FN Thomson Reuters Web of Science™ VR 1.0 PT J AU SHAFFER, S AF SHAFFER, S TI CAN MEGAMERGERS IMPROVE BANK EFFICIENCY SO JOURNAL OF BANKING & FINANCE LA English DT Article ID PRODUCT MIX ECONOMIES; SCALE AB This paper uses a fitted multiproduct translog cost function to simulate mergers between pairs of US commercial banks with assets exceeding $1 billion and studies the predicted impact of such mergers on total costs. Thick frontier analysis reveals that variations in X-efficiency dominate scale, product mix, and branching efficiencies. Ex ante financial data imply that costs could potentially be reduced in nearly half of the possible mergers except those between banks each larger than $10 billion. Most cost-efficient mergers are across state lines, apparently a result of variations in product mix. RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 17 TC 38 Z9 39 U1 2 U2 7 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 423 EP 436 DI 10.1016/0378-4266(93)90042-C PG 14 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800013 ER PT J AU WALL, LD EVANOFF, DD AF WALL, LD EVANOFF, DD TI EFFICIENCY EFFECTS OF HORIZONTAL (IN-MARKET) BANK MERGERS - COMMENTS SO JOURNAL OF BANKING & FINANCE LA English DT Discussion C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP WALL, LD (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA, USA. NR 0 TC 0 Z9 0 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 451 EP 455 DI 10.1016/0378-4266(93)90044-E PG 5 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800015 ER PT J AU KWAST, ML AF KWAST, ML TI UNITED-STATES BANKING CONSOLIDATION AND EFFICIENCY - MYTHS AND REALITIES - DISCUSSION COMMENTS ON UNITED-STATES BANKING CONSOLIDATION AND EFFICIENCY SO JOURNAL OF BANKING & FINANCE LA English DT Article RP KWAST, ML (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 0 TC 0 Z9 0 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 457 EP 462 PG 6 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800016 ER PT J AU YUENGERT, AM AF YUENGERT, AM TI THE MEASUREMENT OF EFFICIENCY IN LIFE-INSURANCE - ESTIMATES OF A MIXED NORMAL-GAMMA ERROR MODEL SO JOURNAL OF BANKING & FINANCE LA English DT Article ID FRONTIER PRODUCTION FUNCTION; SCALE; ECONOMIES; INDUSTRY; BANKING; RETURNS; SCOPE AB This paper make three contributions to the literature on efficiency in financial services. First, it presents estimates of a mixed error cost frontier in which the variances of both the normal and gamma distributions can vary with firm size. Second, it extends the literature on life insurance scale and product mix economies by incorporating and measuring X-inefficiency. Estimates of X-inefficiency range from 35 to 50%; ray scale economies exist up to $15 billion in assets. Third, comparisons of normal-gamma estimates with other methods - thick frontier, weighted least squares, half-normal distributions demonstrate some of their pitfalls. RP YUENGERT, AM (reprint author), FED RESERVE BANK NEW YORK,33 LIBERTY ST,NEW YORK,NY 10045, USA. NR 25 TC 75 Z9 80 U1 0 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 483 EP 496 DI 10.1016/0378-4266(93)90047-H PG 14 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800019 ER PT J AU GORTON, G FERRIER, GD ROSEN, R AF GORTON, G FERRIER, GD ROSEN, R TI CORPORATE-CONTROL AND BANK EFFICIENCY - ORGANIZATIONAL FORMS IN BANKING - AN EMPIRICAL-INVESTIGATION OF COST EFFICIENCY - MEASURING THE EFFICIENCY OF MULTIUNIT BANKING - AN ACTIVITY ANALYSIS APPROACH - COMMENTS SO JOURNAL OF BANKING & FINANCE LA English DT Discussion C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. SO METHODIST UNIV,DALLAS,TX 75275. RP GORTON, G (reprint author), UNIV PENN WHARTON SCH,PHILADELPHIA,PA, USA. NR 0 TC 0 Z9 0 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 545 EP 549 PG 5 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800025 ER PT J AU SMITH, SD AF SMITH, SD TI PRIVATE VS PUBLIC EFFICIENCY IN THE SECURITIES INDUSTRY SO JOURNAL OF BANKING & FINANCE LA English DT Discussion C1 FED RESERVE BANK ATLANTA,ATLANTA,GA. RP SMITH, SD (reprint author), GEORGIA STATE UNIV,ATLANTA,GA 30303, USA. NR 0 TC 0 Z9 0 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1993 VL 17 IS 2-3 BP 563 EP 565 PG 3 WC Business, Finance; Economics SC Business & Economics GA LD288 UT WOS:A1993LD28800032 ER PT J AU BRUNNER, AD HESS, GD AF BRUNNER, AD HESS, GD TI ARE HIGHER LEVELS OF INFLATION LESS PREDICTABLE - A STATE-DEPENDENT CONDITIONAL HETEROSCEDASTICITY APPROACH SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE CONDITIONAL HETEROSCEDASTICITY; INFLATION UNCERTAINTY; STATE-DEPENDENT MODELS ID UNIT ROOTS; VARIANCE; MODEL; HETEROSKEDASTICITY; PERSISTENCE; TESTS 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. RP BRUNNER, AD (reprint author), FED RESERVE SYST,DIV MONETARY AFFAIRS,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 28 TC 67 Z9 67 U1 0 U2 4 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD APR PY 1993 VL 11 IS 2 BP 187 EP 197 DI 10.2307/1391370 PG 11 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA KU474 UT WOS:A1993KU47400010 ER PT J AU LEVINE, DK AF LEVINE, DK TI TREMBLING INVISIBLE HAND EQUILIBRIUM SO JOURNAL OF ECONOMIC THEORY LA English DT Article C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK,MINNEAPOLIS,MN. RP LEVINE, DK (reprint author), UNIV CALIF LOS ANGELES,DEPT ECON,LOS ANGELES,CA 90024, USA. NR 11 TC 1 Z9 1 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD APR PY 1993 VL 59 IS 2 BP 239 EP 256 DI 10.1006/jeth.1993.1016 PG 18 WC Economics SC Business & Economics GA KZ460 UT WOS:A1993KZ46000001 ER PT J AU EDISON, HJ PAULS, BD AF EDISON, HJ PAULS, BD TI A REASSESSMENT OF THE RELATIONSHIP BETWEEN REAL EXCHANGE-RATES AND REAL INTEREST-RATES - 1974-1990 SO JOURNAL OF MONETARY ECONOMICS LA English DT Article DE REAL EXCHANGE RATES; REAL UNCOVERED INTEREST RATE PARITY; COINTEGRATION ID MODELS 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. RP EDISON, HJ (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC 20551, USA. RI Edison, Hali/A-7550-2009 NR 20 TC 81 Z9 83 