS  - 4
SP  - 1010
EP  - 1028
SN  - 00384038
N1  - Accession Number: 0236119; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - In this paper, John W. Pratt and Robert Schlaifer's statistical methodology is used to investigate the effect of federal deficits on interest rates. This methodology is different from the conventional econometric methodology. The results of this paper show that federal deficits have additional predictive power for the (three-month) Treasury bill rate beyond that of current and lagged inflation rates and current M1 growth. However, the relationship between the Treasury bill rate and federal deficits is not stable and it may not produce improved forecasts of the out-of-sample values of the Treasury bill rate unless its coefficients are allowed to vary over time.
KW  - Construction, Analysis, and Use of Econometric Models          2120
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - National Government Budgeting and Deficits          3226
L3  - http://journal.southerneconomic.org/loi/soec
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0236119&site=ehost-live&scope=site
UR  - http://journal.southerneconomic.org/loi/soec
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Vella, Frank
AU  - Collins, Sean
AD  - U Rochester
AD  - Federal Reserve System
T1  - The Value of Youth: Equalizing Age Differentials in Marriages
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1990/03//
VL  - 22
IS  - 3
SP  - 359
EP  - 373
SN  - 00036846
N1  - Accession Number: 0230298; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
KW  - Demographic Economics          8410
L3  - http://www.tandfonline.com/loi/raec20
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0230298&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/raec20
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. House Committee on Ways and Means, January 25, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 124
EP  - 128
SN  - 00149209
N1  - Accession Number: 0231024; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, analyzes the long-run implications of foreign investment in the United States, before the House Committee on Ways and Means, January 25, 1990.
KW  - International Business and Multinational Enterprises          4420
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231024&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
AD  - Federal Reserve System
T1  - Statement to the U.S. Congress Joint Economic Committee, January 30, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 128
EP  - 131
SN  - 00149209
N1  - Accession Number: 0231025; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - Chairman Greenspan discusses the current state of the economy and says that the imbalances and dislocations that are evident probably do not suggest anything more than a temporary hesitation in the continuing expansion of the economy, before the Joint Economic Committee of the Congress, January 30, 1990.
KW  - General Outlook          1330
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231025&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Corrigan, E. Gerald
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, February 6, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 132
EP  - 135
SN  - 00149209
N1  - Accession Number: 0231026; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - E. Gerald Corrigan, President, Federal Reserve Bank of New York, says that the U.S. economy would perform better, U.S. citizens would be better off, and the international competitiveness of the United States would improve in a setting in which the goals of this resolution were achieved.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231026&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hoskins, W. Lee
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, February 6, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 135
EP  - 142
SN  - 00149209
N1  - Accession Number: 0231027; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - W. Lee Hoskins, President, Federal Reserve Bank of Cleveland, says that this resolution wisely directs the Federal Reserve to place price stability above other economic goals because price stability is the most important contribution the Federal Reserve can make to achieve full employment and maximum sustainable growth.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231027&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Black, Robert P.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, February 6, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 142
EP  - 146
SN  - 00149209
N1  - Accession Number: 0231028; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - Robert P. Black, President, Federal Reserve Bank of Richmond, says that passage of the resolution by the Congress would significantly improve the overall framework in which monetary policy is conducted and increase the chances of achieving price stability and steady economic growth in the years ahead.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231028&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Parry, Robert T.
AD  - Federal Reserve System
T1  - Statement to the U.S. House Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, February 6, 1990
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/03//
VL  - 76
IS  - 3
SP  - 146
EP  - 150
SN  - 00149209
N1  - Accession Number: 0231029; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - Robert T. Parry, President, Federal Reserve Bank of San Francisco, says that Federal Reserve officials have made it clear that achieving price stability is the long-term goal of the System and that H. J. Res. 409 would assist the Federal Reserve in pursuing a credible and consistent anti-inflation policy by providing a statement from the Congress that the Federal Reserve should focus primarily on achieving that one attainable goal within a specified period of time.
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231029&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Campos, Julia
AU  - Ericsson, Neil R.
AU  - Hendry, David F.
AD  - Central Bank of Venezuela
AD  - Federal Reserve System
AD  - U Oxford
T1  - An Analogue Model of Phase-Averaging Procedures
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1990/03//
VL  - 43
IS  - 3
SP  - 275
EP  - 292
N1  - Accession Number: 0231461; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199009
N2  - This paper analyzes the statistical and econometric effects that fixed n-period phase-averaging has on time series generated by some simple dynamic processes. We focus on the variance and autocorrelation of the data series and of the disturbance term for levels and difference equations involving the phase-average data. Further, we consider the effect of phase-averaging on the exogeneity of variables in those evaluations and the implications phase-averaging has for conducting statistical inference.
KW  - Time Series and Spectral Analysis          2116
L3  - http://www.sciencedirect.com/science/journal/03044076
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231461&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/03044076
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rose, John T.
AU  - Wolken, John D.
AD  - Baylor U
AD  - Federal Reserve System
T1  - Geographic Diversification in Banking, Market Share Changes, and the Viability of Small Independent Banks
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1990/03//
VL  - 4
IS  - 1
SP  - 5
EP  - 20
SN  - 09208550
N1  - Accession Number: 0234968; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
KW  - Commercial Banking          3120
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234968&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Wolken, John D.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - Market Definition and Product Segmentation for Household Credit
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1990/03//
VL  - 4
IS  - 1
SP  - 21
EP  - 35
SN  - 09208550
N1  - Accession Number: 0234969; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This article integrates several basic theoretical ideas on the nature of markets and product substitutability to develop an empirical method for defining markets using price data. The method is illustrated by an example of product market definition for a specific geographic area.
KW  - Consumer Finance          3151
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234969&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stekler, Lois E.
AU  - Helkie, William L.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Servicing Burden of U.S. International Indebtedness: A Model Simulation Analysis
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1990///Spring
VL  - 12
IS  - 1
SP  - 1
EP  - 28
SN  - 01618938
N1  - Accession Number: 0239649; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
KW  - International Lending and Aid (Public)          4430
KW  - Forecasting; Econometric Models--General          1320
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0239649&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - The Power of Collective Purse Strings.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1990///Spring1990
VL  - 5
IS  - 1
M3  - Book Review
SP  - 183
EP  - 184
SN  - 0889938X
AB  - Reviews the book "The Power of Collective Purse Strings," by Davita Silfen Glasberg.
KW  - BANKING industry
KW  - NONFICTION
KW  - GLASBERG, Davita Silfen
KW  - POWER of Collective Purse Strings, The (Book)
N1  - Accession Number: 17082627; Rhoades, Stephen A. 1; Affiliations: 1: Financial Structure Section, Board of Governors of the Federal Reserve System.; Issue Info: Spring1990, Vol. 5 Issue 1, p183; Thesaurus Term: BANKING industry; Subject Term: NONFICTION; Reviews & Products: POWER of Collective Purse Strings, The (Book); NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; People: GLASBERG, Davita Silfen; Number of Pages: 2p; Document Type: Book Review
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17082627&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Duca, John V.
AD  - Federal Reserve System
T1  - The Impact of Mortgage Activity on Recent Demand Deposit Growth
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1990/02//
VL  - 32
IS  - 2
SP  - 157
EP  - 161
SN  - 01651765
N1  - Accession Number: 0230788; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - This study quantifies the substantial effects of mortgage activity on recent demand deposit growth, and finds that estimates and forecasts of recent demand deposit growth are considerably more accurate using data adjusted for mortgage activity.
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Mortgage Market          3152
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0230788&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Terrell, Henry S.
AU  - Dohner, Robert S.
AU  - Lowrey, Barbara R.
AD  - Federal Reserve System
AD  - Stanford U
AD  - Federal Reserve System
T1  - The Activity of Japanese Banks in the United Kingdom and in the United States, 1980-88
JO  - Federal Reserve Bulletin
JF  - Federal Reserve Bulletin
Y1  - 1990/02//
VL  - 76
IS  - 2
SP  - 39
EP  - 50
SN  - 00149209
N1  - Accession Number: 0231023; Geographic Descriptors: U.K.; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - A large proportion of the international assets of Japanese banks are at their branches in the United Kingdom and their agency and branch offices in the United States. This article focuses on the activities of Japanese banks in these two centers.
KW  - Commercial Banking          3120
L3  - http://www.federalreserve.gov/pubs/bulletin/default.htm
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231023&site=ehost-live&scope=site
UR  - http://www.federalreserve.gov/pubs/bulletin/default.htm
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Reinhart, Vincent
AD  - Federal Reserve System
T1  - Interest Rate Smoothing and Staggered Contracting
JO  - Journal of Economics and Business
JF  - Journal of Economics and Business
Y1  - 1990/02//
VL  - 42
IS  - 1
SP  - 1
EP  - 16
SN  - 01486195
N1  - Accession Number: 0239210; Publication Type: Journal Article; Update Code: 199103
N2  - We examine alternative monetary control procedures in a simple Keynesian model with staggered contracting and rational expectation. Adjusting money growth in response to movements in the real rate of interest both stabilizes and eliminates the nonuniqueness associated with a nominal interest rate peg. Staggered contracting provides irrevocably commitments that make it possible for monetary policy to have real consequences. We show that the indeterminacy of a nominal rate rule hinges on the form of that rule. A real rate feedback will always lead to a determinate solution and may have desirable stabilization features.
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Macroeconomic Theory--General          0230
L3  - http://www.sciencedirect.com/science/journal/01486195
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0239210&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01486195
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Friedman, Benjamin M.
AU  - Warshawsky, Mark J.
AD  - Harvard U
AD  - Federal Reserve System
T1  - The Cost of Annuities: Implications for Saving Behavior and Bequests
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1990/02//
VL  - 105
IS  - 1
SP  - 135
EP  - 154
SN  - 00335533
N1  - Accession Number: 0232412; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - The fact that most elderly U.S. individuals maintain a flat age-wealth profile, rather than buy individual life annuities, contradicts the standard life-cycle consumption model. Average expected yields on individual life annuities in the United States during 1968-83 were lower by 4.21-6.13 percent, or 2.43-4.35 percent after allowing for adverse selection, than yields on plausible alternative investments. Simulations of a model of saving and portfolio allocation show that, during the early retirement years, such yield differentials can account for the absence of annuity purchases even without a bequest motive. At older ages, the combination of such yield differentials and a bequest motive can do so.
KW  - Industry Studies--Services--Insurance          6356
KW  - Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies          9211
L3  - http://qje.oxfordjournals.org/content/by/year
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0232412&site=ehost-live&scope=site
UR  - http://qje.oxfordjournals.org/content/by/year
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Elliehausen, Gregory E.
AU  - Lawrence, Edward C.
T1  - DISCRIMINATION IN CONSUMER LENDING.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1990/02//
VL  - 72
IS  - 1
M3  - Article
SP  - 156
EP  - 160
PB  - MIT Press
SN  - 00346535
AB  - This paper tests for the existence of discrimination in consumer lending by finance companies in Texas before the passage of the Equal Credit Opportunity Act, The data used permit conclusions about discrimination in the market, not just in the behavior of a small number of creditors. The tests suggest that lenders did not discriminate against factors now protected by ECOA, These companies may have discriminated against single borrowers of both sexes and against widows but not married women or divorced borrowers. The results support the view that consumer credit markets as a whole were not characterized by widespread systematic discrimination. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DISCRIMINATION
KW  - LOANS
KW  - MARKETS
KW  - MARRIED women
KW  - WIDOWS
N1  - Accession Number: 4645166; Elliehausen, Gregory E. 1; Lawrence, Edward C. 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Missouri-St. Louis; Issue Info: Feb90, Vol. 72 Issue 1, p156; Thesaurus Term: DISCRIMINATION; Thesaurus Term: LOANS; Thesaurus Term: MARKETS; Subject Term: MARRIED women; Subject Term: WIDOWS; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 5p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4645166&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Marquez, Jaime
AD  - Federal Reserve System
T1  - Bilateral Trade Elasticities
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1990/02//
VL  - 72
IS  - 1
SP  - 70
EP  - 77
SN  - 00346535
N1  - Accession Number: 0235833; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 199012
N2  - This paper estimates income and price elasticities for bilateral world trade. In addition to testing the properties of the error terms, the dynamic specification, and the assumption of parameter constancy, the analysis presents the first application of the Bank Spectrum estimator to bilateral trade flows for all countries. The paper finds that bilateral trade elasticities exhibit enough of a dispersion to suggest that the direction of trade is sensitive to changes in income and prices. Using the bilateral elasticities as raw data, the analysis obtains the associated multilateral estimates and finds that they are both consistent with the literature and suitable to addressing questions involving multilateral trade. But the evidence also reveals that sole reliance on multilateral elasticities conceals valuable information for both policy applications and empirical analyses of international trade.
KW  - Trade Relations          4210
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0235833&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hannan, Timothy H.
AU  - McDowell, John M.
AD  - Federal Reserve System
AD  - AZ State U
T1  - The Impact of Technology Adoption on Market Structure
JO  - Review of Economics and Statistics
JF  - Review of Economics and Statistics
Y1  - 1990/02//
VL  - 72
IS  - 1
SP  - 164
EP  - 168
SN  - 00346535
N1  - Accession Number: 0235847; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This paper examines the impact of bank adoptions of automated teller machines (ATMS) on subsequent levels of concentration in local banking markets. The findings suggest that banks have had some success in using ATMs to attract customers from competitors. As a consequence, technology adoption's impact on market structure depends upon whether it is the larger or smaller firms within the market that adopt the new technology. Large firm adoptions increase concentration levels, while small firm adoptions tend to reduce them. The evidence also suggest that a state of structural disequilibrium seems to be characteristic of banking markets.
KW  - Commercial Banking          3120
L3  - http://www.mitpressjournals.org/loi/rest
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0235847&site=ehost-live&scope=site
UR  - http://www.mitpressjournals.org/loi/rest
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Rausser, Gordon C.
AU  - Rose, Marjorie B.
AU  - Irwin, Douglas A.
AD  - USAID, Washington, DC
AD  - IMF
AD  - Federal Reserve System
A2  - Goldin, Ian
A2  - Knudsen, Odin
T1  - World Commodity Prices: The Role of External Debt and Industrial Country Policies
T2  - Agricultural trade liberalization: Implications for developing countries
PB  - Paris:
PB  - Organisation for Economic Co-operation and Development;
PB  - Washington, D.C.:
PB  - World Bank
Y1  - 1990///
SP  - 415
EP  - 445
N1  - Accession Number: 0281564; Reviewed Book ISBN: 0-8213-1527-7 (pbk); ; Geographic Descriptors: OECD; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Agricultural Policy, Domestic and International          7130
KW  - Agricultural Supply and Demand Analysis          7110
KW  - International Lending and Aid (Public)          4430
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281564&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Hoshi, Takeo
AU  - Kashyap, Anil K.
AU  - Scharfstein, David S.
AD  - U CA, San Diego
AD  - Federal Reserve System
AD  - MIT
A2  - Hubbard, R. Glenn
T1  - Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships
T2  - Asymmetric information, corporate finance, and investment
PB  - A National Bureau of Economic Research Project Report
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1990///
SP  - 105
EP  - 126
N1  - Accession Number: 0282127; Reviewed Book ISBN: 0-226-35585-3; ; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Commercial Banking          3120
KW  - Market Structure: Industrial Organization and Corporate Strategy          6110
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0282127&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Bernanke, Ben S.
AU  - Campbell, John Y.
AU  - Whited, Toni M.
AD  - Princeton U
AD  - Princeton U
AD  - Federal Reserve System
T1  - U.S. Corporate Leverage: Developments in 1987 and 1988
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1990///
IS  - 1
SP  - 255
EP  - 278
SN  - 00072303
N1  - Accession Number: 0238161; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199103
N2  - This report updates the authors' earlier Brookings Panel paper on U.S. corporate leverage. They find that leverage stabilized overall in 1987-88, though it increased among firms that were already highly levered and in cyclically sensitive durable goods industries. U.S. corporations remain financially vulnerable to a cyclical downturn. At the industry level, the authors find no evidence for the theory that higher leverage increases total factor productivity.
KW  - Business Finance          5210
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0238161&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Hooper, Peter
AD  - Federal Reserve System
T1  - U.S. Current Account Adjustment: An Appraisal: Comments
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1990///
IS  - 2
SP  - 383
EP  - 387
SN  - 00072303
N1  - Accession Number: 0244644; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
L3  - http://www.brookings.edu/about/projects/bpea/past-editions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0244644&site=ehost-live&scope=site
UR  - http://www.brookings.edu/about/projects/bpea/past-editions
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Volcker, Paul A.
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - The Role of Central Banks
T2  - Central banking issues in emerging market-oriented economies: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 23-25, 1990
PB  - Symposium Series
PB  - Kansas City, Mo.:
PB  - Author
Y1  - 1990///
SP  - 1
EP  - 8
N1  - Accession Number: 0281021; Geographic Descriptors: U.S.S.R.; E. Europe; Geographic Region: Asia; Europe; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281021&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Central Banking Issues in Emerging Market-Oriented Economies: A Symposium Sponsored by the Federal Reserve Bank of Kansas City: Overview
T2  - Central banking issues in emerging market-oriented economies: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 23-25, 1990
PB  - Symposium Series
PB  - Kansas City, Mo.:
PB  - Author
Y1  - 1990///
SP  - 177
EP  - 182
N1  - Accession Number: 0281045; Geographic Descriptors: U.S.S.R.; E. Europe; Geographic Region: Asia; Europe; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Economic Planning Policy          1136
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Socialist and Communist Economic Systems          0520
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281045&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Goldfeld, Stephen M.
AU  - Sichel, Daniel E.
AD  - Princeton U
AD  - Federal Reserve System
A2  - Friedman, Benjamin M.
A2  - Hahn, Frank H.
T1  - The Demand for Money
T2  - Handbook of monetary economics. Volume 1
PB  - Handbooks in Economics, no. 8
PB  - Amsterdam; Oxford and Tokyo:
PB  - North-Holland; distributed in the U.S. and Canada by Elsevier Science, New York
Y1  - 1990///
SP  - 299
EP  - 356
N1  - Accession Number: 0281326; Reviewed Book ISBN: 0-444-88025-9; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281326&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Stoll, Hans R.
T1  - International Economic Policy: The Role of Exchange Rates
T2  - International finance and financial policy
PB  - Foreword by Paul A. Volcker
PB  - Westport, Conn. and London:
PB  - Greenwood, Quorum Books
Y1  - 1990///
SP  - 95
EP  - 101
N1  - Accession Number: 0285002; Reviewed Book ISBN: 0-89930-555-5; ; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Exchange Rates and Markets--Theory and Studies          4314
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
KW  - Commercial Policy          4220
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0285002&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Stekler, Lois E.
AD  - Federal Reserve System
A2  - Branson, William H.
A2  - Frenkel, Jacob A.
A2  - Goldstein, Morris
T1  - Adequacy of International Transactions and Position Data for Policy Coordination
T2  - International policy coordination and exchange rate fluctuations
PB  - A National Bureau of Economic Research Conference Report
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1990///
SP  - 347
EP  - 371
N1  - Accession Number: 0279931; Reviewed Book ISBN: 0-226-07141-3; ; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Exchange Rates and Markets--Theory and Studies          4314
KW  - International Monetary Arrangements          4320
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0279931&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Terrell, Henry S.
AD  - Federal Reserve System
A2  - Goodhart, Charles A. E.
A2  - Sutija, George
T1  - Japan's Banking Regulation: Current Policy Issues: Comment
T2  - Japanese financial growth
PB  - New York:
PB  - New York University Press; distributed by Columbia University Press
Y1  - 1990///
SP  - 52
EP  - 56
N1  - Accession Number: 0281595; Reviewed Book ISBN: 0-8147-3035-3; ; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Commercial Banking          3120
KW  - Capital Markets--Empirical Studies, Including Regulation          3132
KW  - Economics of Regulation          6190
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281595&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Coleman, II, Wilbur John
T1  - Solving the Stochastic Growth Model by Policy-Function Iteration.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1990/01//
VL  - 8
IS  - 1
M3  - Article
SP  - 27
EP  - 29
SN  - 07350015
AB  - This article describes a computer algorithm that solves the stochastic growth model by iterating on a fixed-point equation in the decision rule determining consumption as a function of the state variables. This algorithm does not discretize the state space, but rather it preserves the continuous domain of the capital stock and the productivity shock. The main advantage of this algorithm is that it is based on a Euler equation and thus it has a straightforward generalization to dynamic economies that cannot be solved by a central planner, such as a non-Pareto optimal competitive economy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC development -- Mathematical models
KW  - CAPITAL contributions
KW  - STOCKHOLDERS equity
KW  - PREFERRED stocks
KW  - CAPITAL stock
KW  - CONSUMPTION (Economics)
KW  - Algorithm
KW  - Bilinear interpolation
KW  - Decision rule
KW  - Dynamic model
KW  - Quadrature
N1  - Accession Number: 5823774; Coleman, II, Wilbur John 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Jan1990, Vol. 8 Issue 1, p27; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: CAPITAL contributions; Thesaurus Term: STOCKHOLDERS equity; Thesaurus Term: PREFERRED stocks; Thesaurus Term: CAPITAL stock; Thesaurus Term: CONSUMPTION (Economics); Author-Supplied Keyword: Algorithm; Author-Supplied Keyword: Bilinear interpolation; Author-Supplied Keyword: Decision rule; Author-Supplied Keyword: Dynamic model; Author-Supplied Keyword: Quadrature; Number of Pages: 3p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5823774&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
T1  - Solving the Stochastic Growth Model by Deterministic Extended Path.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1990/01//
VL  - 8
IS  - 1
M3  - Article
SP  - 35
EP  - 36
SN  - 07350015
AB  - This article describes the use of the deterministic version of the extended-path algorithm to solve the simple stochastic growth model. The article also discusses the two sources of approximation error inherent in this method. It is demonstrated that the error due to numerical iterations is small. No general conclusion can be reached on the error that arises from the algorithm's treatment of expectations. In at least two specific cases, however, this error appears to be small. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - STOCHASTIC processes
KW  - ALGORITHMS
KW  - STOCHASTIC analysis
KW  - ECONOMIC development -- Mathematical models
KW  - FUNCTIONAL analysis
KW  - NUMERICAL analysis
KW  - Optimal growth
KW  - Rational expectations
KW  - Solution algorithm
N1  - Accession Number: 5823926; Gagnon, Joseph E. 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Jan1990, Vol. 8 Issue 1, p35; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: ALGORITHMS; Thesaurus Term: STOCHASTIC analysis; Thesaurus Term: ECONOMIC development -- Mathematical models; Thesaurus Term: FUNCTIONAL analysis; Subject Term: NUMERICAL analysis; Author-Supplied Keyword: Optimal growth; Author-Supplied Keyword: Rational expectations; Author-Supplied Keyword: Solution algorithm; Number of Pages: 2p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5823926&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gagnon, Joseph E.
AD  - Federal Reserve System
T1  - Solving the Stochastic Growth Model by Deterministic Extended Path
JO  - Journal of Business and Economic Statistics
JF  - Journal of Business and Economic Statistics
Y1  - 1990/01//
VL  - 8
IS  - 1
SP  - 35
EP  - 36
SN  - 07350015
N1  - Accession Number: 0231401; Publication Type: Journal Article; Update Code: 199009
N2  - This article describes the use of the deterministic version of the extended-path algorithm to solve the simple stochastic growth model. The article also discusses the two sources of approximation error inherent in this method. It is demonstrated that the error due to numerical iterations is small. No general conclusion can be reached on the error that arises from the algorithm's treatment of expectations. In at least two specific cases, however, this error appears to be small.
KW  - Construction, Analysis, and Use of Econometric Models          2120
KW  - Mathematical Methods and Models--Computational Techniques          2134
KW  - Macroeconomic Theory--General          0230
L3  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231401&site=ehost-live&scope=site
UR  - http://www.tandfonline.com/loi/ubes20#.UdxlRayE7xU
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Udell, Gregory F.
T1  - COLLATERAL, LOAN QUALITY, AND BANK RISK.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1990/01//
VL  - 25
IS  - 1
M3  - Article
SP  - 21
EP  - 42
SN  - 03043932
AB  - Most commercial loans are made on a secured basis, yet little is known about the relationship between collateral and credit risk. Several theoretical studies find that when borrowers have private information about risk, the lowest-risk borrowers tend to pledge collateral. In contrast, conventional wisdom holds that when risk is observable, the highest-risk borrowers tend to pledge collateral. An additional issue is whether secured loans (as opposed to secured borrowers) tend to be safer or riskier than unsecured loans. Empirical evidence presented here strongly suggests that collateral is most often associated with riskier borrowers, riskier loans, and riskier banks. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - COLLATERAL security
KW  - CREDIT risk
KW  - LOMBARD loans
KW  - BANK loans
KW  - LOANS
KW  - BANKING industry
KW  - FINANCIAL institutions
KW  - RISK
KW  - ECONOMICS
N1  - Accession Number: 7027318; Berger, Allen N. 1; Udell, Gregory F. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: New York University, New York, NY 10006, USA; Issue Info: Jan90, Vol. 25 Issue 1, p21; Thesaurus Term: COLLATERAL security; Thesaurus Term: CREDIT risk; Thesaurus Term: LOMBARD loans; Thesaurus Term: BANK loans; Thesaurus Term: LOANS; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: RISK; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 22p; Illustrations: 4 Charts; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7027318&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Barro, Robert J.
AU  - Gordon, David B.
AD  - Harvard U
AD  - Federal Reserve System
A2  - Barro, Robert J.
T1  - A Positive Theory of Monetary Policy in a Natural Rate Model
T2  - Macroeconomic policy
PB  - Cambridge, Mass. and London:
PB  - Harvard University Press
Y1  - 1990///
SP  - 29
EP  - 51
RP  - [1983]
N1  - Accession Number: 0279469; Reviewed Book ISBN: 0-674-54080-8; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0279469&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Barro, Robert J.
AU  - Gordon, David B.
AD  - Harvard U
AD  - Federal Reserve System
A2  - Barro, Robert J.
T1  - Rules, Discretion, and Reputation in a Model of Monetary Policy
T2  - Macroeconomic policy
PB  - Cambridge, Mass. and London:
PB  - Harvard University Press
Y1  - 1990///
SP  - 52
EP  - 76
RP  - [1983]
N1  - Accession Number: 0279470; Reviewed Book ISBN: 0-674-54080-8; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0279470&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Haraf, William S.
A2  - Cagan, Phillip
T1  - An Overview of Problems of Monetary Policy
T2  - Monetary policy for a changing financial environment
PB  - AEI Studies, no. 495
PB  - Washington, D.C.:
PB  - AEI Press; distributed by University Press of America, Lanham, Md. and London
Y1  - 1990///
SP  - 1
EP  - 7
N1  - Accession Number: 0281788; Reviewed Book ISBN: 0-8447-3697-X; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281788&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Edison, Hali J.
AU  - Melvin, Michael
AD  - Edison & Associates and Federal Reserve System
AD  - AZ State U
A2  - Haraf, William S.
A2  - Willett, Thomas D.
T1  - The Determinants and Implications of the Choice of an Exchange Rate System
T2  - Monetary policy for a volatile global economy
PB  - AEI Studies, no. 503
PB  - Washington, D.C.:
PB  - AEI Press; distributed by University Press of America Lanham, Md
Y1  - 1990///
SP  - 1
EP  - 44
N1  - Accession Number: 0281802; Reviewed Book ISBN: 0-8447-3713-5; ; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Exchange Rates and Markets--Theory and Studies          4314
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0281802&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
AU  - Zhu, Ning
AD  - Federal Reserve System and NBER
AD  - Georgetown U
T1  - Uncertainty and the Choice of Instruments in a Two-Country Monetary-Policy Game
JO  - Open Economies Review
JF  - Open Economies Review
Y1  - 1990///
VL  - 1
IS  - 1
SP  - 39
EP  - 65
SN  - 09237992
N1  - Accession Number: 0288049; Publication Type: Journal Article; Update Code: 199306
N2  - In the two-country, monetary-policy game of this paper, each policymaker can choose his money supply or his interest rate as his instrument. With no uncertainty, there are four noncooperative equilibria, one for each possible instrument pair. A policymaker is indifferent between instruments: his payoff depends not on his choice but on his opponent's. With uncertainty, the number of equilibria is reduced, sometimes to one. A policymaker is not indifferent between instruments; his payoff depends on his choice as well as on his opponent's. In some cases each policymaker prefers the equilibrium instrument choice of his opponent, but in others at least one would prefer another choice.
L3  - http://link.springer.com/journal/volumesAndIssues/11079
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0288049&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/11079
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Vardal, Erling
AD  - Federal Reserve System
AD  - U Bergen
T1  - Optimal Currency Baskets for Small, Developed Economies
JO  - Scandinavian Journal of Economics
JF  - Scandinavian Journal of Economics
Y1  - 1990///
VL  - 92
IS  - 4
SP  - 559
EP  - 571
SN  - 03470520
N1  - Accession Number: 0243631; Geographic Descriptors: Finland; Norway; Sweden; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199106
N2  - Optimal weights for a currency basket are derived under the assumption that the objective of the policymaker is to minimize fluctuation in the production of traded goods. Using the formulas derived in the analysis, various optimal basket calculations are carried out for Finland, Norway, and Sweden. For all these countries, the optimal basket weights for Germany and United Kingdom are found to be less than the grade share weights. The opposite is true for United States. Moreover, the actual weights in the basket of Sweden are almost identical to those the authors have computed as optimal.
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0243631&site=ehost-live&scope=site
UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-9442/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Courington, John M.
AU  - Edgmand, Michael R.
AU  - Rea, John D.
AD  - Cameron U, Lawton, OK
AD  - OK State U
AD  - Federal Reserve System
A2  - Missouri Valley Economic Association
T1  - The Carter Pay-Price Standards and Energy Prices
T2  - The Journal of Economics. Volume 16
PB  - Cape Girardeau, Mo.:
PB  - Author
Y1  - 1990///
SP  - 26
EP  - 33
N1  - Accession Number: 0283427; Reviewed Book ISBN: 0361-6576 (ISSN); ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Wage and Price Controls          1332
KW  - Energy          7230
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0283427&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Johnson, Manuel H.
AD  - Federal Reserve System
A2  - Walker, Charls E.
A2  - Bloomfield, Mark A.
A2  - Thorning, Margo
T1  - U.S. Fiscal Policy and Saving
T2  - The U.S. savings challenge: Policy options for productivity and growth
PB  - Boulder and Oxford:
PB  - Westview Press in cooperation with the American Council for Capital Formation, Center for Policy Research
Y1  - 1990///
SP  - 16
EP  - 23
N1  - Accession Number: 0285383; Reviewed Book ISBN: 0-8133-7921-0; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies          9211
KW  - Fiscal Policy          3216
KW  - Macroeconomics--Theory of Aggregate Demand: Consumption          0232
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0285383&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Terrell, Henry S.
AU  - Mills, Rodney H., Jr.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Savona, Paolo
A2  - Sutija, George
T1  - U.S. Banks' Lending to Developing Countries: A Longer-Term View
T2  - World trade: Monetary order and Latin America
PB  - New York:
PB  - St. Martin's Press in association with the Banco Central de Venezuela and the Asociacion Bancaria de Venezuela
Y1  - 1990///
SP  - 117
EP  - 127
N1  - Accession Number: 0284552; Reviewed Book ISBN: 0-312-03555-1; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Open Economy Macroeconomics; Exchange Rates; International Finance--General          4300
KW  - Private International Lending          4330
KW  - International Lending and Aid (Public)          4430
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0284552&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Heller, H. Robert
AD  - Federal Reserve System
A2  - Savona, Paolo
A2  - Sutija, George
T1  - World Trade: Monetary Order and Latin America: Comment
T2  - World trade: Monetary order and Latin America
PB  - New York:
PB  - St. Martin's Press in association with the Banco Central de Venezuela and the Asociacion Bancaria de Venezuela
Y1  - 1990///
SP  - 131
EP  - 135
N1  - Accession Number: 0284553; Reviewed Book ISBN: 0-312-03555-1; ; Publication Type: Collective Volume Article; Update Code: 199306
KW  - Open Economy Macroeconomics; Exchange Rates; International Finance--General          4300
KW  - Private International Lending          4330
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0284553&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - BOOK
T1  - In support of the arts in Utah: an Eccles family tradition.
Y1  - 1990///
CY  - Washington, D.C.; 
PB  - Board of Directors of the Federal Reserve System
N1  - Accession Number: SPHS-875194; Corporate Author: Utah Museum of Fine Arts.; Board of Governors of the Federal Reserve System (U.S.); Language: English; General Notes: Exhibition held October 2-November 30, 1990 at the Marriner S. Eccles Federal Reserve Board Building. Gift of Anita L. DeFrantz.; Description: [23] p. : ill. some col. ; 16 x 23 cm.; Database Subset: AF; Publication Type: Monograph or government document; Material Type: Monographic item; Update Code: 20031001
KW  - *WINTER Olympics
KW  - *OLYMPICS
KW  - LETTING of contracts
KW  - PAINTING
KW  - EXHIBITIONS
KW  - NINETEEN ninety-eight, A.D.
KW  - SALT Lake City (Utah)
KW  - UTAH MUSEUM OF FINE ARTS
KW  - OLYMPIC GAMES, NAGANO 1998
KW  - HOST CITY
KW  - CANDIDATURE
KW  - Utah Museum of Fine Arts
KW  - Winter Olympic Games (18th : 1998) -- Proposals -- Salt Lake City (Utah)
KW  - Paintings -- Exhibitions
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=s3h&AN=SPHS-875194&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - s3h
ER  - 

TY  - JOUR
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
T1  - Initial Margin Requirements and Stock Returns Volatility: Another Look
JO  - Journal of Financial Services Research
JF  - Journal of Financial Services Research
Y1  - 1989/12//
VL  - 3
IS  - 2-3
SP  - 287
EP  - 301
SN  - 09208550
N1  - Accession Number: 0234963; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This article investigates the relationship between initial margin requirements and stock return volatility. Volatility is measured using a GARCH in Mean model. We find no evidence of an empirical relationship between margin requirements and the volatility of the S&P 500 index portfolio's excess returns. Evidence from short-sale data, and model sensitivity analysis are presented which support the hypothesis of no margin-volatility relationship. The results are consistent with the intertemporal CAPM model of Merton (1973) with an aggregate relative risk aversion measure of 4.1. In addition, we find evidence of long-term memory in conditional return distributions' volatility.
KW  - Capital Markets Empirical Studies, Including Regulation          3132
L3  - http://link.springer.com/journal/volumesAndIssues/10693
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0234963&site=ehost-live&scope=site
UR  - http://link.springer.com/journal/volumesAndIssues/10693
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dantzig, George B.
AU  - McAllister, Patrick H.
AU  - Stone, John C.
AD  - Stanford U
AD  - Federal Reserve System
AD  - Stanford U
T1  - Integrability of the Multiple-Period Equilibrium Model: Part II
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1989///Winter
VL  - 11
IS  - 4
SP  - 569
EP  - 592
SN  - 01618938
N1  - Accession Number: 0231841; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
KW  - Construction, Analysis, and Use of Econometric Models          2120
KW  - Economic Studies of Developed Countries--North American Countries          1228
KW  - Microeconomic Theory--Theory of the Household (Consumer Demand)          0222
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231841&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Tavlas, George S.
AD  - Federal Reserve System
AD  - IMF
T1  - Modeling Buffer Stock Money: An Appraisal
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1989///Winter
VL  - 11
IS  - 4
SP  - 593
EP  - 612
SN  - 01618938
N1  - Accession Number: 0231842; Publication Type: Journal Article; Update Code: 199009
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Construction, Analysis, and Use of Econometric Models          2120
L3  - http://www.sciencedirect.com/science/journal/01618938
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0231842&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01618938
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rothberg, James P.
AU  - Nothaft, Frank E.
AU  - Gabriel, Stuart A.
T1  - On the Determinants of Yield Spreads Between Mortgage Pass-Through and Treasury Securities.
JO  - Journal of Real Estate Finance & Economics
JF  - Journal of Real Estate Finance & Economics
Y1  - 1989/12//
VL  - 2
IS  - 4
M3  - Article
SP  - 301
EP  - 315
SN  - 08955638
AB  - Yield spreads between mortgage pass-through and U.S. Treasury securities may reflect differences in taxation, phenomena affecting relative supply and demand, and compensation for default, call, and marketability risks on mortgage instruments. Our research empirically models differences in yields between pass-throughs and comparable-maturity Treasuries. We find that interest-rate volatility and the term structure of rates, factors often cited in the mortgage pricing literature as affecting the mortgage call premium. arc the primary determinants of movements in these spreads. Moreover, these effects have grown in importance in recent years as exercise of the prepayment option has increased. We also find evidence that liquidity and credit concerns affect the pricing of pass-through securities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Real Estate Finance & Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SECURITIES
KW  - TREASURY stock
KW  - PRICING
KW  - MICROECONOMICS
KW  - LIQUIDITY (Economics)
KW  - SECURITIES trading
KW  - UNITED States
KW  - mortgage pass-through
KW  - Treasury security
KW  - yield spreads
N1  - Accession Number: 17320517; Rothberg, James P. 1; Nothaft, Frank E. 2; Gabriel, Stuart A. 3; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; 2: Department of Financial Research, Federal Home Loan Mortgage Corporation, Reston, Virginia.; 3: Division of Research and Statistics, Board of Governors of Federal Reserve System, Washington, D.C.; Issue Info: Dec1989, Vol. 2 Issue 4, p301; Thesaurus Term: SECURITIES; Thesaurus Term: TREASURY stock; Thesaurus Term: PRICING; Thesaurus Term: MICROECONOMICS; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: SECURITIES trading; Subject: UNITED States; Author-Supplied Keyword: mortgage pass-through; Author-Supplied Keyword: Treasury security; Author-Supplied Keyword: yield spreads; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 15p; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17320517&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hooper, Peter
AU  - Larin, Kathryn A.
T1  - INTERNATIONAL COMPARISONS OF LABOR COSTS IN MANUFACTURING.
JO  - Review of Income & Wealth
JF  - Review of Income & Wealth
Y1  - 1989/12//
VL  - 35
IS  - 4
M3  - Article
SP  - 335
EP  - 355
PB  - Wiley-Blackwell
SN  - 00346586
AB  - This paper presents a comparative study of the levels of unit labor costs in the manufacturing sectors of several countries. We begin by surveying earlier estimates of relative productivity and unit labor cost levels and evaluating the various methodologies that have been used in previous studies. Empirical estimates of relative unit labor costs, based on output levels that are translated at purchasing power parity exchange rates, are then presented and compared to earlier estimates. The results show that the relative levels of unit labor costs in the United States and abroad have fluctuated significantly in recent years, due largely to movements in nominal exchange rates. In 1988, unit labor costs in the United States were below the average level of other industrialized countries, but were significantly above the level in a representative newly industrialized country, Korea. Insofar as unit labor costs serve as an indicator of international competitiveness, these results imply that the competitiveness of the U.S. manufacturing sector had improved significantly since 1985, at least with respect to other major industrialized countries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Income & Wealth is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR costs
KW  - COST accounting
KW  - WAGES -- Manufacturing industries
KW  - INTERNATIONAL competition
KW  - FOREIGN exchange rates
KW  - PURCHASING power parity
KW  - MANUFACTURING industries
KW  - UNITED States
N1  - Accession Number: 5758159; Hooper, Peter 1; Larin, Kathryn A. 1; Affiliations: 1: Staff Members, Board of Governors of the Federal Reserve System.; Issue Info: Dec89, Vol. 35 Issue 4, p335; Thesaurus Term: LABOR costs; Thesaurus Term: COST accounting; Thesaurus Term: WAGES -- Manufacturing industries; Thesaurus Term: INTERNATIONAL competition; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PURCHASING power parity; Thesaurus Term: MANUFACTURING industries; Subject: UNITED States; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LaWare, John
T1  - The Federal Reserve voice —active or passive?
JO  - Financial Executive
JF  - Financial Executive
Y1  - 1989/11//Nov/Dec89
VL  - 5
IS  - 6
M3  - Article
SP  - 22
EP  - 27
PB  - Financial Executives International
SN  - 08954186
AB  - The article discusses the U.S. Federal Reserve Board (FRB) and public policy issues related to business. The Federal Reserve System was established by the U.S. Congress because of the financial panic in 1907 and was designed to provide emergency liquidity for the American banking system. The discussion includes the chartering of 12 FRB banks, the setting of reserve requirements, the thrift industry crisis, the Open Market Committee, highly leveraged financing and buyouts, legislative proposals for deregulation, Europe 1992 economic integration, restructuring of debt in developing countries, and regulation of interstate banks.
KW  - REGULATED industries
KW  - BANKING industry -- United States
KW  - GOVERNMENT policy
KW  - FINANCIAL crises
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 14825952; LaWare, John 1,2; Affiliations: 1: Member of the Board of Governors, Federal Reserve System; 2: Member of tlie Board of Governors. Federal Reserve System; Issue Info: Nov/Dec89, Vol. 5 Issue 6, p22; Thesaurus Term: REGULATED industries; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: FINANCIAL crises; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Illustrations: 3 Black and White Photographs; Document Type: Article
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14825952&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Turner, Christopher M.
AU  - Startz, Richard
AU  - Nelson, Charles R.
AD  - Federal Reserve System
AD  - U WA
AD  - NBER and U WA
T1  - A Markov Model of Heteroskedasticity, Risk, and Learning in the Stock Market
JO  - Journal of Financial Economics
JF  - Journal of Financial Economics
Y1  - 1989/11//
VL  - 25
IS  - 1
SP  - 3
EP  - 22
N1  - Accession Number: 0246017; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199109
N2  - The authors examine a variety of models in which the variance of a portfolios' excess return depends on a state variable generated by a first-order Markov process. A model in which the state is known to economic agents is estimated. It suggests that the mean excess return moves inversely with the level of risk. The authors then estimate a model in which agents are uncertain of the state. The estimates indicate that agents are consistently surprised by high-variance periods, so there is a negative correlation between movements in volatility and in excess returns.
L3  - http://www.sciencedirect.com/science/journal/0304405X
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0246017&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/0304405X
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
AD  - Federal Reserve System
T1  - Developments and Prospects in Macroeconometric Modeling: A Comment
JO  - Eastern Economic Journal
JF  - Eastern Economic Journal
Y1  - 1989/10//October-December 1989
VL  - 15
IS  - 4
SP  - 305
EP  - 308
SN  - 00945056
N1  - Accession Number: 0233664; Publication Type: Journal Article; Update Code: 199012
KW  - Construction, Analysis, and Use of Econometric Models          2120
L3  - http://www.palgrave-journals.com/eej/archive/
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0233664&site=ehost-live&scope=site
UR  - http://www.palgrave-journals.com/eej/archive/
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Sichel, Daniel E.
T1  - Are Business Cycles Asymmetric? A Correction.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1989/10//
VL  - 97
IS  - 5
M3  - Article
SP  - 1255
PB  - University of Chicago Press
SN  - 00223808
AB  - This comment has identified a probable error in economist Salih N. Neftci's empirical work that reverses the significance of his evidence for the asymmetry of the unemployment rate; that is, the evidence that increases in the unemployment rate are steeper than decreases is weaker than that in Neftci's explanation. However, other researchers utilizing different test procedures have found evidence of this type of asymmetry in the quarterly unemployment rate. Neftci's test will identify this amount of asymmetry only 25 percent of the time. If noise is added so that there is a one in 20 chance of the noise reversing the direction of the movement in the unemployment rate, this test will identify the asymmetry only 13 percent of the time. Given the potential sensitivity to noise or measurement error, it is interesting to note that there is some evidence of asymmetry in annual data in which, presumably, more of the noise is averaged out. The annual data evidence and the power analysis suggest that Neftci's test applied to quarterly data may not identify asymmetry that is, in fact, present and has been identified by other researchers.
KW  - BUSINESS cycles
KW  - ECONOMIC activity
KW  - UNEMPLOYMENT
KW  - BUSINESS conditions
KW  - ECONOMISTS
KW  - EVIDENCE
KW  - UNITED States
KW  - NEFTCI, Salih N.
N1  - Accession Number: 5055771; Sichel, Daniel E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Oct89, Vol. 97 Issue 5, p1255; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC activity; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: BUSINESS conditions; Thesaurus Term: ECONOMISTS; Subject Term: EVIDENCE; Subject: UNITED States; People: NEFTCI, Salih N.; Number of Pages: 6p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Howard, David H.
T1  - Implications of the U.S. Current Account Deficit.
JO  - Journal of Economic Perspectives
JF  - Journal of Economic Perspectives
Y1  - 1989///Fall89
VL  - 3
IS  - 4
M3  - Article
SP  - 153
EP  - 165
PB  - American Economic Association
SN  - 08953309
AB  - This article discusses various issues related to the economic policy adopted by the U.S. government concerning the account deficit of the country in 1988. In 1988, the U.S. recorded a deficit of about $135 billion on the current account of its balance of payments with the rest of the world. This sum amounted to roughly 2.75 percent of its gross national product. The recent path of the U.S. current account deficit and the consequent accumulation of external debts have raised many interesting economic and policy questions. Based on current policies, mainstream assumptions about the U.S. and foreign growth rates, and limited further currency realignments, many observers expect that within a few years the U.S. current account deficit will resume widening. The consensus forecast seems to be that a U.S. current account balance in the neighborhood of zero is not even a remote possibility in the near or not-so-near future. The implications of a current account deficit depend in part on what caused the deficit in the first place and how the economy adjusts in response.
KW  - ECONOMIC policy
KW  - BALANCE of trade
KW  - EXTERNAL debts
KW  - GOVERNMENT policy
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 4432940; Howard, David H. 1; Affiliations: 1: Deputy Associate Director of the Division of International Finance, Board of Governors of the Federal Reserve System, Washington, DC.; Issue Info: Fall89, Vol. 3 Issue 4, p153; Thesaurus Term: ECONOMIC policy; Thesaurus Term: BALANCE of trade; Thesaurus Term: EXTERNAL debts; Thesaurus Term: GOVERNMENT policy; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; Number of Pages: 13p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - Expectations and Risk in the Treasury Bill Market:  An Instrumental Variables Approach.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1989/09//
VL  - 24
IS  - 3
M3  - Article
SP  - 357
EP  - 365
PB  - Cambridge University Press
SN  - 00221090
AB  - This paper examines rational expectations in the Treasury bill market from 1961 to 1988 with a risk premium specified to be proportional to the volatility of excess returns using instrumental variables. From 1961 to 1972 and from 1972 to 1979, rational expectations cannot be rejected, and both the predictive power of the yield curve and the risk premium are highly significant. By contrast, with just a constant risk premium and with a risk premium proxied by moving averages of absolute interest rate changes, rational expectations are rejected for each subperiod, and the yield curve has significant predictive information only from 1972 to 1979. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TREASURY bills
KW  - GOVERNMENT securities
KW  - RATIONAL expectations (Economic theory)
KW  - RISK premiums
KW  - RATE of return
KW  - ESTIMATION theory
KW  - EXPECTED returns
KW  - VOLATILITY (Finance)
KW  - EFFICIENT market theory
KW  - ECONOMETRICS
KW  - INSTRUMENTAL variables (Statistics)
KW  - HETEROSCEDASTICITY
N1  - Accession Number: 5722532; Simon, David P. 1; Affiliations: 1: Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, D.C., 20551; Issue Info: Sep89, Vol. 24 Issue 3, p357; Thesaurus Term: TREASURY bills; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: RISK premiums; Thesaurus Term: RATE of return; Thesaurus Term: ESTIMATION theory; Thesaurus Term: EXPECTED returns; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: EFFICIENT market theory; Thesaurus Term: ECONOMETRICS; Subject Term: INSTRUMENTAL variables (Statistics); Subject Term: HETEROSCEDASTICITY; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Schinasi, Garry J.
AU  - Swamy, P. A. V. B.
AD  - Federal Reserve System
AD  - Federal Reserve System
T1  - The Out-of-Sample Forecasting Performance of Exchange Rate Models When Coefficients Are Allowed to Change
JO  - Journal of International Money and Finance
JF  - Journal of International Money and Finance
Y1  - 1989/09//
VL  - 8
IS  - 3
SP  - 375
EP  - 390
SN  - 02615606
N1  - Accession Number: 0231733; Publication Type: Journal Article; Update Code: 199009
N2  - This study examines the out-of-sample forecasting performance of models of exchange rate determination without imposing the restriction that coefficients are fixed over time. Both fixed and variable coefficient versions of conventional structural models are considered, with and without a lagged dependent variable. While the authors results on fixed coefficient models support most of the Meese and Rogoff conclusions, they find that, when coefficients are allowed to change, an important subset of conventional models of the dollar-pound, the dollar-deutsche mark, and the dollar-yen exchange rates can outperform forecasts of a random walk model. The structural models considered are the flexible-price (Frenkel-Bilson) and sticky-price (Dornbusch-Frankel) monetary models, and a sticky-price model that includes the current account (Hooper-Morton).
KW  - Exchange Rates and Markets--Theory and Studies          4314
L3  - http://www.sciencedirect.com/science/journal/02615606
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Rudebusch, Glenn D.
T1  - LONG MEMORY AND PERSISTENCE IN AGGREGATE OUTPUT.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1989/09//
VL  - 24
IS  - 2
M3  - Article
SP  - 189
EP  - 209
SN  - 03043932
AB  - We examine persistence in U.S. aggregate output by estimating fractionally integrated ARIMA models. These models provide better low frequency approximations to the Wold representation than previous stochastic specifications and earlier results on the importance of a permanent component emerge as special cases. We find evidence of long memory, which induces persistence. though this long memory need not be associated with a unit root. Our point estimates indicate that macroeconomic shocks, while persistent, are distinctly less persistent than many earlier studies suggest: however, confidence intervals associated with the long-run response are quite wide. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BOX-Jenkins forecasting
KW  - ECONOMIC forecasting
KW  - TIME series analysis
KW  - FORECASTING
KW  - MACROECONOMICS
KW  - ECONOMICS
KW  - ECONOMIC models
KW  - ECONOMIC policy
KW  - UNITED States -- Economic conditions
N1  - Accession Number: 7036623; Diebold, Francis X. 1; Rudebusch, Glenn D. 2; Affiliations: 1: University of Pennsylvania, Philadelphia, PA 19104, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep89, Vol. 24 Issue 2, p189; Thesaurus Term: BOX-Jenkins forecasting; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: TIME series analysis; Thesaurus Term: FORECASTING; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: ECONOMIC policy; Subject Term: UNITED States -- Economic conditions; Number of Pages: 21p; Illustrations: 5 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Dantzig, George B.
AU  - McAllister, Patrick H.
AU  - Stone, John C.
AD  - Stanford U
AD  - Federal Reserve System
AD  - Stanford U
T1  - Deriving a Utility Function for the U.S. Economy
JO  - Journal of Policy Modeling
JF  - Journal of Policy Modeling
Y1  - 1989///Fall
VL  - 11
IS  - 3
SP  - 391
EP  - 424
SN  - 01618938
N1  - Accession Number: 0231835; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
KW  - Microeconomic Theory--Theory of the Household (Consumer Demand)          0222
KW  - Construction, Analysis, and Use of Econometric Models          2120
L3  - http://www.sciencedirect.com/science/journal/01618938
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Liang, J. Nellie
T1  - PRICE REACTION FUNCTIONS AND CONJECTURAL VARIATIONS.
JO  - Review of Industrial Organization
JF  - Review of Industrial Organization
Y1  - 1989///Fall1989
VL  - 4
IS  - 2
M3  - Article
SP  - 31
EP  - 58
SN  - 0889938X
AB  - Price conjectural variations are estimated to measure the degree of price competition in a product differentiated oligopoly. The empirical model is a simultaneous equation system of product demand and price reaction functions. Own and cross price demand elasticities are estimated in conjunction with the price conjectural variations and price reaction function elasticities. The conjectural variations are estimated for pairs of ready-to-eat breakfast cereal products using brand price and quantity data. The empirical results reject competitive brand pricing behavior in favor of independent or collusive pricing. Further, the hypothesis of a unique consistent conjecture is rejected. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Industrial Organization is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRICES
KW  - DEMAND (Economic theory)
KW  - ELASTICITY (Economics)
KW  - ECONOMICS
KW  - PRICING
KW  - COMPETITION
N1  - Accession Number: 17082132; Liang, J. Nellie 1; Affiliations: 1: Staff Economist, Financial Structure Section, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Fall1989, Vol. 4 Issue 2, p31; Thesaurus Term: PRICES; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: ECONOMICS; Thesaurus Term: PRICING; Subject Term: COMPETITION; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - WILCOX, DAVID W.
T1  - The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1989/08//
VL  - 21
IS  - 3
M3  - Article
SP  - 291
EP  - 306
PB  - Ohio State University Press
SN  - 00222879
AB  - The article examines the relation between the value of borrowing constraint to the sustainability of government deficits. The recent structure of fiscal policy in the U.S. does not appear to have been sustainable. The author details a test introduced to distinguish sustainable policies from unsustainable ones. The article allows for stochastic real interest rates that are both necessary and sufficient for sustainability. The article reveals the lack of sustainability of recent policy since the discounted value of the debt increased in each of the last three years of the sample.
KW  - MONETARY policy
KW  - PUBLIC debts -- Accounting
KW  - PUBLIC finance
KW  - ECONOMIC policy
KW  - INVESTMENT interest
KW  - FISCAL policy
N1  - Accession Number: 5156409; WILCOX, DAVID W. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Aug89, Vol. 21 Issue 3, p291; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC debts -- Accounting; Thesaurus Term: PUBLIC finance; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INVESTMENT interest; Thesaurus Term: FISCAL policy; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 921190 Other General Government Support; Number of Pages: 16p; Illustrations: 8 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simon, David P.
T1  - The Rationality of Federal Funds Rate Expectations: Evidence from a Survey.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1989/08//
VL  - 21
IS  - 3
M3  - Article
SP  - 388
EP  - 393
PB  - Ohio State University Press
SN  - 00222879
AB  - Rational expectations is a key aspect of financial asset pricing theory. To the extent that the MMS survey accurately reflects expectations, evidence in this paper does not support this assumption, indicating that the economists' forecasts are biased and only marginally outperform random walk forecasts. However, the survey forecasts incorporate the information contained in out-of-sample time series forecasts and their accuracy increases for maintenance periods in which the discount rate was changed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFORMATION services
KW  - MONEY market
KW  - RESERVE requirements
KW  - FEDERAL Reserve banks
KW  - INTEREST rates
KW  - RATIONAL expectations (Economic theory)
N1  - Accession Number: 5156415; Simon, David P. 1; Affiliations: 1: Economist, Division of Monetary Affairs, Board of Governors, Federal Reserve System; Issue Info: Aug89, Vol. 21 Issue 3, p388; Thesaurus Term: INFORMATION services; Thesaurus Term: MONEY market; Thesaurus Term: RESERVE requirements; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: INTEREST rates; Thesaurus Term: RATIONAL expectations (Economic theory); NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 519190 All Other Information Services; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 6p; Illustrations: 1 Chart, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - English, William B.
AU  - Miron, Jeffrey A.
AU  - Wilcox, David W.
T1  - Confirmations and Contradictions.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1989/08//
VL  - 97
IS  - 4
M3  - Article
SP  - 988
PB  - University of Chicago Press
SN  - 00223808
AB  - The article comments on the manuscript "Seasonal Fluctuations and the Life Cycle--Permanent Income Model of Consumption," by Jeffrey A. Miron. Miron estimates a version of the model using not seasonally adjusted data and obtains results superior to those from estimating the same model with seasonally adjusted data. There are two important problems in Miron's execution of the tests that he reports. First, the test statistics for the over-identifying restrictions are miscalculated because of a bug in the software program used to estimate the model. Second, the timing of the price series used to construct the real not seasonally adjusted consumption series and the real interest rate series is incorrect because of a bug in Miron's program. The results presented in the article imply a conclusion opposite from that in Miron's original paper. In general, the not seasonally adjusted data reject the overidentifying restrictions at least as strongly as the seasonally adjusted data, so the use of seasonally adjusted data does not explain the existing rejections of the life cycle-permanent income model of consumption.
KW  - CONSUMPTION (Economics)
KW  - DEMAND for money
KW  - INCOME
KW  - ECONOMETRIC models
KW  - PRICES
KW  - INTEREST rates
KW  - STATISTICS
N1  - Accession Number: 5054670; English, William B. 1; Miron, Jeffrey A. 2; Wilcox, David W. 3; Affiliations: 1: University of Pennsylvania.; 2: University of Michigan.; 3: Board of Governors, Federal Reserve System.; Issue Info: Aug89, Vol. 97 Issue 4, p988; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DEMAND for money; Thesaurus Term: INCOME; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: PRICES; Thesaurus Term: INTEREST rates; Thesaurus Term: STATISTICS; Number of Pages: 4p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hooper, Peter
T1  - U.S. Net Foreign Saving Has Also Plunged.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1989/07//Jul/Aug89
VL  - 32
IS  - 4
M3  - Article
SP  - 33
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The U.S. traditionally has enjoyed a positive net foreign saving rate. In the relatively brief period of the 1980s, however, that net asset position has been wiped out, and the country now has become a major net international debtor country. Movements in relative prices and relative incomes provide a fairly complete explanation for the widening of the U.S. external deficit during the 1980s. At a more fundamental level, however, the combination of U.S. fiscal expansion, foreign fiscal contraction, and U.S. monetary contraction can explain only about half of the decline in U.S. foreign saving during the 1980s. Monetary policy had little net effect on its own, though it did increase the contribution of exchange rate movements and reduce the importance of relative incomes to the widening of the external deficit. Fiscal policy, or the twin deficit relationship, is a significant part of the story, but evidently explains no more than half of the decline in net foreign saving. The remaining half must be explained by fundamentals other than macroeconomic policy that led to a decline in private domestic saving relative to investment.
KW  - SAVING & investment
KW  - EXTERNAL debts
KW  - FOREIGN exchange rates
KW  - BUDGET deficits
KW  - PUBLIC finance
KW  - FOREIGN investments
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 6149752; Hooper, Peter 1; Affiliations: 1: Assistant of Director of the Division  of International Finance of the Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Jul/Aug89, Vol. 32 Issue 4, p33; Thesaurus Term: SAVING & investment; Thesaurus Term: EXTERNAL debts; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BUDGET deficits; Thesaurus Term: PUBLIC finance; Thesaurus Term: FOREIGN investments; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gay, Robert S.
AU  - Wascher, William L.
AD  - Morgan Stanley & Co
AD  - Federal Reserve System
T1  - Persistence Effects in Labor Force Participation
JO  - Eastern Economic Journal
JF  - Eastern Economic Journal
Y1  - 1989/07//July-September 1989
VL  - 15
IS  - 3
SP  - 177
EP  - 187
SN  - 00945056
N1  - Accession Number: 0233653; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199012
N2  - This paper examines empirically two facets of labor force participation dynamics that imply quite different interpretations of labor market fluctuations. The first, which underlies equilibrium business cycle models, is that workers time their participation to coincide with periods of high real wages. The second, which implies the existence of involuntary unemployment during cyclical downturns, is that workers' current labor force status is heavily influenced by their work experience in the recent past. The authors' results suggest that these persistence effects are a key feature of labor force behavior, particularly for teenagers, adult women, and older men. In contrast, very little evidence could be found to support the intertemporal substitution hypothesis.
KW  - Labor Force--General          8130
L3  - http://www.palgrave-journals.com/eej/archive/
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rosen, Richard J.
AU  - Lloyd-Davies, Peter R.
AU  - Kwast, Myron L.
AU  - Humphrey, David B.
T1  - NEW BANKING POWERS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1989/07//
VL  - 13
IS  - 3
M3  - Article
SP  - 355
EP  - 366
SN  - 03784266
AB  - A new banking power currently under consideration is bank direct equity investment in real estate. A portfolio analysis of the possible effect of this new power is presented using two sets of data on returns to direct real estate investment. While it is estimated that there can be benefits from bank diversification into this area, the results suggest that risk may be increased, rather than reduced, if real estate investment exceeds certain relatively low levels of concentration. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANK investments
KW  - REAL estate investment
KW  - INVESTMENTS
KW  - UNITED States
N1  - Accession Number: 11486840; Rosen, Richard J. 1; Lloyd-Davies, Peter R. 2; Kwast, Myron L. 1; Humphrey, David B. 3; Affiliations: 1: Federal Reserve System, Washington, DC; 2: Federal Home Loan Mortgage Corporation, Reston, VA; 3: Federal Reserve Bank of Richmond; Issue Info: 1989, Vol. 13 Issue 3, p355; Thesaurus Term: BANKING industry; Thesaurus Term: BANK investments; Thesaurus Term: REAL estate investment; Thesaurus Term: INVESTMENTS; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 525990 Other Financial Vehicles; Number of Pages: 12p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fleisher, Belton M.
AU  - Kopecky, Kenneth J.
T1  - Reply to Comments on the Loanable-funds Approach to Teaching Macroeconomics.
JO  - Journal of Economic Education
JF  - Journal of Economic Education
Y1  - 1989///Summer89
VL  - 20
IS  - 3
M3  - Article
SP  - 259
EP  - 260
PB  - Taylor & Francis Ltd
SN  - 00220485
AB  - Presents a reply to the comment made by economist Mark A. Nadler on an article on loanable-funds method to macroeconomics teaching written by the authors and published in an issue of the "Journal of Economic Education." Recognition of educational merits to the approach; Proposal of a method in teaching macroeconomic principles; Arguments on the pedagogical benefit of a loanable-funds.
KW  - MACROECONOMICS
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMIC models
KW  - STUDY & teaching
KW  - METHODOLOGY
KW  - NADLER, Mark A.
KW  - JOURNAL of Economic Education (Periodical)
N1  - Accession Number: 5422806; Fleisher, Belton M. 1; Kopecky, Kenneth J. 2; Affiliations: 1: Professor of economics, Ohio Stale University.; 2: Senior economist, Board of Governors of Federal Reserve System.; Issue Info: Summer89, Vol. 20 Issue 3, p259; Thesaurus Term: MACROECONOMICS; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMIC models; Subject Term: STUDY & teaching; Subject Term: METHODOLOGY; Reviews & Products: JOURNAL of Economic Education (Periodical); People: NADLER, Mark A.; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Whitesell, William C.
T1  - The Demand for Currency versus Debitable Accounts.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1989/05//
VL  - 21
IS  - 2
M3  - Article
SP  - 246
EP  - 251
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents the economic condition occuring when transaction costs differ between currency and checks, and how that difference relates to transaction size, and the interest and income elasticities of the demand for currency. In this study, the author considers how transaction costs differ by payment mechanism and how that relates to the value of the commodity purchase by taking into account the assets currency and interest-bearing accounts. In the study, a fixed cost per transaction is used which could be a result of bank charges per check drawn and the amount of time required to make bookkeeping entries.
KW  - TRANSACTION costs
KW  - BANK deposits
KW  - INCOME
KW  - RATE of return
KW  - CREDIT cards
KW  - INDUSTRIAL costs
N1  - Accession Number: 5148767; Whitesell, William C. 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System; Issue Info: May89, Vol. 21 Issue 2, p246; Thesaurus Term: TRANSACTION costs; Thesaurus Term: BANK deposits; Thesaurus Term: INCOME; Thesaurus Term: RATE of return; Thesaurus Term: CREDIT cards; Thesaurus Term: INDUSTRIAL costs; NAICS/Industry Codes: 326199 All Other Plastics Product Manufacturing; NAICS/Industry Codes: 522210 Credit Card Issuing; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Berger, Allen N.
AU  - Craine, Roger
T1  - Why Random Walk Models of the Term Structure Are Hard to Reject.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1989/04//
VL  - 7
IS  - 2
M3  - Article
SP  - 161
EP  - 167
SN  - 07350015
AB  - Tests of random walk models of the term structure generally fail to reject the null hypothesis, whereas direct tests of the fair game-efficient markets (FGEM) hypothesis generally reject the null. Random walk tests can be interpreted as FGEM tests that add measurement errors to the forward-rate revisions used in direct tests. Our empirical application is consistent with the literature; direct tests strongly reject the null, but random walk tests do not, despite using the same data and numbers of observations. The random walk measurement error is shown to reduce local asymptotic test power, which may explain this empirical puzzle. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RANDOM walks (Mathematics)
KW  - EFFICIENT market theory
KW  - RATIONAL expectations (Economic theory)
KW  - ECONOMIC forecasting
KW  - HYPOTHESIS
KW  - ASYMPTOTIC distribution (Probability theory)
KW  - Efficient markets
KW  - Local asymptotic power
KW  - Rational expectations
N1  - Accession Number: 5826557; Berger, Allen N. 1; Craine, Roger 2; Affiliations: 1: Monetary and Financial Studies Section, Board of Governors of the Federal Reserve System, Washington, DC 20551.; 2: Department of Economics, University of California, Berkeley, CA 94720.; Issue Info: Apr89, Vol. 7 Issue 2, p161; Thesaurus Term: RANDOM walks (Mathematics); Thesaurus Term: EFFICIENT market theory; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ECONOMIC forecasting; Subject Term: HYPOTHESIS; Subject Term: ASYMPTOTIC distribution (Probability theory); Author-Supplied Keyword: Efficient markets; Author-Supplied Keyword: Local asymptotic power; Author-Supplied Keyword: Rational expectations; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wilcox, David W.
T1  - Social Security Benefits, Consumption Expenditure, and the Life Cycle Hypothesis.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1989/04//
VL  - 97
IS  - 2
M3  - Article
SP  - 288
PB  - University of Chicago Press
SN  - 00223808
AB  - This paper examines the impact of changes in social security benefits on aggregate consumption expenditure. Under the null hypothesis, there should be no contemporaneous effect at the monthly frequency because increases in benefits have always been announced at least 6 weeks prior to payment. The paper develops overwhelming evidence—contrary to the null—that benefits have affected aggregate spending. The results have strong implications for several important issues, including Ricardian equivalence, government policy irrelevance, and the excess sensitivity of consumption to changes in income. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SOCIAL security
KW  - CONSUMPTION (Economics)
KW  - ECONOMICS
KW  - PUBLIC spending
KW  - LIFE cycle costing
KW  - INCOME
KW  - HYPOTHESIS
N1  - Accession Number: 7027985; Wilcox, David W. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Apr89, Vol. 97 Issue 2, p288; Thesaurus Term: SOCIAL security; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ECONOMICS; Thesaurus Term: PUBLIC spending; Thesaurus Term: LIFE cycle costing; Thesaurus Term: INCOME; Subject Term: HYPOTHESIS; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Irwin, Douglas A.
AD  - Federal Reserve System
T1  - Political Economy and Peel's Repeal of the Corn Laws
JO  - Economics and Politics
JF  - Economics and Politics
Y1  - 1989///Spring
VL  - 1
IS  - 1
SP  - 41
EP  - 59
SN  - 09541985
N1  - Accession Number: 0261826; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199203
KW  - Social Choice Theory          0251
KW  - Commercial Policy          4220
KW  - Economic History--Europe--History of Public Economic Policy, all levels          0443
KW  - Relation of Economics to Social Values          0114
L3  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0343/issues
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UR  - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291468-0343/issues
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
AU  - Tahan, Vefa
T1  - BANK RESERVE ADJUSTMENT PROCESS AND THE USE OF RESERVE CARRYOVER AS A RESERVE MANAGEMENT TOOL.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1989/03//
VL  - 13
IS  - 1
M3  - Article
SP  - 37
EP  - 40
SN  - 03784266
AB  - In light of Vogt's (1989) comment on our original paper, we reexamine the empirical evidence on how banks use reserve carryover. We dispute Vogt's characterization of the evidence as 'contradictory', and find nothing in the results to undermine our original conclusion that banks use the reserve carryover provision primarily to hedge reserves costs over time. We also correct a computational error that appeared in the original paper. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK reserves
KW  - MATHEMATICAL models
KW  - MANAGEMENT
KW  - BANKING industry
KW  - FINANCE
N1  - Accession Number: 11490546; Spindt, Paul A. 1; Tahan, Vefa 2; Affiliations: 1: Federal Reserve System, Washington, USA; 2: Loyola University, Chicago, USA; Issue Info: 1989, Vol. 13 Issue 1, p37; Thesaurus Term: BANK reserves; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: MANAGEMENT; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 4p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
T1  - THE IMPACT OF UNDERWRITING AND DEALING ON BANK RETURNS AND RISKS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1989/03//
VL  - 13
IS  - 1
M3  - Article
SP  - 101
EP  - 125
SN  - 03784266
AB  - This study uses portfolio theory to investigate empirically the potential for diversification gains from expanded bank securities powers. Diversification potential is examined using microeconomic data on returns to existing bank securities and non-securities activities over 1976 through 1985. Both the mean and standard deviation of returns to securities activities are found to be greater than those of non-securities activities. Some potential for diversification gains is found, although this appears to be quite limited. Experiments designed to estimate the effect of using industry and time aggregated data are performed. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - RATE of return
KW  - RISK
KW  - INSURANCE
KW  - SECURITIES
N1  - Accession Number: 11490550; Kwast, Myron L. 1; Affiliations: 1: Federal Reserve System, USA; Issue Info: 1989, Vol. 13 Issue 1, p101; Thesaurus Term: BANKING industry; Thesaurus Term: RATE of return; Thesaurus Term: RISK; Thesaurus Term: INSURANCE; Thesaurus Term: SECURITIES; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 25p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
T1  - State Space Modeling of Time Series (Book).
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1989/03//
VL  - 84
IS  - 405
M3  - Book Review
SP  - 339
SN  - 01621459
AB  - Reviews the book "State Space Modeling of Time Series," by Masanao Aoki.
KW  - TIME series analysis
KW  - NONFICTION
KW  - AOKI, Masanao
KW  - STATE-Space Modeling of Time Series (Book)
N1  - Accession Number: 4613858; Diebold, Francis X. 1; Affiliations: 1: Federal Reserve System.; Issue Info: Mar1989, Vol. 84 Issue 405, p339; Thesaurus Term: TIME series analysis; Subject Term: NONFICTION; Reviews & Products: STATE-Space Modeling of Time Series (Book); People: AOKI, Masanao; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - Deficits Do Matter.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1989/01//Jan/Feb89
VL  - 32
IS  - 1
M3  - Article
SP  - 51
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - There is a significant view being expressed lately, fortunately to date a minority opinion, that federal government deficits do not matter much. Or in any event, there is no urgency in coming to grips with them. In fact, deficits do matter. Over the long term, they have a corrosive effect on the economy, and it is from this perspective that the case for bringing down the deficit is compelling. More important, the long run is rapidly turning into the short run. If one does not act promptly, the imbalances in the economy are such that the effects of the deficit will be increasingly felt and with some immediacy. The effects of the federal budget deficits over the past several years have been muted by two circumstances, both of which are currently changing rapidly. One was the rather large degree of slack in the economy in the early years of the current expansion. This slack meant that the economy could accommodate growing demands from both the private and public sectors. In addition, to the extent that these demands could not be accommodated from U.S. resources, the industrialists went abroad and imported them. This can be seen in our large trade and current-account deficits.
KW  - BUDGET deficits
KW  - DEFICIT financing
KW  - INVESTMENTS
KW  - BUDGET
KW  - CAPITAL stock
KW  - RESERVES (Accounting)
KW  - AMORTIZATION
KW  - UNITED States
N1  - Accession Number: 6154971; Greenspan, Alan 1; Affiliations: 1: Chairman, Board of Governors Federal, Reserve System.; Issue Info: Jan/Feb89, Vol. 32 Issue 1, p51; Thesaurus Term: BUDGET deficits; Thesaurus Term: DEFICIT financing; Thesaurus Term: INVESTMENTS; Thesaurus Term: BUDGET; Thesaurus Term: CAPITAL stock; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: AMORTIZATION; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Berger, Allen N.
AU  - Hannan, Timothy H.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Weiss, Leonard W.
T1  - Deposit Interest Rates and Local Market Concentration
T2  - Concentration and price
PB  - Cambridge, Mass. and London:
PB  - MIT Press
Y1  - 1989///
SP  - 255
EP  - 265
N1  - Accession Number: 0261266; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Market Structure: Industrial Organization and Corporate Strategy          6110
KW  - Commercial Banking          3120
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0261266&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Johnson, Manuel H.
AD  - Federal Reserve System
A2  - Dorn, James A.
A2  - Niskanen, William A.
T1  - Current Perspectives on Monetary Policy
T2  - Dollars, deficits and trade
PB  - A Cato Institute book
PB  - Norwell, Mass.; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1989///
SP  - 31
EP  - 38
RP  - [1988]
N1  - Accession Number: 0256254; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Keleher, Robert E.
AD  - Federal Reserve System
A2  - Dorn, James A.
A2  - Niskanen, William A.
T1  - Comment: Price Level Changes and the Adjustment Process under Fixed Rates
T2  - Dollars, deficits and trade
PB  - A Cato Institute book
PB  - Norwell, Mass.; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1989///
SP  - 181
EP  - 188
RP  - [1988]
N1  - Accession Number: 0256264; Publication Type: Collective Volume Article; Update Code: 199203
KW  - International Monetary Arrangements          4320
KW  - Exchange Rates and Markets--Theory and Studies          4314
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Canzoneri, Matthew B.
AU  - Henderson, Dale W.
AD  - Georgetown U
AD  - Georgetown U, Federal Reserve System and NBER
A2  - van der Ploeg, Frederick
A2  - de Zeeuw, Aart
T1  - Optimal Choice of Monetary Policy Instruments in a Simple Two-Country Game
T2  - Dynamic policy games in economics: Essays in honour of Piet Verheyen
PB  - Contributions to Economic Analysis, no. 181
PB  - Amsterdam; New York; Oxford and Tokyo:
PB  - North-Holland; distributed in the U.S. and Canada by Elsevier Science, New York
Y1  - 1989///
SP  - 223
EP  - 240
N1  - Accession Number: 0261129; Publication Type: Collective Volume Article; Festschrift: Verheyen, Piet; Update Code: 199203
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Open Economy Macroeconomic Theory--Balance of Payments and Adjustment Mechanisms          4312
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Wallich, Henry C.
AU  - Stockton, David J.
AD  - Unlisted
AD  - Federal Reserve System
A2  - Kregel, J. A.
T1  - A Macroeconomic Perspective on Tax-Based Incomes Policies
T2  - Inflation and income distribution in capitalist crisis: Essays in memory of Sidney Weintraub
PB  - New York:
PB  - New York University Press; distributed by Columbia University Press
Y1  - 1989///
SP  - 47
EP  - 67
N1  - Accession Number: 0261241; Publication Type: Collective Volume Article; Festschrift: Weintraub, Sidney; Update Code: 199203
KW  - Fiscal Theory; Empirical Studies Illustrating Fiscal Theory          3212
KW  - Inflation Theories; Studies Illustrating Inflation Theories          1342
KW  - Macroeconomic Theory--General          0230
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0261241&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kohn, Donald L.
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Policy Targets and Operating Procedures in the 1990s
T2  - Monetary policy issues in the 1990s: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming August 30-September 1, 1989
PB  - Symposium Series
PB  - Kansas City:
PB  - Author
Y1  - 1989///
SP  - 129
EP  - 141
N1  - Accession Number: 0255383; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Domestic Monetary Theory; Empirical Studies Illustrating Theory          3112
KW  - Stabilization Theories and Policies          1331
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Federal Reserve Bank of Kansas City
T1  - Monetary Policy Issues in the 1990s: Overview: Central Bank Perspectives
T2  - Monetary policy issues in the 1990s: A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming August 30-September 1, 1989
PB  - Symposium Series
PB  - Kansas City:
PB  - Author
Y1  - 1989///
SP  - 309
EP  - 313
N1  - Accession Number: 0255395; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0255395&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark J.
AD  - Federal Reserve System
T1  - Tax Reform and Corporate Capital Structure
JO  - Public Finance
JF  - Public Finance
Y1  - 1989///
VL  - 44
IS  - 2
SP  - 295
EP  - 307
SN  - 00333476
N1  - Accession Number: 0232395; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - This paper examines the likely net effect of the U.S. Tax Reform Act of 1986 on corporate capital structure, taking into account changes affecting investor demand for corporate liabilities and the optimal leveraging decisions of firms. The analytical framework is the DeAngelo-Masulis model (1980). The conclusion drawn is that tax reform causes an increase in the supply of, and the demand for, corporate debt so that the debt-to-equity ratio in the corporate sector raises as a result. Peacock-Shaw Approach
KW  - National Taxation, Revenue, and Subsidies          3230
KW  - Business Finance          5210
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Guttmann, Robert
T1  - The Great Malaise
T2  - Reforming money and finance: Institutions and markets in flux
PB  - Armonk, N.Y. and London:
PB  - Sharpe
Y1  - 1989///
SP  - 117
EP  - 120
RP  - [1980]
N1  - Accession Number: 0257275; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Economic Fluctuations--Studies          1313
KW  - Economic History--United States and Canada: General          0420
KW  - General Outlook          1330
KW  - Stabilization Theories and Policies          1331
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0257275&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kupiec, Paul H.
AD  - Federal Reserve System
A2  - Edwards, Franklin R.
T1  - Initial Margin Requirements and Stock Returns Volatility: Another Look
T2  - Regulatory reform of stock and futures markets: A special issue of the Journal of Financial Services Research
PB  - Boston; Dordrecht and London:
PB  - Kluwer Academic
Y1  - 1989///
SP  - 189
EP  - 203
N1  - Accession Number: 0256368; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Capital Markets--Empirical Studies, Including Regulation          3132
KW  - Capital Markets: Theory, Including Portfolio Selection, and Empirical Studies Illustrating Theory          3131
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Diebold, Francis X.
AU  - Pauly, Peter
AD  - Federal Reserve System
AD  - U PA
A2  - Hackl, Peter
T1  - Forecasting in Situations of Structural Change: A General Approach
T2  - Statistical analysis and forecasting of economic structural change
PB  - International Institute for Applied Systems Analysis series
PB  - New York; Berlin; London and Tokyo:
PB  - Springer
Y1  - 1989///
SP  - 297
EP  - 318
N1  - Accession Number: 0257353; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Construction, Analysis, and Use of Econometric Models          2120
KW  - Distributed Correlated Disturbance Terms; Inferential Problems in Single Equation Models          2113
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Boskin, Michael J.
AU  - Robinson, Marc S.
AU  - Roberts, John M.
AD  - Stanford U
AD  - GMC
AD  - Federal Reserve System
A2  - Jorgenson, Dale W.
A2  - Landau, Ralph
T1  - New Estimates of Federal Government Tangible Capital and Net Investment
T2  - Technology and capital formation
PB  - Cambridge, Mass. and London:
PB  - MIT Press
Y1  - 1989///
SP  - 451
EP  - 483
N1  - Accession Number: 0258224; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Macroeconomics--Theory of Aggregate Demand: Investment          0233
KW  - Financial Accounts; Financial Statistics; Empirical Analyses of Capital Adequacy          2230
KW  - Public Enterprises          6140
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Wilson, John F.
AD  - Federal Reserve System
A2  - Lipsey, Robert E.
A2  - Tice, Helen Stone
T1  - Measuring Household Saving: Recent Experience from the Flow-of-Funds Perspective
T2  - The measurement of saving, investment, and wealth
PB  - National Bureau of Economic Research Studies in Income and Wealth, vol. 52
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1989///
SP  - 101
EP  - 145
N1  - Accession Number: 0258743 Partial authors List; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies          9211
KW  - National Income Accounts          2212
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Porter, Richard D.
AU  - Bayer, Amanda S.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Feige, Edgar L.
T1  - Monetary Perspective on Underground Economic Activity in the United States
T2  - The underground economies: Tax evasion and information distortion
PB  - Cambridge; New York and Melbourne:
PB  - Cambridge University Press
Y1  - 1989///
SP  - 129
EP  - 157
N1  - Accession Number: 0256561; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199203
KW  - National Income Accounts          2212
KW  - Economics of Law and Crime          9160
KW  - National Taxation, Revenue, and Subsidies          3230
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Truman, Edwin M.
AD  - Federal Reserve System
A2  - Stern, Robert M.
T1  - Correcting Global Imbalances: A Simulation Approach: Comment
T2  - Trade and investment relations among the United States, Canada, and Japan
PB  - Chicago:
PB  - University of Chicago Press
Y1  - 1989///
SP  - 424
EP  - 427
N1  - Accession Number: 0260763; Geographic Descriptors: U.S.; Japan; Canada; Geographic Region: Northern America; Asia; Publication Type: Collective Volume Article; Update Code: 199203
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
KW  - General Forecasts and Models          1322
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Dewald, William G.
AU  - Thursby, Jerry G.
AU  - Anderson, Richard G.
T1  - Replication in Empirical Economics: The Journal of Money, Credit and Banking Project: Reply.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1988/12//
VL  - 78
IS  - 5
M3  - Article
SP  - 1162
PB  - American Economic Association
SN  - 00028282
AB  - The replication of published research is essential to progress in economic science. Proofs of mathematical theorems often may be replicated without contact with the original author; replication of published empirical research may be impossible even with the cooperation of the author. This author's research suggests that the cause of this phenomenon is inadequate care and documentation by researchers, which is itself a response to a system of professional rewards which does not value replication. Researcher John Merrick's comments provide an example of the pitfalls in replication. An important task of the "Journal of Money Credit and Banking Project" (JMCB) was to ascertain the level of support and guidance an author would furnish to another researcher who was attempting replication. The author further asserts that it is unfortunate that they did not receive further communication from Merrick until after publication of the paper in this review and scrutiny by his peers. In Merrick's comment one learns for the first time the reason for the difference in the estimates was because the supplied data set contained an error in the labels of one of the variables.
KW  - MATHEMATICAL economics
KW  - ECONOMICS
KW  - DOCUMENTATION
KW  - MATHEMATICS
KW  - REPLICATION (Experimental design)
KW  - PERIODICALS
KW  - MERRICK, John
KW  - JOURNAL of Money, Credit & Banking (Periodical)
N1  - Accession Number: 4507672; Dewald, William G. 1; Thursby, Jerry G. 2; Anderson, Richard G. 3; Affiliations: 1: Bureau of Economic and Business Affairs, U.S. Department of State, Washington, DC 20520.; 2: Department of Economics, Krannert Building, Purdue University, West Lafayette, IN 47907.; 3: Division of Monetary Affairs, Board of Governors, Federal Reserve System, Washington, DC 20551.; Issue Info: Dec88, Vol. 78 Issue 5, p1162; Thesaurus Term: MATHEMATICAL economics; Thesaurus Term: ECONOMICS; Thesaurus Term: DOCUMENTATION; Thesaurus Term: MATHEMATICS; Subject Term: REPLICATION (Experimental design); Subject Term: PERIODICALS; Reviews & Products: JOURNAL of Money, Credit & Banking (Periodical); NAICS/Industry Codes: 451310 Book stores and news dealers; NAICS/Industry Codes: 451212 News Dealers and Newsstands; NAICS/Industry Codes: 424920 Book, Periodical, and Newspaper Merchant Wholesalers; NAICS/Industry Codes: 414420 Book, periodical and newspaper merchant wholesalers; NAICS/Industry Codes: 323119 Other printing; People: MERRICK, John; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
AU  - Hoffmeister, J. Ronald
T1  - The Micromechanics of the Federal Funds Market: Implications for Day-of-the-Week Effects in Funds Rate Variability.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1988/12//
VL  - 23
IS  - 4
M3  - Article
SP  - 401
EP  - 416
PB  - Cambridge University Press
SN  - 00221090
AB  - The federal funds rate arguably is the most important interest rate in the U.S. capital market because it plays a central role in monetary policy and the term structure. This paper examines the micromechanics of the funds market. We show that in a continuous market with asynchronous trading, regulatory constraints and accounting conventions that focus agents' attention on discrete time instants have important implications for the dynamics of trading activity and realized market prices. We also exhibit a model of the market that explains observed regularities in the intertemporal behavior of the funds rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - MICROECONOMICS
KW  - CAPITAL market
KW  - INTEREST rates
KW  - MONETARY policy
KW  - CAPITAL structure
KW  - MARKET prices
KW  - SECURITIES trading
KW  - ECONOMETRIC models
KW  - FEDERAL Reserve banks
KW  - FINANCE
KW  - FEDERAL Reserve monetary policy
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 5723700; Spindt, Paul A. 1; Hoffmeister, J. Ronald 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C. 20551; 2: College of Business, Arizona State University, Tempe, AZ 85287; Issue Info: Dec88, Vol. 23 Issue 4, p401; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: MICROECONOMICS; Thesaurus Term: CAPITAL market; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Thesaurus Term: CAPITAL structure; Thesaurus Term: MARKET prices; Thesaurus Term: SECURITIES trading; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: FINANCE; Thesaurus Term: FEDERAL Reserve monetary policy; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Nothaft, Frank E.
T1  - Rental Housing Markets and the Natural Vacancy Rate.
JO  - Journal of the American Real Estate & Urban Economics Association
JF  - Journal of the American Real Estate & Urban Economics Association
Y1  - 1988///Winter88
VL  - 16
IS  - 4
M3  - Article
SP  - 419
EP  - 429
PB  - Wiley-Blackwell
SN  - 10678433
AB  - This paper employs new census vacancy rate data to analyze the price-adjustment mechanism for rental housing. The study extends previous research on this topic, which provided conflicting evidence concerning the traditional theory of rental housing market adjustment (Bee Smith [10], [11]; DeLeeuw and Elf-nero [2]; Eubank and Sirmans [4]; and Rosen and Smith [8]). Cross-section and time-series data are pooled to estimate natural vacancy rates for sixteen United 8tares cities for the 1981-85 period. The analysis further explores the determinants of variation in natural vacancy rates across those metropolitan areas. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RENTAL housing
KW  - LEASE & rental services
KW  - HOUSING market
KW  - MONEY center banks
KW  - REAL estate business
KW  - HOUSEHOLD surveys
N1  - Accession Number: 5860303; Gabriel, Stuart A. 1; Nothaft, Frank E. 2; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.; 2: Department of Financial Research, Federal Home Loan Mortgage Corporation, Reston, Virginia 22090.; Issue Info: Winter88, Vol. 16 Issue 4, p419; Thesaurus Term: RENTAL housing; Thesaurus Term: LEASE & rental services; Thesaurus Term: HOUSING market; Thesaurus Term: MONEY center banks; Thesaurus Term: REAL estate business; Subject Term: HOUSEHOLD surveys; NAICS/Industry Codes: 522220 Sales Financing; NAICS/Industry Codes: 532310 General Rental Centers; NAICS/Industry Codes: 531212 Offices of real estate brokers; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 531111 Lessors of residential buildings and dwellings (except social housing projects); Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Avery, Robert B.
AU  - Elliehausen, Gregory E.
AU  - Kennickell, Arthur B.
T1  - MEASURING WEALTH WITH SURVEY DATA: AN EVALUATION OF THE 1983 SURVEY OF CONSUMER FINANCES.
JO  - Review of Income & Wealth
JF  - Review of Income & Wealth
Y1  - 1988/12//
VL  - 34
IS  - 4
M3  - Article
SP  - 339
EP  - 369
PB  - Wiley-Blackwell
SN  - 00346586
AB  - Because wealth estimates from survey data have usually fallen substantially short of independent aggregate estimates, survey data have not been seen as adequate for assessing questions dependent on a good representation of the entire distribution of wealth, such as estimates of wealth concentration. The 1983 Survey of Consumer Finances (SCF), which contains a supplementary sample of very high income households drawn from a tax-file sample frame, is the first U.S. survey since the 1963 Survey of Financial Characteristics of Consumers that offers hope of accurately measuring the entire wealth distribution. In this paper, we discuss the design of the survey, the critical issue of proper weighting to merge the supplementary sample with an area probability sample, and the role of imputation. We show that the use of ordinary area probability samples alone leads to probable bias in the measurement of highly concentrated assets such as stocks and bonds. We compare the SCF data with aggregates derived from the flow-of-funds accounts of the Federal Reserve Board. While methodological issues cloud exact comparisons, it appears overall that the SCF estimates are at least as credible as other aggregate measurements. Finally, we use the data to assess the change in concentration of wealth from 1963 to 1983. We estimate that the concentration of wealth in terms of households did not change significantly over this period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Income & Wealth is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - WEALTH
KW  - CONSUMER research
KW  - COST & standard of living
KW  - CONSUMER behavior
KW  - ECONOMIC status
KW  - CUSTOMER satisfaction
KW  - CONSUMERS
KW  - UNITED States
N1  - Accession Number: 5762679; Avery, Robert B. 1; Elliehausen, Gregory E. 1; Kennickell, Arthur B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec88, Vol. 34 Issue 4, p339; Thesaurus Term: WEALTH; Thesaurus Term: CONSUMER research; Thesaurus Term: COST & standard of living; Thesaurus Term: CONSUMER behavior; Thesaurus Term: ECONOMIC status; Thesaurus Term: CUSTOMER satisfaction; Thesaurus Term: CONSUMERS; Subject: UNITED States; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - COHEN, DARREL
AU  - MCGIBANY, JAMES M.
AU  - NOURZAD, FARROKH
T1  - Money Demand and the Effects of Fiscal Policies A Comment.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1988/11//
VL  - 20
IS  - 4
M3  - Article
SP  - 698
EP  - 714
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents the author's comments on an article written by Gregory N. Mankiw and Lawrence H. Summers, "Money Demand and the Effects of Fiscal Policies," which relates to the effects of fiscal policies on the money demand. The author discusses the report's closed-economy model of aggregate demand, and considers the ways that a tax cut can affect wage income, and increase the supply of labor and output. The author criticizes Mankiw and Summers' assumptions about consumption depending on disposable income, and their assumptions about open economy considerations.
KW  - DEMAND for money
KW  - FISCAL policy
KW  - INCOME tax
KW  - TAX cuts
KW  - DEMAND functions (Economic theory)
KW  - JOURNAL of Money, Credit & Banking (Periodical)
N1  - Accession Number: 5164155; COHEN, DARREL 1; MCGIBANY, JAMES M. 2; NOURZAD, FARROKH 3; Affiliations: 1: economist, Board of Governors, Federal Reserve System; 2: assistant professor of economics, Marquette University; 3: associate professor of economics, Marquette University; Issue Info: Nov88, Vol. 20 Issue 4, p698; Thesaurus Term: DEMAND for money; Thesaurus Term: FISCAL policy; Thesaurus Term: INCOME tax; Thesaurus Term: TAX cuts; Thesaurus Term: DEMAND functions (Economic theory); Reviews & Products: JOURNAL of Money, Credit & Banking (Periodical); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Braun, Steven N.
T1  - Trends in American economic growth, 1929-1982 (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1988/09//
VL  - 26
IS  - 3
M3  - Book Review
SP  - 1195
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "Trends in American Economic Growth, 1929-1982," by Edward F. Denison.
KW  - ECONOMIC development
KW  - NONFICTION
KW  - DENISON, Edward
KW  - DENISON, Edward F.
KW  - TRENDS in American Economic Growth 1929-1982 (Book)
N1  - Accession Number: 5291617; Braun, Steven N. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Sep88, Vol. 26 Issue 3, p1195; Thesaurus Term: ECONOMIC development; Subject Term: NONFICTION; Reviews & Products: TRENDS in American Economic Growth 1929-1982 (Book); People: DENISON, Edward; People: DENISON, Edward F.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simpson, Thomas D.
T1  - Electronic funds transfers and payments (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1988/09//
VL  - 26
IS  - 3
M3  - Book Review
SP  - 1204
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "Electronic Funds Transfers and Payments: The Public Policy Issues," edited by Elinor Harris Solomon.
KW  - ELECTRONIC funds transfers
KW  - NONFICTION
KW  - SOLOMON, Elinor
KW  - SOLOMON, Elinor Harris
KW  - ELECTRONIC Funds Transfers & Payments: The Public Policy Issues (Book)
N1  - Accession Number: 5291642; Simpson, Thomas D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Sep88, Vol. 26 Issue 3, p1204; Thesaurus Term: ELECTRONIC funds transfers; Subject Term: NONFICTION; Reviews & Products: ELECTRONIC Funds Transfers & Payments: The Public Policy Issues (Book); NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522329 Other financial transactions processing and clearing house activities; People: SOLOMON, Elinor; People: SOLOMON, Elinor Harris; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark
T1  - PRIVATE ANNUITY MARKETS IN THE UNITED STATES: 1919-1984.
JO  - Journal of Risk & Insurance
JF  - Journal of Risk & Insurance
Y1  - 1988/09//
VL  - 55
IS  - 3
M3  - Article
SP  - 518
EP  - 528
PB  - Wiley-Blackwell
SN  - 00224367
AB  - Load factors on life annuities issued to 65-year old males and females over the period 1919 through 1984 have ranged from 10 cents to 29 cents per dollar of actuarial present value. From 8 cents to 16 cents of these loads represents the cost of adverse selection, and approximately 7.5 cents represents transaction costs. The cost of adverse selection increased during the middle period of study, 1941-1962, on annuities sold to males, while the cost of adverse selection continually declined for females. Annuities were at the height of their popularity in the early 1930s when policies were credited with interest rates higher than those available in the financial market; implicitly 7.5 cents of the load factor was returned to policyholders. The use of interest rates lower than market yields in the last period of study, 1963–1984, however, increased load factors by 6.6 cents. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Risk & Insurance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ANNUITIES
KW  - LIFE insurance
KW  - INVESTMENTS
KW  - MARKETS
KW  - ECONOMIC indicators
KW  - UNITED States
N1  - Accession Number: 5136640; Warshawsky, Mark 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; Issue Info: Sep88, Vol. 55 Issue 3, p518; Thesaurus Term: ANNUITIES; Thesaurus Term: LIFE insurance; Thesaurus Term: INVESTMENTS; Thesaurus Term: MARKETS; Thesaurus Term: ECONOMIC indicators; Subject: UNITED States; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Greenspan, Alan C.
T1  - Our Human Capital: The Power Investment.
JO  - Directors & Boards
JF  - Directors & Boards
Y1  - 1988///Summer88
VL  - 12
IS  - 4
M3  - Article
SP  - 4
EP  - 9
SN  - 03649156
AB  - The article presents a discussion of investing in human capital by U.S. firms, adapted from a speech delivered by Alan Greenspan, chairman of the board of governors of the U.S. Federal Reserve System, at the Martin Luther King Jr. Social Responsibility Seminar held in Atlanta, Georgia, in 1988.  INSET: At the Base of Dramatic Change.
KW  - HUMAN capital
KW  - LITERATURE -- Adaptations
N1  - Accession Number: 27261144; Greenspan, Alan C. 1; Affiliations: 1: Chairman, Board of Governors, Federal Reserve System; Issue Info: Summer88, Vol. 12 Issue 4, p4; Thesaurus Term: HUMAN capital; Subject Term: LITERATURE -- Adaptations; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Neumark, David
T1  - Employers' Discriminatory Behavior and the Estimation of Wage Discrimination.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 1988///Summer88
VL  - 23
IS  - 3
M3  - Article
SP  - 279
EP  - 295
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - ABSTRACT  This paper considers the linkage of empirical estimates of wage discrimination between two groups, introduced by Oaxaca (1973), to a theoretical model of employers' discriminatory behavior. It is shown that, conditional on different assumptions about employers' discriminatory tastes, Oaxaca's estimators of wage discrimination can be derived. That the approach is more generally useful is demonstrated by deriving an alternative estimator of wage discrimination, based on the assumption that within each type of labor (e.g., unskilled, skilled) the utility function capturing employers' discriminatory tastes is homogeneous of degree zero with respect to labor inputs from each of the two groups. The estimators are compared empirically in an application to male-female wage differentials. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DISCRIMINATION in employment
KW  - EMPLOYERS
KW  - EMPLOYEES
KW  - WAGE differentials
KW  - MINIMUM wage
KW  - PAY equity
N1  - Accession Number: 5071089; Neumark, David 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Division of Research and Statistics.; Issue Info: Summer88, Vol. 23 Issue 3, p279; Thesaurus Term: DISCRIMINATION in employment; Thesaurus Term: EMPLOYERS; Thesaurus Term: EMPLOYEES; Thesaurus Term: WAGE differentials; Thesaurus Term: MINIMUM wage; Thesaurus Term: PAY equity; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fuhrer, Jeffrey C.
T1  - ON THE INFORMATION CONTENT OF CONSUMER SURVEY EXPECTATIONS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1988/02//
VL  - 70
IS  - 1
M3  - Article
SP  - 140
PB  - MIT Press
SN  - 00346535
AB  - Abstract--Numerous studies have shown survey data to be inefficient forecasts with respect to both their own history and other information available at the time of forecast. This paper suggests that survey expectations, however inefficient, contain information about agents' expectations which is not contained in standard macroeconomic data bases (e.g., "animal spirits" expectations, or assessments of pending fiscal policy). The most consistent relationship found links survey expectations to consumer expenditure forecast errors. This finding is consistent with a model in which consumer spending is partially driven by self-fulfilling expectations which are not based on (observable) fundamentals. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EXPECTATION (Psychology)
KW  - CONSUMERS
KW  - CONSUMPTION (Economics)
KW  - FORECASTING
KW  - FISCAL policy
KW  - ECONOMICS
KW  - MACROECONOMICS
KW  - SURVEYS
KW  - ERRORS
N1  - Accession Number: 4648459; Fuhrer, Jeffrey C. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Feb88, Vol. 70 Issue 1, p140; Thesaurus Term: EXPECTATION (Psychology); Thesaurus Term: CONSUMERS; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: FORECASTING; Thesaurus Term: FISCAL policy; Thesaurus Term: ECONOMICS; Thesaurus Term: MACROECONOMICS; Subject Term: SURVEYS; Subject Term: ERRORS; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Abel, Andrew B.
AU  - Warshawsky, Mark
T1  - SPECIFICATION OF THE JOY OF GIVING: INSIGHTS FROM ALTRUISM.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1988/02//
VL  - 70
IS  - 1
M3  - Article
SP  - 145
PB  - MIT Press
SN  - 00346535
AB  - Abstract--This paper analyzes the joy of giving bequest motive in which the utility obtained from leaving a bequest depends only on the size of the bequest. It exploits the fact that this formulation can be interpreted as a reduced form of an altruistic bequest motive to derive a relation between the value of the altruism parameter and the value of the joy of giving parameter. Using previous discussions of an a priori range of plausible values for the altruism parameter we then derive plausible restrictions on the joy of giving parameter. We demonstrate that this parameter may well be orders of magnitude larger than assumed in the existing literature. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INHERITANCE & succession
KW  - ALTRUISM
KW  - JOY
KW  - CHARITY
KW  - CONDUCT of life
KW  - EMOTIONS (Psychology)
KW  - HAPPINESS
N1  - Accession Number: 4648470; Abel, Andrew B. 1,2; Warshawsky, Mark 3; Affiliations: 1: University of Pennsylvania.; 2: National Bureau of Economic Research.; 3: Board of Governors, Federal Reserve System.; Issue Info: Feb88, Vol. 70 Issue 1, p145; Thesaurus Term: INHERITANCE & succession; Subject Term: ALTRUISM; Subject Term: JOY; Subject Term: CHARITY; Subject Term: CONDUCT of life; Subject Term: EMOTIONS (Psychology); Subject Term: HAPPINESS; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Montgomery, Edward
AU  - Wascher, William
T1  - CREATIVE DESTRUCTION AND THE BEHAVIOR OF PRODUCTIVITY OVER THE BUSINESS CYCLE.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1988/02//
VL  - 70
IS  - 1
M3  - Article
SP  - 168
PB  - MIT Press
SN  - 00346535
AB  - Abstract--We develop and test a model of short-run variations in productivity which explicitly incorporates the Shumpeterian forces of "creative destruction." Using data on business failures and formations, we find that increases in competitive pressures reduce the extent of labor hoarding and raise the level of productivity in the economy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BUSINESS cycles
KW  - ECONOMICS
KW  - INDUSTRIAL productivity
KW  - BUSINESS failures
KW  - BUSINESS
KW  - CALCULUS of variations
KW  - COMPETITION
KW  - CYCLES
N1  - Accession Number: 4648532; Montgomery, Edward 1; Wascher, William 2; Affiliations: 1: Michigan State University.; 2: Board of Governors, Federal Reserve System.; Issue Info: Feb88, Vol. 70 Issue 1, p168; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMICS; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: BUSINESS failures; Thesaurus Term: BUSINESS; Subject Term: CALCULUS of variations; Subject Term: COMPETITION; Subject Term: CYCLES; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
AU  - Levy, Daniel
T1  - Expectations, information, and migration: the case of the West Bank and Gaza.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1988/01//
VL  - 20
IS  - 1
M3  - Article
SP  - 1
PB  - Routledge
SN  - 00036846
AB  - This study evaluates the determinants of Palestinian migration from the West Bank and Gaza. Data are employed for the post-1967 period of Israeli rule to specify and test competing models as well as the structure of expectations in the migration decision. Results of the analysis support a simple static expectation formulation, as is consistent with much of the short-term, low mobility cost migration between the West Bank and Jordan. Findings further point to the importance of various Israeli-Palestinian economic and political economic interactions in the determination of this controversial movement of population, including those associated with employment opportunity for Palestinian labour in Israel, elements of Israeli West Bank settlement policy and changes in local standard of living. Various policy implications of the research are indicated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMIGRATION & immigration
KW  - LABOR
KW  - COST & standard of living
KW  - EMPLOYMENT (Economic theory)
KW  - PALESTINIANS -- Employment
KW  - WEST Bank
KW  - GAZA
N1  - Accession Number: 4621813; Gabriel, Stuart A. 1; Levy, Daniel 2; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC.; 2: Department of Economics, University of Minnesota, USA.; Issue Info: Jan1988, Vol. 20 Issue 1, p1; Thesaurus Term: EMIGRATION & immigration; Thesaurus Term: LABOR; Thesaurus Term: COST & standard of living; Thesaurus Term: EMPLOYMENT (Economic theory); Subject Term: PALESTINIANS -- Employment; Subject Term: WEST Bank; Subject: GAZA; Number of Pages: 13p; Illustrations: 2 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Edison, Hali J.
AU  - Tryon, Ralph W.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Motamen, Homa
T1  - An Empirical Analysis of Policy Co-Ordination in the United States, Japan and Europe
T2  - Economic modelling in the OECD countries
PB  - International Studies in Economic Modelling series.
PB  - London and New York:
PB  - Routledge
Y1  - 1988///
SP  - 53
EP  - 70
N1  - Accession Number: 0035024; Geographic Descriptors: OECD; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Stabilization Theories and Policies          1331
KW  - General Forecasts and Models          1322
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0035024&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Brayton, Flint
AU  - Clark, Peter B.
AD  - Federal Reserve System
AD  - IMF
A2  - Motamen, Homa
T1  - The Macroeconomic and Sectoral Effects of the Economic Recovery Tax Act: Some Simulation Results
T2  - Economic modelling in the OECD countries
PB  - International Studies in Economic Modelling series.
PB  - London and New York:
PB  - Routledge
Y1  - 1988///
SP  - 141
EP  - 164
N1  - Accession Number: 0035028; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - National Taxation, Revenue, and Subsidies          3230
KW  - General Forecasts and Models          1322
KW  - Fiscal Policy          3216
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Yagci, Fahrettin
AU  - Kamin, Steven
AD  - World Bank
AD  - Federal Reserve System
A2  - Motamen, Homa
T1  - Macroeconomic Policies and Adjustment in Yugoslavia: Some Counterfactual Simulations
T2  - Economic modelling in the OECD countries
PB  - International Studies in Economic Modelling series.
PB  - London and New York:
PB  - Routledge
Y1  - 1988///
SP  - 713
EP  - 730
N1  - Accession Number: 0035051; Geographic Descriptors: Yugoslavia; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Stabilization Theories and Policies          1331
KW  - Specific Forecasts and Models          1323
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Rudebusch, Glenn D.
AD  - Federal Reserve System
T1  - Are Productivity Fluctuations Due to Real Supply Shocks?
JO  - Economics Letters
JF  - Economics Letters
Y1  - 1988///
VL  - 27
IS  - 4
SP  - 327
EP  - 331
SN  - 01651765
N1  - Accession Number: 0230730; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199009
N2  - Shapiro (1987) draws support for real business cycle theories from the behavior of cost-based and output-based measures of productivity. This evidence is examined and shown to rely on spurious correlations.
KW  - Economic Fluctuations--Studies          1313
KW  - Productivity Studies: Labor, Capital, and Total Factor          8250
L3  - http://www.sciencedirect.com/science/journal/01651765
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0230730&site=ehost-live&scope=site
UR  - http://www.sciencedirect.com/science/journal/01651765
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Bryant, Ralph C.
AU  - Holtham, Gerald
AU  - Hooper, Peter
AD  - Brookings Institution
AD  - Brookings Institution and OECD
AD  - Federal Reserve System
A2  - Bryant, Ralph C.
T1  - Consensus and Diversity in the Model Simulations
T2  - Empirical macroeconomics for interdependent economies
PB  - Washington, D.C.:
PB  - Brookings Institution
Y1  - 1988///
SP  - 27
EP  - 62
N1  - Accession Number: 0030947 Partial authors List; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - General Forecasts and Models          1322
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0030947&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Tryon, Ralph W.
AD  - Federal Reserve System
A2  - Bryant, Ralph C.
T1  - Empirical Macroeconomics for Interdependent Economies: Comparison and Evaluation of Model Simulations: Comment
T2  - Empirical macroeconomics for interdependent economies
PB  - Washington, D.C.:
PB  - Brookings Institution
Y1  - 1988///
SP  - 152
EP  - 154
N1  - Accession Number: 0030953 Partial authors List; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
KW  - General Forecasts and Models          1322
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Seger, Martha R.
AD  - Federal Reserve System
A2  - Federal Home Loan Bank of San Francisco.
T1  - Financial Markets and Reform
T2  - Expanded competitive markets and the thrift industry: Proceedings of the Thirteenth Annual Conference, December 10-11, 1987, San Francisco, California
PB  - San Francisco:
PB  - Author
Y1  - 1988///
SP  - 19
EP  - 27
N1  - Accession Number: 0032270; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Domestic Monetary and Financial Theory and Institutions: General          3100
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0032270&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Bryant, Ralph C.
AU  - Holtham, Gerald
AU  - Hooper, Peter
AD  - Brookings Institution
AD  - Brookings Institution
AD  - Federal Reserve System
A2  - Bryant, Ralph C.
A2  - Holtham, Gerald
A2  - Hooper, Peter
T1  - External Deficits and the Dollar: The Pit and the Pendulum: Introduction
T2  - External deficits and the dollar: The pit and the pendulum
PB  - Washington, D.C.:
PB  - Brookings Institution
Y1  - 1988///
SP  - 1
EP  - 9
N1  - Accession Number: 0030969; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Helkie, William L.
AU  - Hooper, Peter
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Bryant, Ralph C.
A2  - Holtham, Gerald
A2  - Hooper, Peter
T1  - An Empirical Analysis of the External Deficit, 1980-86
T2  - External deficits and the dollar: The pit and the pendulum
PB  - Washington, D.C.:
PB  - Brookings Institution
Y1  - 1988///
SP  - 10
EP  - 56
N1  - Accession Number: 0030970; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms          4313
KW  - Trade Relations          4210
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Feldstein, Martin
T1  - Prospects for International Economic Cooperation
T2  - International economic cooperation
PB  - NBER Conference Report series
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1988///
SP  - 61
EP  - 65
N1  - Accession Number: 0032369; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Open Economy Macroeconomics; Exchange Rates--General          4310
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Canzoneri, Matthew B.
AU  - Henderson, Dale W.
AD  - Georgetown U and Federal Reserve System
AD  - Georgetown U and Federal Reserve System
A2  - Borner, Silvio
T1  - Time Consistency and Trigger Mechanisms in Open-Economy Monetary Policy Games
T2  - International finance and trade in a polycentric world: Proceedings of a conference held in Basel, Switzerland, by the International Economic Association
PB  - New York:
PB  - St. Martin's Press in association with the International Economic Association
Y1  - 1988///
SP  - 338
EP  - 355
N1  - Accession Number: 0030782; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Open Economy Macroeconomic Theory--Balance of Payments and Adjustment Mechanisms          4312
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0030782&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
T1  - Serial Correlation and the Combination of Forecasts.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1988/01//
VL  - 6
IS  - 1
M3  - Article
SP  - 105
EP  - 111
SN  - 07350015
AB  - It is shown that regression-based methods of forecast combination lead to serially correlated combined prediction errors. The form of the serial correlation is characterized, and specification, estimation, and prediction are treated. A fully optimal combined predictor, which exploits the serial correlation, is developed and compared with existing regression-based methods in a numerical example, leading to decreases in mean squared prediction error. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORRELATION (Statistics)
KW  - ECONOMICS -- Statistical methods
KW  - STATISTICS
KW  - MATHEMATICAL statistics
KW  - REGRESSION analysis
KW  - ERRORS
KW  - Pooling
KW  - Prediction
KW  - Regression
KW  - Time-series model
N1  - Accession Number: 5822644; Diebold, Francis X. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551.; Issue Info: Jan1988, Vol. 6 Issue 1, p105; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: STATISTICS; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: REGRESSION analysis; Subject Term: ERRORS; Author-Supplied Keyword: Pooling; Author-Supplied Keyword: Prediction; Author-Supplied Keyword: Regression; Author-Supplied Keyword: Time-series model; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - CHAP
AU  - Loopesko, Bonnie
AU  - Johnson, Robert A.
AD  - Federal Reserve System
AD  - Federal Reserve System
A2  - Marston, Richard C.
T1  - Realignment of the Yen-Dollar Exchange Rate: Aspects of the Adjustment Process in Japan
T2  - Misalignment of exchange rates: Effects on trade and industry
PB  - National Bureau of Economic Research Project Report series
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1988///
SP  - 105
EP  - 144
N1  - Accession Number: 0034673; Geographic Descriptors: Japan; U.S.; Geographic Region: Asia; Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Exchange Rates and Markets--Theory and Studies          4314
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0034673&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Emery, Robert F.
AD  - Federal Reserve System
A2  - Cheng, Hang-Sheng
T1  - Monetary Policy in Taiwan, China
T2  - Monetary policy in Pacific Basin countries: Papers presented at a conference sponsored by the Federal Reserve Bank of San Francisco
PB  - Norwell, Mass.; Dordrecht and Lancaster, U.K.:
PB  - Kluwer Academic
Y1  - 1988///
SP  - 381
EP  - 399
N1  - Accession Number: 0031206; Geographic Descriptors: Taiwan; China; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Inflation and Deflation--General          1340
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0031206&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Friedman, Benjamin M.
AU  - Warshawsky, Mark J.
AD  - Harvard U and NBER
AD  - Federal Reserve System
A2  - Bodie, Zvi
A2  - Shoven, John B.
A2  - Wise, David A.
T1  - Annuity Prices and Saving Behavior in the United States
T2  - Pensions in the U.S. economy
PB  - NBER Project Report series
PB  - Chicago and London:
PB  - University of Chicago Press
Y1  - 1988///
SP  - 53
EP  - 77
N1  - Accession Number: 0030744; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies          9211
KW  - Industry Studies--Services--Insurance          6356
KW  - Microeconomic Theory--Theory of the Household (Consumer Demand)          0222
KW  - Financial Intermediaries          3140
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0030744&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Melichar, Emmanuel
AD  - Federal Reserve System
A2  - Goldberg, Ray A.
T1  - Agricultural Finance: Turning the Corner on Problem Farm Debt
T2  - Research in domestic and international agribusiness management. Volume 8
PB  - A Research Annual.
PB  - Greenwich, Conn. and London:
PB  - JAI Press
Y1  - 1988///
SP  - 65
EP  - 94
N1  - Accession Number: 0032788; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Agricultural Finance          7140
UR  - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0032788&site=ehost-live&scope=site
DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Ettin, Edward C.
AD  - Federal Reserve System
A2  - Haraf, William S.
A2  - Kushmeider, Rose Marie
T1  - Payments System Risk and Public Policy: Commentary
T2  - Restructuring banking and financial services in America
PB  - AEI Studies, no. 481.
PB  - Washington, D.C.:
PB  - American Enterprise Institute for Public Policy Research; distributed by UPA, Lanham, Md. and London
Y1  - 1988///
SP  - 288
EP  - 295
N1  - Accession Number: 0033203; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
KW  - Commercial Banking          3120
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Cortes, B. S.
AU  - Edgmand, M. R.
AU  - Rea, J. D.
AD  - Pittsburg State U
AD  - OK State U
AD  - Federal Reserve System
A2  - Missouri Valley Economic Association
T1  - Capital Gains and the Rental Price of Capital
T2  - The Journal of Economics. Volume 14
PB  - Cape Girardeau, Mo.:
PB  - Author
Y1  - 1988///
SP  - 71
EP  - 75
N1  - Accession Number: 0037533; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Capital Markets: Theory, Including Portfolio Selection, and Empirical Studies Illustrating Theory          3131
KW  - Business Investment          5220
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Melamed, Leo
T1  - Excerpts from the Council of Economic Advisors Report to the President, 1975, 1976, 1977
T2  - The merits of flexible exchange rates: An anthology
PB  - Fairfax, Va.:
PB  - George Mason University Press; distributed by University Publishing Associates, Lanham, Md. and London
Y1  - 1988///
SP  - 297
EP  - 328
N1  - Accession Number: 0034873; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199112
KW  - General Outlook          1330
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Wallich, Henry C.
AD  - Federal Reserve System
A2  - Melamed, Leo
T1  - Floating as Seen from the Central Bank
T2  - The merits of flexible exchange rates: An anthology
PB  - Fairfax, Va.:
PB  - George Mason University Press; distributed by University Publishing Associates, Lanham, Md. and London
Y1  - 1988///
SP  - 395
EP  - 403
RP  - [1980]
N1  - Accession Number: 0034877; Publication Type: Collective Volume Article; Update Code: 199112
KW  - Domestic Monetary Theory and Policy          3110
KW  - Open Economy Macroeconomic Theory--Balance of Payments and Adjustment Mechanisms          4312
KW  - Domestic Monetary Policy, Including All Central Banking Topics          3116
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Greenspan, Alan
AD  - Federal Reserve System
A2  - Melamed, Leo
T1  - Coordination Could Be Washed Out
T2  - The merits of flexible exchange rates: An anthology
PB  - Fairfax, Va.:
PB  - George Mason University Press; distributed by University Publishing Associates, Lanham, Md. and London
Y1  - 1988///
SP  - 441
EP  - 444
RP  - [1986]
N1  - Accession Number: 0034881; Publication Type: Collective Volume Article; Update Code: 199112
KW  - International Economics--General          4000
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - CHAP
AU  - Kenessey, Zoltan E.
AD  - Federal Reserve System
A2  - Salazar-Carrillo, J.
A2  - Rao, D. S. Prasada
T1  - The Four Megasectors of the Economy in an International Context
T2  - World comparison of incomes, prices and product
PB  - Contributions to Economic Analysis series, no. 173
PB  - Amsterdam; Oxford and Tokyo:
PB  - North-Holland; distributed in the U.S. and Canada by Elsevier Science, New York
Y1  - 1988///
SP  - 179
EP  - 194
N1  - Accession Number: 0035891; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 199112
KW  - National Income Accounts          2212
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DP  - EBSCOhost
DB  - ecn
ER  - 

TY  - JOUR
AU  - ROBERT HELLER
AU  - Robert Heller is a member of the Board of Governors of the Federal Reserve System.
T1  - BUSINESS FORUM; STABILIZING THE CURRENCY: Peg the Dollar's Value to Commodities.
JO  - New York Times
JF  - New York Times
J1  - New York Times
PY  - 1987/12/27/
Y1  - 1987/12/27/
M3  - Article
SP  - 3
SN  - 03624331
N1  - Accession Number: 30909043; Source Information: 12/27/1987, p3; Number of Pages: 0p; ; Document Type: Article; ; Full Text Word Count: 1164; 
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DP  - EBSCOhost
DB  - n5h
ER  - 

TY  - JOUR
AU  - Greenspan, Alan
T1  - The Great Malaise.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1987///1987 Special 30th Anniversary Issue
VL  - 30
IS  - 6
M3  - Article
SP  - 11
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - October 29, 1929 marked the beginning of the greatest economic upheaval in modern history. The contractions and financial panics that took place in the United States prior to the Great Depression were contemporaneously perceived as deep and prolonged, as indeed they were. All fell far short, however, of the devastation that took hold beginning with the collapse of stock prices fifty years ago. Today's conventional view is that the legislative response to that trauma--deposit insurance to avoid runs on banks, securities legislation to stem stock market speculation and sophisticated monetary tools to prevent credit panics, will prevent such a disaster from confronting the nation again. The danger currently confronting the nation, in my judgment, is not a deflation of the 1930s type; rather it is the consequence of excessively inflationary policies which are being rushed into place in response to a credit crisis which is perceived as a replay of the Great Depression. While there is no fully satisfactory explanation of the sequence of events which began a half century ago, there can be little doubt that the heavy speculation in the stock market, followed by its collapse, was a key, perhaps the key, factor undercutting investment incentives and business outlays in the period that followed.
KW  - ECONOMIC history
KW  - STOCK Market Crash, 1929
KW  - DEPRESSIONS (Economics) -- 1929
KW  - HOUSING market
KW  - INFLATION (Finance)
KW  - CAPITAL market
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 6148635; Greenspan, Alan 1; Affiliations: 1: Chairman of the Board of Governors of the Federal Reserve System.; Issue Info: 1987 Special 30th Anniversary Issue, Vol. 30 Issue 6, p11; Thesaurus Term: ECONOMIC history; Thesaurus Term: STOCK Market Crash, 1929; Thesaurus Term: DEPRESSIONS (Economics) -- 1929; Thesaurus Term: HOUSING market; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CAPITAL market; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gabriel, Stuart A.
T1  - Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1987///Fall87
VL  - 15
IS  - 3
M3  - Article
SP  - 268
EP  - 279
PB  - Wiley-Blackwell
SN  - 02700484
AB  - This study evaluates household economic effects stemming from neighborhood racial integration in Oakland, California. To that end, housing market data are applied to estimate hedonic price and willingness-to-pay functions for neighborhood racial composition. Results of the analysis indicate the problematic nature of the constant willingness-to-pay assumption and suggest this standard method may underestimate the household economic effects of racial integration. The paper concludes with implications for neighborhood integration policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RACE relations
KW  - HOME prices
KW  - RACE discrimination
KW  - ECONOMIC aspects
KW  - SEGREGATION
KW  - OAKLAND (Calif.)
KW  - CALIFORNIA
N1  - Accession Number: 5863064; Gabriel, Stuart A. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors, Federal Reserve System Washington, D.C. 20551.; Issue Info: Fall87, Vol. 15 Issue 3, p268; Thesaurus Term: RACE relations; Thesaurus Term: HOME prices; Thesaurus Term: RACE discrimination; Subject Term: ECONOMIC aspects; Subject Term: SEGREGATION; Subject: OAKLAND (Calif.); Subject: CALIFORNIA; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Montgomery, Edward
AU  - Wascher, William
T1  - Race and Gender Wage Inequality in Services and Manufacturing.
JO  - Industrial Relations
JF  - Industrial Relations
Y1  - 1987///Fall87
VL  - 26
IS  - 3
M3  - Article
SP  - 284
EP  - 290
PB  - Wiley-Blackwell
SN  - 00198676
AB  - The article investigates the size and origin of race and gender wage differentials in services and manufacturing industries in the U.S. The article also examines the potential effect of the projected shifts in employment shares on the overall extent of race and gender wage inequality. Both nonwhites and females receive lower pay as compared with white or male workers. The size in wage differential is found to be greater in the manufacturing sector. In general, overall wage differentials will narrow if employment growth continues to be concentrated in the service industry.
KW  - WAGE differentials
KW  - WAGES -- Service industries
KW  - WAGES -- Manufacturing industries
KW  - EMPLOYMENT (Economic theory)
KW  - PAY equity
KW  - WOMEN employees
KW  - GENDER
KW  - RACE
KW  - UNITED States
N1  - Accession Number: 4551581; Montgomery, Edward 1; Wascher, William 1; Affiliations: 1: Department of Economics, Michigan State University and Board of Governors of the Federal Reserve System; Issue Info: Fall87, Vol. 26 Issue 3, p284; Thesaurus Term: WAGE differentials; Thesaurus Term: WAGES -- Service industries; Thesaurus Term: WAGES -- Manufacturing industries; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: PAY equity; Thesaurus Term: WOMEN employees; Subject Term: GENDER; Subject Term: RACE; Subject: UNITED States; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Benveniste, Lawrence M.
AU  - Berger, Allen N.
T1  - SECURITIZATION WITH RECOURSE.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1987/09//
VL  - 11
IS  - 3
M3  - Article
SP  - 403
EP  - 424
SN  - 03784266
AB  - This paper expands on the observation that securitization with recourse offers a lender the protection of an uninsured bank deposit with an additional senior claim if the bank fails. The senior claim derives from the commitment of the revenues from a group of securitized assets that pay off the securitized lender first. Thus, securitization with recourse provides sequential claims for bank liability holders, which improves the allocation of risk sharing among them. Securitization with recourse may also improve the selection of loans granted by partially offsetting the moral hazard incentives toward risk-taking created by fixed-rate deposit insurance. Empirical results are given which are consistent with the theoretical model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ASSET-backed financing
KW  - DEPOSIT insurance
KW  - LOANS
KW  - RISK sharing
KW  - BANKING industry
N1  - Accession Number: 11493165; Benveniste, Lawrence M. 1,2; Berger, Allen N. 1; Affiliations: 1: Northwestern University, IL, USA; 2: Federal Reserve System, Washington, DC; Issue Info: 1987, Vol. 11 Issue 3, p403; Thesaurus Term: ASSET-backed financing; Thesaurus Term: DEPOSIT insurance; Thesaurus Term: LOANS; Thesaurus Term: RISK sharing; Thesaurus Term: BANKING industry; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 526981 Securitization vehicles; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Shack-Marquez, Janice
AU  - Wascher, William L.
T1  - Some Direct Evidence on the Importance of Borrowing Constraints to the Labor Force Participation of Married Women.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 1987///Fall87
VL  - 22
IS  - 4
M3  - Article
SP  - 593
EP  - 602
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - This paper examines the link between credit availability and the labor supply decisions of married women. In particular, it uses data from the Survey of Consumer Finances to test the role of some direct measures of borrowing constraints in a standard labor force participation equation. Although imperfect capital markets may alter the options available to households in a life-cycle context, the results suggest that borrowing constraints are of little importance to the labor force participation decisions of married women. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT
KW  - LABOR supply
KW  - IMPERFECT competition
KW  - CAPITAL market
KW  - MARRIED women
KW  - HOUSEHOLDS
N1  - Accession Number: 5086910; Shack-Marquez, Janice 1; Wascher, William L. 1; Affiliations: 1: Federal Reserve System; Issue Info: Fall87, Vol. 22 Issue 4, p593; Thesaurus Term: CREDIT; Thesaurus Term: LABOR supply; Thesaurus Term: IMPERFECT competition; Thesaurus Term: CAPITAL market; Subject Term: MARRIED women; Subject Term: HOUSEHOLDS; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 814110 Private Households; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - EDISON, HALI J.
T1  - Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate (1890-1978).
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1987/08//
VL  - 19
IS  - 3
M3  - Article
SP  - 376
EP  - 387
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses the exchange rate between the U.S. dollar and the British pound between 1890-1978 as a way of examining whether or not purchasing power parity (PPP) can maintain its validity in the long run. The empirical research method used here uses an error-correction mechanism (ECM) and it also tests a number of restrictions. The research uncovers that one version of PPP is insufficient to uncover the link between the exchange rate between the dollar and the pound. Also, while symmetry and proportionality cannot be overlooked, the exclusiveness of the exchange rate indicates that there may be deviations in PPP.
KW  - PURCHASING power parity
KW  - FOREIGN exchange rates
KW  - PRICES
KW  - MONETARY policy
KW  - DOLLAR (United States currency)
KW  - POUND (British currency)
N1  - Accession Number: 5156352; EDISON, HALI J. 1,2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System, Division of International Finance.; 2: economist, Board of Governors of the Federal Reserve System, Division of International Finance; Issue Info: Aug87, Vol. 19 Issue 3, p376; Thesaurus Term: PURCHASING power parity; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PRICES; Thesaurus Term: MONETARY policy; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: POUND (British currency); Number of Pages: 12p; Illustrations: 1 Chart, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kole, Linda S.
T1  - Monetary conditions for economic recovery (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1987/06//
VL  - 25
IS  - 2
M3  - Book Review
SP  - 767
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "Monetary Conditions for Economic Recovery," edited by Caspar Van Ewijk and J.J. Klant.
KW  - MONETARY policy
KW  - BUSINESS cycles
KW  - NONFICTION
KW  - VAN Ewijk, Caspar
KW  - KLANT, J. J.
KW  - MONETARY Conditions for Economic Recovery (Book)
N1  - Accession Number: 5294092; Kole, Linda S. 1,2; Affiliations: 1: Board of Governors of the Federal Reserve System.; 2: University of Maryland.; Issue Info: Jun87, Vol. 25 Issue 2, p767; Thesaurus Term: MONETARY policy; Thesaurus Term: BUSINESS cycles; Subject Term: NONFICTION; Reviews & Products: MONETARY Conditions for Economic Recovery (Book); People: VAN Ewijk, Caspar; People: KLANT, J. J.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heller, H. Robert
T1  - The Debt Crisis and the Future of International Bank Lending.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1987/05//
VL  - 77
IS  - 2
M3  - Article
SP  - 171
PB  - American Economic Association
SN  - 00028282
AB  - The article focuses on the debt crisis and the future of international bank lending. During the 1970's, commercial banks became the principal source of external finance to the developing countries. The volume of new bank-related financial flows surpassed by far the volume of official government lending, financing provided by the multinational agencies, and foreign direct investment. The global recession of the early 1980's and the associated fall in commodity prices produced a sharp curtailment of the earnings of the developing countries. The initial management of the debt crisis has been generally satisfactory. Immediate liquidity assistance was provided by the central banks of the industrialized countries under the auspices of the Bank for International settlements. To conclude, banks will have to continue to make temporary sacrifices if they want to see the long-term quality of assets improve and if they wish to maintain their strategic interests as international financial institutions. Also, the debtor countries can enhance the long-term strategic interests of the banks by opening up their financial markets and granting new franchises.
KW  - EXTERNAL debts
KW  - FINANCIAL crises
KW  - INTERNATIONAL banking industry
KW  - INTERNATIONAL business enterprises
KW  - BANKING industry
KW  - INTERNATIONAL finance
KW  - LOANS
KW  - CAPITAL movements
KW  - SECURITIES markets
N1  - Accession Number: 4498548; Heller, H. Robert 1; Affiliations: 1: Member, Board of Governors, Federal Reserve System, 20th and Constitution Ave., NW., Washington, D.C. 20551.; Issue Info: May87, Vol. 77 Issue 2, p171; Thesaurus Term: EXTERNAL debts; Thesaurus Term: FINANCIAL crises; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: BANKING industry; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: LOANS; Thesaurus Term: CAPITAL movements; Thesaurus Term: SECURITIES markets; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Warshawsky, Mark
T1  - SENSITIVITY TO MARKET INCENTIVES: THE CASE OF POLICY LOANS.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1987/05//
VL  - 69
IS  - 2
M3  - Article
SP  - 286
PB  - MIT Press
SN  - 00346535
AB  - Abstract--The standard neoclassical theory is rejected as an explanation for the observed reluctance of most holders of whole life insurance to borrow against the cash-value of their policies at favorable rates of interest. Even when the neoclassical theory is augmented with transactions costs and short awareness lags, several empirical tests using survey and time series data reject the standard theory in favor of an explanation invoking self-imposed rules against borrowing or the "debt ethic." This evidence lends support to the psychology-based theories of Thaler and Shefrin (1981). [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS
KW  - LOANS
KW  - INTEREST rates
KW  - LIFE insurance
KW  - TIME series analysis
KW  - SURVEYS
N1  - Accession Number: 4646071; Warshawsky, Mark 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May87, Vol. 69 Issue 2, p286; Thesaurus Term: ECONOMICS; Thesaurus Term: LOANS; Thesaurus Term: INTEREST rates; Thesaurus Term: LIFE insurance; Thesaurus Term: TIME series analysis; Subject Term: SURVEYS; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Struckmeyer, Charles S.
T1  - THE PUTTY-CLAY PERSPECTIVE ON THE CAPITAL--ENERGY COMPLEMENTARITY DEBATE.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1987/05//
VL  - 69
IS  - 2
M3  - Article
SP  - 320
PB  - MIT Press
SN  - 00346535
AB  - Abstract--This paper argues that capital-energy complementarity is a short-run phenomenon reflecting the fixed ex post nature of factor employment in a putty-clay technology. When an empirical specification is employed that measures firms' ex ante choice of technique, capital and energy are found to be long-run substitutes. However, further analysis of the standard translog and putty-clay models with nonnested hypothesis tests reveals that neither specification is an adequate representation of technology. The results suggest that there is a dynamic adjustment process in the data that is not fully captured in either model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYMENT (Economic theory)
KW  - CAPITAL
KW  - FACTORS of production
KW  - TECHNOLOGY
KW  - PRODUCTION (Economic theory)
KW  - LABOR supply
KW  - MECHANICAL efficiency
KW  - HYPOTHESIS
N1  - Accession Number: 4646158; Struckmeyer, Charles S. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May87, Vol. 69 Issue 2, p320; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: CAPITAL; Thesaurus Term: FACTORS of production; Thesaurus Term: TECHNOLOGY; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: LABOR supply; Subject Term: MECHANICAL efficiency; Subject Term: HYPOTHESIS; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Eaton, Jonathan
T1  - Public Debt Guarantees and Private Capital Flight.
JO  - World Bank Economic Review
JF  - World Bank Economic Review
Y1  - 1987/04//
VL  - 1
IS  - 3
M3  - Article
SP  - 377
EP  - 395
N1  - Accession Number: 55992648; Eaton, Jonathan 1; Affiliations: 1: The author is at the University of Virginia and the National Bureau of Economic Research and was a consultant to the Development Research Department of the World Bank while writing this article. He has benefited substantially from comments by seminar participants at Yale University, the Board of Governors of the Federal Reserve System, and the University of Kentucky.; Issue Info: Apr1987, Vol. 1 Issue 3, p377; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Goodman Jr., John L.
T1  - Housing and the Weather.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1987///Spring87
VL  - 15
IS  - 1
M3  - Article
SP  - 638
EP  - 663
PB  - Wiley-Blackwell
SN  - 02700484
AB  - Monthly readings on housing construction and sales that are at odds with expectations are often attributed to unusual weather conditions. This paper examines the empirical relationship between weather abnormalities and housing activity. The conclusion is that unseasonable weather patterns have, at most, a slight impact on total housing starts, home sales, and the pace of construction activity. Even this weak effect is found only during the winter months. Sampling error accounts for much more of the month-to-month changes in measured housing activity than does the weather, and there is a general tendency to exaggerate the influence of unusual weather on the monthly national housing data. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSE construction
KW  - HOUSE selling
KW  - HOUSING
KW  - BUILDING
KW  - WEATHER
KW  - METEOROLOGY
N1  - Accession Number: 5863354; Goodman Jr., John L. 1; Affiliations: 1: Chief. Mortgage and Consumer Finance Section, Board of Governors, Federal Reserve System, Washington, D.C. 20551; Issue Info: Spring87, Vol. 15 Issue 1, p638; Thesaurus Term: HOUSE construction; Thesaurus Term: HOUSE selling; Thesaurus Term: HOUSING; Subject Term: BUILDING; Subject Term: WEATHER; Subject Term: METEOROLOGY; NAICS/Industry Codes: 236115 New Single-Family Housing Construction (except For-Sale Builders); NAICS/Industry Codes: 236117 New Housing For-Sale Builders; NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 26p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Edison, Hali J.
AU  - Vårdal, Erling
T1  - OPTIMAL CURRENCY BASKET IN A WORLD OF GENERALIZED FLOATING An Application to the Nordie Countries.
JO  - International Journal of Forecasting
JF  - International Journal of Forecasting
Y1  - 1987/03//
VL  - 3
IS  - 1
M3  - Article
SP  - 81
EP  - 96
SN  - 01692070
AB  - This paper derives optimal weights for a currency basket taking into consideration the objective of policymakers in the Nordic countries. The analysis is based on the work of Branson and Katseli and Lipschitz and Sundararajan. This paper derives both export share weights by using a simple multi-country model and basket weights by assuming that the objective of the policymakers is to minimize fluctuations in the production of exports. The results show that only under special circumstances are the two weights the same. The basket weights tend to be functions of export weights and other factors such as the covariances of relative prices and exchange rate. Using the formulas derived in the paper, various optimal basket calculations are made for Norway, Finland, and Sweden. [ABSTRACT FROM AUTHOR]
AB  - Copyright of International Journal of Forecasting is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange
KW  - MONEY
KW  - EXPORTS
KW  - FORECASTING
KW  - ECONOMIC forecasting
N1  - Accession Number: 12130294; Edison, Hali J. 1; Vårdal, Erling 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, USA; Issue Info: Mar1987, Vol. 3 Issue 1, p81; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange; Thesaurus Term: MONEY; Thesaurus Term: EXPORTS; Thesaurus Term: FORECASTING; Thesaurus Term: ECONOMIC forecasting; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 16p; Illustrations: 5 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mills, Rodney H.
T1  - EURO-COMMERCIAL PAPER BEGINS TO COMPETE.
JO  - Euromoney
JF  - Euromoney
Y1  - 1987/02//
M3  - Article
SP  - 23
EP  - 24
SN  - 00142433
AB  - The article focuses on the cost competitiveness of Euro-commercial papers. Short-term Europaper--a term which includes Euronotes and Euro-commercial paper--has become cost competitive with U.S. commercial paper in the three month maturities. And most Europaper maturities are of three months. In the U.S. commercial paper market, maturities average less than 30 days are tailored to individual needs and appear to be cheaper than in Europe, if one looks only at rates of interest. But dealers' fees in the U.S. are as a rule 10 basis point, whereas Euro-commercial paper seldom carries an explicit fee. Almost as often as not, it appears to offer the better bargain. The relative rates in the two markets are constantly shifting and create frequent windows of opportunity. The U.S. commercial paper market does provide data on rates, but only for paper rated P-1 by Moody's or A-1 by Standard and Poor's. Even these are averages of representative rates from five dealers; the dealers do not disclose rates paid by individual borrowers.
KW  - COMMERCIAL paper issues
KW  - NEGOTIABLE instruments
KW  - COST
KW  - MATURITY (Finance)
KW  - INTEREST rates
KW  - PAYMENT
KW  - LOANS
KW  - EUROPE
N1  - Accession Number: 14948242; Mills, Rodney H. 1; Affiliations: 1: Senior Economist, International Banking Section, Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: Feb1987, p23; Thesaurus Term: COMMERCIAL paper issues; Thesaurus Term: NEGOTIABLE instruments; Thesaurus Term: COST; Thesaurus Term: MATURITY (Finance); Thesaurus Term: INTEREST rates; Thesaurus Term: PAYMENT; Thesaurus Term: LOANS; Subject: EUROPE; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DUCA, JOHN V.
T1  - The Spillover Effects of Nominal Wage Rigidity in a Multisector Economy.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1987/02//
VL  - 19
IS  - 1
M3  - Article
SP  - 117
EP  - 121
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reports on the macro policies and shock effects of multi-sector economy of the U.S. for wage-price behavior sectors. U.S. economies are made up of markets with varying degrees of wage-price stickiness but analytical macroeconomic models aren't composed of specific sectors and they don't cover how different sectors respond to policy actions and supply or demand shocks. A multi-contract archipelago economy is studied to determine how macro policies and shocks affect it by different wage-price behavior. The model developed demonstrates that sticky-wage sectors mixed with differences in wage behavior across sectors is why sectors of the U.S. economy are affected by monetary policy.
KW  - INCOMES policy (Economics)
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMISTS
KW  - MACROECONOMICS
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 5169074; DUCA, JOHN V. 1; Affiliations: 1: economist, Board of Governors, Federal Reserve System; Issue Info: Feb87, Vol. 19 Issue 1, p117; Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMISTS; Thesaurus Term: MACROECONOMICS; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stockton, David J.
AU  - Glassman, James E.
T1  - AN EVALUATION OF THE FORECAST PERFORMANCE OF ALTERNATIVE MODELS OF INFLATION.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1987/02//
VL  - 69
IS  - 1
M3  - Article
SP  - 108
EP  - 117
PB  - MIT Press
SN  - 00346535
AB  - Abstract--The forecast performances of three groups of models of the inflation process are evaluated in this paper: rational expectations models with instantaneous market clearing, monetarist models, and expectations-augmented Phillips curves. The dynamic simulations performed for the intervals between 1977 and 1984 are somewhat discouraging for all three theories The variation in forecasting performance within model groups often exceeded the variation m performance across model groups. Nevertheless, the Phillips curve formulation rarely performed worse than the other two models and in the 1981 to 1984 period it performed substantially better than the alternative models of inflation [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - STATISTICS
KW  - DEMAND functions (Economic theory)
KW  - PHILLIPS curve
KW  - ECONOMICS
N1  - Accession Number: 4646766; Stockton, David J. 1; Glassman, James E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Feb87, Vol. 69 Issue 1, p108; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Thesaurus Term: STATISTICS; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: PHILLIPS curve; Thesaurus Term: ECONOMICS; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fleisher, Belton M.
AU  - Kopecky, Kenneth J.
T1  - The Loanable-funds Approach to Teaching Principles of Marcoeconomics.
JO  - Journal of Economic Education
JF  - Journal of Economic Education
Y1  - 1987///Winter87
VL  - 18
IS  - 1
M3  - Article
SP  - 19
EP  - 33
PB  - Taylor & Francis Ltd
SN  - 00220485
AB  - Evaluates the viability of the loanable-funds model in teaching the principles of macroeconomics. Argument that this model provides a more lucid introduction to the complexities of general equilibrium in the real and monetary sectors and of macroeconomic stabilization policies; Discussion of difficulties encountered in teaching the IS-LM model; Introduction of monetary and fiscal policies.
KW  - MACROECONOMICS
KW  - IS-LM model (Macroeconomics)
KW  - LOANS
KW  - ECONOMIC models
KW  - MONETARY policy
KW  - FISCAL policy
KW  - STUDY & teaching
N1  - Accession Number: 5422151; Fleisher, Belton M. 1; Kopecky, Kenneth J. 2; Affiliations: 1: Professor of Economics, Ohio State University.; 2: Senior Economist, Board of Governors, Federal Reserve System.; Issue Info: Winter87, Vol. 18 Issue 1, p19; Thesaurus Term: MACROECONOMICS; Thesaurus Term: IS-LM model (Macroeconomics); Thesaurus Term: LOANS; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Subject Term: STUDY & teaching; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 15p; Illustrations: 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Diebold, Francis X.
AU  - Pauly, Peter
T1  - Structural Change and the Combination of Forecasts.
JO  - Journal of Forecasting
JF  - Journal of Forecasting
Y1  - 1987/01//Jan-Mar87
VL  - 6
IS  - 1
M3  - Article
SP  - 21
EP  - 40
SN  - 02776693
AB  - Forecasters are generally concerned about the properties of model-based predictions in the presence of structural change. In this paper, it is argued that forecast errors can under those conditions be greatly reduced through systematic combination of forecasts. We propose various extensions of the standard regression-based theory of forecast combination. Rolling weighted least squares and time-varying parameter techniques are shown to be useful generalizations of the basic framework. Numerical examples, based on various types of structural change in the constituent forecasts, indicate that the potential reduction in forecast error variance through these methods is very significant. The adaptive nature of these updating procedures greatly enhances the effect of risk-spreading embodied in standard combination techniques. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Forecasting is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FORECASTING
KW  - ECONOMETRIC models
KW  - REGRESSION analysis
KW  - ECONOMETRICS
KW  - MATHEMATICAL statistics
KW  - ERRORS
KW  - Forecast combination
KW  - Structural change
KW  - Varying-parameter models
N1  - Accession Number: 6143165; Diebold, Francis X. 1; Pauly, Peter 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington.; 2: University of Pennsylvania.; Issue Info: Jan-Mar87, Vol. 6 Issue 1, p21; Thesaurus Term: FORECASTING; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: REGRESSION analysis; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICAL statistics; Subject Term: ERRORS; Author-Supplied Keyword: Forecast combination; Author-Supplied Keyword: Structural change; Author-Supplied Keyword: Varying-parameter models; Number of Pages: 20p; Illustrations: 1 Chart, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
AU  - Tarhan, Vefa
T1  - THE FEDERAL RESERVE'S NEW OPERATING PROCEDURES.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1987/01//
VL  - 19
IS  - 1
M3  - Article
SP  - 107
EP  - 123
SN  - 03043932
AB  - Although money stock targeting has been the strategic focus of Federal Reserve policy since the mid-1970's, operating policy - the tactics whereby the longer-run strategy is implemented over short-term intervals - has been changed by the Federal Reserve at least twice over this period. A particularly dramatic change in operating policy was announced by the Federal Reserve in October 1979. This paper provides empirical evidence that settles questions about the nature of this change. and suggests that the new operating procedures may have contributed to the heightened interest rate volatility experienced over the 1979 to 1982 period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY supply
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - FEDERAL Reserve banks
KW  - INTEREST rates
KW  - ECONOMIC policy
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 5031228; Spindt, Paul A. 1; Tarhan, Vefa 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; 2: Loyola University, Chicago, IL 60611, USA; Issue Info: Jan87, Vol. 19 Issue 1, p107; Thesaurus Term: MONEY supply; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: MONETARY policy; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMIC policy; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 17p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goodman Jr., John L.
T1  - Reducing The Error In Monthly Housing Starts Estimates.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1986///Winter86
VL  - 14
IS  - 4
M3  - Article
SP  - 557
EP  - 566
PB  - Wiley-Blackwell
SN  - 02700484
AB  - This paper describes a method for developing estimates of total monthly housing starts that are more accurate than the published Census Bureau figures. The technique makes use of the facts that (1) estimated building permit issuance is subject to far less sampling error than is the starts estimate and (2) permit issuance and starts bear a strong contemporaneous correlation. The conclusion is that monthly housing starts and monthly building permit issuance should he assigned nearly equal weights in developing an improved estimate of total housing starts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING starts
KW  - HOUSING
KW  - ECONOMIC indicators
KW  - BUILDING permits
KW  - CONSTRUCTION industry
KW  - DEMOGRAPHIC surveys
KW  - HOUSING development
KW  - SAMPLING (Statistics)
KW  - HOUSEHOLD surveys
N1  - Accession Number: 5860120; Goodman Jr., John L. 1; Affiliations: 1: Mortgage and Consumer Finance Section, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Winter86, Vol. 14 Issue 4, p557; Thesaurus Term: HOUSING starts; Thesaurus Term: HOUSING; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: BUILDING permits; Thesaurus Term: CONSTRUCTION industry; Thesaurus Term: DEMOGRAPHIC surveys; Thesaurus Term: HOUSING development; Thesaurus Term: SAMPLING (Statistics); Subject Term: HOUSEHOLD surveys; NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Shack-Marquez, Janice
T1  - Effects of Repeated Interviewing on Estimation of Labor Force Status.
JO  - Journal of Economic & Social Measurement
JF  - Journal of Economic & Social Measurement
Y1  - 1986/12//
VL  - 14
IS  - 4
M3  - Article
SP  - 379
EP  - 398
PB  - IOS Press
SN  - 07479662
AB  - This paper studies the effects of repeated interviewing (termed interview group bias) on the accuracy of aggregate unemployment rates computed from the Current Population Survey. Studies of rotation group bias at the aggregate level have shown that reports of labor force status vary systematically with the number of times a household has been sampled. This paper presents estimates of the systematic variation using microdata and shows that previous studies have underestimated its magnitude. It is shown that rotation group bias is a special case of interview group bias and that the magnitude of interview group bias is substantial enough that unemployment rates across groups interviewed only once can be more than 50% higher than for groups interviewed four times. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Economic & Social Measurement is the property of IOS Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERVIEWING
KW  - DEMOGRAPHIC surveys
KW  - UNEMPLOYMENT
KW  - LABOR supply
KW  - STATISTICS
KW  - LABOR market
KW  - EMPLOYMENT stabilization
KW  - MARKET surveys
KW  - ROTATION groups
KW  - SOCIAL sciences -- Methodology
N1  - Accession Number: 6644425; Shack-Marquez, Janice 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Dec86, Vol. 14 Issue 4, p379; Thesaurus Term: INTERVIEWING; Thesaurus Term: DEMOGRAPHIC surveys; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: LABOR supply; Thesaurus Term: STATISTICS; Thesaurus Term: LABOR market; Thesaurus Term: EMPLOYMENT stabilization; Thesaurus Term: MARKET surveys; Subject Term: ROTATION groups; Subject Term: SOCIAL sciences -- Methodology; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - PAULS, B. DIANNE
T1  - Inflation, Stagflation, Relative Prices, and Imperfect Information.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1986/11//
VL  - 18
IS  - 4
M3  - Book Review
SP  - 551
EP  - 554
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reviews the book "Inflation, Stagflation, Relative Prices, and Imperfect Information," by Alex Cukierman.
KW  - INFLATION (Finance)
KW  - NONFICTION
KW  - CUKIERMAN, Alex
KW  - INFLATION, Stagflation, Relative Prices & Imperfect Information (Book)
N1  - Accession Number: 17293252; PAULS, B. DIANNE 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov86, Vol. 18 Issue 4, p551; Thesaurus Term: INFLATION (Finance); Subject Term: NONFICTION; Reviews & Products: INFLATION, Stagflation, Relative Prices & Imperfect Information (Book); People: CUKIERMAN, Alex; Number of Pages: 4p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rudebusch, Glenn D.
T1  - TESTING FOR LABOR MARKET EQUILIBRIUM WITH AN EXACT EXCESS DEMAND DISEQUILIBRIUM MODEL.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1986/08//
VL  - 68
IS  - 3
M3  - Article
SP  - 468
PB  - MIT Press
SN  - 00346535
AB  - The standard disequilibrium model is supplemented with outside information on the extent of market excess demand. Estimation of this supplemented model is considerably less involved than that of the standard model, and certain desirable structural features, such as improved dynamics, are obtained. In addition, a simple nested test of the hypothesis of market equilibrium is available. The model is estimated with aggregate U.S. post-war labor market data, and the econometric test rejects the hypothesis of labor market equilibrium. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EQUILIBRIUM (Economics)
KW  - LABOR market
KW  - DEMAND (Economic theory)
KW  - LABOR supply
KW  - ECONOMETRICS
KW  - LABOR
KW  - EQUILIBRIUM
KW  - UNITED States
KW  - ECONOMIC POLICIES AND LABOR MARKETS
N1  - Accession Number: 4648064; Rudebusch, Glenn D. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Aug86, Vol. 68 Issue 3, p468; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: LABOR market; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: LABOR supply; Thesaurus Term: ECONOMETRICS; Thesaurus Term: LABOR; Subject Term: EQUILIBRIUM; Subject: UNITED States; Author-Supplied Keyword: ECONOMIC POLICIES AND LABOR MARKETS; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Kantor, Laurence G.
T1  - INFLATION UNCERTAINTY AND REAL ECONOMIC ACTIVITY: AN ALTERNATIVE APPROACH.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1986/08//
VL  - 68
IS  - 3
M3  - Article
SP  - 493
PB  - MIT Press
SN  - 00346535
AB  - Increased uncertainty about inflation is shown to encourage inflation hedging which, in turn, reduces the macroeconomic costs of that uncertainty. Portfolio theory and empirical evidence support the contention that only the portion of inflation volatility that cannot be hedged has real economic effects Additional empirical results suggest that: (I) increased inflation volatility in the early seventies was eventually followed by portfolio reallocations that allowed for greatly improved inflation hedging, and (ii) the deleterious effect of inflation uncertainty on real economic activity shown in previous studies is significantly smaller after 1975. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INFLATION (Finance)
KW  - HEDGING (Finance)
KW  - ECONOMIC activity
KW  - INVESTMENTS
KW  - ECONOMIC indicators
KW  - UNCERTAINTY
N1  - Accession Number: 4648097; Kantor, Laurence G. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Aug86, Vol. 68 Issue 3, p493; Thesaurus Term: INFLATION (Finance); Thesaurus Term: HEDGING (Finance); Thesaurus Term: ECONOMIC activity; Thesaurus Term: INVESTMENTS; Thesaurus Term: ECONOMIC indicators; Subject Term: UNCERTAINTY; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Edison, Hali J.
T1  - The rise and fall of sterling: testing alternative models of exchange rate determination.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1985/12//
VL  - 17
IS  - 6
M3  - Article
SP  - 1003
PB  - Routledge
SN  - 00036846
AB  - The purpose of this paper is threefold. Firstly, to model short run fluctuations and analyze the long run tendencies of the dollar-pound exchange rate over the current floating period.[1] Secondly, to point out a number of shortcomings of existing models which have been proposed to describe the behavior of exchange rates (particularly Frankel (1979, 1983)[2] but also Frenkel (1976), Bilson (1978), Dornbusch (1976)). Thirdly, to apply the econometric method of starting from a general model and testing for simplifications as advocated by Hendry and Mizon (1978) and Davidson et al. (1978). One salient feature of this econometric approach when modelling the exchange rate is that the hypothesis that the long-run tendency of the exchange rate is towards Purchasing Power Parity, henceforth PPP, can be tested. This test relates to the restrictions on the estimated coefficients and is described in detail in Section III. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange rates
KW  - ECONOMETRIC models
KW  - POUND (British currency)
KW  - ECONOMETRICS
KW  - PURCHASING power parity
KW  - PURCHASING power
KW  - FOREIGN exchange
N1  - Accession Number: 4612476; Edison, Hali J. 1; Affiliations: 1: international Finance Division, Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Dec1985, Vol. 17 Issue 6, p1003; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: POUND (British currency); Thesaurus Term: ECONOMETRICS; Thesaurus Term: PURCHASING power parity; Thesaurus Term: PURCHASING power; Thesaurus Term: FOREIGN exchange; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 19p; Illustrations: 6 Charts, 1 Graph; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Axilrod, Stephen H.
T1  - Comment on ON CONSEQUENCES AND CRITICISMS OF MONETARY TARGETING.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1985/11/02/Nov85 Part 2
VL  - 17
IS  - 4
M3  - Article
SP  - 598
EP  - 602
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents the author's comments on the article "Consequences and Criticism of Monetary Targeting," by Bennett T. McCallum. Discussed are the issues in the area of monetary targeting and policy. The critic questions whether the monetary authority should target the money stock and whether, whatever the target, policy should be governed by a rule or by discretion. Information about rules that involve a noninflationary nominal gross national product (GNP) target pursued through automatic adjustment of growth in the monetary base is also provided.
KW  - RESEARCH
KW  - MONETARY policy
KW  - GROSS national product
KW  - VOLATILITY (Finance)
KW  - ANALYSIS of variance
KW  - CONSUMER behavior
KW  - EVALUATION
N1  - Accession Number: 5164096; Axilrod, Stephen H. 1; Affiliations: 1: Staff director for monetary and financial policy, Board of Governors of the Federal Reserve System.; Issue Info: Nov85 Part 2, Vol. 17 Issue 4, p598; Thesaurus Term: RESEARCH; Thesaurus Term: MONETARY policy; Thesaurus Term: GROSS national product; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ANALYSIS of variance; Thesaurus Term: CONSUMER behavior; Subject Term: EVALUATION; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tryon, Ralph
T1  - THE INTERNATIONAL TRANSMISSION OF INFLATION.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1985/11//
VL  - 16
IS  - 3
M3  - Book Review
SP  - 397
EP  - 403
SN  - 03043932
AB  - The article reviews the book "The International Transmission of Inflation," by Michael Darby and James Lothian.
KW  - INFLATION (Finance)
KW  - NONFICTION
KW  - DARBY, Michael
KW  - LOTHIAN, James
KW  - INTERNATIONAL Transmission of Inflation, The (Book)
N1  - Accession Number: 5030232; Tryon, Ralph 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC 20551, USA; Issue Info: Nov85, Vol. 16 Issue 3, p397; Thesaurus Term: INFLATION (Finance); Subject Term: NONFICTION; Reviews & Products: INTERNATIONAL Transmission of Inflation, The (Book); People: DARBY, Michael; People: LOTHIAN, James; Number of Pages: 7p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ROSE, ANDREW K.
T1  - An Alternative Approach to the American Demand for Money.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1985/11//Nov85 Part 1
VL  - 17
IS  - 4
M3  - Article
SP  - 439
EP  - 455
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the use of conventional econometric procedures in investigating the money demand functions in the U.S. financial markets. The article examines the distinction between traditional studies of the monetary demand and alternative approaches to the demand of money. Provided is a reduction of an autoregressive/distributed-lag model. Additional topics include an econometric model of the money demand, data correlations before and after 1973, and test methods for predictive accuracy.
KW  - DEMAND for money
KW  - DEMAND (Economic theory)
KW  - ECONOMETRIC models
KW  - SECURITIES markets
KW  - MONETARY policy
KW  - UNITED States
N1  - Accession Number: 5156281; ROSE, ANDREW K. 1,2; Affiliations: 1: Department of Economics, Massachusetts Institute of Technology; 2: Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Nov85 Part 1, Vol. 17 Issue 4, p439; Thesaurus Term: DEMAND for money; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONETARY policy; Subject: UNITED States; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 17p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - ROGOFF, KENNETH
T1  - Rational Expectations.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1985/11//Nov85 Part 1
VL  - 17
IS  - 4
M3  - Book Review
SP  - 545
EP  - 546
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reviews the book "Rational Expectations," by Steven M. Sheffrin.
KW  - RATIONAL expectations (Economic theory)
KW  - NONFICTION
KW  - SHEFFRIN, Steven M.
KW  - RATIONAL Expectations (Book)
N1  - Accession Number: 17291571; ROGOFF, KENNETH 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov85 Part 1, Vol. 17 Issue 4, p545; Thesaurus Term: RATIONAL expectations (Economic theory); Subject Term: NONFICTION; Reviews & Products: RATIONAL Expectations (Book); People: SHEFFRIN, Steven M.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Mills, Rodney
T1  - THE NIFTY WAY TO BEAT EUROLOANS.
JO  - Euromoney
JF  - Euromoney
Y1  - 1985/10//
M3  - Article
SP  - 239
EP  - 242
SN  - 00142433
AB  - Since early 1984, note issuance facilities (NIFs) have largely replaced syndicated credits as a means of access to international credit markets for borrowers in developed countries. Four factors are important: borrowers' awareness of their opportunities to raise funds more cheaply and with more flexibility than in the syndicated loan market; increasing demand for foreign securities from banks and non-bank investors in Japan; decline in the relative popularity with investors of bank deposits and certificates of deposit compared with alternative instruments; and the desire of banks themselves to slow the growth of balance sheets, improve capital/asset ratios, and boost income from fees derived from off-balance-sheet activities.
KW  - FINANCIAL instruments
KW  - SYNDICATED loans
KW  - CAPITAL market
KW  - CREDIT
KW  - LOANS
KW  - INTERNATIONAL finance
KW  - SECURITIES markets
N1  - Accession Number: 14361939; Mills, Rodney 1; Affiliations: 1: senior economist, division of international finance, Board of Governors of the Federal Reserve System, Washington; Issue Info: Oct85, p239; Thesaurus Term: FINANCIAL instruments; Thesaurus Term: SYNDICATED loans; Thesaurus Term: CAPITAL market; Thesaurus Term: CREDIT; Thesaurus Term: LOANS; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: SECURITIES markets; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 3p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Derrick, Frederick W.
AU  - Wolken, John D.
T1  - The Effects of Price Aggregation Bias in Systems of Demand Equations.
JO  - Journal of Business & Economic Statistics
JF  - Journal of Business & Economic Statistics
Y1  - 1985/10//
VL  - 3
IS  - 4
M3  - Article
SP  - 325
EP  - 331
SN  - 07350015
AB  - This article illustrates the importance of maintaining consistent levels of aggregation between prices and quantities when estimating consumer demand functions. The impact of violating this condition is quantified by using summary performance measures and estimates of demand elasticity biases. Results derived from an application of 1972-1973 Consumer Expenditure Survey data and supported with a quasi-Monte Carlo experiment consistently indicate that the point estimates of demand elasticities are significantly biased. Thus the study indicates the importance of developing and maintaining price indexes disaggregated to the same level as the expenditure data in consumer expenditure and budget surveys. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Business & Economic Statistics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEMAND functions (Economic theory)
KW  - ECONOMICS -- Mathematical models
KW  - ELASTICITY (Economics)
KW  - ECONOMIC surveys
KW  - MONTE Carlo method
KW  - Complete demand system
KW  - Cross section
KW  - Interregional-intertemporal price index
KW  - Quadratic expenditure system
N1  - Accession Number: 5823759; Derrick, Frederick W. 1; Wolken, John D. 2; Affiliations: 1: Department of Economics and Decision Sciences, Loyola College, Baltimore, MD 21210; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551; Issue Info: Oct85, Vol. 3 Issue 4, p325; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: ECONOMICS -- Mathematical models; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: ECONOMIC surveys; Thesaurus Term: MONTE Carlo method; Author-Supplied Keyword: Complete demand system; Author-Supplied Keyword: Cross section; Author-Supplied Keyword: Interregional-intertemporal price index; Author-Supplied Keyword: Quadratic expenditure system; Number of Pages: 7p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Whither American Banking Reform?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1985/09//Sep/Oct85
VL  - 28
IS  - 4
M3  - Article
SP  - 43
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - American banking is in a state of flux. Strong forces within the industry are driving for expansion into both new geographic areas and new activities. Strong forces outside banking are trying with some success to break into fields, traditionally reserved for banks. Legislative restraints are weakening. In 1984, legislation was proposed that would greatly broaden the problem of banks while keeping developments in orderly channels. Although this legislation was not passed, a similar congressional initiative is likely to be reintroduced. The extraordinary fragmentation probably would long have succumbed to concentration if the expansion of banks were not limited by laws prohibiting branching across state lines and in many cases severely limiting, if not prohibiting. branching even within a state. Those who praise the market the most are likely to be its most assiduous grave-diggers. Unfortunately, society as a whole must pay the price for this misguided boosterism, at least until the formation of the political coalition needed to establish adjustment norms and turn the market into a good servant.
KW  - BANKING industry -- Government policy
KW  - BANKING law & legislation
KW  - DEREGULATION
KW  - LEGISLATION
KW  - FINANCE
KW  - EXPANSION (Business)
KW  - BANKING industry -- United States
KW  - UNITED States
N1  - Accession Number: 6147168; Wallich, Henry C. 1; Affiliations: 1: Member of Board of Governors of the Federal Reserve System.; Issue Info: Sep/Oct85, Vol. 28 Issue 4, p43; Thesaurus Term: BANKING industry -- Government policy; Thesaurus Term: BANKING law & legislation; Thesaurus Term: DEREGULATION; Thesaurus Term: LEGISLATION; Thesaurus Term: FINANCE; Thesaurus Term: EXPANSION (Business); Thesaurus Term: BANKING industry -- United States; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 4p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Wascher, William L.
T1  - The conditions for economic recovery (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1985/09//
VL  - 23
IS  - 3
M3  - Book Review
SP  - 1210
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "The Conditions for Economic Recovery: A Post-Keynesian Analysis," by John Cornwall.
KW  - ECONOMIC recovery
KW  - ECONOMICS
KW  - NONFICTION
KW  - CORNWALL, John
KW  - CONDITIONS for Economic Recovery, The (Book)
N1  - Accession Number: 5296985; Wascher, William L. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Sep85, Vol. 23 Issue 3, p1210; Thesaurus Term: ECONOMIC recovery; Thesaurus Term: ECONOMICS; Subject Term: NONFICTION; Reviews & Products: CONDITIONS for Economic Recovery, The (Book); People: CORNWALL, John; Number of Pages: 3p; Document Type: Book Review
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ER  - 