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD APR PY 1993 VL 31 IS 2 BP 165 EP 187 DI 10.1016/0304-3932(93)90043-F PG 23 WC Business, Finance; Economics SC Business & Economics GA LL247 UT WOS:A1993LL24700002 ER PT J AU BURNSIDE, C EICHENBAUM, M REBELO, S AF BURNSIDE, C EICHENBAUM, M REBELO, S TI LABOR HOARDING AND THE BUSINESS-CYCLE SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID INDIVISIBLE LABOR; TIME AB This paper investigates the sensitivity of Solow residual based measures of technology shocks to labor hoarding behavior. Using a structural model of labor hoarding and the identifying restriction that innovations to technology shocks are orthogonal to innovations in government consumption, we estimate the fraction of the variability of the Solow residual that is due to technology shocks. Our results support the view that a significant proportion of movements in the Solow residual are artifacts of labor hoarding behavior. Specifically, we estimate that the variance of innovations to technology is roughly 50 percent less than that implied by standard real business cycle models. In addition, our results suggest that existing real business cycle studies substantially overstate the extent to which technology shocks account for the variability of postwar aggregate U.S. output. C1 NORTHWESTERN UNIV,EVANSTON,IL 60201. FED RESERVE BANK CHICAGO,CHICAGO,IL. NATL BUR ECON RES,CAMBRIDGE,MA 02138. UNIV ROCHESTER,ROCHESTER,NY 14627. PORTUGUESE CATHOLIC UNIV,LISBON,PORTUGAL. RP BURNSIDE, C (reprint author), UNIV PITTSBURGH,PITTSBURGH,PA 15260, USA. RI nipe, cef/A-4218-2010 NR 24 TC 148 Z9 151 U1 1 U2 8 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD APR PY 1993 VL 101 IS 2 BP 245 EP 273 DI 10.1086/261875 PG 29 WC Economics SC Business & Economics GA KX471 UT WOS:A1993KX47100003 ER PT J AU GABRIEL, SA SHACKMARQUEZ, J WASCHER, WL AF GABRIEL, SA SHACKMARQUEZ, J WASCHER, WL TI DOES MIGRATION ARBITRAGE REGIONAL LABOR-MARKET DIFFERENTIALS SO REGIONAL SCIENCE AND URBAN ECONOMICS LA English DT Article ID UNITED-STATES; UNEMPLOYMENT AB 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. C1 FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551. UNIV SO CALIF,LOS ANGELES,CA 90089. NR 13 TC 25 Z9 25 U1 0 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0166-0462 J9 REG SCI URBAN ECON JI Reg. Sci. Urban Econ. PD APR PY 1993 VL 23 IS 2 BP 211 EP 233 DI 10.1016/0166-0462(93)90004-X PG 23 WC Economics; Environmental Studies; Urban Studies SC Business & Economics; Environmental Sciences & Ecology; Urban Studies GA KW602 UT WOS:A1993KW60200004 PM 12345129 ER PT J AU MATSUYAMA, K KIYOTAKI, N MATSUI, A AF MATSUYAMA, K KIYOTAKI, N MATSUI, A TI TOWARD A THEORY OF INTERNATIONAL CURRENCY SO REVIEW OF ECONOMIC STUDIES LA English DT Article ID REPEATED GAMES; EXCHANGE; MONEY; EQUILIBRIUM AB We use the framework of random matching games and develop a two-country model of the world economy, in which two national currencies compete and may be circulated as media of exchange. There are multiple equilibria, which differ in the areas of circulation of the two currencies. In one equilibrium, the two national currencies are circulated only locally. In another, one currency is circulated as an international currency. There is also an equilibrium in which both currencies are accepted internationally. We also find an equilibrium in which the two currencies are directly exchanged. We first characterize the existence conditions of these equilibria in terms of the relative country size and the degree of economic integration and then use an evolutionary approach to equilibrium selection to explain the evolution of the international currency as the two economies become more integrated. Some welfare implications are also discussed. For example, a country can improve its national welfare by letting its own currency circulate internationally, provided the domestic circulation is controlled for. When the total supply is fixed, however, a resulting currency shortage may reduce the national welfare. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK,MINNEAPOLIS,MN. UNIV PENN,PHILADELPHIA,PA 19104. RP MATSUYAMA, K (reprint author), NORTHWESTERN UNIV,EVANSTON,IL 60201, USA. NR 34 TC 94 Z9 94 U1 1 U2 6 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD APR PY 1993 VL 60 IS 2 BP 283 EP 307 DI 10.2307/2298058 PG 25 WC Economics SC Business & Economics GA KZ798 UT WOS:A1993KZ79800002 ER PT J AU JOHN, AA PECCHENINO, RA SCHREFT, SL AF JOHN, AA PECCHENINO, RA SCHREFT, SL TI THE MACROECONOMICS OF STRANGELOVE,DR SO AMERICAN ECONOMIC REVIEW LA English DT Article ID NUCLEAR-WAR; EQUILIBRIUM; FEAR AB This paper examines the weapons-accumulation decisions of two adversarial countries in the context of a deterrence / conflict initiation game embedded in an overlapping-generations model. The demographic structure permits analysis of both within- and between-country intergenerational externalities caused by past weapons-accumulation decisions, as well as of intragenerational externalities from the adversary's current weapons accumulation. Zero accumulation is a possible equilibrium with both noncooperative and cooperative behavior. Countries may also accumulate weapons to the point where conflict initiation never occurs. Pareto-improving policies are generally available, but international cooperation need not be Pareto-improving. (JEL D62, D74, E21) C1 FED RESERVE BANK RICHMOND,RICHMOND,VA 23261. RP JOHN, AA (reprint author), MICHIGAN STATE UNIV,DEPT ECON,E LANSING,MI 48824, USA. RI John, Andrew/F-8407-2016 OI John, Andrew/0000-0002-6811-3525 NR 15 TC 5 Z9 5 U1 3 U2 10 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1993 VL 83 IS 1 BP 43 EP 62 PG 20 WC Economics SC Business & Economics GA KR815 UT WOS:A1993KR81500004 ER PT J AU KIYOTAKI, N WRIGHT, R AF KIYOTAKI, N WRIGHT, R TI A SEARCH-THEORETIC APPROACH TO MONETARY-ECONOMICS SO AMERICAN ECONOMIC REVIEW LA English DT Article ID EXCHANGE; MONEY; EQUILIBRIUM AB The essential function of money is its role as a medium of exchange. We formalize this idea using a search-theoretic