TY  - JOUR
AU  - SPINDT, PAUL A.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1985/07//
VL  - 40
IS  - 3
M3  - Article
SP  - 988
EP  - 990
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The paper by Messrs. Ho and Saunders rationalizes the determination of the Federal funds rate in the context of a micro theoretic model that is relatively rich in institutional detail. For several reasons, I believe that the line of inquiry developed in the paper is of basic significance for the study and modeling of capital markets. In the first place, because it is the closest thing to an instantaneous spot rate that we observe in the actual capital market, the (overnight) funds rate is pivotal in the term structure if expectations matter. Then too, the particular role played by the funds rate in the conduct and interpretation of monetary policy gives it a unique significance in the capital market. It is therefore important that we thoroughly understand the mechanism whereby this rate is determined. Secondly, the funds rate is typically explained in an aggregative framework—i.e., without explicit reference to the actual market in which Federal funds are traded. The funds rate is used variously, for example, to clear the aggregate "market" for bank reserves, or even the market for "money." But this type of analysis does not embody enough institutional detail to be useful for studying the relationship between the funds rate and other short-term rates or for analyzing interesting variations in monetary policy. Finally, those studies which have looked specifically at the market in which Federal funds are traded have been primarily descriptive rather than analytical in nature. Ho and Saunders are clearly aware of these shortcomings in the existing literature, and their paper represents a constructive effort to fill the gaps. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FEDERAL funds market (U.S.)
KW  - MONEY market funds
KW  - INTEREST rates
KW  - MONETARY policy
KW  - CAPITAL market
KW  - RESERVE requirements
KW  - EFFICIENT market theory
KW  - BANK reserves
KW  - INTEREST rate risk
KW  - ECONOMIC aspects
KW  - UNITED States
N1  - Accession Number: 4653954; SPINDT, PAUL A. 1,2; Affiliations: 1: Arizona State University.; 2: Board of Governors,  Federal Reserve System.; Issue Info: Jul1985, Vol. 40 Issue 3, p988; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: MONEY market funds; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Thesaurus Term: CAPITAL market; Thesaurus Term: RESERVE requirements; Thesaurus Term: EFFICIENT market theory; Thesaurus Term: BANK reserves; Thesaurus Term: INTEREST rate risk; Subject Term: ECONOMIC aspects; Subject: UNITED States; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 526914 Money market funds; Number of Pages: 3p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Sibert, Anne C.
T1  - Capital Accumulation and Foreign Investment Taxation.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1985/04//
VL  - 52
IS  - 2
M3  - Article
SP  - 331
PB  - Oxford University Press / USA
SN  - 00346527
AB  - This paper presents a dynamic, choice-theoretic general equilibrium model of capital accumulation in an open economy. Equilibria with and without capital mobility are described and compared. It is shown that neither is necessarily Parrot optimal and that an equilibrium with free trade in capital does not Parrot-dominate an equilibrium with autarky. The effects of restricting capital flows by taxing foreign investment earnings are discussed. It is seen that there will be no agreement within a country as to what constitutes an optimal tax. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - EQUILIBRIUM (Economics)
KW  - INTERNATIONAL trade
KW  - SAVING & investment
KW  - FOREIGN investments
KW  - CAPITAL
KW  - INVESTMENTS
KW  - ECONOMICS
N1  - Accession Number: 4621697; Sibert, Anne C. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Apr85, Vol. 52 Issue 2, p331; Thesaurus Term: CAPITAL movements; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: SAVING & investment; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITAL; Thesaurus Term: INVESTMENTS; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 15p; Document Type: Article
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DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Michael A.
AU  - Vora, Ashok
T1  - DIVIDEND YIELD, REGULATION, AND THE RETURN ON U.S. PUBLIC UTILITY STOCKS.
JO  - Journal of Business Finance & Accounting
JF  - Journal of Business Finance & Accounting
Y1  - 1985///Spring85
VL  - 12
IS  - 1
M3  - Article
SP  - 47
EP  - 64
PB  - Wiley-Blackwell
SN  - 0306686X
AB  - The article discusses an application of capital market and portfolio theories to analyze the impact of dividend yield on the returns of both unregulated firms and U.S. public utilities. Public utilities in the U.S. are regulated by either federal or state commissions because of their effect on the public welfare. One of the functions of the regulatory authorities is to ensure that the owners of these utilities obtain a fair return on their investment. The equity securities of public utilities are generally considered to be characterized by a high dividend yield and low growth. These characteristics of the public utility stock may affect its return if some investors are not indifferent between dividends and capital gains. If the market evaluates dividends and growth differently, then a firm's cost of equity capital can be significantly influenced by that firm's dividend policy. The empirical results indicate that public utility equity securities are not valued in the same manner as unregulated securities of equivalent systematic risk and dividend yield.
KW  - CAPITAL market
KW  - DIVIDENDS
KW  - INVESTMENTS
KW  - FINANCE
KW  - CAPITAL gains
KW  - UNITED States
N1  - Accession Number: 4559102; Goldberg, Michael A. 1; Vora, Ashok 2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System.; 2: Professor, Baruch College,  City University of New York.; Issue Info: Spring85, Vol. 12 Issue 1, p47; Thesaurus Term: CAPITAL market; Thesaurus Term: DIVIDENDS; Thesaurus Term: INVESTMENTS; Thesaurus Term: FINANCE; Thesaurus Term: CAPITAL gains; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 18p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Isard, Peter
AU  - Stekler, Lois
T1  - U.S. International Capital Flows and the Dollar.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1985/01//
IS  - 1
M3  - Article
SP  - 219
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article focuses on four topics, the recent composition of U.S. international capital flows; capital flows and alternative hypotheses about the dollar's appreciation; concerns about U.S. net international indebtedness; and the plausibility that the depreciation of the dollar will be gradual. Financial flows during the period of 1976-84, the U.S. current account moved into substantial deficit. In contrast to the 1977-78 experience, the widening of that deficit in 1983 and 1984 was associated with large net inflows of private rather than official capital, along with an extraordinary appreciation of the dollar. The shift in private capital flows was concentrated initially in bank-reported transactions, which swung from a large net outflow in 1982 to a sizable net inflow in 1983. This sharp shift was not surprising, since banks are positioned to intermediate between investors and borrowers in response to small changes in rates of return. Overtime, however, other channels for private capital inflows have also developed and expanded. The U.S. balance of payments accounts consolidate outflows and inflows between U.S. firms and their foreign affiliates. In particular, borrowing abroad by U.S. companies through Eurobonds issued by their Netherlands Antilles finance affiliates is recorded in the balance of payments data as a reduction in U.S. direct investment claims on foreigners, rather than as an increase in claims of foreigners on the U.S.
KW  - CAPITAL movements
KW  - BALANCE of trade
KW  - FOREIGN exchange
KW  - CAPITAL losses
KW  - CAPITAL market
KW  - BALANCE of payments
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 6914383; Isard, Peter 1; Stekler, Lois 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 1985, Issue 1, p219; Thesaurus Term: CAPITAL movements; Thesaurus Term: BALANCE of trade; Thesaurus Term: FOREIGN exchange; Thesaurus Term: CAPITAL losses; Thesaurus Term: CAPITAL market; Thesaurus Term: BALANCE of payments; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 18p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Michael A.
T1  - THE SENSITIVITY OF THE PRIME RATE TO MONEY MARKET CONDITIONS.
JO  - Journal of Financial Research
JF  - Journal of Financial Research
Y1  - 1984///Winter84
VL  - 7
IS  - 4
M3  - Article
SP  - 269
PB  - Wiley-Blackwell
SN  - 02702592
AB  - Commercial banking's institutional setting can make one bank's profits dependent upon the pricing strategies of its rivals. In this environment, widely disseminated prime rate quotes, loan contracts with "most-favored-customer" clauses, and rule-of-thumb pricing techniques can result in prime rate outcomes that jointly maximize banks' market values. In this paper the relationship between the prime and money market rates is examined over the last decade to determine if the prime rate behaves more like a competitive money market rate than an oligopolistic price. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRIME rate
KW  - MONEY market
KW  - BANKING industry
KW  - PROFIT
KW  - INTEREST rates
KW  - PRICING
KW  - COMPETITION
N1  - Accession Number: 5377832; Goldberg, Michael A. 1; Affiliations: 1: Financial Studies Section, Board of Governors of the Federal Reserve System.; Issue Info: Winter84, Vol. 7 Issue 4, p269; Thesaurus Term: PRIME rate; Thesaurus Term: MONEY market; Thesaurus Term: BANKING industry; Thesaurus Term: PROFIT; Thesaurus Term: INTEREST rates; Thesaurus Term: PRICING; Subject Term: COMPETITION; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rose, John T.
AU  - Talley, Samuel H.
T1  - FINANCIAL TRANSACTIONS WITHIN BANK HOLDING COMPANIES.
JO  - Journal of Financial Research
JF  - Journal of Financial Research
Y1  - 1984///Fall84
VL  - 7
IS  - 3
M3  - Article
SP  - 209
PB  - Wiley-Blackwell
SN  - 02702592
AB  - This study explores financial transactions within bank holding companies in both a theoretical and an empirical context. Empirical analysis focuses on two major types of interaffiliate financial transactions-extensions of credit and transfers of assets-between holding company banks and their nonbank affiliates (defined to include the parent company and nonbank subsidiaries of the parent) over the period 1976-1980. The data generally point to a net downstream flow of funds from the nonbank sector to the bank sector of a holding company, with the downstream fund flows particularly strong in the case of extensions of credit. In part, this result may reflect the statutory restrictions on bank lending to affiliates, particularly the collateral requirements. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCE
KW  - BANK holding companies
KW  - BANKING industry
KW  - HOLDING companies
KW  - SUBSIDIARY corporations
KW  - PARENT companies
N1  - Accession Number: 5378335; Rose, John T. 1; Talley, Samuel H. 2; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System.; 2: Assistant Director, Division of Banking Supervision and Regulation, Board of Governors, Federal Reserve System.; Issue Info: Fall84, Vol. 7 Issue 3, p209; Thesaurus Term: FINANCE; Thesaurus Term: BANK holding companies; Thesaurus Term: BANKING industry; Thesaurus Term: HOLDING companies; Thesaurus Term: SUBSIDIARY corporations; Thesaurus Term: PARENT companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rogoff, Kenneth
T1  - ON THE EFFECTS OF STERILIZED INTERVENTION.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1984/09//
VL  - 14
IS  - 2
M3  - Article
SP  - 133
EP  - 150
SN  - 03043932
AB  - As the recent empirical studies surveyed here illustrate, it is very difficult to demonstrate that the exchange rate risk premium depends (through a portfolio balance channel) on the currency composition of outside assets. The existence of a 'portfolio balance effect' is a necessary condition for sterilized intervention to be a genuinely independent tool of monetary policy. This paper studies U.S./Canadian data, and attempts to improve on earlier studies by using higher frequency (weekly) data and by implementing an appropriate instrumental variables technique (2S2SLS). However, we still fail to detect evidence of a portfolio balance effect. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RATE of return
KW  - RISK premiums
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - FOREIGN exchange rates
KW  - MONEY
KW  - MACROECONOMICS
KW  - GOVERNMENT securities
KW  - UNITED States
KW  - CANADA
N1  - Accession Number: 5018569; Rogoff, Kenneth 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep84, Vol. 14 Issue 2, p133; Thesaurus Term: RATE of return; Thesaurus Term: RISK premiums; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONEY; Thesaurus Term: MACROECONOMICS; Thesaurus Term: GOVERNMENT securities; Subject: UNITED States; Subject: CANADA; Number of Pages: 18p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rogoff, Ken
T1  - Exchange-Rate Determination.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1984/08//
VL  - 17
IS  - 1/2
M3  - Book Review
SP  - 187
EP  - 188
SN  - 00221996
AB  - The article reviews the book "Exchange-Rate Determination," by Anne O. Krueger.
KW  - FOREIGN exchange rates
KW  - NONFICTION
KW  - KRUEGER, Anne O.
KW  - EXCHANGE-Rate Determination (Book)
N1  - Accession Number: 18042240; Rogoff, Ken 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Aug84, Vol. 17 Issue 1/2, p187; Thesaurus Term: FOREIGN exchange rates; Subject Term: NONFICTION; Reviews & Products: EXCHANGE-Rate Determination (Book); People: KRUEGER, Anne O.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Green, Edward J.
T1  - CONTINUUM AND FINITE-PLAYER NONCOOPERATIVE MODELS OF COMPETITION.
JO  - Econometrica
JF  - Econometrica
Y1  - 1984/07//
VL  - 52
IS  - 4
M3  - Article
SP  - 975
EP  - 993
SN  - 00129682
AB  - The anonymous interaction of large numbers of economic agents is a kind of noncooperative situation which is markedly different from small-numbers strategic conflict. The nonatomic game has been introduced as a model for these many-agent situations. This paper contains a precise definition of what it means for a nonatomic game to be the limit of a sequence of finite-player games, and a theorem which states when the limit of equilibria of finite-player games will be an equilibrium of the nonatomic limit game. This is analogous to theorems prompted by Edgeworth's conjecture in core theory. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Econometrica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GAME theory
KW  - ECONOMIC models
KW  - MATHEMATICAL models
KW  - ECONOMETRICS
KW  - MATHEMATICS
KW  - CONTINUUM (Mathematics)
KW  - METRIC spaces
KW  - NONCOOPERATIVE games (Mathematics)
KW  - COMPETITION
N1  - Accession Number: 6834761; Green, Edward J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Jul84, Vol. 52 Issue 4, p975; Thesaurus Term: GAME theory; Thesaurus Term: ECONOMIC models; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICS; Subject Term: CONTINUUM (Mathematics); Subject Term: METRIC spaces; Subject Term: NONCOOPERATIVE games (Mathematics); Subject Term: COMPETITION; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Anderson, Robert
AU  - Ando, Albert
AU  - Enzler, Jared
T1  - Interaction Between Fiscal and Monetary Policy and the Real Rate of Interest.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1984/05//
VL  - 74
IS  - 2
M3  - Article
SP  - 55
PB  - American Economic Association
SN  - 00028282
AB  - One of the consequences of the economic policies pursued since 1981 is the prospect of a continued large federal deficit combined with a high level of the market rate of interest for at least several years to come in the U.S. This is a radical departure from the pattern that prevailed in the U.S. during the period after World War II. Except for cyclical and temporary variations, federal debt as a proportion of net national product declined steadily between 1945 and 1980, while the real rate of interest remained quite low. This fundamental shift in the economic policy since 1981 has important consequences for both the U.S. economy and the world economy as a whole. This article provides a quantitative analysis of these consequences. In order to examine such a complex problem, a specific model of the economy with numerical estimates of its parameters is needed. The authors have chosen to work with the one most familiar to us, namely, the econometric model of the U.S. The nature of this model requires to conduct the short-run dynamic and medium to long-run analysis together.
KW  - ECONOMIC policy
KW  - FISCAL policy
KW  - EXTERNAL debts
KW  - MONETARY policy
KW  - INTEREST rates
KW  - PUBLIC spending
KW  - UNITED States
N1  - Accession Number: 4510970; Anderson, Robert 1; Ando, Albert 2; Enzler, Jared 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; 2: Department of Economics, University of Pennsylvania, Philadelphia, PA 19104.; Issue Info: May84, Vol. 74 Issue 2, p55; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FISCAL policy; Thesaurus Term: EXTERNAL debts; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: PUBLIC spending; Subject: UNITED States; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - O'BRIEN, JAMES M.
T1  - The Information Value of the FOMC Policy Directive under the New Operating Procedures.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1984/05//
VL  - 16
IS  - 2
M3  - Article
SP  - 151
EP  - 164
PB  - Ohio State University Press
SN  - 00222879
AB  - This article presents a discussion of the U.S. Federal Reserve's Open Market Committee (FOMC). The author discusses how the FOMC functions to determine the near-term monetary policy objectives. The author notes that their directives are only made public knowledge after a new directive is established. The author believes that because they withhold this information for the period of time before a new directive is issued the market sometimes falls victim to inaccurate market expectations. The author investigates the value of the information that the FOMC produces in an attempt to determine if it would benefit the market to be made immediately aware of their decisions.
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - INTEREST rates
KW  - DEMAND for money
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 5169053; O'BRIEN, JAMES M. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: May84, Vol. 16 Issue 2, p151; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INTEREST rates; Thesaurus Term: DEMAND for money; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 14p; Illustrations: 9 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wachter, Michael L.
AU  - Wascher, William L.
T1  - LEVELING THE PEAKS AND TROUGHS IN THE DEMOGRAPHIC CYCLE: AN APPLICATION TO SCHOOL ENROLLMENT RATES.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1984/05//
VL  - 66
IS  - 2
M3  - Article
SP  - 208
PB  - MIT Press
SN  - 00346535
AB  - Abstract--To maximize lifetime discounted earnings, individuals act so as to fill in the peaks and troughs of the demographic cycles exhibited by population and hence relative income. As a consequence, those born prior to the peak increase their school enrollment rates, while those trailing the peak decrease their school enrollment rates. Education thus provides a differential tracking mechanism. While individuals cannot choose the cohorts in which they are born, they are able to time their entry into the career labor market through education. This asymmetric demographic effect is tested in a time series equation. Our model helps to explain the "surprisingly" steep decline in school enrollment rates during the 1970s. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEMOGRAPHIC surveys
KW  - WAGES
KW  - INCOME
KW  - TIME series analysis
KW  - INCOME distribution
KW  - EDUCATION & economics
KW  - SCHOOL enrollment
N1  - Accession Number: 4644649; Wachter, Michael L. 1; Wascher, William L. 2; Affiliations: 1: University of Pennsylvania.; 2: Board of Governors of the Federal Reserve System.; Issue Info: May84, Vol. 66 Issue 2, p208; Thesaurus Term: DEMOGRAPHIC surveys; Thesaurus Term: WAGES; Thesaurus Term: INCOME; Thesaurus Term: TIME series analysis; Thesaurus Term: INCOME distribution; Thesaurus Term: EDUCATION & economics; Subject Term: SCHOOL enrollment; NAICS/Industry Codes: 923110 Administration of Education Programs; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
T1  - MODELLING THE MONETARY MULTIPLIER AND THE CONTROLLABILITY OF THE DIVISIA MONETARY QUANTITY AGGREGATES.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1984/05//
VL  - 66
IS  - 2
M3  - Article
SP  - 314
PB  - MIT Press
SN  - 00346535
AB  - Abstract--This paper assesses the ability of the Federal Reserve to control a Divisia monetary quantity aggregate using a monetary multiplier model. The predictability of the multiplier is assessed empirically by examining out-of-sample forecast errors from two forms of the multiplier forecasting model. The results suggest that the higher level Divisia aggregates are quite closely controllable. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC forecasting
KW  - MONEY
KW  - ECONOMIC models
KW  - MULTIPLIER (Economics)
KW  - ECONOMETRIC models
KW  - MONETARY policy
KW  - NATIONAL income
KW  - EMPIRICAL research
N1  - Accession Number: 4644938; Spindt, Paul A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May84, Vol. 66 Issue 2, p314; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONEY; Thesaurus Term: ECONOMIC models; Thesaurus Term: MULTIPLIER (Economics); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: NATIONAL income; Thesaurus Term: EMPIRICAL research; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Volcker, Paul A.
T1  - Facing Up to the Twin Deficits.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1984/03//Mar/Apr84
VL  - 27
IS  - 1
M3  - Article
SP  - 4
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article presents the issue of unprecedent budget and trade deficits as a danger to the United States growth and stability. The article suggests that the prospects for sustained growth and stability must remain conditional. The United States is faced with two deficits, in budget and international accounts which is unprecedented in magnitude. The rising budget deficit provided a large and growing stimulus to purchasing power as the country emerged from recession. It helped account for the vigor of consumption in the face of historically high interest rates. Financing the deficit last year amounted to three-quarters of the net new domestic savings. The ultimate objective of monetary policy is to provide just enough money to finance sustainable growth and not so much as to feed inflation. There is no instrument of monetary policy that in any direct or immediate sense, can identify money only for expansion and not for inflation, or vice versa. The article suggests that depreciation of the dollar externally as a result of inflationary policies will not, help exporters, or those competing with imports, because that depreciation would be accompanied by inflated domestic costs.
KW  - BALANCE of trade
KW  - FEDERAL Reserve monetary policy
KW  - BUDGET
KW  - MONETARY policy
KW  - RECESSIONS
KW  - SAVING & investment
KW  - INFLATION (Finance)
KW  - EXPORTS
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 6148750; Volcker, Paul A. 1; Affiliations: 1: Chairman, Board of Governors of Federal Reserve System.; Issue Info: Mar/Apr84, Vol. 27 Issue 1, p4; Thesaurus Term: BALANCE of trade; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: BUDGET; Thesaurus Term: MONETARY policy; Thesaurus Term: RECESSIONS; Thesaurus Term: SAVING & investment; Thesaurus Term: INFLATION (Finance); Thesaurus Term: EXPORTS; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
AU  - Tarhan, Vefa
T1  - BANK RESERVE ADJUSTMENT PROCESS AND THE USE OF RESERVE CARRYOVER AS A RESERVE MANAGEMENT TOOL.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1984/03//
VL  - 8
IS  - 1
M3  - Article
SP  - 5
EP  - 20
SN  - 03784266
AB  - This article examines the impact of bank use of the reserve carryover provision on the reserve adjustment process and federal funds rate volatility. A discussion of a newly proposed change to contemporaneous reserve accounting is also given. The empirical purposes of this paper are accomplished by specifying and estimating a model of bank reserve adjustment behavior in which the interrelatedness of reserve adjustment instruments is explicitly taken into account. The authors conclude that to the extent banks use carryover to express their funds rate forecasts in the market and the federal reserve clearly signals its intended open market course, variability in the funds rate and the monetary aggregates is reduced by the carryover provision.
KW  - BANK reserves
KW  - RESERVES (Accounting)
KW  - FEDERAL funds market (U.S.)
KW  - MANAGEMENT
KW  - UNITED States
N1  - Accession Number: 11478668; Spindt, Paul A. 1; Tarhan, Vefa 2; Affiliations: 1: Federal Reserve System, Washington, DC USA; 2: Vefa University, Chicago, IL USA; Issue Info: 1984, Vol. 8 Issue 1, p5; Thesaurus Term: BANK reserves; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: MANAGEMENT; Subject: UNITED States; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 16p; Illustrations: 3 Diagrams, 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AU  - White, Alice P.
T1  - OUTPUT IN RELATION TO LABOR INPUT IN THE BANKING AND SAVINGS AND LOAN INDUSTRIES 1927-1979.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1984/03//
VL  - 8
IS  - 1
M3  - Article
SP  - 119
EP  - 130
SN  - 03784266
AB  - The objective of this research article is to compare past changes in productivity in the banking and savings and loan industries in the U.S., as a whole and within the banking industry by size of institution and type of branching law. Several different measures of output are examined relative to number of employees and wages and salaries. An analysis of productivity changes between 1927 and 1979 in the banking industry revealed no growth or a decline in productivity since the mid-1950s. Large banks displayed a pattern similar to the industry as a whole. Although size did not necessarily affect productivity differences, institutional arrangements in the form of branching laws did.
KW  - INDUSTRIAL productivity
KW  - SAVINGS & loan associations
KW  - BANKING industry
KW  - LABOR productivity
KW  - UNITED States
N1  - Accession Number: 11478676; Rhoades, Stephen A. 1; White, Alice P. 1; Affiliations: 1: Federal Reserve System, Washington, DC USA; Issue Info: 1984, Vol. 8 Issue 1, p119; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: SAVINGS & loan associations; Thesaurus Term: BANKING industry; Thesaurus Term: LABOR productivity; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 12p; Illustrations: 2 Charts, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Watson, Mark W.
AU  - Kraft, Dennis F.
T1  - TESTING THE INTERPRETATION OF INDICES IN A MACROECONOMIC INDEX MODEL.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1984/03//
VL  - 13
IS  - 2
M3  - Article
SP  - 165
EP  - 181
SN  - 03043932
AB  - This paper discusses and contrasts different approaches to the construction of dynamic models containing unobservables. It is argued that some analysis is easy to carry out using Dynamic Factor Analysis (DEA), a frequency domain technique, while other analysis is easier to carry out in the context of a Dynamic Multiple Indicator-Multiple Cause Model (DYMIMIC), a time domain technique. An example is presented in which six macroeconomic variables are found to be connected by two common factors using DFA. The interpretation of these factors as 'anticipated' and 'unanticipated' aggregate demand is then tested using the DYMIMJC model, This interpretation is strongly rejected. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMETRIC models
KW  - MACROECONOMICS
KW  - INDEX numbers (Economics)
KW  - DEMAND (Economic theory)
KW  - MULTIVARIATE analysis
KW  - FACTOR analysis
KW  - TIME-domain analysis
KW  - VARIABLES (Mathematics)
KW  - EVALUATION
N1  - Accession Number: 5018560; Watson, Mark W. 1; Kraft, Dennis F. 2; Affiliations: 1: Harvard University, Cambridge, MA 02138, USA; 2: Board of Governors, Federal Reserve System, Washington, DC 20551, USA; Issue Info: Mar84, Vol. 13 Issue 2, p165; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MACROECONOMICS; Thesaurus Term: INDEX numbers (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: MULTIVARIATE analysis; Subject Term: FACTOR analysis; Subject Term: TIME-domain analysis; Subject Term: VARIABLES (Mathematics); Subject Term: EVALUATION; Number of Pages: 17p; Illustrations: 2 Charts, 7 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kopecky, Kenneth J.
T1  - Monetary Control under Reverse Lag and Contemporaneous Reserve Accounting: A Comparison.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1984/02//
VL  - 16
IS  - 1
M3  - Article
SP  - 81
EP  - 88
PB  - Ohio State University Press
SN  - 00222879
AB  - This article presents a comment on the article "Monetary Control under Reverse Lag and Contemporaneous Reserve Accounting." The author suggests that the accounting method endorsed in the paper for maintaining control over short-run money stock lacks an adequate methodology for deriving the necessary equilibrium properties. The author presents a model that is designed to assess the accounting method that is proposed and discusses the method's effectiveness in controlling the short-run of money stock.
KW  - MONETARY policy
KW  - BANKING industry -- Accounting
KW  - EQUILIBRIUM (Economics)
KW  - DEMAND for money
KW  - ECONOMETRIC models
KW  - INTEREST rates
N1  - Accession Number: 5156199; Kopecky, Kenneth J. 1; Affiliations: 1: Senior Economist, Board of Governors of the Federal Reserve System; Issue Info: Feb84, Vol. 16 Issue 1, p81; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry -- Accounting; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: DEMAND for money; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: INTEREST rates; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Simpson, Thomas D.
T1  - Changes in the Financial System:  Implications for Monetary Policy.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1984/01//
IS  - 1
M3  - Article
SP  - 249
EP  - 265
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article examines the changes in the financial system and its implications for the monetary policy in the U.S. For nearly a decade, money stock objectives have been announced publicly by the U.S. Federal Reserve Board and for much longer, observers have focused on the money stock as an indicator or guide to monetary policy. Also in the past decade, the financial system has undergone rapid change through spontaneous market developments and regulatory reforms and this change has implications for the relationship between money and other macroeconomic variables. The potential liquidity of portfolios has been enhanced further by an expanding array of credit services especially revolving credit lines. At the retail level, commercial banks and a growing number of financial organizations offer consumers lines of credit that are secured by equity in real estate or holdings of securities, many of which are accessible by check. At the same time, the payments system has been changing most visibly in the form of electronic funds transfers and with these changes the effective cost of making transactions has been declining, thereby encouraging other adjustments to portfolio behavior. Meanwhile, depositors have responded to the generally high level of interest rates that have prevailed since the latter part of the 1970's by intensifying efforts to reduce holdings of monetary assets having relatively low or zero explicit yields.
KW  - FINANCE
KW  - MONETARY policy
KW  - MONEY supply
KW  - CREDIT control
KW  - ECONOMIC policy
KW  - SECURITIES industry
KW  - UNITED States
N1  - Accession Number: 6914015; Simpson, Thomas D. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: 1984, Issue 1, p249; Thesaurus Term: FINANCE; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: CREDIT control; Thesaurus Term: ECONOMIC policy; Thesaurus Term: SECURITIES industry; Subject Term: UNITED States; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, David E.
AU  - Farr, Helen T.
AU  - Gillum, Gary P.
AU  - Kopecky, Kenneth J.
AU  - Porter, Richard D.
T1  - SHORT–RUN MONETARY CONTROL.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1984/01//
VL  - 13
IS  - 1
M3  - Article
SP  - 87
EP  - 111
SN  - 03043932
AB  - This paper examines two issues — the prediction and short-run control of the money stock — associated with the experience following the Federal Reserve's adoption of a non-borrowed reserve-oriented operating procedure in October 1979. Regarding predictability, our analysis suggests that econometric models offer no improvement over the Board's judgmental forecasting procedure in terms of a lower multiplier forecast error. Regarding the question of whether alternative operating targets would have lowered monthly variability in the money stock, our findings suggest that neither a total reserve nor a monetary base operating target would have enhanced the precision of short-run monetary control relative to a non-borrowed reserve operating target. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY supply
KW  - RESERVES (Accounting)
KW  - ECONOMETRIC models
KW  - ECONOMIC forecasting
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 5023487; Lindsey, David E. 1; Farr, Helen T. 1; Gillum, Gary P. 1; Kopecky, Kenneth J. 1; Porter, Richard D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, USA, DC, USA; Issue Info: Jan84, Vol. 13 Issue 1, p87; Thesaurus Term: MONEY supply; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 25p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Teeters, Nancy
T1  - THE ROLE OF BANKS IN THE INTERNATIONAL FINANCIAL SYSTEM.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1983/12//
VL  - 7
IS  - 4
M3  - Article
SP  - 453
EP  - 463
SN  - 03784266
AB  - The increasing integration of the world economy and financial system has meant that banking developments in one country can affect the stability of banking activity in other financial centers. Banks of various nationalities are closely linked with each other through the international interbank markets in deposits and foreign exchange. To improve our awareness of these activities, and to exchange information generally on developments in international banking, the Federal Reserve participates in the Committee on Banking Regulations and Supervisory Practices (the Cooke Committee) that meets regularly at the Bank for International Settlements (BIS) in Basle as well as other policy and technical bodies that meet at the BIS. While each of the three main functions of the Federal Reserve is worthy of a study, this paper is focused on the current situation in international lending, including some background analysis of how the current situation evolved and the role played by banking institutions and regulators. The international financial system in which banks are operating has changed considerably in recent years, and all participants are in the process of adapting their behavior to that change. In the United States, the Federal bank regulators have been working with Congress to develop a statutory and regulatory framework for an improved longer-term environment for international lending by U.S. banks. The major elements of that new environment are: (1) tightened supervision of the foreign exposures of U.S. banks, including more frequent and forceful comments on large international exposures; (2) more frequent and more timely public disclosure of large concentrations of country risk of U.S. banks which should result in better market surveillance of their activities; (3) adjustment to the accounting conventions for increased spreads and fees that result from reschedulings which should make banks more careful, and it is hoped price more accurately, credits in which rescheduling is a possibility; and (4) some reserve provisions for troubled international credits which should make the banks' reported earnings and assets conform more closely to economic realities, and act as a further caution to banks to restrain commitments, or demand higher compensation, for credits where there is a chance that a rescheduling or restructuring will be needed. Given this new framework, the challenge for the immediate future is for all participants in the system to recognize their long-term interests in a stable, but certainly not risk-free, system and to adapt their own behavior in such a manner that the transition can occur as a relatively orderly and well-managed process. The management of this process presents important challenges to macroeconomic policy to maintain the gains that have been made in combating inflation while at the same time allowing sufficient economic growth to permit servicing of outstanding debts, or in some cases restructuring of debt on terms that are acceptable to both borrowers and lenders. Agencies charged with responsibility for regulating banks must adjust their policies to ensure development of an appropriate environment for international bank lending. While these challenges are formidable and will require considerable coordination, there appears to be a very reasonable chance of a successful outcome in light of the growing awareness and understanding of the problem at hand. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL banking industry
KW  - FINANCIAL services industry
N1  - Accession Number: 11487497; Teeters, Nancy 1; Affiliations: 1: Federal Reserve System, Washington, DC; Issue Info: 1983, Vol. 7 Issue 4, p453; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: FINANCIAL services industry; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 11p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Canzoneri, Matthew B.
AU  - Henderson, Dale W.
AU  - Rogoff, Kenneth S.
T1  - THE INFORMATION CONTENT OF THE INTEREST RATE AND OPTIMAL MONETARY POLICY.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1983/11//
VL  - 98
IS  - 4
M3  - Article
SP  - 545
EP  - 566
PB  - Oxford University Press / USA
SN  - 00335533
AB  - Optimal monetary policy rules are derived in a rational expectations cum contracting framework. Monetary policy is redundant if wage setters exploit the incomplete current information embodied in today's nominal interest rate. However, the monetary authorities can save wage setters the costs of "indexing" to the interest rate. A contemporaneous money supply feedback rule is as effective as wage indexation. A lagged rule, relevant under a regime of money supply targeting, is also as effective if investors use the interest rate. Both rules have the same implications for the real interest rate as Poole's combination policy. However, the two rules have strikingly different implications for the nominal interest rate. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - INTEREST rates
KW  - MONEY supply
KW  - ECONOMIC policy
KW  - SUPPLY & demand
N1  - Accession Number: 4625050; Canzoneri, Matthew B. 1; Henderson, Dale W. 1; Rogoff, Kenneth S. 1; Affiliations: 1: Board of Governor, Federal Reserve System; Issue Info: Nov83, Vol. 98 Issue 4, p545; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; Thesaurus Term: MONEY supply; Thesaurus Term: ECONOMIC policy; Thesaurus Term: SUPPLY & demand; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - CONCENTRATION OF WORLD BANKING AND THE ROLE OF U.S. BANKS AMONG THE 100 LARGEST, 1956-1980.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1983/09//
VL  - 7
IS  - 3
M3  - Article
SP  - 427
EP  - 437
SN  - 03784266
AB  - During the past two decades, international banking activity has grown rapidly. With institutional change of such magnitude taking place, it is interesting and potentially useful to look at the nature of the change. This paper examines two dimensions of this change: the trend in concentration of banking assets in the world's largest banks, and the relative position of banks from various countries among the world's largest banks. The data indicate that the percentage of banking deposits accounted for by the world's largest banks generally has increased steadily since 1956. The data also reveal that the importance of U.S. banks within the world's largest banks has declined dramatically since 1956. It is suggested that this trend is the result of the readjustment to the distortions of WWII, the rise of the commercial paper market in the U.S., and the large number of U.S. banks compared to other countries. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL banking industry
KW  - ASSETS (Accounting)
KW  - BANK deposits
KW  - BANKING industry
KW  - FINANCE
N1  - Accession Number: 11490619; Rhoades, Stephen A. 1; Affiliations: 1: Federal Reserve System, Washington, DC USA; Issue Info: 1983, Vol. 7 Issue 3, p427; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: BANK deposits; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 11p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Jones, David S.
AU  - Roley, V. Vance
T1  - RATIONAL EXPECTATIONS AND THE EXPECTATIONS MODEL OF THE TERM STRUCTURE.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1983/09//
VL  - 12
IS  - 3
M3  - Article
SP  - 453
EP  - 465
SN  - 03043932
AB  - This paper tests the joint hypothesis of rational expectations and the expectations model of the term structure for three- and six-month Treasury bills. Previous studies are extended in two main directions. First, the joint hypothesis is tested using weekly data for Treasury bills maturing in exactly 13 and 26 weeks beginning in 1970 and ending in 1979. In contrast, previous studies using comparable data have typically discarded 12/13 of the sample to a form a non- overlapping data set. Second, a more complete set of possible determinants of time-varying premiums is tested. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TREASURY bills
KW  - RATIONAL expectations (Economic theory)
KW  - GOVERNMENT securities
KW  - ECONOMIC forecasting
KW  - TIME & economic reactions
KW  - ECONOMETRIC models
KW  - SECURITIES
KW  - UNCERTAINTY
N1  - Accession Number: 5031096; Jones, David S. 1; Roley, V. Vance 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, USA; 2: Federal Reserve Bank of Kansas City, USA; Issue Info: Sep83, Vol. 12 Issue 3, p453; Thesaurus Term: TREASURY bills; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: GOVERNMENT securities; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: TIME & economic reactions; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: SECURITIES; Subject Term: UNCERTAINTY; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 13p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tarhan, Vefa
AU  - Spindt, Paul A.
T1  - BANK EARNING ASSET BEHAVIOR AND CAUSALITY BETWEEN RESERVES AND MONEY.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1983/08//
VL  - 12
IS  - 2
M3  - Article
SP  - 331
EP  - 341
SN  - 03043932
AB  - This paper empirically examines the impact of lagged reserve accounting on large individual bank behavior. Its specific objective is to assess the claim that the institution of LRA has led to a decoupling of the earning asset and reserve adjustment decisions of banks. To accomplish this objective, a system of equations which jointly describe the reserve adjustment and earning asset decisions of banks is estimated and tested for differences in the model between the periods before and after 1968. It is found that bank behavior does not differ fundamentally under LRA. Evidence that banks make their earning asset adjustments promptly and that expected future interest rates are important in their decisions is also presented. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK reserves
KW  - RESERVES (Accounting)
KW  - BANKING industry
KW  - FINANCIAL institutions
KW  - BANK assets
KW  - ASSETS (Accounting)
KW  - BANK profits
KW  - MONEY
KW  - RESERVE assets
N1  - Accession Number: 5031089; Tarhan, Vefa 1; Spindt, Paul A. 2; Affiliations: 1: Loyola University, Chicago, IL 60611, USA; 2: Board of Governors of the Federal Reserve System, Washington, DC 20551, USA; Issue Info: Aug83, Vol. 12 Issue 2, p331; Thesaurus Term: BANK reserves; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: BANK assets; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: BANK profits; Thesaurus Term: MONEY; Thesaurus Term: RESERVE assets; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 11p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seiders, David F.
T1  - Managing Mortgage Interest-Rate Risks in Forward, Futures, and Options Markets.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1983///Summer83
VL  - 11
IS  - 2
M3  - Article
SP  - 237
EP  - 263
PB  - Wiley-Blackwell
SN  - 02700484
AB  - This article reviews the Housing Commission's perspective and recommendations on management of interest-rate risks in housing finance, and considers the relative advantages of various techniques by which institutions on the supply side of mortgage markets can absorb or shift such risks. It is argued that exchange-based options can provide a more reliable way than cash forward contracting for originators or purchasers of mortgages to manage commitment-period risk, but that commitment fees charged household borrowers should not fully correspond to premiums for put options "traded" on the exchanges. It is argued that exchange-based futures can provide a more effective and economical way than asset-ability maturity matching in cash markets for thrift institutions to manage portfolio interest-rate risks; in particular, futures trading can permit these institution to meet the maturity preferences of liquidity-conscious creditors and risk-averse borrowers, to reduce the risk associated with unexpected shifts of the yield curve, and to maintain a higher degree of asset quality. The capacity of futures markets to handle large-scale hedging by mortgage market participants will depend upon heavy participation by highly leveraged speculators who are willing to take long positions without the receipt of substantial risk premiums from hedgers. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING -- Finance
KW  - INTEREST rates
KW  - OPTIONS (Finance)
KW  - FUTURES market
KW  - DERIVATIVE securities
KW  - HOUSING market
N1  - Accession Number: 5860068; Seiders, David F. 1; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; Issue Info: Summer83, Vol. 11 Issue 2, p237; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: INTEREST rates; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: FUTURES market; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: HOUSING market; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seiders, David F.
T1  - Mortgage Pass-Through Securities: Progress and Prospects.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1983///Summer83
VL  - 11
IS  - 2
M3  - Article
SP  - 264
EP  - 287
PB  - Wiley-Blackwell
SN  - 02700484
AB  - This paper discusses the Housing Commission's perspective and recommendations on mortgage pass-through securities markets, reviews federal policy toward such securities in the wake of the Housing Commission on Report, and considers prospects for mortgage securities in the housing finance system of the future. Concerning the outlook, it is concluded that massive "securitization" of housing finance may not be inevitable--contrary to the developing conventional wisdom on this topic--partly because the underlying need for secondary market transactions may not be as strong as commonly expected. Furthermore, the relative importance of pass-through securities as secondary market vehicles may erode if federally related programs are phased down in he with Housing Commission recommendations, even if policies currently being developed within the Administration to improve the functioning of fully private securities markets are implemented. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - HOUSING -- Finance
KW  - SECURITIES markets
KW  - MORTGAGE-backed securities
KW  - SECONDARY markets
KW  - SECURITIES trading
KW  - UNITED States
N1  - Accession Number: 5860072; Seiders, David F. 1; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; Issue Info: Summer83, Vol. 11 Issue 2, p264; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: SECURITIES markets; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: SECONDARY markets; Thesaurus Term: SECURITIES trading; Subject: UNITED States; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 
TY  - JOUR
AU  - Volcker, Paul A.
T1  - HOW SERIOUS IS U.S. BANK EXPOSURE?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1983/05//May/Jun83
VL  - 26
IS  - 2
M3  - Article
SP  - 11
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article discusses the effect of foreign debt of the Third World countries on the economic recovery of the United States. The U.S. has made striking progress against inflation, and efforts are actively underway to contain problems in the financial system. This makes it all the more important to consider and deal with the heavy indebtedness of some developing countries and the related exposure of the commercial banking system of the industrialized world. It is convenient to trace part of the present liquidity crises of some developing and Eastern European countries to the two massive oil price increases of 1973-74 and 1979-80. Since the first oil shock, the oil import bill of the non-OPEC developing countries has escalated sharply. However, the direct impact of high oil prices on import hills does not provide a full and general explanation of the present difficulties. The borrowing countries have all, understandably, wished to expand their industrial base rapidly to meet the needs of a growing population and increase national income and economic welfare.
KW  - EXTERNAL debts
KW  - BANKING industry -- United States
KW  - ECONOMIC recovery
KW  - LIQUIDITY (Economics)
KW  - PETROLEUM industry
KW  - UNITED States -- Economic conditions -- 1981-2001
KW  - DEVELOPING countries
KW  - UNITED States
N1  - Accession Number: 6150570; Volcker, Paul A. 1; Affiliations: 1: Chairman Board of Governors of the Federal Reserve System.; Issue Info: May/Jun83, Vol. 26 Issue 2, p11; Thesaurus Term: EXTERNAL debts; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: ECONOMIC recovery; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: PETROLEUM industry; Subject Term: UNITED States -- Economic conditions -- 1981-2001; Subject Term: DEVELOPING countries; Subject: UNITED States; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 454311 Heating oil dealers; NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 211113 Conventional oil and gas extraction; NAICS/Industry Codes: 213112 Support Activities for Oil and Gas Operations; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 324199 All Other Petroleum and Coal Products Manufacturing; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Clary, A R
T1  - The Federal Reserve System library collections
JO  - Special Collections
JF  - Special Collections
Y1  - 1983///Spr
VL  - 2
IS  - 3
M3  - Article
SP  - 15
EP  - 30
SN  - 02703157
AB  - Why is there such interest in the Federal Reserve System? Why have recent polls ranked its Chairman as the second most influential American--preceded only by the President of the United States? Before looking in depth at the Federal Reserve System Libraries and their special collections, an examination of the history of the System, its structure and responsibilities is presented.
KW  - EVALUATION
KW  - Banks
KW  - Collections
KW  - Federal government
N1  - Accession Number: ISTA1903456; Clary, A R 1; Affiliations: 1 : Federal Reserve System, Washington, DC;  Source Info: Spr 1983, Vol. 2 Issue 3, p15; Note: Place of Publication: United States; Note: Update Code: 1900; Subject Term: EVALUATION; Author-Supplied Keyword: Banks; Author-Supplied Keyword: Collections; Author-Supplied Keyword: Federal government; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - lih
ER  - 

TY  - BOOK
AU  - Loopesko, B.E.
AU  - Board of Governors of the Federal Reserve System [U.S.]
T1  - Relationships among exchange rates, intervention, and interest rates: an empirical investigation
JO  - Relationships among exchange rates, intervention, and interest rates: an empirical investigation
JF  - Relationships among exchange rates, intervention, and interest rates: an empirical investigation
Y1  - 1983///
M3  - Book
KW  - FOREIGN exchange
KW  - INTEREST rates
N1  - Accession Number: MRB-MCS0144898; Loopesko, B.E.; Board of Governors of the Federal Reserve System [U.S.]; Source Info: Washington, D.C.: Board of Governors of the Federal Reserve System, 1983; 20 p    ; Note: Publisher Information: Board of Governors of the Federal Reserve System, Washington, DC.; Note: Bibliography: p. 19-20; Subject Term: FOREIGN exchange; Subject Term: INTEREST rates; Number of Pages: 20p; Document Type: Book
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DP  - EBSCOhost
DB  - fxh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - THE RELATIVE SIZE OF BANKS AND INDUSTRIAL FIRMS IN THE U.S. AND OTHER COUNTRIES.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1982/12//
VL  - 6
IS  - 4
M3  - Article
SP  - 579
EP  - 585
SN  - 03784266
AB  - Some observers of U.S. banking argue that because of the fragmented banking structure, U.S. banks will not be large enough to (1) compete with their foreign counterparts, and (2) provide for the credit needs of large U.S. industrial corporations. The evidence does not support these arguments. Though U.S. banks are losing rank among the world's largest, they are still well represented. Only France had more banks among the 10 largest and only Japan had more among the 100 largest. Additionally, the data reveal that, in the U.S., large banks are small in relation to large industrial corporations in comparison with other countries. However, this is because the U.S. industrial corporations are so large not because the banks are small. Finally, data on commercial paper, bank loans to foreigners, and bank loans to business do not suggest there is a problem in meeting the short-term credit needs of business. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - MANUFACTURES
KW  - CREDIT
KW  - BANK loans
KW  - UNITED States
N1  - Accession Number: 11487161; Rhoades, Stephen A. 1; Affiliations: 1: Federal Reserve System, Washington, DC USA; Issue Info: 1982, Vol. 6 Issue 4, p579; Thesaurus Term: BANKING industry; Thesaurus Term: MANUFACTURES; Thesaurus Term: CREDIT; Thesaurus Term: BANK loans; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; Number of Pages: 7p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, David E.
T1  - Comment on How Regulations Affect Monetary Control.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1982/11/02/Nov82 Part 2
VL  - 14
IS  - 4
M3  - Article
SP  - 788
EP  - 795
PB  - Ohio State University Press
SN  - 00222879
AB  - The article comments on the article "How Regulations Affect Monetary Control" by James L. Pierce, published in the November 1982 issue of the "Journal of Money, Credit, and Banking." The article describes the reserve requirement structure for members and time deposits and the influence of cash items in process of collection on the measurement of money. The author provides some details of the Monetary Control Act. The article also examines contemporaneous reserve requirements (CRR) which the author says would enforce a resource cost on depository institutions.
KW  - MONETARY policy
KW  - DELEGATED legislation
KW  - RESERVES (Accounting)
KW  - BANK deposits
KW  - CREDIT
KW  - PIERCE, James L.
N1  - Accession Number: 5156096; Lindsey, David E. 1; Affiliations: 1: Assistant Director, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Nov82 Part 2, Vol. 14 Issue 4, p788; Thesaurus Term: MONETARY policy; Thesaurus Term: DELEGATED legislation; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: BANK deposits; Thesaurus Term: CREDIT; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; People: PIERCE, James L.; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - "THE LIMITS TO GROWTH" REVISITED.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1982/09//Sep/Oct82
VL  - 25
IS  - 4
M3  - Article
SP  - 36
EP  - 42
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article observes the efficacy of public policy and mechanisms in dealing with pressures generated by economic growth. This issue comes in two parts. The first is whether economic growth must come to an end or whether it can go on indefinitely. The second is whether, if growth must come to an end, it must do so through collapse instead of asymptotically, with a soft landing. Moreover, the question remains how far a supply shock produced by an oil cartel can be taken as a proper test of the functioning of the price mechanism. The first oil shock coincided with a food price shock.
KW  - ECONOMIC development
KW  - PETROLEUM industry
KW  - FOOD prices
KW  - ECONOMIC policy
KW  - SOCIAL policy
KW  - PETROLEUM products -- Sales & prices
N1  - Accession Number: 6145402; Wallich, Henry C. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System; Issue Info: Sep/Oct82, Vol. 25 Issue 4, p36; Thesaurus Term: ECONOMIC development; Thesaurus Term: PETROLEUM industry; Thesaurus Term: FOOD prices; Thesaurus Term: ECONOMIC policy; Subject Term: SOCIAL policy; Subject Term: PETROLEUM products -- Sales & prices; NAICS/Industry Codes: 213112 Support Activities for Oil and Gas Operations; NAICS/Industry Codes: 211113 Conventional oil and gas extraction; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 324199 All Other Petroleum and Coal Products Manufacturing; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 454311 Heating oil dealers; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Clark, Peter B.
T1  - The U.S. steel industry in recurrent crisis: Policy options in a competitive world (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1982/09//
VL  - 20
IS  - 3
M3  - Book Review
SP  - 1101
EP  - 1102
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "The U.S. Steel Industry in Recurrent Crisis: Policy Options in a Competitive World," by Robert W. Crandall.
KW  - STEEL industry
KW  - NONFICTION
KW  - CRANDALL, Robert
KW  - CRANDALL, Robert W.
KW  - US Steel Industry in Recurrent Crisis, The (Book)
N1  - Accession Number: 5314844; Clark, Peter B. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Sep82, Vol. 20 Issue 3, p1101; Thesaurus Term: STEEL industry; Subject Term: NONFICTION; Reviews & Products: US Steel Industry in Recurrent Crisis, The (Book); NAICS/Industry Codes: 331221 Rolled Steel Shape Manufacturing; NAICS/Industry Codes: 416210 Metal service centres; NAICS/Industry Codes: 331110 Iron and Steel Mills and Ferroalloy Manufacturing; People: CRANDALL, Robert; People: CRANDALL, Robert W.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Kwast, Myron L.
AU  - Rose, John T.
T1  - PRICING, OPERATING EFFICIENCY, AND PROFITABILITY AMONG LARGE COMMERCIAL BANKS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1982/06//
VL  - 6
IS  - 2
M3  - Article
SP  - 233
EP  - 254
SN  - 03784266
AB  - This study uses statistical cost accounting techniques to examine the relationship between bank profitability and two dimensions of operating performance — pricing and operating efficiency. The traditional statistical cost accounting model, which relates a firm's income to its asset and liability mix, is expanded to account for differences in market structure, regional demand and supply conditions, and macroeconomics factors. The study focuses on large (above $500 million in domestic deposits) banks, comparing a sample of relatively profitable banks against a matched group of much less profitable banks over the period 1970-1977. After allowing for regional supply and demand factors, the high and low-profit banks are estimated to earn equal market rates of return on individual assets and liabilities. There is virtually no evidence that differential prices are an important discriminator between the two bank groups. Some evidence is found that the high-earnings banks experience lower operating costs on some liabilities, but the opposite is true with respect to selected asset items. After taxes are taken into account, however, any such cost differentials virtually disappear. Overall, there is no compelling evidence that high-profit banks are characterized by greater operating efficiency than their low-earnings counterparts. This finding is consistent with the view that over time, and especially among relatively large banks, information flows and competitive pressures act to reduce operating efficiency differences that may appear in the short run. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CORPORATE profits
KW  - BANKING industry
KW  - INDUSTRIAL management
KW  - COST accounting
KW  - FINANCE
N1  - Accession Number: 11490104; Kwast, Myron L. 1; Rose, John T. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC; Issue Info: 1982, Vol. 6 Issue 2, p233; Thesaurus Term: CORPORATE profits; Thesaurus Term: BANKING industry; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: COST accounting; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 22p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Michael A.
T1  - THE PRICING OF THE PRIME RATE.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1982/06//
VL  - 6
IS  - 2
M3  - Article
SP  - 277
EP  - 296
SN  - 03784266
AB  - The prime business loan rate has become widely viewed as one of the chief barometers of credit market conditions, yet we know little about how this rate is determined. The objective of this paper is to attempt to further our understanding of the prime rate through an analysis of recent prime rate movements in order to determine if the prime reacts immediately to changes in money market conditions, as would be the case of a competitively-determined price, or whether the prime demonstrates properties of an oligopolistic price. The empirical findings contained herein appear to support the hypothesis that the prime rate is an average of a bank's cost of its currently- and previously-issued, but still outstanding, managed liabilities. This type of pricing minimizes the interest rate risk in the bank's balance sheet and facilitates coordination and discipline in an oligopolistic market. Furthermore, it also appears that banks may be using the prime rate in conjunction with below prime lending to price discriminate between customers on the basis of whether these customers have alternative channels of short-term financing. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LOANS
KW  - FINANCE
KW  - CREDIT
KW  - PRIME rate
KW  - INTEREST rates
N1  - Accession Number: 11490107; Goldberg, Michael A. 1; Affiliations: 1: Federal Reserve System, Washington, DC; Issue Info: 1982, Vol. 6 Issue 2, p277; Thesaurus Term: LOANS; Thesaurus Term: FINANCE; Thesaurus Term: CREDIT; Thesaurus Term: PRIME rate; Thesaurus Term: INTEREST rates; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 20p; Illustrations: 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rost, Ronald F.
T1  - CAPACITY-NEUTRAL INVESTMENTS AND CAPACITY MEASUREMENT IN MANUFACTURING.
JO  - Journal of Industrial Economics
JF  - Journal of Industrial Economics
Y1  - 1982/06//
VL  - 30
IS  - 4
M3  - Article
SP  - 391
EP  - 403
PB  - Wiley-Blackwell
SN  - 00221821
AB  - A problem with conventional output measures is that they do not capture such "outputs" as cleaner air, cleaner water, and a more accident-free work environment, which result from the installation of equipment that abates pollution or promotes health and safety on the job. Conventional input measures, on the other hand, do include inputs which perform such functions. In this study, we test different specifications of the relationship between manufacturing capacity and the manufacturing capital stock. Not surprisingly, the empirical results indicate that the drive to control pollution and provide a safer and healthier work environment has caused a decline in the elasticity of capacity with respect to total capital in manufacturing, because pollution abatement investment and occupational safety and health investment generally do not augment conventionally-defined productivity. Additionally, discover that some indexes of manufacturing capacity are constructed by means of methodologies which assume an unchanging historical relationship between capacity and capital, and thus are unable to detect the declining capital elasticity of capacity.
KW  - INDUSTRIAL capacity
KW  - POLLUTION
KW  - BUSINESS enterprises
KW  - COMMUTING
KW  - EMPLOYMENT (Economic theory)
KW  - MANAGEMENT styles
KW  - ERGONOMICS
KW  - CAPITAL
N1  - Accession Number: 5709508; Rost, Ronald F. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C., U.S.A.; Issue Info: Jun82, Vol. 30 Issue 4, p391; Thesaurus Term: INDUSTRIAL capacity; Thesaurus Term: POLLUTION; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: COMMUTING; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: MANAGEMENT styles; Thesaurus Term: ERGONOMICS; Thesaurus Term: CAPITAL; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Flood, Robert P.
T1  - Activist Policy in the Open Economy.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1982/05//
VL  - 72
IS  - 2
M3  - Article
SP  - 51
EP  - 55
PB  - American Economic Association
SN  - 00028282
AB  - This article discusses some aspects of U.S. government's macroeconomic policymaking for an open economy. A government policy is a rule associating observable aspects of an economy with government actions. A policy may be as simple as the setting of a fixed money growth rate, or it may be as complex as the Internal Revenue Code. The traditional viewpoint of open-economy macro policymaking was a framework in which goods prices were fixed rigidly, capital was perfectly substitutable and perfectly mobile, and expectations were ignored. The fundamental feature of an open economy is that its stochastic structure is affected by the existence of and interactions with other economies. It is typical in current analysis to model government macroeconomic policy as a linear rule describing a fairly precise relation ship between current values of government control variables, such as the money growth rate, and current and past values of macroeconomic variables, such as exchange rates or output levels.
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - ECONOMICS
KW  - UNITED States
N1  - Accession Number: 4496950; Flood, Robert P. 1,2; Affiliations: 1: Board of Governors, Federal Reserve System; 2: University of Virginia; Issue Info: May82, Vol. 72 Issue 2, p51; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMICS; Subject: UNITED States; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LINDSEY, D. E.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1982/05//
VL  - 37
IS  - 2
M3  - Article
SP  - 397
EP  - 398
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses a paper written by Paul F. Smith entitled "Structural Disequilibrium and the Banking Act of 1980," which was published in the May, 1982 edition of the "Journal of Finance." The author agrees with Smith's conclusions concerning structural pressures and disequilibrium fostered by the Act, but does not agree with his underlying reasoning. Among other points of contention, he does not understand Smith's view that reservable, nonpersonal time deposits are superior to nonreservable deposits as substitute for transaction deposits.
KW  - BANKING industry
KW  - FINANCIAL institutions
KW  - DEPOSIT banking
KW  - BANK deposits
KW  - BANK reserves
KW  - EQUILIBRIUM (Economics)
KW  - BANKING law & legislation
KW  - FINANCIAL services industry
KW  - CHECKING accounts
KW  - DEMAND functions (Economic theory)
KW  - MONEY market funds
KW  - UNITED States
N1  - Accession Number: 4652753; LINDSEY, D. E. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May82, Vol. 37 Issue 2, p397; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: DEPOSIT banking; Thesaurus Term: BANK deposits; Thesaurus Term: BANK reserves; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: BANKING law & legislation; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CHECKING accounts; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: MONEY market funds; Subject: UNITED States; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 526914 Money market funds; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry
T1  - 'Innovation in Monetary Policy: Challenge and Response' by Jürg Niehans.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1982/03//
VL  - 6
IS  - 1
M3  - Article
SP  - 33
EP  - 35
SN  - 03784266
AB  - Examines the points raised in the article about monetary policy published in the March 1982 issue of the periodical, 'Journal of Banking & Finance.' Conclusions drawn about the monetary-policy technique; Analysis of discussions about Euromarkets.
KW  - MONETARY policy
KW  - MONEY supply
KW  - PERIODICAL publishing
N1  - Accession Number: 11487486; Wallich, Henry 1; Affiliations: 1: Federal Reserve System, Washington; Issue Info: 1982, Vol. 6 Issue 1, p33; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: PERIODICAL publishing; NAICS/Industry Codes: 511120 Periodical Publishers; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - RASCHE, ROBERT H.
AU  - MELTZFR, ALLAN H.
AU  - STERNLIGHT, PETER D.
AU  - AXILROD, STEPHEN H.
T1  - Is the Federal Reserve's Monetary Control Policy Misdirected?
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1982/02//
VL  - 14
IS  - 1
M3  - Article
SP  - 119
EP  - 147
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on a debate on the U.S. Federal Reserve Bank's Monetary Control Policy. It presents arguments for and against thoughts that the operating procedures of the Federal Reserve for controlling money should be replaced. It comments on arguments for replacing the policy which state that inflation has a destructive effect on the U.S. economy and needs to be arrested, and that only by controlling money growth rates to below rates observed in the 1970s can inflation be controlled. It mentions that arguments against replacing the policy state that the present approach provides a method of achieving reserve growth in line with the Federal Reserve's objectives for money growth.
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - BANKING industry -- United States
KW  - DEBATES & debating
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 5193680; RASCHE, ROBERT H. 1,2; MELTZFR, ALLAN H. 3,4; STERNLIGHT, PETER D. 5; AXILROD, STEPHEN H. 6; Affiliations: 1: Professor; Chairman, Department of Economics, Michigan State University; 2: Member, Shadow Open Market Committee; 3: John M. Olin Professor, Political Economy and Public Policy, Carnegie-Mellon University; 4: Co-Chairman, Shadow Open Market Committee; 5: Manager, Federal Reserve Open Market Account, Federal Reserve Bank of New York; 6: Staff Director, Monetary and Financial Policy, Board of Governors, Federal Reserve System; Issue Info: Feb82, Vol. 14 Issue 1, p119; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: BANKING industry -- United States; Subject Term: DEBATES & debating; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 29p; Illustrations: 2 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - FREEMAN, RICHARD T.
T1  - Foreign-Exchange Management in U.S. Multinationals.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1982/02//
VL  - 14
IS  - 1
M3  - Book Review
SP  - 165
EP  - 167
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reviews the book "Foreign-Exchange Management in U.S. Multinationals," by Rita M. Rodriguez.
KW  - FOREIGN exchange
KW  - NONFICTION
KW  - RODRIGUEZ, Rita M.
KW  - FOREIGN-Exchange Management in US Multinationals (Book)
N1  - Accession Number: 17277722; FREEMAN, RICHARD T. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Feb82, Vol. 14 Issue 1, p165; Thesaurus Term: FOREIGN exchange; Subject Term: NONFICTION; Reviews & Products: FOREIGN-Exchange Management in US Multinationals (Book); NAICS/Industry Codes: 522293 International Trade Financing; People: RODRIGUEZ, Rita M.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Flood, Robert P.
AU  - Marion, Nancy Peregrim
T1  - THE TRANSMISSION OF DISTURBANCES UNDER ALTERNATIVE EXCHANGE-RATE REGIMES WITH OPTIMAL INDEXING.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1982/02//
VL  - 97
IS  - 1
M3  - Article
SP  - 43
EP  - 66
PB  - Oxford University Press / USA
SN  - 00335533
AB  - The paper develops a general stochastic macroeconomic model that can be used to study the international transmission of disturbances under four alternative exchange- rate systems: uniform flexible exchange rates, uniform fixed exchange rates, and two versions of two-tier exchange rates. The analysis makes two general points. First, one cannot assume stability of structure when assessing the consequences of alternative exchange-rate regimes. For example, the slope of the aggregate supply curve and the rationally formed expectations in the asset markets can respond dramatically to the government's choice of exchange-rate regime. Second, exchange-rate regimes that provide full insulation from foreign disturbances may nevertheless be inferior to other regimes in terms of their ability to maximize social welfare. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Quarterly Journal of Economics is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MACROECONOMICS
KW  - ECONOMIC models
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - FOREIGN exchange
KW  - ECONOMIC aspects
N1  - Accession Number: 4625141; Flood, Robert P. 1,2; Marion, Nancy Peregrim 2,3; Affiliations: 1: Board of Governors, Federal Reserve System, University of Virginia; 2: The National Bureau of Economic Research; 3: Dartmouth College; Issue Info: Feb82, Vol. 97 Issue 1, p43; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONETARY policy; Thesaurus Term: FOREIGN exchange; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lindsey, David E.
T1  - Recent Monetary Developments and Controversies.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1982/01//
IS  - 1
M3  - Article
SP  - 245
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article focuses on monetary developments and controversies. Economic developments during the past year were distinctly unkind to the nostrums of monetary economists. The phenomenal growth of negotiable orders of withdrawal and money market mutual fund shares and, more recently, the emergence of retail sweep accounts reopened questions about the stability of money demand and the value of monetary aggregates as intermediate targets. The stubborn persistence of high interest rates in the face of unwinding inflation and deepening recession puzzled many economists. Observing the continued volatility of both interest rates and money, some critics of the Federal Reserve's new operating procedures concluded that short-run monetary control was receiving too little attention while other critics concluded just the reverse. This article examines whether financial innovations have perceptibly altered the velocity of various monetary aggregates, with special emphasis on the experience over 1981 as a whole. Recent quarterly data on relations among money demand, short-term interest rates, real income, and prices have been discussed.
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - MONEY market
KW  - NOW accounts
KW  - BANK accounts
KW  - MUTUAL funds
N1  - Accession Number: 6913634; Lindsey, David E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: 1982, Issue 1, p245; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONEY market; Thesaurus Term: NOW accounts; Thesaurus Term: BANK accounts; Thesaurus Term: MUTUAL funds; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - BOOK
AU  - Board of Governors of the Federal Reserve System, Washington, DC
AU  - Environmental Protection Agency, Washington, DC
AU  - Federal Home Loan Bank Board, Washington, DC
AU  - Federal National Mortgage Association, Washington, DC
AU  - Federal Trade Commission, Washington, DC
AU  - Office of Management and Budget, Washington, DC
AU  - President's Commission on Housing, Washington, DC
AU  - U.S. Department of Housing and Urban Development, Washington, DC
T1  - Financing the Housing Needs of the 1980s: A Preliminary Report on Housing Finance
JO  - Financing the Housing Needs of the 1980s: A Preliminary Report on Housing Finance
JF  - Financing the Housing Needs of the 1980s: A Preliminary Report on Housing Finance
Y1  - 1982///
AB  - This report highlights the importance of housing finance and focuses on ways to provide a more reliable supply of residential mortgage credit over the long term. The environment for home financing has changed dramatically since the statutory framework for the system was established in the 1930's, and it is now evident that the rules governing the operation of housing finance institutions are no longer in the best interests of the Nation. Rapid inflation, high and fluctuating interest rates, and increased market competition have seriously weakened the system. Developments in financial markets in recent years clearly indicate that broader operating powers are essential to the health of thrift institutions and that special tax incentives designed to keep the assets of these institutions concentrated in residential mortgage instruments should be modified. The President's Commission on Housing offers its recommendations with a single goal in mind: the creation of a system that will provide a stable and growing supply of housing credit, at reasonable cost, with minimal Federal involvement. The recommendations deal with three areas: operating powers of depository institutions, tax incentives for mortgage investment, and laws and regulations that adversely affect the supply and cost of mortgage credit. In addition to recommendations, this report discusses the history and performance of the housing finance system, the operating powers of housing finance institutions, tax incentives for mortgage investors, and laws and regulations that discourage diversified private institutions from investing in residential mortgages to raise the cost of credit for mortgage borrowers. The final chapter considers the patterns of housing finance that are likely to evolve in the 1980's and indicates how the recommendations in the report can influence the process of change in ways that will lead to a stronger system. Tables and footnotes are included (Copyright applies to all Abstracts.)
KW  - Mortgage markets
KW  - Effects of government policies
KW  - Financial institutions
KW  - Mortgage interest rates
KW  - Inflation
KW  - Housing financing
KW  - Tax incentives
N1  - Accession Number: MRB-FSD0350160; Board of Governors of the Federal Reserve System, Washington, DC; Environmental Protection Agency, Washington, DC; Federal Home Loan Bank Board, Washington, DC; Federal National Mortgage Association, Washington, DC; Federal Trade Commission, Washington, DC; Office of Management and Budget, Washington, DC; President's Commission on Housing, Washington, DC; U.S. Department of Housing and Urban Development, Washington, DC; Source Info: 63 pp.; 1982    ; Note: Availability: HUD USER, P.O. Box 6091, Rockville, MD 20850.
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DP  - EBSCOhost
DB  - flh
ER  - 

TY  - JOUR
AU  - O'BRIEN, JAMES M.
T1  - Estimating the Information Value of Immediate Disclosure of the FOMC Policy Directive.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1981/12//
VL  - 36
IS  - 5
M3  - Article
SP  - 1047
EP  - 1061
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper studies the information value of immediate disclosure of the FOMC policy directive. The value of disclosure is measured by its ability to reduce investors' expected uncertainty about futures interest rates where uncertainty is defined as the conditional variance of forecast errors. Analytical relationships between new information and the conditional variance of forecast errors are developed and the relation of the "uncertainty-reducing" value of information to its social value, as defined in recent literature, is indicated. In the empirical work, forward interest rates are treated as reflecting market expectations conditioned on existing information. The empirical tests indicate that information in the undisclosed, prevailing policy directives (1974-79) were able to make only a very marginal improvement in the predictive accuracy of forecasts relying only on the forward rates. Thus, the hypothesis that immediate disclosure has a significant information value to market participants is not supported. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCIAL disclosure
KW  - MONETARY policy
KW  - DISCLOSURE of information
KW  - CAPITALISTS & financiers
KW  - INTEREST rates
KW  - FORECASTING
KW  - DECISION making
KW  - VALUATION
KW  - INTEREST rate futures
KW  - UNCERTAINTY
KW  - ECONOMIC aspects
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
N1  - Accession Number: 4655530; O'BRIEN, JAMES M. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Dec1981, Vol. 36 Issue 5, p1047; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: MONETARY policy; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INTEREST rates; Thesaurus Term: FORECASTING; Thesaurus Term: DECISION making; Thesaurus Term: VALUATION; Thesaurus Term: INTEREST rate futures; Subject Term: UNCERTAINTY; Subject Term: ECONOMIC aspects; Subject: UNITED States ; Company/Entity: UNITED States. Federal Open Market Committee; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 15p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - The New Monetary Aggregates.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1981/11//
VL  - 13
IS  - 4
M3  - Article
SP  - 485
EP  - 489
PB  - Ohio State University Press
SN  - 00222879
AB  - The author comments on the article "The New Monetary Aggregates: A Critical Appraisal," by Neil G. Berkman. He states that Berkman's criticisms are based largely on a mistaken understanding of aggregation theory. He suggests that the quantity of monetary services provided to the economy cannot be accurately indicated by simple sum aggregates. He states that Berkman's criticism concerning the technique the author used in estimating elasticities was surprising as the index the author used contained no parameters and had no elasticities.
KW  - MONETARY policy
KW  - RATE of return
KW  - ELASTICITY (Economics)
KW  - SET theory
KW  - CRITICISM
KW  - ABSTRACTS
KW  - UNITED States
N1  - Accession Number: 5164028; Barnett, William A. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Nov81, Vol. 13 Issue 4, p485; Thesaurus Term: MONETARY policy; Thesaurus Term: RATE of return; Thesaurus Term: ELASTICITY (Economics); Subject Term: SET theory; Subject Term: CRITICISM; Subject Term: ABSTRACTS; Subject: UNITED States; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - LDC DEBT...to worry or not to worry.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1981/09//Sep/Oct81
VL  - 24
IS  - 4
M3  - Article
SP  - 28
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article focuses on the new techniques, such as insurance, co-financing, and brokering for the growth of lending to developing countries. The latest data made available by the Bank for International Settlements and others confirm that banks have behind them an extraordinarily successful season of lending to less developed countries (LDC), that is, if success is to be measured by the dollar volume of lending. The total debt of LDCs has risen, over the years 1971 through 1980, from $50-$65 billion to about $400 billion. In real terms, the increase, of course, is considerably lower. As a percent of gross National Product, the volume of debt rose on average during the years 1970-80. Debt service increased from $8 billion in 1971 to $75 billion in 1980 due in large part to increased interest payments. However, debt service as a ratio to total export earnings increased only from 16 percent in 1970 to 19 percent in 1979. These data seem reasonably representative of the general trends of events. According to the author, after looking at a variety of data from a variety of sources, the only firm conclusion that emerges is that averages and aggregates are not very meaningful.
KW  - DEBT
KW  - EXTERNAL debts
KW  - ACCOUNTS payable
KW  - NATIONAL income
KW  - BANKING industry
KW  - LOANS
KW  - BANK loans
KW  - DEBT retirement
KW  - ECONOMIC activity
KW  - DEVELOPING countries
N1  - Accession Number: 6150196; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors of the Federal Reserve System.; Issue Info: Sep/Oct81, Vol. 24 Issue 4, p28; Thesaurus Term: DEBT; Thesaurus Term: EXTERNAL debts; Thesaurus Term: ACCOUNTS payable; Thesaurus Term: NATIONAL income; Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Thesaurus Term: BANK loans; Thesaurus Term: DEBT retirement; Thesaurus Term: ECONOMIC activity; Subject Term: DEVELOPING countries; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rose, John T.
AU  - Rutz, Roger D.
T1  - Organizational Form and Risk in Bank-Affiliated Mortgage Companies.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1981/08//
VL  - 13
IS  - 3
M3  - Article
SP  - 375
EP  - 380
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on bank-affiliated mortgage companies in the United States. It examines if balance sheet risk of bank-affiliated mortgage companies differ between mortgage companies operating as a bank holding company (BHC) nonbank subsidiary and mortgage companies that operate as a bank subsidiary. It states that the BHC nonbank subsidiaries will usually have greater balance sheet risk according to a statistical analysis of the ratio of adjusted equity capital to risk assets than mortgage companies that operate as bank subsidiaries.
KW  - MORTGAGE banks
KW  - BANK holding companies
KW  - BANKING industry
KW  - SUBSIDIARY corporations
KW  - BANKING law & legislation
KW  - UNITED States
N1  - Accession Number: 5164015; Rose, John T. 1; Rutz, Roger D. 1; Affiliations: 1: Economists, Board of Governors of the Federal Reserve System.; Issue Info: Aug81, Vol. 13 Issue 3, p375; Thesaurus Term: MORTGAGE banks; Thesaurus Term: BANK holding companies; Thesaurus Term: BANKING industry; Thesaurus Term: SUBSIDIARY corporations; Thesaurus Term: BANKING law & legislation; Subject: UNITED States; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brown, Kathleen Hope
T1  - EFFECTS OF CHANGES IN THE DISCOUNT RATE ON THE FOREIGN EXCHANGE VALUE OF THE DOLLAR: 1973 TO 1978.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1981/08//
VL  - 96
IS  - 3
M3  - Article
SP  - 551
EP  - 558
SN  - 00335533
AB  - Analyzes the effects of changes in the Federal Reserve System's discount rate on the dollar's foreign exchange value from 1973 to 1978.
KW  - DISCOUNT
KW  - DOLLAR
KW  - FOREIGN exchange
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange market
KW  - MONETARY policy
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 4967108; Brown, Kathleen Hope 1; Affiliations: 1 : Board of Governors of the Federal Reserve System;  Source Info: Aug81, Vol. 96 Issue 3, p551; Historical Period: 1973 to 1978; Subject Term: DISCOUNT; Subject Term: DOLLAR; Subject Term: FOREIGN exchange; Subject Term: FOREIGN exchange rates; Subject Term: FOREIGN exchange market; Subject Term: MONETARY policy; Subject: UNITED States; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
AU  - Rutz, Roger D.
T1  - A REEXAMINATION AND EXTENSION OF THE RELATIONSHIP BETWEEN CONCENTRATION AND FIRM RANK STABILITY.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1981/08//
VL  - 63
IS  - 3
M3  - Article
SP  - 446
PB  - MIT Press
SN  - 00346535
AB  - This article presents a re-examination and extension of the relationship between concentration and firm rank stability. While many studies have investigated the relationship between the structure-performance elements from the general structure-conduct-performance analytical framework, the Heggestad-Rhoades study appears to be the first broad cross-section analysis of a relationship between the structure-conduct elements of this framework. However, findings of their study are based on a single experiment. The primary purpose of this article is to replicate their tests for another time period. In addition, this study conducts tests on a sample of smaller geographic banking areas not investigated earlier. The final section presents evidence of a bias in the mobility and turnover measures that would tend to lead to the results obtained in the earlier study. This study presents new results that correct for the bias. By focusing on the leading firms in a market, Arnold A. Heggestad and Stephen A. Rhoades have minimized the probability that any rank changes are the result of random disturbances. However, there may still be a bias in the mobility and turnover measures if the relative disparity of sizes among the leading firms is significantly related to the structure of the market.
KW  - BANKING industry -- United States
KW  - BUSINESS enterprises -- Ratings & rankings
KW  - LABOR mobility
KW  - TURNOVER (Business)
KW  - INDUSTRIAL concentration
KW  - INDUSTRIAL organization (Economic theory)
KW  - FINANCE
KW  - PERFORMANCE
KW  - SCIENTIFIC experimentation
KW  - UNITED States
N1  - Accession Number: 4653874; Rhoades, Stephen A. 1; Rutz, Roger D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Aug81, Vol. 63 Issue 3, p446; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BUSINESS enterprises -- Ratings & rankings; Thesaurus Term: LABOR mobility; Thesaurus Term: TURNOVER (Business); Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: FINANCE; Subject Term: PERFORMANCE; Subject Term: SCIENTIFIC experimentation; Subject: UNITED States; Number of Pages: 6p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Braun, Steven
T1  - THE INVENTORY STOCK-ADJUSTMENT MODEL RECONSIDERED.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1981/08//
VL  - 63
IS  - 3
M3  - Article
SP  - 452
PB  - MIT Press
SN  - 00346535
AB  - This article focuses on the inventory stock-adjustment model. Although the partial adjustment model was presented without theoretical motivation, it can be derived as a production-decision rule from a multi-period quadratic cost problem. In this optimization there is no restriction that inventories must be positive, and when this restriction is imposed. Therefore, it is a mistake to use only positive inventories. David A. Beisley and Gerald Childs have asserted that there are significant differences in holding costs between unfilled orders and inventories and it is the firm's strategic decision to choose their relative sizes. Therefore, these authors say that it is inaccurate to consider unfilled orders as negative inventories in the decision rule. The author do not disagree with this position. In aggregate econometrics, however, some unfilled orders really are negative inventories and some inventories really are negative unfilled orders, and it is impossible to determine which is which. The major point is that unfilled orders must be considered somehow and including them symmetrically as net inventories is the simplest way.
KW  - INDUSTRIAL costs
KW  - INVENTORIES
KW  - ECONOMIC models
KW  - INVENTORY control
KW  - MATHEMATICAL models
KW  - PRODUCT management
KW  - STATISTICS
KW  - FACTORS of production
N1  - Accession Number: 4653885; Braun, Steven 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Aug81, Vol. 63 Issue 3, p452; Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: INVENTORIES; Thesaurus Term: ECONOMIC models; Thesaurus Term: INVENTORY control; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: PRODUCT management; Thesaurus Term: STATISTICS; Thesaurus Term: FACTORS of production; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; NAICS/Industry Codes: 561990 All Other Support Services; Number of Pages: 3p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Techniques of Monetary Policy.
JO  - Financial Analysts Journal
JF  - Financial Analysts Journal
Y1  - 1981/07//Jul/Aug1981
VL  - 37
IS  - 4
M3  - Article
SP  - 41
PB  - CFA Institute
SN  - 0015198X
AB  - In 1970, the Federal Reserve instituted a money supply target, setting the federal funds rate at a level that elicited the desired growth. In 1979, the Fed switched to a reserves-based procedure for achieving this target. The new procedure has given rise to some understandable misconceptions. "Tightness should be measured by interest rates." While, under the old procedure, the funds rate was the proper clue to what the Federal Reserve was doing, under the new procedure it is merely a byproduct. The proper test of the Fed's intent is whether the money supply strengthens more than very temporarily without the Fed acting to offset it by lessening reserve growth. "Reserves are an indicator of monetary policy." Reserves reflect, not only attempted changes in the monetary aggregates, but also shifts of funds between banks, between reserve categories and between reservable liabilities. "Nonborrowed reserves do not control the money supply." Because borrowed reserves support expansion just as well as nonborrowed reserves, the Fed looks primarily at total reserves. On the other hand, it is aware that an increase in the proportion of total reserves derived from borrowing has effects on interest rates other than the funds rate that are conducive to restraint. "The funds rate at the lime the Fed enters the market is a tip-off to where it wants the funds rate." This was undoubtedly true under the old procedure, since the Fed rarely entered unless the funds rate was moving in one direction or the other. Under the new procedure, however, the funds rate level at which the Fed enters is largely fortuitous." The Federal Reserve's role, when on a money supply target, is largely passive." The short-run target the FOMC sets monthly for overlapping three-month periods is subject to variation even if the long-term target (one year, possibly more) is not. Then, too, even if the monetary target were firmly adhered to under fluctuating economic conditions, interest rates would fluctuate widely. In that sense, a money supply target implies a highly activist monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Financial Analysts Journal is the property of CFA Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY supply
KW  - MONETARY theory
KW  - DEMAND for money
KW  - MONEY market
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 6655280; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors of the Federal Reserve System.; Issue Info: Jul/Aug1981, Vol. 37 Issue 4, p41; Thesaurus Term: MONEY supply; Thesaurus Term: MONETARY theory; Thesaurus Term: DEMAND for money; Thesaurus Term: MONEY market; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Humphrey, David Burras
T1  - INTERMEDIATION AND COST DETERMINANTS OF LARGE BANK LIABILITY COMPOSITION.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1981/06//
VL  - 5
IS  - 2
M3  - Article
SP  - 167
EP  - 185
SN  - 03784266
AB  - A (translog) profit function is estimated for an aggregate of large U.S. money center banks over 1970-1975. Estimates of liability substitution elasticities and own price elasticities of demand are obtained and contrasted with results from earlier, partial equilibrium studies. Statistical analyses led to the rejection of two commonly held propositions in banking: (l) that the aggregation of all bank debt (to obtain a debt/equity ratio) is valid, and (2), that asset structure can be ignored when liability composition is being determined. A mixed, full information maximum likelihood estimation technique was used in estimation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERMEDIATION (Finance)
KW  - BANK liabilities
KW  - BANKING industry
KW  - MONEY center banks
KW  - UNITED States
N1  - Accession Number: 11486782; Humphrey, David Burras 1; Affiliations: 1: Federal Reserve System, Washington DC; Issue Info: 1981, Vol. 5 Issue 2, p167; Thesaurus Term: INTERMEDIATION (Finance); Thesaurus Term: BANK liabilities; Thesaurus Term: BANKING industry; Thesaurus Term: MONEY center banks; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 19p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Lawrence G.
AU  - Rose, John T.
T1  - MUTUAL SAVINGS BANK MEMBERSHIP IN THE FHLBS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1981/06//
VL  - 5
IS  - 2
M3  - Article
SP  - 241
EP  - 259
SN  - 03784266
AB  - Mutual savings bank membership in the Federal Home Loan Bank System increased sharply during 1974-1976. Motivations behind this upsurge in System membership are explored using a financial model of savings bank behavior. Hypotheses regarding the balance sheet structure of banks that joined the System during the period are developed and tested using multiple regression analysis. Empirical results for banks that joined the System in 1975 indicate that the joining banks were aggressive, risk-taking organizations that were attracted to membership in order to have a standby source of ready liquidity. Results for banks joining in other years are weaker, though still generally consistent with the 1975 results. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAVINGS banks
KW  - BANKING industry
KW  - FINANCIAL statements
KW  - FEDERAL home loan banks
KW  - UNITED States
N1  - Accession Number: 11486786; Goldberg, Lawrence G. 1; Rose, John T. 2; Affiliations: 1: New York University; 2: Federal Reserve System, Washington DC; Issue Info: 1981, Vol. 5 Issue 2, p241; Thesaurus Term: SAVINGS banks; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL statements; Thesaurus Term: FEDERAL home loan banks; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; Number of Pages: 19p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Michael A.
T1  - THE IMPACT OF REGULATORY AND MONETARY FACTORS ON BANK LOAN CHARGES.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1981/06//
VL  - 16
IS  - 2
M3  - Article
SP  - 227
EP  - 246
PB  - Cambridge University Press
SN  - 00221090
AB  - The objective of this study is to determine the impact of money market conditions and a bank's regulatory environment on the interest rates banks charge on their loans. This is accomplished through the analysis of the effect of these impacts, in a multiperiod framework, on a bank's optimal investment and borrowing decisions and the minimum required rate of return on its asset portfolio. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK loans
KW  - RATE of return
KW  - BANKING industry
KW  - INTEREST rate ceilings
KW  - BANK investments
KW  - COMMERCIAL credit
KW  - COMMODITY exchanges
KW  - ECONOMIC indicators
KW  - MONETARY policy
KW  - MONEY market
KW  - INTEREST rates
KW  - ASSETS (Accounting)
N1  - Accession Number: 5722346; Goldberg, Michael A. 1; Affiliations: 1: Financial Studies Section, Board of Governors of the Federal Reserve System; Issue Info: Jun81, Vol. 16 Issue 2, p227; Thesaurus Term: BANK loans; Thesaurus Term: RATE of return; Thesaurus Term: BANKING industry; Thesaurus Term: INTEREST rate ceilings; Thesaurus Term: BANK investments; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY market; Thesaurus Term: INTEREST rates; Thesaurus Term: ASSETS (Accounting); NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Geweke, John
AU  - Meese, Richard
T1  - ESTIMATING REGRESSION MODELS OF FINITE BUT UNKNOWN ORDER.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/05//
VL  - 16
IS  - 1
M3  - Article
SP  - 162
EP  - 162
SN  - 03044076
AB  - This article focuses on the problems associated with estimation and inference in the normal linear regression model. The regressors are taken to be stochastic and assumed to satisfy researcher V. Grenander's conditions almost surely. It is further supposed that estimation and inference are undertaken in the usual way, conditional on a value of o chosen to minimize the estimation criterion function.
KW  - REGRESSION analysis
KW  - MATHEMATICAL statistics
KW  - ANALYSIS of variance
KW  - ECONOMETRIC models
KW  - ECONOMETRICS
KW  - MATHEMATICAL models
N1  - Accession Number: 4998749; Geweke, John 1; Meese, Richard 2; Affiliations: 1: University of Wisconsin, Madison, WI 53706, USA.; 2: Board of Governors, Federal Reserve System, Washington, DC, USA.; Issue Info: May81, Vol. 16 Issue 1, p162; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICAL models; Number of Pages: 1p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SIEDERS, DAVID F.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1981/05//
VL  - 36
IS  - 2
M3  - Article
SP  - 484
EP  - 486
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article presents a discussion of a paper that examined the U.S. Government National Mortgage Association (GNMA) futures market and how it has affected the volume of residential mortgage and housing activity. The author states that the conclusion reached in the paper is intriguing because it had not been reached in previous studies on the subject. The paper found that the GNMA futures market had a destabilizing effect on GNMA prices. The author presents two of the most common arguments against this finding and states that, overall, the empirical evidence in the paper is not convincing of a destabilizing effect.
KW  - FUTURES market
KW  - COMMODITY exchanges
KW  - MARKET prices
KW  - MORTGAGES
KW  - GOVERNMENT securities
KW  - INTEREST rates
KW  - SECURITIES markets
KW  - MONETARY policy
KW  - SECURITIES -- Prices
KW  - COMMODITY futures
KW  - SECURITIES trading
KW  - GOVERNMENT National Mortgage Association
N1  - Accession Number: 4662305; SIEDERS, DAVID F. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May81, Vol. 36 Issue 2, p484; Thesaurus Term: FUTURES market; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: MARKET prices; Thesaurus Term: MORTGAGES; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: INTEREST rates; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONETARY policy; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: COMMODITY futures; Thesaurus Term: SECURITIES trading ; Company/Entity: GOVERNMENT National Mortgage Association; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 522294 Secondary Market Financing; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Clark, Peter B.
T1  - Composite Reserve Assets in the International Monetary System.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1981/05//
VL  - 13
IS  - 2
M3  - Book Review
SP  - 254
EP  - 257
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reviews the book "Composite Reserve Assets in the International Monetary System," by Jacob S. Dreyer.
KW  - BANK reserves
KW  - NONFICTION
KW  - DREYER, Jacob S.
KW  - COMPOSITE Reserve Assets in the International Monetary System (Book)
N1  - Accession Number: 17277038; Clark, Peter B. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May81, Vol. 13 Issue 2, p254; Thesaurus Term: BANK reserves; Subject Term: NONFICTION; Reviews & Products: COMPOSITE Reserve Assets in the International Monetary System (Book); People: DREYER, Jacob S.; Number of Pages: 4p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Havenner, A.
AU  - Swamy, P. A. V. B.
T1  - A RANDOM COEFFICIENT APPROACH TO SEASONAL ADJUSTMENT OF ECONOMIC TIME SERIES.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/02//
VL  - 15
IS  - 2
M3  - Article
SP  - 177
EP  - 209
SN  - 03044076
AB  - The article focuses on the seasonal adjustment procedure based on random coefficient mode A deterministic component can be predicted perfectly by a mathematical function whereas a stochastic component can be represented by a stochastic process. An alternative method of estimating trend is to fit low-degree polynomials to successive short segments of the series. In order to divide a series into different segments (or event-conditioned sub-periods), the statistician must know the data and their background very well; he cannot be content with casual inspection of the series. It should be noted that the model possesses maximum simplicity and the minimum number of parameters consonant with representational adequacy of several types of non-stationary processes. It may well prove to be false economy to try to extract additional information from the data by further simplifying the model, especially in the initial analysis. Practically speaking, unless the parameters of a fixed coefficients model remain constant over an unprecedented long period, we are unlikely to get the large samples required to apply any asymptotic theory of inference.
KW  - STOCHASTIC processes
KW  - RANDOM variables
KW  - ECONOMETRICS
KW  - ESTIMATION theory
KW  - PROBABILITY theory
KW  - REASONING (Logic)
KW  - FUNCTIONS (Mathematics)
N1  - Accession Number: 5009594; Havenner, A. 1; Swamy, P. A. V. B. 2; Affiliations: 1: University of California, Davis, CA 95616, USA; 2: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Feb81, Vol. 15 Issue 2, p177; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: RANDOM variables; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ESTIMATION theory; Thesaurus Term: PROBABILITY theory; Subject Term: REASONING (Logic); Subject Term: FUNCTIONS (Mathematics); Number of Pages: 33p; Illustrations: 7 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Clark, Peter B.
T1  - Trade and Payments Adjustment Under Flexible Exchange Rates.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1981/02//
VL  - 11
IS  - 1
M3  - Book Review
SP  - 130
EP  - 134
SN  - 00221996
AB  - The article reviews the book "Trade and Payments Adjustment Under Flexible Exchange Rates," edited by John P. Martin and Alasdair Smith.
KW  - FOREIGN exchange rates
KW  - NONFICTION
KW  - MARTIN, John P.
KW  - SMITH, Alasdair
KW  - TRADE & Payments Adjustment Under Flexible Exchange Rates (Book)
N1  - Accession Number: 18010982; Clark, Peter B. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Feb81, Vol. 11 Issue 1, p130; Thesaurus Term: FOREIGN exchange rates; Subject Term: NONFICTION; Reviews & Products: TRADE & Payments Adjustment Under Flexible Exchange Rates (Book); People: MARTIN, John P.; People: SMITH, Alasdair; Number of Pages: 5p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gramley, Lyle F.
T1  - The Role of Supply-Side Economics in Fighting Inflation.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1981/01//Jan/Feb81
VL  - 23
IS  - 6
M3  - Article
SP  - 14
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - During the past several years, a profound revolution has been occurring in the thinking of many of the nation's leaders concerning the proper role of fiscal policy in helping to maintain the health of the economy. For more than 30 years, government tried to use fiscal policy as a means of smoothing out fluctuations in business activity. Tax rates were cut, and expenditures increased, when recessionary forces were pervasive. Growth in expenditures was restrained and, on one occasion, tax rates were increased to cool off inflation. Supply-side economics is an exciting doctrine. Its central tenets are not entirely new, but they certainly are relevant. Supply-side economics in fiscal policy is a logical complement to the way in which monetary policy is currently being conducted. Tax reductions for wage and salary income! if they contributed to the fight against inflation, would certainly have the enthusiastic support of a large number of our citizens. The average American gives up about one-fifth of his income in the form of direct tax payments to government; upper bracket rates are, of course, much higher up to 70 percent for the federal personal income tax. Reducing these tax rates significantly might increase the willingness of individuals to work, and it could do so in a variety of ways by increasing hours worked per day or per week, inducing larger numbers of women to enter the labor force, encouraging postponements of retirement age, or making people willing to work harder.
KW  - ECONOMIC policy
KW  - SUPPLY-side economics
KW  - ANTI-inflationary policies
KW  - PUBLIC spending
KW  - MONETARY policy
KW  - PUBLIC finance
KW  - UNITED States
N1  - Accession Number: 6149598; Gramley, Lyle F. 1; Affiliations: 1: Member of the Board of Governors, Federal Reserve System.; Issue Info: Jan/Feb81, Vol. 23 Issue 6, p14; Thesaurus Term: ECONOMIC policy; Thesaurus Term: SUPPLY-side economics; Thesaurus Term: ANTI-inflationary policies; Thesaurus Term: PUBLIC spending; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC finance; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - EDITOR'S INTRODUCTION TO PART II.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 3
EP  - 9
SN  - 03044076
AB  - Presents an introduction to the January 1981 issue of the periodical "Journal of Econometrics."
KW  - ECONOMETRICS
KW  - MATHEMATICAL models
N1  - Accession Number: 16905203; Barnett, William A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, DC.; Issue Info: Jan1981, Vol. 15 Issue 1, p3; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICAL models; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Norman, Alfred L.
T1  - ON THE CONTROL OF STRUCTURAL MODELS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 13
EP  - 24
SN  - 03044076
AB  - The article focuses on the development of structural models without the reduced form parameter covariance matrix. The Bayesian formulation of the linear quadratic control problem with unknown coefficients is intractable for a time horizon greater than two periods. Most investigators obtain computationally tractable control strategies by modeling the unknown coefficients as fixed known parameters, independent random parameters with fixed known means and covariances, or independent random variables with fixed known means and known path dependent covariances. A central problem in implementing current control strategies using the assumptions with structural models is how to obtain covariance information for the reduced form variables from the structural parameter covariances. The theory for the linear quadratic tracking problem is developed. The key to the new approach is the observation that what is needed for the development of the control law is the covariance of the endogenous variables, not the reduced form parameters, as a function of the structural parameter covariances.
KW  - ECONOMETRIC models
KW  - STOCHASTIC processes
KW  - CLUSTER analysis (Statistics)
KW  - PROBABILITY theory
KW  - RANDOM variables
KW  - MATHEMATICAL statistics
KW  - THEORY
N1  - Accession Number: 4987605; Norman, Alfred L. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA University of Texas, Austin, TX 78712, USA.; Issue Info: Jan1981, Vol. 15 Issue 1, p13; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: CLUSTER analysis (Statistics); Thesaurus Term: PROBABILITY theory; Thesaurus Term: RANDOM variables; Thesaurus Term: MATHEMATICAL statistics; Subject Term: THEORY; Number of Pages: 12p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tinsley, P.
AU  - Von Zur Muehlen, P.
T1  - A MAXIMUM PROBABILITY APPROACH TO SHORT-RUN POLICY.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 31
EP  - 48
SN  - 03044076
AB  - The article examines the effectiveness of maximum probability criterion on normative policy. Until recently, development of operational prescriptions for normative policy was hampered severely by lack of a consensus policy criterion. The Humphrey-Hawkins legislation has partially filled this void by a statutory procedure that provides annual numerical goals for rates of growth of income, price inflation, and employment. However, the policy criterion remains incompletely specified since the Act does not provide a policy metric or preference ordering over departures from the set of direct objectives. Consequently, policy authorities are permitted wide discretion in implementing provisions of the Act such as the resolution of conflicting objectives and the strategic treatment of uncertainty. This paper suggests a procedure for ex ante evaluations of policy strategies whereby a policy is considered more successful if it provides a higher probability that a set of direct target outcomes, such as inflation and unemployment rates, fall within a neighborhood of designated aspiration levels, such as the annual sequence of goals published in the Economic Report of the President. This maximum probability criterion is independent of subjective preference orderings and may be precalculated as an informational input prior to the deliberations of policymakers.
KW  - ECONOMETRIC models
KW  - UNEMPLOYMENT
KW  - EFFECT of inflation on income
KW  - PRICE regulation
KW  - LEGISLATIVE bills
KW  - POLICY sciences
KW  - GOAL (Psychology)
N1  - Accession Number: 4987608; Tinsley, P. 1; Von Zur Muehlen, P. 1; Affiliations: 1: Federal Reserve System. Washington, DC 20551, USA.; Issue Info: Jan1981, Vol. 15 Issue 1, p31; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: EFFECT of inflation on income; Thesaurus Term: PRICE regulation; Subject Term: LEGISLATIVE bills; Subject Term: POLICY sciences; Subject Term: GOAL (Psychology); NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 18p; Illustrations: 2 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Howe, Howard
AU  - Hernandez-Cata, Ernesto
AU  - Stevens, Guy
AU  - Berner, Richard
AU  - Clark, Peter
AU  - Kwack, Sung Y.
T1  - ASSESSING INTERNATIONAL INTERDEPENDENCE WITH A MULTI-COUNTRY MODEL.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 65
EP  - 92
SN  - 03044076
AB  - The article examines the effectiveness of multi-country econometric model in obtaining quantitative estimates of international interdependence. The tool used for obtaining the estimates presented here is a multi-country econometric model recently developed at the Board of Governors of the Federal Reserve System. Simulations with this model quantify the importance of a number of avenues of interdependence: the direct effects of policies adopted in one country on other economies, the feedbacks via other countries of a policy change on the initiating country, and the extent to which these direct and indirect impacts are affected when certain variables are made endogenous. In 1974 when the multi-country model project was conceived, recent events the move towards a system of greater exchange rate flexibility, the quadrupling of the price of oil had dramatized the importance of external influences on the U.S. economy. Moreover, it was clear that then existing quantitative models were incapable of analyzing properly the effects on the U.S. economy of these and many other internationally!generated influences. At that time, no U.S. models had endogenous exchange rates and few had more in their foreign sectors than a set of trade equations.
KW  - ECONOMETRIC models
KW  - INTERNATIONAL cooperation
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - ESTIMATES
KW  - PUBLIC officers
KW  - EQUATIONS
N1  - Accession Number: 4987610; Howe, Howard 1; Hernandez-Cata, Ernesto 1; Stevens, Guy 1; Berner, Richard 1; Clark, Peter 1; Kwack, Sung Y. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jan1981, Vol. 15 Issue 1, p65; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONETARY policy; Thesaurus Term: ESTIMATES; Subject Term: PUBLIC officers; Subject Term: EQUATIONS; Number of Pages: 28p; Illustrations: 2 Charts, 21 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Flannery, Mark J.
AU  - Johnson, Lewis
T1  - INDEXING THE U.S. ECONOMY.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 93
EP  - 114
SN  - 03044076
AB  - The article examines the significance of MPS econometric model in indexing wage and financial contracts in the United States. The MPS model is a large, disaggregated, quarterly Keynesian growth model in which a short-!run Phillips tradeoff determines the wage level and prices reflect a combination of labor costs, material costs, and the degree of capacity utilization. To facilitate the exposition of the modelling, of an indexed economy, the authors discuss a condensed version of the MPS model. The model's fundamental endogenous interest rate is the 90-day Treasury bill rate (RTB), proximately determined by inverting the money demand equation. The corporate bond rate is then constructed from long distributed lags on RTB and the inflation rate. In modifying the standard MPS model (NOMINAL) to construct INDEX the authors assumed that all nominal contract payments would become indexed. They therefore escalated each exogenous nominal variable with the contemporaneous price level and replaced the model's price expectation terms with the actual contemporaneous rate of inflation. An economy so totally indexed is unlikely to evolve in practice, so the simulation results may be interpreted as an upper bound on the stability effects of indexing.
KW  - ECONOMETRIC models
KW  - WAGES
KW  - CONTRACTS
KW  - DEMAND for money
KW  - PRICE regulation
KW  - INDUSTRIAL costs
KW  - LABOR market
KW  - UNITED States
N1  - Accession Number: 4987611; Flannery, Mark J. 1,2; Johnson, Lewis 1; Affiliations: 1: Federal Reserve System, Washington, D.C 20551, USA.; 2: University of Pennsylvania.; Issue Info: Jan1981, Vol. 15 Issue 1, p93; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: WAGES; Thesaurus Term: CONTRACTS; Thesaurus Term: DEMAND for money; Thesaurus Term: PRICE regulation; Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: LABOR market; Subject: UNITED States; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 22p; Illustrations: 1 Chart, 8 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tinsley, P.A.
AU  - Garrett, Bonnie
AU  - Friar, Monica
T1  - AN EXPOSE OF DISGUISED DEPOSITS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 117
EP  - 137
SN  - 03044076
AB  - The article focuses on the product differentiation of commercial banks and other financial intermediaries. In the past ten years, product differentiation by commercial banks and other financial intermediaries has accelerated at a furious pace. New or refurbished liabilities marketed to the public have included: certificates of deposits, Eurodollars, bank-related commercial paper, deposits in offshore branches, NOW and POW accounts, money market certificates, and immediately available funds. In the case of commercial banks, each new product is designed to attract additional funds from non-bank sectors or defend existing deposits against raids by bank and non-bank competitors by paying yields significantly higher than the ceiling or statutory rates permitted on traditional core deposits. Since many of these financial innovations were initially not subject to reserve requirements, they were not exposed to the intensive monitoring associated with reservable liabilities. As a result, the proliferation of financial innovations has effected a deregulation of commercial bank borrowing that is incompletely measured and, therefore, subject to speculative analysis by government and private economists.
KW  - BANKING industry
KW  - PRODUCT differentiation
KW  - FINANCIAL planners
KW  - COMMODITY exchanges
KW  - MARKET prices
KW  - BANK deposits
KW  - MONEY market
KW  - CAPITAL requirements
N1  - Accession Number: 4987612; Tinsley, P.A. 1; Garrett, Bonnie 1; Friar, Monica 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jan1981, Vol. 15 Issue 1, p117; Thesaurus Term: BANKING industry; Thesaurus Term: PRODUCT differentiation; Thesaurus Term: FINANCIAL planners; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: MARKET prices; Thesaurus Term: BANK deposits; Thesaurus Term: MONEY market; Thesaurus Term: CAPITAL requirements; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 541611 Administrative Management and General Management Consulting Services; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 21p; Illustrations: 4 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Humphrey, David Burras
T1  - ECONOMIES TO SCALE IN FEDERAL RESERVE CHECK PROCESSING OPERATIONS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1981/01//
VL  - 15
IS  - 1
M3  - Article
SP  - 155
EP  - 173
SN  - 03044076
AB  - The article determines the economies to scale in processing paper checks. In 1976, the Federal Reserve (FR) processed over 12 huh on paper checks with an aggregate value of $7.3 trillion. The FR is a major, but not the only, provider of check processing services to the general public; a process which represents the primary method of transferring funds between individuals. Recently, the FR announced its intention to directly price its check processing service, once the membership problem is resolved. Knowledge of economies to scale can assist in determining whether or not check processing prices, to the extent they should be related to costs, may appropriately be based upon average or marginal processing costs. For a final determination of the economically optimal pricing strategy, in contrast to a politically optimal or an operationally feasible strategy, reference should be made to the "Theory of Second Best." Using cross-section data on 36 FR check processing offices, a cost function model was estimated for three separate years 1976, 1975, 1974 and economies to scale estimates were obtained. In all three cross-sections evidence of significant non-zero economies to scale were found. Out of 36 FR offices, the two with the smallest volume of processed checks in 1976 experienced significant positive economies to scale.
KW  - ECONOMIC forecasting
KW  - DEPOSIT banking
KW  - DRAFTS (Banking)
KW  - WELFARE economics
KW  - ESTIMATES
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 4987614; Humphrey, David Burras 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA.; Issue Info: Jan1981, Vol. 15 Issue 1, p155; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: DEPOSIT banking; Thesaurus Term: DRAFTS (Banking); Thesaurus Term: WELFARE economics; Thesaurus Term: ESTIMATES; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 19p; Illustrations: 2 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
T1  - A COMPARISON OF ESTIMATORS FOR UNDERSIZED SAMPLES.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/10//
VL  - 14
IS  - 2
M3  - Article
SP  - 161
EP  - 181
SN  - 03044076
AB  - The article presents a comparison of estimators for undersized samples. This paper emphasizes that there is a basic principle of coherence or non- contradiction that no estimation procedure should possibly violate, in the sense that any violation, once exposed, would be held to be ridiculous and the procedures changed. Many solutions to the undersized sample problem violate this principle. Specifically, in all cases except a few, the restrictions implicitly imposed on the reduced form parameters contradict the identifying restrictions imposed on the structural coefficients, a logical error. Furthermore, the estimators of structural coefficients based on these restricted reduced form parameters generally will not even possess finite means. In small samples the mean square error measure does not provide a basis for comparing the estimators when some of them do not possess finite second-order moments. That some estimators for undersized samples cannot or do not possess finite mean square errors is of interest particularly in view of the widespread use of mean square errors in choosing point estimators and use of root mean square error forecasts in evaluating the models' performance.
KW  - ESTIMATION theory
KW  - STOCHASTIC processes
KW  - ECONOMETRIC models
KW  - SAMPLING (Statistics)
KW  - STATISTICS
KW  - LEAST squares
N1  - Accession Number: 6238927; Swamy, P. A. V. B. 1; Affiliations: 1: Federal Reserve System. Washington, DC 20551. USA; Issue Info: Oct80, Vol. 14 Issue 2, p161; Thesaurus Term: ESTIMATION theory; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: STATISTICS; Subject Term: LEAST squares; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - EDITORS INTRODUCTION TO PART I.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 3
EP  - 8
SN  - 03044076
AB  - Presents an introduction to the articles and topics discussed in the September 1,1980 issue of the Journal of Econometrics.
KW  - ECONOMETRICS
KW  - JOURNAL of Econometrics (Periodical)
N1  - Accession Number: 5009583; Barnett, William A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, DC; Issue Info: Sep80, Vol. 14 Issue 1, p3; Thesaurus Term: ECONOMETRICS; Reviews & Products: JOURNAL of Econometrics (Periodical); Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - ECONOMIC MONETARY AGGREGATES.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 11
EP  - 48
SN  - 03044076
AB  - The article focuses on the application of index number and aggregation theory. Monetary policy is related to the behavior of the quantity, price and velocity of money. Yet, for such aggregates to be useful, they must have meaning and must be measurable. The article applies aggregation theory to the construction and estimation of economic aggregates for passbook accounts across institution types and then to nested aggregation over transaction balances. The article shows that passbook accounts at different institution types are close substitutes and hence can be aggregated linearly. While aggregation theory results in exact aggregator functions depending upon unknown, but estimable, parameters, statistical index number theory results in parameter-free approximations to aggregator functions. Index number theory provides the basis for the index numbers published by nearly every governmental agency in the world other than the central banks. The article also explores the implications of statistical index number theory for the construction of monetary quantity index numbers, and it advocates the use of the Tornquist-Theil Divisia index to measure the quantity of money.
KW  - INDEX numbers (Economics)
KW  - MONETARY policy
KW  - MONEY
KW  - MONEY supply
KW  - PRICES
KW  - ECONOMIC indicators
N1  - Accession Number: 5009584; Barnett, William A. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p11; Thesaurus Term: INDEX numbers (Economics); Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY; Thesaurus Term: MONEY supply; Thesaurus Term: PRICES; Thesaurus Term: ECONOMIC indicators; Number of Pages: 38p; Illustrations: 3 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Offenbacher, Edward K.
T1  - ECONOMIC MONETARY AGGREGATES--COMMENT.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 55
EP  - 56
SN  - 03044076
AB  - The article focuses on estimation of substitutability between monetary assets. It uses an implicit rate of return to bank deposits that implies the existence of an economically meaningful distinction between currency and deposits and allows the estimation of substitution elasticities between these assets. To follow the vast majority of money demand studies by assuming that it is useful to treat regulated own rates of return on monetary assets as the true own rates is no good. Since the regulated rates on both currency and demand deposits equal zero, this assumption implies that these assets must be treated as if they are perfect substitutes, either in demand or in supply, and that simple sum aggregation of these assets is valid. Recently, a number of studies have shown that the assumption of effective interest rate ceilings on bank deposits is not true and that it may be more useful to assume that the ceilings are almost totally ineffective. The article presents detailed information on its approach to monetary aggregates.
KW  - MONEY
KW  - MONETARY theory
KW  - RATE of return
KW  - BANK deposits
KW  - INTEREST rates
KW  - MONEY supply
N1  - Accession Number: 5009586; Offenbacher, Edward K. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p55; Thesaurus Term: MONEY; Thesaurus Term: MONETARY theory; Thesaurus Term: RATE of return; Thesaurus Term: BANK deposits; Thesaurus Term: INTEREST rates; Thesaurus Term: MONEY supply; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - ECONOMIC MONETARY AGGREGATES--REPLY.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 57
EP  - 59
SN  - 03044076
AB  - The article focuses on the need to convert existing monetary quantity aggregates into Divisia indices. The use of an implicit rate of return to demand deposits in estimation of the elasticity of substitution between currency and demand deposits is justified and indeed necessary in pursuing that objective. Without variation in the relative price of demand deposits and currency, estimation of the elasticity of substitution would be impossible. In principle, the implicit rate in a Divisia index should monetize at the margin all non-monetary services provided by the asset. Then the Divisia index becomes a quantity index of the monetary services provided by the index's component assets. However, imputing the full competitive rate to demand deposits would seem to overstate substantially the non-monetary services of those deposits. Non-monetary services should be valued by the Divisia quantity index itself. They should not be removed from the index by imputation of an implicit rate of return to them.
KW  - MONEY
KW  - INDEXES
KW  - MONETARY theory
KW  - RATE of return
KW  - BANK deposits
KW  - ELASTICITY (Economics)
N1  - Accession Number: 5009587; Barnett, William A. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p57; Thesaurus Term: MONEY; Thesaurus Term: INDEXES; Thesaurus Term: MONETARY theory; Thesaurus Term: RATE of return; Thesaurus Term: BANK deposits; Thesaurus Term: ELASTICITY (Economics); Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tinsley, P. A.
AU  - Spindt, P. A.
AU  - Friar, M. E.
T1  - INDICATOR AND FILTER ATTRIBUTES OF MONETARY AGGREGATES.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 61
EP  - 91
SN  - 03044076
AB  - The article focuses on the indicator and filter attributes of monetary aggregates. Monetary aggregates are widely used as indicators of unobservable economic activity. In the execution of short-run monetary policy, for example, forecast errors of monetary aggregates are used as proximate indicators of unanticipated changes in the less frequently observed direct targets of policy. The purpose of this article is to provide a relatively sharp quantitative assessment of the usefulness of selected monetary aggregates in the formulation and conduct of monetary policy. Aggregates are evaluated as indicators and filters of ultimate economic targets rather than as direct policy instruments. The article relates the indicator analysis to the strategy of intermediate targeting on monetary aggregates. Aggregation of monetary aggregate components entails a severe loss of information that is pertinent to the formulation of policy decisions. The relative policy loss of intermediate targeting on monetary aggregates is significant and avoidable.
KW  - MONEY
KW  - MONETARY theory
KW  - MONETARY policy
KW  - ECONOMIC activity
KW  - ECONOMIC models
KW  - FORECASTING
N1  - Accession Number: 5009588; Tinsley, P. A. 1; Spindt, P. A. 1; Friar, M. E. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p61; Thesaurus Term: MONEY; Thesaurus Term: MONETARY theory; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC models; Thesaurus Term: FORECASTING; Number of Pages: 31p; Illustrations: 11 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, David A.
T1  - DATA REVISIONS WITH MOVING AVERAGE SEASONAL ADJUSTMENT PROCEDURES.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 95
EP  - 114
SN  - 03044076
AB  - The article presents information on data revisions with moving average seasonal adjustment procedures. Most seasonal adjustment procedures make use of data both prior and subsequent to the datum being adjusted, as both future and past observations ordinarily contain information pertinent to seasonality at a given point in the series. The article develops a characterization of seasonal revisions in terms of stationary and non-stationary linear time series models, assuming that such models generate the series itself and the seasonal and nonseasonal components. In the article, it is assumed that the minimum mean square error (MSE) seasonal adjustment procedure is employed. It is shown that the revisions follow moving average processes--though in the case of non-optimal procedures these processes are finite only under certain conditions--from which the revision variances or mean squares are readily determined. It is also shown that a preliminary seasonal estimate and successive revisions thereof are mutually independent and, for the case of minimum MSE adjustment, uncorrelated with the error in the final seasonal estimate.
KW  - SEASONAL variations (Economics)
KW  - STATISTICS
KW  - TIME series analysis
KW  - STATIONARY processes
KW  - REVISIONS
KW  - ERROR functions
N1  - Accession Number: 5009589; Pierce, David A. 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p95; Thesaurus Term: SEASONAL variations (Economics); Thesaurus Term: STATISTICS; Thesaurus Term: TIME series analysis; Subject Term: STATIONARY processes; Subject Term: REVISIONS; Subject Term: ERROR functions; Number of Pages: 20p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Meese, Richard
T1  - DYNAMIC FACTOR DEMAND SCHEDULES FOR LABOR AND CAPITAL UNDER RATIONAL EXPECTATIONS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1980/09//
VL  - 14
IS  - 1
M3  - Article
SP  - 141
EP  - 158
SN  - 03044076
AB  - The article focuses on the dynamic factor demand schedules for labor and capital under rational expectations. The derivation and estimation of dynamic factor demand schedules for aggregate U.S. manufacturing has a rich history. The article expands economist T. Sargent's one-factor model of labor demand to include capital. It allows for interaction terms between labor and capital in quadratic production and cost of adjustment functions. Unlike Sargent's original one-factor analysis, the two-factor model is marginally rejected by the data. Several aspects of this result are worth noting. Factor demand equations with time invariant parameters derived from a stochastic maximum problem are necessarily the product of an overly simplistic model of firm behavior. Hence it is not surprising that such a model finds little support from aggregate U.S. manufacturing data. It has been a frustration of empirical macro-economists that aggregate U.S. time series do not contain sufficient information to distinguish between competing hypothesis of economic behavior.
KW  - RATIONAL expectations (Economic theory)
KW  - ECONOMIC forecasting
KW  - TIME & economic reactions
KW  - LABOR
KW  - CAPITAL
KW  - UNITED States
N1  - Accession Number: 5009593; Meese, Richard 1; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; Issue Info: Sep80, Vol. 14 Issue 1, p141; Thesaurus Term: RATIONAL expectations (Economic theory); Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: TIME & economic reactions; Thesaurus Term: LABOR; Thesaurus Term: CAPITAL; Subject: UNITED States; Number of Pages: 18p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - THE INTERFACE OF FISCAL AND MONETARY POLICY.
JO  - Policy Studies Journal
JF  - Policy Studies Journal
Y1  - 1980/09//
VL  - 9
IS  - 1
M3  - Article
SP  - 68
EP  - 74
SN  - 0190292X
AB  - This paper examines the interface between fiscal and monetary policy, in the context of a symposium on taxation and spending policy. Fiscal and monetary policy generally are regarded as two principal macro instruments available to policymakers in a market economy. It should be noted, to begin with, therefore, that the distinction is in important respects institutional rather than economic. Fiscal policy works through budget deficit or surplus, as well as the level of the budget. Monetary policy works through its effects on money supply, credit and interest rates.
KW  - FISCAL policy
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - ECONOMIC policy
KW  - CREDIT
KW  - POLICY sciences
N1  - Accession Number: 11816952; Wallich, Henry C. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: 1980, Vol. 9 Issue 1, p68; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: ECONOMIC policy; Thesaurus Term: CREDIT; Subject Term: POLICY sciences; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article
L3  - 10.1111/1541-0072.ep11816952
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Miller, Norman C.
AU  - Atkinson, Sherry S.
T1  - Monetary Policy and the Balance of Payments in Brazil and Chile.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1980/08//
VL  - 12
IS  - 3
M3  - Article
SP  - 550
EP  - 551
PB  - Ohio State University Press
SN  - 00222879
AB  - Comments are presented on the article "Monetary Policy and the Balance of Payments in Brazil and Chile: A Comment," by Edmund J. Sheehey, published within the issue. Differences between Sheehey's work and the original work on the subject by Norman C. Miller and Sherry S. Atkinson are discussed. The article measures variables in real, rather than nominal, terms. The reaction function of the central bank includes the cumulative government budget deficit as an exogenous variable in Sheehey's paper. It is noted that when tax revenue depends on export taxes, international reserve variations stemming from the exogenous shocks in exports can prompt larger government budget deficits.
KW  - MONETARY policy
KW  - BALANCE of payments
KW  - BUDGET deficits
KW  - CHILE
KW  - BRAZIL
KW  - SHEEHEY, Edmund J.
N1  - Accession Number: 31149246; Miller, Norman C. 1; Atkinson, Sherry S. 2; Affiliations: 1: Associate Professor of Economics, University of Pittsburgh; 2: Economist, Board of Governors, Federal Reserve System; Issue Info: Aug80, Vol. 12 Issue 3, p550; Thesaurus Term: MONETARY policy; Thesaurus Term: BALANCE of payments; Thesaurus Term: BUDGET deficits; Subject: CHILE; Subject: BRAZIL; People: SHEEHEY, Edmund J.; Number of Pages: 2p; Document Type: Article
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DB  - buh
ER  - 

TY  - GEN
AU  - Volcker, Paul L.
T1  - The Recycling Problem.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1980/07//Jul/Aug80
VL  - 23
IS  - 3
M3  - Interview
SP  - 3
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article presents an interview with Paul Volcker, Chairman, Board of Governors of Federal Reserve System. He presented his comments on the issue of Organization of the Petroleum Exporting Countries' (OPEC) surpluses, and the problems of finance in developing countries alongwith the increased role of various financial institution of U.S. which are actively lending money to these developing countries to meet their fiscal deficit. Some of the intermediation takes the form of increased bilateral and multilateral official financing, but most of the increased financing required in the 1970's came from U.S., and foreign commercial banks that, in turn, added to their short-term liabilities to members of OPEC. This pattern of recycling, carried to excess, may generate cumulative stresses. If the OPEC surplus is stubborn, the recycling problem will also be stubborn. It is broadly accepted that developing countries, in general, will be importers of capital. What U.S. have to guard against is the danger that easy access to external financing will result in wasting the borrowed funds and lead to fiscal and monetary policies that generate explosive inflations.
KW  - BANKING industry -- United States
KW  - LOANS
KW  - SURPLUS (Economics)
KW  - DEFICIT financing
KW  - FINANCIAL institutions
KW  - PETROLEUM industry
KW  - ECONOMIC policy
KW  - UNITED States
KW  - ORGANIZATION of Petroleum Exporting Countries
KW  - VOLCKER, Paul A., 1927- -- Interviews
N1  - Accession Number: 6143973; Volcker, Paul L. 1; Affiliations: 1: Chairman, Board of Governers of Federal Reserve System.; Issue Info: Jul/Aug80, Vol. 23 Issue 3, p3; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: LOANS; Thesaurus Term: SURPLUS (Economics); Thesaurus Term: DEFICIT financing; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: PETROLEUM industry; Thesaurus Term: ECONOMIC policy; Subject: UNITED States ; Company/Entity: ORGANIZATION of Petroleum Exporting Countries; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 211113 Conventional oil and gas extraction; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 324199 All Other Petroleum and Coal Products Manufacturing; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 454311 Heating oil dealers; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 213112 Support Activities for Oil and Gas Operations; NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; People: VOLCKER, Paul A., 1927- -- Interviews; Number of Pages: 12p; Document Type: Interview
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - ENTRY AND COMPETITION IN BANKING.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1980/06//
VL  - 4
IS  - 2
M3  - Article
SP  - 143
EP  - 150
SN  - 03784266
AB  - Economic theory suggests that, ceteris paribus, new entry of firms will increase rivalry in a market. This study analyzes 184 banking markets to determine whether net market entry over the period 1968-1974 (entry less exist) influenced rivalry (mobility and turnover among top five firms). Results of a multivariate regression analysis indicate no relationship between entry and rivalry. Two possible explanations for this somewhat surprising finding are: (1) new entry into banking markets is typically on a relatively small scale, and (2) if potential competition had been an effective factor prior to entry in some of the markets where net entry took place, the potential effect of new entry on rivalry may have been very small. This would tend to obscure a systematic relationship between net entry and rivalry. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MARKET entry
KW  - BANKING industry
KW  - COMMERCE
KW  - FINANCE
KW  - COMPETITION
N1  - Accession Number: 11490141; Rhoades, Stephen A. 1; Affiliations: 1: Federal Reserve System, Washington, DC; Issue Info: 1980, Vol. 4 Issue 2, p143; Thesaurus Term: MARKET entry; Thesaurus Term: BANKING industry; Thesaurus Term: COMMERCE; Thesaurus Term: FINANCE; Subject Term: COMPETITION; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 8p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KOPECKY, KENNETH J.
T1  - Nonmember Banks and Monetary Control: Reply.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1980/06//
VL  - 35
IS  - 3
M3  - Article
SP  - 807
EP  - 807
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents the reply of the author in response to his comment on the work of another economist regarding the report that results of an empirical test of whether the absence of  U.S. Federal Reserve System (FRS) reserve requirements on the liabilities of nonmember banks contributed to imprecision in FRS money stock control during the 1961-73 period. The author notes that the key methodological issue is whether this evidence is sufficient for uncovering any empirically-based inference. The author presents a model that indicates that the issue of Federal Reserve membership and money stock control is still an open question.
KW  - BANKING industry -- United States
KW  - BANK reserves
KW  - RESERVE requirements
KW  - MONEY
KW  - FEDERAL Reserve banks
KW  - MONEY supply
KW  - FEDERAL funds market (U.S.)
KW  - BANK compliance
KW  - CAPITAL requirements
KW  - ECONOMIC models
KW  - EMPIRICAL research
KW  - UNITED States
N1  - Accession Number: 4656968; KOPECKY, KENNETH J. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System.; Issue Info: Jun80, Vol. 35 Issue 3, p807; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANK reserves; Thesaurus Term: RESERVE requirements; Thesaurus Term: MONEY; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: MONEY supply; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: BANK compliance; Thesaurus Term: CAPITAL requirements; Thesaurus Term: ECONOMIC models; Thesaurus Term: EMPIRICAL research; Subject: UNITED States; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 1p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Spindt, Paul A.
AU  - Tarhan, Vefa
T1  - Liquidity Structure Adjustment Behavior of Large Money Center Banks.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1980/05//May80 Part 1
VL  - 12
IS  - 2
M3  - Article
SP  - 198
EP  - 208
PB  - Ohio State University Press
SN  - 00222879
AB  - The article considers the adjustment of a number of liquidity instruments simultaneously, taking explicit account of the cross-effects among them. The authors find that bank liquidity adjustment behavior can vary according to the source of pressure placed on the liquidity structure. The primary shock absorbers in liquidity structure are the bank's net position in federal funds and its supply of short-term dealer financing. A system of equations describing the adjustment of liquidity instruments in response to variation in externally given conditions is estimated.
KW  - LIQUIDITY (Economics)
KW  - INTEREST rates
KW  - FINANCE
KW  - MONETARY policy
KW  - BANKING industry
KW  - MONEY supply
N1  - Accession Number: 5155988; Spindt, Paul A. 1; Tarhan, Vefa 2; Affiliations: 1: Economist, Special Studies Section, Division of Research and Statistics, Board of Governors, Federal Reserve System.; 2: Assistant Professor of Finance, Loyola University.; Issue Info: May80 Part 1, Vol. 12 Issue 2, p198; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: FINANCE; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry; Thesaurus Term: MONEY supply; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 11p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hansen, W. L.
AU  - Newburger, H. B.
AU  - Schroeder, F. J.
AU  - Stapleton, D. C.
AU  - YoungDay, D. J.
T1  - Forecasting the Market for New Ph.D. Economists.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1980/03//
VL  - 70
IS  - 1
M3  - Article
SP  - 49
PB  - American Economic Association
SN  - 00028282
AB  - The article presents a forecasting model of the labor market for new Ph.d. economists. The most significant characteristic of model is its explicit introduction of wages as short-run equilibrators of supply and demand in the Ph.d. market and as determinants of the long-run supply of persons entering and completing graduate study in economics. The predictions derived are contrasted with predictions from a fixed-coefficients model in which there is no wage response. In 1972 economist Allan Cartter projected that the supply of new Ph.d. available for teaching would grow steadily through the 1970's while demand for new teachers would remain roughly constant. Over the 1980-85 period he estimated an average annual surplus of 817 economics research Ph.D.s, equal to 54 percent of the average annual output of doctorates. Interestingly, this projected surplus is almost equivalent to the entire actual output of Ph.D.s in 1972. Based on his results Cartter suggested various possible adjustments, primarily supply responses, that might occur.
KW  - ECONOMICS -- Study & teaching
KW  - LABOR market
KW  - ECONOMISTS
KW  - FORECASTING
KW  - SUPPLY & demand
KW  - WAGES
KW  - ACADEMIC degrees
N1  - Accession Number: 4502193; Hansen, W. L. 1; Newburger, H. B. 2; Schroeder, F. J. 3; Stapleton, D. C. 4; YoungDay, D. J. 5; Affiliations: 1: University of Wisconsin‐Madison; 2: Department of Housing and Urban Development.; 3: Board of Governors of the Federal Reserve System.; 4: University of British Columbia.; 5: Montana State University.; Issue Info: Mar1980, Vol. 70 Issue 1, p49; Thesaurus Term: ECONOMICS -- Study & teaching; Thesaurus Term: LABOR market; Thesaurus Term: ECONOMISTS; Thesaurus Term: FORECASTING; Thesaurus Term: SUPPLY & demand; Thesaurus Term: WAGES; Subject Term: ACADEMIC degrees; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Seiders, David F.
T1  - Major Developments in Residential Mortgage and Housing Markets Since the Hunt Commission.
JO  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
JF  - AREUEA Journal: Journal of the American Real Estate & Urban Economics Association
Y1  - 1980///Spring80
VL  - 8
IS  - 1
M3  - Article
SP  - 4
EP  - 32
PB  - Wiley-Blackwell
SN  - 02700484
AB  - A number of important changes have been made to the mortgage finance system since the Hunt Commission filed its report, and the economic environment has been altered substantially. This paper examines shifts in the relative importance of public and private institutions in the residential mortgage markets during the past decade, within the context of Hunt Commission recommendations. Changes in the cyclical sensitivity of mortgage and housing activity, and the implications of rapid inflation for the growth of these markets, also are considered. [ABSTRACT FROM AUTHOR]
AB  - Copyright of AREUEA Journal: Journal of the American Real Estate & Urban Economics Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MORTGAGES
KW  - HOUSING market
KW  - INFLATION (Finance)
KW  - LOANS
KW  - BUSINESS cycles
KW  - PUBLIC institutions
KW  - HOUSING AND SOCIAL SERVICES
N1  - Accession Number: 5863044; Seiders, David F. 1; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Spring80, Vol. 8 Issue 1, p4; Thesaurus Term: MORTGAGES; Thesaurus Term: HOUSING market; Thesaurus Term: INFLATION (Finance); Thesaurus Term: LOANS; Thesaurus Term: BUSINESS cycles; Subject Term: PUBLIC institutions; Author-Supplied Keyword: HOUSING AND SOCIAL SERVICES; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 29p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Norman, Alfred L.
AU  - Jung, Woo S.
T1  - Target Controllability.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1980/01/02/
VL  - 47
IS  - 2
M3  - Article
SP  - 451
PB  - Oxford University Press / USA
SN  - 00346527
AB  - A new approach for analyzing the target controllability of which does not require conversion to an equivalent state space representation. The analysis complements the author's work in linear quadratic control. The approach is applied to the state space conversion of Chow (1975) to obtain the identical criteria. The criterion are more efficient than the respective Cayley-Hamilton criterion. The relationship between the efficiency of the new approach and the efficiency of obtaining a minimal state space representation is indicated to be problem specific. The Cayley-Hamilton theorem states that every square matrix must satisfy its characteristics polynomial.
KW  - CONTROL theory (Mathematics)
KW  - ECONOMICS
KW  - SYSTEM analysis
KW  - APPROXIMATION theory
KW  - CAYLEY-Hamilton theorem
KW  - LINEAR systems
KW  - STATE-space methods
KW  - MATRICES
KW  - POLYNOMIALS
N1  - Accession Number: 4619970; Norman, Alfred L. 1; Jung, Woo S. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, and University of Texas at Austin; 2: Vanderbilt University; Issue Info: Jan80, Vol. 47 Issue 2, p451; Thesaurus Term: CONTROL theory (Mathematics); Thesaurus Term: ECONOMICS; Thesaurus Term: SYSTEM analysis; Thesaurus Term: APPROXIMATION theory; Subject Term: CAYLEY-Hamilton theorem; Subject Term: LINEAR systems; Subject Term: STATE-space methods; Subject Term: MATRICES; Subject Term: POLYNOMIALS; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - A New Strategy for the Federal Reserve.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1980/01//Jan/Feb80
VL  - 22
IS  - 6
M3  - Article
SP  - 49
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - On October 6, 1979, the Federal Open Market Committee adopted some new procedures for the conduct of open market operations in the U.S. This was one of three actions taken over that weekend. The other two, both by unanimous decision of the Federal Reserve Board, were these: first, to raise the discount rate from 11 to 12 percent; and second, to impose marginal reserve requirements of 8 percent on managed liabilities, including reserves on Federal funds and re-purchase agreements, on which there had previously been no reserve requirements. In the past, the Federal Reserve has pursued its money supply target using the Federal funds rate as a tool. That is to say, it established a funds rate designed to produce whatever growth rate of the monetary aggregates the Federal Reserve wanted. This analysis indicates that the optimum strategy depends on circumstances. Changing circumstances, as the Federal Reserve's recent action shows, can determine changes in strategy. What should not change are the objectives of monetary policy in their broadest sense, especially the need, at present, to reduce inflation. In the past, American policies have suffered from frequent switches among economic objectives. What is most needed now is steadiness in the pursuit of objectives, implemented by whatever strategy promises to be most effective.
KW  - FEDERAL funds market (U.S.)
KW  - FEDERAL Reserve banks
KW  - INTEREST rates
KW  - OPEN market operations
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - UNITED States
KW  - UNITED States. Federal Open Market Committee
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 6115743; Wallich, Henry C. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System.; Issue Info: Jan/Feb80, Vol. 22 Issue 6, p49; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: INTEREST rates; Thesaurus Term: OPEN market operations; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Subject: UNITED States ; Company/Entity: UNITED States. Federal Open Market Committee ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gay, Robert S.
AU  - Borus, Michael E.
T1  - VALIDATING PERFORMANCE INDICATORS FOR EMPLOYMENT AND TRAINING PROGRAMS.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 1980///Winter80
VL  - 15
IS  - 1
M3  - Article
SP  - 29
EP  - 48
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - ABSTRACT  Proxies are used to indicate the impact of employment and training programs. CETA prime sponsors and the Labor Department rely on these performance indicators for fund allocations. This study correlates eight indicators with the impact on earnings of participation in four types of programs. The study shows that performance indicators presently being used, which are primarily constructed from placement data, provide no useful information for judging relative program effectiveness. Other indicators, particularly changes in weeks in the labor force, weeks employed, and wage rates, while far from perfect, are correlated much more with earnings gain. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Human Resources is the property of University of Wisconsin Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - EMPLOYEE training
KW  - OCCUPATIONAL training
KW  - PERFORMANCE standards
KW  - EMPLOYEES -- Rating of
KW  - LABOR productivity
KW  - LABOR supply
KW  - EDUCATION, TRAINING, AND CAREER DEVELOPMENT
N1  - Accession Number: 5071617; Gay, Robert S. 1; Borus, Michael E. 2; Affiliations: 1: Economicst, Board of Governors of Federal Reserve System, Ohio State University.; 2: Direcor of Center for Human Resource Research, Ohio State University.; Issue Info: Winter80, Vol. 15 Issue 1, p29; Thesaurus Term: EMPLOYEE training; Thesaurus Term: OCCUPATIONAL training; Thesaurus Term: PERFORMANCE standards; Thesaurus Term: EMPLOYEES -- Rating of; Thesaurus Term: LABOR productivity; Thesaurus Term: LABOR supply; Author-Supplied Keyword: EDUCATION, TRAINING, AND CAREER DEVELOPMENT; NAICS/Industry Codes: 611430 Professional and Management Development Training; NAICS/Industry Codes: 561320 Temporary Help Services; NAICS/Industry Codes: 624310 Vocational Rehabilitation Services; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Haas, Richard D.
AU  - Alexander, William E.
T1  - A Model of Exchange Rates and Capital Flows. The Canadian Floating Rate Experience.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/11//
VL  - 11
IS  - 4
M3  - Article
SP  - 467
EP  - 482
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the economic modeling surrounding floating exchange rates and capital market performance as seen in the Canadian economy between 1950-1980. A quarterly simulation model jointly determining short-term capital flows and the Canadian dollar's external value is presented towards the analysis of international financial market behaviors, particularly in predicting unrestricted capital movement performances in free-fluctuating economic regimes. Discussion evaluating the model's robustness is also provided.
KW  - FOREIGN exchange rates
KW  - CAPITAL movements
KW  - DOLLAR (Canadian currency)
KW  - SIMULATION methods & models
KW  - INTERNATIONAL finance
KW  - CANADA -- Economic conditions -- 1945-
KW  - CANADA
N1  - Accession Number: 5155971; Haas, Richard D. 1; Alexander, William E. 2; Affiliations: 1: Economist, Division of International Finance, Board of Governors of the Federal Reserve System.; 2: Assistant chief Department of Monetary and Financial Analysis, Bank of Canada.; Issue Info: Nov79, Vol. 11 Issue 4, p467; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: CAPITAL movements; Thesaurus Term: DOLLAR (Canadian currency); Thesaurus Term: SIMULATION methods & models; Thesaurus Term: INTERNATIONAL finance; Subject Term: CANADA -- Economic conditions -- 1945-; Subject: CANADA; Number of Pages: 16p; Illustrations: 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Savage, Donald T.
T1  - Bank Home Office Protection Laws and Intercity Branching in Statewide Branch Banking States.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/11//
VL  - 11
IS  - 4
M3  - Article
SP  - 500
EP  - 505
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on federal regulation of branch banking and particularly highlighting research concerning the home office protection clauses in state legislation. The effect of home office protection (HOP) law on branch banking patterns are explored and an impact measurement tool is derived. A probit model is used to calculate the estimated probability of same-state home office overlap occurrences and the extent of reduction of inter-central city branching is empirically generated. Conclusions are offered supporting the efficiency of the branch banking prevention laws.
KW  - BANKING law & legislation
KW  - BRANCH banks
KW  - PRINCIPAL place of business
KW  - CORPORATIONS -- Headquarters
KW  - BANKING industry -- United States
KW  - STATE laws
KW  - UNITED States
N1  - Accession Number: 5155977; Savage, Donald T. 1; Affiliations: 1: Economist, Financial Structure Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Nov79, Vol. 11 Issue 4, p500; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BRANCH banks; Thesaurus Term: PRINCIPAL place of business; Thesaurus Term: CORPORATIONS -- Headquarters; Thesaurus Term: BANKING industry -- United States; Subject Term: STATE laws; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gendreau, Brian C.
T1  - Bankers' Balances, Demand Deposit Interest, and Agricultural Credit before the Banking Act of 1933.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/11//
VL  - 11
IS  - 4
M3  - Article
SP  - 506
EP  - 514
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents a review of discussion over interest charges on bankers' balances as outlined in the U.S. Banking Act of 1933. The history of the controversy surrounding the law is outlined, citing rural and urban credit management and fund flow control after the Civil War. Problems with maintaining balance between productive loan uses and stock market speculation finance are discussed. Modeling is provided exploring the actual functioning of interest restrictions on country bank fund sources and portfolio diversification policies.
KW  - BANKING law & legislation
KW  - BANK deposits -- Law & legislation
KW  - BANKING industry -- United States
KW  - INTEREST (Finance) -- Law & legislation
KW  - BANK assets
KW  - UNITED States
N1  - Accession Number: 5155978; Gendreau, Brian C. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Nov79, Vol. 11 Issue 4, p506; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANK deposits -- Law & legislation; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: INTEREST (Finance) -- Law & legislation; Thesaurus Term: BANK assets; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 9p; Illustrations: 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Why the Euromarket Needs Restraint.
JO  - Columbia Journal of World Business
JF  - Columbia Journal of World Business
Y1  - 1979///Fall79
VL  - 14
IS  - 3
M3  - Article
SP  - 17
PB  - Elsevier Science Publishing Company, Inc.
SN  - 00225428
AB  - Anything in the financial field that grows at more than 20% per year bears watching, and the Eurocurrency market is no exception. Although it is not large as yet, at its present rate it tends to double in three to four years. A test of the assertion that the market merely intermediates can be made by consolidating the assets and liabilities of Euromarket and the U.S. banking system. This consolidated balance sheet of the two markets shows, of course, higher assets and liabilities than the domestic U.S. market taken by itself. Nevertheless, the reserves are unchanged because the reserves of the Euromarket, if there were any, would in all probability be liabilities of the U.S. banking system and would vanish in consolidation. In other words, there would be insufficient reserves to support the consolidated volume of deposits. Of course, there is no way of knowing whether the Federal Reserve would have accommodated this added demand for credit that, in the absence of the Euromarket, would have presented itself in the U.S. market.
KW  - EUROCURRENCY market
KW  - EUROMARKETS
KW  - INTERNATIONAL finance
KW  - BANKING industry -- United States
KW  - FOREIGN exchange
KW  - UNITED States
N1  - Accession Number: 5544851; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors of the Federal Reserve System.; Issue Info: Fall79, Vol. 14 Issue 3, p17; Thesaurus Term: EUROCURRENCY market; Thesaurus Term: EUROMARKETS; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FOREIGN exchange; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 8p; Illustrations: 1 Black and White Photograph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Howe, Howard
AU  - Pollak, Robert A.
AU  - Wales, Terence J.
T1  - THEORY AND TIME SERIES ESTIMATION OF THE QUADRATIC EXPENDITURE SYSTEM.
JO  - Econometrica
JF  - Econometrica
Y1  - 1979/09//
VL  - 47
IS  - 5
M3  - Article
SP  - 1231
EP  - 1247
SN  - 00129682
AB  - The article presents a closed-form characterization of the class of complete systems of theoretically plausible demand functions which are quadratic in total expenditure and estimate one system belonging to this class using U.S. per capita time series data. From the perspective of empirical demand analysis, demand theory serves two distinct functions. First, it provides a set of restrictions on individual behavior, which can be tested against particular bodies of data. Second, it is a rich source of functional forms of demand systems, which serve as maintained hypotheses for estimation. Most work on the specification of functional forms has focused on either 'flexible functional forms' or on special forms related to separability. The author obtained a closed form characterization of the class of complete systems of theoretically plausible demand functions which are quadratic in expenditure, and presented estimates based on U.S. per capita time series data of a particular quadratic expenditure system belonging to this class.
KW  - DEMAND functions (Economic theory)
KW  - DEMAND (Economic theory)
KW  - DEMAND for money
KW  - PER capita
KW  - MARKET potential
KW  - UNITED States
N1  - Accession Number: 6849596; Howe, Howard 1; Pollak, Robert A. 1; Wales, Terence J. 2; Affiliations: 1: Federal Reserve System, University of Pennsylvania.; 2: University of British Columbia.; Issue Info: Sep79, Vol. 47 Issue 5, p1231; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: DEMAND for money; Thesaurus Term: PER capita; Thesaurus Term: MARKET potential; Subject: UNITED States; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - FARLEY, DENNIS E.
AU  - SIMPSON, THOMAS D.
T1  - Graduated Reserve Requirements and Monetary Control.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1979/09//
VL  - 34
IS  - 4
M3  - Article
SP  - 999
EP  - 1012
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on graduated reserve requirements for demand bank deposits, which was introduced by the United States Federal Reserve Board in 1972. The structure and level of reserve requirements appear to have created more variability in the reserve ratio and reduced the average required ratio on demand deposits. However, the variability in the reserve ratio could have been caused by the variance in deposit shares and not solely by the graduated reserve structure. The variability of reservable tranche shares is mentioned, as well as the reserve requirement measures of Paasche and Laspeyres.
KW  - BANK reserves
KW  - ANALYSIS of variance
KW  - RESERVE requirements
KW  - FINANCE -- Mathematical models
KW  - MONETARY theory
KW  - ECONOMICS -- Mathematical models
KW  - PREDICTION models
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 4656508; FARLEY, DENNIS E. 1; SIMPSON, THOMAS D. 1; Affiliations: 1: Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Sep79, Vol. 34 Issue 4, p999; Thesaurus Term: BANK reserves; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: RESERVE requirements; Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: MONETARY theory; Thesaurus Term: ECONOMICS -- Mathematical models; Subject Term: PREDICTION models; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lombra, Raymond
AU  - Struble, Frederick
T1  - Monetary Aggregate Targets and the Volatility of Interest Rates.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/08//
VL  - 11
IS  - 3
M3  - Article
SP  - 284
EP  - 300
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the U.S. Federal Reserve policy surrounding monetary aggregate controls through a long-run strategy. The allowance of short-run deviations is noted and contrasting theories are given regarding their strength of impact on the volatility of interest rates and subsequent spillover into other financial markets. An examination into interest rate volatility is provided, with particular considerations into close short-run monetary aggregate control along with exploration into the economic costs involved.
KW  - INTEREST rates
KW  - VOLATILITY (Finance)
KW  - MONETARY policy
KW  - SHORT run (Economics)
KW  - FEDERAL Reserve monetary policy
KW  - UNITED States
N1  - Accession Number: 6839374; Lombra, Raymond 1; Struble, Frederick 2; Affiliations: 1: Associate Professor of Economics, Pennsylvania State University.; 2: Chief, Government Finance Section, Board of Governors of Federal Reserve System.; Issue Info: Aug79, Vol. 11 Issue 3, p284; Thesaurus Term: INTEREST rates; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: SHORT run (Economics); Thesaurus Term: FEDERAL Reserve monetary policy; Subject: UNITED States; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rose, John T.
AU  - Rose, Peter S.
T1  - THE BURDEN OF FEDERAL RESERVE SYSTEM MEMBERSHIP.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1979/06//
VL  - 3
IS  - 2/3/4
M3  - Article
SP  - 331
EP  - 345
SN  - 03784266
AB  - Commercial bank membership in the Federal Reserve System (FRS) has declined sharply in the postwar period. FRS reserve requirements allegedly are more stringent than those imposed by the states, levying an opportunity cost upon member banks. This study reviews recent literature concerned with the membership burden. Evidence on comparative FRS and state reserve requirements and member-non-member cash asset holdings is presented.
KW  - BANKING industry
KW  - TRADE regulation
KW  - BANK reserves
KW  - BANK assets
KW  - UNITED States
N1  - Accession Number: 11479618; Rose, John T. 1; Rose, Peter S. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC USA; 2: Texas A&M University, College Station, TX USA; Issue Info: 1979, Vol. 3 Issue 2/3/4, p331; Thesaurus Term: BANKING industry; Thesaurus Term: TRADE regulation; Thesaurus Term: BANK reserves; Thesaurus Term: BANK assets; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
T1  - Financial Policies in Open Economies.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1979/05//
VL  - 69
IS  - 2
M3  - Article
SP  - 232
EP  - 239
PB  - American Economic Association
SN  - 00028282
AB  - The article analyzes financial policies in open economies. In analyzing the extent to which alternative financial stabilization policies can be expected to dampen the effects of shocks to macroeconomic equilibrium in a single open economy, it has often been assumed that the authorities must choose between fixing the exchange rate and allowing it to fluctuate freely. The outcomes of alternative financial policies in a single open economy can be illustrated by employing a discrete time model in which asset portfolios are balanced at the beginning of each period. The home authorities have both home and foreign securities as assets and the money supply as a liability. They can choose as policy instruments and set values for any two of the following four financial variables: money supply, foreign exchange reserves, interest rate, and exchange rate. The values of the other two financial variables are then determined by the model. The authorities conduct financial policy using two kinds of financial market operations: 1) monetary operations, exchanges of home securities for money with private agents; and 2) intervention operations, exchanges of home securities for foreign securities with private agents.
KW  - MONETARY policy
KW  - MACROECONOMICS
KW  - SECURITIES markets
KW  - FOREIGN exchange rates
KW  - SECURITIES trading
KW  - FOREIGN exchange
KW  - INTEREST rates
N1  - Accession Number: 4497143; Henderson, Dale W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May79, Vol. 69 Issue 2, p232; Thesaurus Term: MONETARY policy; Thesaurus Term: MACROECONOMICS; Thesaurus Term: SECURITIES markets; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: SECURITIES trading; Thesaurus Term: FOREIGN exchange; Thesaurus Term: INTEREST rates; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Savage, Donald T.
AU  - Humphrey, David Burras
T1  - Branching Laws and Banking Offices.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/05//
VL  - 11
IS  - 2
M3  - Article
SP  - 227
EP  - 230
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents continued commentary on research questions regarding the effects of branch banking legislation on the number of banking offices required for public demand. The particular conclusions reached in the report "State Branching Restrictions and the Availability of Banking Services," by Robert F. Lanzillotti and Thomas R. Saving from the November 1969 issue are addressed, pointing out their validity but also highlighting future inconsistencies generated within 15 years after their sampled time period. Statistical analysis on their report is described, highlighting mathematical errors found in the initial computations.
KW  - BRANCH banks -- Law & legislation
KW  - ECONOMISTS
KW  - BANKING law & legislation
KW  - BANKING industry
KW  - STATE laws
KW  - UNITED States
N1  - Accession Number: 5163945; Savage, Donald T. 1; Humphrey, David Burras 1; Affiliations: 1: Economists, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: May79, Vol. 11 Issue 2, p227; Thesaurus Term: BRANCH banks -- Law & legislation; Thesaurus Term: ECONOMISTS; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANKING industry; Subject Term: STATE laws; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; Number of Pages: 4p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wilson, John F.
AU  - Takacs, Wendy E.
T1  - DIFFERENTIAL RESPONSES TO PRICE AND EXCHANGE RATE INFLUENCES IN THE FOREIGN TRADE OF SELECTED INDUSTRIAL COUNTRIES.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1979/05//
VL  - 61
IS  - 2
M3  - Article
SP  - 267
PB  - MIT Press
SN  - 00346535
AB  - This paper estimates directly price and exchange rate response patterns, using quarterly import and export equations for six major industrial countries during the Bretton Woods period. Results support two general conclusions, the length of the full response lags on exchange rates during the fixed-rate period tended to be shorter than for changes in prices and be initial impact of exchange rate changes on trade flows tended to be greater than that of price changes. The model of trade flows developed in this section is conventional in the sense that it includes variables found in many other studies of imports and exports and is estimated in a familiar functional form. It is less conventional in the way certain common restrictions are relaxed and in the way others are imposed. The empirical evidence given above appears to sustain economist Guy H. Orcutt's early conjecture that trade flows adjusted differently to different price stimuli during the fixed rate era. Many effects measured by authors appeared weak, but indicate that import and export reactions were quicker and the total response time was shorter when an exchange rate, rather than exporter's national currency price, caused a change in international prices.
KW  - INTERNATIONAL trade
KW  - FOREIGN exchange rates
KW  - PRICES
KW  - INFLATION (Finance)
KW  - ECONOMETRIC models
KW  - MONETARY policy
KW  - NATIONAL currencies
KW  - FOREIGN trade regulation
KW  - CHANGE
N1  - Accession Number: 4650602; Wilson, John F. 1; Takacs, Wendy E. 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: University of Maryland Baltimore County.; Issue Info: May79, Vol. 61 Issue 2, p267; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: PRICES; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: NATIONAL currencies; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: CHANGE; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 13p; Illustrations: 6 Charts, 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P.A.V.B.
AU  - Mehta, J.S.
T1  - ESTIMATION OF COMMON COEFFICIENTS IN TWO REGRESSION EQUATIONS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1979/04//
VL  - 10
IS  - 1
M3  - Article
SP  - 1
EP  - 14
SN  - 03044076
AB  - The article focuses on estimation of common coefficients in two regression equations. The article considers a problem of estimating K common coefficients in two regression models. Assuming that the disturbances of the two equations have different variances, it is shown that, under some general conditions, it is possible to combine information on both the equations to obtain estimators, which are more efficient than the one based on just one of the two equations. In the practical situation where the variances are unknown, it is customary to follow an operational version of generalized least squares in which the single equation of least squares estimates replaces its unknown population counterparts. This procedure is not always optimal in the sense that it can lead to estimators, which are less efficient than an estimator based on just one of the two equations. In this article researchers provide very general conditions under which the information on both the equations can be optimally utilized.
KW  - ESTIMATION theory
KW  - ANALYSIS of variance
KW  - REGRESSION analysis
KW  - COST analysis
KW  - MATHEMATICAL statistics
KW  - EQUATIONS
N1  - Accession Number: 4988308; Swamy, P.A.V.B. 1; Mehta, J.S. 2; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA; 2: Temple University, Philadelphia, PA 19122, USA; Issue Info: Apr79, Vol. 10 Issue 1, p1; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: REGRESSION analysis; Thesaurus Term: COST analysis; Thesaurus Term: MATHEMATICAL statistics; Subject Term: EQUATIONS; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Porter, Richard D.
AU  - Simpson, Thomas D.
AU  - Mauskopf, Eileen
T1  - Financial Innovation and the Monetary Aggregates.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1979/03//
IS  - 1
M3  - Article
SP  - 213
EP  - 229
PB  - Brookings Institution Press
SN  - 00072303
AB  - This report examines the unusual weakness in the growth of the monetary aggregates in the U.S. during the last quarter of 1978 and the first quarter of 1979. The authors calculate that the automatic transfer services authorized in November 1978 and the growing importance of negotiable orders of withdrawal during the past few years both encouraged some shifting of funds out of demand deposits; but quantitatively, these innovations explain little of the recent weakness in the monetary aggregates. By contrast, the authors emphasize the importance of intensified cash management by the business sector. They identify this development of cash management by business both with a reduced cost and with an increased incentive resulting from higher interest rates. The authors conclude that uncertainty about the appropriate path for any monetary aggregate will continue, making it important that policymakers also include in their analysis information on other financial assets, interest rates, and direct indicators of current and future developments in the economy. For the current period, the authors expect any target path of nominal GNP to be consistent with somewhat slower growth in the conventional monetary aggregates than the historical relationships suggest.
KW  - BANK deposits
KW  - MONEY supply
KW  - MONEY
KW  - ASSETS (Accounting)
KW  - CASH management
KW  - INTEREST rates
KW  - UNITED States
N1  - Accession Number: 7074118; Porter, Richard D. 1; Simpson, Thomas D. 1; Mauskopf, Eileen 1; Affiliations: 1: Staff, Board of Governors of the Federal Reserve System; Issue Info: 1979, Issue 1, p213; Thesaurus Term: BANK deposits; Thesaurus Term: MONEY supply; Thesaurus Term: MONEY; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: CASH management; Thesaurus Term: INTEREST rates; Subject: UNITED States; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Humphrey, David Burras
T1  - LARGE BANK INTRA-DEPOSIT MATURITY COMPOSITION.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1979/03//
VL  - 3
IS  - 1
M3  - Article
SP  - 43
EP  - 66
SN  - 03784266
AB  - The United States Federal Reserve in late 1974 for the first time differentiated certificates of deposit and small denomination time deposit reserve requirements by intra-deposit maturity structure in an attempt to lengthen liability maturities. Assessment of reserve requirement changes on maturity composition requires the specification of a fairly general model in which the determinants of depositor demand for and bank supply of certificates of deposit by differing maturity are simultaneously estimated. In an attempt to gauge the impact of these changes may have on certificates of deposit and small time deposit maturity compositions, a structural model of depositor demand and bank supply of these intradeposit financial instruments was specified and estimated.
KW  - CERTIFICATES of deposit
KW  - BANK deposits
KW  - RESERVE requirements
KW  - BANKING industry
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 11486776; Humphrey, David Burras 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington DC; Issue Info: 1979, Vol. 3 Issue 1, p43; Thesaurus Term: CERTIFICATES of deposit; Thesaurus Term: BANK deposits; Thesaurus Term: RESERVE requirements; Thesaurus Term: BANKING industry; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 24p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laufenberg, Daniel E.
T1  - Optimal Reserve Requirement Ratios Against Bank Deposits for Short-Run Monetary Control.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1979/02//
VL  - 11
IS  - 1
M3  - Article
SP  - 99
EP  - 105
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents arguments on behalf of the adoption of reserve requirement ratios for bank deposits at optimal levels. The utility of such regulations are described in terms of accomplishing short-run monetary control by central banks. A money market model is provided in order to derive the optimal ratio. Additional consideration is given to the operating target policies focusing purely on reserves or on a combination of reserves and interest rates. Concluding discussion is also provided regarding the market conditions required to affect optimal control of money aggregates.
KW  - BANK deposits
KW  - RESERVE requirements
KW  - ECONOMIC models
KW  - MONEY market
KW  - INTEREST rates
KW  - MONETARY policy
N1  - Accession Number: 5155958; Laufenberg, Daniel E. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System.; Issue Info: Feb79, Vol. 11 Issue 1, p99; Thesaurus Term: BANK deposits; Thesaurus Term: RESERVE requirements; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONEY market; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Teeters, Nancy H.
T1  - Congress and the Economy.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1978/11//Nov/Dec78
VL  - 21
IS  - 5
M3  - Interview
SP  - 26
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article presents an interview of Nancy H. Teeters, a newly appointed member of the Board of Governors of the U.S. Federal Reserve System. According to her, the views of the members of the U.S. Congress have been changing in recent years, due largely to the Watergate experience. The making of so much economic policy has to do with what goes into the federal budget. In fact, the whole new budget process that Congress has now is a reflection of the previous usurpation problem. The Congressional Budget Act of 1974 set up the new process which provides far greater legislative review of the federal budget. Until then the budget was largely a product of the executive branch. By implementing the new process under the direction of the new budget committees in both houses, Congress is taking back from the executive many of the decision-making procedures which over the years it had passed to the President. And it is also tightening control over its own actions. The Budget Act provides a tight schedule. It has put not only the budget but the entire Congress on a schedule.
KW  - BUDGET
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Congress
KW  - TEETERS, Nancy H., 1930-2014
N1  - Accession Number: 6116698; Teeters, Nancy H. 1; Affiliations: 1: Member of the Board of Governors, Federal Reserve System.; Issue Info: Nov/Dec78, Vol. 21 Issue 5, p26; Thesaurus Term: BUDGET; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Congress; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 921120 Legislative Bodies; People: TEETERS, Nancy H., 1930-2014; Number of Pages: 6p; Document Type: Interview
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Graham, David R.
AU  - Humphrey, David Burras
T1  - Bank Examination Data as Predictors Of Bank Net Loan Losses.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1978/11//
VL  - 10
IS  - 4
M3  - Article
SP  - 491
EP  - 504
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the use of problem bank loan confidential data as an economic indicator for potential bank performance and assessment of loan risk. Questions are raised regarding the accuracy of modeling a bank's portfolio risk through the level of classified loans, which denote the presence of riskier investments than would be beneficial for banks not to disclose. Conclusions are offered suggesting the process is valid through a linear forecast model. Additional discussion is given explaining sources of forecast errors.
KW  - CONFIDENTIAL business information
KW  - BANK examination
KW  - BANK loans
KW  - BANK profits
KW  - ECONOMIC indicators
KW  - BUSINESS forecasting
N1  - Accession Number: 5155898; Graham, David R. 1; Humphrey, David Burras 2; Affiliations: 1: Economist, Center for Naval Analyses.; 2: Economist, Financial Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Nov78, Vol. 10 Issue 4, p491; Thesaurus Term: CONFIDENTIAL business information; Thesaurus Term: BANK examination; Thesaurus Term: BANK loans; Thesaurus Term: BANK profits; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: BUSINESS forecasting; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 14p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heggestad, Arnold A.
AU  - Rhoades, Stephen A.
T1  - MULTI-MARKET INTERDEPENDENCE AND LOCAL MARKET COMPETITION IN BANKING.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1978/11//
VL  - 60
IS  - 4
M3  - Article
SP  - 523
PB  - MIT Press
SN  - 00346535
AB  - The article focuses on the multi-market interdependence and local market competition in banking. One of the most significant institutional developments affecting the organization of American industry in recent years has been the trend toward diversification. Many important industries have been restructured as single product firms have been replaced by large conglomerates producing scores of diverse products. The rapid emergence of the conglomerate form of business organization has raised fundamental questions regarding the implications of this trend for the market system. A system in which interfirm competition is the basic regulating device. This study uses a multiple regression model to analyze the relationship between market rivalry and intermarket contacts of dominant firms. The study develops a simple model that illustrates the implications of the mutual forbearance hypothesis and discusses the hypothesis in the context of commercial banking. It then sets out the estimating equation and develops a variable that is designed to capture the degree of intermarket contact among dominant firms.
KW  - BANKING industry
KW  - CONGLOMERATE corporations
KW  - REGRESSION analysis
KW  - FINANCE
KW  - ESTIMATION theory
KW  - COMPETITION
N1  - Accession Number: 4644799; Heggestad, Arnold A. 1; Rhoades, Stephen A. 2; Affiliations: 1: University of Florida.; 2: Board of Governors, Federal Reserve System.; Issue Info: Nov78, Vol. 60 Issue 4, p523; Thesaurus Term: BANKING industry; Thesaurus Term: CONGLOMERATE corporations; Thesaurus Term: REGRESSION analysis; Thesaurus Term: FINANCE; Thesaurus Term: ESTIMATION theory; Subject Term: COMPETITION; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; Number of Pages: 10p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Howard, David H.
T1  - PERSONAL SAVING BEHAVIOR AND THE RATE OF INFLATION.
JO  - Review of Economics & Statistics
JF  - Review of Economics & Statistics
Y1  - 1978/11//
VL  - 60
IS  - 4
M3  - Article
SP  - 547
PB  - MIT Press
SN  - 00346535
AB  - The article focuses on personal saving behavior and the rate of inflation. Personal saving rates, that is the ratios of personal saving to personal disposable income, in many industrialized countries have risen dramatically in recent years. A number of attempts to explain the phenomenon of rising saving rates coinciding with price inflation have drawn upon the work of economist George Katona, who has stressed the feeling of uncertainty and pessimism about the future caused by inflation that, in turn, encourages saving. In this study a general model of aggregate household saving behavior has been formulated. Data on Canada, Germany, Japan, Great Britain, and the U.S. are used to estimate the personal saving function in each of the countries and the results are used to test various hypotheses about personal saving behavior. This article has two major objectives, which includes a test for a direct influence of inflation on personal saving after taking into account the influence of other relevant factors.
KW  - SAVING & investment
KW  - ECONOMIC policy
KW  - CIRCULAR velocity of money
KW  - FAMILY budgets
KW  - DISPOSABLE income
KW  - KATONA, George
N1  - Accession Number: 4644888; Howard, David H. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Nov78, Vol. 60 Issue 4, p547; Thesaurus Term: SAVING & investment; Thesaurus Term: ECONOMIC policy; Thesaurus Term: CIRCULAR velocity of money; Thesaurus Term: FAMILY budgets; Thesaurus Term: DISPOSABLE income; People: KATONA, George; Number of Pages: 8p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Eisenbeis, Robert A.
AU  - McCall, Alan S.
T1  - THE IMPACT OF LEGISLATION PROHIBITING DIRECTOR-INTERLOCKS AMONG DEPOSITORY FINANCIAL INSTITUTIONS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1978/09//
VL  - 2
IS  - 4
M3  - Article
SP  - 323
EP  - 337
SN  - 03784266
AB  - Legislative and regulatory actions have been proposed in the 1970s in attempts to promote competition, legislative and regulatory actions at the federal and state levels.  The prohibition of directorate interlocks among financial institutions were considered. The Superintendent of Banking for Pennsylvania sent a letter to all banks under his jurisdiction regarding the termination of interlocking relationships. In addition, the Federal Trade Commission has taken action to force the dissolution of directorate interlocks among a savings and loan association and two commercial banks. New Hampshire then provided an opportunity to study the impact of the imposition of an director interlocks.
KW  - FINANCIAL institutions -- Law & legislation
KW  - INTERLOCKING directorates
KW  - LOANS
KW  - COMPETITION
KW  - UNITED States
N1  - Accession Number: 11493099; Eisenbeis, Robert A. 1; McCall, Alan S. 2; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC USA; 2: Federal Deposit Insurance Corporation, Washington, DC USA; Issue Info: 1978, Vol. 2 Issue 4, p323; Thesaurus Term: FINANCIAL institutions -- Law & legislation; Thesaurus Term: INTERLOCKING directorates; Thesaurus Term: LOANS; Subject Term: COMPETITION; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 15p; Illustrations: 8 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mingo, John J.
T1  - THE EFFECT OF DEPOSIT RATE CEILINGS ON BANK RISK.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1978/09//
VL  - 2
IS  - 4
M3  - Article
SP  - 367
EP  - 378
SN  - 03784266
AB  - The Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) were empowered to limit, by regulation, rates paid on time and savings accounts by Federal Reserve member and FDIC-insured commercial banks under the terms of the Banking Acts of 1933 and 1935.  Interest payments on demand deposits were prohibited. Large money-center banks have been competing for demand balances from smaller banks in the interior. Banker's balances were responsible for a diversion of credit way from local businesses toward the loan customers of money-center banks. Deposit rate ceilings are usually described as the intense competition between banks for time and savings accounts of corporate and household customers.
KW  - SAVINGS accounts
KW  - BANK deposits
KW  - BANKING industry
KW  - UNITED States
KW  - FEDERAL Deposit Insurance Corp.
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 11493103; Mingo, John J. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, DC USA; Issue Info: 1978, Vol. 2 Issue 4, p367; Thesaurus Term: SAVINGS accounts; Thesaurus Term: BANK deposits; Thesaurus Term: BANKING industry; Subject: UNITED States ; Company/Entity: FEDERAL Deposit Insurance Corp. ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 524129 Other direct insurance (except life, health and medical) carriers; Number of Pages: 12p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Michael A.
AU  - Vora, Ashok
T1  - BIVARIATE SPECTRAL ANALYSIS OF THE CAPITAL ASSET PRICING MODEL.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1978/09//
VL  - 13
IS  - 3
M3  - Article
SP  - 435
EP  - 459
PB  - Cambridge University Press
SN  - 00221090
AB  - The article presents an analysis of the capital asset pricing model (CAPM) and its interaction between market and individual portfolio management. Real trends between market and portfolio returns and examination into the mathematical relationships between the processes are each described through a bivariate spectral analysis. An overview of the Sharpe-Lintner CAPM of shareholder equilibrium between risk and return is given and previous techniques for analysis are described. Concluding comments are given evaluating the use of time-series methods for more general investment research results.
KW  - CAPITAL assets pricing model
KW  - CAPITAL -- Mathematical models
KW  - MARKET equilibrium
KW  - SECURITIES industry
KW  - PORTFOLIO performance
KW  - ECONOMETRIC models
KW  - TIME series analysis
KW  - INVESTMENT analysis
KW  - RATE of return
KW  - RISK assessment
KW  - PORTFOLIO management (Investments)
KW  - LEAST squares
N1  - Accession Number: 4755031; Goldberg, Michael A. 1,2; Vora, Ashok 3; Affiliations: 1: Board of Governors, Federal Reserve System; 2: Indiana University; 3: Baruch College, CUNY; Issue Info: Sep78, Vol. 13 Issue 3, p435; Thesaurus Term: CAPITAL assets pricing model; Thesaurus Term: CAPITAL -- Mathematical models; Thesaurus Term: MARKET equilibrium; Thesaurus Term: SECURITIES industry; Thesaurus Term: PORTFOLIO performance; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: TIME series analysis; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: RATE of return; Thesaurus Term: RISK assessment; Thesaurus Term: PORTFOLIO management (Investments); Subject Term: LEAST squares; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Cohen, Darrel
AU  - McMenamin, J. Stuart
T1  - The Role of Fiscal Policy in a Financially Disaggregated Macroeconomic Model.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1978/08//
VL  - 10
IS  - 3
M3  - Article
SP  - 322
EP  - 336
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reports on the role of fiscal policy in a financially disaggregated macroeconomic model. A model is developed which will aid in examining the static and dynamic aspects of fiscal policy. Also discussed are the financing effects associated with fiscal policy in a Keynesian model of aggregate demand. The long run equilibrium model assumes that bonds and equity claims on capital are perfect substitutes in investors' portfolios. It is compared to the monetarist Keynesian model of aggregate demand.
KW  - FISCAL policy
KW  - MACROECONOMICS
KW  - DEMAND (Economic theory)
KW  - INVESTMENTS
KW  - MONETARY policy
KW  - SECURITIES markets
KW  - EQUILIBRIUM (Economics)
N1  - Accession Number: 5163890; Cohen, Darrel 1; McMenamin, J. Stuart 2,3; Affiliations: 1: Economist, Government Finance Section, Board of Governors, Federal Reserve System.; 2: Research director, Econometric Research Associates, Inc.; 3: Acting Assistant Professor of Economics, University of California, San Diego.; Issue Info: Aug78, Vol. 10 Issue 3, p322; Thesaurus Term: FISCAL policy; Thesaurus Term: MACROECONOMICS; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: INVESTMENTS; Thesaurus Term: MONETARY policy; Thesaurus Term: SECURITIES markets; Thesaurus Term: EQUILIBRIUM (Economics); NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 15p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Girton, Lance
AU  - Roper, Don
T1  - J. Laurence Laughlin and the Quantity Theory of Money.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1978/08//
VL  - 86
IS  - 4
M3  - Article
SP  - 599
EP  - 625
SN  - 00223808
AB  - In this paper, the issues raised in the turn-of-the-century American debate over the quantity theory of money are examined . . . [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - QUANTITY theory of money
KW  - ECONOMICS
KW  - MONEY
KW  - PRICES
KW  - UNITED States
KW  - Laughlin, J. Laurence
KW  - LAUGHLIN, J. Laughlin
N1  - Accession Number: 5209319; Girton, Lance 1; Roper, Don 2; Affiliations: 1 : Board of Governors of the Federal Reserve System; 2 : University of Utah;  Source Info: Aug78, Vol. 86 Issue 4, p599; Historical Period: 1890 to 1978; Subject Term: QUANTITY theory of money; Subject Term: ECONOMICS; Subject Term: MONEY; Subject Term: PRICES; Subject: UNITED States; Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Salant, Stephen W.
AU  - Henderson, Dale W.
T1  - Market Anticipations of Government Policies and the Price of Gold.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1978/08//
VL  - 86
IS  - 4
M3  - Article
SP  - 627
EP  - 648
PB  - University of Chicago Press
SN  - 00223808
AB  - This paper is an analysis of the effects of anticipations of government sales policies on the real price of gold. Although the risk of a future government gold auction depresses the price, it also causes the price to rise in percentage terms faster than the real rate of interest and at an increasing rate. Even risk-neutral investors require this rate of return as inducement to hold gold in the face of the asymmetric risk of a price collapse. Announcements making a government auction more probable cause a sudden drop in the price. Government attempts to peg the price or to defend a price ceiling with sales from its stockpile must result eventually in a sudden attack by speculators. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - GOLD
KW  - PRICES
KW  - RATE of return
KW  - PRICE regulation
KW  - ECONOMIC policy
N1  - Accession Number: 5209346; Salant, Stephen W. 1; Henderson, Dale W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Aug78, Vol. 86 Issue 4, p627; Thesaurus Term: GOLD; Thesaurus Term: PRICES; Thesaurus Term: RATE of return; Thesaurus Term: PRICE regulation; Thesaurus Term: ECONOMIC policy; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 22p; Illustrations: 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Eisenbeis, Robert A.
T1  - PROBLEMS IN APPLYING DISCRIMINANT ANALYSIS IN CREDIT SCORING MODELS.
JO  - Journal of Banking & Finance
JF  - Journal of Banking & Finance
Y1  - 1978/06//
VL  - 2
IS  - 3
M3  - Article
SP  - 205
EP  - 219
SN  - 03784266
AB  - Since the mid-1960s financial institutions and other creditors with increasing frequency have applied credit scoring and related loan review procedures to appraise the creditworthiness of loan applicants. The passage of the Equal Credit Opportunity Act and promulgation of the Federal Reserve's Regulation B to implement this act place an important burden on institutions that are subject to the regulation and that employ screening models to ensure that their procedures are statistically and methodologically sound. This paper reviews the types of credit scoring models that have been described in various journals. It gives particular attention to the methodological approaches that have been employed and the statistical problems associated with those models using discriminant analysis techniques. The paper points out that the statistical scoring models discussed in the literature have focused primarily on the minimization of default rates, which is in fact only one dimension of the more general problem of granting credit. To the extent that for the lender profit maximization or cost minimization is, or should be, the objective of a scoring model, then most of the applied literature seems incomplete. The paper also shows that, even ignoring these shortcomings, the models used typically suffer from statistical deficiencies. And it finds that some of the problems of these models seem to be inherent in the discriminant analysis techniques employed or seem to be hard to remedy, given the state of the art concerning estimation and sampling procedures. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CREDIT scoring systems
KW  - FINANCIAL institutions
KW  - CREDIT
KW  - DEBT
KW  - LOANS
N1  - Accession Number: 11490498; Eisenbeis, Robert A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC U,S.A.; Issue Info: 1978, Vol. 2 Issue 3, p205; Thesaurus Term: CREDIT scoring systems; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CREDIT; Thesaurus Term: DEBT; Thesaurus Term: LOANS; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - TUCKER, DONALD P.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1978/06//
VL  - 33
IS  - 3
M3  - Article
SP  - 962
EP  - 964
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article comments on a paper published within the issue, "Taxation and the Incidence of Homeownership Across Income Groups," by Robert H. Litzenberger and Howard B. Sosin. The author feels that this paper is a generally sound framework for the analysis of homeownership incentives, but criticizes the its simplifying assumptions and the lackluster attention given to the impact of inflation. The author discusses the implication that a change in the paper's capital gains tax assumption strengthens the conclusions that are not adequately supported by the presented analysis.
KW  - HOME ownership
KW  - TAXATION
KW  - CAPITAL gains tax
KW  - DEPRECIATION
KW  - INFLATION (Finance)
KW  - CAPITAL gains
KW  - INCOME tax
KW  - HOUSING
KW  - INCOME distribution
KW  - HOMEOWNERS
KW  - UNITED States
N1  - Accession Number: 4655418; TUCKER, DONALD P. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Jun78, Vol. 33 Issue 3, p962; Thesaurus Term: HOME ownership; Thesaurus Term: TAXATION; Thesaurus Term: CAPITAL gains tax; Thesaurus Term: DEPRECIATION; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CAPITAL gains; Thesaurus Term: INCOME tax; Thesaurus Term: HOUSING; Thesaurus Term: INCOME distribution; Subject Term: HOMEOWNERS; Subject: UNITED States; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Stabilization Goals: Balancing Inflation and Unemployment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1978/05//
VL  - 68
IS  - 2
M3  - Article
SP  - 159
PB  - American Economic Association
SN  - 00028282
AB  - The article presents information on the measures for balancing inflation and unemployment. Unemployment and inflation are grave social ills, both capable, of changing the economic and perhaps political system of the country. The author says that there seem to be three causal sequences through which inflation raises rather that reduces unemployment which includes policy measures designed to curb inflations, acceleration toward hyperinflation in the absence of such less than accommodative policy measures and disincentives to investment and reduction in the capital stock relative to the labor force. In recent years, the economics profession seems to have modified its evaluation of the relative welfare loss from inflation and unemployment. Inflation therefore does affect real variables-the level and distributions of income and wealth, relative prices, investment, growth, and employment. If unemployment and inflation were to continue at high levels, the principal individual and social welfare losses would not come from income foregone.
KW  - INFLATION (Finance)
KW  - UNEMPLOYMENT
KW  - EFFECT of inflation on income
KW  - SOCIOECONOMICS
KW  - ECONOMIC development
KW  - POLITICAL systems
N1  - Accession Number: 4503404; Wallich, Henry C. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May78, Vol. 68 Issue 2, p159; Thesaurus Term: INFLATION (Finance); Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: EFFECT of inflation on income; Thesaurus Term: SOCIOECONOMICS; Thesaurus Term: ECONOMIC development; Subject Term: POLITICAL systems; Number of Pages: 6p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Reflections on the U.S. Balance of Payments.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1978/03//Mar/Apr78
VL  - 21
IS  - 1
M3  - Article
SP  - 56
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article presents information about the address of Henry C. Wallich, Member of the Board of Governors of the U.S. Federal Reserve System, at the joint luncheon of the American Economic Association and American Finance Association in New York City on December 28, 1977. In international comparison, the U.S. economy did well in 1977 and seems likely to hold its own in 1978. Nevertheless, the country face serious challenges. At home, while growth has been reasonably satisfactory, unemployment and inflation continue at excessive levels. Important adjustments in fields like energy remain to be made. Internationally, the country confronts a very large current account deficit and have witnessed a substantial decline in the dollar. The U.S. operate under an exchange rate regime in which it has been accepted that underlying economic and financial factors are to govern the level and movement of exchange rates. Unrealistic exchange rates cannot long be sustained in a world in which the flows of goods, services, and particularly capital are gratifyingly free and are becoming increasingly large.
KW  - EFFECT of inflation on unemployment
KW  - FOREIGN exchange rates
KW  - UNITED States -- Economic conditions
KW  - UNITED States -- Economic conditions -- 1971-1981
KW  - NEW York (N.Y.)
KW  - UNITED States
KW  - NEW York (State)
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 6148329; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors, Federal Reserve System.; Issue Info: Mar/Apr78, Vol. 21 Issue 1, p56; Thesaurus Term: EFFECT of inflation on unemployment; Thesaurus Term: FOREIGN exchange rates; Subject Term: UNITED States -- Economic conditions; Subject Term: UNITED States -- Economic conditions -- 1971-1981; Subject: NEW York (N.Y.); Subject: UNITED States; Subject: NEW York (State) ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - BOCZAR, GREGORY E.
T1  - COMPETITION BETWEEN BANKS AND FINANCE COMPANIES: A CROSS SECTION STUDY OF PERSONAL LOAN DEBTORS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1978/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 245
EP  - 258
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article examines the role of market segmentation by risk in the competition between banks and finance companies for consumer credit customers. Risk is widely viewed as a key determinant in the provision of consumer credit, with low-risk customers patronizing banks and more risky consumers resorting to finance companies for their credit needs. However, the author employs multivariate probit analysis to show sufficient overlap exists among the consumer profiles of the two industries to challenge the notion that risk segmentation prevents competition between banks and finance firms.
KW  - BANKING industry
KW  - FINANCE companies
KW  - CONSUMER credit
KW  - MARKET segmentation
KW  - RISK
KW  - CONSUMER credit -- Law & legislation
KW  - CONSUMER finance companies
KW  - CONSUMER law
KW  - CREDIT
KW  - LOANS
KW  - COMPETITION
KW  - UNITED States
N1  - Accession Number: 4662032; BOCZAR, GREGORY E. 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System.; Issue Info: Mar1978, Vol. 33 Issue 1, p245; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE companies; Thesaurus Term: CONSUMER credit; Thesaurus Term: MARKET segmentation; Thesaurus Term: RISK; Thesaurus Term: CONSUMER credit -- Law & legislation; Thesaurus Term: CONSUMER finance companies; Thesaurus Term: CONSUMER law; Thesaurus Term: CREDIT; Thesaurus Term: LOANS; Subject Term: COMPETITION; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 922190 Other Justice, Public Order, and Safety Activities; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 14p; Illustrations: 2 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KOPECKY, KENNETH J.
T1  - NONMEMBER BANKS AND EMPIRICAL MEASURES OF THE VARIABILITY OF RESERVES AND MONEY: A THEORETICAL APPRAISAL.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1978/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 311
EP  - 318
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Not all banks in the U.S. belong to the Federal Reserve System. Previous work has suggested that imposing reserve requirements on non-member banks would not improve the Federal Reserve's control over the money supply. Central to that conclusion is the assumption that uniform reserve requirements would see a convergence in the variability of two key ratios, total banking system reserves to money supply, and total member bank reserves to money supply. The current paper examines this assumption and demonstrates the inherent difficulty in predicting changes in variability.
KW  - RESERVE requirements
KW  - BANK reserves
KW  - BANKING industry
KW  - MONEY supply
KW  - BANKING industry -- United States
KW  - BANK deposits
KW  - RESERVES (Accounting)
KW  - RESERVE assets
KW  - BANK assets
KW  - CAPITAL requirements
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 4662123; KOPECKY, KENNETH J. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System.; Issue Info: Mar1978, Vol. 33 Issue 1, p311; Thesaurus Term: RESERVE requirements; Thesaurus Term: BANK reserves; Thesaurus Term: BANKING industry; Thesaurus Term: MONEY supply; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANK deposits; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: RESERVE assets; Thesaurus Term: BANK assets; Thesaurus Term: CAPITAL requirements; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - EISENBEIS, ROBERT A.
T1  - "A MULTIVARIATE ANALYSIS OF INDUSTRIAL BOND RATINGS" AND THE ROLE OF SUBORDINATION: A COMMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1978/03//
VL  - 33
IS  - 1
M3  - Article
SP  - 325
EP  - 335
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article further clarifies the use of discriminant analysis in previous "Journal of Finance" papers by Pinches and Mingo (P&M) on industrial bond ratings models. Three key issues are addressed. The author illustrates the role played by the subordination variable in P&M's classification of bond ratings. He also examines P&M's derivation of classification rules and error rates. Finally, he discusses the factor analysis P&M performed on their initial 35 variables, and the consequences of their having discarded certain of them.
KW  - BONDS (Finance) -- Ratings & rankings
KW  - MULTIVARIATE analysis
KW  - DISCRIMINANT analysis
KW  - CORRELATION (Statistics)
KW  - BONDS (Finance)
KW  - ERROR analysis (Mathematics)
KW  - MATHEMATICAL models
KW  - FACTOR analysis
KW  - VARIABLES (Mathematics)
KW  - CHI-squared test
KW  - ERROR rates
KW  - JOURNAL of Finance (Periodical)
N1  - Accession Number: 4662150; EISENBEIS, ROBERT A. 1; Affiliations: 1: Associate Research Division Officer, of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Mar1978, Vol. 33 Issue 1, p325; Thesaurus Term: BONDS (Finance) -- Ratings & rankings; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: DISCRIMINANT analysis; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: BONDS (Finance); Thesaurus Term: ERROR analysis (Mathematics); Thesaurus Term: MATHEMATICAL models; Subject Term: FACTOR analysis; Subject Term: VARIABLES (Mathematics); Subject Term: CHI-squared test; Subject Term: ERROR rates; Reviews & Products: JOURNAL of Finance (Periodical); Number of Pages: 11p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Altman, Edward I.
AU  - Eisenbeis, Robert A.
T1  - FINANCIAL APPLICATIONS OF DISCRIMINANT ANALYSIS: A CLARIFICATION.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1978/03//
VL  - 13
IS  - 1
M3  - Article
SP  - 185
EP  - 195
PB  - Cambridge University Press
SN  - 00221090
AB  - The article presents commentary and clarification on the implications of a research report "On the Financial Applications of Discriminant Analysis," by O. Maurice Joy and John O. Tollefson from the December 1975 issue. Criticism and elaboration is given concerning Joy and Tollefson's descriptions of the discriminant model and the level of its predictive ability, alternative methods of variable discrimination, and the validity of their empirical statistics to prove classification efficiency. Using the data from Joy and Tollefson's report, a linear discriminant function model is analyzed and proven superior.
KW  - DISCRIMINANT analysis
KW  - FINANCE -- Mathematical models
KW  - FINANCE -- Statistics
KW  - CORPORATIONS -- Finance
KW  - CORRELATION (Statistics)
KW  - INVESTMENT analysis
KW  - BANKRUPTCY
KW  - ECONOMETRIC models
KW  - PREDICTION theory
KW  - VARIABLES (Mathematics)
KW  - TOLLEFSON, John O.
KW  - JOY, O. Maurice
N1  - Accession Number: 4754930; Altman, Edward I. 1; Eisenbeis, Robert A. 2; Affiliations: 1: New York University; 2: Board of Governors, Federal Reserve System; Issue Info: Mar1978, Vol. 13 Issue 1, p185; Thesaurus Term: DISCRIMINANT analysis; Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: FINANCE -- Statistics; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: INVESTMENT analysis; Thesaurus Term: BANKRUPTCY; Thesaurus Term: ECONOMETRIC models; Subject Term: PREDICTION theory; Subject Term: VARIABLES (Mathematics); NAICS/Industry Codes: 522291 Consumer Lending; People: TOLLEFSON, John O.; People: JOY, O. Maurice; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - BOOK
AU  - Board of Governors of the Federal Reserve System, Washington, D.C
T1  - Consumer Handbook to Credit Protection Laws
JO  - Consumer Handbook to Credit Protection Laws
JF  - Consumer Handbook to Credit Protection Laws
Y1  - 1978///
M3  - Teaching Material
AB  - The five sections of this consumer handbook are The Cost of Credit, Applying for Credit, Credit Histories and Records, Correcting Credit Mistakes, and Complaining about Credit. Each section discusses relevant legislation: Truth in Lending, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act. Topics discussed in section I include methods for comparing finance costs, and explanations of open end credit, open end leases, balloon payments, advertising costs, and costs of settlement on a house. Section II discusses discrimination pertaining to sex, age, and marital status. Borrower characteristics and circumstances under which an agency may not legally deny credit are listed. Section III covers establishing credit histories for married, divorced, or widowed women, and methods for maintaining credit histories. Section four explains action to take concerning defective goods and services, prompt credits and refunds, second mortgage cancellation, lost or stolen credit cards, unsolicited credit cards, and discounts for cash payments. Section five discusses procedures for complaining to federal agencies. A glossary and addresses of federal enforcement agencies and federal reserve banks are included. (KC) (Copyright applies to all Abstracts.)
KW  - Consumer economics
KW  - Consumer education
KW  - Consumer protection
KW  - Credit
KW  - Equal protection
KW  - Federal legislation
KW  - Females
KW  - Financial problems
KW  - Home economics education
KW  - Instructional materials
KW  - Marital status
KW  - Minority groups
KW  - Money management
KW  - Postsecondary education
KW  - Purchasing
KW  - Racial discrimination
KW  - Responsibility
KW  - Secondary education
KW  - Sex discrimination
N1  - Accession Number: ERI-EFSD027485; Board of Governors of the Federal Reserve System, Washington, D.C; Source Info: Dec 1978; 26 Page(s); 1 Microfiche    ; Note: Clearing House: Social Studies/Social Science Education; Note: Availability: Paper Copy: $8.16 Microfiche: $1.38 Plus Postage. To order, write to: EDRS, 7420 Fullerton Road, Suite 100, Springfield, Virginia, 22153-2852, USA; or call: 800-443-3742; 703-440-1400; FAX: 703-440-1408; Internet: edrs@inet.ed.gov.; Document Type: Teaching Material
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DP  - EBSCOhost
DB  - flh
ER  - 

TY  - JOUR
AU  - Isard, Peter
T1  - How Far Can We Push the "Law of One Price"?
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1977/12//
VL  - 67
IS  - 5
M3  - Article
SP  - 942
EP  - 948
PB  - American Economic Association
SN  - 00028282
AB  - This article argues that exchange rate changes substantially alter the relative dollar-equivalent prices of the most narrowly defined domestic and foreign manufactured goods for which prices can readily be matched. Relative price effects seem to persist for at least several years and cannot be shrugged off as transitory. In other words, for manufactured goods selected from the most disaggregated commodity lists for which U.S. and foreign prices can be matched, the products of different countries exhibit relative price behavior which marks them as differentiated products, rather than near-perfect substitutes. In a comparison of U.S., European, and Japanese prices of various well-defined steel items cost, insurance and freight for delivery in a common port. Ratios of German dollar prices to U.S. dollar prices and ratios of Japanese dollar prices to U.S. dollar prices are seen to be significantly and positively dependent on U.S. dollar prices of the mark and yen, respectively, for almost all commodity groups under consideration. A similar finding does not emerge in the Canadian case, perhaps because the exchange rate between the U.S. and Canadian dollars showed little variance and no abrupt changes during the sample period. The significance of exchange rate levels, however, suggests again that substantial changes in exchange rates, typically have substantial and persistent effects on the relative common currency prices of closely matched manufactures produced in different countries.
KW  - FOREIGN exchange rates
KW  - DOLLAR (United States currency)
KW  - PRICES
KW  - MANUFACTURES
KW  - DOLLAR
N1  - Accession Number: 4506370; Isard, Peter 1; Affiliations: 1: Division of International Finance, Board of Governors of the Federal Reserve System; Issue Info: Dec77, Vol. 67 Issue 5, p942; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: PRICES; Thesaurus Term: MANUFACTURES; Thesaurus Term: DOLLAR; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; Number of Pages: 7p; Illustrations: 4 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - O'BRIEN, JAMES M.
T1  - ON THE INCIDENCE OF SELECTIVE CREDIT AND RELATED POLICIES IN A MULTI-ASSET FRAMEWORK.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1977/12//
VL  - 32
IS  - 5
M3  - Article
SP  - 1539
EP  - 1556
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Subsidies and taxes applied to selected assets are an important part of government's intervention into financial markets. Examples include the income tax exemption on interest from municipal bonds, the corporate profits tax (a tax on the return to corporate equity), and the myriad of other loan-subsidy programs designed to support residential mortgage and other types of financing. Closely related to these policies and often having the same objectives are the Federal (or Federally supported) credit agencies which purchase favored securities and finance their operations by issuing other securities. Moreover, there is currently a strong interest in expanding these various forms of selective credit policies. An alternative to such policies often suggested, at least for resource allocation purposes, is production oriented subsidies and taxes. This paper attempts to analyze the asset yield and price effects of these three policy approaches: asset subsidy (tax) schemes, government intermediaries, and production-oriented subsidies (taxes). These effects are important in determining the various policies' incidence (i.e., income distribution effects) which provides the focus for the paper. However, certain results which bear on resource allocation effects will also be brought out. The analysis employs a general equilibrium asset-market model of the Tobin-Brainard variety. The multi-asset framework is necessitated by the type of policy analysis and comparisons being made here. An additional motivation is the absence of this framework from most incidence studies of asset policies. To provide some perspective on the analysis and results, we first make a brief assessment of approaches used in current studies. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SUBSIDIES
KW  - ACCOUNTING
KW  - ASSETS (Accounting)
KW  - RESOURCE allocation
KW  - RESEARCH
KW  - PUBLIC spending
KW  - FINANCIAL institutions
KW  - DOMESTIC economic assistance
KW  - INCOME distribution
KW  - REAL income
KW  - DISPOSABLE income
N1  - Accession Number: 4657683; O'BRIEN, JAMES M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec1977, Vol. 32 Issue 5, p1539; Thesaurus Term: SUBSIDIES; Thesaurus Term: ACCOUNTING; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: RESOURCE allocation; Thesaurus Term: RESEARCH; Thesaurus Term: PUBLIC spending; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: DOMESTIC economic assistance; Thesaurus Term: INCOME distribution; Thesaurus Term: REAL income; Thesaurus Term: DISPOSABLE income; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 18p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MINGO, JOHN
AU  - WOLKOWITZ, BENJAMIN
T1  - THE EFFECTS OF REGULATION ON BANK BALANCE SHEET DECISIONS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1977/12//
VL  - 32
IS  - 5
M3  - Article
SP  - 1605
EP  - 1616
PB  - Wiley-Blackwell
SN  - 00221082
AB  - In this paper we present a model with strong neoclassical microeconomic roots. Profit maximization is assumed to be management's goal with the primary external constraint being the regulator's soundness requirement. By solving the model and then determining how the balance sheet would be adjusted in response to a change in regulatory requirements, a first step in analyzing the interrelationship between profits and soundness and the influence of regulation on balance sheet decisions is provided. Section I contains a discussion of the underlying assumptions and the behavioral equations of a stylized model of the banking firm. In Section II the model is solved and the effects of changes in soundness requirements are discussed. Section III provides an analysis of how a bank's relative position in imperfect capital, loan and deposit markets influences its reaction to changes in soundness requirements. This section also provides an interpretation of what these results imply for regulatory behavior. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - FINANCE
KW  - PROFIT maximization
KW  - FINANCIAL statements
KW  - RENT (Economic theory)
KW  - CORPORATE profits
KW  - FINANCIAL risk
KW  - RATE of return
KW  - REGULATED industries
KW  - FINANCIAL institutions -- Management
KW  - ECONOMETRIC models
N1  - Accession Number: 4657787; MINGO, JOHN 1; WOLKOWITZ, BENJAMIN 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Dec1977, Vol. 32 Issue 5, p1605; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: PROFIT maximization; Thesaurus Term: FINANCIAL statements; Thesaurus Term: RENT (Economic theory); Thesaurus Term: CORPORATE profits; Thesaurus Term: FINANCIAL risk; Thesaurus Term: RATE of return; Thesaurus Term: REGULATED industries; Thesaurus Term: FINANCIAL institutions -- Management; Thesaurus Term: ECONOMETRIC models; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Mehta, J. S.
T1  - Estimation of Linear Models with Time and Cross-Sectionally Varying Coefficients.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1977/12//
VL  - 72
IS  - 360
M3  - Article
SP  - 890
SN  - 01621459
AB  - In an earlier article (Swamy and Mehta 1975), we formulated a particular decomposition for the coefficient vector in a relationship to be estimated from a time series of cross sections. Specifically, we expressed the coefficient vector as the sum of a common mean vector and two random vectors. One of these random vectors differs among individuals both at a point in time and through time, while the other -differs among individuals only] In this article, we state some conditions under which, h the estimators of the first two moments of the coefficient vector developed in Swamy and Mehta (1975) are weakly consistent and asymptotically normal. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LINEAR models (Statistics)
KW  - ESTIMATION theory
KW  - STATISTICAL hypothesis testing
KW  - MATHEMATICAL statistics
KW  - MATHEMATICAL models
KW  - SAMPLING (Statistics)
KW  - STATISTICS
KW  - ASYMPTOTIC theory
KW  - ASYMPTOTIC efficiencies (Statistics)
KW  - Approximate generalized least- squares estimators
KW  - Asymptotically normal.
KW  - Linear models
KW  - Randçm time and cross-sectionally varying components of coefficients
KW  - Weakly consistent
N1  - Accession Number: 4614034; Swamy, P. A. V. B. 1; Mehta, J. S. 2; Affiliations: 1: Economist with the Federal Reserve System, Washington D.C.; 2: Associate Professor, Department of Mathematics, Temple University, Philadelphia, PA 19122.; Issue Info: Dec77, Vol. 72 Issue 360, p890; Thesaurus Term: LINEAR models (Statistics); Thesaurus Term: ESTIMATION theory; Thesaurus Term: STATISTICAL hypothesis testing; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: STATISTICS; Subject Term: ASYMPTOTIC theory; Subject Term: ASYMPTOTIC efficiencies (Statistics); Author-Supplied Keyword: Approximate generalized least- squares estimators; Author-Supplied Keyword: Asymptotically normal.; Author-Supplied Keyword: Linear models; Author-Supplied Keyword: Randçm time and cross-sectionally varying components of coefficients; Author-Supplied Keyword: Weakly consistent; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 9p; Document Type: Article
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ER  - 

TY  - GEN
AU  - Perry, George
AU  - Ulmer, Melville J.
AU  - Wallich, Henry C.
T1  - What Is to Be Done?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1977/11//Nov/Dec77
VL  - 20
IS  - 5
M3  - Interview
SP  - 35
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article is an interview of the authors of the article on the economic conditions of the U.S. under the reign of U.S. President Jimmy Carter. All three of the authors have provided a critical analysis on the question of whether the Carter administration who wants to cut the unemployment rate to 435 percent, and the inflation rate to just over 4 percent to balance the budget and reduce the share of federal spending in the GNP all by 1981, will be bale to achieve the same. The authors on the other hand some how agree to the notion of the interviewer that most economists used to agree that full employment means roughly a 4 percent unemployment rate, or even a little less, which was attained in the early fifties and forties, but the Carter administration wants to take it to the 5 percent margin. The notion is that whether this margin is achievable or not. Other questions that the authors are asked relate to the increase in the unemployment rate in coordination with the aim to achieve full employment.
KW  - ECONOMIC policy
KW  - UNEMPLOYMENT
KW  - EMPLOYMENT (Economic theory)
KW  - ECONOMISTS
KW  - UNITED States -- Economic conditions -- 1971-1981
KW  - AUTHORS -- Interviews
KW  - QUESTION (Logic)
KW  - UNITED States
KW  - WALLICH, Henry -- Interviews
KW  - PERRY, George -- Interviews
KW  - ULMER, Melville -- Interviews
N1  - Accession Number: 6156604; Perry, George 1; Ulmer, Melville J. 2; Wallich, Henry C. 3; Affiliations: 1: Senior Fellow at the Brookings Institution.; 2: Professor of Economics, University of Maryland.; 3: Member of the Board of Governors of the Federal Reserve System.; Issue Info: Nov/Dec77, Vol. 20 Issue 5, p35; Thesaurus Term: ECONOMIC policy; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: ECONOMISTS; Subject Term: UNITED States -- Economic conditions -- 1971-1981; Subject Term: AUTHORS -- Interviews; Subject Term: QUESTION (Logic); Subject: UNITED States; NAICS/Industry Codes: 711510 Independent Artists, Writers, and Performers; NAICS/Industry Codes: 711513 Independent writers and authors; People: WALLICH, Henry -- Interviews; People: PERRY, George -- Interviews; People: ULMER, Melville -- Interviews; Number of Pages: 8p; Document Type: Interview
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ER  - 

TY  - JOUR
AU  - Girton, Lance
AU  - Roper, Don
T1  - A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1977/09//
VL  - 67
IS  - 4
M3  - Article
SP  - 537
EP  - 548
PB  - American Economic Association
SN  - 00028282
AB  - This article presents a monetary model of exchange market pressure applied to the postwar Canadian experience. The monetary approach to the balance of payments has received considerable attention. However, most of the empirical studies employ models of a small country with fixed exchange rates. Without relying on the small-country assumption, a model is derived to explain both exchange rate movements and official intervention. The dependent variable, which is called exchange market pressure, provides a measure of the volume of intervention necessary to achieve any desired exchange rate target. The model is applied to the postwar Canadian experience. If the balance of payments is divided into more than two accounts--for example, the current, capital, and money accounts--then each account can be explained with a direct or an indirect approach. Monetary independence can be measured by the degree to which alterations in the domestic source of the monetary base lead to changes in the demand for domestic base and thereby the total quantity outstanding.
KW  - FOREIGN exchange rates
KW  - MONETARY policy
KW  - BALANCE of payments deficit
KW  - BALANCE of payments
KW  - BALANCE of trade
KW  - CAPITAL movements
KW  - ECONOMETRIC models
N1  - Accession Number: 4500639; Girton, Lance 1; Roper, Don 2; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System.; 2: Associate professor of economics, University of Utah.; Issue Info: Sep77, Vol. 67 Issue 4, p537; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: MONETARY policy; Thesaurus Term: BALANCE of payments deficit; Thesaurus Term: BALANCE of payments; Thesaurus Term: BALANCE of trade; Thesaurus Term: CAPITAL movements; Thesaurus Term: ECONOMETRIC models; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Woglom, Geoffrey
T1  - Two-Sector Aggregative Models and the Investment Demand Function.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1977/09//
VL  - 67
IS  - 4
M3  - Article
SP  - 723
EP  - 727
PB  - American Economic Association
SN  - 00028282
AB  - This article discusses the two-sector aggregative models and the investment demand function. The study alters the H-S model created by economists Dale Henderson and Thomas Sargent to allow for an investment demand function based on costs of adjustment. In analyzing the comparative static results of this model one can determine whether the strange results of the H-S model are due to the assumption of a two-sector production technology or the assumption of a perfect market in existing capital goods. The profit-maximizing subsystem in the H-S model can be solved to yield the price level and the marginal product of capital as functions of the relative price of investment. A general equilibrium occurs when the consumption good, money and investment good markets are in equilibrium. The H-S results seem to imply that the analysis of the effectiveness of fiscal policy in the traditional IS-LM analysis is very sensitive to the assumption of a one-sector production technology. Besides assuming a two-sector production technology, the H-S model also assumes a perfect capital market, where the asset value of capital is always equal to reproduction cost.
KW  - ECONOMETRICS
KW  - ECONOMIC models
KW  - CONSUMPTION (Economics)
KW  - DEMAND (Economic theory)
KW  - CAPITAL market
KW  - MONEY market
KW  - HENDERSON, Dale
KW  - SARGENT, Thomas
N1  - Accession Number: 4501179; Woglom, Geoffrey 1,2; Affiliations: 1: Boston College.; 2: Banking Section, Board of Governors of the Federal Reserve System.; Issue Info: Sep77, Vol. 67 Issue 4, p723; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: CAPITAL market; Thesaurus Term: MONEY market; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; People: HENDERSON, Dale; People: SARGENT, Thomas; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adams, William James
AU  - Yellen, Janet L.
T1  - WHAT MAKES ADVERTISING PROFITABLE?
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1977/09//
VL  - 87
IS  - 347
M3  - Article
SP  - 427
EP  - 449
PB  - Wiley-Blackwell
SN  - 00130133
AB  - Advertising is a costly activity designed to shift the demand curve facing a firm. One purpose of this paper is to demonstrate that advertising can influence the profit a monopolist earns in two way: it can augment the surplus in the monopolist's market; and it can change the extent to which such surplus as exists can be converted into profit. Advertising affects the profit of all firms with market power in the first way. It affects the profit of firms unable to discriminate in price in the second way as well. We establish this proposition and explore its behavioural implications in Sections II and III.[2] In particular, we show why advertising might be profitable to supply even if it increases no consumer's reservation price for the firm's product and why advertising might be targeted at certain consumers even if it is costless to supply. Section II analyses the case of a single brand monopolist while Section III extends the analysis to his multiple brand counterpart. That the provision of advertising affects a monopolist's ability to capture existing surplus in his market has important normative implications. We therefore investigate the welfare impact of advertising in Section IV. Heretofore, economists have focused on two normative consequences of advertising: changes in consumer tastes and changes in barriers to new competition.[3] In our model, however, advertising need not pervert tastes or dilute competition to be supplied in a socially detrimental manner. Specifically, we demonstrate that a non-discriminating monopolist might supply too much advertising to consumers, supply advertising to the wrong types of consumers, or supply too many brands of his product. The conclusions we draw from our analysis appear in Section V. not how much, to advertise to each group.[1] Should the monopolist advertise to type i consumers, he incurs a fixed cost of a[sup i]. Consumers do not pay directly for advertising received. Advertising costs must be recouped in th... [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ADVERTISING
KW  - MARKETING
KW  - PROFIT
KW  - MARKETS
KW  - MONOPOLIES
N1  - Accession Number: 4543236; Adams, William James 1; Yellen, Janet L. 2; Affiliations: 1: University of Michigan; 2: Board of Governors of the Federal Reserve System, Washington, D. C.; Issue Info: Sep77, Vol. 87 Issue 347, p427; Thesaurus Term: ADVERTISING; Thesaurus Term: MARKETING; Thesaurus Term: PROFIT; Thesaurus Term: MARKETS; Thesaurus Term: MONOPOLIES; NAICS/Industry Codes: 541890 Other Services Related to Advertising; NAICS/Industry Codes: 541850 Outdoor Advertising; NAICS/Industry Codes: 541613 Marketing Consulting Services; Number of Pages: 23p; Illustrations: 9 Diagrams, 3 Charts, 9 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - McCormick, Frank
T1  - A MULTIPERIOD THEORY OF FORWARD EXCHANGE.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1977/08//
VL  - 7
IS  - 3
M3  - Article
SP  - 269
EP  - 282
SN  - 00221996
AB  - The purpose of this paper is to extend the theory of forward exchange developed by S.C. Tsiang and Egon Sohmen by adding to it an important relationship between the speculative demands for foreign exchange. With this extended theory of forward exchange it is relatively easy to clearly and carefully analyze complex problems involving the interaction of spot and forward markets in different time periods. To illustrate this point the theory is used to analyze the same problem that Tsiang attacked unsuccessfully-determining the deferred effect of government intervention in the forward exchange market. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FOREIGN exchange futures
KW  - CURRENCY swaps
KW  - FOREIGN exchange rates
KW  - FOREIGN exchange market
KW  - MONEY market
KW  - FOREIGN exchange
KW  - INTERNATIONAL trade
KW  - INTERNATIONAL finance
KW  - MARKET equilibrium
KW  - MARKETS
N1  - Accession Number: 9240442; McCormick, Frank 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC 20551, U.S.A.; Issue Info: Aug77, Vol. 7 Issue 3, p269; Thesaurus Term: FOREIGN exchange futures; Thesaurus Term: CURRENCY swaps; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: MONEY market; Thesaurus Term: FOREIGN exchange; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: MARKET equilibrium; Thesaurus Term: MARKETS; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Illustrations: 11 Graphs; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - What Makes Exchange Rates Move?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1977/07//Jul/Aug77
VL  - 20
IS  - 3
M3  - Article
SP  - 34
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - Since the collapse in 1973 of the old system of fixed exchange rates, the world's major currencies have been floating. More accurately, some have been sinking, while others have been drifting up. The dollar, alter an initial decline, now stands about 9 percent above the level at which it began its float. Different countries have recorded very different experiences. The United States has been distinctly comfortable with floating. Since the United States is a very large country, its major fiscal and monetary policies have had to be guided mainly by domestic considerations, principally full employment, price stability, and economic growth. Countries with weak currencies have fared very differently. Under the old system, a country like Great Britain or Italy might rely on its fixed rate to help offset domestic inflation. In this manner, floating has helped to polarize countries. It would be quite wrong, however, to conclude that the solution to this dilemma lies in the direction of a prompt return to fixed exchange rates. Under present disturbed conditions, that road is definitely closed, and it might remain impassable even if the countries with weak currencies managed to lift themselves up to a higher degree of stability.
KW  - FOREIGN exchange rates
KW  - BRETTON Woods System
KW  - MONETARY policy
KW  - FISCAL policy
KW  - INTERNATIONAL finance
KW  - GREAT Britain
KW  - ITALY
KW  - UNITED States
N1  - Accession Number: 6154813; Wallich, Henry C. 1; Affiliations: 1: Member of Board of Governors of Federal Reserve System.; Issue Info: Jul/Aug77, Vol. 20 Issue 3, p34; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: BRETTON Woods System; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Thesaurus Term: INTERNATIONAL finance; Subject: GREAT Britain; Subject: ITALY; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article
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DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - RECURSIVE SUBAGGREGATION AND A GENERALIZED HYPOCYCLOIDAL DEMAND MODEL.
JO  - Econometrica
JF  - Econometrica
Y1  - 1977/07//
VL  - 45
IS  - 5
M3  - Article
SP  - 1117
EP  - 1136
SN  - 00129682
AB  - We develop a demand model from a utility tree possessing interactions at all levels. The model is both highly flexible and globally integrable. We use an approach to recursive subaggregation permitting convenient estimation with an unlimited number of goods, and we apply the approach to the construction of a food price forecasting model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Econometrica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - UTILITY theory
KW  - DEMAND (Economic theory)
KW  - VALUE (Economics)
KW  - ELASTICITY (Economics)
KW  - ESTIMATION theory
KW  - MATHEMATICAL statistics
KW  - STOCHASTIC processes
KW  - ECONOMETRICS
KW  - ECONOMICS
KW  - MATHEMATICAL economics
KW  - LEAST squares
N1  - Accession Number: 6859800; Barnett, William A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Jul77, Vol. 45 Issue 5, p1117; Thesaurus Term: UTILITY theory; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: VALUE (Economics); Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: ESTIMATION theory; Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ECONOMICS; Thesaurus Term: MATHEMATICAL economics; Subject Term: LEAST squares; Number of Pages: 20p; Illustrations: 6 Charts; Document Type: Article
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DB  - buh
ER  - 