equilibrium model of the exchange process that captures the ''double coincidence of wants problem'' with pure barter. One advantage of the framework described here is that it is very tractable. We also show that the model can be used to address some substantive issues in monetary economics, including the potential welfare-enhancing role of money, the interaction between specialization and monetary exchange, and the possibility of equilibria with multiple fiat currencies. (JEL E00, D83) C1 UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104. RP KIYOTAKI, N (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN, USA. NR 23 TC 250 Z9 255 U1 0 U2 12 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1993 VL 83 IS 1 BP 63 EP 77 PG 15 WC Economics SC Business & Economics GA KR815 UT WOS:A1993KR81500005 ER PT J AU KASHYAP, AK STEIN, JC WILCOX, DW AF KASHYAP, AK STEIN, JC WILCOX, DW TI MONETARY-POLICY AND CREDIT CONDITIONS - EVIDENCE FROM THE COMPOSITION OF EXTERNAL FINANCE SO AMERICAN ECONOMIC REVIEW LA English DT Article ID JAPANESE INDUSTRIAL GROUPS; CORPORATE STRUCTURE; BANK LOANS; TRANSMISSION; INVESTMENT; LIQUIDITY; DEBT AB In this paper, we use the relative moments in bank loans and commercial paper to provide evidence on the existence of a loan-supply channel of monetary-policy transmission. We find that tighter monetary policy leads to a shift in firms' mix of external financing: commercial paper issuance rises while bank loans fall. This suggests that contractionary policy can indeed reduce loan supply. Furthermore, such shifts in loan supply seem to affect investment, even controlling for interest rates and output. (JEL E44, E52, G32) C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. MIT,ALFRED P SLOAN SCH MANAGEMENT,CAMBRIDGE,MA 02139. FED RESERVE BOARD,WASHINGTON,DC 20551. RP KASHYAP, AK (reprint author), UNIV CHICAGO,GRAD SCH BUSINESS,CHICAGO,IL 60637, USA. NR 32 TC 306 Z9 314 U1 2 U2 28 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1993 VL 83 IS 1 BP 78 EP 98 PG 21 WC Economics SC Business & Economics GA KR815 UT WOS:A1993KR81500006 ER PT J AU GARFINKEL, MR OH, S AF GARFINKEL, MR OH, S TI STRATEGIC DISCIPLINE IN MONETARY-POLICY WITH PRIVATE INFORMATION - OPTIMAL TARGETING HORIZONS SO AMERICAN ECONOMIC REVIEW LA English DT Article ID DISCRETION; INCONSISTENCY; RULES AB This paper analyzes a multiperiod monetary targeting procedure as a possible resolution to the credibility problem in policy when the monetary authority has some private information. By limiting the degree of flexibility permitted in policy, this procedure mitigates the credibility problem. As the length of the targeting horizon decreases, the severity of the credibility problem falls, but at the expense of weakening the monetary authority's ability to pursue its stabilization goals. Based on model simulations, the analysis studies the determinants of the optimal targeting horizon that balances the benefits of flexibility and discipline in policy. (JEL E50, F61) C1 FED RESERVE BANK,ST LOUIS,MO. UNIV CALIF LOS ANGELES,DEPT ECON,LOS ANGELES,CA 90024. SEOUL NATL UNIV,DEPT ECON,SEOUL 151742,SOUTH KOREA. RP GARFINKEL, MR (reprint author), UNIV CALIF IRVINE,DEPT ECON,IRVINE,CA 92717, USA. NR 18 TC 18 Z9 19 U1 0 U2 4 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1993 VL 83 IS 1 BP 99 EP 117 PG 19 WC Economics SC Business & Economics GA KR815 UT WOS:A1993KR81500007 ER PT J AU RUDEBUSCH, GD AF RUDEBUSCH, GD TI THE UNCERTAIN UNIT-ROOT IN REAL GNP SO AMERICAN ECONOMIC REVIEW LA English DT Note ID MACROECONOMIC TIME-SERIES; RANDOM-WALKS; OUTPUT; TRENDS; STATES RP RUDEBUSCH, GD (reprint author), FED RESERVE SYST,DIV MONETARY AFFAIRS,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 27 TC 86 Z9 87 U1 2 U2 4 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1993 VL 83 IS 1 BP 264 EP 272 PG 9 WC Economics SC Business & Economics GA KR815 UT WOS:A1993KR81500018 ER PT J AU DEKOCK, G GRILLI, V AF DEKOCK, G GRILLI, V TI FISCAL-POLICIES AND THE CHOICE OF EXCHANGE-RATE REGIME SO ECONOMIC JOURNAL LA English DT Article ID DISCRETION; RULES C1 UNIV LONDON BIRKBECK COLL,LONDON WC1E 7HX,ENGLAND. CEPR,LONDON,ENGLAND. RP DEKOCK, G (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 6 TC 29 Z9 30 U1 0 U2 2 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0013-0133 J9 ECON J JI Econ. J. PD MAR PY 1993 VL 103 IS 417 BP 347 EP 358 DI 10.2307/2234773 PG 12 WC Economics SC Business & Economics GA KT844 UT WOS:A1993KT84400005 ER PT J AU GOODFRIEND, M AF GOODFRIEND, M TI THE FUTURE OF BANKING - PIERCE,JL SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP GOODFRIEND, M (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 1 TC 0 Z9 0 U1 1 U2 1 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD MAR PY 1993 VL 31 IS 1 BP 253 EP 254 PG 2 WC Economics SC Business & Economics GA KW500 UT WOS:A1993KW50000026 ER PT J AU CAMPBELL, JY AMMER, J AF CAMPBELL, JY AMMER, J TI WHAT MOVES THE STOCK AND BOND MARKETS - A VARIANCE DECOMPOSITION FOR LONG-TERM ASSET RETURNS SO JOURNAL OF FINANCE LA English DT Article ID INTEREST-RATES; EXPECTED RETURNS; INFLATION; PRICES; INFORMATION; MODELS; TESTS 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. C1 FED RESERVE SYST,DIV INT FINANCE,WASHINGTON,DC 20551. RP CAMPBELL, JY (reprint author), PRINCETON UNIV,WOODROW WILSON SCH,PRINCETON,NJ 08544, USA. NR 47 TC 243 Z9 248 U1 6 U2 33 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD MAR PY 1993 VL 48 IS 1 BP 3 EP 37 DI 10.2307/2328880 PG 35 WC Business, Finance SC Business & Economics GA KU060 UT WOS:A1993KU06000001 ER PT J AU ROSENGREN, ES AF ROSENGREN, ES TI DEFAULTS OF ORIGINAL ISSUE HIGH-YIELD CONVERTIBLE BONDS SO JOURNAL OF FINANCE LA English DT Note AB Recent studies using aging analysis have found high rates of default for rated, nonconvertible high-yield bonds. This paper examines the remainder of the market and concludes that rated and nonrated convertible high-yield bonds had significantly lower default rates. It also provides some evidence that nonrated, nonconvertible securities may have lower