TY  - JOUR
AU  - Mains, Norman E.
T1  - Risk, the Pricing of Capital Assets, and the Evaluation of Investment Portfolios: Comment.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1977/07//
VL  - 50
IS  - 3
M3  - Article
SP  - 371
EP  - 385
PB  - University of Chicago Press
SN  - 00219398
AB  - The article presents a discussion on risk, the pricing of capital assets, and the evaluation of investment portfolios. Economist Michael C. Jensen presented empirical results from which he concluded that mutual fund portfolios showed inferior performance over the 10 year period 1955-64 after the deduction of all operating expenses, management fees, and brokerage commissions generated in trading activity. Jensen argued further that, as a group, the mutual funds performance was neutral when all operating expenses and brokerage commissions were added back to the fund returns, therefore, the resources spent by the funds in attempting to forecast security prices did not yield higher portfolio returns than those which could have been earned by randomly generated portfolios. Finally, Jensen suggested that his evidence supported the strong form of the efficient market hypothesis, that is, the current prices of securities completely reflect the effects of all information concerning the securities, and efforts to acquire and analyze this information cannot produce consistently superior results.
KW  - CAPITAL assets pricing model
KW  - INVESTMENTS
KW  - RISK
KW  - SECURITIES -- Prices
KW  - MUTUAL funds
KW  - PORTFOLIO management (Investments)
N1  - Accession Number: 4587415; Mains, Norman E. 1; Affiliations: 1: Economist, Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Jul77, Vol. 50 Issue 3, p371; Thesaurus Term: CAPITAL assets pricing model; Thesaurus Term: INVESTMENTS; Thesaurus Term: RISK; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: MUTUAL funds; Thesaurus Term: PORTFOLIO management (Investments); NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Greer, Douglas F.
AU  - Rhoades, Stephen A.
T1  - A TEST OF THE RESERVE LABOUR HYPOTHESIS.
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1977/06//
VL  - 87
IS  - 346
M3  - Article
SP  - 290
EP  - 299
PB  - Wiley-Blackwell
SN  - 00130133
AB  - Roger Le Roy Miller's reserve labour hypothesis holds that profit maximising firms may employ, at off-peak times, two types of labour -- effective labour and "reserve" labour.[1] During off-peak periods of the production cycle, firms may find it profitable to retain some redundant workers on their pay-rolls as "inventories" of labour, especially if their product inventory holding costs are substantial. A cross-section regression analysis of the inter-industry variance of these elasticity estimates confirms the reserve labour hypothesis. Moreover, the employment-output elasticity is higher in capital goods industries than in non-capital goods industries; it is positively associated with the average hourly earnings of production workers and unionisation; and it is inversely related to capital intensity. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR economics
KW  - RESERVE assets
KW  - CORPORATION reserves
KW  - LABOR
KW  - LABOR costs
KW  - LE Roy Miller, Roger
N1  - Accession Number: 4534034; Greer, Douglas F. 1; Rhoades, Stephen A. 2; Affiliations: 1: California State University, San Jose; 2: Board of Governers of the Federal Reserve, System, Washington D.C.; Issue Info: Jun77, Vol. 87 Issue 346, p290; Thesaurus Term: LABOR economics; Thesaurus Term: RESERVE assets; Thesaurus Term: CORPORATION reserves; Thesaurus Term: LABOR; Thesaurus Term: LABOR costs; People: LE Roy Miller, Roger; Number of Pages: 10p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - HEGGESTAD, ARNOLD A.
AU  - MINGO, JOHN J.
T1  - THE COMPETITIVE CONDITION OF U.S. BANKING MARKETS AND THE IMPACT OF STRUCTURAL REFORM.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1977/06//
VL  - 32
IS  - 3
M3  - Article
SP  - 649
EP  - 661
PB  - Wiley-Blackwell
SN  - 00221082
AB  - In this paper we examine the relation between firm concentration in local banking markets and two measures of prices on specific banking products. The results indicate that at some level of concentration, banking markets become "effectively monopolized". Comparing our estimate of the "effective monopoly" level of concentration with the actual distribution of concentration levels in U.S. banking markets leads to the conclusion that in most of the 2800-plus local markets, banks have achieved the monopoly price-output configuration. The implication of these findings is that the social costs and benefits of changes in market concentration are asymmetrical. Even mergers between dominant banking firms are unlikely to result in great social costs in terms of monopoly-induced price increases. However, major declines in concentration can have important price reduction benefits, if the decline pushes the market into the region where the traditional concentration-price relation seems to hold. Hence, regulators may be well advised to spend fewer resources studying the antitrust implications of individual merger cases, and to focus on the adoption of major structural changes, such as interstate branch banking and the proposals evaluated in this study, which decrease the insulation of commercial banks from other banks and other financial institutions in local markets. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING research
KW  - MONOPOLISTIC competition
KW  - MARKET equilibrium
KW  - INDUSTRIAL concentration
KW  - PRICE indexes
KW  - BANK mergers
KW  - MARKET share
KW  - BANKING law & legislation
KW  - PRICE regulation
KW  - STANDARD metropolitan statistical areas
KW  - UNITED States -- Politics & government -- 1977-1981
KW  - COMPETITION
KW  - UNITED States
N1  - Accession Number: 4661743; HEGGESTAD, ARNOLD A. 1; MINGO, JOHN J. 2; Affiliations: 1: University of Florida.; 2: Board of Governors Federal Reserve System.; Issue Info: Jun77, Vol. 32 Issue 3, p649; Thesaurus Term: BANKING research; Thesaurus Term: MONOPOLISTIC competition; Thesaurus Term: MARKET equilibrium; Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: PRICE indexes; Thesaurus Term: BANK mergers; Thesaurus Term: MARKET share; Thesaurus Term: BANKING law & legislation; Thesaurus Term: PRICE regulation; Subject Term: STANDARD metropolitan statistical areas; Subject Term: UNITED States -- Politics & government -- 1977-1981; Subject Term: COMPETITION; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 13p; Illustrations: 1 Diagram, 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - EISENBEIS, ROBERT A.
T1  - PITFALLS IN THE APPLICATION OF DISCRIMINANT ANALYSIS IN BUSINESS, FINANCE, AND ECONOMICS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1977/06//
VL  - 32
IS  - 3
M3  - Article
SP  - 875
EP  - 900
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper has discussed several of the more common problem areas appearing in the applied discriminant analysis literature. If one had to rank the problems according to severity of their affects on the usefulness of the analysis, it would seem that the problems related to classification are the most severe, with the issues surrounding the selection of the appropriate a priori probabilities being the most important followed in turn by the selection of the appropriate classification rules (linear vs. quadratic) and assessment of classification accuracy. In particular, the failure to relate the estimates of the a priori probabilities to the population priors by, for example, assuming equal priors, in fact limits the ability to make any meaningful inferences about the overall performance or accuracy of the classification scheme. Similarly, use of linear classification rules when the group dispersion matrices are equal nearly always results in an underassessment of the overall classification accuracy of the rules, moreover, there may be significant distortions in the individual group error rates. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DISCRIMINANT analysis
KW  - MULTIVARIATE analysis
KW  - CORPORATIONS -- Finance
KW  - CORRELATION (Statistics)
KW  - ANALYSIS of variance
KW  - SAMPLING (Statistics)
KW  - BUSINESS enterprises -- Finance
KW  - REGRESSION analysis
KW  - MATHEMATICAL models
KW  - FACTOR analysis
N1  - Accession Number: 4662018; EISENBEIS, ROBERT A. 1; Affiliations: 1: Associate Research Division Officer, Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Jun77, Vol. 32 Issue 3, p875; Thesaurus Term: DISCRIMINANT analysis; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: ANALYSIS of variance; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: REGRESSION analysis; Thesaurus Term: MATHEMATICAL models; Subject Term: FACTOR analysis; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 26p; Illustrations: 7 Charts, 1 Graph; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Craine, Roger
AU  - Havenner, Arthur
T1  - A STOCHASTIC OPTIMAL CONTROL TECHNIQUE FOR MODELS WITH ESTIMATED COEFFICIENTS.
JO  - Econometrica
JF  - Econometrica
Y1  - 1977/05//
VL  - 45
IS  - 4
M3  - Article
SP  - 1013
EP  - 1021
SN  - 00129682
AB  - The article focuses on stochastic optimal control technique for models with estimated coefficients. A method for obtaining the optimal control policy and associated welfare loss is provided by the technique. This is assuming that the classic estimation assumptions will not be reversed. The welfare cost function is quadratic. The constraint set on the other is a linear model of the economy with estimated coefficients. The approach used by Dhrymes and Schmidt was used to derived the expectation of the asymptotic distribution of the welfare function.
KW  - ECONOMETRIC models
KW  - MATHEMATICAL models
KW  - ECONOMETRICS
KW  - ECONOMIC models
KW  - ECONOMICS
KW  - PUBLIC welfare
KW  - DISTRIBUTION (Economic theory)
KW  - INCOME distribution
KW  - SOCIAL sciences
N1  - Accession Number: 6864063; Craine, Roger 1; Havenner, Arthur 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: New York University; Issue Info: May77, Vol. 45 Issue 4, p1013; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: ECONOMICS; Thesaurus Term: PUBLIC welfare; Thesaurus Term: DISTRIBUTION (Economic theory); Thesaurus Term: INCOME distribution; Subject Term: SOCIAL sciences; NAICS/Industry Codes: 525120 Health and Welfare Funds; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); NAICS/Industry Codes: 624190 Other Individual and Family Services; NAICS/Industry Codes: 624230 Emergency and Other Relief Services; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, David A.
AU  - Haugh, Larry D.
T1  - CAUSALITY IN TEMPORAL SYSTEMS.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1977/05//
VL  - 5
IS  - 3
M3  - Article
SP  - 265
EP  - 293
SN  - 03044076
AB  - This article presents information on the possible causality relationships between two series X and Y, using an analogy to events in a sample space and also review existing work and present some new results on alternative characterizations of the more important causality events. The elucidation of causal relationships among a set of variables is one of the major goals of empirical research. It has long been recognized that the finding of high correlation among variants does not in any necessary sense establish that they are causally related. Variables may be functionally related yet be uncorrelated; and, perhaps more often, they may be correlated yet not causally related. The former effect arises because correlation is a measure of linear association only; the latter because of common association of each with additional factors. Several of the studies reviewed have focused on the relationship between money and income and the author summarize and compare the results obtained, which often are in conflict with each other.
KW  - TIME series analysis
KW  - RESEARCH
KW  - INCOME
KW  - FINANCE
KW  - MATHEMATICAL statistics
KW  - SURVEYS
KW  - CAUSATION (Philosophy)
N1  - Accession Number: 4992747; Pierce, David A. 1; Haugh, Larry D. 2; Affiliations: 1: Federal Reserve System, Washington, DC 20551, USA.; 2: University of Vermont, Burlington, VT 05401, USA.; Issue Info: May77, Vol. 5 Issue 3, p265; Thesaurus Term: TIME series analysis; Thesaurus Term: RESEARCH; Thesaurus Term: INCOME; Thesaurus Term: FINANCE; Thesaurus Term: MATHEMATICAL statistics; Subject Term: SURVEYS; Subject Term: CAUSATION (Philosophy); Number of Pages: 29p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SMITH, JAMES F.
T1  - THE EQUAL CREDIT OPPORTUNITY ACT OF 1974: A COST/BENEFIT ANALYSIS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1977/05//
VL  - 32
IS  - 2
M3  - Article
SP  - 609
EP  - 622
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The following discussion is intended to analyze the benefits and costs to society from the implementation of the Act. No criticism of the purpose of the Act is intended or implied. The analysis does not cover the changes to the Act embodied in the Equal Credit Opportunity Act Amendments of 1976 (Public Law 94-239), since the Board published final regulations implementing that Act on December 29, 1976, and they did not become effective until March 23, 1977 [5] and [17]. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER credit -- Law & legislation
KW  - BANKING industry -- United States
KW  - FAIR lending
KW  - DISCRIMINATION in financial services
KW  - LEGISLATION compliance costs
KW  - SEX discrimination in consumer credit -- Law & legislation
KW  - MARITAL status -- Economic aspects
KW  - UNITED States
N1  - Accession Number: 4657865; SMITH, JAMES F. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May77, Vol. 32 Issue 2, p609; Thesaurus Term: CONSUMER credit -- Law & legislation; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FAIR lending; Thesaurus Term: DISCRIMINATION in financial services; Thesaurus Term: LEGISLATION compliance costs; Subject Term: SEX discrimination in consumer credit -- Law & legislation; Subject Term: MARITAL status -- Economic aspects; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 14p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Johnson, Lewis
T1  - Keynesian Dynamics and Growth.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1977/05//
VL  - 9
IS  - 2
M3  - Article
SP  - 328
EP  - 340
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reports on the Keynesian dynamic behavior of monetary models. The Keynesian economic theory is modified when examined in a dynamic framework and it is found to have conditions under which it will hold. Research results show that the Keynesian equilibrium system is unstable with the fundamental Keynesian proposition established as valid only under full employment and a special case. It does not work when wages are lowered due to an excess of labor supply then prices fall and deflation results.
KW  - KEYNESIAN economics
KW  - ECONOMETRIC models
KW  - ECONOMIC forecasting
KW  - INFLATION (Finance)
KW  - WAGES
KW  - FULL employment policies
N1  - Accession Number: 5155859; Johnson, Lewis 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System.; Issue Info: May77, Vol. 9 Issue 2, p328; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: INFLATION (Finance); Thesaurus Term: WAGES; Thesaurus Term: FULL employment policies; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
T1  - Modeling the Interdependence of National Money and Capital Markets.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1977/02//
VL  - 67
IS  - 1
M3  - Article
SP  - 190
EP  - 199
PB  - American Economic Association
SN  - 00028282
AB  - The article details the interdependence between national money and capital markets. In this paper some of the more important results that can be obtained using open-economy portfolio balance models are discussed and, in some cases, contrasted with results from earlier models. A model of a single open economy, which is illustrative of the type of model currently in use, is described. In short-run, portfolio balance models of international financial markets, price levels, incomes, and initial asset holdings are taken as exogenous, and financial markets are equilibrated by rapid adjustments in interest rates, the financial asset holdings of wealth holders and central banks, and, under flexible exchange rates, the exchange rate. While much is known about the comparative statics properties of open economy portfolio balance models referring to each of the three time horizons considered above, relatively little has been learned about the properties of dynamic portfolio balance models. The task of evaluating policies in a dynamic setting is difficult because there are no generally accepted representations of policy makers' preferences. Some insight can be gained by examining the conditions for local stability of stationary state equilibrium.
KW  - CAPITAL market
KW  - MONEY
KW  - MONEY market
KW  - FOREIGN exchange rates
KW  - SECURITIES markets
KW  - ECONOMICS
N1  - Accession Number: 4511105; Henderson, Dale W. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Feb77, Vol. 67 Issue 1, p190; Thesaurus Term: CAPITAL market; Thesaurus Term: MONEY; Thesaurus Term: MONEY market; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: SECURITIES markets; Thesaurus Term: ECONOMICS; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Koizumi, Tetsunori
AU  - Kopecky, Kenneth J.
T1  - ECONOMIC GROWTH, CAPITAL MOVEMENTS AND THE INTERNATIONAL TRANSFER OF TECHNICAL KNOWLEDGE.
JO  - Journal of International Economics
JF  - Journal of International Economics
Y1  - 1977/02//
VL  - 7
IS  - 1
M3  - Article
SP  - 45
EP  - 65
SN  - 00221996
AB  - The paper analyzes the role of technological transfers in an international capital movement model by assuming that these transfers depend on the extent of foreign ownership of a country's capital stock. Compared to the standard model, two differences emerge. First, a negative relationship exists between a country's indebtedness and its capital intensity. Second, changes in saving ratios can affect a country's capital intensity. We also relax the assumption of continual equality between capital's domestic marginal product and the world interest rate. U is shown that multiple equilibria and cyclical approaches to the steady state can arise in a technological transfer model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of International Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - TECHNOLOGY transfer
KW  - DIFFUSION of innovations
KW  - INNOVATION adoption
KW  - CAPITAL movements
KW  - FOREIGN investments
KW  - INTERNATIONAL finance
KW  - CAPITAL stock
KW  - MARGINAL productivity
KW  - INTEREST rates
N1  - Accession Number: 5055202; Koizumi, Tetsunori 1; Kopecky, Kenneth J. 2; Affiliations: 1: Ohio State University, Columbus, OH 43210, U.S.A.; 2: Board of Governors, Federal Reserve System, Washington, DC 20551, U.S.A.; Issue Info: Feb77, Vol. 7 Issue 1, p45; Thesaurus Term: TECHNOLOGY transfer; Thesaurus Term: DIFFUSION of innovations; Thesaurus Term: INNOVATION adoption; Thesaurus Term: CAPITAL movements; Thesaurus Term: FOREIGN investments; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: CAPITAL stock; Thesaurus Term: MARGINAL productivity; Thesaurus Term: INTEREST rates; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 21p; Illustrations: 6 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Salant, Stephen W.
T1  - SEARCH THEORY AND DURATION DATA: A THEORY OF SORTS.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1977/02//
VL  - 91
IS  - 1
M3  - Article
SP  - 39
EP  - 57
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article explains what the U.S. Bureau of Labor Statistics (BLS) data do measure and how the duration data can be used to further understand the labor market. An examination of BLS data reveals that the odds of escape decline with time unemployed. The people with relatively high escape rates will tend to leave more quickly until eventually only the sluggish members of the original cohort remain. The expected escape rate of people with spells in progress is lower than the expected escape rate of all entrants.
KW  - WORKING class -- Statistics
KW  - LABOR market
KW  - LABOR supply
KW  - EMPLOYMENT (Economic theory)
KW  - EMPLOYMENT policy
KW  - UNEMPLOYED
KW  - LABOR demand
KW  - LABOR costs
KW  - FACTORS of production
KW  - UNITED States
N1  - Accession Number: 4623800; Salant, Stephen W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Feb77, Vol. 91 Issue 1, p39; Thesaurus Term: WORKING class -- Statistics; Thesaurus Term: LABOR market; Thesaurus Term: LABOR supply; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: EMPLOYMENT policy; Thesaurus Term: UNEMPLOYED; Thesaurus Term: LABOR demand; Thesaurus Term: LABOR costs; Thesaurus Term: FACTORS of production; Subject: UNITED States; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 19p; Illustrations: 2 Diagrams, 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lombra, Raymond E.
AU  - Torto, Raymond G.
T1  - DISCOUNT RATE CHANGES AND ANNOUNCEMENT EFFECTS.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1977/02//
VL  - 91
IS  - 1
M3  - Article
SP  - 171
EP  - 176
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article discusses the role of the discount rate as a signal of the future course of monetary policy in the U.S. If discount rate changes altered expectations about economic conditions, this should affect expectations about future net cash flows accruing to business enterprises. If changes in the discount rate are exogenous, people would expect the coefficients on future changes in the discount rate not to be statistically different from zero. The monetary authorities have adjusted the short-term interest rate target in response to the unemployment rate.
KW  - MONETARY policy
KW  - DISCOUNT
KW  - CASH flow
KW  - CASH management
KW  - MONEY supply
KW  - DEMAND for money
KW  - LIQUIDITY (Economics)
KW  - ECONOMIC indicators
KW  - INTEREST rates
KW  - UNITED States
N1  - Accession Number: 4624067; Lombra, Raymond E. 1; Torto, Raymond G. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, University of Massachusetts, Boston; Issue Info: Feb77, Vol. 91 Issue 1, p171; Thesaurus Term: MONETARY policy; Thesaurus Term: DISCOUNT; Thesaurus Term: CASH flow; Thesaurus Term: CASH management; Thesaurus Term: MONEY supply; Thesaurus Term: DEMAND for money; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: ECONOMIC indicators; Thesaurus Term: INTEREST rates; Subject: UNITED States; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 6p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Promisel, Larry Jay
T1  - National monetary policies and international monetary cooperation (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1976/12//
VL  - 14
IS  - 4
M3  - Book Review
SP  - 1317
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "National Monetary Policies and International Monetary Cooperation," by Donald R. Hodgman.
KW  - MONETARY policy
KW  - NONFICTION
KW  - HODGMAN, Donald
KW  - HODGMAN, Donald R.
KW  - NATIONAL Monetary Policies & International Monetary Cooperation (Book)
N1  - Accession Number: 5296052; Promisel, Larry Jay 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C.; Issue Info: Dec76, Vol. 14 Issue 4, p1317; Thesaurus Term: MONETARY policy; Subject Term: NONFICTION; Reviews & Products: NATIONAL Monetary Policies & International Monetary Cooperation (Book); People: HODGMAN, Donald; People: HODGMAN, Donald R.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GOLDBERG, LAWRENCE G.
AU  - ROSE, JOHN T.
T1  - THE EFFECT OF NONMEMBER BANKS OF THE IMPOSITION OF MEMBER BANK RESERVE REQUIREMENTS--WITH AND WITHOUT FEDERAL RESERVE SERVICES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1976/12//
VL  - 31
IS  - 5
M3  - Article
SP  - 1457
EP  - 1469
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The purpose of this study is twofold. First, we wish to estimate the effect of these proposals on nonmember banks in terms of both the change in their holdings of non-earning assets and the change in their net income. For analytical purposes the proposals can be defined as Proposal (1): imposition of member bank reserve requirements on nonmember banks without extending any Federal Reserve services; and Proposal (2): imposition of member bank reserve requirements together with all Federal Reserve services (equivalent to mandatory membership). By defining the proposals in this way, we can estimate the maximum and minimum opportunity costs to the nonmember sector of any such requirements. Second, we want to construct a schedule of reserve requirements which would reduce the opportunity cost of both proposals to zero. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANK reserves
KW  - RESERVE requirements
KW  - PROFIT
KW  - FEDERAL Reserve banks
KW  - INCOME
KW  - CAPITAL requirements
KW  - INTEREST income
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 4652725; GOLDBERG, LAWRENCE G. 1; ROSE, JOHN T. 1; Affiliations: 1: Economists, Federal Trade Commission and the Board of Governors, Federal Reserve System.; Issue Info: Dec1976, Vol. 31 Issue 5, p1457; Thesaurus Term: BANKING industry; Thesaurus Term: BANK reserves; Thesaurus Term: RESERVE requirements; Thesaurus Term: PROFIT; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: INCOME; Thesaurus Term: CAPITAL requirements; Thesaurus Term: INTEREST income; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 526915 Bond and income / dividend funds - Canadian; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - CONF
AU  - Wallich, Henry C.
T1  - A NEAR-TERM LOOK AT THE CAPITAL SHORTAGE.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1976/11//
VL  - 11
IS  - 4
M3  - Conference Paper
SP  - 541
EP  - 547
PB  - Cambridge University Press
SN  - 00221090
AB  - Discussions of impending capital shortage have begun to fall into something of a pattern. Typically, the author begins by examining the share of GNP that needs to be invested in order to meet the requirements of economic growth at more or less our historical rate. He modifies the recent historical GNP ratio of 15 percent for total private investment or of 10.5 percent for business fixed-investment in accordance with a number of fairly obvious new elements—more environmental and health and safety investment, probably less housing investment, perhaps a little less for schools and hospitals. Typically, he finds a modest increase in investment requirements over past investment rates amounting to one-half to one percent of GNP. The author then turns to the supply of savings from households and firms, and notes as a favorable factor that the personal savings ratio of late has risen substantially, or perhaps as an unfavorable one that the personal savings ratio is apt to decline hereafter from present high levels. He further notes that corporate profits have risen substantially over the last year or perhaps that their recent high level involves a significant overstatement owing to inventory profits and underdepreciation. He is apt to end up with a question mark concerning the future net borrowing or lending position of the public sector. My own conclusion from repeated performance of this exercise has been that the Federal budget deficit or surplus is the crucial factor. Anyone who relies on a future Federal surplus as the means of forestalling a capital shortage at full employment has the burden of proof upon himself. Insofar as I have had to modify my views over the last year, it has been to the effect that household and corporate savings look a little more promising than they did earlier, while the outlook for a significant full employment surplus looks a little more dubious. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL investments
KW  - FULL employment policies
KW  - ECONOMIC development
KW  - GROSS domestic product
KW  - SAVING & investment
KW  - ECONOMIC indicators
KW  - GROSS national product
KW  - BUDGET deficits
KW  - BUDGET surpluses
KW  - UNITED States
N1  - Accession Number: 5721539; Wallich, Henry C. 1; Affiliations: 1: Member, Board of Governors, Federal Reserve System; Issue Info: Nov76, Vol. 11 Issue 4, p541; Thesaurus Term: CAPITAL investments; Thesaurus Term: FULL employment policies; Thesaurus Term: ECONOMIC development; Thesaurus Term: GROSS domestic product; Thesaurus Term: SAVING & investment; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: GROSS national product; Thesaurus Term: BUDGET deficits; Thesaurus Term: BUDGET surpluses; Subject: UNITED States; Number of Pages: 7p; Document Type: Conference Paper
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ER  - 

TY  - JOUR
AU  - ROBERTS, STEVEN M.
AU  - MARGOLIS, MARVIN S.
T1  - Control of the Money Stock with a Reserve Aggregate.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1976/11//
VL  - 8
IS  - 4
M3  - Article
SP  - 457
EP  - 476
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses how money stock can be controlled by the monetary authority through economic policy as a way to accomplish the goals of its intermediate targets. The root-mean-square deviation (RMSC) is used to assess the control of the intermediate targets. The optimal control framework used here is based on an econometric model that represents the economy and it is assumed that the model is linear. The version of the model that is used in this experiment is based on a short run money market model that was developed by the U.S. Federal Reserve Board.
KW  - MONETARY policy
KW  - MONEY supply
KW  - GOVERNMENT policy
KW  - INTEREST rates
KW  - ECONOMETRIC models
KW  - RESERVES (Accounting)
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 5191689; ROBERTS, STEVEN M. 1; MARGOLIS, MARVIN S. 2; Affiliations: 1: Senior Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System.; 2: Assistant Professor of Economics, Virginia Military Institute.; Issue Info: Nov76, Vol. 8 Issue 4, p457; Thesaurus Term: MONETARY policy; Thesaurus Term: MONEY supply; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: INTEREST rates; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: RESERVES (Accounting); Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 20p; Illustrations: 10 Charts, 5 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Peterson, Richard L.
T1  - The Impact of General Credit Restraint on the Supply of Commercial Bank Consumer Installment Credit.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1976/11//
VL  - 8
IS  - 4
M3  - Article
SP  - 527
EP  - 535
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses how credit restraint impacts the number of commercial bank consumers' installment credit. The objective of this article is to show that from 1965 to 1974, the supply of consumer credit fell because of the government's disinclination to meet banks' demands for reserve balances. It is believed that commercial banks will reduce or increase the supply of credit depending on the overall financial health at that time. The article concludes that the growth rate of installment credit show that there is a link between periods where credit is tightly controlled and lags after which the credit supply increases.
KW  - CREDIT control
KW  - CONSUMER credit
KW  - INSTALLMENT plan
KW  - BANKING industry
KW  - PERSONAL loans
KW  - EQUILIBRIUM (Economics)
N1  - Accession Number: 5191695; Peterson, Richard L. 1,2; Affiliations: 1: Visiting Research School, Credit Research Center, Krannert Graduate School of Management, Purdue University.; 2: Economist, Board of Governors, Federal Reserve System.; Issue Info: Nov76, Vol. 8 Issue 4, p527; Thesaurus Term: CREDIT control; Thesaurus Term: CONSUMER credit; Thesaurus Term: INSTALLMENT plan; Thesaurus Term: BANKING industry; Thesaurus Term: PERSONAL loans; Thesaurus Term: EQUILIBRIUM (Economics); NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522220 Sales Financing; Number of Pages: 9p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Salop, Joanne
AU  - Salop, Steven
T1  - SELF-SELECTION AND TURNOVER IN THE LABOR MARKET.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1976/11//
VL  - 90
IS  - 4
M3  - Article
SP  - 619
EP  - 649
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article discusses the self-selection and turnover in the labor market. It encounters quality differences among commodities that are relevant to decision making. The question of credible information transfers has obvious relevance for the labor market. A self-selection device is a pricing scheme that causes the applicant to reveal truthful information about the market behavior. Productivity is correlated with intelligence, and intelligence is negatively related to the cost of education.
KW  - LABOR market
KW  - LABOR
KW  - COMMERCIAL products
KW  - DECISION making
KW  - MARKETS
KW  - EDUCATION
N1  - Accession Number: 4966819; Salop, Joanne 1,2; Salop, Steven 1,2; Affiliations: 1: International Monetary Fund; 2: Board of Governors of the Federal Reserve System; Issue Info: Nov76, Vol. 90 Issue 4, p619; Thesaurus Term: LABOR market; Thesaurus Term: LABOR; Thesaurus Term: COMMERCIAL products; Thesaurus Term: DECISION making; Thesaurus Term: MARKETS; Subject Term: EDUCATION; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 611699 All Other Miscellaneous Schools and Instruction; NAICS/Industry Codes: 923110 Administration of Education Programs; NAICS/Industry Codes: 611710 Educational Support Services; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Salant, Stephen W.
T1  - HIRSHLEIFER ON SPECULATION.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1976/11//
VL  - 90
IS  - 4
M3  - Article
SP  - 667
EP  - 675
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article explains the importance of working which is said to attribute speculation to differences among market participants. Provides a different set of lotteries within which the agents can choose. Obtains an interesting relation between the prior prices and subsequent spot prices. Ratio of equilibrium prices was determined. The characteristics of the equilibrium relative prices result from the assumption that the utility function of the mass who determine prices exhibits zero complementarily.
KW  - LABOR market
KW  - UTILITY functions
KW  - MATHEMATICAL models
KW  - EQUILIBRIUM (Economics)
KW  - ECONOMICS
KW  - LOTTERIES
N1  - Accession Number: 4966866; Salant, Stephen W. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov76, Vol. 90 Issue 4, p667; Thesaurus Term: LABOR market; Thesaurus Term: UTILITY functions; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMICS; Subject Term: LOTTERIES; NAICS/Industry Codes: 713291 Lotteries; NAICS/Industry Codes: 713290 Other Gambling Industries; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Johnson, Lewis
T1  - Portfolio Adjustment and Monetary Growth .
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1976/10//
VL  - 43
IS  - 3
M3  - Article
SP  - 475
PB  - Oxford University Press / USA
SN  - 00346527
AB  - The article presents information on portfolio adjustment and monetary growth. A common feature of disequilibrium monetary growth models is the assumption of a simple portfolio adjustment process which generates a flow demand for money from a discrepancy between desired and actual holdings of real balances. However, some care must be taken in incorporating this process into the specification of asset market equilibrium. An implication of the portfolio adjustment process that has been uniformly overlooked is that anticipated real balance flows during the adjustment period will alter the extent to which wealth holders will need to enter the market to achieve a given adjustment. This is significant because the anticipated accommodation of desired reductions in real balances by inflation during the period of adjustment is potentially an important stabilizing force. As will be shown, this stabilizing force may be sufficiently potent to permit stability of an equilibrium growth model even if inflationary expectations are formed with perfect foresight. The model utilized will be sufficiently general to include several important classes of monetary growth models as special cases, and it will be shown that proper specification of asset market equilibrium will significantly relax the stability conditions in all of these cases.
KW  - PORTFOLIO management (Investments)
KW  - ECONOMICS
KW  - EQUILIBRIUM (Economics)
KW  - INVESTMENTS
KW  - MONETARY policy
KW  - DEMAND for money
KW  - MATHEMATICAL models
KW  - MONEY
KW  - WEALTH
KW  - ECONOMIC models
N1  - Accession Number: 4622594; Johnson, Lewis 1; Affiliations: 1: Federal Reserve System.; Issue Info: Oct76, Vol. 43 Issue 3, p475; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: ECONOMICS; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INVESTMENTS; Thesaurus Term: MONETARY policy; Thesaurus Term: DEMAND for money; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: MONEY; Thesaurus Term: WEALTH; Thesaurus Term: ECONOMIC models; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ROSE, JOHN T.
T1  - GROWTH, CONSOLIDATION AND MERGERS IN BANKING: COMMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1976/09//
VL  - 31
IS  - 4
M3  - Article
SP  - 1233
EP  - 1237
PB  - Wiley-Blackwell
SN  - 00221082
AB  - In a recent article in this Journal, Rhoades and Yeats (R&Y) found that U. S. commercial banking displayed a tendency toward deconsolidation over the period 1960-71. They attributed this to vigorous internal growth on the part of medium-size banks, outweighing the consolidating effect of mergers and acquisitions. The purpose of this comment is to demonstrate that R&Y misinterpreted their own findings regarding overall deconsolidation in the banking industry, yet they still appear to be correct in their assessment of the deconsolidating effect of internal growth during this period. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INDUSTRIAL concentration
KW  - BANK mergers
KW  - CONSOLIDATION & merger of corporations
KW  - CORPORATIONS -- Growth
KW  - BANKING industry -- United States
KW  - FINANCIAL services industry -- Mergers
KW  - BANKING industry
KW  - REGRESSION analysis
KW  - GROWTH rate
KW  - UNITED States
N1  - Accession Number: 4655381; ROSE, JOHN T. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Sep76, Vol. 31 Issue 4, p1233; Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: BANK mergers; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: CORPORATIONS -- Growth; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FINANCIAL services industry -- Mergers; Thesaurus Term: BANKING industry; Thesaurus Term: REGRESSION analysis; Thesaurus Term: GROWTH rate; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - BOCZAR, GREGORY E.
T1  - PREDICTING De Novo EXPANSION IN BANK MERGER CASES: COMMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1976/09//
VL  - 31
IS  - 4
M3  - Article
SP  - 1239
EP  - 1242
PB  - Wiley-Blackwell
SN  - 00221082
AB  - In a recent article in this Journal, Gary Gilbert [1] attempted to provide an empirical basis for two notions used by the bank regulatory authorities and the Department of Justice in evaluating bank mergers. (The Federal Reserve Board and the Department of Justice employ these same notions in judging bank holding company formations and acquisitions [2].) The two notions are: (1) "future competition"--whether denial of a merger application is likely to stimulate competition in the relevant market by causing the applying bank to enter the market de novo in the future; and (2) "augmented competition"--whether approval of a merger application will result in increased market competition because the acquiring bank augments the competitive behavior of the acquired bank. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - GOVERNMENT policy
KW  - BANKING law & legislation
KW  - BANKING industry -- United States
KW  - BANKING industry
KW  - ECONOMIC expansion
KW  - REGULATORY reform
KW  - FINANCIAL services industry
KW  - COMPETITION
KW  - UNITED States
N1  - Accession Number: 4655387; BOCZAR, GREGORY E. 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System.; Issue Info: Sep76, Vol. 31 Issue 4, p1239; Thesaurus Term: BANK mergers; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: BANKING law & legislation; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMIC expansion; Thesaurus Term: REGULATORY reform; Thesaurus Term: FINANCIAL services industry; Subject Term: COMPETITION; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 4p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Mehta, J. S.
AU  - Swamy, P. A. V. B.
T1  - Further Evidence on the Relative Efficiencies of Zellner's Seemingly Unrelated Regressions Estimator.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1976/09//
VL  - 71
IS  - 355
M3  - Article
SP  - 634
SN  - 01621459
AB  - This paper considers a system of two seemingly unrelated equations. Without imposing any additional restrictions on the matrices of observations on the independent variables in the two equations, we derive the exact second moments of Zellner's estimator [9]. Though not uniformly more efficient than the corresponding single-equation least-squares estimator, a definite efficiency gain results using Zellner's estimator in the presence of high contemporaneous correlation coefficient (p) between the disturbances in the two equations, and little loss results when the true p is small and the excess of the sample size over the number of distinct regressors in this system is greater than 12. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SAMPLING (Statistics)
KW  - MATHEMATICAL statistics
KW  - REGRESSION analysis
KW  - CORRELATION (Statistics)
KW  - EQUATIONS
KW  - MATRICES
KW  - LEAST squares
N1  - Accession Number: 4607566; Mehta, J. S. 1; Swamy, P. A. V. B. 2; Affiliations: 1: Associate Professor, Department of Mathematics, Temple University, Philadelphia, PA 19122.; 2: Economist, Federal Reserve System, Washington, DC 20551.; Issue Info: Sep76, Vol. 71 Issue 355, p634; Thesaurus Term: SAMPLING (Statistics); Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: REGRESSION analysis; Thesaurus Term: CORRELATION (Statistics); Subject Term: EQUATIONS; Subject Term: MATRICES; Subject Term: LEAST squares; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Burns, Arthur F.
T1  - The Independence of the Federal Reserve System.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1976/07//Jul/Aug76
VL  - 19
IS  - 3
M3  - Article
SP  - 21
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The article suggests that the Federal Reserve system in the United States is independent of political pressure. Industrial nations, including the United States rely heavily on monetary policy to promote expansion of production and employment to limit any decline that may occur in overall economic activity, or to blunt the forces of inflation. Fortunately, monetary policy is relatively free of many shortcomings. Flexibility is the great virtue of instruments of monetary and credit policy. The principle of independence of the monetary authority within the structure of their federal government was embodied in the original Federal Reserve Act in several ways. The newly created Federal Reserve Board was required to report on, and to account for, its actions to the legislative branch of government, not to the administration. The operations of the Federal Reserve System were to be financed from its own internal sources, and thus protected from the political pressures. Economic, social, and political trends of the past several decades have released powerful forces of inflation that threaten the vitality of their economy and the freedom of people. Defeating the forces of inflation requires determined action. Greater discipline is needed in fiscal affairs, and structural reforms are required to improve the functioning of labor and product markets.
KW  - FEDERAL Reserve monetary policy
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - INFLATION (Finance)
KW  - FEDERAL government
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Congress
N1  - Accession Number: 6117170; Burns, Arthur F. 1; Affiliations: 1: Chairman, Board of Governors of Federal Reserve System.; Issue Info: Jul/Aug76, Vol. 19 Issue 3, p21; Thesaurus Term: FEDERAL Reserve monetary policy; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FEDERAL government; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Congress; NAICS/Industry Codes: 921120 Legislative Bodies; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 4p; Document Type: Article
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DB  - buh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - CHARACTERISTICS OF BANKING MARKETS ENTERED BY FOOTHOLD ACQUISITION.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1976/07//
VL  - 2
IS  - 3
M3  - Article
SP  - 399
EP  - 408
SN  - 03043932
AB  - As a result of various legislation on banking during the 1960s, the Federal Reserve Board is required to take into consideration the competitive effects of acquisitions proposed by bank holding companies. Since the Board is concerned not only with maintaining, but also stimulating, competition, one issue that frequently arises in bank acquisition cases is the probable effect of an acquisition on future competition. That is, the question arises as to whether a denial of the proposed acquisition might stimulate competition by causing the potential entrant (acquiring firm), who has already expressed an interest in the market, to enter through foothold acquisition or de novo. Such an outcome would stimulate competition by increasing the number of competitors in the market or by giving a strong organization a foothold from which it can expand. Thus, if it is likely that denial would lead to foothold or de novo entry it may be good public policy to deny the acquisition. If, on the other hand, denial would not cause future entry, then, barring other adverse effects, approval of the acquisition would probably be warranted. Unfortunately, there is very little empirical evidence that would provide objective criteria for guiding the Board with respect to the question of whether a more competitive form of entry would occur subsequent to a denial. This paper attempts to provide some evidence on this question by testing the hypothesis that the characteristics of markets entered by bank holding companies through foot- hold acquisition are different from other markets. The study is based on a sample of 85 markets for the period 1966-1972. The primary testing technique is multiple regression analysis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK mergers
KW  - BANK holding companies
KW  - CONSOLIDATION & merger of corporations
KW  - REGRESSION analysis
KW  - BANKING industry
KW  - BANKING law & legislation
KW  - COMPETITION
KW  - HYPOTHESIS
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 5008102; Rhoades, Stephen A. 1; Affiliations: 1: Division of Research and Statistics Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Jul76, Vol. 2 Issue 3, p399; Thesaurus Term: BANK mergers; Thesaurus Term: BANK holding companies; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: REGRESSION analysis; Thesaurus Term: BANKING industry; Thesaurus Term: BANKING law & legislation; Subject Term: COMPETITION; Subject Term: HYPOTHESIS ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Humphrey, David Burras
T1  - The Financial Structure of Bank Holding Companies.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1976/07//
VL  - 2
IS  - 3
M3  - Book Review
SP  - 427
EP  - 429
SN  - 03043932
AB  - The article reviews the book "The Financial Structure of Bank Holding Companies," by Donald P. Jacobs, H. Prescott Beighley and John H. Boyd.
KW  - BANK holding companies
KW  - NONFICTION
KW  - BOYD, John H.
KW  - JACOBS, Donald P.
KW  - BEIGHLEY, H. Prescott
KW  - FINANCIAL Structure of Bank Holding Companies, The (Book)
N1  - Accession Number: 5008106; Humphrey, David Burras 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Jul76, Vol. 2 Issue 3, p427; Thesaurus Term: BANK holding companies; Subject Term: NONFICTION; Reviews & Products: FINANCIAL Structure of Bank Holding Companies, The (Book); NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; People: BOYD, John H.; People: JACOBS, Donald P.; People: BEIGHLEY, H. Prescott; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LAUFENBERG, DANIEL E.
T1  - RESERVE MEASURES AS OPERATING VARIABLES OF MONETARY POLICY: AN EMPIRICAL ANALYSIS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1976/06//
VL  - 31
IS  - 3
M3  - Article
SP  - 853
EP  - 864
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The theory of money creation emphasizes the link between the stock of money and commercial bank reserves. It suggests that the monetary authority can best obtain its desired aggregate intermediate target by affecting the money creating potential of bank reserves, e.g., by changing the level of reserves while assuming that the reserve requirement ratio remains unchanged. The possibility of a reserve measure as the operating variable of monetary policy is empirically examined in this paper by attempting to determine the appropriate procedure to estimate the reserves-money relationship and to choose a reserve measure that performs best as the operating variable. Three procedures of estimating the reserves-money relationship are considered, with each representing a slightly different assumption about the relationship's stability and/or predictability. The three procedures, the naive multiplier procedure, the moving-average multiplier procedure, and the first-difference regression procedure, are discussed in Section II.C. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - RESERVE requirements
KW  - BANK reserves
KW  - MONEY supply
KW  - MONETARY policy
KW  - DEPOSIT banking
KW  - MONETARY theory
KW  - QUANTITY theory of money
KW  - MONEY
KW  - BANK deposits
KW  - MULTIPLIER (Economics)
KW  - RESERVES (Accounting)
KW  - UNITED States
N1  - Accession Number: 4656295; LAUFENBERG, DANIEL E. 1; Affiliations: 1: Econometric and Computer Applications Section, Board of Governors of the Federal Reserve System.; Issue Info: Jun76, Vol. 31 Issue 3, p853; Thesaurus Term: RESERVE requirements; Thesaurus Term: BANK reserves; Thesaurus Term: MONEY supply; Thesaurus Term: MONETARY policy; Thesaurus Term: DEPOSIT banking; Thesaurus Term: MONETARY theory; Thesaurus Term: QUANTITY theory of money; Thesaurus Term: MONEY; Thesaurus Term: BANK deposits; Thesaurus Term: MULTIPLIER (Economics); Thesaurus Term: RESERVES (Accounting); Subject: UNITED States; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Barnett, William A.
T1  - Maximum Likelihood and Iterated Aitken Estimation of Nonlinear Systems of Equations.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1976/06//
VL  - 71
IS  - 354
M3  - Article
SP  - 354
SN  - 01621459
AB  - For nonlinear equation systems, the properties of the MLE commonly have been deduced from related but inapplicable results in the statistical and econometric literature. Under specific regularity conditions, we build on the nonlinear GLS results of Malinvaud to derive the large-sample properties of the MLE and the limiting distribution of the asymptotic likelihood ratio statistic. We discuss iterative convergence conditions under which the iterated Aitken estimator locates a consistent local maximum of the likelihood function, and we derive results permitting convenient estimation of the asymptotic covariance matrix of any subset of parameter estimators. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MATHEMATICAL models
KW  - ECONOMETRIC models
KW  - ESTIMATION theory
KW  - ECONOMETRICS
KW  - PARAMETER estimation
KW  - NONLINEAR systems
KW  - EQUATIONS
KW  - FUNCTIONAL differential equations -- Asymptotic theory
N1  - Accession Number: 4605103; Barnett, William A. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System, Washington, D.C. 20551.; Issue Info: Jun76, Vol. 71 Issue 354, p354; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMETRICS; Thesaurus Term: PARAMETER estimation; Subject Term: NONLINEAR systems; Subject Term: EQUATIONS; Subject Term: FUNCTIONAL differential equations -- Asymptotic theory; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tucker, Donald P.
T1  - FINANCIAL INNOVATION AND THE MORTGAGE MARKET: THE POSSIBILITIES FOR LIABILITY MANAGEMENT BY THRIFTS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1976/05//
VL  - 31
IS  - 2
M3  - Article
SP  - 427
EP  - 437
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The alternative instrument I have in mind is simply long-term deposits. Thrifts' portfolios can be stabilized just as satisfactorily by lengthening the effective term to maturity of their liabilities, with more long-term deposits for example, as by shortening the effective term to maturity of their assets. Previous discussions of VRM's and interest-rate risk protection have generally overlooked this possibility and have assumed that thrifts will continue to rely for their funds primarily on passbook deposits and other short-maturity liabilities. This paper concentrates instead on the possible implications of regulatory changes that would permit thrifts to compete effectively for long-term deposits. In the language of the commercial banking world, my analysis concerns the implications of liability management by thrift institutions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTEREST rate risk
KW  - FINANCIAL institutions
KW  - THRIFT institutions
KW  - MORTGAGE loans
KW  - ADJUSTABLE rate mortgages
KW  - BANK deposits
KW  - INTEREST rates
KW  - MORTGAGES
KW  - BANKING industry
KW  - FINANCIAL services industry
KW  - SAVING & investment
KW  - UNITED States
N1  - Accession Number: 4653462; Tucker, Donald P. 1; Affiliations: 1: Federal Reserve System.; Issue Info: May76, Vol. 31 Issue 2, p427; Thesaurus Term: INTEREST rate risk; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: THRIFT institutions; Thesaurus Term: MORTGAGE loans; Thesaurus Term: ADJUSTABLE rate mortgages; Thesaurus Term: BANK deposits; Thesaurus Term: INTEREST rates; Thesaurus Term: MORTGAGES; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: SAVING & investment; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 11p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laufenberg, Daniel E.
T1  - Contemporaneous Versus Lagged Reserve Accounting.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1976/05//
VL  - 8
IS  - 2
M3  - Article
SP  - 239
EP  - 245
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents a comparison of the contemporaneous reserve accounting (CRA) and lagged reserve accounting (LRA) methods and the different policies related to both. A theoretical model is used that considers how banks will behave given specific variables like cash in reserve management, the time between bank deposits, money supply, and borrowing by reserve banks. Many calculations are used to demonstrate the uses of CRA and LRA and the actual method for determining the appropriate amount of bank reserves.
KW  - RESERVES (Accounting)
KW  - GOVERNMENT policy
KW  - MONETARY policy
KW  - BANK reserves
KW  - BANKING industry -- Accounting
KW  - INTEREST rates
KW  - UNITED States
N1  - Accession Number: 5155799; Laufenberg, Daniel E. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: May76, Vol. 8 Issue 2, p239; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: GOVERNMENT policy; Thesaurus Term: MONETARY policy; Thesaurus Term: BANK reserves; Thesaurus Term: BANKING industry -- Accounting; Thesaurus Term: INTEREST rates; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 7p; Illustrations: 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Roberts, Steven M.
T1  - Cash Management: An Inventory Control Limit Approach.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1976/04//
VL  - 2
IS  - 2
M3  - Book Review
SP  - 268
EP  - 270
SN  - 03043932
AB  - The article reviews the book "Cash Management: An Inventory Control Limit Approach," by Richard Homonoff and David W. Mullins, Jr.
KW  - CASH management
KW  - NONFICTION
KW  - HOMONOFF, Richard
KW  - MULLINS, David W.
KW  - CASH Management: An Inventory Control Limit Approach (Book)
N1  - Accession Number: 17255984; Roberts, Steven M. 1; Affiliations: 1: Board of Governors Federal Reserve System; Issue Info: Apr76, Vol. 2 Issue 2, p268; Thesaurus Term: CASH management; Subject Term: NONFICTION; Reviews & Products: CASH Management: An Inventory Control Limit Approach (Book); People: HOMONOFF, Richard; People: MULLINS, David W.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Humphrey, D. B.
AU  - Wolkowitz, B.
T1  - Substituting intermediates for capital and labour with alternative functional forms: an aggregate study.
JO  - Applied Economics
JF  - Applied Economics
Y1  - 1976/03//
VL  - 8
IS  - 1
M3  - Article
SP  - 59
PB  - Routledge
SN  - 00036846
AB  - This article focuses on the substituting intermediates for capital and labor. Limiting production studies to two factor inputs: capital and labor has previously been necessitated by two basic considerations: the lack of econometrically tractable n input functions, and the virtual unavailability of data on third inputs. However, a critical question concerning the accuracy of previous two factor studies that requires at least a three factor production function to properly answer has been ignored. Using census and input-output data for the U.S. manufacturing sector over 1947-58, two n-input cost functions were estimated. The hypotheses tested concern the functional separability of capital and labor from all intermediates and Leontief or Cobb-Douglas type substitution when intermediates are present. The separability hypothesis concerns the extent of possible bias in existing aggregate capital-labor substitution estimates for the U.S. manufacturing using the usual two factor, value added CES or VES estimating forms. By accepting the hypothesis that capital and labor are functionally separable from intermediates, it can be concluded that previous two input value added production studies theoretically need not be biased by the neglect of intermediate inputs. However, the three-input cost forms we estimated give slightly higher estimates of capital-labor substitution than those obtained with the usual CES form.
KW  - CAPITAL
KW  - SUBSTITUTION (Economics)
KW  - LABOR
KW  - PRODUCTION (Economic theory)
KW  - ECONOMETRICS
KW  - MANUFACTURING industries
KW  - UNITED States
N1  - Accession Number: 4613895; Humphrey, D. B. 1; Wolkowitz, B. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Mar1976, Vol. 8 Issue 1, p59; Thesaurus Term: CAPITAL; Thesaurus Term: SUBSTITUTION (Economics); Thesaurus Term: LABOR; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: ECONOMETRICS; Thesaurus Term: MANUFACTURING industries; Subject: UNITED States; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Enzler, Jared
AU  - Johnson, Lewis
AU  - Paulus, John
T1  - Some Problems of Money Demand.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1976/03//
IS  - 1
M3  - Article
SP  - 261
EP  - 282
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article explores several aspects of the problems of money demand in the U.S. The point of departure for the discussion is the money-demand equation contained in the MPS (MIT-Pennn-Social Science Research Council) econometric model. The MPS specification of the demand for money is representative of the most common type of money-demand function. Theoretical money-demand models are applicable to the individual or business firms and imply economies of scale in money demand. The MPS equation estimates desired money balances for the national economy. Another class of problems concerns a lack of agreement between the variables appearing in the empirical equations and the concepts assumed by the theory. In principle, all short-term interest rates should be represented. The authors believe that the weakness in demand deposits is likely to deepen; but they are not sure, and they certainly cannot predict the speed. In this light, new doubt arises about the advisability of setting policy targets in terms of M1. One factor in the choice of monetary policy instruments is the relative stability of the money-demand relation compared with the relation of real expenditures to interest rates. It is widely accepted that the more stable the former relationship is relative to the latter, the more likely is a policy target using monetary aggregates to outperform an interest-rate instrument in achieving target values for expenditures. The deeper uncertainty in predicting money demand suggests paying more attention than formerly to other aggregates and to interest rates in formulating monetary policies.
KW  - DEMAND for money
KW  - MONEY supply
KW  - LIQUIDITY (Economics)
KW  - MONEY
KW  - DEMAND (Economic theory)
KW  - UNITED States
N1  - Accession Number: 7071488; Enzler, Jared 1; Johnson, Lewis 1; Paulus, John 1; Affiliations: 1: Staff, Board of Governors of the Federal Reserve System; Issue Info: 1976, Issue 1, p261; Thesaurus Term: DEMAND for money; Thesaurus Term: MONEY supply; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: MONEY; Thesaurus Term: DEMAND (Economic theory); Subject: UNITED States; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Galbraith, John Kenneth
AU  - Wallich, Henry
AU  - Ulmer, Melville J.
AU  - Weidenbaum, Murray L.
T1  - The Case for and against National Economic Planning.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1976/03//Mar/Apr76
VL  - 19
IS  - 1
M3  - Article
SP  - 30
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - Planning is something within the governmental apparatus of the United States that is already being done and is already required in response both to circumstances and to institutional change. So the case is only for doing it better, more consciously because this is of considerable importance, with terminological clarity. The author believes that one should call planning, planning. Let one consider the scale of such planning activities in the government of the United States at the present time- The most obvious case is, of course, the Council of Economic Advisers which makes macroeconomic projections, and indicates the policies appropriate to those projections. The Council has clear jurisdiction, at least, as regards advice, in fiscal and monetary policy. The process of modern macroeconomic management is a complicated multisector enterprise which, among other things, problems of wages and incomes policy arise. The author says one sees also much planning in a field with which he was once closely familiar, agriculture.
KW  - CENTRAL economic planning
KW  - ECONOMIC policy
KW  - ECONOMICS -- Congresses
KW  - MONETARY theory
KW  - FISCAL policy
KW  - AGRICULTURAL economics
KW  - SOCIAL scientists -- Societies, etc.
KW  - UNITED States
N1  - Accession Number: 6176830; Galbraith, John Kenneth; Wallich, Henry 1; Ulmer, Melville J. 2; Weidenbaum, Murray L. 3; Affiliations: 1: Member of Board of Governors, Federal Reserve System.; 2: Professor of Economics, University of Maryland.; 3: Mallinckrodt Distinguished University Professorship, Washington University.; Issue Info: Mar/Apr76, Vol. 19 Issue 1, p30; Thesaurus Term: CENTRAL economic planning; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMICS -- Congresses; Thesaurus Term: MONETARY theory; Thesaurus Term: FISCAL policy; Thesaurus Term: AGRICULTURAL economics; Subject Term: SOCIAL scientists -- Societies, etc.; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heggestad, Arnold A.
AU  - Mingo, John J.
T1  - Prices, Nonprices, and Concentration In Commercial Banking.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1976/02//
VL  - 8
IS  - 1
M3  - Article
SP  - 107
EP  - 117
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses how consumers can be swayed by market structure and the price and non-price competition between banks. The argument presented here is that there will be a long between market structure and non-price competition because the latter is what influences banks to increase their customer population. In an environment where one bank controls a monopoly, services will be poorer and service charges will be higher. The article concludes that the concentration of banks in a given area does impact both fees and services that banks offer and that was demonstrated using regression analysis.
KW  - INDUSTRIAL organization (Economic theory)
KW  - COMPETITION (Economics)
KW  - RESEARCH
KW  - BANKING industry -- Service charges
KW  - PRICES
KW  - CONSUMERS' preferences
KW  - BANK investments
N1  - Accession Number: 7027237; Heggestad, Arnold A. 1; Mingo, John J. 1; Affiliations: 1: Economists, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Feb76, Vol. 8 Issue 1, p107; Thesaurus Term: INDUSTRIAL organization (Economic theory); Thesaurus Term: COMPETITION (Economics); Thesaurus Term: RESEARCH; Thesaurus Term: BANKING industry -- Service charges; Thesaurus Term: PRICES; Thesaurus Term: CONSUMERS' preferences; Thesaurus Term: BANK investments; Number of Pages: 11p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Burns, Arthur F.
T1  - The Real Issues of Inflation and Unemployment.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1976/01//Jan/Feb76
VL  - 18
IS  - 6
M3  - Article
SP  - 6
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article discusses the issues of inflation and unemployment in the economy of U.S., which has recently begun to emerge from the deepest decline of business activity in the post Vietnam war period. The basic cause of the recession was the failure of the government to deal effectively with the inflation and soon became a dominant feature of the economic life. As wage and price increases quickened trouble spread across the economy, rapidly rising prices eroded the purchasing power of workers' incomes and savings. The self-corrective forces internal to the business cycle aided by fiscal and monetary policies was sought to cushion the effects of economic adversity and to provide some stimulus to economic recovery. On the fiscal side, public employment programs were expanded unemployment insurance was liberalized, and both personal and corporate income taxes were reduced. On the monetary side, easier credit conditions were fostered, resulting in lower interest rates and a rebuilding of liquidity across the economy.
KW  - INFLATION (Finance)
KW  - UNEMPLOYMENT
KW  - WAGES
KW  - MONETARY policy
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 6149871; Burns, Arthur F. 1; Affiliations: 1: Chairman of the Board of Governors of the Federal Reserve System.; Issue Info: Jan/Feb76, Vol. 18 Issue 6, p6; Thesaurus Term: INFLATION (Finance); Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: WAGES; Thesaurus Term: MONETARY policy; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Girton, Lamce
AU  - Henderson, Dale W.
T1  - FINANCIAL CAPITAL MOVEMENTS AND CENTRAL BANK BEHAVIOR IN A TWO-COUNTRY, SHORT-RUN PORTFOLIO BALANCE MODEL.
JO  - Journal of Monetary Economics
JF  - Journal of Monetary Economics
Y1  - 1976/01//
VL  - 2
IS  - 1
M3  - Article
SP  - 33
EP  - 61
SN  - 03043932
AB  - This paper analyzes financial capital movements in a two-country, short-run, portfolio balance model which includes two securities that are imperfect substitutes. Following a disturbance, equilibrium is, in general, reattained, but the effects on interest rates, money supplies, and international reserve holdings depend on the monetary and reserve asset management policies of the two central banks. Special attention is focused on the case in which one central bank holds its international reserves in the form of 'key currency' securities, thereby sterilizing for the 'key currency' country. There are several applications of the central result that, for any disturbance, the less changes in international reserves are allowed to affect money supplies, the larger the change in reserves required to reestablish equilibrium. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CAPITAL movements
KW  - ECONOMETRIC models
KW  - EQUILIBRIUM (Economics)
KW  - INTEREST rates
KW  - MONEY supply
KW  - RESERVES (Accounting)
KW  - ASSETS (Accounting)
KW  - CENTRAL banking industry
KW  - MONEY market
N1  - Accession Number: 17254040; Girton, Lamce 1; Henderson, Dale W. 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, DC, USA; Issue Info: Jan76, Vol. 2 Issue 1, p33; Thesaurus Term: CAPITAL movements; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTEREST rates; Thesaurus Term: MONEY supply; Thesaurus Term: RESERVES (Accounting); Thesaurus Term: ASSETS (Accounting); Thesaurus Term: CENTRAL banking industry; Thesaurus Term: MONEY market; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 29p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Terrell, Henry S.
AU  - Leimone, John
T1  - The U.S. Activities of Foreign-Owned Banking Organizations.
JO  - Columbia Journal of World Business
JF  - Columbia Journal of World Business
Y1  - 1975///Winter75
VL  - 10
IS  - 4
M3  - Article
SP  - 87
EP  - 97
PB  - Elsevier Science Publishing Company, Inc.
SN  - 00225428
AB  - This paper examines the size, growth and types of foreign banking business in the U.S. Between November 1972 and November 1975, total assets of U.S. offices of foreign banks have more than doubled rising from $24.6 billion to $61.9 billion. Another major difference between U.S. offices of foreign banks and weekly reporting banks arises from the fact that the former perform a special function in clearing and management of dollar balances for their parent networks. Most importantly, U.S. offices of foreign banks held a loan portfolio worth $23.4 billion in November 1975. Money market investments, largely interbank loans and deposits with banks in the U.S. through the federal funds market, constitute the other major category of standard assets held by U.S. offices of foreign banks. The volume of standard banking liabilities of U.S. offices of foreign banks falls substantially short of the volume of their standard banking assets. Despite their heavy reliance on interbank borrowing in U.S. markets and advances from their head offices, U.S. offices of foreign banks nearly tripled their deposits and borrowings from non-banks from $6.3 billion in November 1972 to $17.9 billion in November 1975. In recent years the most significant growth in the activities of foreign banks in New York has been the expansion of the activities of banks from continental Western Europe.
KW  - FOREIGN banking industry
KW  - BANK assets
KW  - INVESTMENTS
KW  - FINANCIAL performance
KW  - UNITED States
N1  - Accession Number: 5541278; Terrell, Henry S. 1; Leimone, John; Affiliations: 1: Chief of the International Banking Section in the division of International Finance of the Federal Reserve System; Issue Info: Winter75, Vol. 10 Issue 4, p87; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: BANK assets; Thesaurus Term: INVESTMENTS; Thesaurus Term: FINANCIAL performance; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 11p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Welsh, Gary M.
T1  - The Case for Federal Regulation of Foreign Bank Operations in the United States.
JO  - Columbia Journal of World Business
JF  - Columbia Journal of World Business
Y1  - 1975///Winter75
VL  - 10
IS  - 4
M3  - Article
SP  - 98
EP  - 108
PB  - Elsevier Science Publishing Company, Inc.
SN  - 00225428
AB  - The article looks at the existing regulatory framework of foreign bank operations in the U.S. in 1975. Since federal law does not provide for the establishment of federally-licensed foreign bank branches or agencies in the U.S., a foreign bank must look to state law in order to determine whether it may directly enter a particular market through a branch or agency form of organization. Foreign banks have concentrated their direct banking activities in three states--New York, California and Illinois. As a result of their domestic deposit-taking powers, branches of foreign banks are usually subject to more comprehensive state banking regulation. Foreign banks have also chosen to do business in New York state through so-called investment company subsidiaries organized under Article XII of the New York Banking Law. The basic difference between U.S. regulation of foreign banks and domestic banks is the fact that the branch and agency operations of foreign banks in the U.S. are free from any form of federal banking examination, supervision or regulation. Some foreign banks have thus organized or invested in a U.S. broker/dealer because they and their customers have viewed such activities as a traditional part of their international banking and financing services.
KW  - FOREIGN banking industry
KW  - COMMERCIAL policy
KW  - SUBSIDIARY corporations
KW  - BRANCH banks
KW  - BANKING law & legislation
KW  - UNITED States
N1  - Accession Number: 5541292; Welsh, Gary M. 1; Affiliations: 1: Assistant General Counsel, Legal Division of the Board of Governors of the Federal Reserve System; Issue Info: Winter75, Vol. 10 Issue 4, p98; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: SUBSIDIARY corporations; Thesaurus Term: BRANCH banks; Thesaurus Term: BANKING law & legislation; Subject: UNITED States; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522112 Corporate and institutional banking industry; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 11p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ORGLER, YAIR E.
T1  - CAPITAL ADEQUACY AND RECOVERIES FROM FAILED BANKS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/12//
VL  - 30
IS  - 5
M3  - Article
SP  - 1366
EP  - 1375
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The role of capital in preventing bank failures and the use of capital adequacy measures in predicting bankruptcies have been subject to extensive discussion in the literature. One aspect of this subject that has received less attention is the role of capital after a bank does fail. The relationship between capital and recoveries from failed banks is of interest to uninsured depositors and to bank regulatory agencies. Better knowledge of this relationship is useful for deposit (and withdrawal) decisions by large depositors while regulatory agencies could use this information in deciding about the future of banks that face the danger of bankruptcy. The main purpose of this study is to analyze the predictive performance of capital adequacy measures in estimating recoveries from failed banks. A second objective is to improve the prediction of recoveries by adding other variables to the capital measures within the context of a multivariate model. The model's dependent and independent variables are defined in Section I, sources of data used in estimating the model are described in Section II, and the empirical results are presented and analyzed in Section III. Concluding comments are presented in the last section. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK capital
KW  - BANK failures
KW  - FINANCIAL ratios
KW  - LIQUIDATION
KW  - CAPITAL
KW  - BANKING industry
KW  - BUSINESS failures
KW  - FINANCE
KW  - SAVINGS & loan association failures
KW  - SAVINGS bank failures
KW  - BANKRUPTCY
KW  - FINANCIAL crises
N1  - Accession Number: 4654840; ORGLER, YAIR E. 1; Affiliations: 1: Visiting Professor, Board of Governor, Federal Reserve System; Associate Professor of Business Administration, Tel-Aviv University; Issue Info: Dec1975, Vol. 30 Issue 5, p1366; Thesaurus Term: BANK capital; Thesaurus Term: BANK failures; Thesaurus Term: FINANCIAL ratios; Thesaurus Term: LIQUIDATION; Thesaurus Term: CAPITAL; Thesaurus Term: BANKING industry; Thesaurus Term: BUSINESS failures; Thesaurus Term: FINANCE; Thesaurus Term: SAVINGS & loan association failures; Thesaurus Term: SAVINGS bank failures; Thesaurus Term: BANKRUPTCY; Thesaurus Term: FINANCIAL crises; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Holland, Robert C.
T1  - BANK HOLDING COMPANIES AND FINANCIAL STABILITY .
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1975/11//
VL  - 10
IS  - 4
M3  - Article
SP  - 577
EP  - 587
PB  - Cambridge University Press
SN  - 00221090
AB  - In this article the author focuses on the financial stability and instability that is perceived in the bank holding company movement. That movement has displayed enough influence to garner a ranking as one of the most important components of the U.S. financial system. Information about banks that have been acquired by multibank holding companies and how that acquisition resulted in the bank becoming stronger is discussed. On the other hand, nonbank firms acquired by holding companies have been smaller and financially weaker than the holding company, and, as a result affiliation with the more powerful organization strengthens the nonbank firm's position. Also discussed is the theory of potential competition, the concept of probable future competition, and the linked oligopoly hypothesis.
KW  - BANK mergers
KW  - BANK holding companies
KW  - ECONOMIC stabilization
KW  - NONBANK financial institutions
KW  - BANKING industry -- United States
KW  - CONSOLIDATION & merger of corporations
KW  - BANK management
KW  - CORPORATIONS -- Valuation
KW  - CORPORATE reorganizations
KW  - OLIGOPOLIES
KW  - CONGLOMERATE corporations
KW  - COMPETITION
KW  - MERGERS
KW  - UNITED States
N1  - Accession Number: 5721545; Holland, Robert C. 1; Affiliations: 1: Member, Board of Governors, Federal Reserve System; Issue Info: Nov75, Vol. 10 Issue 4, p577; Thesaurus Term: BANK mergers; Thesaurus Term: BANK holding companies; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: NONBANK financial institutions; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: BANK management; Thesaurus Term: CORPORATIONS -- Valuation; Thesaurus Term: CORPORATE reorganizations; Thesaurus Term: OLIGOPOLIES; Thesaurus Term: CONGLOMERATE corporations; Subject Term: COMPETITION; Subject Term: MERGERS; Subject: UNITED States; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sato, Ryuzo
AU  - Koizumi, Tetsunori
AU  - Wolkowitz, Benjamin
T1  - MARKET BEHAVIOR AND THE TYPES OF PRODUCTION FUNCTIONS.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 1975/10//
VL  - 6
IS  - 4
M3  - Article
SP  - 331
EP  - 342
SN  - 00142921
AB  - The paper presents a unified approach to theory and estimation of production functions based on a simple observation that any production function has a unique representation of its isoquants in terms of the differential equation which may be observable in market. Expressing the marginal rate of substitution between two inputs as the differential equation in these two inputs, various, classes of production functions are obtained by integrating this differential equation. Not only does this general approach yield a systematic framework for all known forms but it also generates new types of production functions. Empirical application is also indicated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PRODUCTION functions (Economic theory)
KW  - ESTIMATION theory
KW  - CAPITAL productivity
KW  - PRODUCTION (Economic theory)
KW  - DIFFERENTIAL equations
KW  - DEMAND (Economic theory)
KW  - PRODUCTION planning
KW  - ECONOMIES of scale
KW  - MARKET equilibrium
N1  - Accession Number: 4957985; Sato, Ryuzo 1; Koizumi, Tetsunori 2; Wolkowitz, Benjamin 3; Affiliations: 1: Brown University, Providence, .R.I. 02912, U.S.A.; 2: Ohio State University, Columbus, Ohio 43210, U.S.A.; 3: Federal Reserve System, Washington, D.C. 20551, U.S.A.; Issue Info: Oct75, Vol. 6 Issue 4, p331; Thesaurus Term: PRODUCTION functions (Economic theory); Thesaurus Term: ESTIMATION theory; Thesaurus Term: CAPITAL productivity; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: DIFFERENTIAL equations; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: PRODUCTION planning; Thesaurus Term: ECONOMIES of scale; Thesaurus Term: MARKET equilibrium; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Heggestad, Arnold A.
AU  - Mingo, John J.
T1  - Capital Management by Holding Company Banks.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1975/10//
VL  - 48
IS  - 4
M3  - Article
SP  - 500
EP  - 505
PB  - University of Chicago Press
SN  - 00219398
AB  - This article focuses on capital management by bank holding companies. The bank holding company movement has had a different impact on the U.S. banking industry. Since 1966 approximately 1,100 bank holding companies have been formed; they now account for 64.7 percent of the commercial bank deposits in the country. There is ample incentive for bank management to form a holding company, since such a formation allows the firm to expand its activities into areas that are restricted to commercial banks. The hypothesis to be tested is that banks affiliated with holding companies maintain a lower equity capital position ceteris paribus than independent banks, thereby assuming greater risk than independent banks.
KW  - BANK capital
KW  - BANK holding companies
KW  - HOLDING companies
KW  - BANKING industry -- United States
KW  - STOCKS (Finance)
KW  - BANK stocks
KW  - INDEPENDENT banks
KW  - BANK management
KW  - UNITED States
N1  - Accession Number: 4586301; Heggestad, Arnold A. 1; Mingo, John J. 2; Affiliations: 1: University of Florida; 2: Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Oct75, Vol. 48 Issue 4, p500; Thesaurus Term: BANK capital; Thesaurus Term: BANK holding companies; Thesaurus Term: HOLDING companies; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: STOCKS (Finance); Thesaurus Term: BANK stocks; Thesaurus Term: INDEPENDENT banks; Thesaurus Term: BANK management; Subject: UNITED States; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Is There a Capital Shortage?
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1975/09//Sep/Oct75
VL  - 18
IS  - 4
M3  - Article
SP  - 30
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - This article concentrates on the recession in the economy. As the economy moves out of recession, greater investment needs, a possible inadequacy of savings and federal deficits create the distinct possibility of a capital shortage. Concern about an impending capital shortage has become widespread. A variety of studies of investment requirements over the next five or ten years, as well as of the adequacy of private and public savings and financial arrangements for converting these savings into investment, have already been completed. The generality of this concern attests to the importance of the issue. In examining the requirements for new capital, it becomes immediately apparent that the answer differs from one country to another. The author addresses aspects like-- tests of capital adequacy, the demand for capital, the supply of savings, constraints in financial markets, studies of capital requirements and availability of savings, tax remedies, capital imports and exports debt, especially short-term debt, in order to strengthen the equity base and facilitate financing, it is suggested that the method of taxing corporations be shifted gradually. Without loss of revenue, in the direction of taxing income used to pay interest while reducing the present tax on the portions of income used to pay dividends and retained in the business.
KW  - SCARCITY
KW  - RECESSIONS
KW  - SAVING & investment
KW  - CAPITAL shortages
KW  - INVESTMENTS
KW  - SECURITIES markets
KW  - TAXATION
N1  - Accession Number: 6149555; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors of the Federal Reserve System.; Issue Info: Sep/Oct75, Vol. 18 Issue 4, p30; Thesaurus Term: SCARCITY; Thesaurus Term: RECESSIONS; Thesaurus Term: SAVING & investment; Thesaurus Term: CAPITAL shortages; Thesaurus Term: INVESTMENTS; Thesaurus Term: SECURITIES markets; Thesaurus Term: TAXATION; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MINGO, JOHN J.
T1  - REGULATORY INFLUENCE ON BANK CAPITAL INVESTMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/09//
VL  - 30
IS  - 4
M3  - Article
SP  - 1111
EP  - 1121
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The purpose of this paper is to offer new evidence that indicates, contrary to the earlier findings, that regulators' desires significantly influence banks' capital decisions. The analysis follows Peltzman's approach closely, except to correct two apparent errors—one a specification error, the other an error involving aggregate data. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANK investments
KW  - FINANCIAL institutions
KW  - CAPITAL investments
KW  - BANK management
KW  - BANKING industry -- Government policy
KW  - BANK capital
KW  - BANK failures
KW  - FINANCIAL management
KW  - GOVERNMENT regulation
KW  - REGULATED industries
N1  - Accession Number: 4653777; MINGO, JOHN J. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Sep75, Vol. 30 Issue 4, p1111; Thesaurus Term: BANKING industry; Thesaurus Term: BANK investments; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CAPITAL investments; Thesaurus Term: BANK management; Thesaurus Term: BANKING industry -- Government policy; Thesaurus Term: BANK capital; Thesaurus Term: BANK failures; Thesaurus Term: FINANCIAL management; Thesaurus Term: GOVERNMENT regulation; Thesaurus Term: REGULATED industries; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - BOCZAR, GREGORY EDWARD
T1  - THE ANALYTICS OF MULTIBANK HOLDING COMPANY BEHAVIOR.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/09//
VL  - 30
IS  - 4
M3  - Abstract
SP  - 1145
EP  - 1146
PB  - Wiley-Blackwell
SN  - 00221082
AB  - An abstract of the article "The Analytics of Multibank Holding Company Behavior," by Gregory Edward Boczar is presented.
KW  - HOLDING companies
N1  - Accession Number: 4653939; BOCZAR, GREGORY EDWARD 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Sep75, Vol. 30 Issue 4, p1145; Thesaurus Term: HOLDING companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; Number of Pages: 2p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P.A.V.B.
AU  - Rappoport, Paul N.
T1  - RELATIVE EFFICIENCIES OF SOME SIMPLE BAYES ESTIMATORS OF COEFFICIENTS IN DYNAMIC MODELS -- I.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1975/08//
VL  - 3
IS  - 3
M3  - Article
SP  - 273
EP  - 296
SN  - 03044076
AB  - The article considers some approximations to Bayes estimators of coefficients in simple autoregressive models and gives an example of a Monte Carlo experiment where these approximate Bayes estimators yield a substantial improvement over the usual sampling theory or quasi-Bayesian estimators. A rationale for a Bayes estimator is provided by the minimum average risk criterion which is a reasonable criterion to choose among biased estimators in small sample situations. Depending on the nature and extent of prior information available one can generate certain approximations to Bayes estimators. In this paper we consider some approximations to Bayes estimators of coefficients in simple autoregressive models and use Monte Carlo experiments to determine their efficiencies relative to maximum likelihood estimators. In section 2 the article describes different of estimating the parameters appearing in two autoregressive. Section 3 of the article is devoted to a discussion of our Monte Carlo experiments. Section 4 of the article present the results and discuss their significance.
KW  - ESTIMATION theory
KW  - APPROXIMATION theory
KW  - BAYES' estimation
KW  - MONTE Carlo method
KW  - AUTOREGRESSION (Statistics)
KW  - LEAST squares
N1  - Accession Number: 4988022; Swamy, P.A.V.B. 1; Rappoport, Paul N. 2; Affiliations: 1: Federal Reserve System, Washington, D.C. 20551, U.S.A.; 2: Temple University, Philadelphia, Penn, 19122, U.S.A.; Issue Info: Aug75, Vol. 3 Issue 3, p273; Thesaurus Term: ESTIMATION theory; Thesaurus Term: APPROXIMATION theory; Thesaurus Term: BAYES' estimation; Thesaurus Term: MONTE Carlo method; Subject Term: AUTOREGRESSION (Statistics); Subject Term: LEAST squares; Number of Pages: 24p; Illustrations: 8 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Howe, Howard
T1  - DEVELOPMENT OF THE EXTENDED LINEAR EXPENDITURE SYSTEM FROM SIMPLE SAVING ASSUMPTIONS.
JO  - European Economic Review
JF  - European Economic Review
Y1  - 1975/07//
VL  - 6
IS  - 3
M3  - Article
SP  - 305
EP  - 310
SN  - 00142921
AB  - The extended linear expenditure system (ELES) can be developed as an atemporal maximization of a Stone-Geary utility function wherein saving is treated as a good in itself. The key to this development is the a priori specification of the ‘subsistence quantity’ of saving, yn+1, to be zero. Thus, the intertemporal maximization approach to the ELES is equivalent to specifying a Klein-Rubin saving function with yn+1 = 0 for a linear expenditure system (LES) based on permanent income rather than total expenditure. Any income concept – current, normal, or permanent, for example – is acceptable for the ELES developed from the atemporal maximization. [ABSTRACT FROM AUTHOR]
AB  - Copyright of European Economic Review is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMPTION (Economics)
KW  - CONSUMPTION (Economics) -- Mathematical models
KW  - ELASTICITY (Economics)
KW  - SUBSISTENCE economy
KW  - ECONOMIC systems
KW  - INCOME
KW  - SAVING & investment
KW  - ECONOMICS
N1  - Accession Number: 4934622; Howe, Howard 1; Affiliations: 1: Beard of Governors of the Federal Reserve System, Washington, D. C. 20551, U.S.A.; Issue Info: Jul75, Vol. 6 Issue 3, p305; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CONSUMPTION (Economics) -- Mathematical models; Thesaurus Term: ELASTICITY (Economics); Thesaurus Term: SUBSISTENCE economy; Thesaurus Term: ECONOMIC systems; Thesaurus Term: INCOME; Thesaurus Term: SAVING & investment; Thesaurus Term: ECONOMICS; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Rhoades, Stephen A.
T1  - The Effect of Bank-Holding-Company Acquisitions of Mortgage Bankers on Mortgage Lending Activity.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1975/07//
VL  - 48
IS  - 3
M3  - Article
SP  - 344
EP  - 348
PB  - University of Chicago Press
SN  - 00219398
AB  - The mortgage banking industry consists of around 800 business enterprises operating in one or more local markets. The primary function of mortgage banking firms as financial intermediaries is to originate mortgage loans in the "primary" market and sell these loans, usually in packages, to large institutional investors' in what is called the "secondary" market. The mortgages originated by mortgage banking firms are held or "warehoused" (financed by bank credits) for only a short time before they are sold, and therefore the assets of these firms are small? The primary source of income is derived from servicing the mortgages that are sold to institutional investors but the fee charged for the origination of the loan is also an important source of income. In recent years, a small but increasing portion of the mortgage banking firm's income has been derived from other activities, including construction lending, consultations on real estate investment trusts, land development, and real estate sales.
KW  - BANK mergers
KW  - MORTGAGES
KW  - BANK holding companies
KW  - BANKING industry
KW  - BUSINESS enterprises
KW  - MORTGAGE banks
KW  - CAPITALISTS & financiers
KW  - FLOW of funds
KW  - CONSULTING firms
KW  - FINANCIAL institutions
KW  - FINANCIAL planners
N1  - Accession Number: 4586837; Rhoades, Stephen A. 1; Affiliations: 1: Staff Economist, Financial Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D. C.; Issue Info: Jul75, Vol. 48 Issue 3, p344; Thesaurus Term: BANK mergers; Thesaurus Term: MORTGAGES; Thesaurus Term: BANK holding companies; Thesaurus Term: BANKING industry; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: MORTGAGE banks; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FLOW of funds; Thesaurus Term: CONSULTING firms; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCIAL planners; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 541618 Other Management Consulting Services; NAICS/Industry Codes: 541611 Administrative Management and General Management Consulting Services; NAICS/Industry Codes: 541613 Marketing Consulting Services; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Greer, Douglas F.
T1  - Discussion of the Edwards, Brodley, and Samuels Articles.
JO  - Journal of Economic Issues (Association for Evolutionary Economics)
JF  - Journal of Economic Issues (Association for Evolutionary Economics)
Y1  - 1975/06//
VL  - 9
IS  - 2
M3  - Article
SP  - 395
EP  - 397
PB  - Association for Evolutionary Economics
SN  - 00213624
AB  - The article comments on papers related to the proposed industrial reorganization bill in the U.S. The current industrial policies have been ineffective and more vigorous approach, exemplified by the industrial reorganization bill, is therefore needed. The implementation of such a new approach can be made economically and legally feasible. Industrial deconcentration is institutionally appropriate, even though it may be vulnerable to subversion. Substantial deconcentration of industry and curtailment of labor union power are absolutely necessary if industry has to avoid further direct government intervention in wage-price decision making. One of the concern regarding the bill is that under the industrial reorganization bill the economy's structural foundations would be shaped by only a few persons. The industrial reorganization bill seems to be sufficiently radical to assure that if it does indeed become law there also will be sufficient political momentum behind it to prevent a complete perversion of its purpose. Moreover, our major corporations appear to appreciate this fact.
KW  - INDUSTRIAL laws & legislation
KW  - CORPORATE reorganizations
KW  - INCOMES policy (Economics)
KW  - INDUSTRIAL relations
KW  - DEREGULATION
KW  - CORPORATIONS
KW  - INTERVENTION (Federal government)
KW  - UNITED States
N1  - Accession Number: 4679399; Greer, Douglas F. 1; Affiliations: 1: Economist, Financial Studies Section, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Jun75, Vol. 9 Issue 2, p395; Thesaurus Term: INDUSTRIAL laws & legislation; Thesaurus Term: CORPORATE reorganizations; Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: INDUSTRIAL relations; Thesaurus Term: DEREGULATION; Thesaurus Term: CORPORATIONS; Subject Term: INTERVENTION (Federal government); Subject: UNITED States; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SLOVIN, MYRON B.
AU  - SUSHKA, MARIE ELIZABETH
T1  - THE STRUCTURAL SHIFT IN THE DEMAND FOR MONEY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/06//
VL  - 30
IS  - 3
M3  - Article
SP  - 721
EP  - 731
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article explores the structure of the demand for money. Financial developments during the 1960's may have affected the ability of commercial banks to compete for savings deposits, such as government regulations restricting interest rates. The authors assert that these financial developments in the early 1960's induced a shift in the structure of the public's demand for money. A standard demand for money specification is considered and the structural shift in the pattern of substitution between money and near monies is investigated. The authors reestimate the money demand function in order to incorporate the effect of developments in the savings market.
KW  - DEMAND for money
KW  - DEMAND (Economic theory)
KW  - BANK deposits
KW  - LIQUID assets
KW  - BANKING industry
KW  - MONEY supply
KW  - SAVINGS banks
KW  - SAVINGS & loan associations
KW  - INTEREST rates
KW  - CONSUMPTION (Economics)
KW  - ECONOMIC aspects
N1  - Accession Number: 4654688; SLOVIN, MYRON B. 1; SUSHKA, MARIE ELIZABETH 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System.; Issue Info: Jun75, Vol. 30 Issue 3, p721; Thesaurus Term: DEMAND for money; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: BANK deposits; Thesaurus Term: LIQUID assets; Thesaurus Term: BANKING industry; Thesaurus Term: MONEY supply; Thesaurus Term: SAVINGS banks; Thesaurus Term: SAVINGS & loan associations; Thesaurus Term: INTEREST rates; Thesaurus Term: CONSUMPTION (Economics); Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mingo, John J.
T1  - CAPITAL MANAGEMENT AND PROFITABILITY OF PROSPECTIVE HOLDING COMPANY BANKS.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1975/06//
VL  - 10
IS  - 2
M3  - Article
SP  - 191
EP  - 203
PB  - Cambridge University Press
SN  - 00221090
AB  - In this paper, a cross-section of banks in eight unit banking states is used to examine the capital position and profitability of prospective holding company banks, in order to judge the validity of the hypothesis stated above. In Section I, a regression model is presented in which several independent variables are used to explain net earnings to assets, capital/asset ratios, and net earnings to capital of the sample of banks; a dummy variable is used to distinguish between prospective HC banks and "other" banks. In Section II, the results with respect to bank profitability are shown to be quite strong, when proper account is taken of bank size and market attributes as determinants of bank earnings. Section III provides a summary. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK profits
KW  - RESEARCH
KW  - BANK assets
KW  - BANKING industry
KW  - FINANCE
KW  - HOLDING companies
KW  - CAPITAL
KW  - REGRESSION analysis
KW  - EARNINGS per share
KW  - PORTFOLIO management (Investments)
KW  - FINANCE -- Mathematical models
KW  - RATIO analysis
KW  - CAPITAL market
KW  - MATHEMATICAL models
KW  - EARNINGS forecasting
N1  - Accession Number: 5722371; Mingo, John J. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Jun75, Vol. 10 Issue 2, p191; Thesaurus Term: BANK profits; Thesaurus Term: RESEARCH; Thesaurus Term: BANK assets; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: HOLDING companies; Thesaurus Term: CAPITAL; Thesaurus Term: REGRESSION analysis; Thesaurus Term: EARNINGS per share; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: FINANCE -- Mathematical models; Thesaurus Term: RATIO analysis; Thesaurus Term: CAPITAL market; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: EARNINGS forecasting; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Mehta, J. S.
T1  - ON BAYESIAN ESTIMATION OF SEEMINGLY UNRELATED REGRESSIONS WHEN SOME OBSERVATIONS ARE MISSING.
JO  - Journal of Econometrics
JF  - Journal of Econometrics
Y1  - 1975/05//
VL  - 3
IS  - 2
M3  - Article
SP  - 157
EP  - 169
SN  - 03044076
AB  - The article deals with the problem of estimating parameters of a set of two seemingly unrelated regression equations when some observations are missing. It shows how, within the Bayesian framework, extra observations on all the variables in the first equation can be readily and formally utilized in obtaining the exact or an approximate posterior distributions of all the coefficients including those in the second equation. The authors derive the likelihood function of parameters appearing in which is combined with a prior p.d.f. for the parameters via Bayes' theorem to obtain joint, conditional and marginal posterior distributions of the parameters with and without extra observations. The authors illustrate application of the techniques developed in the article. In the Bayesian approach extra observations on all the variables in the first equation can be readily and formally utilized in obtaining the exact or an approximate posterior p.d.f.'s for all coefficients including those in the second equation which is seemingly unrelated to the first one. In the sampling theory approach it is often the case that optimal estimators depend on nuisance parameters whose values are unknown.
KW  - REGRESSION analysis
KW  - ESTIMATION theory
KW  - ECONOMETRICS
KW  - MATHEMATICAL statistics
KW  - BAYES' theorem
KW  - EQUATIONS
N1  - Accession Number: 4972979; Swamy, P. A. V. B. 1; Mehta, J. S. 2; Affiliations: 1: Federal Reserve System, Washington, D.C. 20551, U.S.A.; 2: Temple University, Philadelphia, Penn. 19122, U.S.A.; Issue Info: May75, Vol. 3 Issue 2, p157; Thesaurus Term: REGRESSION analysis; Thesaurus Term: ESTIMATION theory; Thesaurus Term: ECONOMETRICS; Thesaurus Term: MATHEMATICAL statistics; Subject Term: BAYES' theorem; Subject Term: EQUATIONS; Number of Pages: 13p; Illustrations: 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - CHASE, JR., SAMUEL B.
AU  - MINGO, JOHN J.
T1  - THE REGULATION OF BANK HOLDING COMPANIES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/05//
VL  - 30
IS  - 2
M3  - Article
SP  - 281
EP  - 292
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on the regulation of bank holding companies. The holding company allows for a greater flexibility of management, improved access to financial resources, and freedom from state and federal restrictions on the scope of banking activities and locations. A brief historical overview of holding companies is presented, and the effect of the Bank Holding Company Act of 1956 on the banking industry is considered. The potential costs and benefits of bank holding companies are examined, including more efficient intermediation through pooling risk, economies of scale, and better geographical allocation of funds.
KW  - BANK holding companies
KW  - HOLDING companies
KW  - BANKING industry -- United States
KW  - BANKING research
KW  - BANK management
KW  - FINANCIAL institutions
KW  - GOVERNMENT policy
KW  - REGULATED industries
KW  - GOVERNMENT regulation
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 4661814; CHASE, JR., SAMUEL B. 1; MINGO, JOHN J. 2; Affiliations: 1: Office of Managing Director for Research and Economic Policy.; 2: Financial Studies Section, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: May75, Vol. 30 Issue 2, p281; Thesaurus Term: BANK holding companies; Thesaurus Term: HOLDING companies; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANKING research; Thesaurus Term: BANK management; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: REGULATED industries; Thesaurus Term: GOVERNMENT regulation; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 12p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BRIMMER, ANDREW F.
AU  - DAHL, FREDERICK R.
T1  - GROWTH OF AMERICAN INTERNATIONAL BANKING: IMPLICATIONS FOR PUBLIC POLICY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1975/05//
VL  - 30
IS  - 2
M3  - Article
SP  - 341
EP  - 363
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The expansion of their overseas activities by banks headquartered in the United States is one of the most important developments in international finance during the last decade. For a number of years, the motivations behind this growth were obscured by the restrictions on capital outflows imposed by the U.S. Government in the mid-1960's as part of a program to improve the nation's balance of payments. However, even before the capital restrictions were terminated in January 1974, it was becoming increasingly clear to some observers that a basic transformation had occurred in the character of U.S. banking. The origins of this transformation have been examined on several occasions in the past, and those who follow the subject closely now have a good understanding of the dimensions of the changes which have occurred. On the other hand, the impact of the regulatory framework on the way in which U.S. banks conduct their foreign business is not so fully appreciated. To a considerable extent, this reflects the sparsity of efforts by the regulatory authorities themselves to assess the effects of their actions on the institutions over which they have oversight. The objective of this paper is to broaden understanding of the interplay of U.S. commercial bank expansion abroad and the regulatory posture of the Federal Reserve Board--the Federal agency with authority over the banks' foreign activities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL banking industry
KW  - INTERNATIONAL finance
KW  - RESEARCH
KW  - BANKING industry -- United States
KW  - CAPITAL movements
KW  - BALANCE of payments
KW  - REGULATED industries
KW  - FINANCIAL institutions
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 4661905; BRIMMER, ANDREW F. 1; DAHL, FREDERICK R. 2; Affiliations: 1: Harvard University Graduate School of Business Administration.; 2: Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System.; Issue Info: May75, Vol. 30 Issue 2, p341; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: RESEARCH; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: CAPITAL movements; Thesaurus Term: BALANCE of payments; Thesaurus Term: REGULATED industries; Thesaurus Term: FINANCIAL institutions; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 23p; Illustrations: 6 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yeats, Alexander J.
AU  - Irons, Edward D.
AU  - Rhoades, Stephen A.
T1  - An Analysis of New Bank Growth.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1975/04//
VL  - 48
IS  - 2
M3  - Article
SP  - 199
EP  - 203
SN  - 00219398
AB  - Using a projection of annual deposit growth based on similarities among 48 banks that opened during 1960-63, shows how costly delays in management decisions can be reduced. The number of years since a bank was established accounted for 48 percent of variation. The percentage change in disposable income in the county, the number of other banks entering the market, and the quarter in which the bank was established accounted for another 15%. Secondary sources; 5 notes.
KW  - BANKING industry
KW  - GROWTH rate
KW  - SUCCESS in business
KW  - FINANCIAL performance
KW  - BANK deposits
KW  - COMPETITION
KW  - CUSTOMER services
KW  - ECONOMIC history
KW  - BUSINESS
KW  - Deposit growth
N1  - Accession Number: 4586332; Yeats, Alexander J. 1; Irons, Edward D. 2; Rhoades, Stephen A. 3; Affiliations: 1 : Economist, United Nations in Switzerland.; 2 : Mills Bee Lane Professor of Banking and Finance, Atlanta University Center.; 3 : Economist, Board of Governors, Federal Reserve System.;  Source Info: Apr75, Vol. 48 Issue 2, p199; Historical Period: 1960 to 1971; Subject Term: BANKING industry; Subject Term: GROWTH rate; Subject Term: SUCCESS in business; Subject Term: FINANCIAL performance; Subject Term: BANK deposits; Subject Term: COMPETITION; Subject Term: CUSTOMER services; Subject Term: ECONOMIC history; Subject Term: BUSINESS; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Solomon, Robert
T1  - The Allocation of 'Oil Deficits'
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1975/03//
IS  - 1
M3  - Article
SP  - 61
EP  - 79
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article investigates the allocation of oil deficits among member countries of the Organisation for Economic Co-operation and Development (OECD) during the 1970s. Although the terms of trade of petroleum-importing countries (PIC) have deteriorated, petroleum-exporting countries (PEC) can spend only a limited amount of their export receipts and must lend the remainder back to the PIC. As long as they do so, the net worth of the PIC will decline and that of the PEC will increase, meaning under some definitions a reduction in real income of the one and an increase in real income of the other. One reason for focusing on the OECD is to make the analysis manageable. Another is that less developed countries are in little danger of mutually frustrating and destructive policies because they are accustomed to current deficits. The problem that confronts OECD can be framed in terms of the allocation among these countries either of current deficits or of incremental debt. For any individual OECD country and for the group, the current deficit will equal the increase in debt over any time period. Emphasis on current deficits involves questions about absorption of resources and its pattern over time, and the allocation of resources within individual countries during and after the adjustment period. Focus on incremental debt raises questions of credit-worthiness, ability to borrow, and the availability of official financing to supplement private capital flows.
KW  - BALANCE of trade
KW  - PETROLEUM industry
KW  - REAL income
KW  - DEBT
KW  - OECD countries
N1  - Accession Number: 7073388; Solomon, Robert 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 1975, Issue 1, p61; Thesaurus Term: BALANCE of trade; Thesaurus Term: PETROLEUM industry; Thesaurus Term: REAL income; Thesaurus Term: DEBT; Subject: OECD countries; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 454311 Heating oil dealers; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 324199 All Other Petroleum and Coal Products Manufacturing; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 213112 Support Activities for Oil and Gas Operations; NAICS/Industry Codes: 211113 Conventional oil and gas extraction; NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, James L.
T1  - Interest Rates and Their Prospect in the Recovery.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1975/03//
IS  - 1
M3  - Article
SP  - 89
EP  - 110
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article examines the prospective behavior of interest rates and money demand in the U.S. in 1974. The errors in the money-demand relationships give some idea of whether the decline in interest rates in 1974 was smaller than would have been expected on the basis of past relationships. The demand for money provides predictions of the money stock given short-term interest rates. An effort to explain the errors is always an exercise in ex post theorizing, which is often difficult to distinguish from pure rationalization. If the ex post arguments appear to be compelling, it is crucial to test the role of these factors not only in the current situation but also at other times when they appear to operate. The propensity to economize on money balances probably cannot be captured by the elasticity on real transactions. Once individuals and firms have economized on cash holdings, they will not unlearn all their lessons when interest rates and real transactions fall. Thus money demand may not be completely reversible. There is no reason to believe that deficits resulting from recession-induced declines in tax revenues will spur increases in interest rates. Tax cuts and expenditure increases do tend to raise aggregate demand and ultimately to raise interest rates.
KW  - INTEREST rates
KW  - DEMAND for money
KW  - BALANCE of trade
KW  - TAXATION
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 7073393; Pierce, James L. 1; Affiliations: 1: Staff, Board of Governors of the Federal Reserve System; Issue Info: 1975, Issue 1, p89; Thesaurus Term: INTEREST rates; Thesaurus Term: DEMAND for money; Thesaurus Term: BALANCE of trade; Thesaurus Term: TAXATION; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - RHOADES, S. A.
AU  - YEATS, A. J.
T1  - GROWTH, CONSOLIDATION AND MERGERS IN BANKING .
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/12//
VL  - 29
IS  - 5
M3  - Article
SP  - 1397
EP  - 1405
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This paper has attempted to 1) reevaluate the Alhadeffs' findings regarding the relative growth of large banks, 2) determine whether the banking system has been experiencing a consolidation movement, and 3) assess the impact of mergers on the growth process of different size commercial banks. The study is based on a sample of 600 commercial banks over the period 1960-1971. The results of a comparison of growth rates among different size classes of banks support the Alhadeffs' finding that large banks grew less than the system as a whole. The bank growth data were used to construct a dynamic measure of concentration which indicates that there has been a tendency toward deconsolidation in commercial banking since 1960. This tendency is also reflected in changes of a static measure of aggregate concentration. A comparison of gross and net (of merger) growth rates show that the vast majority of bank mergers are made by large banks. While this pattern of mergers would appear to support a consolidation movement, the vigorous internal growth of medium size banks evidently offset the influence of mergers and led to deconsolidation. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING industry
KW  - BANK mergers
KW  - CONSOLIDATION & merger of corporations -- Law & legislation
KW  - CORPORATIONS -- Growth
KW  - FINANCIAL institutions
KW  - BANKING research
KW  - INDUSTRIAL concentration
KW  - GROWTH rate
KW  - REGULATED industries
KW  - BANKING law & legislation
KW  - FINANCIAL performance
KW  - BANK deposits
N1  - Accession Number: 4654709; RHOADES, S. A. 1; YEATS, A. J. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Dec1974, Vol. 29 Issue 5, p1397; Thesaurus Term: BANKING industry; Thesaurus Term: BANK mergers; Thesaurus Term: CONSOLIDATION & merger of corporations -- Law & legislation; Thesaurus Term: CORPORATIONS -- Growth; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: BANKING research; Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: GROWTH rate; Thesaurus Term: REGULATED industries; Thesaurus Term: BANKING law & legislation; Thesaurus Term: FINANCIAL performance; Thesaurus Term: BANK deposits; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 9p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - Wallich, Henry C.
T1  - Interim Arrangements for World Money.
JO  - Challenge (05775132)
JF  - Challenge (05775132)
Y1  - 1974/09//Sep/Oct74
VL  - 17
IS  - 4
M3  - Article
SP  - 5
PB  - Taylor & Francis Ltd
SN  - 05775132
AB  - The new monetary agreements provide temporary measures and a sense of direction. When the world's finance ministers and central bankers, assembled as the Committee of Twenty (CXX), ended their final meeting on June 13, they put an end also, for the present at least, to formal efforts to reshape the world's monetary system. They had begun by aiming at definitive reform. What they ended up doing was to set the stage for continuing evolution. What other countries essentially demanded was a more symmetrical arrangement. The role of the dollar was to be cut back. Its place was to be taken by some international reserve medium. The U.S. would have to make the dollar convertible by supplying the reserve medium against any dollars acquired by foreign countries. The U.S. came forward with a plan that offered to make the dollar convertible into international reserve assets, including Special Drawing Rights (SDRs) issued by the International Monetary Fund (IMF). The CXX established by the IMF in September l972-during the sessions of the "Twenty" there usually were nearly 200 people in the room-debated the plan and alternative possibilities at successive meetings.
KW  - MONETARY unions
KW  - MONEY
KW  - DOLLAR (United States currency)
KW  - INTERNATIONAL economic assistance
KW  - BANKERS
KW  - FINANCE ministers
KW  - DOLLAR
KW  - UNITED States
N1  - Accession Number: 6147127; Wallich, Henry C. 1; Affiliations: 1: Member of the Board of Governors, Federal Reserve System.; Issue Info: Sep/Oct74, Vol. 17 Issue 4, p5; Thesaurus Term: MONETARY unions; Thesaurus Term: MONEY; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: INTERNATIONAL economic assistance; Thesaurus Term: BANKERS; Thesaurus Term: FINANCE ministers; Thesaurus Term: DOLLAR; Subject: UNITED States; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Slovin, Myron B.
T1  - On the Relationships among Monetary Aggregates.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1974/08//
VL  - 6
IS  - 3
M3  - Article
SP  - 353
EP  - 366
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents an analysis of the interrelationships among monetary aggregates and explores the implications of this behavior. The analysis is conducted within the framework of the demand for liquid assets. Regressions are estimated to explain the ratios M2 to M1, M3 to M1, and bank credit to M1. Each equation represents a demand level for the relative liquid liabilities that consistent with a given amount of the money supply M1 and values of the independent variables. The specifications are taken from established theory and past empirical research about the demand for liquid assets.
KW  - AGGREGATE demand (Economics)
KW  - DEMAND (Economic theory)
KW  - LIQUID assets
KW  - MONETARY policy
KW  - REGRESSION analysis
KW  - LIABILITIES (Accounting)
N1  - Accession Number: 5163849; Slovin, Myron B. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System, Washington, D.C.; Issue Info: Aug74, Vol. 6 Issue 3, p353; Thesaurus Term: AGGREGATE demand (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: LIQUID assets; Thesaurus Term: MONETARY policy; Thesaurus Term: REGRESSION analysis; Thesaurus Term: LIABILITIES (Accounting); Number of Pages: 14p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yeats, A. J.
T1  - A Framework for Evaluating Potential Competition As a Factor in Bank Mergers and Acquisitions.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1974/08//
VL  - 6
IS  - 3
M3  - Article
SP  - 395
EP  - 402
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents a framework for reviewing potential competition as a factor in regulatory analysis. Part one of the article examines several factors affecting the level of competition in a market, outlines the theoretical reasoning for the potential competition argument, and discusses the effect of structure on economic performance. Part two of the article presents a framework that has been built for determining the overall competitive effect associated with a merger or acquisition. Also discussed are how holding-company acquisitions show how the framework can be implemented in this case.
KW  - BANK mergers
KW  - CONSOLIDATION & merger of corporations
KW  - FEDERAL regulation
KW  - CORPORATE governance
KW  - CORPORATIONS -- Finance
KW  - COMPETITION
N1  - Accession Number: 5163852; Yeats, A. J. 1; Affiliations: 1: Staff Economist, Banking Markets Section, Board of Governors, Federal Reserve System.; Issue Info: Aug74, Vol. 6 Issue 3, p395; Thesaurus Term: BANK mergers; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: FEDERAL regulation; Thesaurus Term: CORPORATE governance; Thesaurus Term: CORPORATIONS -- Finance; Subject Term: COMPETITION; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 8p; Illustrations: 1 Diagram; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mingo, John J.
T1  - Capital Importation and Sectoral Development: A Model Applied to Postwar Puerto Rico.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1974/06//
VL  - 64
IS  - 3
M3  - Article
SP  - 273
SN  - 00028282
AB  - Analyzes the performance of an open and dual developing economy from a sectoral point of view. Postwar Puerto Rico is the subject; a two-sector open growth mathematical model is utilized. The commonwealth imports and exports at perfectly fluid world prices, and borrows at going world interest rates. The model demonstrates a reallocation of labor toward the more productive industrial sector. Foreign investment is thus stimulated and higher wages result. Emigration eliminated actual growth of the labor force. 2 tables, 4 figs., 19 notes, biblio.
KW  - CAPITAL market
KW  - PUERTO Rico -- Economic conditions
KW  - CAPITAL movements
KW  - INVESTMENTS
KW  - DUAL economy
KW  - GROWTH
KW  - COMMODITY exchanges
KW  - LABOR mobility
KW  - INDUSTRIALIZATION
KW  - INTERNATIONAL trade
KW  - MODELS & modelmaking
KW  - LABOR
KW  - ECONOMIC development
KW  - CAPITAL
KW  - CAPITAL cities
KW  - PUERTO Rico
N1  - Accession Number: 4496830; Mingo, John J. 1; Affiliations: 1 : Economist, Board of Governors, Federal Reserve System.;  Source Info: Jun74, Vol. 64 Issue 3, p273; Historical Period: 1945 to 1970; Subject Term: CAPITAL market; Subject Term: PUERTO Rico -- Economic conditions; Subject Term: CAPITAL movements; Subject Term: INVESTMENTS; Subject Term: DUAL economy; Subject Term: GROWTH; Subject Term: COMMODITY exchanges; Subject Term: LABOR mobility; Subject Term: INDUSTRIALIZATION; Subject Term: INTERNATIONAL trade; Subject Term: MODELS & modelmaking; Subject Term: LABOR; Subject Term: ECONOMIC development; Subject Term: CAPITAL; Subject Term: CAPITAL cities; Subject: PUERTO Rico; Number of Pages: 18p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - KWACK, SUNG Y.
T1  - A NOTE ON THE BALANCE OF PAYMENTS EFFECTS OF THE U.S. CAPITAL CONTROLS PROGRAMS: SIMULATION ESTIMATES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/06//
VL  - 29
IS  - 3
M3  - Article
SP  - 1001
EP  - 1005
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The theoretical analysis set forth in Section I shows that while the capital controls programs initially improve the balance of payments, this initial effect can be reversed after a time. The dynamic simulations over the period 1965:2- 1970:4 presented in Section II suggest the estimate of the control's effect in the initial year is an improvement of approximately $4.5 billion in the liquidity balance. Also, the effects are estimated to diminish gradually and continuously to an annual rate of some $2.8 billion after 5 years. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BALANCE of payments
KW  - CAPITAL movements
KW  - CAPITAL
KW  - GOVERNMENT policy
KW  - ECONOMICS
KW  - FOREIGN investments
KW  - LIQUIDITY (Economics)
KW  - BALANCE of payments deficit
KW  - INTERNATIONAL liquidity
KW  - RATE of return
KW  - BALANCE of trade
KW  - UNITED States
N1  - Accession Number: 4655508; KWACK, SUNG Y. 1; Affiliations: 1: Economist, Board of Governors of the Federal Reserve System.; Issue Info: Jun74, Vol. 29 Issue 3, p1001; Thesaurus Term: BALANCE of payments; Thesaurus Term: CAPITAL movements; Thesaurus Term: CAPITAL; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: ECONOMICS; Thesaurus Term: FOREIGN investments; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: BALANCE of payments deficit; Thesaurus Term: INTERNATIONAL liquidity; Thesaurus Term: RATE of return; Thesaurus Term: BALANCE of trade; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SLOVIN, MYRON B.
T1  - FINANCIAL DISINTERMEDIATION IN A MACROECONOMIC FRAMEWORK: COMMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/06//
VL  - 29
IS  - 3
M3  - Article
SP  - 1016
EP  - 1019
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the optimal deposit rate for a profit-maximizing savings institution. Previous writers have offered competing analyses. Some say the is a function of exogenous shifts in the public's demand for deposits, while Patric Hendershott has commented that such shifts in demand do not affect the optimal rate if the demand function is logarithmic. The author takes issue with this latter interpretation, arguing that Hendershott's conclusion fails to hold given certain assumptions about the profit-maximization model.
KW  - BANK deposits
KW  - RATE setting
KW  - PROFIT maximization
KW  - BANKING industry
KW  - SAVINGS accounts
KW  - MACROECONOMICS
KW  - DISINTERMEDIATION
KW  - FINANCE
KW  - BANK accounts
KW  - DEMAND for money
KW  - DEMAND (Economic theory)
KW  - HENDERSHOTT, Patric
N1  - Accession Number: 4655528; SLOVIN, MYRON B. 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Jun74, Vol. 29 Issue 3, p1016; Thesaurus Term: BANK deposits; Thesaurus Term: RATE setting; Thesaurus Term: PROFIT maximization; Thesaurus Term: BANKING industry; Thesaurus Term: SAVINGS accounts; Thesaurus Term: MACROECONOMICS; Thesaurus Term: DISINTERMEDIATION; Thesaurus Term: FINANCE; Thesaurus Term: BANK accounts; Thesaurus Term: DEMAND for money; Thesaurus Term: DEMAND (Economic theory); NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; People: HENDERSHOTT, Patric; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Brimmer, Andrew F.
T1  - Widening Horizons: Prospects for Black Employment.
JO  - Labor Law Journal
JF  - Labor Law Journal
Y1  - 1974/06//
VL  - 25
IS  - 6
M3  - Excerpt
SP  - 323
EP  - 335
PB  - CCH Incorporated
SN  - 00236586
AB  - Presents an excerpt from the speech of Andrew F. Brimmer, member of the U.S. Board of Governors of the Federal Reserve System, on prospects for employment of the African Americans, delivered at Prairie View A&M University in Texas.
KW  - AFRICAN Americans -- Employment
KW  - BRIMMER, Andrew F., 1926-2012
N1  - Accession Number: 5817825; Brimmer, Andrew F. 1; Affiliations: 1: Member, Board of Governors of Federal Reserve System.; Issue Info: Jun74, Vol. 25 Issue 6, p323; Thesaurus Term: AFRICAN Americans -- Employment; People: BRIMMER, Andrew F., 1926-2012; Number of Pages: 13p; Document Type: Excerpt
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ER  - 

TY  - JOUR
AU  - Brimmer, Andrew F.
T1  - Alternative Monetary-Fiscal Policies and Sectoral Credit Flows.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1974/05//
VL  - 64
IS  - 2
M3  - Article
SP  - 112
SN  - 00028282
AB  - Employs simulations to analyze the probable impact of alternative federal regulatory policies on the US economy, 1966-73.
KW  - CREDIT
KW  - INVESTMENT tax credit
KW  - CAPITAL productivity
KW  - FISCAL policy
KW  - CAPITAL costs
KW  - MONETARY policy
KW  - ECONOMETRIC models
KW  - INCOME tax
KW  - ELASTICITY (Economics)
KW  - CORPORATIONS
KW  - SIMULATION games
KW  - FEDERAL regulation
KW  - ECONOMIC history
KW  - UNITED States
N1  - Accession Number: 4494311; Brimmer, Andrew F. 1; Affiliations: 1 : Member, Board of Governors, Federal Reserve System.;  Source Info: May74, Vol. 64 Issue 2, p112; Historical Period: 1966 to 1973; Subject Term: CREDIT; Subject Term: INVESTMENT tax credit; Subject Term: CAPITAL productivity; Subject Term: FISCAL policy; Subject Term: CAPITAL costs; Subject Term: MONETARY policy; Subject Term: ECONOMETRIC models; Subject Term: INCOME tax; Subject Term: ELASTICITY (Economics); Subject Term: CORPORATIONS; Subject Term: SIMULATION games; Subject Term: FEDERAL regulation; Subject Term: ECONOMIC history; Subject: UNITED States; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - PIERCE, JAMES L.
AU  - THOMSON, THOMAS D.
T1  - SHORT-TERM FINANCIAL MODELS AT THE FEDERAL RESERVE BOARD.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/05//
VL  - 29
IS  - 2
M3  - Article
SP  - 349
EP  - 357
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Financial models are used extensively by the staff of the Federal Reserve Board to aid in the analysis of alternative monetary policies. The purpose of this paper is not to describe these models in detail, but rather to outline the structure of the short-term models and to discuss both how they are used and some problems that we have encountered with them. Two different financial models are used at the Federal Reserve Board: a monthly model of the money market and the money market sector of our quarterly model. A third, a weekly model, has been estimated but used only to analyze special policy questions. The models are structural in the sense that they attempt to isolate demands and supplies of a set of financial assets. While the two models differ somewhat in the assets considered, they both are used to analyze the relationships between the monetary aggregates on the one hand and interest rates and reserves on the other. Any one of these three variables can be assumed exogenous for purposes of simulation. The models are also used to analyze the effects of special policy actions such as the imposition of marginal reserve requirements on CD's. The quarterly model is well known and need not be described here. For purposes of this paper, the money market sector of the model is defined to include equations for the public's demand for currency, demand deposits, savings and time deposits, and for CD's along with commercial bank demand for free reserves and their offering rates on savings and time deposits and on CD's. Rates offered on savings deposits by thrift institutions are also included. Given the volume of bank reserves, the sector determines M[sub 1], M[sub 2], the Treasury bill rate, the CD rate and the average rate offered on savings and thrift accounts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMIC models
KW  - MONETARY policy
KW  - FINANCE
KW  - MONEY supply
KW  - FLOW of funds
KW  - BANKING industry -- United States
KW  - DEMAND for money
KW  - MONEY
KW  - ECONOMIC structure
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 4656177; PIERCE, JAMES L. 1; THOMSON, THOMAS D. 1; Affiliations: 1: Federal Reserve System.; Issue Info: May74, Vol. 29 Issue 2, p349; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONETARY policy; Thesaurus Term: FINANCE; Thesaurus Term: MONEY supply; Thesaurus Term: FLOW of funds; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: DEMAND for money; Thesaurus Term: MONEY; Thesaurus Term: ECONOMIC structure; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SEVERN, ALAN K.
T1  - INVESTOR EVALUATION OF FOREIGN AND DOMESTIC RISK.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/05//
VL  - 29
IS  - 2
M3  - Article
SP  - 545
EP  - 550
PB  - Wiley-Blackwell
SN  - 00221082
AB  - In recent years, foreign direct investment by U.S. manufacturing firms has grown rapidly, oriented largely toward supplying markets outside the U.S. In these markets, changes in economic activity are less than perfectly correlated with changes in the U.S. Consequently, international diversification by firms has benefitted their stockholders, by diversifying the sources of income of the firms during a period when the U.S. Interest Equalization Tax effectively prevented U.S. portfolio investors from achieving international portfolio diversification directly. This paper presents an empirical test of shareholder response to the respective risks associated with the foreign and domestic income of U.S.-based direct investors. I then estimate the reduction in shareholder risk associated with foreign direct investment. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL business enterprises
KW  - DIVERSIFICATION in industry
KW  - INDIVIDUAL investors
KW  - RISK
KW  - STOCKHOLDERS
KW  - INCOME
KW  - MANUFACTURING industries
KW  - EARNINGS per share
KW  - RATE of return
KW  - CAPITALISTS & financiers
KW  - AMERICAN investments
KW  - UNITED States
N1  - Accession Number: 4656488; SEVERN, ALAN K. 1; Affiliations: 1: Federal Reserve System.; Issue Info: May74, Vol. 29 Issue 2, p545; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: DIVERSIFICATION in industry; Thesaurus Term: INDIVIDUAL investors; Thesaurus Term: RISK; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: INCOME; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: EARNINGS per share; Thesaurus Term: RATE of return; Thesaurus Term: CAPITALISTS & financiers; Subject Term: AMERICAN investments; Subject: UNITED States; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - ADLER, MICHAEL
AU  - STEVENS, GIN V. G.
T1  - THE TRADE EFFECTS OF DIRECT INVESTMENT.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/05//
VL  - 29
IS  - 2
M3  - Article
SP  - 655
EP  - 676
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The multinational corporation (MNC) has the choice of supplying foreign markets via either exports from the home market (US) or local production by a foreign subsidiary (FS). If the final (as distinguished from intermediate) U.S.-made and FS-produced goods are not identical the firm may do both. Two important questions in the analysis of the balance of payments impact of direct investment then arise. What determines this choice? And what is the impact of an increase in sales of the FS-product on sales of MNC exports? The purpose of this paper is to investigate these issues and especially the latter, the question of export displacement. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL business enterprises
KW  - FOREIGN investments
KW  - EXPORTS
KW  - INTERNATIONAL trade
KW  - FOREIGN subsidiaries
KW  - EXPORT duties
KW  - SUBSIDIARY corporations
KW  - CORPORATIONS
KW  - FOREIGN corporations
KW  - BALANCE of payments
KW  - BALANCE of trade
KW  - UNITED States
N1  - Accession Number: 4656645; ADLER, MICHAEL 1; STEVENS, GIN V. G. 2; Affiliations: 1: Graduate School of Business, Columbia University.; 2: Division of International Finance, Board of Governors, Federal Reserve System.; Issue Info: May74, Vol. 29 Issue 2, p655; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: FOREIGN investments; Thesaurus Term: EXPORTS; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN subsidiaries; Thesaurus Term: EXPORT duties; Thesaurus Term: SUBSIDIARY corporations; Thesaurus Term: CORPORATIONS; Thesaurus Term: FOREIGN corporations; Thesaurus Term: BALANCE of payments; Thesaurus Term: BALANCE of trade; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JUNZ, HELEN B.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1974/05//
VL  - 29
IS  - 2
M3  - Article
SP  - 680
EP  - 682
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The Klein-Jonhson paper inspires the sort of reaction that an environmentalist might experience in yet seeing another prototype of an emission-free automobile without any real assurance that such a thing might actually run on the highway any time soon. As an admirer of the idea of the Link project, my remarks are tinged with that kind of impatience because it seems to me that Link does not as yet give results that allow a tracing of the effects of changes in economic activity from country to country with sufficient authority so that policy advice could be based on the results. In this respect, I am wondering to what extent the current paper represents a further step in the evolution of the Link project towards a policy advice goal and, indeed, in how far it still is more an academic rather than a practical exercise. It may well be that a fair amount of the problems associated with the Link models lies in the fact that all the national models are essentially demand models. The absence of supply variables, thus, makes it very hard to evaluate, for example, the way in which inflationary pressures of the sort we had in 1973 are transmitted from one country to another. But even abstracting from this general problem, there are some more specific questions that seem puzzling about the results presented in this paper. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERNATIONAL trade
KW  - ECONOMETRIC models
KW  - DEMAND (Economic theory)
KW  - ECONOMETRICS
KW  - FOREIGN exchange rates
KW  - ECONOMIC indicators
KW  - INFLATION (Finance)
KW  - BUSINESS cycles
KW  - FOREIGN exchange
KW  - SUPPLY & demand
KW  - JUNZ, Helen
KW  - KENEN, Peter B.
N1  - Accession Number: 4670900; JUNZ, HELEN B. 1; Affiliations: 1: Federal Reserve System.; Issue Info: May74, Vol. 29 Issue 2, p680; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: ECONOMETRICS; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: INFLATION (Finance); Thesaurus Term: BUSINESS cycles; Thesaurus Term: FOREIGN exchange; Thesaurus Term: SUPPLY & demand; NAICS/Industry Codes: 522293 International Trade Financing; People: JUNZ, Helen; People: KENEN, Peter B.; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Feige, Edgar L.
AU  - Swamy, P. A. V. B.
T1  - A Random Coefficient Model of the Demand for Liquid Assets.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1974/05//
VL  - 6
IS  - 2
M3  - Article
SP  - 241
EP  - 252
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on evaluating the geographic stability of the parameters of demand functions for several liquid assets. The authors specify and estimate a random coefficient model which allows random variation in behavior across geographic areas. The first section describes the more common model specifications used in past temporal cross-section studies and estimates demand functions for liquid assets which allow for heteroskedastic disturbances across geographic areas. The second part describes a random coefficient model for several of the liquid assets.
KW  - LIQUID assets
KW  - DEMAND (Economic theory)
KW  - MONETARY policy
KW  - DEMAND functions (Economic theory)
KW  - ASSET management
KW  - ECONOMICS -- Mathematical models
N1  - Accession Number: 5155693; Feige, Edgar L. 1; Swamy, P. A. V. B. 2; Affiliations: 1: Associate Professor of Economics, University of Wisconsin.; 2: Economist, Federal Reserve System, Washington, D.C.; Issue Info: May74, Vol. 6 Issue 2, p241; Thesaurus Term: LIQUID assets; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: MONETARY policy; Thesaurus Term: DEMAND functions (Economic theory); Thesaurus Term: ASSET management; Thesaurus Term: ECONOMICS -- Mathematical models; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; Number of Pages: 12p; Illustrations: 5 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Pierce, James L.
AU  - Enzler, Jared L.
T1  - The Effects of External Inflationary Shocks.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1974/03//
IS  - 1
M3  - Article
SP  - 13
EP  - 54
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article analyzes the effects of external inflationary attacks on the economy and some of the problems they pose for the formulation of monetary policy. Lowering real income and wealth, increasing the nominal level of transactions and raising consumer prices are the three main avenues through which an external price rise may have an impact on the economy. The initial impact through any one of these avenues will depend on the nature of the initiating shock. Thus, for example, the depressing effect on consumption of a rise in oil prices will be greater for imported oil than for domestically produced oil since the higher revenues in the case of imported oil will not raise domestic incomes. Whatever the initial impact of a price shock, it will generate important secondary effects as spending, prices, and interest rates respond and induce still further changes in economic activity. In addition, the actual course of the economy will depend on the response of policy to the initial disturbance and its consequences. In order to analyze the full impact of shocks more precisely, a modified version of the MIT-Penn-SSRC quarterly econometric model was used to simulate the effect of the 1973-74 increases in oil prices on the economy.
KW  - INFLATION (Finance)
KW  - ECONOMICS
KW  - MONETARY policy
KW  - ECONOMIC policy
KW  - PRICE increases
KW  - ECONOMIC activity
N1  - Accession Number: 7069325; Pierce, James L. 1; Enzler, Jared L. 1; Affiliations: 1: Staff, Board of Governors of the Federal Reserve System; Issue Info: 1974, Issue 1, p13; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMICS; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PRICE increases; Thesaurus Term: ECONOMIC activity; Number of Pages: 42p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Severn, Alan K.
AU  - Laurence, Martin M.
T1  - DIRECT INVESTMENT, RESEARCH INTENSITY, AND PROFITABILITY.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1974/03//
VL  - 9
IS  - 2
M3  - Article
SP  - 181
EP  - 190
PB  - Cambridge University Press
SN  - 00221090
AB  - The article discusses direct investment, research intensity, and profitability in U.S. firms. Foreign direct investment shows U.S. firms have experienced high internal rates of return on investments abroad. Research demonstrates that direct investors are found mostly in research intensive industries and, therefore, their profitability is tied to research and development. Investing abroad increases the expected returns on research and this causes the internal rate of return on foreign direct investment to overrun average rates of return.
KW  - CAPITAL movements
KW  - FOREIGN investments
KW  - INVESTMENTS
KW  - RATE of return
KW  - PROFITABILITY
KW  - PROFIT
KW  - INDUSTRIAL research
KW  - HIGH yield investments
KW  - CAPITALISTS & financiers
KW  - RESEARCH & development
KW  - UNITED States
N1  - Accession Number: 5723348; Severn, Alan K. 1; Laurence, Martin M. 2; Affiliations: 1: Board of Governors of Federal Reserve System; 2: William Paterson College, New Jersey; Issue Info: Mar1974, Vol. 9 Issue 2, p181; Thesaurus Term: CAPITAL movements; Thesaurus Term: FOREIGN investments; Thesaurus Term: INVESTMENTS; Thesaurus Term: RATE of return; Thesaurus Term: PROFITABILITY; Thesaurus Term: PROFIT; Thesaurus Term: INDUSTRIAL research; Thesaurus Term: HIGH yield investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: RESEARCH & development; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology); NAICS/Industry Codes: 541711 Research and Development in Biotechnology; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DaLtoN, Jiuas A.
AU  - RHOADES, STEPHEN A.
T1  - GROWTH AND PRODUCT DIFFERENTIABILITY AS FACTORS INFLUENCING CHANGES IN CONCENTRATION.
JO  - Journal of Industrial Economics
JF  - Journal of Industrial Economics
Y1  - 1974/03//
VL  - 22
IS  - 3
M3  - Article
SP  - 235
PB  - Wiley-Blackwell
SN  - 00221821
AB  - Two important hypotheses regarding factors influencing changes in concentration have been investigated. One is that a high rate of market growth is a concentration reducing force because smaller firms and potential entrants are encouraged to expand during rapid growth periods since they can do so without encroaching on the market of existing firms. This hypothesis has been examined empirically but the results are conflicting. The second hypothesis is that concentration is more likely to increase or least likely to decrease in industries which produce differentiated goods. This study attempts to overcome some of the problems which have plagued earlier studies of the influence of growth and product differentiation on changes in concentration. The sample of industries used in this analysis was drawn from the 211 Census, four-digit manufacturing industries for which essentially comparable data were available over the period 1947-67. Eleven of these 211 industries were eliminated from the analysis because they consisted of manufacturing establishments which did not conform to the standard Census industries and were, therefore, assigned by the Census Bureau to industries described as "not elsewhere classified" or "miscellaneous."
KW  - INDUSTRIAL laws & legislation
KW  - PRODUCT differentiation
KW  - INDUSTRIAL concentration
KW  - MANUFACTURES
KW  - DEMOGRAPHIC surveys
KW  - REGRESSION analysis
KW  - BRAND differentiation
KW  - HOUSEHOLD surveys
N1  - Accession Number: 5710462; DaLtoN, Jiuas A. 1; RHOADES, STEPHEN A. 2; Affiliations: 1: UNIVERSITY OF SOUTHERN ILLINOIS.; 2: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON D.C.; Issue Info: Mar74, Vol. 22 Issue 3, p235; Thesaurus Term: INDUSTRIAL laws & legislation; Thesaurus Term: PRODUCT differentiation; Thesaurus Term: INDUSTRIAL concentration; Thesaurus Term: MANUFACTURES; Thesaurus Term: DEMOGRAPHIC surveys; Thesaurus Term: REGRESSION analysis; Thesaurus Term: BRAND differentiation; Subject Term: HOUSEHOLD surveys; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - Jour
AU  - Brimmer, A. F.
TI  - Economic developments in the black community.
JO  - The Public Interest
PY  - 1974/01/01/
VL  - 34
IS  - Winter
SP  - 146
EP  - 163
PB  - Federal Reserve System, Washington, D.C.
SN  - 00333557
N1  - Accession Number: 1102.274. Hard Copy Issue: 2. Hard Copy Number: No. 599. Hard Copy Volume: 11. Document Type: Article
AB  - During the 1960s blacks as a group did better economically than the nation as a whole. In the last few years they have done considerably worse. Black youths did not find employment at as high a rate as their white counterparts during the 1960s. However, young blacks have been making substantial progress in achieving secondary and higher education, which yields higher incomes both absolutely and relative to whites. The black capitalism approach has been a costly digression that has diverted attention from the problems of poverty and deprivation which still plague the black community. These conclusions are drawn from a review of the economic and employment programs of the 1960s and other available data. The economic future of blacks is closely related to that of the rest of the nation. Efforts to treat blacks separately from others who might benefit from government economic development programs are likely to lead to frustrations, heightened racial animosities, and a waste of resources. (This issue of the journal is devoted to an evaluation of Great Society programs.) (Carl B. Buxbaum)
KW  - Blacks:-economic-developments-among
KW  - Great-Society,-the:-economic-developments-among-blacks-in
KW  - Income:-economic-developments-among-blacks
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DP  - EBSCOhost
DB  - swh
ER  - 

TY  - JOUR
AU  - Poole, William
AU  - Kornblith, Elinda B. F.
T1  - The Friedman-Meiselman CMC Paper: New Evidence on an Old Controversy.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1973/12//
VL  - 63
IS  - 5
M3  - Article
SP  - 908
PB  - American Economic Association
SN  - 00028282
AB  - In 1963 economists Milton Friedman and David Meiselman published a paper for the Commission on "Money and Credit," in which they attempt to test the relative predictive power of Keynesian and monetary theories of business fluctuations. Their methods and conclusions were sharply disputed in papers by scholars Donald Hester, Albert Ando and Franco Modigliani, and Michael DePrano and Thomas Mayer. The purpose is to review this controversy. The method is the simple one of first replicating the studies over the original sample periods and then examining the postsample performance of the competing equations. On a sociological level there can be little doubt that this controversy was and continues to be, enormously valuable. Many economists have been stimulated to work on the questions disputed by the monetarist and Keynesian combatants and it is probably correct to argue that two models of the U.S. economy are a direct outgrowth of the controversy. What has been missing from this continuing controversy, however, is an ex post evaluation of the earlier empirical work.
KW  - KEYNESIAN economics
KW  - MONETARY policy
KW  - BUSINESS cycles
KW  - ECONOMIC policy
KW  - UNITED States
KW  - FRIEDMAN, Milton, 1912-2006
KW  - MEISELMAN, David
N1  - Accession Number: 4508328; Poole, William 1; Kornblith, Elinda B. F. 2; Affiliations: 1: Senior Economist, Board of Governors, Federal Reserve System.; 2: Graduate Student, University of Rochester.; Issue Info: Dec73, Vol. 63 Issue 5, p908; Thesaurus Term: KEYNESIAN economics; Thesaurus Term: MONETARY policy; Thesaurus Term: BUSINESS cycles; Thesaurus Term: ECONOMIC policy; Subject: UNITED States; People: FRIEDMAN, Milton, 1912-2006; People: MEISELMAN, David; Number of Pages: 10p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - SLOVIN, MYRON BURTON
T1  - DEPOSIT RATE SETTING AT FINANCIAL INTERMEDIARIES: THEORETICAL MODELS AND ECONOMETRIC ANALYSES WITH ADDITIONAL FOCUS ON SAVINGS AND LOAN ASSOCIATIONS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1973/12//
VL  - 28
IS  - 5
M3  - Abstract
SP  - 1380
EP  - 1381
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses an explicit economic analysis of the deposit rate setting behavior of commercial banks, mutual savings banks, and savings and loan associations. The article develops several theories of rate setting behavior, with specific attention focused on intermediaries with little flexibility in portfolio behavior. The article uses theoretical work as its basis to examine deposit rate setting functions, which are estimated on section and time series data. It is explained that the cross section results apply to savings and loans associations, while the time series results include equations for commercial banks and mutual savings banks, as well as savings and loan associations.
KW  - INVESTMENT analysis
KW  - BANKING industry
KW  - SAVINGS banks
KW  - SAVINGS & loan associations
KW  - RATE setting
KW  - PORTFOLIO management (Investments)
KW  - PROFIT maximization
KW  - ECONOMETRICS
KW  - CORPORATE profits
KW  - MANAGEMENT
KW  - MARKET prices
KW  - MATHEMATICAL models
KW  - UTILITY functions
N1  - Accession Number: 27830081; SLOVIN, MYRON BURTON 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec1973, Vol. 28 Issue 5, p1380; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: BANKING industry; Thesaurus Term: SAVINGS banks; Thesaurus Term: SAVINGS & loan associations; Thesaurus Term: RATE setting; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: PROFIT maximization; Thesaurus Term: ECONOMETRICS; Thesaurus Term: CORPORATE profits; Thesaurus Term: MANAGEMENT; Thesaurus Term: MARKET prices; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: UTILITY functions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 2p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lombra, Raymond E.
T1  - Macroeconomics--Theory and Policy.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1973/12//
VL  - 28
IS  - 5
M3  - Book Review
SP  - 1387
EP  - 1389
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Macroeconomics--Theory and Policy," by Fred R. Glahe.
KW  - MACROECONOMICS
KW  - NONFICTION
KW  - GLAHE, Fred
KW  - GLAHE, Fred R.
KW  - MACROECONOMICS: Theory & Policy (Book)
N1  - Accession Number: 4656088; Lombra, Raymond E. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Dec1973, Vol. 28 Issue 5, p1387; Thesaurus Term: MACROECONOMICS; Subject Term: NONFICTION; Reviews & Products: MACROECONOMICS: Theory & Policy (Book); People: GLAHE, Fred; People: GLAHE, Fred R.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - PUCKETT, RICHARD H.
AU  - VROMAN, SUSAN B.
T1  - RULES VERSUS DISCRETION: A SIMULATION STUDY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1973/09//
VL  - 28
IS  - 4
M3  - Article
SP  - 853
EP  - 865
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The "rules versus discretion" debate has continued sporadically for some years now. Policy recommendations still are made because of the alleged desirability of some rules, and criticism periodically is leveled at the Federal Reserve because of deviations of monetary aggregates from guidelines that have been proposed. In the light of the continued concern over the question of rules versus discretion, we report on some results of a study of decision rules for monetary policy. We find that a steady rate of growth in the money stock, which Friedman recommends, does not necessarily perform well. Our investigation indicates that under many conditions good results occur when fairly wide variations in the rate of growth in money are permitted. These findings are based on a simulation study which focuses on conditions when there is uncertainty and misspecification of underlying economic relations. We begin by constructing a model, then generating the time paths of GNP given different forecasting errors and different decision rules. We assume for the purposes of this exercise that the underlying structure of the economy is captured by the monetarist, "St. Louis model." Moreover, we presume that policy makers who must implicitly or explicitly judge the underlying structure of the economy make gross errors in forecasting GNP so that their predictions are only as good as naive extrapolations; thus we deliberately handicap discretionary policy by taking inept forecasting as the norm. But we also include scenarios where, given forecasting errors, adaptations to past discrepancies between target and realized values of GNP occur. So in some sense, cases are included so that "learning" from past errors is simulated. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - SIMULATION methods & models
KW  - FEDERAL Reserve banks
KW  - GOVERNMENT policy
KW  - RULES
KW  - DISCRETION
KW  - GUIDELINES
KW  - JUDGMENT (Psychology)
N1  - Accession Number: 4653827; PUCKETT, RICHARD H. 1; VROMAN, SUSAN B. 2; Affiliations: 1: Board of Governors, Federal Reserve System.; 2: Graduate student, Johns Hopkins University.; Issue Info: Sep73, Vol. 28 Issue 4, p853; Thesaurus Term: MONETARY policy; Thesaurus Term: SIMULATION methods & models; Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: GOVERNMENT policy; Subject Term: RULES; Subject Term: DISCRETION; Subject Term: GUIDELINES; Subject Term: JUDGMENT (Psychology); NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 13p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Swamy, P. A. V. B.
AU  - Mehta, J. S.
T1  - Bayesian Analysis of Error Components Regression Models.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1973/09//
VL  - 68
IS  - 343
M3  - Article
SP  - 648
SN  - 01621459
AB  - This article examines the use of a two-way, random-effects, model with correlated errors and additional explanatory variables in combining cross-section with time series data. This model has been analyzed from a Bayesian viewpoint. Methods are developed for computing posterior distributions of slope coefficients. The advantage of our approach over sampling theory approaches is briefly discussed. It has been shown how one can obtain reasonable inferences about slope coefficients which are the parameters of interest, in the presence of nonestimable nuisance parameters by judicious use of sample and prior information. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ERROR analysis (Mathematics)
KW  - CORRELATION (Statistics)
KW  - REGRESSION analysis
KW  - BAYESIAN analysis
KW  - MATHEMATICAL models
KW  - PARAMETER estimation
KW  - ESTIMATION theory
KW  - VARIABLES (Mathematics)
KW  - METHODOLOGY
KW  - MODELS & modelmaking
N1  - Accession Number: 4607171; Swamy, P. A. V. B. 1; Mehta, J. S. 2; Affiliations: 1: Economist, Division of International Finance, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; 2: Associate Professor, Department of Mathematics, Temple University, Philadelphia, Penn. 19122.; Issue Info: Sep73, Vol. 68 Issue 343, p648; Thesaurus Term: ERROR analysis (Mathematics); Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: REGRESSION analysis; Thesaurus Term: BAYESIAN analysis; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: PARAMETER estimation; Thesaurus Term: ESTIMATION theory; Subject Term: VARIABLES (Mathematics); Subject Term: METHODOLOGY; Subject Term: MODELS & modelmaking; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Henderson, Dale W.
AU  - Sargent, Thomas J.
T1  - Monetary and Fiscal Policy in a Two-Sector Aggregative Model.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1973/06//
VL  - 63
IS  - 3
M3  - Article
SP  - 345
EP  - 365
PB  - American Economic Association
SN  - 00028282
AB  - This article analyzes the short-term influences exerted by monetary and fiscal policies in a two-sector macroeconomic model. Increase in the money supply and the expected rate of inflation and decreases in the money wage and the marginal income and profits tax rates increase output, employment, and prices in our model. Those changes have their effects by introducing disturbances in the markets for stocks of physical and paper assets, thereby exerting pressure on prices, causing firms to adjust their levels of output and employment. On the other hand, increases in the level of government expenditures and decreases in tax collections may either increase or decrease output and employment depending upon the relative capital intensities of the two production sectors and some other conditions involving the interest elasticity of the demand for money. These fiscal policies affect output and employment only to the extent that consumption goods and capital goods are not perfect substitutes in production; if they are perfect substitutes, the rates of government expenditures and of tax collections play no role in the determination of output and employment at a point in time. These properties serve to highlight just how important are the characteristics of the market in existing physical capital.
KW  - ECONOMIC models
KW  - MACROECONOMICS
KW  - ECONOMIC policy
KW  - ECONOMICS
KW  - FISCAL policy
KW  - MONETARY policy
N1  - Accession Number: 4507754; Henderson, Dale W. 1; Sargent, Thomas J. 2; Affiliations: 1: Member of the staff, Board of Governors of the Federal Reserve System; 2: Member, department of economics, University of Minnesota; Issue Info: Jun73, Vol. 63 Issue 3, p345; Thesaurus Term: ECONOMIC models; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMICS; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY policy; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 21p; Illustrations: 1 Chart, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Junz, Helen B.
AU  - Rhomberg, Rudolf R.
T1  - Price Competitiveness in Export Trade Among Industrial  Countries.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1973/05//
VL  - 63
IS  - 2
M3  - Article
SP  - 412
EP  - 418
SN  - 00028282
AB  - Examines the impact of relative price changes in industrialized countries on the trade flows between them from 1958 to 1969.
KW  - EXPORTS
KW  - INTERNATIONAL trade
KW  - PRICES
KW  - FOREIGN exchange rates
KW  - MARKET share
KW  - ELASTICITY (Economics)
KW  - DISTRIBUTED lags (Economics)
KW  - BUSINESS
KW  - DEVELOPED countries
N1  - Accession Number: 4504972; Junz, Helen B. 1; Rhomberg, Rudolf R. 2; Affiliations: 1 : Board of Governors of the Federal Reserve System; 2 : International Monetary Fund;  Source Info: May73, Vol. 63 Issue 2, p412; Historical Period: 1958 to 1969; Subject Term: EXPORTS; Subject Term: INTERNATIONAL trade; Subject Term: PRICES; Subject Term: FOREIGN exchange rates; Subject Term: MARKET share; Subject Term: ELASTICITY (Economics); Subject Term: DISTRIBUTED lags (Economics); Subject Term: BUSINESS; Subject: DEVELOPED countries; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - hia
ER  - 

TY  - JOUR
AU  - BRIMMER, ANDREW F.
T1  - MULTI-NATIONAL BANKS AND THE MANAGEMENT OF MONETARY POLICY IN THE UNITED STATES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1973/05//
VL  - 28
IS  - 2
M3  - Article
SP  - 439
EP  - 454
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on U.S. monetary policy in the 1970s, particularly regarding the influence and control of multinational commercial banking. Shifts in the banking structure of the U.S. due to the influx of multinational influences are described. The responsibilities of the Federal Reserve System (Fed) to monitor the changes in commercial bank credit structures and potentially regulate them are asserted by the author. It is suggested that additional financial instruments are necessary for the Fed to ensure monetary and credit control.
KW  - MONETARY policy
KW  - INTERNATIONAL banking industry
KW  - BANKING industry -- United States
KW  - CAPITAL market
KW  - CREDIT control
KW  - EUROCURRENCY market
KW  - MONEY supply
KW  - MONETARY theory
KW  - BANK loans
KW  - CAPITAL movements
KW  - UNITED States -- Economic conditions -- 1971-1981
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 4656927; BRIMMER, ANDREW F. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System.; Issue Info: May73, Vol. 28 Issue 2, p439; Thesaurus Term: MONETARY policy; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: CAPITAL market; Thesaurus Term: CREDIT control; Thesaurus Term: EUROCURRENCY market; Thesaurus Term: MONEY supply; Thesaurus Term: MONETARY theory; Thesaurus Term: BANK loans; Thesaurus Term: CAPITAL movements; Subject Term: UNITED States -- Economic conditions -- 1971-1981; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Yeats, Alexander J.
T1  - An Analysis of the Effect of Mergers On Banking Market Structures.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1973/05//
VL  - 5
IS  - 2
M3  - Article
SP  - 623
EP  - 636
PB  - Ohio State University Press
SN  - 00222879
AB  - This article investigates the effect that mergers have upon banking market structures in the United States. The data analyzed for the study was limited to the states of California, New Jersey, and North Carolina because they met certain criteria. The period of 1961 through 1968 was used because it overlaps with bank structure studies done by the U.S. Federal Reserve Bank. The author uses a Markov transition model with a probability matrix to forecast changes in banking structure brought about by a merger.
KW  - BANK mergers
KW  - ORGANIZATIONAL structure
KW  - MARKOV processes
KW  - BANKING industry -- United States
KW  - PREDICTION models
KW  - UNITED States -- Economic conditions -- 1961-1971
KW  - CALIFORNIA
KW  - NEW Jersey
KW  - NORTH Carolina
KW  - UNITED States
N1  - Accession Number: 5163836; Yeats, Alexander J. 1; Affiliations: 1: Staff Economist, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: May73, Vol. 5 Issue 2, p623; Thesaurus Term: BANK mergers; Thesaurus Term: ORGANIZATIONAL structure; Thesaurus Term: MARKOV processes; Thesaurus Term: BANKING industry -- United States; Subject Term: PREDICTION models; Subject Term: UNITED States -- Economic conditions -- 1961-1971; Subject: CALIFORNIA; Subject: NEW Jersey; Subject: NORTH Carolina; Subject: UNITED States; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 14p; Illustrations: 1 Diagram, 6 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Goldberg, Lawrence G.
T1  - THE EFFECT OF CONGLOMERATE MERGERS ON COMPETITION.
JO  - Journal of Law & Economics
JF  - Journal of Law & Economics
Y1  - 1973/04//
VL  - 16
IS  - 1
M3  - Article
SP  - 137
EP  - 158
SN  - 00222186
AB  - Examines the allegation that conglomerate mergers are harmful to competition. The results of an analysis based on 44 mergers in 15 different industries provide no evidence in support of this allegation. "Conglomerate mergers should not be prohibited as a general policy based on supposed harmful competitive effects as has been proposed by the Neal Task Force.
KW  - CORPORATIONS
KW  - PROPERTY
KW  - CORPORATE governance
KW  - LAW
KW  - ECONOMICS
KW  - CONSOLIDATION & merger of corporations
KW  - COMPETITION
N1  - Accession Number: 11478199; Goldberg, Lawrence G. 1; Affiliations: 1 : Board of Governors of the Federal Reserve System;  Source Info: Apr73, Vol. 16 Issue 1, p137; Note: Based on secondary sources; 9 tables, 36 notes.; Historical Period: Prehistory to 1973; Subject Term: CORPORATIONS; Subject Term: PROPERTY; Subject Term: CORPORATE governance; Subject Term: LAW; Subject Term: ECONOMICS; Subject Term: CONSOLIDATION & merger of corporations; Subject Term: COMPETITION; Number of Pages: 22p; Illustrations: 9 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Wage-Price Controls: Where Do We Go from Here?
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1973/03//
IS  - 1
M3  - Article
SP  - 285
EP  - 299
PB  - Brookings Institution Press
SN  - 00072303
AB  - Presents a paper that focuses on the Phase II and Phase III programs and the effect of wage-price increases on the economy.  Need for wage-price controls to end; Failure of wage-price controls; Comparison of the different Phases employed over the years to combat recessions; Shortages in various industries as a result of wage-price controls; Speculation on how wage-prices should be controlled in the future.
KW  - INCOMES policy (Economics)
KW  - ECONOMIC policy
KW  - ANTI-inflationary policies
KW  - INCOME distribution
KW  - PRICE regulation
N1  - Accession Number: 12885273; Poole, William 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: 1973, Issue 1, p285; Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: ECONOMIC policy; Thesaurus Term: ANTI-inflationary policies; Thesaurus Term: INCOME distribution; Thesaurus Term: PRICE regulation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Craine, Roger
T1  - On the Service Flow from Labour.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1973/01//
VL  - 40
IS  - 1
M3  - Article
SP  - 39
PB  - Oxford University Press / USA
SN  - 00346527
AB  - This paper suggests a simple generalization that helps bring empirical results into closer agreement with theoretical models for any type of production function. We separate manhours, the surrogate for labour in most empirical studies into two heterogeneous components, "men" and hours. Feldstein hypothesized that increases in average hours may increase labour productivity more than proportionally. His cross-section estimates of a three-factor Cobb-Douglas function (average hours, men, capital) for British manufacturing industries tended to confirm the hypothesis. This paper uses Feldstein's hypothesis as a base. We derive and estimate a model that posits the service flow from labour is a non-proportional function of men and hours. The model displays the conventional characteristics of decreasing returns to men and capital, but it has increasing returns for hours. Overtime costs limit the long run demand for hours per man. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - LABOR demand
KW  - LABOR
KW  - PRODUCTION functions (Economic theory)
KW  - CAPITAL productivity
KW  - WORKING hours
KW  - LABOR economics
KW  - LABOR productivity
KW  - ECONOMETRIC models
KW  - LABOR time
N1  - Accession Number: 4622484; Craine, Roger 1; Affiliations: 1: Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Jan73, Vol. 40 Issue 1, p39; Thesaurus Term: LABOR demand; Thesaurus Term: LABOR; Thesaurus Term: PRODUCTION functions (Economic theory); Thesaurus Term: CAPITAL productivity; Thesaurus Term: WORKING hours; Thesaurus Term: LABOR economics; Thesaurus Term: LABOR productivity; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: LABOR time; Number of Pages: 8p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brimmer, Andrew F.
T1  - REPLY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1972/12//
VL  - 27
IS  - 5
M3  - Article
SP  - 1139
EP  - 1140
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The purpose of the paper was to provide an objective and systematic appraisal of the capacity of black-owned commercial banks to finance economic development in the black community. This appeared to be a vital task at the time since these institutions were being formed at an accelerated rate with that specific aim in mind. On the basis of the evidence analyzed (virtually all of which was newly generated information available only through Federal bank supervisory agencies), I concluded that black banks were not viable instruments of economic development. However, I also concluded that they could perform some minor services of benefit to their local areas, and they could serve as symbols of black achievement. As an alternative source of financing, I proposed a domestic version of the existing Edge Corporations. These are subsidiaries of U.S. commercial banks formed for the purpose of conducting foreign financial activities. Among the latter, they can have varying amounts of equity investments in non-financial enterprises abroad. It was this feature which I thought offered promise as a means of expanding the availability of risk-bearing funds in black communities. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BLACK business enterprises
KW  - MINORITY business enterprises
KW  - ECONOMIC development
KW  - AFRICAN American banking industry
KW  - BANKING industry -- United States
KW  - DEVELOPMENT economics
KW  - ECONOMIC policy
KW  - BUSINESS enterprises
KW  - FINANCIAL management
KW  - STOCKS (Finance)
KW  - AFRICAN Americans
KW  - UNITED States
N1  - Accession Number: 4656422; Brimmer, Andrew F. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec1972, Vol. 27 Issue 5, p1139; Thesaurus Term: BLACK business enterprises; Thesaurus Term: MINORITY business enterprises; Thesaurus Term: ECONOMIC development; Thesaurus Term: AFRICAN American banking industry; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: DEVELOPMENT economics; Thesaurus Term: ECONOMIC policy; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCIAL management; Thesaurus Term: STOCKS (Finance); Subject Term: AFRICAN Americans; Subject: UNITED States; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lombra, Raymond E.
T1  - Monetary Policy and the Federal Funds Market.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1972/12//
VL  - 27
IS  - 5
M3  - Book Review
SP  - 1200
EP  - 1201
PB  - Wiley-Blackwell
SN  - 00221082
AB  - For a long time most monetary theorists generally ignored the interaction of the Federal Reserve with the money market on the assumption that such a study would yield little additional information on the policy process. As the limitations of our understanding of the transmission of policy through the economy manifest themselves, however (by way of model and judgmental prediction errors, for example), some "enlightened" researchers have recently begun to reexamine the proximate monetary policy linkages. Boughton's well written book represents an attempt to fill this "newly discovered" void, and while only marginally successful, it does at least illuminate many of the problems which future work should be directed at. The book is basically Boughton's Ph.D. dissertation with unfortunately all too little modification. It is divided into two parts: the first dealing with the Federal funds market; and the second attempting to relate the funds market to the transmission of monetary policy. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONETARY policy
KW  - NONFICTION
KW  - BOUGHTON, James M.
KW  - MONETARY Policy & the Federal Funds Market (Book)
N1  - Accession Number: 4656637; Lombra, Raymond E. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Dec1972, Vol. 27 Issue 5, p1200; Thesaurus Term: MONETARY policy; Subject Term: NONFICTION; Reviews & Products: MONETARY Policy & the Federal Funds Market (Book); People: BOUGHTON, James M.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stevens, Guy V.G.
T1  - On Tobin's Multiperiod Portfolio Theorem.
JO  - Review of Economic Studies
JF  - Review of Economic Studies
Y1  - 1972/10//
VL  - 39
IS  - 4
M3  - Article
SP  - 461
PB  - Oxford University Press / USA
SN  - 00346527
AB  - James Tobin in [9] derived the first results in the theory of optimal multiperiod portfolio selection. For a class of multiperiod optimization problems, Tobin presented a proof that the investor's optimal sequence of portfolios through time would be a stationary sequence—a series of portfolios with constant proportionate holdings of each included asset and, consequently, a constant expected return and risk per dollar of invested wealth. This idea of the optimality of a stationary sequence has played an important role in subsequent investigations by Mossin [4] and Samuelson [7] of other multiperiod portfolio problems. Unfortunately, as the following counter-example shows, the Tobin theorem is not, in general, true. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Review of Economic Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INVESTMENTS
KW  - MATHEMATICAL optimization
KW  - RATE of return
KW  - DYNAMIC programming
KW  - ASSETS (Accounting)
KW  - TOBIN, James
N1  - Accession Number: 4620020; Stevens, Guy V.G. 1; Affiliations: 1: Federal Reserve System; Issue Info: Oct72, Vol. 39 Issue 4, p461; Thesaurus Term: INVESTMENTS; Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: RATE of return; Thesaurus Term: DYNAMIC programming; Thesaurus Term: ASSETS (Accounting); NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; People: TOBIN, James; Number of Pages: 8p; Illustrations: 1 Graph; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Irvine, Reed J.
T1  - A New Approach to Foreign Aid.
JO  - Columbia Journal of World Business
JF  - Columbia Journal of World Business
Y1  - 1972/09//Sep/Oct72
VL  - 7
IS  - 5
M3  - Article
SP  - 23
PB  - Elsevier Science Publishing Company, Inc.
SN  - 00225428
AB  - The existence of cycles in economic thinking is nowhere better illustrated than in the related fields of economic development and economic aid from the advanced to the less-developed countries. Twenty years ago, those considered most knowledgeable about what are now called the developing countries believed that it would be a long and arduous task to increase significantly theft material standards of living. Of course, in the late 1940s and the early 1950s capital was badly needed for the reconstruction of Europe, and this received the highest priority. The United States unquestionably had the resources to provide this investment and the machinery through which it could be administered. There were some doubts about the wisdom of pouring large amounts of capital into countries that were predominantly agricultural, with low levels of skill and high levels of illiteracy. It is a well-known fact that an investment can go sour. The supposition that investments will yield a certain income, on the average, is no assurance whatever that any particular investment or any set of investments will yield any income whatever. It is possible to put in a lot of investment and get nothing out at the other end, or investment can produce a high yield in financial terms and still be a disaster from an economic point of view. For example, an automobile manufacturing plant in a small country with high protection against auto imports may yield an excellent return from a financial view point.
KW  - FINANCE
KW  - INTERNATIONAL economic assistance
KW  - ECONOMIC development
KW  - DEVELOPMENT economics
KW  - ECONOMIC indicators
KW  - DEVELOPING countries -- Economic conditions
KW  - DEVELOPING countries
KW  - UNITED States
N1  - Accession Number: 5541066; Irvine, Reed J. 1; Affiliations: 1: Adviser, Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: Sep/Oct72, Vol. 7 Issue 5, p23; Thesaurus Term: FINANCE; Thesaurus Term: INTERNATIONAL economic assistance; Thesaurus Term: ECONOMIC development; Thesaurus Term: DEVELOPMENT economics; Thesaurus Term: ECONOMIC indicators; Subject Term: DEVELOPING countries -- Economic conditions; Subject Term: DEVELOPING countries; Subject: UNITED States; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - RUCKDRESCHEL, FREDERIC BRILL
T1  - THE DETERMINANTS OF A DIRECT INVESTMENT OUTFLOW WITH EMPHASIS ON THE SUPPLY OF FUNDS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1972/09//
VL  - 27
IS  - 4
M3  - Abstract
SP  - 954
EP  - 955
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents an abstract by Frederic Brill Ruckdeschel for a dissertation entitled "The Determinants of a Direct Investment Outflow With Emphasis on the Supply of Funds."
KW  - FOREIGN investments
N1  - Accession Number: 27971509; RUCKDRESCHEL, FREDERIC BRILL 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Sep72, Vol. 27 Issue 4, p954; Thesaurus Term: FOREIGN investments; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 2p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Laub, P. Michael
T1  - Some Aspects of the Aggregation Problem in the Dividend-Earnings Relationship.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1972/09//
VL  - 67
IS  - 339
M3  - Article
SP  - 552
SN  - 01621459
AB  - Four models of the relationship between dividends and earnings are estimated to study the effects of different types of aggregation. The data indicate that the adjustment process is 'probably' discrete. One of the models implies o discrete adjustment process, while the other three imply a continuous process. All of the models are estimated using two different but equally reasonable proxies for normal earnings. Temporal and cross-sectional aggregation, and changes in assumptions about the adjustment process, affect the estimated speeds of adjustment more than the target payout ratios. Temporal aggregation produces a bigger information loss than aggregation across firms. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DIVIDENDS
KW  - CONTINUOUS processing
KW  - FINANCIAL ratios
KW  - INCOME
KW  - AGGREGATION operators
KW  - HYPOTHESIS
N1  - Accession Number: 4607788; Laub, P. Michael 1; Affiliations: 1: Economist, Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.; Issue Info: Sep72, Vol. 67 Issue 339, p552; Thesaurus Term: DIVIDENDS; Thesaurus Term: CONTINUOUS processing; Thesaurus Term: FINANCIAL ratios; Thesaurus Term: INCOME; Subject Term: AGGREGATION operators; Subject Term: HYPOTHESIS; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
AU  - Lieberman, Charles
T1  - Improving Monetary Control.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1972/06//
IS  - 2
M3  - Article
SP  - 293
EP  - 335
PB  - Brookings Institution Press
SN  - 00072303
AB  - As the arguments favoring increased policy attention to the money stock have gained acceptance, the ability of the Federal Reserve to control the money stock has become a more prominent issue. The simple theoretical model presented earlier in this paper demonstrates that imprecise monetary control tends to aggravate the instability of both income and interest rates. In order to present a broad view of the control problem an effort has been made to analyze all of the major sources of control errors and construct as comprehensive a list of reforms as possible. While analysis has been concentrated on the technical aspects of the proposed reforms, it must be recognized that implementation of reform must await analysis of the entire range of economic effects of the reforms. Since extremely accurate control seems possible within the present institutional framework, the proposed reforms do not go outside it. For example, in designing reforms, we have ignored the fact that a system of 100 percent reserve requirements would eliminate disturbances arising from fractional reserve banking, and that freely flexible foreign exchange rates would protect the domestic money stock from foreign influences. The improvement of monetary control calls for separate reforms no one of which can, by itself, solve the control problem. And so, in the order of the discussion in the paper, here is the reform shopping list: (1) Eliminate reserve requirements against Treasury deposits in commercial banks. (2) Require all nonmember banks to adhere to the Federal Reserve reserve requirements specified for member banks. (3) If Mt is accepted without qualification as the definition of money for policy purposes, eliminate reserve requirements on time and savings deposits. (4) Abandon lagged reserve requirements in favor of contemporaneous reserve requirements. (5) Amend regulations and invest in additional data processing equipment to reduce Federal Reserve float to the greatest extent... [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - MONEY supply
KW  - MONETARY policy
KW  - INCOME
KW  - INTEREST rates
KW  - FOREIGN exchange rates
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 7074079; Poole, William 1; Lieberman, Charles 2; Affiliations: 1: Board of Governors of the Federal Reserve System; 2: University of Pennsylvania; Issue Info: 1972, Issue 2, p293; Thesaurus Term: MONEY supply; Thesaurus Term: MONETARY policy; Thesaurus Term: INCOME; Thesaurus Term: INTEREST rates; Thesaurus Term: FOREIGN exchange rates ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 43p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Girton, Lance
T1  - The responsiveness of demand policies to balance of payments (Book Review).
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1972/06//
VL  - 10
IS  - 2
M3  - Book Review
SP  - 488
PB  - American Economic Association
SN  - 00220515
AB  - Reviews the book "The Responsiveness of Demand Policies to Balance of Payments: Postwar Patterns," by Michael Michaely.
KW  - BALANCE of payments
KW  - INTERNATIONAL finance
KW  - NONFICTION
KW  - MICHAELY, Michael
KW  - RESPONSIVENESS of Demand Policies to Balance of Payments: Postwar Patterns, The (Book)
N1  - Accession Number: 5294251; Girton, Lance 1; Affiliations: 1: Board of Governor, Federal Reserve System.; Issue Info: Jun72, Vol. 10 Issue 2, p488; Thesaurus Term: BALANCE of payments; Thesaurus Term: INTERNATIONAL finance; Subject Term: NONFICTION; Reviews & Products: RESPONSIVENESS of Demand Policies to Balance of Payments: Postwar Patterns, The (Book); People: MICHAELY, Michael; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brimmer, Andrew F.
T1  - The Political Economy of Money: Evolution and Impact of Monetarism in the Federal Reserve System.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1972/05//
VL  - 62
IS  - 2
M3  - Article
SP  - 344
PB  - American Economic Association
SN  - 00028282
AB  - For almost a generation a vigorous debate has been underway over the conduct of monetary policy. The Federal Reserve has modified its conduct of monetary policy in response to monetarist criticism. However, it has stopped far short of adopting the money supply (or any other single target) as the exclusive guide for monetary management. Federal Reserve monetary policy has been focused on interest rates or money market conditions, rather than on the behavior of the money supply or other monetary aggregates. The Federal Open Market Committee has been described as pursuing a money market strategy in the conduct of open market operations. Basic to this strategy is the focus on a configuration of money market conditions as operating guides for the manager of the System Open Market Account. While fluctuations in monetary conditions have undoubtedly contributed to economic instability on some occasions in the past, non-financial factors (such as wars, variations in the rate of business investment and changes in consumer spending⁄savings behavior) have also been a principal source of fluctuations in output and employment.
KW  - MONEY
KW  - INSTITUTIONAL economics
KW  - MARKETING strategy
KW  - CONSUMER behavior
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 4504277; Brimmer, Andrew F. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System.; Issue Info: May72, Vol. 62 Issue 2, p344; Thesaurus Term: MONEY; Thesaurus Term: INSTITUTIONAL economics; Thesaurus Term: MARKETING strategy; Thesaurus Term: CONSUMER behavior; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - POOLE, WILLIAM
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1972/05//
VL  - 27
IS  - 2
M3  - Article
SP  - 298
EP  - 302
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Roll's argument is based on the theory of efficient markets. "Why," he asks, "should the price of a commodity not be bid up today if it is expected to be higher tomorrow?" The misleading aspect of this question is that it fails to distinguish between nominal and relative prices. This argument, however, only pushes the problem back a stage. Why don't the nominal prices of all storable commodities rise today to the levels expected tomorrow? This result is the one obtained in Roll's simple model. The answer is that the higher is the price level today, the lower is the level of real money balances today. Since real money balances provide a yield in production and consumption services, the holders of money balances will want to bid commodity prices up only to the point at which the cost of holding real balances--the real rate of interest plus the rate of increase of commodity prices--equals the marginal services yield on real balances. If the marginal services yield on real balances were for some reason to be zero, then the price level today would be bid up above tomorrow's expected price level so that the yield on money balances from deflation would equal the real rate of interest. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FISHER effect (Economics)
KW  - PRICES
KW  - INTEREST rates
KW  - INFLATION (Finance)
KW  - ECONOMETRICS
KW  - EFFICIENT market theory
KW  - EFFECT of inflation on interest rates
KW  - PRICE levels
KW  - MONETARY policy
KW  - DEMAND for money
KW  - POOLE, William, 1937-
KW  - ROLL, Richard
N1  - Accession Number: 4660660; POOLE, WILLIAM 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May72, Vol. 27 Issue 2, p298; Thesaurus Term: FISHER effect (Economics); Thesaurus Term: PRICES; Thesaurus Term: INTEREST rates; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMETRICS; Thesaurus Term: EFFICIENT market theory; Thesaurus Term: EFFECT of inflation on interest rates; Thesaurus Term: PRICE levels; Thesaurus Term: MONETARY policy; Thesaurus Term: DEMAND for money; People: POOLE, William, 1937-; People: ROLL, Richard; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - The Role of Interest Rates and Inflation in the Consumption Function.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1972/03//
IS  - 1
M3  - Article
SP  - 211
EP  - 219
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article discusses the influence of interest rates on consumption during a period of inflation in the United States. Most of the analysis of the effects of interest rate changes on consumption has been concerned with (1) the relative importance of income and substitution effects in determining how households will allocate their resources over time, and (2) the substitution effect at a moment of time determining the demands for durable versus nondurable consumption goods. But two other types of interest rate effects on consumption -- effects that have received little attention in the literature -- may be of some importance and are the subject of this report. The rate of inflation enters the analysis because of the wedge it drives between the nominal and real rates of interest.  One of the effects to be considered is a consequence of the fact that the real rate of interest helps determine the services yielded by the stock of consumer durables. Another neglected factor in the study of consumption behavior is the treatment of the gross interest income of households. In calculating real income during an inflationary period, households should take account of the depreciation in the real value of their fixed income assets.
KW  - CONSUMPTION (Economics)
KW  - ECONOMIC indicators
KW  - INTEREST rates
KW  - MONETARY policy
KW  - INTEREST income
KW  - UNITED States
N1  - Accession Number: 7075736; Poole, William 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: 1972, Issue 1, p211; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ECONOMIC indicators; Thesaurus Term: INTEREST rates; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST income; Subject: UNITED States; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 526915 Bond and income / dividend funds - Canadian; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BLACK, STANLEY W.
T1  - REPLY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1972/03//
VL  - 27
IS  - 1
M3  - Article
SP  - 134
EP  - 135
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents Stanley W. Black's response to commentary from John J. Valentini and Lacy H. Hunt III about his article "An Econometric Study of Euro-Dollar Borrowing by New York Banks and the Rate of Interest on Eurodollars," which appeared in the March, 1971 edition of the "Journal of Finance." Black defends his use of ordinary least squares to estimate parameters in his model by noting the estimates are for reduced form equations. He also defends his use of a time trend in both his supply and demand equations.
KW  - ECONOMETRIC models
KW  - EUROCURRENCY market
KW  - BANKING industry
KW  - SUPPLY & demand
KW  - EURO
KW  - LOANS
KW  - LEAST squares
KW  - NEW York (State)
KW  - UNITED States
KW  - BLACK, Stanley W.
KW  - VALENTINI, John
KW  - HUNT, Lacy H.
N1  - Accession Number: 4656979; BLACK, STANLEY W. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Mar1972, Vol. 27 Issue 1, p134; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: EUROCURRENCY market; Thesaurus Term: BANKING industry; Thesaurus Term: SUPPLY & demand; Thesaurus Term: EURO; Thesaurus Term: LOANS; Subject Term: LEAST squares; Subject: NEW York (State); Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; People: BLACK, Stanley W.; People: VALENTINI, John; People: HUNT, Lacy H.; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stephenson, James A.
AU  - Farr, Helen T.
T1  - Seasonal Adjustment of Economic Data by Application of the General Linear Statistical Model.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1972/03//
VL  - 67
IS  - 337
M3  - Article
SP  - 37
SN  - 01621459
AB  - This article presents a technique of seasonal adjustment of economic time series within the framework of the general linear statistical model. The technique is designed to be flexible enough to be applicable to varying types of economic time series. The first goal of the technique is the development of a specification that allows adequate flexibility in the estimation of the treed-cycle component of a time series. The second goal is the development of a method of handling changing seasonality. The results of applying the technique to simulated time series are presented. These are compared with the results of applying the Census X-11 method. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - ECONOMICS -- Statistical methods
KW  - SEASONAL variations (Economics)
KW  - MATHEMATICAL statistics
KW  - TIME series analysis
KW  - SPECIFICATIONS
KW  - STATISTICS
KW  - SIMULATION methods & models
KW  - LINEAR systems
KW  - GOAL (Psychology)
N1  - Accession Number: 4603763; Stephenson, James A. 1; Farr, Helen T. 2; Affiliations: 1: Professor of economics, Iowa State University, Ames, Iowa 50010.; 2: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System, Washington, D.C. 20551.; Issue Info: Mar1972, Vol. 67 Issue 337, p37; Thesaurus Term: ECONOMICS -- Statistical methods; Thesaurus Term: SEASONAL variations (Economics); Thesaurus Term: MATHEMATICAL statistics; Thesaurus Term: TIME series analysis; Thesaurus Term: SPECIFICATIONS; Thesaurus Term: STATISTICS; Thesaurus Term: SIMULATION methods & models; Subject Term: LINEAR systems; Subject Term: GOAL (Psychology); Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Burnham, James B.
T1  - Housing Starts, 1966 and 1969: A Comparison Using an Econometric Model.
JO  - Land Economics
JF  - Land Economics
Y1  - 1972/02//
VL  - 48
IS  - 1
M3  - Article
SP  - 88
PB  - University of Wisconsin Press
SN  - 00237639
AB  - The performance of the housing starts in 1966 and 1969 has aroused considerable interest. During both periods, similar pressures were at work in the nation's financial markets: interest rates rose rapidly and flows of funds to depositary institutions dropped substantially. This article uses a well-known econometric model of the housing market to investigate the reasons for the significantly different behavior in housing starts during these two periods. Relatively high vacancy rates in 1966 were largely responsible for the greater decline in housing starts during that period as opposed to 1969. Adverse financial trends were present in roughly equal intensity in both periods. The study suggests that while variations in the flow of financing through depositary institutions are important factors in generating the housing "cycle", basic demand factors will tend to put a floor to cyclical troughs and the extent of the decline from the peak to trough is strongly influenced by the vacancy level at the peak.
KW  - Econometric models
KW  - Housing starts
KW  - Economic indicators
KW  - Housing market
KW  - Public depositaries
KW  - Housing
KW  - United States
N1  - Accession Number: 5367261; Burnham, James B. 1; Affiliations: 1: Economist and Special Assistant, Board of Governors, Federal Reserve System.; Issue Info: Feb72, Vol. 48 Issue 1, p88; Thesaurus Term: Econometric models; Subject Term: Housing starts; Subject Term: Economic indicators; Subject Term: Housing market; Subject Term: Public depositaries; Subject Term: Housing; Subject: United States; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 2p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Craine, Roger
T1  - Optimal Distributed Lag Responses and Expectations.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1971/12//
VL  - 61
IS  - 5
M3  - Article
SP  - 916
PB  - American Economic Association
SN  - 00028282
AB  - Gradual adjustment in economic models can be divided into two categories, lags which the decision maker for an economic unit controls and lags which he cannot control. The article examines lags which the decision maker fully controls. The speed of adjustment is subject to adjustment costs, but no friction. The decision maker can shorten, or eliminate, the lag if he is willing to pay the cost. Under these conditions, the optimizing decision simultaneously determines the profit maximizing levels of operation and the best adjustment path. If the econometrician can derive an analytic version of the optimal adjustment path he gains valuable information about the structure he intends to estimate. Economists Robert Eisner and Robert Strotz wrote the seminal paper on optimal distributed lag adjustment. They derived the optimal adjustment path and expressed it in the format of the familiar Koyck partial adjustment equation. Economists Arthur Treadway and Robert Lucas built on their work making the objective function more general and expanding it to a vector of optimal adjustment paths. However, Lucas retained the stringent assumption made by Eisner and Strotz, that the independent variables maintain a constant path over the entire planning horizon.
KW  - ECONOMIC forecasting
KW  - ECONOMIC models
KW  - ECONOMIC stabilization
KW  - ECONOMETRICS
KW  - ECONOMIC lag
KW  - PROFIT
KW  - EISNER, Robert, 1922-1998
KW  - STROTZ, Robert
KW  - LUCAS, Robert
N1  - Accession Number: 4511428; Craine, Roger 1; Affiliations: 1: Federal Reserve System, Board of Governors.; Issue Info: Dec71, Vol. 61 Issue 5, p916; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC models; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: ECONOMETRICS; Thesaurus Term: ECONOMIC lag; Thesaurus Term: PROFIT; People: EISNER, Robert, 1922-1998; People: STROTZ, Robert; People: LUCAS, Robert; Number of Pages: 22p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LOMBRA, RAYMOND
T1  - FEDERAL RESERVE BEHAVIOR: IDENTIFICATION, RATIONALE, AND IMPLICATIONS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1971/12//
VL  - 26
IS  - 5
M3  - Article
SP  - 1176
EP  - 1177
PB  - Wiley-Blackwell
SN  - 00221082
AB  - An abstract of the dissertation entitled "Federal Reserve Behavior: Identification, Rationale, and Implications," by Raymond Lombra, is presented.
KW  - MONETARY policy
KW  - ACADEMIC dissertations -- Abstracts
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 17406045; LOMBRA, RAYMOND 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Dec1971, Vol. 26 Issue 5, p1176; Thesaurus Term: MONETARY policy; Subject Term: ACADEMIC dissertations -- Abstracts; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stevens, Guy V. G.
T1  - TWO PROBLEMS IN PORTFOLIO ANALYSIS:  CONDITIONAL AND MULTIPLICATIVE RANDOM VARIABLES.
JO  - Journal of Financial & Quantitative Analysis
JF  - Journal of Financial & Quantitative Analysis
Y1  - 1971/12//
VL  - 6
IS  - 5
M3  - Article
SP  - 1235
EP  - 1250
PB  - Cambridge University Press
SN  - 00221090
AB  - The article presents commentary and analysis of the over-application of the Markowitz-Tobin portfolio analysis theory of asset choice under uncertainty to various investment problems outside its original scope. The empirical and theoretical difficulties of computing such applications are described in detail, highlighting the two elements of asset evaluation based on conditional or multiplicative random variables.
KW  - INVESTMENT analysis
KW  - RANDOM variables
KW  - PORTFOLIO management (Investments)
KW  - DECISION making
KW  - CAPITAL budget
KW  - INVESTMENT policy
KW  - CAPITAL -- Mathematical models
KW  - UNCERTAINTY
KW  - MOMENTS method (Statistics)
KW  - MARKOWITZ, Harry M., 1927-
N1  - Accession Number: 5722691; Stevens, Guy V. G. 1; Affiliations: 1: Economist, Capital Markets Section, Division of Research and Statistics, Federal Reserve System; Issue Info: Dec71, Vol. 6 Issue 5, p1235; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: RANDOM variables; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: DECISION making; Thesaurus Term: CAPITAL budget; Thesaurus Term: INVESTMENT policy; Thesaurus Term: CAPITAL -- Mathematical models; Subject Term: UNCERTAINTY; Subject Term: MOMENTS method (Statistics); NAICS/Industry Codes: 523920 Portfolio Management; People: MARKOWITZ, Harry M., 1927-; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BRIMMER, ANDREW F.
T1  - Central Banking and Economic Development.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1971/11//
VL  - 3
IS  - 4
M3  - Article
SP  - 780
EP  - 792
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on the role of central banking in promoting economic development during the 1960s. The article also discusses the opportunities central banks in developing countries may have to encourage and assist in regards to the development process in the 1970s. The author explains that almost all of the central banks in developing countries have performed their central banking functions, such as managing the note issue, serving as fiscal agent for the government, supervising the commercial banks, and managing the nation's foreign exchange reserves.
KW  - CENTRAL banking industry
KW  - ECONOMIC development
KW  - DEVELOPMENT economics
KW  - INTERNATIONAL economic assistance
KW  - FINANCE
KW  - DEVELOPING countries
N1  - Accession Number: 5155488; BRIMMER, ANDREW F. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov71, Vol. 3 Issue 4, p780; Thesaurus Term: CENTRAL banking industry; Thesaurus Term: ECONOMIC development; Thesaurus Term: DEVELOPMENT economics; Thesaurus Term: INTERNATIONAL economic assistance; Thesaurus Term: FINANCE; Subject Term: DEVELOPING countries; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 928120 International Affairs; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - REJOINDER.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1971/11//
VL  - 85
IS  - 4
M3  - Article
SP  - 716
EP  - 717
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article presents the author's response to a comment about his paper on a stochastic macroeconomic model. David Geithman has taken me to task for failing to consider the case of an upward sloping IS function. My reply is that I have taken into account such a case in Section V of my paper, A Dynamic Model, and furthermore that it is inappropriate to use an upward sloping IS function in the purely static model. Before going into these matters, it is worth pointing out that Geithman's argument in his Section II, The Deterministic Model, depends on a stochastic disturbance. He says that, the slightest disturbance of the latter equilibrium would cause the system to explode. But if the model is indeed deterministic, then not the slightest disturbance will occur, and the economy will rest peacefully in its unstable equilibrium. As a formal matter, Geithman is wrong; nevertheless, he can hardly be faulted for feeling that the economy cannot be that deterministic. But this was the point of my paper. For some issues the existence of uncertainty cannot be ignored or swept under the certainty-equivalence rug. In such cases the formal analysis must include stochastic terms right from the start. My conclusion, then, is that I fully accept Geithman's argument on stability grounds and indeed included the appropriate stability analysis in my original paper.
KW  - MACROECONOMICS
KW  - ECONOMIC models
KW  - EQUILIBRIUM (Economics)
KW  - STOCHASTIC processes
KW  - ECONOMICS
N1  - Accession Number: 4966169; Poole, William 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Nov71, Vol. 85 Issue 4, p716; Thesaurus Term: MACROECONOMICS; Thesaurus Term: ECONOMIC models; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: STOCHASTIC processes; Thesaurus Term: ECONOMICS; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Alternative Paths to a Stable Full Employment Economy.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1971/09//
IS  - 3
M3  - Article
SP  - 579
EP  - 606
PB  - Brookings Institution Press
SN  - 00072303
AB  - The article examines the feasibility and characteristics of alternative ways to maintain the stability of a full employment economy in the U.S. With the great public concern about engineering a vigorous recovery, the question of the optimum speed of the recovery has been largely ignored. If it is assumed that wage-price controls cannot completely suppress inflation, the introduction of controls does not fundamentally alter the problem, since a more rapid recovery will still produce more inflation than will a less rapid recovery. Uncertainties as to the effects of policy actions lead policy makers to avoid extreme adjustments in policy instruments in an attempt to minimize the possibility of large deviations of goal variables from desired levels. At an abstract level, however, the analysis of the tracking approach is a topic in control theory. The tracking approach specifies a relatively simple income path and then explores the general nature of the path of instrument variables required to achieve the income path. A mixture of the decision rule and tracking approaches is no doubt appropriate in practice, with the precise combination depending on the state of knowledge. Given the great degree of uncertainty about structure, a decision rule may work very well, whereas the tracking approach may produce serious errors if the assumed structure is not the correct one.
KW  - EMPLOYMENT (Economic theory)
KW  - PRICE regulation
KW  - INFLATION (Finance)
KW  - INCOMES policy (Economics)
KW  - INCOME
N1  - Accession Number: 7073399; Poole, William 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics Board of Governors of the Federal Reserve System; Issue Info: 1971, Issue 3, p579; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: PRICE regulation; Thesaurus Term: INFLATION (Finance); Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: INCOME; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 28p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - SEVERN, ALAN K.
T1  - SHORT-RUN INVESTMENT AND FINANCIAL BEHAVIOR OF U.S. DIRECT INVESTORS IN MANUFACTURING.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1971/09//
VL  - 26
IS  - 4
M3  - Abstract
SP  - 1001
EP  - 1002
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents an abstract by Alan K. Severn for a dissertation entitled "Short-Run Investment and Financial Behavior of U.S. Direct Investors in Manufacturing."
KW  - FOREIGN investments
N1  - Accession Number: 4661439; SEVERN, ALAN K. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Sep71, Vol. 26 Issue 4, p1001; Thesaurus Term: FOREIGN investments; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 2p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Morris, Russell D.
T1  - A NOTE ON THE TRANSACTIONS DEMAND FOR CASH.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1971/08//
VL  - 85
IS  - 3
M3  - Article
SP  - 546
EP  - 547
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article addresses issues regarding an inventory model for determining the optimum transactions demand for cash developed by William J. Baumol in 1952. The implications of the model have received considerable attention in subsequent literature, and the article has become a required reading for students of monetary theory. Considering the attention Baumol's model has received, it is curious that an apparent omission has not been recognized.
KW  - CASH transactions
KW  - MONETARY theory
KW  - ECONOMICS
KW  - MONEY
KW  - BAUMOL, William J., 1922-
N1  - Accession Number: 4965846; Morris, Russell D. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Aug71, Vol. 85 Issue 3, p546; Thesaurus Term: CASH transactions; Thesaurus Term: MONETARY theory; Thesaurus Term: ECONOMICS; Thesaurus Term: MONEY; People: BAUMOL, William J., 1922-; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Enzler, Jared J.
AU  - Stekler, H. O.
T1  - AN ANALYSIS OF THE 1968-69 ECONOMIC FORECASTS.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1971/07//
VL  - 44
IS  - 3
M3  - Article
SP  - 271
EP  - 281
SN  - 00219398
AB  - An "attempt to identify the reasons why the [economic] forecasts for 1968-1969 were in error." Through simulation ("using the FRB version of the FRB-MIT econometric model which was available in mid-1969"), experiments were designed "to isolate three possible sources of errors arising from (1) the change in monetary policy which was unexpected, (2) the possible overestimation of the effectiveness of the [tax] surcharge, and (3) larger than expected increases in government expenditures." It was concluded "that the ex ante forecasts of GNP were affected by (1) the failure to predict the mid-1968 easing of monetary policy and (2) the misestimates of federal spending which exceeded the ceiling....economists who had made ex ante predictions that price increases would moderate by late 1968 or early 1969 were wrong for reasons which probably had little to do with their failure to predict the aforementioned changes in policy." 9 tables, 15 notes.
KW  - ECONOMIC forecasting
KW  - ECONOMIC forecasting -- History
KW  - INCOME tax -- United States
KW  - SURTAX -- History
KW  - FISCAL policy
KW  - PUBLIC spending -- History
KW  - ECONOMIC development
KW  - MONETARY policy -- History
KW  - POLITICAL planning
KW  - UNITED States -- Economic conditions -- 1961-1971
KW  - ECONOMETRIC models
KW  - FINANCE -- United States
KW  - MODELS & modelmaking
KW  - UNITED States
N1  - Accession Number: 4584248; Enzler, Jared J. 1; Stekler, H. O. 2; Affiliations: 1 : Economist, Division of Research and Statistics, Board of Governors of the Federal Reserve System; 2 : Professor of Economics, State University of New York, Stony Brook.;  Source Info: Jul71, Vol. 44 Issue 3, p271; Historical Period: 1968 to 1969; Subject Term: ECONOMIC forecasting; Subject Term: ECONOMIC forecasting -- History; Subject Term: INCOME tax -- United States; Subject Term: SURTAX -- History; Subject Term: FISCAL policy; Subject Term: PUBLIC spending -- History; Subject Term: ECONOMIC development; Subject Term: MONETARY policy -- History; Subject Term: POLITICAL planning; Subject Term: UNITED States -- Economic conditions -- 1961-1971; Subject Term: ECONOMETRIC models; Subject Term: FINANCE -- United States; Subject Term: MODELS & modelmaking; Subject: UNITED States; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Branson, William H.
AU  - Junz, Helen B.
T1  - Trends in U.S Trade and Comparative Advantage.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1971/06//
IS  - 2
M3  - Article
SP  - 285
EP  - 338
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article analyzes trends in U.S. international trade and comparative advantage as of June 1971. The authors first offer a bird's-eye view of U.S. trade in seven major end-use categories over the period 1925-70. In the years prior to World War II, the nation's net export position within each category was fairly stable. Capital goods and automobile, for example, reliably yielded export surpluses that displayed no major trend upward or downward, while trade deficits were typical for consumer goods other than automobiles. Immediately after the war, trade surpluses developed in nearly all major categories, including even such consumer goods as textiles and shoes. Worldwide industrial recovery and devaluations of other currencies altered that unusual situation. By the late 1950s, the U.S. moved into trade deficits for fuels and lubricants and for consumer goods, and away from its substantial export surplus for automobiles. On the other hand, the net export surplus for capital goods expanded dramatically and that for chemicals strengthened. This dynamism of changes within sectors continued during the sixties. In general, the export surpluses widened in areas of strength, and deficits grew larger in areas of weakness. The latter areas deteriorated even during the early sixties when the U.S. overall trade balance was improving; by the same token, surpluses on capital goods and chemicals grew substantially during the late sixties while the overall trade balance was deteriorating.
KW  - INTERNATIONAL trade
KW  - COMPARATIVE advantage (International trade)
KW  - EXPORTS
KW  - INDUSTRIAL equipment
KW  - AUTOMOBILES
KW  - BALANCE of trade
KW  - UNITED States
N1  - Accession Number: 7075809; Branson, William H. 1; Junz, Helen B. 2; Affiliations: 1: Princeton University; 2: Board of Governors of the Federal Reserve System; Issue Info: 1971, Issue 2, p285; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: COMPARATIVE advantage (International trade); Thesaurus Term: EXPORTS; Thesaurus Term: INDUSTRIAL equipment; Thesaurus Term: AUTOMOBILES; Thesaurus Term: BALANCE of trade; Subject: UNITED States; NAICS/Industry Codes: 811121 Automotive Body, Paint, and Interior Repair and Maintenance; NAICS/Industry Codes: 811198 All Other Automotive Repair and Maintenance; NAICS/Industry Codes: 336110 Automobile and light-duty motor vehicle manufacturing; NAICS/Industry Codes: 336111 Automobile Manufacturing; NAICS/Industry Codes: 441110 New Car Dealers; NAICS/Industry Codes: 415110 New and used automobile and light-duty truck merchant wholesalers; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 423830 Industrial Machinery and Equipment Merchant Wholesalers; NAICS/Industry Codes: 417230 Industrial machinery, equipment and supplies merchant wholesalers; NAICS/Industry Codes: 423840 Industrial Supplies Merchant Wholesalers; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 54p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Thoughts on the Wage-Price Freeze.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1971/06//
IS  - 2
M3  - Article
SP  - 429
EP  - 443
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article discusses the wage-price controls program of the government of U.S. President Richard W. Nixon in 1971. A major difficulty in discussing controls is the absence of a generally accepted vocabulary, which means that those on opposite sides of the issue are not always talking about the same concepts. The term comprehensive controls may be defined by reference to the wage and price controls of the Second World War. The term mild controls means a set of mandatory controls over major firms and unions, perhaps involving the 500 largest firms, which could take the form of detailed wage and price ceilings, or of a board with authority to roll back any wage or price changes found to be excessive. Controls incur three different types of costs. The first is the loss of individual freedom resulting from central control over individual wage and price decisions. The second is the misallocation of resources resulting from controls. And the third is the administrative cost. All these costs are inter-related. Now that the controls have been imposed, it is important that the nation learn what it can from the experiment. This process will be furthered if economists will state what they expect to occur.
KW  - INCOMES policy (Economics)
KW  - WAGES
KW  - PRICE regulation
KW  - COST
KW  - ECONOMISTS
KW  - UNITED States
N1  - Accession Number: 7075827; Poole, William 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System; Issue Info: 1971, Issue 2, p429; Thesaurus Term: INCOMES policy (Economics); Thesaurus Term: WAGES; Thesaurus Term: PRICE regulation; Thesaurus Term: COST; Thesaurus Term: ECONOMISTS; Subject: UNITED States; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - The Case Against Floating Exchanges.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1971/06//
VL  - 26
IS  - 3
M3  - Book Review
SP  - 827
EP  - 829
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "The Case Against Floating Exchanges," by Paul Einzig.
KW  - FOREIGN exchange rates
KW  - NONFICTION
KW  - EINZIG, Paul, 1897-1973
KW  - CASE Against Floating Exchanges, The (Book)
N1  - Accession Number: 4656659; Poole, William 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Jun71, Vol. 26 Issue 3, p827; Thesaurus Term: FOREIGN exchange rates; Subject Term: NONFICTION; Reviews & Products: CASE Against Floating Exchanges, The (Book); People: EINZIG, Paul, 1897-1973; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Terrell, Henry S.
T1  - THE DATE ON RELATIVE WHITE-NONWHITE INCOME AND EARNINGS RE-EXAMINED: A COMMENT ON THE PAPERS BY GUTHRIE AND ASHENFELTER.
JO  - Journal of Human Resources
JF  - Journal of Human Resources
Y1  - 1971///Summer71
VL  - 6
IS  - 3
M3  - Article
SP  - 384
EP  - 391
PB  - University of Wisconsin Press
SN  - 0022166X
AB  - This article presents a commentary an a paper regarding household income and expenses of African-American families. This assumption of the family as the unit of analysis fails to account for the fact that nonwhite families on average are substantially larger than white families and thus the income accruing to nonwhite families is spread over a greater number of people. In 1968 the Census reported that the mean income for a nonfarm white family was $10,172, while the mean income for a nonfarm black family was $6,503, implying that black family income was 63.9 percent of the white level. In 1968 the mean family size of a nonfarm white family was 3.58 members, while the average nonfarm black family had 4.31 members. Clearly black family income must be adjusted to account for larger families. Economists utilize income data as measures of economic welfare primarily because these data are the most readily available. Income data alone do not give a complete picture of economic achievement, much less economic welfare, because they fail to consider the net wealth position of various families. A strong net wealth position is an important source of economic welfare to a family because it permits the maintenance of consumption expenditures in times of interruptions in income flows due to temporary factors such as unemployment or illness.
KW  - INCOME
KW  - EMPLOYMENT (Economic theory)
KW  - ECONOMICS
KW  - FINANCE
KW  - FAMILIES
N1  - Accession Number: 5071846; Terrell, Henry S. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; Issue Info: Summer71, Vol. 6 Issue 3, p384; Thesaurus Term: INCOME; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: ECONOMICS; Thesaurus Term: FINANCE; Subject Term: FAMILIES; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MITCHELL, GEORGE W.
T1  - A New Look at Monetary Policy Instruments.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1971/05/02/May71 Part 2
VL  - 3
IS  - 2
M3  - Article
SP  - 381
EP  - 390
PB  - Ohio State University Press
SN  - 00222879
AB  - The article focuses on monetary policy instruments for long-run interest. It examines the concept of monetary restraint in restricting access of financial intermediaries to credit markets and domestic money, and if the U.S. Federal Reserve needs increase its reliance on monetary and credit aggregates in gauging and guiding its activities. It states that repurchase agreements, Euro-dollar borrowings, and commercial paper of holding company affiliates are important funding sources to banks to offset time deposit disintermediation. It mentions that the Board of Governors of the Federal Reserve System adopted amendments to regulations concerning member bank reserves and deposit interest payment in 1969 to restrict commercial banks use of repurchase agreements.
KW  - MONETARY policy
KW  - BANKING industry -- United States
KW  - REPURCHASE agreements
KW  - SUBSIDIARY corporations
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 5163817; MITCHELL, GEORGE W. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: May71 Part 2, Vol. 3 Issue 2, p381; Thesaurus Term: MONETARY policy; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: REPURCHASE agreements; Thesaurus Term: SUBSIDIARY corporations; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Budd, Edward C.
AU  - Seiders, David F.
T1  - The Impact of Inflation on the Distribution of Income and Wealth.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1971/05//
VL  - 61
IS  - 2
M3  - Article
SP  - 128
EP  - 138
PB  - American Economic Association
SN  - 00028282
AB  - This article discusses the impact of inflation on the distribution of income and wealth. A model is developed to estimate the effect of inflation on the size distribution of real income and net worth. It is noted that the role of expectations and resulting lags in adjustment is vital. The model is more concerned with the effect of a change in the rate of inflation on the distribution in the first annual period. The model abstracts from changes in the level of real output and employment may be associated with changes in the rate of inflation. Thus, the model abstracts from differential movements of price indices are relevant of the expenditures of different economic groups in the economy. It is observed that the effect of inflation on each income or asset type is assumed be to be uniform for each recipient or holder of that type.
KW  - INFLATION (Finance)
KW  - EFFECT of inflation on income
KW  - INCOME distribution
KW  - WEALTH
KW  - ECONOMIC forecasting
KW  - ECONOMICS
N1  - Accession Number: 4505616; Budd, Edward C. 1; Seiders, David F. 2; Affiliations: 1: Pennsylvania State University and Office of Business Economics; 2: Board of Governor of the Federal Reserve System; Issue Info: May71, Vol. 61 Issue 2, p128; Thesaurus Term: INFLATION (Finance); Thesaurus Term: EFFECT of inflation on income; Thesaurus Term: INCOME distribution; Thesaurus Term: WEALTH; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMICS; Number of Pages: 11p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - BRIMMER, ANDREW F.
T1  - THE BLACK BANKS: AN ASSESSMENT OF PERFORMANCE AND PROSPECTS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1971/05//
VL  - 26
IS  - 2
M3  - Article
SP  - 379
EP  - 405
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Given the tempo of this movement and the enormously important economic development role which the black banks are expected to undertake, it appears vital that an objective and systematic appraisal be made of the capacity of these institutions to perform this task. This paper is devoted to such an assessment. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - AFRICAN American banking industry
KW  - AFRICAN American business enterprises
KW  - ECONOMIC development
KW  - MINORITY-owned banks
KW  - BANKING industry -- United States
KW  - FINANCIAL risk
KW  - ECONOMIC forecasting
KW  - ECONOMIC activity
KW  - SUCCESS in business
KW  - STRATEGIC planning
KW  - AFRICAN Americans
KW  - UNITED States
N1  - Accession Number: 4663720; BRIMMER, ANDREW F. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System.; Issue Info: May71, Vol. 26 Issue 2, p379; Thesaurus Term: AFRICAN American banking industry; Thesaurus Term: AFRICAN American business enterprises; Thesaurus Term: ECONOMIC development; Thesaurus Term: MINORITY-owned banks; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: FINANCIAL risk; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: ECONOMIC activity; Thesaurus Term: SUCCESS in business; Thesaurus Term: STRATEGIC planning; Subject Term: AFRICAN Americans; Subject: UNITED States; Number of Pages: 27p; Illustrations: 10 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - POOLE, WILLIAM
T1  - Money.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1971/05//May71 Part 1
VL  - 3
IS  - 2
M3  - Book Review
SP  - 316
EP  - 319
PB  - Ohio State University Press
SN  - 00222879
AB  - The article reviews the book "Money," by Roy Harrod.
KW  - MONETARY policy
KW  - NONFICTION
KW  - HARROD, Roy, 1900-1978
KW  - MONEY (Book)
N1  - Accession Number: 17350390; POOLE, WILLIAM 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: May71 Part 1, Vol. 3 Issue 2, p316; Thesaurus Term: MONETARY policy; Subject Term: NONFICTION; Reviews & Products: MONEY (Book); People: HARROD, Roy, 1900-1978; Number of Pages: 4p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Katz, Samuel I.
T1  - The Bulletins of N.Y.U.'s Institute of Finance, 1926-1970: A Review Article.
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1971/03//
VL  - 9
IS  - 1
M3  - Article
SP  - 45
PB  - American Economic Association
SN  - 00220515
AB  - This article focuses on the output of the institute of Finance of the Graduate School of Business Administration of New York University of New York for the past 6 years. The Institute's close association with the educational program of the Graduate School of Business Administration and with the New York financial community have no doubt, shaped the character of the published materials. There has also been an increasing emphasis in recent years on monograph-size papers, that is, studies too long for the established scholarly journals and too technical for the more popular publication outlets. In addition, there has been a shift from the earlier emphasis on international finance to allow equal opportunity for domestic finance pieces. The choice of shorter-term and policy-related subjects and the effort to make the published materials accessible to the non-technician as well as the academic economist reflect, in part, an orientation toward the interests of the New York financial community.
KW  - UNIVERSITIES & colleges
KW  - INDUSTRIAL management
KW  - FINANCE
KW  - ECONOMISTS
KW  - GRADUATE work
KW  - EDUCATIONAL programs
KW  - MONOGRAPHIC series
N1  - Accession Number: 5299810; Katz, Samuel I. 1; Affiliations: 1: Adviser, Division of International Finance, Board of Governors, Federal Reserve System.; Issue Info: Mar71, Vol. 9 Issue 1, p45; Thesaurus Term: UNIVERSITIES & colleges; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: FINANCE; Thesaurus Term: ECONOMISTS; Subject Term: GRADUATE work; Subject Term: EDUCATIONAL programs; Subject Term: MONOGRAPHIC series; NAICS/Industry Codes: 611310 Colleges, Universities, and Professional Schools; Number of Pages: 8p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - BURNHAM, JAMES BERNARD
T1  - HOUSEHOLD DEMAND FOR FINANCIAL ASSETS, 1947-1967.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1971/03//
VL  - 26
IS  - 1
M3  - Abstract
SP  - 175
EP  - 175
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents an abstract by James Bernard Burnham for a dissertation entitled "Household Demand for Financial Assets, 1947-1967."
KW  - SECURITIES
N1  - Accession Number: 4656011; BURNHAM, JAMES BERNARD 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1971, Vol. 26 Issue 1, p175; Thesaurus Term: SECURITIES; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 1p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - TUCKER, DONALD P.
T1  - Macroeconomic Models and the Demand for Money under Market Disequilibrium.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1971/02//
VL  - 3
IS  - 1
M3  - Article
SP  - 57
EP  - 83
PB  - Ohio State University Press
SN  - 00222879
AB  - The article presents information on macroeconomic models for business cycle market disequilibrium in the United States during the 1970-71 U.S. recession, with special attention given to the effect of monetary policy on general market disequilibrium. This article studies a simple market disequilibrium model and reaches the conclusions that in a shifting market disequilibrium, the demand for money is ambiguous, and the estimation procedures used for large scale econometric models are not adequate to handle market disequilibrium. The author makes clear that with this model, no markets are always cleared.
KW  - EQUILIBRIUM (Economics)
KW  - MACROECONOMICS
KW  - DEMAND for money
KW  - MONETARY policy
KW  - ECONOMETRIC models
KW  - DEMAND (Economic theory)
N1  - Accession Number: 5155478; TUCKER, DONALD P. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; Issue Info: Feb71, Vol. 3 Issue 1, p57; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: MACROECONOMICS; Thesaurus Term: DEMAND for money; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: DEMAND (Economic theory); Number of Pages: 27p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KATZ, SAMUEL I.
T1  - The International Monetary Fund,1945-1965.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1970/12//
VL  - 25
IS  - 5
M3  - Book Review
SP  - 1216
EP  - 1222
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article presents a review of the book "The International Monetary Fund, 1945-1965," by J. Keith Horsefield, Margaret G. De Vries and others.
KW  - INTERNATIONAL finance
KW  - NONFICTION
KW  - HORSEFIELD, J. Keith
KW  - DE Vries, Margaret
KW  - INTERNATIONAL Monetary Fund, The (Book)
N1  - Accession Number: 4665008; KATZ, SAMUEL I. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Dec1970, Vol. 25 Issue 5, p1216; Thesaurus Term: INTERNATIONAL finance; Subject Term: NONFICTION; Reviews & Products: INTERNATIONAL Monetary Fund, The (Book); People: HORSEFIELD, J. Keith; People: DE Vries, Margaret; Number of Pages: 7p; Document Type: Book Review
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ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Whither Money Demand?
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1970/09//
IS  - 3
M3  - Article
SP  - 485
EP  - 501
PB  - Brookings Institution Press
SN  - 00072303
AB  - This paper began with the observation that the nature of the demand for money function is likely to be of great importance for monetary policy over the next few years. Considerable uncertainty surrounds the income and interest elasticities of demand, and in a period of falling interest rates, greatly amplifies uncertainty over the appropriate rate of monetary growth. On the basis of the admittedly crude evidence reported in the paper, it would appear that both income and interest elasticities may be a little below those assumed in the simulations reported in my earlier paper. This conclusion implies that the required rates of money growth will be some-what lower than the previous analysis indicated. But the tenuous nature of this conclusion should not be forgotten. One might argue, as I would not, that data prior to 1947, or even 1950, are of questionable relevance to the current situation; but there is essential no possibility of reliably estimating the income and interest elasticities on the basis of postwar data alone. The additional year of data that will be avail-able a year from now may provide far more information than one would ordinarily expect from only one more year of data, especially if short-term interest rates remain near or below current levels and long-term rates continue to decline. In this situation, special care in updating estimates of the demand for money function would seem to be fully warranted. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Brookings Papers on Economic Activity is the property of Brookings Institution Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - DEMAND for money
KW  - LIQUIDITY (Economics)
KW  - DEMAND (Economic theory)
KW  - MONETARY policy
KW  - INTEREST rates
N1  - Accession Number: 7078853; Poole, William 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System; Issue Info: 1970, Issue 3, p485; Thesaurus Term: DEMAND for money; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST rates; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Brimmer, Andrew F.
AU  - Harper, Harriett
T1  - Economists' Perception of Minority Economic Problems: A View of Emerging Literature.
JO  - Journal of Economic Literature
JF  - Journal of Economic Literature
Y1  - 1970/09//
VL  - 8
IS  - 3
M3  - Article
SP  - 783
SN  - 00220515
AB  - The article is a result of a survey of economic literature, 1963-69, on poverty and minority problems. The authors analyze articles and communications from 30 selected journals as well as the annual proceedings of six associations. All books and journals that only occasionally published economic material were excluded. Minorities were limited to nonwhites in the United States. The results were arranged into three tables showing the distribution of articles about minorities by journal and year, by subject area (i.e., poverty, manpower, economic discrimination, income for nonwhites, urban education, crime, and black capitalism) and year, and by subject area covered at meetings and year. The authors conclude that while the major interest in economic literature is in microeconomic theory, international economics, and monetary economics, there is an increased interest in articles and association meetings about poverty, minorities, and education. 3 tables, biblio.
KW  - ECONOMICS -- Research
KW  - MINORITIES -- Economic conditions
KW  - ECONOMIC surveys
KW  - MINORITY consumers -- United States
KW  - ECONOMISTS
KW  - URBAN economics -- Research
KW  - MICROECONOMICS
KW  - INTERNATIONAL economic relations
KW  - MONETARY policy
KW  - MINORITIES
KW  - POVERTY
KW  - ECONOMICS
KW  - UNITED States
N1  - Accession Number: 5291490; Brimmer, Andrew F. 1; Harper, Harriett 2; Affiliations: 1 : Member, Board of Governors, Federal Reserve System.; 2 : Economist, Division of Research and Statistics, Federal Reserve Board.;  Source Info: Sep70, Vol. 8 Issue 3, p783; Historical Period: 1963 to 1969; Subject Term: ECONOMICS -- Research; Subject Term: MINORITIES -- Economic conditions; Subject Term: ECONOMIC surveys; Subject Term: MINORITY consumers -- United States; Subject Term: ECONOMISTS; Subject Term: URBAN economics -- Research; Subject Term: MICROECONOMICS; Subject Term: INTERNATIONAL economic relations; Subject Term: MONETARY policy; Subject Term: MINORITIES; Subject Term: POVERTY; Subject Term: ECONOMICS; Subject: UNITED States; Number of Pages: 24p; Illustrations: 3 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - Gradualism: A Mid-Course View.
JO  - Brookings Papers on Economic Activity
JF  - Brookings Papers on Economic Activity
Y1  - 1970/06//
IS  - 2
M3  - Article
SP  - 271
EP  - 301
PB  - Brookings Institution Press
SN  - 00072303
AB  - This article examines gradualism limited to the aggregate output and price level goals of policy. The policy of gradualism represents a new advance in public understanding of economic stabilization policy. Unlike their approach to previous anti-inflation crusades in the postwar period, politicians and the informed public now clearly recognize that excessive zeal in fighting inflation will produce excessive unemployment. Goal-gradualism refers to policies designed, in the present context, to achieve a gradual reduction in inflation and thereby to avoid the high level of unemployment that a rapid reduction of inflation would require. Instrument-gradualism refers to policies involving gradual adjustment of the instruments of fiscal and monetary policy, that is, of government expenditures and tax rates, and of the money stock and other financial variables. It may be true that goal-gradualism requires instrument-gradualism. This view is reinforced by the diagnosis of the current inflation. The problem was not that economic policy failed to offset some serious of disturbances in the private economy, rather, fiscal policy became excessively expansionary because expenditures for the Vietnam war were not offset by tax increases or reductions in other expenditures and monetary policy, as measured by the rate of growth of the money stock, became excessively expansionary in an attempt to prevent interest rates from rising too sharply.
KW  - INFLATION (Finance)
KW  - ECONOMIC policy
KW  - FISCAL policy
KW  - PUBLIC spending
KW  - ECONOMIC stabilization
N1  - Accession Number: 7073889; Poole, William 1; Affiliations: 1: Special Studies Section, Division of Research and Statistics Board of Governors of the Federal Reserve System; Issue Info: 1970, Issue 2, p271; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: FISCAL policy; Thesaurus Term: PUBLIC spending; Thesaurus Term: ECONOMIC stabilization; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 31p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - POOLE, WILLIAM
T1  - A Structural Model of the U.S. Balance of Payments.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1970/06//
VL  - 25
IS  - 3
M3  - Book Review
SP  - 731
EP  - 732
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The book has three basic chapters, "The Theoretical Framework of the Model," "Empirical Estimates of the Model," and "United States Balance-of-Payments Policies." There are also five short appendices. Two of these, one giving the data sources and a complete listing of the data, the other consisting of twenty-seven diagrams of the actual and predicted values of the model's endogenous variables, show the care that went into the estimation and into the presentation of the results. More writers should follow Prachowny's example in this regard. The other three appendices consist of a restatement of Mundell's argument on monetary-fiscal policy mixes, a table presenting changes in the model's endogenous variables under the monetary-fiscal policy mix examined in the chapter on balance-of-payments policies, and a simple portfolio model in which equilibrium is defined in terms of stocks rather than flows. The inclusion of this last appendix is somewhat strange since all of the book's empirical work on capital flows is based on a flow model rather than a stock model. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BALANCE of payments
KW  - NONFICTION
KW  - PRACHOWNY, Martin F. J.
KW  - STRUCTURAL Model of the US Balance of Payments, A (Book)
N1  - Accession Number: 4666192; POOLE, WILLIAM 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Jun70, Vol. 25 Issue 3, p731; Thesaurus Term: BALANCE of payments; Subject Term: NONFICTION; Reviews & Products: STRUCTURAL Model of the US Balance of Payments, A (Book); People: PRACHOWNY, Martin F. J.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - HOLLAND, ROBERT C.
T1  - The Federal Reserve Discount Mechanism as an Instrument for Dealing with Banking Market Imperfections.
JO  - Journal of Money, Credit & Banking (Ohio State University Press)
JF  - Journal of Money, Credit & Banking (Ohio State University Press)
Y1  - 1970/05//
VL  - 2
IS  - 2
M3  - Article
SP  - 138
EP  - 146
PB  - Ohio State University Press
SN  - 00222879
AB  - The article discusses the use of the U.S. Federal Reserve discount window for addressing market imperfections in the banking industry. Such imperfections typically revolve around issues involving the volume and cost of liquidity. After briefly surveying the discount  window's history, the author cites various factors contributing to imperfect markets, and comments on general principles that should inform Federal Reserve interventions. Proposals for improving the efficacy of the discount window are discussed, and their implications noted.
KW  - MONETARY policy
KW  - LIQUIDITY (Economics)
KW  - BANKING industry
KW  - MONETARY theory
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 7174147; HOLLAND, ROBERT C. 1; Affiliations: 1: Secretary of the Board of Governors, Federal Reserve System; Issue Info: May70, Vol. 2 Issue 2, p138; Thesaurus Term: MONETARY policy; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: BANKING industry; Thesaurus Term: MONETARY theory; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Poole, William
T1  - OPTIMAL CHOICE OF MONETARY POLICY INSTRUMENTS IN A SIMPLE STOCHASTIC MACRO MODEL.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1970/05//
VL  - 84
IS  - 2
M3  - Article
SP  - 197
EP  - 216
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article determines a solution to the instrument or target problem in monetary policy within the context of the Hicksian Investment Savings-Liquidity Money model. Baldly stated, the problem arises as a result of the fact that the monetary authorities may operate through either interest rate changes or money stock changes, but not through both independently, and therefore must decide whether to use the interest rate or the money stock as the policy instrument. The analysis produces two major findings. First, for some values of the parameters an interest rate policy is superior to a money stock policy while for other values of the parameters the reverse is true. Second, it is possible to define a combination policy in which the interest rate and money stock are maintained in a certain relationship to each other--the nature of the relationship depending on the values of the parameters--and to show that the optimal combination policy is as good as or superior to either the interest rate or money stock policies no matter what the values of the parameters. The study concludes that the choice of instruments problem is clearly a consequence of uncertainty, and analysis of the problem requires a stochastic model. The basic model of this paper is the simplest possible model within which the nature of the problem can be carefully defined and a solution determined.
KW  - MONETARY policy
KW  - IS-LM model (Macroeconomics)
KW  - INTEREST rates
KW  - MONEY supply
KW  - STOCHASTIC processes
KW  - MACROECONOMICS
N1  - Accession Number: 4965565; Poole, William 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: May70, Vol. 84 Issue 2, p197; Thesaurus Term: MONETARY policy; Thesaurus Term: IS-LM model (Macroeconomics); Thesaurus Term: INTEREST rates; Thesaurus Term: MONEY supply; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: MACROECONOMICS; Number of Pages: 20p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GRAMLICH, EDWARD M.
T1  - Public Finance.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1970/03//
VL  - 25
IS  - 1
M3  - Book Review
SP  - 225
EP  - 227
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Professor Shoup's book fits the advertising in every way--it is a treatise in the sense of being a definitive source book on a vast number of issues in the field of public finance; it is modern in the sense of dealing with a host of heretofore-ignored current problems in public finance; it is unorthodox by virtue of being almost completely verbal in this day of mathematical and graphical exposition; and it uses as much space as the author considers desirable (which turns out to be quite a lot of space). The book is 652 pages long with footnote-sized print, every paragraph is jammed with substantive and often quite-intricate analysis, and there is virtually no repetition or duplication of analysis contained in other sources. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - PUBLIC finance
KW  - NONFICTION
KW  - SHOUP, Carl S.
KW  - PUBLIC Finance (Book)
N1  - Accession Number: 4656139; GRAMLICH, EDWARD M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1970, Vol. 25 Issue 1, p225; Thesaurus Term: PUBLIC finance; Subject Term: NONFICTION; Reviews & Products: PUBLIC Finance (Book); NAICS/Industry Codes: 921130 Public Finance Activities; People: SHOUP, Carl S.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Irvine, Reed J.
AU  - Maroni, Yves
AU  - Lee, Henry F.
T1  - How to Borrow Successfully.
JO  - Columbia Journal of World Business
JF  - Columbia Journal of World Business
Y1  - 1970/01//Jan/Feb70
VL  - 5
IS  - 1
M3  - Article
SP  - 42
EP  - 48
PB  - Elsevier Science Publishing Company, Inc.
SN  - 00225428
AB  - In recent years there has been wide acceptance of the idea that capacity to service foreign debt could be measured by comparing the burden of debt service to foreign-exchange earnings on current account; in particular, that the former should not exceed 20% to 25% of the latter. This has led to the view that impoverished capital-importing countries should not contract to borrow the bulk of their capital requirements abroad on more or less normal commercial terms but, rather, should rely on foreign aid on easy terms. This approach to debt servicing has for some reason taken a very one-sided view of the balance-of-payments accounts. A country that has an expanding economy, supported by expanding current-account earnings, can normally expect to attract new capital from abroad in steady, if not increasing, quantities. The serious debt-servicing problem being faced by several of the less-developed countries does not arise simply because they have borrowed too much, but because they have not obtained an expansion of production and exports of goods and services sufficient to provide foreign exchange to pay for needed imports and invisible payments.
KW  - EXTERNAL debts
KW  - INTERNATIONAL trade
KW  - FOREIGN exchange
KW  - BALANCE of payments
KW  - DEBT service
KW  - DEVELOPING countries
N1  - Accession Number: 5540471; Irvine, Reed J. 1; Maroni, Yves 2; Lee, Henry F. 3; Affiliations: 1: Chief of the Asia, Africa and Latin America Section of the Division of International Finance of the Board of Governors of the Federal Reserve System.; 2: Senior economist, Asia, Africa and Latin America Section of the Division of International Finance of the Board of Governors of the Federal Reserve System.; 3: Economist, Asia, Africa and Latin America Section of the Division of International Finance of the Board of Governors of the Federal Reserve System.; Issue Info: Jan/Feb70, Vol. 5 Issue 1, p42; Thesaurus Term: EXTERNAL debts; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BALANCE of payments; Thesaurus Term: DEBT service; Subject Term: DEVELOPING countries; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - STOLL, HANS R.
T1  - THE RELATIONSHIP BETWEEN PUT AND CALL OPTION PRICES .
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1969/12//
VL  - 24
IS  - 5
M3  - Article
SP  - 801
EP  - 824
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The aim of this paper is to formulate and test empirically some hypotheses about the relationship between put and call prices (or premiums). No attempt will be made to formulate a theory of the determinants of the level of put and/or call prices. This more difficult problem has been investigated by others. It is clear, however, that, in a general way, the level of a put or call price will depend on the probability distribution of stock price changes expected during the option period. If the stock price has a chance of increasing greatly during the option period, calls will sell at a relatively high price. If the stock price has a chance of decreasing greatly, puts will sell at a high price. <br> The nature of the relationship between put and call prices has not been investigated in detail nor subjected to empirical tests. It is, for example, a popular misconception that call prices are higher than put prices simply because the demand for call options is greater. The purpose of this paper is to show that, in theory, an arbitrage mechanism exists which ought to keep put and call prices in line with each other irrespective of the demands of buyers of options. The efficacy of this theoretical arbitrage mechanism in maintaining put and call price parity will be examined empirically to see if institutional restrictions and other frictions prevent the equilibrium relationship from being reached. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - OPTIONS (Finance)
KW  - DERIVATIVE securities
KW  - RESEARCH
KW  - STOCK exchanges
KW  - FUTURES market
KW  - CAPITALISTS & financiers
KW  - SECURITIES -- Prices
KW  - DEMAND (Economic theory)
KW  - ARBITRAGE
KW  - COMMODITY exchanges
KW  - SECURITIES trading
KW  - PORTFOLIO management (Investments)
KW  - PRICE level changes
N1  - Accession Number: 4657613; STOLL, HANS R. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec1969, Vol. 24 Issue 5, p801; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: DERIVATIVE securities; Thesaurus Term: RESEARCH; Thesaurus Term: STOCK exchanges; Thesaurus Term: FUTURES market; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: ARBITRAGE; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: SECURITIES trading; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: PRICE level changes; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 24p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Burch, S. W.
AU  - Stkler, H. O.
T1  - THE FORECASTING ACCURACY OF CONSUMER ATTITUDE DATA.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1969/12//
VL  - 64
IS  - 328
M3  - Article
SP  - 1225
EP  - 1233
SN  - 01621459
AB  - This note evaluates the forecasting accuracy of the index of consumer sentiment constructed by the Michigan Survey Research Center. For the most part, other analyses have focused on the interpretation which should be given to an attitude variable or broadly described movements of the index of consumer sentiment in the vicinity of cyclical turning points. None of the studies have compared the accuracy of equations in which the attitude index is an independent variable against naive forecasting models.  Thus, Eva Mueller [9] examined whether the index of consumer sentiment modified consumer responses to financial variables. Most of her equations explained variations in durable goods expenditures or automobile sales with the index and different forms of income, liquid asset, and unemployment variables. Since Mueller was not primarily interested in constructing a forecasting equation, her analysis of a large number of equations emphasized the interpretation and the significance of the index.  F. Gerard Adams [1] examined the principal components of the index and also concluded that the attitude data were useful, although Friend and Adams [5] showed that stock prices and the length of workweek series shared the predictive ability of the attitude data. Suits and Sparks [11], however, elected to use the index in the automobile equation of the Brookings-SSRC Quarterly Econometric Model, and the index also appears in alternative formulations of the consumption functions of the Wharton-EFU model [4].  Subsequently, George Katona [7], reestimated Miss Mueller's preferred equation and discussed the predictions of the equation around cyclical turns.(n1) This well-known equation explains real household durable consumption purchases in the half year following the survey with the index and deflated household disposable income in the previous... [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - CONSUMER behavior
KW  - CONSUMERS -- Attitudes
KW  - FORECASTING
KW  - MATHEMATICAL models
KW  - CONSUMPTION (Economics)
KW  - ASSETS (Accounting)
KW  - SURVEYS
KW  - ATTITUDE (Psychology)
KW  - EQUATIONS
N1  - Accession Number: 4603773; Burch, S. W. 1; Stkler, H. O. 2; Affiliations: 1: Federal Reserve System; 2: State University of New York, Stony Brook; Issue Info: Dec69, Vol. 64 Issue 328, p1225; Thesaurus Term: CONSUMER behavior; Thesaurus Term: CONSUMERS -- Attitudes; Thesaurus Term: FORECASTING; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: ASSETS (Accounting); Subject Term: SURVEYS; Subject Term: ATTITUDE (Psychology); Subject Term: EQUATIONS; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Fisher, Robert Moore
T1  - Monetary Policy: Its Relation to Mortgage Lending and Land Economics.
JO  - Land Economics
JF  - Land Economics
Y1  - 1969/11//
VL  - 45
IS  - 4
M3  - Article
SP  - 418
PB  - University of Wisconsin Press
SN  - 00237639
AB  - The article discusses the role and effect of monetary policies on real estate and mortgage market. The measures taken by central banking authority to influence money, credit and levels of interest rates called as monetary policies has a direct bearing on land economics. In recent years real estate has become more dependent on increasing amounts of credit per transaction. Since real estate market depends largely on borrowed funds so changes in monetary policy affecting credit conditions make a pervasive impact on the development. Also mortgage market has integrated with other financial markets so it has become more subject to monetary developments taking place within them. The general availability and cost of credit gets influenced by open market operations involving changes in purchases and sales of government securities, changes in reserve requirements of commercial banks which are member of Federal Reserve Bank and changes in rates and conditions under which member banks can borrow from the Federal Reserve Bank.
KW  - Monetary policy
KW  - Mortgages
KW  - Real estate development
KW  - Loans
KW  - Real property -- Finance
KW  - Interest rates
KW  - Open market operations
KW  - United States
N1  - Accession Number: 5364650; Fisher, Robert Moore 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Nov69, Vol. 45 Issue 4, p418; Subject Term: Monetary policy; Subject Term: Mortgages; Subject Term: Real estate development; Subject Term: Loans; Subject Term: Real property -- Finance; Subject Term: Interest rates; Subject Term: Open market operations; Subject: United States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - eih
ER  - 