default rates. Even after controlling for issue size and coupon rates in a logit model, these differences remain statistically significant. RP ROSENGREN, ES (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 6 TC 6 Z9 6 U1 1 U2 6 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD MAR PY 1993 VL 48 IS 1 BP 345 EP 362 DI 10.2307/2328894 PG 18 WC Business, Finance SC Business & Economics GA KU060 UT WOS:A1993KU06000015 ER PT J AU ACHARYA, S AF ACHARYA, S TI VALUE OF LATENT INFORMATION - ALTERNATIVE EVENT STUDY METHODS SO JOURNAL OF FINANCE LA English DT Note ID DEPENDENT VARIABLES; MODELS 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. RP ACHARYA, S (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 20 TC 21 Z9 21 U1 2 U2 6 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD MAR PY 1993 VL 48 IS 1 BP 363 EP 385 DI 10.2307/2328895 PG 23 WC Business, Finance SC Business & Economics GA KU060 UT WOS:A1993KU06000016 ER PT J AU PALIVOS, T WANG, P ZHANG, JB AF PALIVOS, T WANG, P ZHANG, JB TI VELOCITY OF MONEY IN A MODIFIED CASH-IN-ADVANCE ECONOMY - THEORY AND EVIDENCE SO JOURNAL OF MACROECONOMICS LA English DT Article ID LONG-RUN BEHAVIOR; INSTITUTIONAL APPROACH; EQUILIBRIUM; GROWTH; MODEL AB We develop a modified cash-in-advance model in which money is required prior to all the purchases of the consumption good and of a fraction of the capital good. This framework enables us to examine the main determinants of money velocity in a dynamic general equilibrium setting. We find that, contrary to standard beliefs, high-money-growth equilibria are associated with lower welfare and lower velocity than low-money-growth equilibria. This result is supported by empirical evidence, both over time and across countries. C1 PENN STATE UNIV,UNIV PK,PA 16802. UNIV KANSAS,LAWRENCE,KS 66045. FED RESERVE BANK DALLAS,DALLAS,TX. RP PALIVOS, T (reprint author), LOUISIANA STATE UNIV,BATON ROUGE,LA 70803, USA. RI Palivos, Theodore/A-9807-2009 OI Palivos, Theodore/0000-0003-2576-7796 NR 25 TC 10 Z9 11 U1 0 U2 3 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SPR PY 1993 VL 15 IS 2 BP 225 EP 248 DI 10.1016/0164-0704(93)90026-I PG 24 WC Economics SC Business & Economics GA KT976 UT WOS:A1993KT97600002 ER PT J AU PASSMORE, SW AF PASSMORE, SW TI ECONOMETRIC-MODELS OF THE 11TH DISTRICT COST OF FUNDS INDEX SO JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS LA English DT Article DE COFI; ADJUSTABLE-RATE MORTGAGES; MORTGAGE PRICING; COST OF FUNDS INDEXES ID ADJUSTABLE RATE MORTGAGES; MONEY AB 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 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 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 chose, the lagged adjustment of COFI to movements in interest rates can be incorporated into mortgage pricing models. C1 FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551. NR 17 TC 2 Z9 2 U1 0 U2 1 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0895-5638 J9 J REAL ESTATE FINANC JI J. Real Estate Financ. Econ. PD MAR PY 1993 VL 6 IS 2 BP 175 EP 188 DI 10.1007/BF01097025 PG 14 WC Business, Finance; Economics; Urban Studies SC Business & Economics; Urban Studies GA LR414 UT WOS:A1993LR41400005 ER PT J AU MITTELSTAEDT, HF WARSHAWSKY, MJ AF MITTELSTAEDT, HF WARSHAWSKY, MJ TI THE IMPACT OF LIABILITIES FOR RETIREE HEALTH BENEFITS ON SHARE PRICES SO JOURNAL OF RISK AND INSURANCE LA English DT Article ID CROSS-SECTIONAL DEPENDENCE; HETEROSKEDASTICITY; DISCLOSURES AB Health insurance provided by corporations to retired employees represents an important benefit to retirees and a significant and growing expense to employers. If liabilities for retiree health benefits have already reduced share prices dollar-for-dollar or at least in a similar manner to other liabilities, there would be little cause for concern that the introduction of new, more revealing, accounting standards for these benefits would lead to financial pressure on companies to reduce or cancel benefits. This study identifies firms as sponsoring or not sponsoring retiree health plans, and liabilities for retiree health benefits are estimated using the framework of the new accounting pronouncement on nonpension postretirement benefits. Stock value is regressed on several independent variables, including estimated retiree health liability. The results clearly suggest that retiree health liabilities impact stock prices. Furthermore, some evidence indicates that the impact may be less than balance sheet liabilities. This latter finding is consistent with market expectations that the firms or the federal government will take actions to reduce future payouts of health benefits to retirees by corporate sponsors, although it also may be due in part to measurement error associated with the variable for retiree health liabilities. C1 FED RESERVE SYST,DIV RES & STAT,WASHINGTON,DC 20551. RP MITTELSTAEDT, HF (reprint author), UNIV NOTRE DAME,DEPT ACCOUNTANCY,NOTRE DAME,IN 46556, USA. NR 37 TC 12 Z9 12 U1 2 U2 2 PU AMER RISK INSURANCE ASSOC, INC PI MT VERNON PA C/O CHASE COMMUNICATIONS, STEVE ACUNTO, BOX 9001, MT VERNON, NY 10552 SN 0022-4367 J9 J RISK INSUR JI J. Risk Insur. PD MAR PY 1993 VL 60 IS 1 BP 13 EP 35 DI 10.2307/253097 PG 23 WC Business, Finance; Economics SC Business & Economics GA LA871 UT WOS:A1993LA87100001 ER PT J AU GYOURKO, J VOITH, R AF GYOURKO, J VOITH, R TI LEASING AS A LOTTERY - IMPLICATIONS FOR RATIONAL BUILDING SURGES AND INCREASING VACANCIES SO JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION LA English DT Article AB An expanded inventory demand framework is developed that focuses on the impacts of changes in the local leasing environment. We model the lease-up process as a lottery in which changes in turnover or absorption affect the probability of winning the leasing lottery. In this context, builders rationally respond to transitory, not just permanent, changes in the local market. Hence, factors such as temporary shocks to tenant turnover affect the decision to build. The magnitude of turnover-induced cycles can vary across markets depending upon the vintage of the existing building stock, the local absorption rate and the rent elasticity of demand for space. This framework, which refocuses attention on the local determinants of the developer's decision to build, hopefully will prove fruitful in future empirical efforts to explain development and vacancy behavior during the past decade. C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19104. RP GYOURKO, J (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 12 TC 1 Z9 1 U1 0 U2 0 PU AMER REAL ESTATE URBAN ECONOMICS ASSOC PI BLOOMINGTON PA INDIANA UNIV, SCHOOL BUSINESS, RM 428, 1309 E TENTH ST, BLOOMINGTON, IN 47405 SN 0270-0484 J9 J AM REAL ESTATE URB PD SPR PY 1993 VL 21 IS 1 BP 83 EP 106 PG 24 WC Business, Finance; Planning & Development SC Business & Economics; Public Administration GA LM077 UT WOS:A1993LM07700005 ER PT J AU LANG, WW NAKAMURA, LI AF LANG, WW NAKAMURA, LI TI A MODEL OF REDLINING SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID INFORMATION; MORTGAGES; DEFAULT C1 FED RESERVE BANK PHILADELPHIA,RES DEPT,PHILADELPHIA,PA 19106. RP LANG, WW (reprint author), RUTGERS STATE UNIV,DEPT ECON,NEW BRUNSWICK,NJ 08903, USA. NR 20 TC 62 Z9 62 U1 1 U2 5 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD MAR PY 1993 VL 33 IS 2 BP 223 EP 234 DI 10.1006/juec.1993.1014 PG 12 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA KR088 UT WOS:A1993KR08800005 ER PT J AU BRADBURY, KL AF BRADBURY, KL TI EQUITY IN SCHOOL-FINANCE - STATE AID TO LOCAL SCHOOLS IN NEW-ENGLAND SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Despite the goal of equal access to comparable public education, spending disparities among school districts persist. All the New England states provide more school aid per pupil to poor districts than to rich districts. Nevertheless, districts with smaller per-pupil tax bases spend less per pupil and levy higher school tax rates than wealthier districts. Even in the two New England states with the smallest spending disparities, the richest one-fifth of the districts spend 20 percent more per pupil than the poorest fifth, on average. Several difficulties prevent easy solutions to these inequities. While state governments want to reduce disparities in spending and tax rates, state-mandated or state-financed equal schooling runs counter to another tenet of public eduation, local decisionmaking. Thus states design their school aid formulas to encourage poorer local districts to spend more on schools, but no formula can guarantee a specific outcome. Furthermore, equal dollar spending by different districts does not ensure a ''uniform'' education. A number of state courts nationwide have ruled insufficient their state government's efforts to put rich and poor districts on a more equal footing, leading state legislators to seek better-funded and better-targeted aid plans. RP BRADBURY, KL (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 24 TC 2 Z9 2 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1993 BP 25 EP 46 PG 22 WC Economics SC Business & Economics GA LF014 UT WOS:A1993LF01400002 ER PT J AU KOPCKE, RW AF KOPCKE, RW TI FORECASTING INVESTMENT WITH MODELS AND SURVEYS OF CAPITAL-SPENDING SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB The U.S. Department of Commerce regularly surveys businesses on their plans for capital investment. This article assesses the contribution that these surveys make to forecasts of business investment, once other economic variables are taken into account. The author finds that the surveys have only marginally improved forecasts since the 1970s. For short-term forecasts, the history of investment spending and output does more to reduce forecast errors than do the surveys. For forecasts of a year or more, the survey information is not as useful as that in the historical movements of various macroeconomic indicators. The surveys do not cover all types of businesses or all industries, and the capital spending that respondents report does not necessarily match the concept of investment reported in the national accounts. Most significantly, the relationship between respondents' capital spending and total investment has been changing since the 1970s. The survey was a more accurate indicator of capital purchases when the ratio of respondents' capital spending to total investment was more stable. 47 RP KOPCKE, RW (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 6 TC 2 Z9 2 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1993 BP 47 EP 69 PG 23 WC Economics SC Business & Economics GA LF014 UT WOS:A1993LF01400003 ER PT J AU CLARIDA, RH HICKOK, S AF CLARIDA, RH HICKOK, S TI UNITED-STATES MANUFACTURING AND THE DEINDUSTRIALIZATION DEBATE SO WORLD ECONOMY LA English DT Article C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP CLARIDA, RH (reprint author), COLUMBIA UNIV,NEW YORK,NY 10027, USA. NR 21 TC 0 Z9 0 U1 1 U2 3 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0378-5920 J9 WORLD ECON JI World Econ. PD MAR PY 1993 VL 16 IS 2 BP 173 EP 192 DI 10.1111/j.1467-9701.1993.tb00161.x PG 20 WC Business, Finance; Economics; International Relations SC Business & Economics; International Relations GA LF274 UT WOS:A1993LF27400004 ER PT J AU KENNEDY, J AF KENNEDY, J TI AN ANALYSIS OF REVISIONS TO THE INDUSTRIAL-PRODUCTION INDEX SO APPLIED ECONOMICS LA English DT Article ID GNP AB Revisions to percentage changes in the total index of industrial production (IP) contain systematic components and are correlated with other information available at the time the provisional estimates are prepared, indicating that the preliminary estimates are inefficient. In particular, revisions to percentage changes in IP (i) tend to be upward, (ii) contain substantial seasonality, (iii) generally increase during periods in which IP is accelerating, and (iv) revisions to the same month tend to be in the same direction. Filters for the provisional estimates that exploit these inefficiencies are estimated, and the estimates generated from these filters pass the efficiency test. RP KENNEDY, J (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,20TH & C ST NW,WASHINGTON,DC 20551, USA. NR 10 TC 5 Z9 5 U1 1 U2 2 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD FEB PY 1993 VL 25 IS 2 BP 213 EP 219 DI 10.1080/00036849300000027 PG 7 WC Economics SC Business & Economics GA KM931 UT WOS:A1993KM93100010 ER PT J AU BOYD, JH GRAHAM, SL HEWITT, RS AF BOYD, JH GRAHAM, SL HEWITT, RS TI BANK-HOLDING COMPANY MERGERS WITH NONBANK FINANCIAL FIRMS - EFFECTS ON THE RISK OF FAILURE SO JOURNAL OF BANKING & FINANCE LA English DT Article ID INVESTMENT AB An important issue in the debate over whether bank holding companies (BHCs) should be permitted to enter nonbanking activities is the effect of expanded nonbanking powers on BHC risk. We test this issue empirically by simulating mergers between BHCs and firms in nonbanking financial industries, calculating risk measures for the hypothetical merged firms, and comparing their risk characteristics with those of actual unmerged BHCs. We find that mergers of BHCs with life insurance or property/casualty insurance firms may reduce risk, but that mergers of BHCs with securities firms or real estate firms would likely increase risk. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP BOYD, JH (reprint author), FED RESERVE BANK MINNEAPOLIS,250 MARQUETTE AVE,MINNEAPOLIS,MN 55480, USA. NR 15 TC 104 Z9 104 U1 0 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD FEB PY 1993 VL 17 IS 1 BP 43 EP 63 DI 10.1016/0378-4266(93)90079-S PG 21 WC Business, Finance; Economics SC Business & Economics GA KP988 UT WOS:A1993KP98800004 ER PT J AU KAMIN, SB AF KAMIN, SB TI DEVALUATION, EXCHANGE CONTROLS, AND BLACK MARKETS FOR FOREIGN-EXCHANGE IN DEVELOPING-COUNTRIES SO JOURNAL OF DEVELOPMENT ECONOMICS LA English DT Article ID FRAMEWORK; INFLATION; PREMIA; MODEL AB 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. RP KAMIN, SB (reprint author), BOARD GOVERNORS FED RES SYST,DIV INT FINANCE,STOP 20,WASHINGTON,DC 20551, USA. NR 19 TC 19 Z9 19 U1 1 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3878 J9 J DEV ECON JI J. Dev. Econ. PD FEB PY 1993 VL 40 IS 1 BP 151 EP 169 DI 10.1016/0304-3878(93)90108-Y PG 19 WC Economics SC Business & Economics GA KF367 UT WOS:A1993KF36700007 ER PT J AU MANN, C AF MANN, C TI INTERNATIONAL ADJUSTMENT AND FINANCING - THE LESSONS FROM 1985-1991 - BERGSTEN,CF SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Book Review RP MANN, C (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD FEB PY 1993 VL 34 IS 1-2 BP 198 EP 200 DI 10.1016/0022-1996(93)90076-A PG 3 WC Economics SC Business & Economics GA KL807 UT WOS:A1993KL80700013 ER PT J AU WELCH, JH AF WELCH, JH TI THE NEW FACE OF LATIN-AMERICA - FINANCIAL FLOWS, MARKETS AND INSTITUTIONS IN THE 1990S SO JOURNAL OF LATIN AMERICAN STUDIES LA English DT Article RP WELCH, JH (reprint author), FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX, USA. NR 76 TC 5 Z9 5 U1 0 U2 0 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0022-216X J9 J LAT AM STUD JI J. Lat. Am. Stud. PD FEB PY 1993 VL 25 BP 1 EP 24 PN 1 PG 24 WC Area Studies; Humanities, Multidisciplinary SC Area Studies; Arts & Humanities - Other Topics GA KP687 UT WOS:A1993KP68700001 ER PT J AU BOYD, JH RUNKLE, DE AF BOYD, JH RUNKLE, DE TI SIZE AND PERFORMANCE OF BANKING FIRMS - TESTING THE PREDICTIONS OF THEORY SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID DEPOSIT INSURANCE; FINANCIAL INTERMEDIATION; TOBIN-Q AB In recent years, two important literatures on the theory of banking firms have developed. One examines the economic functions of banks in environments in which agents are asymmetrically informed. Another considers the incentive effects (moral hazard) resulting from deposit insurance. Both theories make predictions about the relation between banking firm size and performance. An empirical analysis of large bank holding companies investigates measures of market valuation and risk of failure. Limited support is provided for either set of theoretical predictions. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP BOYD, JH (reprint author), FED RES BANK MINNEAPOLIS,RES DEPT,POB 291,MINNEAPOLIS,MN 55480, USA. NR 25 TC 123 Z9 124 U1 2 U2 12 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1993 VL 31 IS 1 BP 47 EP 67 DI 10.1016/0304-3932(93)90016-9 PG 21 WC Business, Finance; Economics SC Business & Economics GA KV491 UT WOS:A1993KV49100003 ER PT J AU MORGAN, DP AF MORGAN, DP TI FINANCIAL CONTRACTS WHEN COSTS AND RETURNS ARE PRIVATE SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID LOAN AB Most bank loans are made under some form of commitment contract, like a line of credit. We show that a commitment dominates an ordinary debt contract when investment projects have random returns that are costly to observe and random costs that are completely unobservable. The fees charged on commitments reduce default risk, which in turn permits larger loans than under ordinary debt contracts. Our results contribute to the theoretical literature on financial intermediation and square with several stylized facts about commitment contracts. RP MORGAN, DP (reprint author), FED RESERVE BANK KANSAS CITY,925 GRAND AVE,KANSAS CITY,MO 64198, USA. NR 14 TC 2 Z9 2 U1 1 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1993 VL 31 IS 1 BP 129 EP 146 DI 10.1016/0304-3932(93)90020-G PG 18 WC Business, Finance; Economics SC Business & Economics GA KV491 UT WOS:A1993KV49100007 ER PT J AU SHAFFER, S AF SHAFFER, S TI A TEST OF COMPETITION IN CANADIAN BANKING SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID ECONOMIES; INDUSTRY RP SHAFFER, S (reprint author), FED RES BANK,PHILADELPHIA,PA, USA. NR 28 TC 108 Z9 115 U1 0 U2 2 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD FEB PY 1993 VL 25 IS 1 BP 49 EP 61 DI 10.2307/2077819 PG 13 WC Business, Finance; Economics SC Business & Economics GA KK025 UT WOS:A1993KK02500004 ER PT J AU ERICSSON, NR MARQUEZ, J AF ERICSSON, NR MARQUEZ, J TI ENCOMPASSING THE FORECASTS OF UNITED-STATES TRADE BALANCE MODELS SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID HYPOTHESES; SIMULATION AB Chong