TY  - JOUR
AU  - Galper, Harvey
T1  - THE IMPACTS OF THE VIETNAM WAR ON DEFENSE SPENDING: A SIMULATION APPROACH.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1969/10//
VL  - 42
IS  - 4
M3  - Article
SP  - 401
EP  - 415
PB  - University of Chicago Press
SN  - 00219398
AB  - The purpose of this article is two-fold, to present some quantitative estimates of the direct aggregate economic impacts which have resulted from the Vietnam war and to attempt some measures of the short-run deflationary impacts which may be expected to result from a cessation of Vietnam hostilities. The basic technique to be employed for this purpose is that of simulation. This involves first the development of regression equations to explain defense spending and then, in the case of the wartime impacts, the use of these equations to estimate defense spending in terms of both its actual pattern and the pattern that it would have most probably followed in the absence of the Vietnam situation. Impacts of the Vietnam War upon the United States economy have been considerable, on the order of $23 billion. By simulation methods, authors have tried to provide some measure of these impacts on a quarterly basis. Results indicate that one important component, especially in times of rapid mobilization and demobilization, is inventory investment of defense goods-in-process. With respect to deflationary impacts resulting from demobilization, the simulations indicate that an approach to pre-Vietnam levels of contract awards with anything like the speed observed after the Korean truce will require that policy actions, be both large and prompt to ensure economic stability.
KW  - ARMED Forces -- Appropriations & expenditures
KW  - WAR -- Economic aspects
KW  - SIMULATION methods & models
KW  - DEFLATION (Finance)
KW  - VIETNAM War, 1961-1975
KW  - VIETNAM
N1  - Accession Number: 4584655; Galper, Harvey 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System.; Issue Info: Oct69, Vol. 42 Issue 4, p401; Thesaurus Term: ARMED Forces -- Appropriations & expenditures; Thesaurus Term: WAR -- Economic aspects; Thesaurus Term: SIMULATION methods & models; Thesaurus Term: DEFLATION (Finance); Subject Term: VIETNAM War, 1961-1975; Subject: VIETNAM; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Norwood, Bernard
T1  - THE KENNEDY ROUND: A TRY AT LINEAR TRADE NEGOTIATIONS.
JO  - Journal of Law & Economics
JF  - Journal of Law & Economics
Y1  - 1969/10//
VL  - 12
IS  - 2
M3  - Article
SP  - 297
EP  - 319
SN  - 00222186
AB  - The General Agreement on Tariffs and Trade (GATT) Sixth Round of Trade Negotiations, also known as the Kennedy Round, was considered the most important trade and tariff negotiation ever held. Trade liberalization was accomplished using different methods, most notable of which is the linear or across the board reduction of duties. The linear technique, which called for the reduction of all tariffs of participating countries, was intended to achieve big and widely accepted tariff reductions through simple rules. The rules were accepted and applied to the liberalization of the GATT participants, including United States. However, some difficult problems concerning linear techniques were not resolved in the Kennedy Round. These problems should be addressed in any new effort at linear negotiations.
KW  - COMMERCIAL treaties
KW  - TARIFF
KW  - FOREIGN trade regulation
KW  - FREE trade
KW  - NEGOTIATION
KW  - COMMERCIAL products
KW  - IMPORTS
N1  - Accession Number: 11476045; Norwood, Bernard 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Oct69, Vol. 12 Issue 2, p297; Thesaurus Term: COMMERCIAL treaties; Thesaurus Term: TARIFF; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: FREE trade; Thesaurus Term: NEGOTIATION; Thesaurus Term: COMMERCIAL products; Thesaurus Term: IMPORTS; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 911910 Other federal government public administration; Number of Pages: 23p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Galper, Harvey
T1  - ALTERNATIVE INTEREST RATES AND THE DEMAND FOR MONEY: COMMENT.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1969/06//
VL  - 59
IS  - 3
M3  - Article
SP  - 401
PB  - American Economic Association
SN  - 00028282
AB  - Recently, T. H. Lee examined the influence on the demand for money of the interest rate paid on savings and loan, S and L, shares. His regressions revealed a strong effect of the S and L rate on holdings of money. Furthermore, the S and L rate had a stronger influence than all other rates examined and, on an annual basis at least, complete adjustment of the actual to the desired money stock was found when the S and L rate was used. These findings imply strong substitution effects between holdings of money and savings and loan shares and call into question researcher M. Friedman's notion of the money stock which assumes that time deposits at commercial banks are the closest substitute to money proper. Lee's conclusions, however, are based on only fifteen annual observations and, in several instances, he mentions that the lack of quarterly data prevents the development of a more thorough analysis. By interpolating semiannual data from the Federal Home Loan Bank Board, the author have been able to develop a quarterly series on savings and loan rates for the period 1956-66.
KW  - INTEREST rates
KW  - DEMAND for money
KW  - MONEY
KW  - SUBSTITUTION (Economics)
KW  - BANKING industry
KW  - LOANS
KW  - ECONOMICS
KW  - UNITED States
N1  - Accession Number: 4497733; Galper, Harvey 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Jun69, Vol. 59 Issue 3, p401; Thesaurus Term: INTEREST rates; Thesaurus Term: DEMAND for money; Thesaurus Term: MONEY; Thesaurus Term: SUBSTITUTION (Economics); Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Thesaurus Term: ECONOMICS; Subject: UNITED States; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 7p; Illustrations: 4 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SOLOMON, ROBERT
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1969/05//
VL  - 24
IS  - 2
M3  - Article
SP  - 371
EP  - 374
PB  - Wiley-Blackwell
SN  - 00221082
AB  - Professor Aliber looks at the United States as a financial intermediary for the rest of the world and examines three hypotheses regarding the nature of this intermediation process. He does this by looking at the difference in the slope of yield curves among countries. One of the three hypotheses is the familiar proposition that capital markets are better developed in the United States than elsewhere. The second, attributable to Despres, Kindleberger and Salant (DKS), is that liquidity preference is higher abroad than in the United States. The third hypothesis, which I take to be Professor Aliber's, introduces the notion that exchange risk helps to explain differences in yield curves among countries. The three alternative hypotheses have different implications for feedback from restriction on capital outflow--and this is the policy significance of the analysis. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - INTERMEDIATION (Finance)
KW  - INTERNATIONAL finance
KW  - LIQUIDITY (Economics)
KW  - CAPITAL market
KW  - FOREIGN exchange
KW  - RISK
KW  - CAPITAL movements
KW  - MONEY market
KW  - BALANCE of payments
KW  - BALANCE of payments deficit
KW  - UNITED States
KW  - BLOUGH, Roy
N1  - Accession Number: 4661065; SOLOMON, ROBERT 1; Affiliations: 1: Adviser to the Board and Director Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: May69, Vol. 24 Issue 2, p371; Thesaurus Term: INTERMEDIATION (Finance); Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: CAPITAL market; Thesaurus Term: FOREIGN exchange; Thesaurus Term: RISK; Thesaurus Term: CAPITAL movements; Thesaurus Term: MONEY market; Thesaurus Term: BALANCE of payments; Thesaurus Term: BALANCE of payments deficit; Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; People: BLOUGH, Roy; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - HULETT, DAVID T.
T1  - Financial Institutions/ Capital Markets and Institutions.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1969/03//
VL  - 24
IS  - 1
M3  - Book Review
SP  - 147
EP  - 149
PB  - Wiley-Blackwell
SN  - 00221082
AB  - These books are taken from two different series in the general areas of finance and monetary economics. The Goldsmith volume is part of a six-book Random House Series in Money and Banking, edited by Harlan M. Smith; the Dougall work is one of eight in the Prentice-Hall Foundation of Finance Series, edited by Ezra Solomon. Comparing two such books is dangerous, since the series are aimed at different audiences, and the books should be viewed in the context of their companion volumes. These considerations are significant because omission or inclusion of a particular topic may be due to the content of other books in the series and the settling of jurisdictional disputes by the editors. However, the topics covered--even the chapter organization and titles--are strikingly similar and may lead a teacher to consider them as close substitutes. In fact, the two books appear to attempt the same task, that of explaining the essential features of financial capital markets and institutions. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - FINANCE
KW  - NONFICTION
KW  - GOLDSMITH, Raymond W.
KW  - DOUGALL, Herbert E.
KW  - FINANCIAL Institutions (Book)
KW  - CAPITAL Markets & Institutions (Book)
N1  - Accession Number: 4657147; HULETT, DAVID T. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1969, Vol. 24 Issue 1, p147; Thesaurus Term: FINANCE; Subject Term: NONFICTION; Reviews & Products: FINANCIAL Institutions (Book); Reviews & Products: CAPITAL Markets & Institutions (Book); People: GOLDSMITH, Raymond W.; People: DOUGALL, Herbert E.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - de Leeuw, Frank
T1  - The Wharion Index of Capacity Utilization (Book Review).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1968/09//
VL  - 58
IS  - 4
M3  - Book Review
SP  - 993
PB  - American Economic Association
SN  - 00028282
AB  - Reviews the book "The Wharton Index of Capacity Utilization," by Lawrence R. Klein and Robert Summers.
KW  - INDUSTRIAL capacity
KW  - STATISTICS
KW  - NONFICTION
KW  - KLEIN, Lawrence R. (Lawrence Robert), 1920-2013
KW  - SUMMERS, Robert
KW  - WHARTON Index of Capacity Utilization, The (Book)
N1  - Accession Number: 4508057; de Leeuw, Frank 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Sep68, Vol. 58 Issue 4, p993; Thesaurus Term: INDUSTRIAL capacity; Thesaurus Term: STATISTICS; Subject Term: NONFICTION; Reviews & Products: WHARTON Index of Capacity Utilization, The (Book); People: KLEIN, Lawrence R. (Lawrence Robert), 1920-2013; People: SUMMERS, Robert; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hester, Donald D.
AU  - Pierce, James L.
T1  - Cross-Section Analysis and Bank Dynamics.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1968/07/02/Jul/Aug68 Part 2
VL  - 76
IS  - 4
M3  - Article
SP  - 755
PB  - University of Chicago Press
SN  - 00223808
AB  - The principal contributions of the present paper are (a) to report estimates of how an individual bank's portfolio responds over time to a shock in its deposits and (b) to exhibit how the aggregate portfolio of a system of such banks may respond to this shock. Lags in aggregate portfolio adjustment to monetary policy actions result both from individual bank behavior and from the ways banks in a system interact. For example, theoretically a single bank should be able to adjust its cash position quickly in response to deposit inflows, but the banking system may adjust slowly. A reduction of excess reserves by one bank will increase reserves at another bank. From results reported below it appears that both sources of lag are important for describing aggregative bank portfolio behavior. In conclusion, this paper has argued that, while aggregative financial econometric studies have been very useful, cross-section models are a particularly promising research area. In the last two sections, a model of individual bank portfolio behavior has been reported which sheds considerable light on a number of current issues. This model is presently incomplete and does not yet incorporate interest rates satisfactorily. Two points raised in this paper deserve re-emphasis here. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK investments
KW  - BANKING industry
KW  - BANK deposits
KW  - FINANCE
KW  - MONETARY policy
KW  - CURRENCY boards
KW  - MONETARY theory
KW  - BEHAVIOR
N1  - Accession Number: 5051633; Hester, Donald D. 1; Pierce, James L. 2; Affiliations: 1: Yale University; 2: Board of Governors of Federal Reserve System; Issue Info: Jul/Aug68 Part 2, Vol. 76 Issue 4, p755; Thesaurus Term: BANK investments; Thesaurus Term: BANKING industry; Thesaurus Term: BANK deposits; Thesaurus Term: FINANCE; Thesaurus Term: MONETARY policy; Thesaurus Term: CURRENCY boards; Thesaurus Term: MONETARY theory; Subject Term: BEHAVIOR; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 22p; Illustrations: 5 Charts, 2 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Maisel, Sherman J.
T1  - The Effects of Monetary Policy on Expenditures in Specific Sectors of the Economy.
JO  - Journal of Political Economy
JF  - Journal of Political Economy
Y1  - 1968/07/02/Jul/Aug68 Part 2
VL  - 76
IS  - 4
M3  - Article
SP  - 796
PB  - University of Chicago Press
SN  - 00223808
AB  - Analysis requires theories. A plethora exists in the monetary field. At least four major descriptions of the relationships between changes in monetary policy and changes in specific expenditures compete for attention. A review of monetary events and the expenditures for goods in the period 1961 to date shows: 1. Monetary policy appears to influence the economy primarily through its impact on spending in particular sectors. Spending is influenced through the price, availability, and distribution of credit. 2. The lags between changes in credit and shifts in spending are considerable. They vary among the different sectors and may be shortened by changes in expectations. 3. Legal and institutional factors cause the distribution of credit among the spending sectors to alter as supply and demand shift. Movements in the flow of funds among financial institutions and markets may create impacts on spending as great as or even greater than do changes in the general availability and price of credit. 4. As was expected from conventional economic analysis, higher interest rates resulting from an increased demand for funds, and/or a slower rate of expansion of the supply of funds, and disintermediation brought contraction in investment. The main declines occurred in housing, but there were also declines in plant and equipment and in inventories. These declines reduced the rate of expansion of income and therefore the rate of expansion of consumption. As a result, the economy's demand was held within the potential rate of expansion of real output. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANKING law & legislation
KW  - MONETARY policy
KW  - INTEREST (Finance) -- Law & legislation
KW  - PUBLIC spending
KW  - CREDIT ratings
KW  - SUPPLY & demand
KW  - CREDIT
KW  - FINANCE
N1  - Accession Number: 5055478; Maisel, Sherman J. 1; Affiliations: 1: Board of Governors of Federal Reserve System; Issue Info: Jul/Aug68 Part 2, Vol. 76 Issue 4, p796; Thesaurus Term: BANKING law & legislation; Thesaurus Term: MONETARY policy; Thesaurus Term: INTEREST (Finance) -- Law & legislation; Thesaurus Term: PUBLIC spending; Thesaurus Term: CREDIT ratings; Thesaurus Term: SUPPLY & demand; Thesaurus Term: CREDIT; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 19p; Illustrations: 6 Charts, 3 Graphs; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stekler, H. O.
T1  - AN EVALUATION OF QUARTERLY JUDGEMENTAL ECONOMIC FORECASTS.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1968/07//
VL  - 41
IS  - 3
M3  - Article
SP  - 329
EP  - 339
PB  - University of Chicago Press
SN  - 00219398
AB  - Studies related to evaluation of macroeconomic forecasting generally indicated that the closer the period to which the data referred, the greater the accuracy of economic forecasts and estimates. Furthermore, these conclusions have indicated that forecasters have generally tended to underestimate changes when GNP was advancing and to overestimate declines. This article also evaluates several sets of economic forecasts which were generated by judgmental procedures, but it differs from earlier approach in several significant ways. First, it explicitly examines the accuracy of quarterly projections and will take account of the GNP data revisions which occurred between the time when the forecast was prepared and the date to which the forecast referred. Second, the relationship between the size of the forecast errors and the length of the lead with which the forecasts were made are examined. In this analysis, an explicit adjustment is made for missing observations. Finally, the cases of the errors in one of the sets of GNP projections are analyzed to determine whether the errors in specific components offset each other or were additive to misestimates in other components.
KW  - ECONOMIC forecasting
KW  - GROSS national product
KW  - QUANTITATIVE research
KW  - DATA analysis
KW  - MULTIVARIATE analysis
KW  - ERRORS
N1  - Accession Number: 4584592; Stekler, H. O. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Jul68, Vol. 41 Issue 3, p329; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: GROSS national product; Thesaurus Term: QUANTITATIVE research; Thesaurus Term: DATA analysis; Thesaurus Term: MULTIVARIATE analysis; Subject Term: ERRORS; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - Steeler, H. O.
AU  - Burch, Susan W.
T1  - SELECTED ECONOMIC DATA--ACCURACY VS. REPORTING SPEED.
JO  - Journal of the American Statistical Association
JF  - Journal of the American Statistical Association
Y1  - 1968/06//
VL  - 63
IS  - 322
M3  - Article
SP  - 436
SN  - 01621459
AB  - In this article, the trade-off between accuracy and reporting speed is analyzed for three widely used monthly time series: retail sales, the book value of inventories in manufacturing and trade, and employees in nonagricultural establishments. The effect of early errors in these series on the preliminary and provisional GNP estimates is also examined. Generally, the accuracy of the statistics is inversely related to the speed with which the data are reported. Even in the best series, the errors associated with the early data are 50 per cent of the changes in the final data. Moreover, the direction of movement indicated by the early and final sets of data differ in 20-50 per cent of the months. These errors are translated into the GNP accounts. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Journal of the American Statistical Association is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - SALES reporting
KW  - TIME series analysis
KW  - GROSS national product
KW  - INVENTORIES
KW  - EMPLOYEES
KW  - MATHEMATICAL models
KW  - ECONOMICS literature
KW  - STATISTICS
N1  - Accession Number: 4606803; Steeler, H. O. 1; Burch, Susan W. 1; Affiliations: 1: Federal Reserve System.; Issue Info: Jun68, Vol. 63 Issue 322, p436; Thesaurus Term: SALES reporting; Thesaurus Term: TIME series analysis; Thesaurus Term: GROSS national product; Thesaurus Term: INVENTORIES; Thesaurus Term: EMPLOYEES; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: ECONOMICS literature; Thesaurus Term: STATISTICS; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 
TY  - JOUR
AU  - MAISEL, SHERMAN J.
T1  - SOME RELATIONSHIPS BETWEEN ASSETS AND LIABILITIES OF THRIFT INSTITUTIONS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1968/05//
VL  - 23
IS  - 2
M3  - Article
SP  - 367
EP  - 378
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents a rationale for the adoption of aggressive portfolio management policies within U.S. thrift institutions in the late 1960s, particularly as corrective measures to cash flow shifts occurring in 1966. Extensive investment modeling is provided to outline the dynamics between asset and liability balances within a firm's portfolio, asserting the need for a strong and clear portfolio policy. Issues addressed in detail include uncertainty and income risks, market division and diversification, and cyclical interest patterns.
KW  - THRIFT institutions
KW  - INVESTMENT policy
KW  - PORTFOLIO management (Investments)
KW  - ASSETS (Accounting)
KW  - LIABILITIES (Accounting)
KW  - MONEY market
KW  - INTEREST rate risk
KW  - MARKET segmentation
KW  - INVESTMENTS -- Mathematical models
KW  - ECONOMETRICS
KW  - UNCERTAINTY
KW  - UNITED States -- Economic conditions -- 1961-1971
KW  - UNITED States
N1  - Accession Number: 4661511; MAISEL, SHERMAN J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May68, Vol. 23 Issue 2, p367; Thesaurus Term: THRIFT institutions; Thesaurus Term: INVESTMENT policy; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: ASSETS (Accounting); Thesaurus Term: LIABILITIES (Accounting); Thesaurus Term: MONEY market; Thesaurus Term: INTEREST rate risk; Thesaurus Term: MARKET segmentation; Thesaurus Term: INVESTMENTS -- Mathematical models; Thesaurus Term: ECONOMETRICS; Subject Term: UNCERTAINTY; Subject Term: UNITED States -- Economic conditions -- 1961-1971; Subject: UNITED States; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 12p; Illustrations: 2 Diagrams, 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lawrence, Robert J.
T1  - ON THE ASCHHEIM-BAIN CONTROVERSY.
JO  - Economic Journal
JF  - Economic Journal
Y1  - 1968/03//
VL  - 78
IS  - 309
M3  - Article
SP  - 165
EP  - 166
PB  - Wiley-Blackwell
SN  - 00130133
AB  - The source of Aschheim's error is his equation (10), Z[sub c] > Z[sub 8] > Z[sub 1], in which he asserts that a bank's required reserves are more liquid assets than its government securities. The error arises because he equates cash and required reserves. No one would dispute the statement that'' cash" and excess reserves are more liquid than securities, but the relevant issue is the liquidity of required reserves versus securities,[6] As Bain points out, not all of a bank's required reserves are available to meet a deposit drain of y: only ry of them are freed by the deposit drain, where r is the reserve requirement. However, the entire amount of a bank's securities can be sold if necessary to meet a deposit drain. [ABSTRACT FROM AUTHOR]
AB  - Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
KW  - BANK reserves
KW  - BANK assets
KW  - GOVERNMENT securities
KW  - RESERVE requirements
KW  - LIQUID assets
N1  - Accession Number: 4544235; Lawrence, Robert J. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar68, Vol. 78 Issue 309, p165; Thesaurus Term: BANK reserves; Thesaurus Term: BANK assets; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: RESERVE requirements; Thesaurus Term: LIQUID assets; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Sigel, Stanley J.
T1  - The Meaning and Measurement of the National Income and of Other Social Accounting Aggregates (Book Review).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1967/12//
VL  - 57
IS  - 5
M3  - Book Review
SP  - 1350
PB  - American Economic Association
SN  - 00028282
AB  - Reviews the book "The Meaning and Measurement of the National Income and of Other Social Accounting Aggregates," by Edgar Z. Palmer.
KW  - SOCIAL accounting
KW  - NATIONAL income accounting
KW  - NONFICTION
KW  - PALMER, Edgar
KW  - PALMER, Edgar Z.
KW  - MEANING & Measurement of the National Income & of Other Social Accounting Aggregates, The (Book)
N1  - Accession Number: 4498094; Sigel, Stanley J. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Dec67, Vol. 57 Issue 5, p1350; Thesaurus Term: SOCIAL accounting; Thesaurus Term: NATIONAL income accounting; Subject Term: NONFICTION; Reviews & Products: MEANING & Measurement of the National Income & of Other Social Accounting Aggregates, The (Book); People: PALMER, Edgar; People: PALMER, Edgar Z.; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stekler, H. O.
T1  - Indicators of Business Expansions and Contractions/An Appraisal of Short-Term Economic Forecasts (Book Review).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1967/12//
VL  - 57
IS  - 5
M3  - Book Review
SP  - 1360
PB  - American Economic Association
SN  - 00028282
AB  - Reviews two books on economic indicators. "Indicators of Business Expansions and Contractions," by Geoffrey H. Moore and Julius Shiskin; "An Appraisal of Short-Term Economic Forecasts," by Victor Zarnowitz.
KW  - ECONOMIC indicators
KW  - NONFICTION
KW  - MOORE, Geoffrey
KW  - MOORE, Geoffrey H.
KW  - SHISKIN, Julius
KW  - ZARNOWITZ, Victor
KW  - INDICATORS of Business Expansions & Contractions (Book)
KW  - APPRAISAL of Short-Term Economic Forecasts, An (Book)
N1  - Accession Number: 4498146; Stekler, H. O. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: Dec67, Vol. 57 Issue 5, p1360; Thesaurus Term: ECONOMIC indicators; Subject Term: NONFICTION; Reviews & Products: INDICATORS of Business Expansions & Contractions (Book); Reviews & Products: APPRAISAL of Short-Term Economic Forecasts, An (Book); People: MOORE, Geoffrey; People: MOORE, Geoffrey H.; People: SHISKIN, Julius; People: ZARNOWITZ, Victor; Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Lawrence, Robed J.
T1  - California Banking in a Growing Economy: 1946-1975 (Book).
JO  - Journal of Economic Issues (Association for Evolutionary Economics)
JF  - Journal of Economic Issues (Association for Evolutionary Economics)
Y1  - 1967/09//
VL  - 1
IS  - 3
M3  - Book Review
SP  - 250
PB  - Association for Evolutionary Economics
SN  - 00213624
AB  - Reviews the book "California Banking in a Growing Economy: 1946-1975," edited by Hyman P. Minsky.
KW  - BANKING industry
KW  - NONFICTION
KW  - MINSKY, Hyman
KW  - MINSKY, Hyman P.
KW  - CALIFORNIA Banking in a Growing Economy (Book)
N1  - Accession Number: 4673052; Lawrence, Robed J. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Sep67, Vol. 1 Issue 3, p250; Thesaurus Term: BANKING industry; Subject Term: NONFICTION; Reviews & Products: CALIFORNIA Banking in a Growing Economy (Book); NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522120 Savings Institutions; People: MINSKY, Hyman; People: MINSKY, Hyman P.; Number of Pages: 3/4p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stekler, H. O.
T1  - THE FEDERAL BUDGET AS A SHORT-TERM FORECASTING TOOL.
JO  - Journal of Business
JF  - Journal of Business
Y1  - 1967/07//
VL  - 40
IS  - 3
M3  - Article
SP  - 280
EP  - 285
PB  - University of Chicago Press
SN  - 00219398
AB  - This article indicates that the budget contributes important information for six-month forecasts but that longer budget forecasts are considerably less accurate. Previous analyses of the federal government's budget have concluded that the data contained in the budget do not directly yield satisfactory forecasts of the level of government expenditures. The difficulties of using the budget are well known, for the estimates of expenditures do not correspond to the national income accounts' component, federal purchases of goods and services. Instead, the budget figures must be adjusted to obtain this component: transfer items are subtracted from the administrative budget, and purchases of goods and services by trust funds are added to the non-transfer items of the administrative budget. In addition, a number of other adjustments are required to reconcile the various government expenditure estimates, for these figures may be based upon the administrative budget, the cash budget, and the expenditures in the national income and product accounts.
KW  - BUDGET
KW  - FEDERAL government
KW  - PUBLIC expenditure forecasting
KW  - ECONOMIC forecasting
KW  - PUBLIC spending
KW  - ESTIMATES
KW  - FORECASTING
KW  - CASH budgets
KW  - NATIONAL income
N1  - Accession Number: 4585597; Stekler, H. O. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Jul67, Vol. 40 Issue 3, p280; Thesaurus Term: BUDGET; Thesaurus Term: FEDERAL government; Thesaurus Term: PUBLIC expenditure forecasting; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: PUBLIC spending; Thesaurus Term: ESTIMATES; Thesaurus Term: FORECASTING; Thesaurus Term: CASH budgets; Thesaurus Term: NATIONAL income; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - ent
ER  - 

TY  - JOUR
AU  - MITCHELL, GEORGE W.
T1  - INTEREST RATES VERSUS INTEREST CEILINGS IN THE ALLOCATION OF CREDIT FLOWS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1967/05//
VL  - 22
IS  - 2
M3  - Article
SP  - 265
EP  - 273
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on questions of the appropriateness of interest rate ceilings within conditions of certain monetary restraint. The author compares the feasibility of interest rates versus interest ceilings in the allocation of credit flows in the U.S. monetary policy of the 1960s. The nature of institutional monetary constraints on financial incentives and resultant conditions is reviewed, with particular interest into the historical market shifts which occurred between 1962-1965. It is concluded that while common theory goes against rate ceilings, they have proven beneficial in certain scenarios towards protecting financial institutions.
KW  - INTEREST rate ceilings
KW  - INTEREST rates
KW  - CREDIT control
KW  - INTERMEDIATION (Finance)
KW  - FINANCIAL services industry
KW  - ECONOMIC policy
KW  - DEBTOR & creditor
KW  - USURY laws
KW  - BANKING industry
KW  - MONETARY theory
KW  - MONETARY incentives
KW  - 1961-1971
KW  - UNITED States -- Economic conditions -- 1961-1971
KW  - UNITED States
N1  - Accession Number: 4660265; MITCHELL, GEORGE W. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: May67, Vol. 22 Issue 2, p265; Thesaurus Term: INTEREST rate ceilings; Thesaurus Term: INTEREST rates; Thesaurus Term: CREDIT control; Thesaurus Term: INTERMEDIATION (Finance); Thesaurus Term: FINANCIAL services industry; Thesaurus Term: ECONOMIC policy; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: USURY laws; Thesaurus Term: BANKING industry; Thesaurus Term: MONETARY theory; Thesaurus Term: MONETARY incentives; Subject Term: 1961-1971; Subject Term: UNITED States -- Economic conditions -- 1961-1971; Subject: UNITED States; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; NAICS/Industry Codes: 522298 All Other Nondepository Credit Intermediation; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 9p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stekler, H. O.
T1  - How Business Economics Forecast/ Applied Economic Forecasting (Book Review).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1967/03//
VL  - 57
IS  - 1
M3  - Book Review
SP  - 259
PB  - American Economic Association
SN  - 00028282
AB  - Reviews the books "How Business Economists Forecast," edited by William F. Butler and Robert A. Kavesh and "Applied Economic Forecasting," by Henri Theil with G.A.C. Beerens, C.G. De Leeuw and C.B. Tilanus.
KW  - NONFICTION
KW  - BUTLER, William
KW  - BUTLER, William F.
KW  - KAVESH, Robert A.
KW  - THEIL, Henri
KW  - BEERENS, G. A. C.
KW  - DE Leeuw, C. G.
KW  - TILANUS, C. B.
KW  - HOW Business Economists Forecast (Book)
KW  - APPLIED Economic Forecasting (Book)
N1  - Accession Number: 4502922; Stekler, H. O. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1967, Vol. 57 Issue 1, p259; Subject Term: NONFICTION; Reviews & Products: HOW Business Economists Forecast (Book); Reviews & Products: APPLIED Economic Forecasting (Book); People: BUTLER, William; People: BUTLER, William F.; People: KAVESH, Robert A.; People: THEIL, Henri; People: BEERENS, G. A. C.; People: DE Leeuw, C. G.; People: TILANUS, C. B.; Number of Pages: 8p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stekler, H.O.
T1  - The Government Aerospace Industry Interaction.
JO  - California Management Review
JF  - California Management Review
Y1  - 1967///Spring67
VL  - 9
IS  - 3
M3  - Article
SP  - 55
EP  - 64
PB  - California Management Review
SN  - 00081256
AB  - The article discusses the relationship between the U.S. government and the firms in the aerospace industry during the period of 1961 through 1967. When U.S. Secretary of Defense Robert S. McNamara took office in 1961, he initiated changes in procurement procedures designed to save money, maintain or improve quality, and increase efficiency. He instituted the use of breakouts, the use of both fixed-price and incentive contracts, and procedures for evaluating contractors. The author suggests implementing processes that foster cooperation between manufacturers and the government as a way to further improve public-private aerospace industrial relations.
KW  - AEROSPACE industries
KW  - DEFENSE industries
KW  - GOVERNMENT policy
KW  - INDUSTRIAL relations
KW  - INDUSTRIAL efficiency
KW  - CONTRACT negotiations
KW  - FIXED price contracts
KW  - INDUSTRIAL procurement
KW  - PERFORMANCE contracts
KW  - UNITED States
KW  - UNITED States. Dept. of Defense -- Appropriations & expenditures
KW  - UNITED States. Dept. of Defense
KW  - MCNAMARA, Robert S., 1916-2009
N1  - Accession Number: 5046683; Stekler, H.O. 1; Affiliations: 1: Visiting Professor, Board of Governors of the Federal Reserve System.; Issue Info: Spring67, Vol. 9 Issue 3, p55; Thesaurus Term: AEROSPACE industries; Thesaurus Term: DEFENSE industries; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: INDUSTRIAL relations; Thesaurus Term: INDUSTRIAL efficiency; Thesaurus Term: CONTRACT negotiations; Thesaurus Term: FIXED price contracts; Thesaurus Term: INDUSTRIAL procurement; Subject Term: PERFORMANCE contracts; Subject: UNITED States ; Company/Entity: UNITED States. Dept. of Defense -- Appropriations & expenditures ; Company/Entity: UNITED States. Dept. of Defense; People: MCNAMARA, Robert S., 1916-2009; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Tella, Alfred
T1  - Hidden Unemployment 1953-62--A Quantitative Analysis by Age and Sex: Comment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1966/12//
VL  - 56
IS  - 5
M3  - Article
SP  - 1235
PB  - American Economic Association
SN  - 00028282
AB  - In a recent article in this journal Thomas Dernburg and Kenneth Strand presented a labor market model which was used to estimate hypothetical labor force participation ratios and unemployment rates by age and sex for the years 1954 and 1962 under assumed conditions of 4 per cent total unemployment in both years. Their estimates of the distribution of unemployment at 4 per cent total unemployment showed a heavier concentration among young and old males and all female groups in 1962 than in 1954, supporting one conclusion that "the economy has not yet been able to adjust to the sizable shifts in the structure of the labor force that have taken place over the decade." This is an important finding. The employment of all age-sex groups was shown to benefit in varying degrees from rising aggregate employment. Combining the results of the labor force and employment equations yielded the net unemployment outcome, which in the authors simulation clearly showed the growing disadvantage of marginal workers vis-a-vis primary workers.
KW  - LABOR market
KW  - HIDDEN unemployment
KW  - UNEMPLOYMENT
KW  - SEXUAL division of labor
KW  - LABOR supply
KW  - AGE & employment
KW  - EMPLOYEES
N1  - Accession Number: 4495342; Tella, Alfred 1; Affiliations: 1: Economist at the Board of Governors of the Federal Reserve System.; Issue Info: Dec66, Vol. 56 Issue 5, p1235; Thesaurus Term: LABOR market; Thesaurus Term: HIDDEN unemployment; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: SEXUAL division of labor; Thesaurus Term: LABOR supply; Thesaurus Term: AGE & employment; Thesaurus Term: EMPLOYEES; NAICS/Industry Codes: 561320 Temporary Help Services; Number of Pages: 7p; Illustrations: 1 Chart; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Korsvik, William J.
T1  - Consumer Instalment Credit.
JO  - Financial Analysts Journal
JF  - Financial Analysts Journal
Y1  - 1966/07//Jul/Aug1966
VL  - 22
IS  - 4
M3  - Article
SP  - 25
EP  - 26
PB  - CFA Institute
SN  - 0015198X
AB  - The article presents information about consumer installment credit in the U.S. There is wide agreement that consumer installment credit, as well as all other types for that matter, can grow too fast, be unwisely extended, and deteriorate in quality, with consequent undesirable economic effects on the nation. On the other hand, there also is a growing understanding of debt and the essential role it plays in the modern, complex society. Rudolph Peterson, president of the Bank of America, in his New York University lecture, emphasized this fact and suggested that debt should not be appraised by the standards of a world which no longer exists. Accordingly, many are questioning the sacrosanctity of any particular ratio of debt repayment to income. Surveys conducted by the Research Center at the University of Michigan suggest that since 1958 there has been no significant increase in the proportion--48 per cent--of all families that use installment credit. For the more distant future, social and demographic changes strongly indicate a continuation of the rising trend in the volume of installment credit outstanding, though perhaps at a somewhat slower rate of growth than the 6 per cent compound annual rate of the last decade.
KW  - CONSUMER credit
KW  - DEBT
KW  - INCOME
KW  - SURVEYS
KW  - UNITED States
KW  - PETERSON, Rudolph
N1  - Accession Number: 7576772; Korsvik, William J. 1,2,3; Affiliations: 1: Vice President, First National Bank of Chicago.; 2: Head, Business and Economics Research Department.; 3: Assistant Secretary, Federal Advisory Council, Federal Reserve System.; Issue Info: Jul/Aug1966, Vol. 22 Issue 4, p25; Thesaurus Term: CONSUMER credit; Thesaurus Term: DEBT; Thesaurus Term: INCOME; Subject Term: SURVEYS; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; People: PETERSON, Rudolph; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Mitchell, George W.
T1  - EFFECTS OF AUTOMATION ON THE STRUCTURE AND FUNCTIONING OF BANKI.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1966/05//
VL  - 56
IS  - 2
M3  - Article
SP  - 159
EP  - 167
SN  - 00028282
AB  - Given the annual cost (3.3 billion dollars) and time pressures inherent in the present check settlement system, it is not surprising that the initial bank efforts to exploit the infant prodigy of EDP (electronic data processing) have been aimed mainly at lowering the per-item handling cost and at speeding up the performance of old-style check collection. "With automation, banks can offer a credit system which ties settlement accounting into quasi-automatic credit extension; this combination has great operating advantages over other arrangements available to vendors or independent consumer finance companies. A bank depositor credit card is of superlative convenience for the purchaser when he can use it anywhere and in doing so express his preference for cash payment, convenience credit, installment credit or any combination of the three....Before very long these experimental operations will provide a solid foundation for the new banking system of the future." 3 notes.
KW  - BANKING industry -- Automation
KW  - CLEARINGHOUSES (Banking)
KW  - ELECTRONIC funds transfers
KW  - CHECKS
KW  - PAYMENT systems
KW  - BANKING industry -- United States
KW  - FINANCIAL instruments
KW  - DEBTOR & creditor
KW  - AUTOMATION
KW  - BANKING industry
KW  - UNITED States
N1  - Accession Number: 4494367; Mitchell, George W. 1; Affiliations: 1 : Board of Governors, Federal Reserve System.;  Source Info: May66, Vol. 56 Issue 2, p159; Historical Period: 1966; Subject Term: BANKING industry -- Automation; Subject Term: CLEARINGHOUSES (Banking); Subject Term: ELECTRONIC funds transfers; Subject Term: CHECKS; Subject Term: PAYMENT systems; Subject Term: BANKING industry -- United States; Subject Term: FINANCIAL instruments; Subject Term: DEBTOR & creditor; Subject Term: AUTOMATION; Subject Term: BANKING industry; Subject: UNITED States; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - ahl
ER  - 

TY  - JOUR
AU  - BRIMMER, ANDREW F.
T1  - DIRECT INVESTMENT AND CORPORATE ADJUSTMENT TECHNIQUES UNDER THE VOLUNTARY U.S. BALANCE OF PAYMENTS PROGRAM.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1966/05//
VL  - 21
IS  - 2
M3  - Article
SP  - 266
EP  - 282
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article focuses on the efforts of the leading U.S. corporations to improve the balance of payments in 1965 in the area of short-term financial assets in order to maintain stability in the foreign money markets. Companies responded to this request and held out about $1.2 billion of short-term foreign financial assets. While some companies reduced their holdings of funds, some companies increased these short-term financial assets. The U.S. Secretary of Commerce sent a letter urging companies to continue reducing their short-term financial assets. He also requested that the companies' foreign affiliates reduce their short-term assets.
KW  - BALANCE of payments
KW  - FINANCE
KW  - CORPORATIONS
KW  - FOREIGN exchange
KW  - BALANCE of trade
KW  - CAPITAL movements
KW  - TERMS of trade
KW  - SECURITIES markets
KW  - FOREIGN exchange market
KW  - COUNTERTRADE
KW  - ASSETS (Accounting)
KW  - UNITED States
N1  - Accession Number: 4657483; BRIMMER, ANDREW F. 1; Affiliations: 1: Member, Board of Governors of the Federal Reserve System; Issue Info: May66, Vol. 21 Issue 2, p266; Thesaurus Term: BALANCE of payments; Thesaurus Term: FINANCE; Thesaurus Term: CORPORATIONS; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BALANCE of trade; Thesaurus Term: CAPITAL movements; Thesaurus Term: TERMS of trade; Thesaurus Term: SECURITIES markets; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: COUNTERTRADE; Thesaurus Term: ASSETS (Accounting); Subject: UNITED States; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 17p; Illustrations: 7 Charts; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - OSBORNE, HARLOW D.
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1966/05//
VL  - 21
IS  - 2
M3  - Article
SP  - 397
EP  - 401
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the reports "The Major Developments in the Market for Consumer Credit Since the End of World War II" by Robert P. Shay, and "The Major Developments in the Financing of Residential Construction Since the End of World War II" by M. Carter McFarland. The author comments on Shay's report which describes how families move up the economic ladder to be in the position which enables them to borrow, and complements McFarland's for providing an analysis of the mortgage credit industry in the 1950s when supply of mortgage funds caught up with the demand for housing.
KW  - EQUILIBRIUM (Economics)
KW  - MARKET potential
KW  - SUPPLY & demand
KW  - DEMAND (Economic theory)
KW  - MORTGAGE loans
KW  - MORTGAGES
KW  - BANKING industry
KW  - HOUSING
KW  - CREDIT
KW  - FINANCE
KW  - UNITED States
KW  - MCFARLAND, M. Carter
KW  - SHAY, Robert P.
N1  - Accession Number: 28038190; OSBORNE, HARLOW D. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May66, Vol. 21 Issue 2, p397; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: MARKET potential; Thesaurus Term: SUPPLY & demand; Thesaurus Term: DEMAND (Economic theory); Thesaurus Term: MORTGAGE loans; Thesaurus Term: MORTGAGES; Thesaurus Term: BANKING industry; Thesaurus Term: HOUSING; Thesaurus Term: CREDIT; Thesaurus Term: FINANCE; Subject: UNITED States; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; People: MCFARLAND, M. Carter; People: SHAY, Robert P.; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - ABST
AU  - GRAMLICH, EDWARD M.
T1  - THE FISCAL IMPACT OF THE FEDERAL BUDGET.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1966/03//
VL  - 21
IS  - 1
M3  - Abstract
SP  - 132
EP  - 132
PB  - Wiley-Blackwell
SN  - 00221082
AB  - An abstract of the doctoral dissertation "The Fiscal Impact of the Federal Budget" by Edward M. Gramlich, is presented.
KW  - FEDERAL budgets
KW  - ACADEMIC dissertations
N1  - Accession Number: 4661306; GRAMLICH, EDWARD M. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1966, Vol. 21 Issue 1, p132; Subject Term: FEDERAL budgets; Subject Term: ACADEMIC dissertations; Number of Pages: 1p; Document Type: Abstract
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Stockwell, Eleanor J.
T1  - Federal Reserve Corporate Profits Series.
JO  - Financial Analysts Journal
JF  - Financial Analysts Journal
Y1  - 1965/09//Sep/Oct65
VL  - 21
IS  - 5
M3  - Article
SP  - 34
EP  - 35
PB  - CFA Institute
SN  - 0015198X
AB  - This article presents a succession of series on quarterly profits of manufacturing corporations in the U.S. Since the early 1940s, the Board of Governors has compiled and published regularly in the Federal Reserve Bulletin a succession of series on quarterly profits of large manufacturing corporations. Each of the Board's series on manufacturing profits has included identical companies throughout the period it has covered and each has been based on data obtained from published sources rather than from a special survey. The series have differed from one another in the number of companies included, the criteria used in selecting the companies, the items and time periods covered, and the extent to which company figures have been adjusted for greater comparability. The current series is to provide to users a body of financial data defined as consistently as possible, from company to company and from time to time, for as nearly as possible an identical group of major manufacturing companies.
KW  - MANUFACTURES
KW  - CORPORATE profits
KW  - CORPORATIONS -- Finance
KW  - EARNINGS forecasting
KW  - FINANCIAL performance
KW  - UNITED States
N1  - Accession Number: 7589207; Stockwell, Eleanor J. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Sep/Oct65, Vol. 21 Issue 5, p34; Thesaurus Term: MANUFACTURES; Thesaurus Term: CORPORATE profits; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: EARNINGS forecasting; Thesaurus Term: FINANCIAL performance; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; Number of Pages: 2p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LINDHOLM, RICHARD W.
T1  - The Individual Income Tax.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1965/09//
VL  - 20
IS  - 3
M3  - Book Review
SP  - 569
EP  - 570
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "The Individual Income Tax," by Richard Goode.
KW  - INCOME tax
KW  - NONFICTION
KW  - GOODE, Richard
KW  - INDIVIDUAL Income Tax, The (Book)
N1  - Accession Number: 4656405; LINDHOLM, RICHARD W. 1; Affiliations: 1: Board of Governors of Federal Reserve System.; Issue Info: Sep65, Vol. 20 Issue 3, p569; Thesaurus Term: INCOME tax; Subject Term: NONFICTION; Reviews & Products: INDIVIDUAL Income Tax, The (Book); People: GOODE, Richard; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - LINDHOLM, RICHARD W.
T1  - Report of the Committee on Turnover Taxation.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1965/09//
VL  - 20
IS  - 3
M3  - Book Review
SP  - 574
EP  - 576
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Report of the Committee on Turnover Taxation," by the Richardson Committee.
KW  - CORPORATE taxes
KW  - TURNOVER tax
KW  - NONFICTION
KW  - REPORT of the Committee on Turnover Taxation (Book)
N1  - Accession Number: 4656436; LINDHOLM, RICHARD W. 1; Affiliations: 1: Board of Governors of Federal Reserve System.; Issue Info: Sep65, Vol. 20 Issue 3, p574; Thesaurus Term: CORPORATE taxes; Thesaurus Term: TURNOVER tax; Subject Term: NONFICTION; Reviews & Products: REPORT of the Committee on Turnover Taxation (Book); Number of Pages: 3p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Osborne, Dale K.
T1  - REPLY.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1965/08//
VL  - 79
IS  - 3
M3  - Article
SP  - 504
EP  - 504
PB  - Oxford University Press / USA
SN  - 00335533
AB  - The article replies to the comment made by Franklin M. Fisher, economist, on the goals of business enterprises. It is true that the assumption of an effective sales constraint leads to an inadequate analysis of Fisher's hypothesis. The author found the constrained profit maximization model and constrained sales maximization models hypotheses much more interesting in conjunction than in isolation and will take a black mark for not making this fact more explicit. If the firm confidently expects future profits to depend inversely on present prices, then whatever the form of this dependence and whether it is known or not maximization of long-run profits requires some sacrifice of short-run profits.
KW  - DEVELOPMENT economics
KW  - ECONOMIC indicators
KW  - PROFIT maximization
KW  - SALES management
KW  - SALES forecasting
KW  - CORPORATE profits
KW  - SALES
KW  - BUSINESS enterprises
KW  - ECONOMISTS
N1  - Accession Number: 4967296; Osborne, Dale K. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Aug65, Vol. 79 Issue 3, p504; Thesaurus Term: DEVELOPMENT economics; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: PROFIT maximization; Thesaurus Term: SALES management; Thesaurus Term: SALES forecasting; Thesaurus Term: CORPORATE profits; Thesaurus Term: SALES; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: ECONOMISTS; Number of Pages: 1p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Daan, J. Dewey
T1  - THE REPORT OF THE GROUP OF TEN.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1965/05//
VL  - 55
IS  - 2
M3  - Article
SP  - 150
PB  - American Economic Association
SN  - 00028282
AB  - This article focuses on the "The Report of the Group of Ten," which represents a further contribution to the orderly evolution of the international monetary mechanism rather than to a revolutionary and drastic break with the past. It constitutes both an approving look backward by financial officials at how the system has evolved and a questing look forward at how it can and may evolve in the future stressing both new and old elements which may serve to give form and substance to an appropriately evolving mechanism. The significant conclusions and recommendations of the report are: first, a conclusion that the present system as it has evolved until now has shown impressive flexibility and adaptability, with a reaffirmation of faith in the proven value of its underpinnings in terms of fixed exchange rates and the present established price of gold. Second, a judgment that international liquidity defined as the entire spectrum of resources available for financing payments imbalances, and taking into account a recommended and prospective increase in IMF quotas, is fully adequate for the present and near-term future. Third, to ensure this, a call for a moderate general overall increase in IMF quotas, plus selective increases for those countries whose quotas are clearly out of line, thus adding considerably to the credit facilities segment of the liquidity spectrum. Fourth, to further strengthen international cooperation, formalizing some of the more recent innovations and techniques, through the process of "multilateral surveillance of bilateral financing and liquidity creation."
KW  - INTERNATIONAL finance
KW  - FOREIGN exchange rates
KW  - LIQUIDITY (Economics)
KW  - MONETARY policy
KW  - INTERNATIONAL cooperation
KW  - BALANCE of payments
KW  - INTERNATIONAL Monetary Fund
N1  - Accession Number: 4490713; Daan, J. Dewey 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May65, Vol. 55 Issue 2, p150; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: MONETARY policy; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: BALANCE of payments ; Company/Entity: INTERNATIONAL Monetary Fund DUNS Number: 069275188; NAICS/Industry Codes: 919110 International and other extra-territorial public administration; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Projector, Dorothy S.
T1  - CONSUMER ASSET PREFERENCES.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1965/05//
VL  - 55
IS  - 2
M3  - Article
SP  - 227
PB  - American Economic Association
SN  - 00028282
AB  - This paper focuses on the consumer preferences for different types of assets as shown by cross-section data on the composition of wealth held by families. The data pertain to December 31, 1962, and are from the Survey of Financial Characteristics of Consumers which was conducted for the Board of Governors of the Federal Reserve System by the Census Bureau in the spring of 1963. The first portion of the analysis deals with the broadest definition of wealth that seemed feasible under survey procedures. The analysis is in terms of six major components of wealth or net worth: own homes; automobiles; savings in the form of life insurance, annuities and retirement plans; investment in businesses and professions; liquid assets (exclusive of currency); and investment assets mainly-stocks, marketable bonds, and investment real estate. The second part of the analysis is confined to consumer portfolio; that is, liquid and investment assets. The analyses are directed towards determining the forms of wealth selected as wealth increases, or, in other words, consumer preferences among different forms of wealth and investment.
KW  - ASSETS (Accounting)
KW  - CONSUMER behavior
KW  - CONSUMERS' preferences
KW  - AUTOMOBILES
KW  - WEALTH
KW  - REAL property
KW  - LIQUID assets
KW  - STOCKS (Finance)
KW  - UNITED States
N1  - Accession Number: 4490842; Projector, Dorothy S. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May65, Vol. 55 Issue 2, p227; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: CONSUMER behavior; Thesaurus Term: CONSUMERS' preferences; Thesaurus Term: AUTOMOBILES; Thesaurus Term: WEALTH; Thesaurus Term: REAL property; Thesaurus Term: LIQUID assets; Thesaurus Term: STOCKS (Finance); Subject: UNITED States; NAICS/Industry Codes: 441110 New Car Dealers; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 811121 Automotive Body, Paint, and Interior Repair and Maintenance; NAICS/Industry Codes: 811198 All Other Automotive Repair and Maintenance; NAICS/Industry Codes: 336110 Automobile and light-duty motor vehicle manufacturing; NAICS/Industry Codes: 336111 Automobile Manufacturing; NAICS/Industry Codes: 415110 New and used automobile and light-duty truck merchant wholesalers; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 25p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Wood, John H.
T1  - LINEAR DECISION RULES FOR ECONOMIC STABILIZATION AND GROWTH: COMMENT.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1965/05//
VL  - 79
IS  - 2
M3  - Article
SP  - 310
EP  - 316
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article discusses the linear decision rules for economic stabilization and growth. The rationale invoked by Holt for using a welfare function in which disutility is symmetric to a specified desired income even when it is known that social welfare increases monotonically in response to increases in income, is that income is functionally related to some other non controlled variable that is not explicitly included in the welfare function. The point is that one should endeavor to be as specific as possible with respect to variables relevant to social welfare so as to reduce utility losses resulting from the heterogeneous role forced upon some non controlled variables when the welfare function is incompletely specified.
KW  - DECISION making
KW  - ECONOMIC stabilization
KW  - WELFARE economics
KW  - ECONOMIC development
KW  - PUBLIC welfare
KW  - INCOME
N1  - Accession Number: 4966588; Wood, John H. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C.; Issue Info: May65, Vol. 79 Issue 2, p310; Thesaurus Term: DECISION making; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: WELFARE economics; Thesaurus Term: ECONOMIC development; Thesaurus Term: PUBLIC welfare; Thesaurus Term: INCOME; NAICS/Industry Codes: 525120 Health and Welfare Funds; NAICS/Industry Codes: 624190 Other Individual and Family Services; NAICS/Industry Codes: 624230 Emergency and Other Relief Services; NAICS/Industry Codes: 923130 Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs); Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GOLDSTEIN, HENRY N.
T1  - THE IMPLICATIONS OF TRIANGULAR ARBITRAGE FOR FORWARD EXCHANGE POLICY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1964/09//
VL  - 19
IS  - 3
M3  - Article
SP  - 544
EP  - 551
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents a critique of a study by Herbert G. Grubel called "A Neglected Aspect of Forward Exchange Theory and Policy" in the September 1963 issue of the journal. In his article Grubel argued that when analyzing foreign exchange markets it does matter if the model considers a number of countries or only two and that this is particularly true if monetary authorities are involved. Grubel called this triangular arbitrage. It is noted that changes in the interbank money market and the Euro-dollar market have led to changes in how European banks manage their reserves and has led to the strengthening of that particular market.
KW  - ARBITRAGE
KW  - FOREIGN exchange market
KW  - BANK reserves
KW  - BALANCE of payments
KW  - EUROCURRENCY market
KW  - INTERBANK market
KW  - SWAPS (Finance)
KW  - DOLLAR (United States currency)
KW  - NATIONAL currencies
KW  - INTEREST rates
KW  - RESEARCH
KW  - MONEY market
KW  - GRUBEL, Herbert G.
N1  - Accession Number: 6637577; GOLDSTEIN, HENRY N. 1; Affiliations: 1: Economist, Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: Sep64, Vol. 19 Issue 3, p544; Thesaurus Term: ARBITRAGE; Thesaurus Term: FOREIGN exchange market; Thesaurus Term: BANK reserves; Thesaurus Term: BALANCE of payments; Thesaurus Term: EUROCURRENCY market; Thesaurus Term: INTERBANK market; Thesaurus Term: SWAPS (Finance); Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: NATIONAL currencies; Thesaurus Term: INTEREST rates; Thesaurus Term: RESEARCH; Thesaurus Term: MONEY market; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; People: GRUBEL, Herbert G.; Number of Pages: 8p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DINGLE, MONA E.
T1  - The Economics of the Credit Union.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1964/09//
VL  - 19
IS  - 3
M3  - Book Review
SP  - 583
EP  - 584
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "The Economics of the Credit Union," by John T. Croteau.
KW  - CREDIT unions
KW  - NONFICTION
KW  - CROTEAU, John T.
KW  - ECONOMICS of the Credit Union, The (Book)
N1  - Accession Number: 6637655; DINGLE, MONA E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Sep64, Vol. 19 Issue 3, p583; Thesaurus Term: CREDIT unions; Subject Term: NONFICTION; Reviews & Products: ECONOMICS of the Credit Union, The (Book); NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522130 Credit Unions; People: CROTEAU, John T.; Number of Pages: 2p; Document Type: Book Review
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DB  - buh
ER  - 