and 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 multi-step 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 mis-specification in all models. RP ERICSSON, NR (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 22 TC 13 Z9 13 U1 3 U2 4 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1993 VL 75 IS 1 BP 19 EP 31 DI 10.2307/2109622 PG 13 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA KW605 UT WOS:A1993KW60500003 ER PT J AU BALKE, NS SLOTTJE, DJ AF BALKE, NS SLOTTJE, DJ TI POVERTY AND CHANGE IN THE MACROECONOMY - A DYNAMIC MACROECONOMETRIC MODEL SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Note ID UNITED-STATES; INCOME AB This paper analyzes the impact of macroeconomic activity on the level of poverty in the U.S. economy. We use a macroeconometric model of poverty in the United States where the rate of poverty is presumed to depend upon changes in various indicators of macroeconomic performance and policy. We empirically model the relationship between poverty and the macroeconomy with a hybrid model that employs a reduced form model to capture the dynamic interactions among the data and a structural economic model to describe the contemporaneous relationship between the variables. C1 FED RESERVE BANK DALLAS,DALLAS,TX. RP BALKE, NS (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 24 TC 5 Z9 5 U1 0 U2 1 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1993 VL 75 IS 1 BP 117 EP 122 DI 10.2307/2109633 PG 6 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA KW605 UT WOS:A1993KW60500014 ER PT B AU PIANALTO, S AF PIANALTO, S GP US TRAVEL DATA CTR TI 1994 OUTLOOK FOR THE ECONOMY SO 1994 OUTLOOK FOR TRAVEL AND TOURISM: PROCEEDINGS OF THE U.S. TRAVEL DATA CENTER'S NINETEENTH ANNUAL TRAVEL OUTLOOK FORUM LA English DT Proceedings Paper CT US-Travel-Data-Centers 19th Annual Travel Outlook Forum CY OCT 20, 1993 CL ALEXANDRIA, VA SP US TRAVEL DATA CTR, TRAVEL & TOURISM RES ASSOC C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH 44101. NR 0 TC 0 Z9 0 U1 0 U2 0 PU US TRAVEL DATA CENTER PI WASHINGTON PA 1133 21ST ST NW, WASHINGTON, DC 20036-3390 PY 1993 BP 3 EP 8 PG 6 WC Environmental Studies SC Environmental Sciences & Ecology GA BA46H UT WOS:A1993BA46H00002 ER PT J AU EMERY, KM AF EMERY, KM TI INFLATION AND ITS VARIABILITY - AN ALTERNATIVE SPECIFICATION SO APPLIED ECONOMICS LA English DT Article ID GROWTH RP EMERY, KM (reprint author), FED RESERVE BANK DALLAS,RES DEPT,STN K,DALLAS,TX 75222, USA. NR 11 TC 5 Z9 5 U1 0 U2 0 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD JAN PY 1993 VL 25 IS 1 BP 43 EP 46 DI 10.1080/00036849300000110 PG 4 WC Economics SC Business & Economics GA KM930 UT WOS:A1993KM93000005 ER PT B AU MULLINS, DW AF MULLINS, DW BE Kaufman, GG Litan, RE TI CAPITAL STANDARDS AND THE PERFORMANCE OF THE UNITED-STATES BANKING INDUSTRY SO ASSESSING BANK REFORM: FDICIA ONE YEAR LATER LA English DT Proceedings Paper CT Symposium on Assessing Bank Reform - FDICIA One Year Later CY DEC 16, 1992 CL WASHINGTON, DC SP BROOKINGS INST C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. NR 0 TC 1 Z9 1 U1 0 U2 0 PU BROOKINGS INST PI WASHINGTON PA 1775 MASSACHUSETTS AVE NW, WASHINGTON, DC 20036 BN 0-8157-4874-4 PY 1993 BP 90 EP 103 PG 14 WC Business, Finance; Law SC Business & Economics; Government & Law GA BB98B UT WOS:A1993BB98B00010 ER PT J AU FRIEDMAN, BM KUTTNER, KN AF FRIEDMAN, BM KUTTNER, KN TI ECONOMIC-ACTIVITY AND THE SHORT-TERM CREDIT MARKETS - AN ANALYSIS OF PRICES AND QUANTITIES SO BROOKINGS PAPERS ON ECONOMIC ACTIVITY LA English DT Article ID MONETARY TRANSMISSION; INFORMATION; INCOME; POLICY; MONEY C1 FED RESERVE BANK CHICAGO, CHICAGO, IL USA. RP FRIEDMAN, BM (reprint author), HARVARD UNIV, CAMBRIDGE, MA 02138 USA. NR 45 TC 8 Z9 8 U1 0 U2 3 PU BROOKINGS INST PI WASHINGTON PA 1775 MASSACHUSETTS AVE NW, WASHINGTON, DC 20036 USA SN 0007-2303 J9 BROOKINGS PAP ECO AC JI Brook. Pap. Econ. Act. PY 1993 IS 2 BP 193 EP 283 PG 91 WC Economics SC Business & Economics GA NE276 UT WOS:A1993NE27600005 ER PT B AU Kohn, DL AF Kohn, DL GP FED RESERVE BANK KANSAS CITY TI The role of judgment and discretion in the conduct of monetary policy - Comment SO CHANGING CAPITAL MARKETS: IMPLICATIONS FOR MONETARY POLICY LA English DT Proceedings Paper CT Symposium on Changing Capital Markets - Implications for Monetary Policy CY AUG 19-21, 1993 CL JACKSON HOLE, WY SP Fed Reserve Bank Kansas City C1 FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC. NR 0 TC 0 Z9 0 U1 0 U2 0 PU FEDERAL RESERVE BANK KANSAS CITY PI KANSAS CITY PA 925 GRAND AVE, KANSAS CITY, MO 64198 PY 1993 BP 197 EP 203 PG 7 WC Business, Finance; International Relations SC Business & Economics; International Relations GA BG75T UT WOS:A1993BG75T00007 ER PT J AU CULLISON, WE AF CULLISON, WE TI SAVING MEASURES AS ECONOMIC-GROWTH INDICATORS SO CONTEMPORARY POLICY ISSUES LA English DT Article AB The decline of the U.S. saving rate during the 1980s and its potential impact on future economic growth has been the subject of considerable concern. The National Income Accounts (NIA) measures of saving are the empirical basis for the concern. However, the economics literature has soundly criticized the NIA concepts of saving and investment. Moreover, little evidence exists that the United States suffered a capital shortage during the 1980s, when it enjoyed its second longest peacetime economic expansion. This paper examines the relation of NIA and other saving measures to future real GDP. Findings indicate that no measurable relation exists between the lagged NIA saving measures and real GDP. However, findings also indicate a significant relation does exist between real GDP and the sum of personal saving from the flow-of-funds accounts plus an approximation of government saving for infrastructure purposes. Unlike the NIA saving rate, this constructed saving rate did not decline precipitously in the 1980s. Since the saving rate relevant to economic growth did not fall, the future of the U.S. economy might not be nearly so bleak as many assume. RP CULLISON, WE (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 