TY  - JOUR
AU  - Wood, John H.
T1  - THE EXPECTATIONS HYPOTHESIS, THE YIELD CURVE, AND MONETARY POLICY.
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1964/08//
VL  - 78
IS  - 3
M3  - Article
SP  - 457
EP  - 470
PB  - Oxford University Press / USA
SN  - 00335533
AB  - The article discusses the elasticity of the expectations hypothesis theory and its impact on the interest rates of securities. The expectations hypothesis as a descriptive theory of relationships among rates on default-free securities differing only with respect to term-to-maturity, although under frequent attack in recent years, has recently been given substantial empirical support by economist David Meiselman. David found that the expectations model by economist J.R. Hicks, supplemented by an error-learning mechanism for the formulation of expectations, is consistent with the data. In the article, the author develop more precisely the empirical and policy implications of elastic as opposed to inelastic expectations of future short-term rates of interest. The authors derive empirical estimates, with the aid of certain simplifying assumptions, of the responsiveness of expectations of future short rates to changes in current short rates. The article shows that a Federal Reserve open market swap will cause the equilibrium structure of yields to be altered when expectations are not perfectly inelastic.
KW  - ECONOMIC forecasting
KW  - SECURITIES trading
KW  - INTEREST rates
KW  - INTEREST rate parity theorem
KW  - ECONOMIC indicators
KW  - MONETARY policy
N1  - Accession Number: 7697242; Wood, John H. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D.C.; Issue Info: Aug64, Vol. 78 Issue 3, p457; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: SECURITIES trading; Thesaurus Term: INTEREST rates; Thesaurus Term: INTEREST rate parity theorem; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MONETARY policy; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 14p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - SMITH, TYNAN
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1964/05//May64 (Part 1)
VL  - 19
IS  - 2
M3  - Article
SP  - 234
EP  - 236
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article provides a critique on an article written by Robert P. Shay called "The Price of New Automobile Financing" that appeared in this journal. The author comments that he is impressed with the data that has been collected by Shay and the National Bureau of Economic Research and praises the method of sampling actual contracts for appropriate rates. However, the author disagrees with Shay that his method for calculating the finance rate could be used in other categories. The link between the differences between the finance rate of car dealers and that which is offered to consumers is discussed.
KW  - FINANCE charges
KW  - AUTOMOBILE industry -- Finance
KW  - CONSUMER credit
KW  - INTEREST rates
KW  - FINANCE companies
KW  - AUTOMOBILE dealers
KW  - BANK loans
KW  - SALES finance companies
KW  - RESEARCH
KW  - CONTRACTS
KW  - NATIONAL Bureau of Economic Research
KW  - SHAY, Robert P.
N1  - Accession Number: 6636649; SMITH, TYNAN 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May64 (Part 1), Vol. 19 Issue 2, p234; Thesaurus Term: FINANCE charges; Thesaurus Term: AUTOMOBILE industry -- Finance; Thesaurus Term: CONSUMER credit; Thesaurus Term: INTEREST rates; Thesaurus Term: FINANCE companies; Thesaurus Term: AUTOMOBILE dealers; Thesaurus Term: BANK loans; Thesaurus Term: SALES finance companies; Thesaurus Term: RESEARCH; Thesaurus Term: CONTRACTS ; Company/Entity: NATIONAL Bureau of Economic Research; NAICS/Industry Codes: 441110 New Car Dealers; NAICS/Industry Codes: 336110 Automobile and light-duty motor vehicle manufacturing; NAICS/Industry Codes: 336111 Automobile Manufacturing; NAICS/Industry Codes: 336211 Motor Vehicle Body Manufacturing; NAICS/Industry Codes: 811198 All Other Automotive Repair and Maintenance; NAICS/Industry Codes: 423110 Automobile and Other Motor Vehicle Merchant Wholesalers; NAICS/Industry Codes: 415110 New and used automobile and light-duty truck merchant wholesalers; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522220 Sales Financing; People: SHAY, Robert P.; Number of Pages: 3p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - PARTEE, J. CHARLES
T1  - DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1964/05//May64 (Part 1)
VL  - 19
IS  - 2
M3  - Article
SP  - 325
EP  - 329
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents a critique of a study by Edward E. Edwards called "Changing Character of the Real Estate Mortgage Markets" that appears in this issue. The author argues that mortgage credit is either overlooked or underassessed by the capital market. By looking at the figures from 1952 to 1962 it was found that mortgage debt increased so much that the net expansion of this debt was greater than long-term investments like bonds, foreign securities, and new equity issues. Another point made by the author is the growing competition amongst lenders for consumers looking for a mortgage.
KW  - MORTGAGE loans
KW  - CAPITAL market
KW  - CONSUMER credit
KW  - HOUSE buying
KW  - INVESTMENTS
KW  - RESEARCH
KW  - REAL property -- Finance
KW  - MORTGAGE rates
KW  - HOUSING -- Finance
KW  - HOME ownership
KW  - INTEREST rates
KW  - ECONOMIC aspects
KW  - COMPETITION
KW  - EDWARDS, Edward E.
N1  - Accession Number: 28055303; PARTEE, J. CHARLES 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May64 (Part 1), Vol. 19 Issue 2, p325; Thesaurus Term: MORTGAGE loans; Thesaurus Term: CAPITAL market; Thesaurus Term: CONSUMER credit; Thesaurus Term: HOUSE buying; Thesaurus Term: INVESTMENTS; Thesaurus Term: RESEARCH; Thesaurus Term: REAL property -- Finance; Thesaurus Term: MORTGAGE rates; Thesaurus Term: HOUSING -- Finance; Thesaurus Term: HOME ownership; Thesaurus Term: INTEREST rates; Subject Term: ECONOMIC aspects; Subject Term: COMPETITION; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; People: EDWARDS, Edward E.; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Goldstein, Henry N.
T1  - The Criterion for an Adverse Balance of Payments: Comment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1963/12//
VL  - 53
IS  - 5
M3  - Article
SP  - 1094
PB  - American Economic Association
SN  - 00028282
AB  - The wages fund and the rationing of the material means of production are not rigid constraints on the activity of the enterprise. Indeed, this would be contrary to the very essence of a socialist economy, which is based upon the overfulfillment of plans. Consequently, overfulfillment of the plan generally enables the enterprise to increase its wages fund as well as to be assigned additional material means of production. Regulations concerning production costs can easily be bypassed by avoiding in production what is known as long series in favor of a short one. The term "long series" means production of the same assortment of goods over a number of planning periods, thus enabling the planning authorities to require a reduction or, at least, to keep constant the level of cost per unit of output. A short series of output is one that falls within a single time-period of planning. Obstacles in the form of limited productive capacity are overcome in socialist enterprises by means of wider subcontracting. This gives enterprises other advantages as well.
KW  - BALANCE of payments
KW  - BUDGET deficits
KW  - TERMS of trade
KW  - WAGES
KW  - INDUSTRIAL costs
KW  - BUSINESS enterprises
KW  - CAPITAL movements
N1  - Accession Number: 8745714; Goldstein, Henry N. 1; Affiliations: 1: Economist in the Division of International Finance, Board of Governor of the Federal Reserve System; Issue Info: Dec63, Vol. 53 Issue 5, p1094; Thesaurus Term: BALANCE of payments; Thesaurus Term: BUDGET deficits; Thesaurus Term: TERMS of trade; Thesaurus Term: WAGES; Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: CAPITAL movements; Number of Pages: 8p; Document Type: Article
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DB  - buh
ER  - 

TY  - ABST
AU  - WOOD, JOHN H.
T1  - THE TERM STRUCTURE OF INTEREST RATES: A THEORETICAL AND EMPIRICAL STUDY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1963/09//
VL  - 18
IS  - 3
M3  - Abstract
SP  - 568
EP  - 569
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses a study on the construction of a simultaneous equations hedging model for the term structure of interest rates. Research on the maturity of interest rates on default free securities is divided into institutional theories and expectations hypothesis. The institutional theory states that securities of different term to maturity are less than perfect substitutes due to hedging and liquidity considerations of capitalists and financiers. The expectation hypothesis claims that securities of different term are indeed perfect substitutes; investors maximize the value of expected receipts, and those same investors control a portion of total investable funds.
KW  - HEDGING (Finance)
KW  - INTEREST rates
KW  - SUPPLY & demand
KW  - YIELD curve (Finance)
KW  - MONETARY policy
KW  - LIQUIDITY (Economics)
KW  - CAPITALISTS & financiers
KW  - PORTFOLIO management (Investments)
KW  - SECURITIES
KW  - FINANCIAL ratios
KW  - SIMULTANEOUS equations
KW  - POLICY analysis
N1  - Accession Number: 6637024; WOOD, JOHN H. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Sep63, Vol. 18 Issue 3, p568; Thesaurus Term: HEDGING (Finance); Thesaurus Term: INTEREST rates; Thesaurus Term: SUPPLY & demand; Thesaurus Term: YIELD curve (Finance); Thesaurus Term: MONETARY policy; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: SECURITIES; Thesaurus Term: FINANCIAL ratios; Subject Term: SIMULTANEOUS equations; Subject Term: POLICY analysis; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 2p; Document Type: Abstract
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Swerling, Boris C.
T1  - PROBLEMS OF INTERNATIONAL COMMODITY STABILIZATION.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1963/05//
VL  - 53
IS  - 2
M3  - Article
SP  - 65
EP  - 74
PB  - American Economic Association
SN  - 00028282
AB  - The list of inconsistencies between the domestic and the international features of American commodity policies is a long one. Parity between prices paid and received by farmers remains a standard applied internally, but pressures was resisted to stabilize the commodity terms of trade between primary products and manufactured goods moving in international trade. Individual commodity agreements have not been entered into for imported raw materials subject to severe cyclical fluctuation in industrial demand. Commodity policies have a particular relevance to current problems of foreign economic relations with the less developed countries. Petroleum is a dominant factor in the political economy of the Middle East. Certain guidelines for the operation of intergovernmental commodity agreements, as originally drafted for the abortive Havana Charter for an International Trade Organization, received official sanction by a 1947 resolution of the Economic and Social Council. Economic efficiency was to be promoted by granting a preferred position to low-cost producers and paying due regard to the long-run equilibrium price. Where conditions of substantial surplus prevailed, ameliorative measures were to be taken during the life of the agreement.
KW  - COMMERCIAL products
KW  - PRIMARY commodities
KW  - ECONOMIC stabilization
KW  - INTERNATIONAL trade
KW  - PRICES
KW  - RAW materials
KW  - COMMERCIAL policy
KW  - INTERNATIONAL economic relations
KW  - ECONOMICS
KW  - PARITY
N1  - Accession Number: 8742316; Swerling, Boris C. 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: May63, Vol. 53 Issue 2, p65; Thesaurus Term: COMMERCIAL products; Thesaurus Term: PRIMARY commodities; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: PRICES; Thesaurus Term: RAW materials; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: ECONOMICS; Subject Term: PARITY; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 523140 Commodity Contracts Brokerage; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 424590 Other Farm Product Raw Material Merchant Wholesalers; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - TAYLOR, STEPHEN
T1  - USES OF FLOW-OF-FUNDS ACCOUNTS IN THE FEDERAL RESERVE SYSTEM.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1963/05//
VL  - 18
IS  - 2
M3  - Article
SP  - 249
EP  - 258
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the use of flow-of-funds data in making future financial flow short run projections. The flow of funds accounts is the only application which recognizes the nature of accounts as a closed economic system in macroanalysis. A closed economic system is one where all transactions are covered as payments and as receipts. Macroforms of analysis are appealing because they recognize the interrelations of parts of the whole explicitly even though they do not predict financial activity consistently or accurately.
KW  - FLOW of funds
KW  - FINANCE
KW  - FEDERAL funds market (U.S.)
KW  - ACCOUNTS
KW  - MONETARY policy
KW  - CAPITAL market
KW  - FINANCIAL performance
KW  - VOLATILITY (Finance)
KW  - ACCOUNTING methods
KW  - MACROECONOMICS
KW  - SECURITIES markets
KW  - INVESTMENT analysis
N1  - Accession Number: 6643472; TAYLOR, STEPHEN 1; Affiliations: 1: Board of Governors, Federal Reserve System; Issue Info: May63, Vol. 18 Issue 2, p249; Thesaurus Term: FLOW of funds; Thesaurus Term: FINANCE; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: ACCOUNTS; Thesaurus Term: MONETARY policy; Thesaurus Term: CAPITAL market; Thesaurus Term: FINANCIAL performance; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: ACCOUNTING methods; Thesaurus Term: MACROECONOMICS; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENT analysis; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MARTIN, JR., WILLIAM MCCHESNEY
T1  - MONETARY POLICY AND INTERNATIONAL PAYMENTS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1963/03//
VL  - 18
IS  - 1
M3  - Article
SP  - 1
EP  - 10
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reports on the interrelation between the monetary policy and balance of payments through examination of the role the U.S. Federal Reserve Board plays in increasing foreign exchange. The Employment Act of 1946 cites the purpose of the Reserve Board as promoting free competitive enterprise, but it has been found that they have focused primarily on balancing international payments. Also, they are concentrated on domestic goals rather than maximizing employment, production, and purchasing power.
KW  - FINANCE
KW  - BALANCE of payments
KW  - MONETARY policy
KW  - INTERNATIONAL economic relations
KW  - CAPITAL movements
KW  - FOREIGN exchange futures
KW  - ECONOMIC development
KW  - FOREIGN investments
KW  - DOLLAR (United States currency)
KW  - GOLD
KW  - POLICY analysis
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 6635824; MARTIN, JR., WILLIAM MCCHESNEY 1; Affiliations: 1: Chairman, Board of Governors, Federal Reserve System.; Issue Info: Mar1963, Vol. 18 Issue 1, p1; Thesaurus Term: FINANCE; Thesaurus Term: BALANCE of payments; Thesaurus Term: MONETARY policy; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: CAPITAL movements; Thesaurus Term: FOREIGN exchange futures; Thesaurus Term: ECONOMIC development; Thesaurus Term: FOREIGN investments; Thesaurus Term: DOLLAR (United States currency); Thesaurus Term: GOLD; Subject Term: POLICY analysis; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 523130 Commodity Contracts Dealing; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - GOLDSTEIN, HENRY N.
T1  - SHOULD THE TREASURY AUCTION LONG-TERM SECURITIES?
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1962/09//
VL  - 17
IS  - 3
M3  - Article
SP  - 444
EP  - 464
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on the economic policies surrounding the reduction of debt management costs within the U.S. Department of the Treasury. Despite not being of primary importance, the virtues of studying Treasury interest payment structures are outlined. An alternative debt-marketing technique is presented, asking whether the sealed-bid auctioning off of long-term securities could provide for a more efficient system. A history of the method as seen in U.S. economic policy is given and commonly raised objections are discussed. Conclusions are offered suggesting the system could be efficient in times of growth.
KW  - DEBT management
KW  - GOVERNMENT securities
KW  - INTEREST rates
KW  - COST control
KW  - ECONOMIC reform
KW  - SECURITIES markets
KW  - MONETARY policy
KW  - AUCTIONS
KW  - LONG-term debt
KW  - ECONOMIC policy
KW  - FINANCIAL management
KW  - 1933-1945
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
N1  - Accession Number: 6631697; GOLDSTEIN, HENRY N. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Sep62, Vol. 17 Issue 3, p444; Thesaurus Term: DEBT management; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: INTEREST rates; Thesaurus Term: COST control; Thesaurus Term: ECONOMIC reform; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONETARY policy; Thesaurus Term: AUCTIONS; Thesaurus Term: LONG-term debt; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FINANCIAL management; Subject Term: 1933-1945; Subject: UNITED States ; Company/Entity: UNITED States. Dept. of the Treasury; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - RPRT
AU  - Young, Ralph A.
T1  - REPORT OF THE COMMISSION ON MONEY AND CREDIT: A COMMENTARY.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1962/05//
VL  - 52
IS  - 2
M3  - Report
SP  - 311
PB  - American Economic Association
SN  - 00028282
AB  - The article presents a comment on the report of the U.S. Commission on Money and Credit of 1962. The Commission is to be commended for addressing itself directly to the principal questions that economists and others have been asking in recent years about the role and efficacy of monetary policy. The Commission's stand on each of the central issues is surely the basic substance for discussion at a professional meeting such as this one. With respect to the goals of all governmental financial policies, the Commission concludes that simultaneous achievement of an adequate rate of economic growth, low levels of unemployment, and reasonable price stability are in the main compatible. Those who have never subscribed to the hypothesis that creeping inflation is a prerequisite to, or at least a necessary concomitant of, growth are naturally gratified by this conclusion. The author is dissatisfied with the Commission because the analytical support of the report is less extended than might be desired.
KW  - ECONOMIC policy
KW  - ECONOMISTS
KW  - ECONOMIC development
KW  - MONETARY policy
KW  - PUBLIC spending
KW  - UNITED States -- Economic conditions
KW  - UNITED States. Commission on Money & Credit
KW  - GOVERNMENT publications -- United States
KW  - UNITED States
N1  - Accession Number: 8748700; Young, Ralph A. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May62, Vol. 52 Issue 2, p311; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMISTS; Thesaurus Term: ECONOMIC development; Thesaurus Term: MONETARY policy; Thesaurus Term: PUBLIC spending; Subject Term: UNITED States -- Economic conditions; Subject Term: UNITED States. Commission on Money & Credit; Subject Term: GOVERNMENT publications -- United States; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 9p; Document Type: Report
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - STOCKWELL, ELEANOR J.
T1  - Information and Investment.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1962/03//
VL  - 17
IS  - 1
M3  - Book Review
SP  - 157
EP  - 158
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Information and Investment," by G.B. Richardson.
KW  - INVESTMENTS
KW  - NONFICTION
KW  - RICHARDSON, G. B.
KW  - INFORMATION & Investment (Book)
N1  - Accession Number: 6633839; STOCKWELL, ELEANOR J. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Mar1962, Vol. 17 Issue 1, p157; Thesaurus Term: INVESTMENTS; Subject Term: NONFICTION; Reviews & Products: INFORMATION & Investment (Book); NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; People: RICHARDSON, G. B.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - GEMMILL, ROBERT F.
T1  - INTEREST RATES AND FOREIGN DOLLAR BALANCES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1961/09//
VL  - 16
IS  - 3
M3  - Article
SP  - 363
EP  - 376
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses how anti-recessionary policies involving low interest rates might put pressure on the foreign reserve position of the United States by bringing about a conversion of foreign-held dollar balances in gold. The article also examines the influence of monetary and fiscal measures on current account. The article's general conclusion is that those movements in foreign holdings between gold and dollar assets throughout the years, which could be attributed to interest-rate changes, account for only a small fraction of total foreign dollar holdings.
KW  - FOREIGN exchange
KW  - BALANCE of payments
KW  - INTEREST rates
KW  - GOLD markets
KW  - ASSETS (Accounting)
KW  - RESERVES (Accounting)
KW  - ECONOMIC policy
KW  - COMMODITY exchanges
KW  - ECONOMIC indicators
KW  - MONETARY policy
KW  - FISCAL policy
KW  - FEDERAL funds market (U.S.)
KW  - RECESSIONS
KW  - 1961-1971
KW  - PREVENTION
KW  - UNITED States
N1  - Accession Number: 6634824; GEMMILL, ROBERT F. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Sep61, Vol. 16 Issue 3, p363; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BALANCE of payments; Thesaurus Term: INTEREST rates; Thesaurus Term: GOLD markets; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: RESERVES (Accounting); Thesaurus Term: ECONOMIC policy; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Thesaurus Term: FEDERAL funds market (U.S.); Thesaurus Term: RECESSIONS; Subject Term: 1961-1971; Subject Term: PREVENTION; Subject: UNITED States; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Furth, J. Herbert
T1  - UNBALANCED INTERNATIONAL ACCOUNTS: DIAGNOSIS AND THERAPY.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1961/05//
VL  - 51
IS  - 2
M3  - Article
SP  - 430
PB  - American Economic Association
SN  - 00028282
AB  - The article considers various aspects of imbalance in international accounts of the U.S. during 1960s that relates to persistent unintended change in its net gold and liquid foreign exchange reserves. The article says that the imbalance in current accounts has many causes like domestic inflationary pressure and events abroad that induce foreigners to reduce their payments to or to increase their demand for payments from the country involved. Such events include not only general deflationary pressures abroad but also shifts in foreign demand or supply schedules that affect international transactions and the development of substantial disparities between domestic and foreign price levels. Such disparities are often, the aftermath of past domestic inflation or foreign deflation, they need not reflect current inflationary or deflationary pressures. Imbalance in capital accounts may be due to persistent disparities in yield levels, fears of unusual capital losses, or hopes of unusual capital gains. Persistent disparities in yield levels in turn may reflect divergent rates of economic growth, divergent institutional arrangements, or divergent economic or monetary policies.
KW  - BALANCE of payments
KW  - ECONOMIC policy
KW  - FOREIGN exchange
KW  - INTERNATIONAL trade
KW  - FOREIGN exchange accounting
KW  - CAPITAL productivity
KW  - INFLATION (Finance) & public expenditures
KW  - SUPPLY & demand
KW  - ECONOMIC development
KW  - UNITED States
N1  - Accession Number: 8767011; Furth, J. Herbert 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May61, Vol. 51 Issue 2, p430; Thesaurus Term: BALANCE of payments; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FOREIGN exchange; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: FOREIGN exchange accounting; Thesaurus Term: CAPITAL productivity; Thesaurus Term: INFLATION (Finance) & public expenditures; Thesaurus Term: SUPPLY & demand; Thesaurus Term: ECONOMIC development; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - WOOD, RALPH C.
T1  - POSTWAR EXPERIENCE IN EUROPE.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1961/05//
VL  - 16
IS  - 2
M3  - Article
SP  - 157
EP  - 166
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the discipline of the balance of payments in Western Europe. The article's first section attempts to demonstrate that, in most of Western Europe, the normal balance-of-payments discipline operated against chronic external deficits, which was in fact operative only to a limited extent during the first half-dozen years after World War II. The second section of the article focuses on the operation of the discipline against chronic external deficits throughout the late 1950s and early 1960s. In the third section the question of balance-of-payments discipline in situations of chronic external surplus is considered, with a particular focus on Germany.
KW  - BALANCE of payments
KW  - FOREIGN exchange
KW  - BALANCE of trade
KW  - ECONOMIC impact
KW  - INTERNATIONAL trade
KW  - MONETARY policy
KW  - INFLATION (Finance)
KW  - COUNTERTRADE
KW  - ECONOMIC history
KW  - WORLD War, 1939-1945 -- Economic aspects
KW  - GERMANY
KW  - EUROPE, Western
N1  - Accession Number: 6634227; WOOD, RALPH C. 1; Affiliations: 1: Board a! Governors of Federal Reserve System.; Issue Info: May61, Vol. 16 Issue 2, p157; Thesaurus Term: BALANCE of payments; Thesaurus Term: FOREIGN exchange; Thesaurus Term: BALANCE of trade; Thesaurus Term: ECONOMIC impact; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: MONETARY policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: COUNTERTRADE; Thesaurus Term: ECONOMIC history; Subject Term: WORLD War, 1939-1945 -- Economic aspects; Subject: GERMANY; Subject: EUROPE, Western; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 10p; Document Type: Article
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ER  - 

TY  - JOUR
AU  - STOCKWELL, ELEANOR J.
T1  - Introduction to Investments.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1961/03//
VL  - 16
IS  - 1
M3  - Book Review
SP  - 130
EP  - 131
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Introduction to Investments," by John C. Clendenin.
KW  - INVESTMENTS
KW  - NONFICTION
KW  - CLENDENIN, John C.
KW  - INTRODUCTION to Investments (Book)
N1  - Accession Number: 6633762; STOCKWELL, ELEANOR J. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Mar1961, Vol. 16 Issue 1, p130; Thesaurus Term: INVESTMENTS; Subject Term: NONFICTION; Reviews & Products: INTRODUCTION to Investments (Book); NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; People: CLENDENIN, John C.; Number of Pages: 2p; Document Type: Book Review
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DB  - buh
ER  - 

TY  - JOUR
AU  - Young, Ralph A.
AU  - Yager, Charles A.
T1  - THE ECONOMICS OF "BILLS PREFERABLY".
JO  - Quarterly Journal of Economics
JF  - Quarterly Journal of Economics
Y1  - 1960/08//
VL  - 74
IS  - 3
M3  - Article
SP  - 341
EP  - 373
PB  - Oxford University Press / USA
SN  - 00335533
AB  - This article criticizes the contemporary monetary policy and practices with regard to open market transactions in the U.S. government securities. The rationale for the Federal Reserve System's current practices in applying its open market instrument is to be found in the primary responsibilities of monetary policy and in the functional interrelations between such policy and the market for government securities. To understand this relationship, it is pertinent, first, to inquire into the standards by which general performance of the market for government securities may be usefully judged whatever practice is followed in conducting open market operations for economic stabilization purposes. As a second step, one considers the several roles that the market performs in facilitating monetary policy. For the open market instrument of monetary operations to serve constructively the purposes of discretionary monetary policy, the operations have to be effectuated through a market mechanism that consistently meets an economically satisfactory standard of performance.
KW  - MONETARY policy
KW  - OPEN market operations
KW  - GOVERNMENT securities
KW  - ECONOMIC stabilization
KW  - ECONOMIC policy
KW  - UNITED States
N1  - Accession Number: 7699755; Young, Ralph A. 1; Yager, Charles A. 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D. C.; Issue Info: Aug60, Vol. 74 Issue 3, p341; Thesaurus Term: MONETARY policy; Thesaurus Term: OPEN market operations; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: ECONOMIC policy; Subject: UNITED States; Number of Pages: 33p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - GEN
AU  - FISHER, ROBERT MOORE
T1  - OUTLOOK FOR MORTGAGE MARKETS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1960/05//
VL  - 15
IS  - 2
M3  - Speech
SP  - 280
EP  - 284
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The speech "Outlook for Mortgage Markets" was presented by Robert Moore Fisher of the Board of Governors of the Federal Reserve System at the December 28, 1959 meeting of the American Finance Association, which was held in Washington, D.C. Fisher spoke about the outlook for mortgage markets, the growth in mortgage debt, and monetary policy.
KW  - FISHER, Robert Moore
N1  - Accession Number: 6640217; FISHER, ROBERT MOORE 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May60, Vol. 15 Issue 2, p280; People: FISHER, Robert Moore; Number of Pages: 5p; Document Type: Speech
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ER  - 

TY  - JOUR
AU  - GEMMILL, R. F.
T1  - NOTES ON THE MEASUREMENT OF INTERNATIONAL LIQUIDITY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1960/03//
VL  - 15
IS  - 1
M3  - Article
SP  - 53
EP  - 61
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on international banking, the measurement of international liquidity, and theory related to the adequacy or supply of international means of payment. The issues of countries acting as international bankers and the adequacy of their reserves in relation to their commercial or foreign exchange policies are discussed. The construction of a model of reserve drain, comparison of holdings-to-imports ratios, current-account transactions, and the effect of pooling arrangements on a country's international currency reserves are considered in the discussion. Measurement methods for short-term changes in reserves--such as an index-number approach--and types of reserve assets are mentioned.
KW  - INTERNATIONAL liquidity
KW  - INTERNATIONAL banking industry
KW  - FINANCE
KW  - BALANCE of payments
KW  - FOREIGN exchange
KW  - CAPITAL movements
KW  - ECONOMIC models
KW  - MONETARY theory
KW  - GLOBALIZATION
KW  - COMPARATIVE advantage (International trade)
KW  - BALANCE of payments deficit
KW  - GOLD reserves
KW  - POLITICAL economic analysis
KW  - ECONOMIC aspects
N1  - Accession Number: 6637297; GEMMILL, R. F. 1; Affiliations: 1: Federal Reserve System.; Issue Info: Mar1960, Vol. 15 Issue 1, p53; Thesaurus Term: INTERNATIONAL liquidity; Thesaurus Term: INTERNATIONAL banking industry; Thesaurus Term: FINANCE; Thesaurus Term: BALANCE of payments; Thesaurus Term: FOREIGN exchange; Thesaurus Term: CAPITAL movements; Thesaurus Term: ECONOMIC models; Thesaurus Term: MONETARY theory; Thesaurus Term: GLOBALIZATION; Thesaurus Term: COMPARATIVE advantage (International trade); Thesaurus Term: BALANCE of payments deficit; Thesaurus Term: GOLD reserves; Thesaurus Term: POLITICAL economic analysis; Subject Term: ECONOMIC aspects; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Balderston, C. Canby
T1  - THE QUALITY OF DECISION-MAKING.
JO  - Academy of Management Proceedings (00650668)
JF  - Academy of Management Proceedings (00650668)
Y1  - 1959/12//
M3  - Speech
SP  - 68
EP  - 73
PB  - Academy of Management
SN  - 00650668
AB  - The article presents a speech by C. Canby Balderston, Vice Chairman of the Board of Governors of the Federal Reserve System of Washington, D.C., delivered at the 19th Annual Meeting of the Academy of Management, December 29, 1959, in which he focuses on the role of decision-making as a stabilizer of the economy. Significant economic goals are discussed, including sustained economic and employment growth, the protection of the purchasing power of the monetary unit, and the balance of international payments.
KW  - BALDERSTON, C. Canby
N1  - Accession Number: 5068265; Balderston, C. Canby 1; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, D. C.; Issue Info: 1959, p68; People: BALDERSTON, C. Canby; Number of Pages: 6p; Document Type: Speech
L3  - 10.5465/AMBPP.1959.5068265
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ER  - 

TY  - JOUR
AU  - JONES, HOMER
T1  - Patterns of Farm Financial Structure.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1959/12//
VL  - 14
IS  - 4
M3  - Book Review
SP  - 502
EP  - 502
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Patterns of Farm Financial Structure," by Donald C. Horton.
KW  - AGRICULTURE -- Finance
KW  - NONFICTION
KW  - HORTON, Donald C.
KW  - PATTERNS of Farm Financial Structure (Book)
N1  - Accession Number: 6637123; JONES, HOMER 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec1959, Vol. 14 Issue 4, p502; Thesaurus Term: AGRICULTURE -- Finance; Subject Term: NONFICTION; Reviews & Products: PATTERNS of Farm Financial Structure (Book); People: HORTON, Donald C.; Number of Pages: 8/9p; Document Type: Book Review
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ER  - 

TY  - JOUR
AU  - Smith, Paul
T1  - Response of Consumer Loans to General Credit Conditions.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1958/09/10/
VL  - 48
IS  - 4
M3  - Article
SP  - 649
EP  - 655
PB  - American Economic Association
SN  - 00028282
AB  - The article presents a study to examine the lending practices of commercial banks under different degrees of credit stringency, indicated by deposit experience under similar conditions of demand in the United States. The study compares the responsiveness of consumer lending to other types of loans and investments. The increase of credit demands reinforced the competitive easing of instalment credit terms. In the automobile industry, the down payments were reduced while loan maturities were extended.
KW  - COMMERCIAL credit
KW  - BANK loans
KW  - COMMERCIAL finance companies
KW  - CREDIT
KW  - FINANCE
KW  - MONEY
KW  - INVESTMENTS
KW  - FINANCIAL institutions
KW  - UNITED States
N1  - Accession Number: 8746861; Smith, Paul 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System; Issue Info: Sep58, Vol. 48 Issue 4, p649; Thesaurus Term: COMMERCIAL credit; Thesaurus Term: BANK loans; Thesaurus Term: COMMERCIAL finance companies; Thesaurus Term: CREDIT; Thesaurus Term: FINANCE; Thesaurus Term: MONEY; Thesaurus Term: INVESTMENTS; Thesaurus Term: FINANCIAL institutions; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Moss, Milton
T1  - Quantity and Price Indexes in National Accounts (Book).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1958/06//
VL  - 48
IS  - 3
M3  - Book Review
SP  - 475
PB  - American Economic Association
SN  - 00028282
AB  - Reviews the book "Quantity and Price Indexes in National Accounts." by Richard Stone.
KW  - ACCOUNTS
KW  - ECONOMIC indicators
KW  - NONFICTION
KW  - STONE, Richard
KW  - QUANTITY & Price Indexes in National Accounts (Book)
N1  - Accession Number: 8798472; Moss, Milton 1; Affiliations: 1: Board of Governors of the Federal Reserve System Washington, D. C.; Issue Info: Jun58, Vol. 48 Issue 3, p475; Thesaurus Term: ACCOUNTS; Thesaurus Term: ECONOMIC indicators; Subject Term: NONFICTION; Reviews & Products: QUANTITY & Price Indexes in National Accounts (Book); People: STONE, Richard; Number of Pages: 3p; Document Type: Book Review
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ER  - 

TY  - JOUR
AU  - ROBINSON, ROLAND I.
T1  - FACTORS ACCOUNTING FOR THE SHARPLY INCREASED COST OF STATE AND LOCAL GOVERNMENT BORROWING.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1957/05//
VL  - 12
IS  - 2
M3  - Article
SP  - 126
EP  - 135
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on the contributing factors of the sharp increase in the cost of state and local government borrowing. The purpose of this research is to focus on the factors specifically related to tax exemption and to discover whether or not they explain the very high increase in state and local government borrowing cost. Article topics include accounting factors for the post World War II increase in tax-exempt yields, dividing the subsidy of tax exemption between borrowers and investors, and maturity-yield differentials.
KW  - PRICE increases
KW  - LOCAL finance -- Law & legislation
KW  - TAX exemption
KW  - STATE governments
KW  - PUBLIC debts
KW  - FISCAL policy
KW  - MONETARY policy
KW  - UNEMPLOYMENT
KW  - BANK loans
KW  - BANK reserves
KW  - TAX & expenditure limitations
KW  - LOCAL government
KW  - MONETARY theory
KW  - SUBSIDIES
KW  - YIELD to maturity
KW  - POST-World War II period
KW  - UNITED States
KW  - UNITED States. Federal Reserve Board
N1  - Accession Number: 6634579; ROBINSON, ROLAND I. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May57, Vol. 12 Issue 2, p126; Thesaurus Term: PRICE increases; Thesaurus Term: LOCAL finance -- Law & legislation; Thesaurus Term: TAX exemption; Thesaurus Term: STATE governments; Thesaurus Term: PUBLIC debts; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY policy; Thesaurus Term: UNEMPLOYMENT; Thesaurus Term: BANK loans; Thesaurus Term: BANK reserves; Thesaurus Term: TAX & expenditure limitations; Thesaurus Term: LOCAL government; Thesaurus Term: MONETARY theory; Thesaurus Term: SUBSIDIES; Thesaurus Term: YIELD to maturity; Subject Term: POST-World War II period; Subject: UNITED States ; Company/Entity: UNITED States. Federal Reserve Board; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KLAMAN, SAUL B.
T1  - MORTGAGE COMPANIES IN THE POSTWAR MORTGAGE MARKET.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1957/05//
VL  - 12
IS  - 2
M3  - Article
SP  - 148
EP  - 158
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article focuses on mortgage bank operations in the post-World War II period mortgage market. Two sources account for most of this study's data: mortgage banks' annual financial statements from 1945 to 1955 filed and transcribed by the U.S. Federal Housing Administration (FHA) and a questionnaire of the quarterly financial structure and mortgage operations of selected banks from 1953 to 1955. Mortgage bank executives and other professionals were interviewed in order to gain a better understanding of the developing history and structure of mortgage banking, as well as the characteristics of operations in 1957.
KW  - EXECUTIVES
KW  - FINANCIAL statements
KW  - QUARTERLY reports
KW  - MORTGAGE banks
KW  - MORTGAGE loans
KW  - MORTGAGE loan servicing
KW  - SECONDARY mortgage market
KW  - QUESTIONNAIRES
KW  - MONETARY policy
KW  - POST-World War II period
KW  - INTERVIEWS
KW  - UNITED States
KW  - UNITED States. Federal Housing Administration
KW  - NATIONAL Bureau of Economic Research
N1  - Accession Number: 6634582; KLAMAN, SAUL B. 1; Affiliations: 1: National Bureau of Economic Research and Board of Governors of the Federal Reserve System; Issue Info: May57, Vol. 12 Issue 2, p148; Thesaurus Term: EXECUTIVES; Thesaurus Term: FINANCIAL statements; Thesaurus Term: QUARTERLY reports; Thesaurus Term: MORTGAGE banks; Thesaurus Term: MORTGAGE loans; Thesaurus Term: MORTGAGE loan servicing; Thesaurus Term: SECONDARY mortgage market; Thesaurus Term: QUESTIONNAIRES; Thesaurus Term: MONETARY policy; Subject Term: POST-World War II period; Subject Term: INTERVIEWS; Subject: UNITED States ; Company/Entity: UNITED States. Federal Housing Administration ; Company/Entity: NATIONAL Bureau of Economic Research; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 522292 Real Estate Credit; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SAMMONS, ROBERT L.
T1  - DISCUSSION OF PAPER BY E. M. BERNSTEIN.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1957/05//
VL  - 12
IS  - 2
M3  - Article
SP  - 205
EP  - 208
PB  - Wiley-Blackwell
SN  - 00221082
AB  - This article presents a discussion of E. M. Bernstein's paper about the financial problems of economic development. Bernstein discusses five facets of this problem: to decrease the size of the development program, to energize the inflow of foreign capital, to encourage domestic savings, to gather together the available resources, and to allocate the resources available to the private sector in a way that will stimulate the greatest increase in production. The author believes that this analysis leaves no room for argument.
KW  - FINANCIAL crises
KW  - ECONOMIC development
KW  - LABOR productivity
KW  - RESOURCE management
KW  - FULL employment policies
KW  - INTERNATIONAL economic relations
KW  - RESEARCH
KW  - FOREIGN investments
KW  - ADJUSTMENT costs
KW  - DEVELOPING countries
KW  - ALIEN property
KW  - EVALUATION
KW  - BERNSTEIN, E. M.
N1  - Accession Number: 6634594; SAMMONS, ROBERT L. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May57, Vol. 12 Issue 2, p205; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ECONOMIC development; Thesaurus Term: LABOR productivity; Thesaurus Term: RESOURCE management; Thesaurus Term: FULL employment policies; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: RESEARCH; Thesaurus Term: FOREIGN investments; Thesaurus Term: ADJUSTMENT costs; Subject Term: DEVELOPING countries; Subject Term: ALIEN property; Subject Term: EVALUATION; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; People: BERNSTEIN, E. M.; Number of Pages: 4p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Moss, Milton
T1  - Soviet Industrial Production (Book).
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1957/03//
VL  - 47
IS  - 1
M3  - Book Review
SP  - 179
PB  - American Economic Association
SN  - 00028282
AB  - Reviews the book "Soviet Industrial Production,1928-1951," by Donald R. Hodgman.
KW  - INDUSTRIAL productivity
KW  - PRODUCTION (Economic theory)
KW  - NONFICTION
KW  - SOVIET Union
KW  - HODGMAN, Donald
KW  - HODGMAN, Donald R.
KW  - SOVIET Industrial Production, 1928-1951 (Book)
N1  - Accession Number: 8754198; Moss, Milton 1; Affiliations: 1: Board of Governors, Federal Reserve System, Washington, D. C.; Issue Info: Mar1957, Vol. 47 Issue 1, p179; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: PRODUCTION (Economic theory); Subject Term: NONFICTION; Subject: SOVIET Union; Reviews & Products: SOVIET Industrial Production, 1928-1951 (Book); People: HODGMAN, Donald; People: HODGMAN, Donald R.; Number of Pages: 4p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JONES, HOMER
T1  - A Study of Saving in the United States ,Vol III: Special Studies.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1956/12//
VL  - 11
IS  - 4
M3  - Book Review
SP  - 514
EP  - 515
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "A Study of Saving in the United States, Vol. III: Special Studies," by Raymond W. Goldsmith, Dorothy S. Brady and Horst Menderhausen.
KW  - SAVING & investment
KW  - NONFICTION
KW  - GOLDSMITH, Raymond W.
KW  - BRADY, Dorothy S.
KW  - MENDERHAUSEN, Horst
KW  - STUDY of Saving in the United States: Special Studies, A (Book)
N1  - Accession Number: 6631763; JONES, HOMER 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Dec1956, Vol. 11 Issue 4, p514; Thesaurus Term: SAVING & investment; Subject Term: NONFICTION; Reviews & Products: STUDY of Saving in the United States: Special Studies, A (Book); People: GOLDSMITH, Raymond W.; People: BRADY, Dorothy S.; People: MENDERHAUSEN, Horst; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - WOOD, RAMSEY
T1  - GOVERNMENT MORTGAGE CREDIT COMMITMENTS AND ECONOMIC STABILITY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1956/05//
VL  - 11
IS  - 2
M3  - Article
SP  - 151
EP  - 165
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the impact of mortgage insurance provided by the U.S. government. The author proceeds along four distinct avenues of inquiry. Have federal guarantees significantly alleviated stress on the financial system by protecting borrowers from the worst effects of an economic downturn? Have government programs lowered the costs of home ownership and its associated risks? Are speculation and excessive credit reduced by federal involvement? Are capital markets more robust due to the increased marketability of mortgages made possible by federal insurance?
KW  - MORTGAGES
KW  - CREDIT
KW  - CAPITAL market
KW  - HOME ownership
KW  - MORTGAGE loans
KW  - HOUSING
KW  - LOANS
KW  - INSURANCE
KW  - MARKETS
KW  - DEBTOR & creditor
KW  - UNITED States -- Economic conditions
KW  - UNITED States
N1  - Accession Number: 6636494; WOOD, RAMSEY 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: May56, Vol. 11 Issue 2, p151; Thesaurus Term: MORTGAGES; Thesaurus Term: CREDIT; Thesaurus Term: CAPITAL market; Thesaurus Term: HOME ownership; Thesaurus Term: MORTGAGE loans; Thesaurus Term: HOUSING; Thesaurus Term: LOANS; Thesaurus Term: INSURANCE; Thesaurus Term: MARKETS; Thesaurus Term: DEBTOR & creditor; Subject Term: UNITED States -- Economic conditions; Subject: UNITED States; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; NAICS/Industry Codes: 624229 Other Community Housing Services; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 526913 Mortgage funds; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KATZ, SAMUEL I.
T1  - THE FUTURE OF STERLING.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1955/12//
VL  - 10
IS  - 4
M3  - Article
SP  - 430
EP  - 441
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses issues related to the restoration of Great Britain's sterling as a world currency and London, England as an international financial center. Emphasis is placed on an examination of the ideas put forth by A.C.L. Day in his book "The Future of Sterling." Day advocates for the re-emergence of the pound sterling as a world currency, and also for a payments union whose members would compose all non-dollar countries. The author discusses Day's ideas and generally finds them lacking.
KW  - POUND (British currency)
KW  - FOREIGN exchange
KW  - INTERNATIONAL finance
KW  - MONETARY unions
KW  - BALANCE of payments
KW  - ECONOMIC policy
KW  - MONETARY policy
KW  - MONETARY theory
KW  - UNITED States
KW  - GREAT Britain
KW  - DAY, A. C. L.
KW  - FUTURE of Sterling, The (Book)
N1  - Accession Number: 6639755; KATZ, SAMUEL I. 1; Affiliations: 1: Economist, Division of International Finance, Board of Governors, Federal Reserve System.; Issue Info: Dec1955, Vol. 10 Issue 4, p430; Thesaurus Term: POUND (British currency); Thesaurus Term: FOREIGN exchange; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: MONETARY unions; Thesaurus Term: BALANCE of payments; Thesaurus Term: ECONOMIC policy; Thesaurus Term: MONETARY policy; Thesaurus Term: MONETARY theory; Subject: UNITED States; Subject: GREAT Britain; Reviews & Products: FUTURE of Sterling, The (Book); NAICS/Industry Codes: 522293 International Trade Financing; People: DAY, A. C. L.; Number of Pages: 12p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Colin D. Campbell
AU  - Campbell, Rosemary G.
T1  - SOVIET PRICE REDUCTIONS FOR CONSUMER GOODS, 1948-1954.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1955/09//
VL  - 45
IS  - 4
M3  - Article
SP  - 609
PB  - American Economic Association
SN  - 00028282
AB  - Soviet Union has consistently resorted to price reductions as a policy to improve the living standards of the workers. The Soviet government lowered the prices of a large number of consumer goods each spring from 1948 to 1954. For the first time since 1948, price reductions were not announced in March or April 1955. This may represent a change in price policy, however, it could also be due to the fact that the 1951-55 goal for price reductions was reached during the first four years of the fifth five-year plan. In the USSR, the decline in prices during the past 1948-54 is strikingly different from the trend of prices prior to the second world war. This article disseminates interesting information about the price reductions collected from some Russian literature in an attempt to explain the price reductions, and to throw some light on the nature of the Soviet pricing system for consumer goods. It concludes that price reductions are probably superior to increases in money wages as a method of expanding consumption in a planned economy.
KW  - PRICES
KW  - CONSUMER goods
KW  - PRICE cutting
KW  - CENTRAL economic planning
KW  - PRICING
KW  - WAGES
KW  - CONSUMPTION (Economics)
KW  - SOVIET Union
N1  - Accession Number: 8755871; Colin D. Campbell 1; Campbell, Rosemary G. 2; Affiliations: 1: Division of research and statistics of the Board of Governors of the Federal Reserve System.; 2: Instructor in economics at Iowa State College.; Issue Info: Sep55, Vol. 45 Issue 4, p609; Thesaurus Term: PRICES; Thesaurus Term: CONSUMER goods; Thesaurus Term: PRICE cutting; Thesaurus Term: CENTRAL economic planning; Thesaurus Term: PRICING; Thesaurus Term: WAGES; Thesaurus Term: CONSUMPTION (Economics); Subject: SOVIET Union; NAICS/Industry Codes: 532299 All Other Consumer Goods Rental; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - KOCH, ALBERT R.
T1  - MONEY MARKET DEVELOPMENTS--FROM THE "ACCORD" TO MID--1952.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1955/05//
VL  - 10
IS  - 2
M3  - Article
SP  - 286
EP  - 291
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents the address "Money Market Developments--From the 'Accord' to mid-1952," by Albert R. Koch, presented at a meeting of the American Finance Association on December 30, 1954 in Detroit, Michigan, discussing the economic activity surrounding the Treasury-Federal Reserve accord agreement of March 1951.
KW  - SPEECHES, addresses, etc.
KW  - KOCH, Albert R.
N1  - Accession Number: 6631614; KOCH, ALBERT R. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May55, Vol. 10 Issue 2, p286; Subject Term: SPEECHES, addresses, etc.; People: KOCH, Albert R.; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - DINGLE, MONA E.
T1  - TOWARD A MORE MEANINGFUL STATISTICAL CONCEPT OF THE MONEY SUPPLY.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1955/03//
VL  - 10
IS  - 1
M3  - Article
SP  - 62
EP  - 66
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents commentary on the report "Toward a More Meaningful Statistical Concept of the Money Supply," by Leland J. Pritchard, originally published in the March 1954 issue. Pritchard's suggestions of monetary reform are reviewed, outlining the separation of money supplies into three divisions, isolating commercial time and savings deposits from demand deposits or government securities. Criticism is offered regarding the significance of the distinctions and their ability to function as a store of purchasing power or liquid assets.
KW  - MONEY supply
KW  - BANK deposits
KW  - MONETARY theory
KW  - BANKING industry
KW  - FINANCE -- Research
KW  - RESEARCH
KW  - LIQUID assets
KW  - PURCHASING power
KW  - DEMAND for money
KW  - MONETARY policy
KW  - GOVERNMENT securities
KW  - EVALUATION
KW  - PRITCHARD, Leland J.
N1  - Accession Number: 6629734; DINGLE, MONA E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar1955, Vol. 10 Issue 1, p62; Thesaurus Term: MONEY supply; Thesaurus Term: BANK deposits; Thesaurus Term: MONETARY theory; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE -- Research; Thesaurus Term: RESEARCH; Thesaurus Term: LIQUID assets; Thesaurus Term: PURCHASING power; Thesaurus Term: DEMAND for money; Thesaurus Term: MONETARY policy; Thesaurus Term: GOVERNMENT securities; Subject Term: EVALUATION; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; People: PRITCHARD, Leland J.; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - DINGLE, MONA E.
T1  - A Rejoinder.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1955/03//
VL  - 10
IS  - 1
M3  - Letter
SP  - 69
EP  - 69
PB  - Wiley-Blackwell
SN  - 00221082
AB  - A letter to the editor is presented continuing debate on the assertions of Leland J. Pritchard asserted within his article "Toward a More Meaningful Statistical Concept of the Money Supply," published in the March 1954 issue and its following correspondences.
KW  - MONEY supply
KW  - LETTERS to the editor
N1  - Accession Number: 28110966; DINGLE, MONA E. 1; Affiliations: 1: Board of Governors of the Federal Reserve System; Issue Info: Mar1955, Vol. 10 Issue 1, p69; Thesaurus Term: MONEY supply; Subject Term: LETTERS to the editor; Number of Pages: 1p; Document Type: Letter
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Ames, Edward
T1  - SOVIET BLOC CURRENCY CONVERSIONS.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1954/06//
VL  - 44
IS  - 3
M3  - Article
SP  - 339
PB  - American Economic Association
SN  - 00028282
AB  - Currency conversions have a definite, if limited, role in making possible the internal stabilization of a Soviet-type economy. They are not necessary conditions for stabilization, Hungary and East Germany have not had any conversion ascribable to purely Soviet. The principal limitations upon the importance of conversions in the Soviet bloc are: (1) they do not necessarily involve any change in the allocation of productive resources; and (2) they do not involve changes in prices, other than purely administrative readjustments. The role of the conversion is to eliminate excess consumer demand by raising retail prices relative to wages and by eliminating liquid savings; to place pressure on enterprises to increase efficiency by raising wages in relation to wholesale prices; and by making appropriate changes in the exchange rates to place pressure upon the Treasury to increase revenues to expenditures. In this way, the conversion may correct a divergence between the allocation of resources planned by the authorities, and the actual allocation of incomes. This divergence may be directly ascribed to credit expansion, which means inventory growth under Soviet-bloc conditions, although indirectly it is also a consequence of excessive rigidity of prices.
KW  - CURRENCY convertibility
KW  - MONEY
KW  - ECONOMIC stabilization
KW  - FOREIGN exchange
KW  - WAGES
KW  - FOREIGN exchange rates
KW  - RESOURCE allocation
KW  - COMMUNIST countries
KW  - REVENUE
N1  - Accession Number: 8746485; Ames, Edward 1; Affiliations: 1: Division of International Finance of the Board of Governors of the Federal Reserve System.; Issue Info: Jun54, Vol. 44 Issue 3, p339; Thesaurus Term: CURRENCY convertibility; Thesaurus Term: MONEY; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: FOREIGN exchange; Thesaurus Term: WAGES; Thesaurus Term: FOREIGN exchange rates; Thesaurus Term: RESOURCE allocation; Subject Term: COMMUNIST countries; Subject Term: REVENUE; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JONES, HOMER
T1  - SOME ASPECT OF DEMAND FOR CONSUMER DURABLE GOODS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1954/05//
VL  - 9
IS  - 2
M3  - Article
SP  - 93
EP  - 110
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents the address "Some Aspects of Demand for Consumer Durable Goods," by Homer Jones, delivered at a meeting of the American Finance Association held on December 29, 1953 in Washington D.C., discussing the characteristics and economic strengths of durable consumer goods before and after 1945.
KW  - SPEECHES, addresses, etc.
KW  - JONES, Homer
N1  - Accession Number: 6756029; JONES, HOMER 1; Affiliations: 1: Boards of Governors, Federal Reserve System.; Issue Info: May54, Vol. 9 Issue 2, p93; Subject Term: SPEECHES, addresses, etc.; People: JONES, Homer; Number of Pages: 18p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Katz, Samuel I.
T1  - EXCHANGE FLEXIBILITY AND THE STABILITY OF STERLING.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1954/03//
VL  - 44
IS  - 1
M3  - Article
SP  - 94
PB  - American Economic Association
SN  - 00028282
AB  - Recent discussion as to whether a freeing of exchange rates would be conducive to a material freeing of international trade and payments increases interest in Great Britain's recent limited changes in foreign exchange arrangements, as of March 1, 1954. Late in 1951, the British authorities introduced a widened spread between the buying and selling rate of the pound, and turned over to the London exchange market responsibility for providing forward facilities for commercial needs. The revival of a private exchange market has contributed to the subsequent resilience which the pound has shown in the foreign exchange market. The step has also facilitated the recent agreement establishing arbitrage facilities among eight European currencies and has helped to recreate the technical apparatus in exchange markets of western Europe in preparation for further steps toward convertibility. The British authorities maintained only narrow spreads between the official rates at which the Bank of England was prepared to buy and sell foreign exchange until a major change indirection took place late in 1951.
KW  - FOREIGN exchange
KW  - POUND (British currency)
KW  - MONEY
KW  - INTERNATIONAL finance
KW  - FINANCE
KW  - GREAT Britain
KW  - BANK of England
N1  - Accession Number: 8745588; Katz, Samuel I. 1; Affiliations: 1: Economist, Division of International Finance, Board of Governors, Federal Reserve System.; Issue Info: Mar1954, Vol. 44 Issue 1, p94; Thesaurus Term: FOREIGN exchange; Thesaurus Term: POUND (British currency); Thesaurus Term: MONEY; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: FINANCE; Subject: GREAT Britain ; Company/Entity: BANK of England; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Eccles, Marriner S.
T1  - Should The Reconstruction Finance Corporation Be Abolished? PRO.
JO  - Congressional Digest
JF  - Congressional Digest
Y1  - 1953/04//
VL  - 32
IS  - 4
M3  - Speech
SP  - 122
EP  - 126
PB  - Congressional Digest
SN  - 00105899
N1  - Accession Number: 12337694; Eccles, Marriner S. 1; Affiliation:  1: Former Member, Board of Governors, Federal Reserve System.; Source Info: Apr53, Vol. 32 Issue 4, p122; Number of Pages: 3p; Document Type: Speech
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DP  - EBSCOhost
DB  - aph
ER  - 

TY  - JOUR
AU  - Miller, Donald C.
T1  - CORPORATE TAXATION AND METHODS OF CORPORATE FINANCING.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1952/12//
VL  - 42
IS  - 5
M3  - Article
SP  - 839
PB  - American Economic Association
SN  - 00028282
AB  - In this article, the author explores the relation between corporate taxation and methods of corporate financing. The author says that among many economic effects of present federal corporate tax laws are those upon decisions as to the extent of capital expansion and the form that its financing will take in the U.S. The most practical possibility of making an actual tax profit is in those cases where capital additions result in a reduction of both the corporate income tax and the excess profits tax. This is possible where borrowed funds qualify as invested capital additions, and this also a plains the advantage of debt over equity financing. The net cost of borrowing is affected by interest expense allowances found in both the excess profits and corporate income tax laws. The entire interest cost of borrowing may be used to reduce corporate normal tax net income. Actual tax profits from borrowing are possible, however, only when a part of borrowing enters into the excess profits credit which serves to reduce the excess profits tax base.
KW  - CORPORATE taxes
KW  - BUSINESS enterprises -- Finance
KW  - TAX base
KW  - CAPITAL
KW  - LOCAL taxation
KW  - INTEREST costs
KW  - TAX planning
KW  - CORPORATIONS -- Finance
KW  - EXCESS profits tax
N1  - Accession Number: 8713064; Miller, Donald C. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Dec52, Vol. 42 Issue 5, p839; Thesaurus Term: CORPORATE taxes; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: TAX base; Thesaurus Term: CAPITAL; Thesaurus Term: LOCAL taxation; Thesaurus Term: INTEREST costs; Thesaurus Term: TAX planning; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: EXCESS profits tax; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 16p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JONES, HOMER
T1  - Managing Personal Finances.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1952/12//
VL  - 7
IS  - 4
M3  - Book Review
SP  - 618
EP  - 619
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article reviews the book "Managing Personal Finance," 3rd ed., by David F. Jordan and Edward F. Willett.
KW  - FINANCE
KW  - NONFICTION
KW  - JORDAN, David F.
KW  - WILLETT, Edward F.
KW  - MANAGING Personal Finance (Book)
N1  - Accession Number: 6630640; JONES, HOMER 1; Affiliations: 1: Board of Governors of Federal Reserve System Washington, D.C.; Issue Info: Dec1952, Vol. 7 Issue 4, p618; Thesaurus Term: FINANCE; Subject Term: NONFICTION; Reviews & Products: MANAGING Personal Finance (Book); People: JORDAN, David F.; People: WILLETT, Edward F.; Number of Pages: 2p; Document Type: Book Review
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - FAUVER, CLARKE L.
AU  - YOUNG, RALPH A.
T1  - MEASURING THE IMPACT OF CONSUMER CREDIT CONTROLS ON SPENDING.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1952/05//
VL  - 7
IS  - 2
M3  - Article
SP  - 388
EP  - 402
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the impact of consumer credit regulation on spending. It is explained that the article does not attempt to evaluate arguments for and against consumer credit regulation. The article's main focus is the application of the regulation to the installment credit field and not to the entire consumer credit field. One of the article's conclusions is that the imposition of credit regulation does have a measurable impact on average terms for installment contracts. It was also found that the data on income and liquid asset holdings for those who use a consumer credit are available for rough estimates of the impact of the credit regulations on broad economic groups.
KW  - CONSUMER credit
KW  - CONSUMPTION (Economics)
KW  - CREDIT control
KW  - INSTALLMENT loans
KW  - CONSUMERISM
KW  - LIQUID assets
KW  - CONSUMER behavior
KW  - DOWN payments
KW  - PERSONAL loans
KW  - PERSONAL finance
KW  - GOVERNMENT regulation
KW  - STATISTICS
N1  - Accession Number: 6636203; FAUVER, CLARKE L. 1; YOUNG, RALPH A. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May52, Vol. 7 Issue 2, p388; Thesaurus Term: CONSUMER credit; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: CREDIT control; Thesaurus Term: INSTALLMENT loans; Thesaurus Term: CONSUMERISM; Thesaurus Term: LIQUID assets; Thesaurus Term: CONSUMER behavior; Thesaurus Term: DOWN payments; Thesaurus Term: PERSONAL loans; Thesaurus Term: PERSONAL finance; Thesaurus Term: GOVERNMENT regulation; Thesaurus Term: STATISTICS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 522390 Other Activities Related to Credit Intermediation; Number of Pages: 15p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Thomas, Woodlief
T1  - LESSONS OF WAR FINANCE.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1951/09//
VL  - 41
IS  - 4
M3  - Article
SP  - 618
PB  - American Economic Association
SN  - 00028282
AB  - The article focuses on the book "The National Debt in War and Transition," by Henry Murphy. This book furnishes an intelligently analyzed and probably the most comprehensive review of the methods and consequences of war finance that has ever been prepared. No one is better qualified by experience and training to undertake this task than Murphy. As assistant director of research and statistics in the U.S. Treasury Department for more than a decade before and during World War II, he had direct responsibility for research in debt management and was an active participant in the councils that determined policies. This book on the national debt gives in detail the information needed to show those mistakes. The author, however, is rather complacent about them. He concludes that the war borrowing program was by a wide margin the best handled and most successful which the country has ever seen. His assertion that the total war and postwar inflation was held to smaller bounds than had been the case in either World War I or the Civil War is hardly supported by the facts.
KW  - WAR finance
KW  - PUBLIC finance
KW  - PUBLIC debts
KW  - UNITED States
KW  - UNITED States. Dept. of the Treasury
KW  - MURPHY, Henry
KW  - NATIONAL Debt in War & Transition, The (Book)
N1  - Accession Number: 8707990; Thomas, Woodlief 1; Affiliations: 1: Economic Adviser, Board of Governors, Federal Reserve System.; Issue Info: Sep51, Vol. 41 Issue 4, p618; Thesaurus Term: WAR finance; Thesaurus Term: PUBLIC finance; Thesaurus Term: PUBLIC debts; Subject: UNITED States ; Company/Entity: UNITED States. Dept. of the Treasury; Reviews & Products: NATIONAL Debt in War & Transition, The (Book); NAICS/Industry Codes: 921130 Public Finance Activities; People: MURPHY, Henry; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - SCHMIDT, CHARLES H.
T1  - MEETING THE LONG-TERM CAPITAL REQUIREMENTS OF SMALL BUSINESS.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1951/06//
VL  - 6
IS  - 2
M3  - Article
SP  - 143
EP  - 149
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article presents the address "Meeting the Long-Term Capital Requirements of Small Business," by Charles H. Schmidt, given at a meeting of the American Finance Association on December 27, 1950 in Chicago, Illinois.
KW  - SPEECHES, addresses, etc.
KW  - SCHMIDT, Charles H.
N1  - Accession Number: 6628643; SCHMIDT, CHARLES H. 1; Affiliations: 1: Board of Governors of Federal Reserve System.; Issue Info: Jun51, Vol. 6 Issue 2, p143; Subject Term: SPEECHES, addresses, etc.; People: SCHMIDT, Charles H.; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Federal Reserve System
T1  - Recent developments in instalment credit.
JO  - Outside readings in economics
JF  - Outside readings in economics
J1  - Outside readings in economics
PY  - 1951/01/01/
Y1  - 1951/01/01/
M3  - Book Parts
SP  - 730-37.
PB  - Crowell
KW  - Consumer credit
N1  - Accession Number: 527491965; Authors:Federal Reserve System; Subject: Consumer credit; Record Type: Book Parts
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DP  - EBSCOhost
DB  - egr
ER  - 

TY  - JOUR
AU  - Federal Reserve System
T1  - Readjustment of foreign currency values.
JO  - Outside readings in economics
JF  - Outside readings in economics
J1  - Outside readings in economics
PY  - 1951/01/01/
Y1  - 1951/01/01/
M3  - Book Parts
SP  - 790-93.
PB  - Crowell
KW  - Money
KW  - Foreign exchange
N1  - Accession Number: 527492018; Authors:Federal Reserve System; Subject: Money; Subject: Foreign exchange; Record Type: Book Parts
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DP  - EBSCOhost
DB  - egr
ER  - 

TY  - JOUR
AU  - Dembitz, Lewis N.
T1  - Colin Clark on International Investment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1950/12//
VL  - 40
IS  - 5
M3  - Article
SP  - 890
PB  - American Economic Association
SN  - 00028282
AB  - In the article, the author critically appreciates an article entitled "The World Will Save Money in the 1950's," by Colin Clark, published in the July 1950 issue of the journal "Fortune." The greater part of the article is devoted to an interesting and useful analysis of prospective savings and international capital flows during the next decade. At the end of the article, however, Clark puts forth a suggested solution of the problem which, according to the author, is quite confusing. The main part of the article discusses the factors that cause a country to need capital, the need to provide for an increasing labor force and to bring about increases in the productivity of both the existing and the added labor force. By producing a projection of surpluses and deficits which, at least in form, covers the whole world, Clark has provided a useful and interesting framework from which public thinking can proceed on the problem of how the surplus savings of some areas can be made available to finance the needs of others. It seems that Clark rather exaggerates the benefits of using central banks, rather than intergovernmental transfers, as the channel for bringing about desirable capital flows.
KW  - SAVING & investment
KW  - FOREIGN investments
KW  - CAPITAL movements
KW  - LABOR policy
KW  - BANKING industry
KW  - CRITICISM
KW  - CLARK, Colin
N1  - Accession Number: 8711969; Dembitz, Lewis N. 1; Affiliations: 1: Assistant director of the Division of International Finance, Board of Governors of the Federal Reserve System.; Issue Info: Dec50, Vol. 40 Issue 5, p890; Thesaurus Term: SAVING & investment; Thesaurus Term: FOREIGN investments; Thesaurus Term: CAPITAL movements; Thesaurus Term: LABOR policy; Thesaurus Term: BANKING industry; Subject Term: CRITICISM; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522293 International Trade Financing; People: CLARK, Colin; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - JONES, HOMER
T1  - INVESTMENT IN EQUITIES BY LIFE INSURANCE COMPANIES.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1950/06//
VL  - 5
IS  - 2
M3  - Article
SP  - 179
EP  - 191
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article discusses the paucity of investments U.S. life insurance companies hold in common stocks. Stocks amount to less than 1% of assets held by insurance firms. The author examines why equities are considered to be inappropriate holdings, and argues that these reservations are either unfounded or capable of being addressed. He believes excessive limitations on stock investments serve no good purpose. In his view the social advantages of increased equity investments would significantly outweigh the disadvantages.
KW  - INSURANCE companies -- Investments
KW  - LIFE insurance companies
KW  - STOCKS (Finance)
KW  - INVESTMENTS
KW  - SECURITIES
KW  - STOCK exchanges
KW  - FINANCIAL institutions
KW  - CAPITAL
KW  - LIQUIDITY (Economics)
KW  - ASSETS (Accounting)
KW  - INSURANCE -- Finance
KW  - UNITED States
N1  - Accession Number: 6634789; JONES, HOMER 1; Affiliations: 1: Division of Research and Statistics Federal Reserve System.; Issue Info: Jun50, Vol. 5 Issue 2, p179; Thesaurus Term: INSURANCE companies -- Investments; Thesaurus Term: LIFE insurance companies; Thesaurus Term: STOCKS (Finance); Thesaurus Term: INVESTMENTS; Thesaurus Term: SECURITIES; Thesaurus Term: STOCK exchanges; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CAPITAL; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: ASSETS (Accounting); Thesaurus Term: INSURANCE -- Finance; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; Number of Pages: 13p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - YOUNGDAHL, RICHARD C.
T1  - CAPITALISM AND ECONOMIC STABILITY: DIRECT VERSUS MONETARY AND FISCAL CONTROLS DISCUSSION.
JO  - Journal of Finance
JF  - Journal of Finance
Y1  - 1950/03//
VL  - 5
IS  - 1
M3  - Article
SP  - 67
EP  - 69
PB  - Wiley-Blackwell
SN  - 00221082
AB  - The article comments on papers presented by Robert C. Turner, Paul W. McCracken, and Everett C. Hagen to a joint meeting to the American Finance Association and the American Economic Association on December 28, 1949 in New York City. The author believes Turner has given a careful account of when direct controls can be effectively used in an economy. Similarly, he agrees with Hagen's views on the effectiveness of direct controls for economic stabilization under certain circumstances. In his view McCracken provided a sound overview of fiscal and monetary policy in the U.S.
KW  - ECONOMIC policy
KW  - FISCAL policy
KW  - MONETARY policy
KW  - ECONOMIC stabilization
KW  - EQUILIBRIUM (Economics)
KW  - INTEREST rates
KW  - 1945-1960
KW  - UNITED States -- Economic conditions -- 1945-
KW  - UNITED States
KW  - TURNER, Robert C.
KW  - MCCRACKEN, Paul W.
KW  - HAGEN, Everett
N1  - Accession Number: 28130438; YOUNGDAHL, RICHARD C. 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: Mar1950, Vol. 5 Issue 1, p67; Thesaurus Term: ECONOMIC policy; Thesaurus Term: FISCAL policy; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC stabilization; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: INTEREST rates; Subject Term: 1945-1960; Subject Term: UNITED States -- Economic conditions -- 1945-; Subject: UNITED States; NAICS/Industry Codes: 921130 Public Finance Activities; People: TURNER, Robert C.; People: MCCRACKEN, Paul W.; People: HAGEN, Everett; Number of Pages: 3p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Furth, J. Herbert
T1  - SHORT-RUN ESCAPE CLAUSES OF THE HAVANA CHARTER.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1949/05//
VL  - 39
IS  - 3
M3  - Article
SP  - 252
EP  - 260
PB  - American Economic Association
SN  - 00028282
AB  - The article discusses the short-run escape clauses of the International Trade Organization charter. The Charter lays down the general rules that no member shall prohibit or restrict foreign trade with other members except by means of tariff duties or similar charges, and that no prohibition or restriction shall be applied in relation to any member unless it is similarly applied in relation to all other countries. It is not the power of economic sanctions that will keep the members of the Organization from abusing the escape clauses. Quite apart from all Charter provisions, a country applying measures of commercial policy harmful to other nations has to be prepared for retaliation; it decides to apply them only if it believes that the beneficial results will outweigh the detrimental. Similar calculations may well enable a country to violate the Charter provisions with relative impunity. The limits of the escape clauses will be observed only if the public, including the economic theorists and practitioners, realize that the principles of the Charter are the best foundation of world prosperity and world peace.
KW  - INTERNATIONAL trade
KW  - COMMERCIAL policy
KW  - IMPORT quotas
KW  - NONTARIFF trade barriers
KW  - FOREIGN trade regulation
KW  - TRADE adjustment assistance
KW  - CUSTOMS unions
N1  - Accession Number: 8731914; Furth, J. Herbert 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May49, Vol. 39 Issue 3, p252; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: COMMERCIAL policy; Thesaurus Term: IMPORT quotas; Thesaurus Term: NONTARIFF trade barriers; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: TRADE adjustment assistance; Thesaurus Term: CUSTOMS unions; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hirschman, Albert O.
T1  - INFLATION AND DEFLATION IN ITALY.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1948/09//
VL  - 38
IS  - 4
M3  - Article
SP  - 598
EP  - 606
PB  - American Economic Association
SN  - 00028282
AB  - Discusses inflation and deflation in Italy.  Important role of bank credit restrictions in halting the inflationary process; Impossibility of arresting a violent inflationary process without provoking a deflation; Evidence that deflation arouses more fears and opposition from better organized interests than inflation.
KW  - INFLATION (Finance)
KW  - DEFLATION (Finance)
KW  - ECONOMIC policy
KW  - DEPRESSIONS (Economics)
KW  - ITALY -- Economic conditions
KW  - ITALY
N1  - Accession Number: 8714508; Hirschman, Albert O. 1; Affiliations: 1: Economist, Board of Governors, Federal Reserve System; Issue Info: Sep48, Vol. 38 Issue 4, p598; Thesaurus Term: INFLATION (Finance); Thesaurus Term: DEFLATION (Finance); Thesaurus Term: ECONOMIC policy; Thesaurus Term: DEPRESSIONS (Economics); Subject Term: ITALY -- Economic conditions; Subject: ITALY; Number of Pages: 9p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Musgrave, Richard A.
AU  - Miller, Merton H.
T1  - Built-in Flexibility.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1948/03//
VL  - 38
IS  - 1
M3  - Article
SP  - 122
EP  - 128
PB  - American Economic Association
SN  - 00028282
AB  - The article explores the importance of compensatory movement of tax revenues referred to as built-in flexibility as a stabilization device. The magnitude of the automatically compensatory adjustment will depend of course upon the dollar change in tax revenue resulting from a given dollar change in the national income, that is, upon the marginal tax rate and the problem might be formulated in terms of this marginal rate. To measure the effect of built-in flexibility, it is useful to start with a simplified model which assumes that public expenditures are fixed and wholly for goods and services, that all taxes are in the form of a personal income tax, that there are no corporate savings in the economy and that the level of investment is independent of taxation.
KW  - INTERNAL revenue
KW  - COMPENSATORY financing
KW  - TAXATION
KW  - NATIONAL income
KW  - REVENUE
N1  - Accession Number: 8717277; Musgrave, Richard A. 1; Miller, Merton H. 2; Affiliations: 1: Associate professor of economics, University of Michigan; 2: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System; Issue Info: Mar1948, Vol. 38 Issue 1, p122; Thesaurus Term: INTERNAL revenue; Thesaurus Term: COMPENSATORY financing; Thesaurus Term: TAXATION; Thesaurus Term: NATIONAL income; Subject Term: REVENUE; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Thomas, Woodlief
T1  - PLANNING AND FORECASTING IN THE TRANSITION PERIOD.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1947/05//
VL  - 37
IS  - 2
M3  - Article
SP  - 51
PB  - American Economic Association
SN  - 00028282
AB  - Formal discussion of the economic outlook by economists at meetings of professional associations is a long-established practice. In the 1920s a luncheon session devoted to this subject was a regular feature of the program of the American Statistical Association, which at that time dealt to a large extent with economic realities, such as when to buy stocks, while the American Economic Association meetings were more concerned with the hypotheses of neoclassical theories. There seems now to have been a change, the statisticians are emphasizing hypothetical mathematical formulae and the economists are greatly concerned with the immediately current problem of the public debt. Since the 1920s, when these forecasting luncheons were the most popular of all meetings, particularly if held within the proximity of Wall Street, there have been great changes in the objectives and procedures of economic analysis. At that time the aim was to predict the course of events that was presumably the result of freely operating competitive forces in the markets with little influence from public controls. Since then there has been more widespread acceptance of the view that economic forces and events can be planned and controlled toward certain objectives.
KW  - CENTRAL economic planning
KW  - ECONOMIC forecasting
KW  - PUBLIC debts
KW  - ECONOMIC policy
KW  - ECONOMISTS
KW  - UNITED States -- Economic conditions -- 1945-
KW  - UNITED States
KW  - AMERICAN Statistical Association
KW  - AMERICAN Economic Association
N1  - Accession Number: 8721725; Thomas, Woodlief 1; Affiliations: 1: Board of Governors of the Federal Reserve System.; Issue Info: May47, Vol. 37 Issue 2, p51; Thesaurus Term: CENTRAL economic planning; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: PUBLIC debts; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMISTS; Subject Term: UNITED States -- Economic conditions -- 1945-; Subject: UNITED States ; Company/Entity: AMERICAN Statistical Association DUNS Number: 070110986 ; Company/Entity: AMERICAN Economic Association DUNS Number: 053432811; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 7p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Garfield, Frank R.
T1  - TRANSITION FORECASTS IN REVIEW.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1947/05//
VL  - 37
IS  - 2
M3  - Article
SP  - 71
PB  - American Economic Association
SN  - 00028282
AB  - Addressing the American Statistical Association in 1927, Edmund Day noted two extreme views of business forecasting—one that "when given scientific form" business forecasting is to be regarded as "a sort of malpractice" and the other that "in business forecasting is to be found one of the most valuable lines of endeavor in the entire field of social science, a line in which realism, objectivity and adequacy of treatment are compelled by the very nature of the problems encountered, a line in which weaknesses of procedure are most mercilessly exposed and high standards of performance most effectively enforced." He advocated continuous public appraisal of results no matter what boards of directors and vice-presidents might think. During the past 20 years business forecasts have developed into economic forecasts and have come to be much more widely used in determination, or at least rationalization, of private and public policies. Meanwhile forecasting methods have changed considerably under the impact of developments in affairs and doctrines such as no one foresaw in 1927.
KW  - BUSINESS forecasting
KW  - ECONOMIC forecasting
KW  - PERFORMANCE standards
KW  - SOCIAL sciences
KW  - UNITED States -- Economic conditions -- 1945-
KW  - UNITED States
KW  - AMERICAN Statistical Association
KW  - DAY, Edmund
N1  - Accession Number: 8721736; Garfield, Frank R. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May47, Vol. 37 Issue 2, p71; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: PERFORMANCE standards; Subject Term: SOCIAL sciences; Subject Term: UNITED States -- Economic conditions -- 1945-; Subject: UNITED States ; Company/Entity: AMERICAN Statistical Association DUNS Number: 070110986; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; People: DAY, Edmund; Number of Pages: 10p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Thomas, Woodlief
T1  - THE HERITAGE OF WAR FINANCE.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1947/05//
VL  - 37
IS  - 2
M3  - Article
SP  - 205
PB  - American Economic Association
SN  - 00028282
AB  - One of the inevitable consequences of war is the creation of a vast supply of money and other liquid assets and the exposure of the economy to the threat of serious inflation. The amounts of such assets created in the second World War surpassed all previous records, and this superabundance of money, unless wiped out by inflation and revalorization, will continue for many years. Careful monetary and fiscal regulation will be needed for many years to come to avoid, at the worst, serious inflation and collapse or, at the least, instability in prices, credit, and interest rates. As a result of this heritage of war finance, the Federal Reserve System is no longer in a position to exercise effective control over bank credit expansion—the main function for which the System was founded—and faces the problem of finding ways to re-establish and maintain its capacity to influence credit developments. War is inevitably inflationary because people receive incomes for producing and supplying goods which are not available for purchase.
KW  - WAR -- Economic aspects
KW  - LIQUID assets
KW  - MONETARY policy
KW  - FISCAL policy
KW  - INFLATION (Finance)
KW  - ASSETS (Accounting)
KW  - REVALORIZATION of debts
KW  - PUBLIC finance
KW  - UNITED States
KW  - BOARD of Governors of the Federal Reserve System (U.S.)
N1  - Accession Number: 8721794; Thomas, Woodlief 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May47, Vol. 37 Issue 2, p205; Thesaurus Term: WAR -- Economic aspects; Thesaurus Term: LIQUID assets; Thesaurus Term: MONETARY policy; Thesaurus Term: FISCAL policy; Thesaurus Term: INFLATION (Finance); Thesaurus Term: ASSETS (Accounting); Thesaurus Term: REVALORIZATION of debts; Thesaurus Term: PUBLIC finance; Subject: UNITED States ; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 11p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Gerschenkron, Alexander
T1  - RUSSIA AND THE INTERNATIONAL TRADE ORGANIZATION.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1947/05//
VL  - 37
IS  - 2
M3  - Article
SP  - 624
PB  - American Economic Association
SN  - 00028282
AB  - The main purpose of this paper is to discuss those provisions of the international trade organization charter which have relevance to Russia. In addition something will be said about certain broad problems of Russia's foreign economic development in their relation to the organization. It cannot be gainsaid that, at this writing, the probability of Russia's early adherence to the organization does not appear too great. Russia has failed so far to join the International Monetary Fund and the International Bank for Reconstruction and Development. Even more significantly, it has refused to take part in the preliminary work for the organization. The Preparatory Committee of the International Conference on Trade and Employment met in London, England, in October-November 1946, with Russia invited but absent. This is hardly encouraging. Nevertheless, the problem of Russia's reintegration into the world economy is of such a stupendous moment that a discussion of the charter on the assumption of Russian membership seems justified even in default of current urgency.
KW  - FOREIGN trade regulation
KW  - INTERNATIONAL trade
KW  - ECONOMIC development
KW  - INTERNATIONAL economic relations
KW  - INTERNATIONAL relations
KW  - INTERNATIONAL markets
KW  - SOVIET Union
N1  - Accession Number: 8724213; Gerschenkron, Alexander 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: May47, Vol. 37 Issue 2, p624; Thesaurus Term: FOREIGN trade regulation; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: ECONOMIC development; Thesaurus Term: INTERNATIONAL economic relations; Thesaurus Term: INTERNATIONAL relations; Thesaurus Term: INTERNATIONAL markets; Subject: SOVIET Union; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 911410 Foreign affairs; Number of Pages: 19p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Adelman, M. A.
T1  - Correlations and Forecasting.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1946/09//
VL  - 36
IS  - 4
M3  - Article
SP  - 645
EP  - 650
PB  - American Economic Association
SN  - 00028282
AB  - The passage of the Full Employment act has transformed model-building and forecasting into a public function. Economists' suggestions will doubtless receive a good deal more attention, favorable and otherwise. Perhaps the most ambitious discussion of forecasting has appeared in this article and some of its findings have been cited in the well-known symposium on "Financing American Prosperity." Unfortunately, it contains serious errors. Although the discussion is entirely in terms of quarterly changes, the quarterly predicted gross national product is never shown; even the annual predicted gross national product appears only on a small-scale chart. Picking off some values here as best we can, it appears that for 1923, 1934, 1935 and 1938, predicted and actual changes from the year 1946 were respectively about 27 and 17 per cent, 31 and 16 per cent, -5 and +10 per cent, +3 and -8 per cent. These are sizeable errors and involve four years out of nineteen. Moreover, since comparison of annual data removes three fourths of the opportunities for differences between predicted and actual, since both are in terms of current dollars and alike affected by the great price movements since 1921 and since secular trend is the same.
KW  - EMPLOYMENT (Economic theory)
KW  - LEGISLATION
KW  - ECONOMIC forecasting
KW  - GROSS national product
KW  - LABOR laws & legislation
KW  - CONFERENCES & conventions
KW  - STATISTICS
KW  - INCOME
KW  - UNITED States
N1  - Accession Number: 8699818; Adelman, M. A. 1; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System.; Issue Info: Sep46, Vol. 36 Issue 4, p645; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: LEGISLATION; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: GROSS national product; Thesaurus Term: LABOR laws & legislation; Thesaurus Term: CONFERENCES & conventions; Thesaurus Term: STATISTICS; Thesaurus Term: INCOME; Subject: UNITED States; NAICS/Industry Codes: 561920 Convention and Trade Show Organizers; Number of Pages: 6p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Metzler, Lloyd A.
T1  - BUSINESS CYCLES AND THE MODERN THEORY OF EMPLOYMENTS.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1946/06//
VL  - 36
IS  - 3
M3  - Article
SP  - 278
EP  - 291
PB  - American Economic Association
SN  - 00028282
AB  - The modern theory of employment and income, which explains the level of total output in terms of investment and consumption, is generally regarded as a static theory. It is widely believed that the propensity to consume and the level of investment provide a broad explanation of the level of total economic activity achieved by an economy in equilibrium, but do not account for fluctuations in such activity. In the study of cumulative processes of expansion and contraction-prosperity and depression, most economists feel that the popular discussion of savings and investment must be supplemented by other methods of investigation. The changes in the theory of inventory cycles are typical examples of recent changes in business cycle theory in general. They illustrate the far-reaching influence, which the theory of employment has exerted upon dynamic economics. As a result of these developments, the Wicksellian concept of an unstable cumulative process, which was formerly the basis of many business cycle theories, has in large part been replaced by the concept of oscillation about a normal equilibrium level of income and employment.
KW  - EMPLOYMENT (Economic theory)
KW  - BUSINESS cycles
KW  - INCOME
KW  - CONSUMPTION (Economics)
KW  - INVESTMENTS
KW  - ECONOMIC activity
KW  - PROPENSITY to consume
N1  - Accession Number: 9186310; Metzler, Lloyd A. 1; Affiliations: 1: The author is an economist with the Board of Governors of the Federal Reserve System, Washington, D.C.; Issue Info: Jun46, Vol. 36 Issue 3, p278; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: BUSINESS cycles; Thesaurus Term: INCOME; Thesaurus Term: CONSUMPTION (Economics); Thesaurus Term: INVESTMENTS; Thesaurus Term: ECONOMIC activity; Thesaurus Term: PROPENSITY to consume; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 14p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - GEN
AU  - Robinson, Roland I.
T1  - Money Supply and Liquid Asset Formation.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1946/03//
VL  - 36
IS  - 1
M3  - Letter
SP  - 127
EP  - 133
PB  - American Economic Association
SN  - 00028282
AB  - Presents a letter to the editor about liquid asset formation and money supply.
KW  - MONEY supply
KW  - LETTERS to the editor
N1  - Accession Number: 8712154; Robinson, Roland I. 1; Affiliations: 1: The Board of Governors of the Federal Reserve System; Issue Info: Mar1946, Vol. 36 Issue 1, p127; Thesaurus Term: MONEY supply; Subject Term: LETTERS to the editor; Number of Pages: 7p; Document Type: Letter
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - MUSGRAVE, RICHARD A.
T1  - Alternative Budget Policies for Full Employment.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1945/06//
VL  - 35
IS  - 3
M3  - Article
SP  - 387
EP  - 400
PB  - American Economic Association
SN  - 00028282
N1  - Accession Number: 94870319; MUSGRAVE, RICHARD A. 1; Affiliations: 1: Division of Research and Statistics, Board of Governors of the Federal Reserve System; Issue Info: Jun45, Vol. 35 Issue 3, p387; Number of Pages: 14p; Illustrations: 2 Charts; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - DOMAR, EVSEY D.
T1  - The Burden of the Debt: A Rejoinder.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1945/06//
VL  - 35
IS  - 3
M3  - Article
SP  - 414
EP  - 418
PB  - American Economic Association
SN  - 00028282
N1  - Accession Number: 94870316; DOMAR, EVSEY D. 1; Affiliations: 1: Economist , Board of Governors of the Federal Reserve System; Issue Info: Jun45, Vol. 35 Issue 3, p414; Number of Pages: 5p; Document Type: Article
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DP  - EBSCOhost
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ER  - 

TY  - JOUR
AU  - Gardner, Walter R.
T1  - THE FUTURE INTERNATIONAL POSITION OF THE UNITED STATES AS AFFECTED BY THE FUND AND BANK.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1945/05//
VL  - 35
IS  - 2
M3  - Article
SP  - 272
SN  - 00028282
AB  - The article focuses on the future international position of the United States. The war had increased the exports of the United States from an average of 3 billion dollars during the years 1936-38 to the highest volume in history--more than 14 billion dollars in 1944, exclusive of supplies to the U.S. troops abroad. In the same period imports rose from an average of 2.5 billion dollars to just under 4 billion. According to the author, the United States can attain a volume of exports appropriate to its productive capacity within the framework set by its willingness to buy foreign goods and services and to make productive loans. Immediately after the war foreign needs will be urgent. The United States economy raised by the war to a high pitch of productivity and physically undamaged will be in the best position to supply those needs. The U.S. capital will be abundant. There is a clear case for large American loans abroad in the period.
KW  - UNITED States -- Economic conditions
KW  - UNITED States -- Foreign economic relations
KW  - INTERNATIONAL trade
KW  - AMERICAN loans
KW  - CAPITAL
KW  - BANKING industry
KW  - UNITED States
KW  - INTERNATIONAL INSTITUTIONS AND REGIONAL ALLIANCES
KW  - INTERNATIONAL Monetary Fund
KW  - WORLD Bank Group
N1  - Accession Number: 8690406; Gardner, Walter R. 1; Affiliations: 1 : Board of Governors, Federal Reserve System.;  Source Info: May45, Vol. 35 Issue 2, p272; Subject Term: UNITED States -- Economic conditions; Subject Term: UNITED States -- Foreign economic relations; Subject Term: INTERNATIONAL trade; Subject Term: AMERICAN loans; Subject Term: CAPITAL; Subject Term: BANKING industry; Subject: UNITED States; Author-Supplied Keyword: INTERNATIONAL INSTITUTIONS AND REGIONAL ALLIANCES; Number of Pages: 17p; Document Type: Article
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DP  - EBSCOhost
DB  - 24h
ER  - 

TY  - JOUR
AU  - Domar, Evsey D.
T1  - THE 'BURDEN OF THE DEBT' AND THE NATIONAL INCOME.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1944/12//
VL  - 34
IS  - 4
M3  - Article
SP  - 798
PB  - American Economic Association
SN  - 00028282
AB  - When post-war fiscal policy is discussed, the public debt and its burden loom in the eyes of many economists and laymen as the greatest obstacle. The remedy suggested is always the reduction of the absolute size of the debt or at least the prevention of its further growth. This article assumes the situation after reconstruction when private investment is insufficient to absorb intended savings over a relatively long period of time and explores the means to handle the situation. It suggests that public investment financed by borrowing is by no means the only method of dealing with the situation, as continuous government borrowing results in rising public debt, the servicing of which will require higher and higher taxes, and the latter will eventually destroy the economy, or result in outright repudiation of the debt. The existence and growth of the debt raise a number of other problems besides the behavior of the tax rate and of the net income of the non-bondholders. This research paper is based on several dynamic models which are developed mathematically and which analyze behavior of the tax rate and net income of bondholders to understand the whole problem of debt.
KW  - DEBT
KW  - DEBT management
KW  - NATIONAL income
KW  - FINANCE
KW  - PUBLIC investments
KW  - TAX administration & procedure
KW  - PUBLIC debts
KW  - RECONSTRUCTION (1914-1939)
N1  - Accession Number: 8701898; Domar, Evsey D. 1; Affiliations: 1: Board of Governors, Federal Reserve System.; Issue Info: Dec44, Vol. 34 Issue 4, p798; Thesaurus Term: DEBT; Thesaurus Term: DEBT management; Thesaurus Term: NATIONAL income; Thesaurus Term: FINANCE; Thesaurus Term: PUBLIC investments; Thesaurus Term: TAX administration & procedure; Thesaurus Term: PUBLIC debts; Subject Term: RECONSTRUCTION (1914-1939); NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 30p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
AU  - Hagen, Everett E.
AU  - Kirkpatrick, Nora Boddy
T1  - THE NATIONAL OUTPUT AT FULL EMPLOYMENT IN 1950.
JO  - American Economic Review
JF  - American Economic Review
Y1  - 1944/09//
VL  - 34
IS  - 3
M3  - Article
SP  - 472
EP  - 500
PB  - American Economic Association
SN  - 00028282
AB  - This article presents an estimate of the post-war productive potential of the U.S. as of September 1944 and attempts as well to break down the problem of forecasting that potential into its elements, so that disagreement can be narrowed to specific areas and so that the quantitative effect of each difference in judgment upon the estimate of the productive potential can be analyzed. Estimates or assumptions concerning the level of the post-war demand for goods, the demand for various labor skills, the number of service men and war workers who can be reemployed in almost any community or industry are affecting the current policies of business men and government officials alike. Before the war the increase in our productive potential caused by increase in the labor force and its productivity was probably generally underestimated. The tremendous volume of war goods which the country is producing without drastic sacrifice of civilian comforts is the reason behind reestimation of post-war potential.
KW  - INDUSTRIAL productivity
KW  - LABOR productivity
KW  - EMPLOYMENT (Economic theory)
KW  - INDUSTRIAL costs
KW  - SUPPLY & demand
KW  - WORLD War, 1939-1945
KW  - UNITED States
N1  - Accession Number: 8703147; Hagen, Everett E. 1; Kirkpatrick, Nora Boddy 2; Affiliations: 1: Economist, Division of Research and Statistics, Board of Governors, Federal Reserve System.; 2: Economic Analyst, Office of Strategic Services.; Issue Info: Sep44, Vol. 34 Issue 3, p472; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: LABOR productivity; Thesaurus Term: EMPLOYMENT (Economic theory); Thesaurus Term: INDUSTRIAL costs; Thesaurus Term: SUPPLY & demand; Subject Term: WORLD War, 1939-1945; Subject: UNITED States; Number of Pages: 29p; Document Type: Article
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DP  - EBSCOhost
DB  - buh
ER  - 

TY  - JOUR
T1  - Why has safety improved at rail-highway grade crossings?
AU  - Mok, S. C.
AU  - Savage, I.
JO  - Risk Analysis
JF  - Risk Analysis
Y1  - 2005///
VL  - 25
IS  - 4
SP  - 867
EP  - 881
CY  - Boston; USA
PB  - Blackwell Publishing
SN  - 0272-4332
AD  - Mok, S. C.: Board of Governors of the Federal Reserve System, Washington, Dist. of Columbia, USA.
N1  - Accession Number: 20053206932.  Publication Type: Journal Article.  Language: English.  Number of References: 17 ref. Subject Subsets: Public Health
N2  - The number of collisions and fatalities at rail-highway intersections in the United States has declined significantly over the past 30 years, despite considerable increases in the volume of rail and highway traffic. This article disaggregates the improvement into its constituent causes. Negative binomial regressions are conducted on a pooled data set for 49 states from 1975 to 2001. The analysis concludes that about two-fifths of the decrease is due to factors such as reduced drunk driving and improved emergency medical response that have improved safety on all parts of the highway network. The installation of gates and/or flashing lights accounts for about a fifth of the reduction. The development in the 1970s and early 1980s of the Operation Lifesaver public education campaign, and the installation of additional lights on locomotives in the mid 1990s, each led to about a seventh of the reduction. Finally, about a tenth is due to closure of crossings resulting from line abandonments or consolidation of little-used crossings.
KW  - accident prevention
KW  - accidents
KW  - campaigns
KW  - education programmes
KW  - railways
KW  - risk reduction
KW  - safety
KW  - safety devices
KW  - USA
KW  - man
KW  - Homo
KW  - Hominidae
KW  - Primates
KW  - mammals
KW  - vertebrates
KW  - Chordata
KW  - animals
KW  - eukaryotes
KW  - APEC countries
KW  - Developed Countries
KW  - North America
KW  - America
KW  - OECD Countries
KW  - educational programs
KW  - railroads
KW  - United States of America
KW  - Education and Training (CC100) 
KW  - Health Services (UU350) 
KW  - Non-communicable Human Diseases and Injuries (VV600) 
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UR  - email: ipsavage@northwestern.edu
DP  - EBSCOhost
DB  - lhh
ER  -