24 TC 2 Z9 2 U1 2 U2 2 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD JAN PY 1993 VL 11 IS 1 BP 1 EP 8 PG 8 WC Economics; Public Administration SC Business & Economics; Public Administration GA KJ365 UT WOS:A1993KJ36500001 ER PT J AU CARLSTROM, CT GAVIN, WT AF CARLSTROM, CT GAVIN, WT TI ZERO INFLATION - TRANSITION COSTS AND SHOE LEATHER BENEFITS SO CONTEMPORARY POLICY ISSUES LA English DT Article AB The idea that the monetary authority cannot achieve price stability except at the cost of a recession is the most common and convincing argument against price stability. This paper presents calculations showing that the resource costs of a recession that might result from eliminating a 4 percent inflation are approximately equal to the ''shoe leather'' costs incurred when inflation is stable at 4 percent. RP CARLSTROM, CT (reprint author), FED RESERVE BANK CLEVELAND,RES DEPT,CLEVELAND,OH, USA. NR 19 TC 2 Z9 2 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD JAN PY 1993 VL 11 IS 1 BP 9 EP 17 PG 9 WC Economics; Public Administration SC Business & Economics; Public Administration GA KJ365 UT WOS:A1993KJ36500002 ER PT J AU HUMPHREY, TM AF HUMPHREY, TM TI THE GOLDEN-AGE OF THE QUANTITY THEORY - THE DEVELOPMENT OF NEOCLASSICAL MONETARY-ECONOMICS 1870-1914 - LAIDLER,D SO ECONOMIC JOURNAL LA English DT Book Review RP HUMPHREY, TM (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0013-0133 J9 ECON J JI Econ. J. PD JAN PY 1993 VL 103 IS 416 BP 239 EP 240 DI 10.2307/2234354 PG 2 WC Economics SC Business & Economics GA KJ491 UT WOS:A1993KJ49100034 ER PT J AU COGLEY, T NASON, JM AF COGLEY, T NASON, JM TI IMPULSE DYNAMICS AND PROPAGATION MECHANISMS IN A REAL BUSINESS-CYCLE MODEL SO ECONOMICS LETTERS LA English DT Article AB In a typical real business cycle model, we find that output dynamics are determined primarily by impulse dynamics and that endogenous propagation mechanisms are weak. Consequently, the model must rely on external sources of dynamics in order to replicate the univariate dynamics of U.S. per capita GNP. C1 UNIV BRITISH COLUMBIA,DEPT ECON,BRITISH COLUMBIA V6T 1Z1,BC,CANADA. RP COGLEY, T (reprint author), FED RESERVE BANK SAN FRANCISCO,ECON RES DEPT,1130,POB 7702,SAN FRANCISCO,CA 94120, USA. NR 6 TC 17 Z9 17 U1 0 U2 0 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1993 VL 43 IS 1 BP 77 EP 81 DI 10.1016/0165-1765(93)90138-3 PG 5 WC Economics SC Business & Economics GA MJ501 UT WOS:A1993MJ50100015 ER PT J AU HUFFMAN, GW AF HUFFMAN, GW TI AN ALTERNATIVE NEOCLASSICAL GROWTH-MODEL WITH CLOSED-FORM DECISION RULES SO ECONOMICS LETTERS LA English DT Article AB A version of a representative-agent model is constructed in which closed-form decision rules are produced for rather general production technologies. Agents trade in capital, and the decision rules can be used to characterize the volume of this trade. C1 FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX 75265. RP HUFFMAN, GW (reprint author), SO METHODIST UNIV,DEPT ECON,UMPHREY LEE BLDG,DALLAS,TX 75275, USA. NR 2 TC 1 Z9 1 U1 0 U2 0 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1993 VL 42 IS 1 BP 59 EP 63 DI 10.1016/0165-1765(93)90173-A PG 5 WC Economics SC Business & Economics GA LY123 UT WOS:A1993LY12300009 ER PT J AU TANG, DP WANG, P AF TANG, DP WANG, P TI ON RELATIVE PRICE VARIABILITY AND HYPERINFLATION SO ECONOMICS LETTERS LA English DT Article ID INFLATION; ADJUSTMENT; COSTS AB During the Chinese hyperinflation (1946:1-1949:4), both anticipated and unanticipated inflation were found to influence relative price variability positively. The non-neutral effect of anticipated inflation rejects the conventional Lucas island model, while lending empirical support to the price adjustment-cost theory. C1 PENN STATE UNIV,DEPT ECON,601 KERN GRAD BLDG,UNIV PK,PA 16802. FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX 75222. HONG KONG UNIV SCI & TECHNOL,HONG KONG,HONG KONG. NR 12 TC 7 Z9 7 U1 0 U2 0 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1993 VL 42 IS 2-3 BP 209 EP 214 DI 10.1016/0165-1765(93)90063-I PG 6 WC Economics SC Business & Economics GA MD687 UT WOS:A1993MD68700016 ER PT J AU DUCA, JV AF DUCA, JV TI RTC ACTIVITY AND THE MISSING M2 SO ECONOMICS LETTERS LA English DT Article AB Since 1990:Q3, M2 growth has been weaker than predicted. RTC resolutions of thrift deposits can depress M2 in unusual ways by forcing 'prepayments' of small time deposits. Findings indicate that most of the 'missing M2' appears related to RTC activity. RP DUCA, JV (reprint author), FED RESERVE BANK DALLAS,RES DEPT,STN K,DALLAS,TX 75222, USA. NR 5 TC 2 Z9 2 U1 0 U2 0 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1993 VL 41 IS 1 BP 67 EP 71 DI 10.1016/0165-1765(93)90114-R PG 5 WC Economics SC Business & Economics GA LP233 UT WOS:A1993LP23300014 ER PT J AU KENNICKELL, AB AF KENNICKELL, AB TI HOW RICH IS TOO RICH - INCOME AND WEALTH IN AMERICA - INHABER,H, CARROLL,S SO INDUSTRIAL & LABOR RELATIONS REVIEW LA English DT Book Review RP KENNICKELL, AB (reprint author), BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 1 TC 0 Z9 0 U1 0 U2 1 PU INDUSTRIAL LABOR RELAT REV PI ITHACA PA CORNELL UNIV, ITHACA, NY 14851-0952 SN 0019-7939 J9 IND LABOR RELAT REV JI Ind. Labor Relat. Rev. PD JAN PY 1993 VL 46 IS 2 BP 415 EP 416 DI 10.2307/2524889 PG 2 WC Industrial Relations & Labor SC Business & Economics GA KE728 UT WOS:A1993KE72800022 ER PT B AU MELICK, W THOMAS, C AF MELICK, W THOMAS, C GP INT ASSOC ENERGY ECON TI READING THE MARKETS MIND - USING CRUDE-OIL OPTIONS TO RECOVER THE PDFF SO INTERNATIONAL ASSOCIATION FOR ENERGY ECONOMICS 15TH ANNUAL NORTH AMERICAN CONFERENCE, PROCEEDINGS: ENERGY & THE ENVIRONMENT LA English DT Proceedings Paper CT 15th Annual North American Conference of the International-Association-for-Energy-Economics: Energy and the Environment CY OCT 11-13, 1993 CL SEATTLE, WA SP INT ASSOC ENERGY ECON C1 FED RESERVE BOARD,WASHINGTON,DC 20551. NR 0 TC 0 Z9 0 U1 0 U2 0 PU INT ASSOC ENERGY ECONOMICS NORTH AMERICAN CONFERENCE PI WASHINGTON PA 1101 FOURTEENTH STREET NW, SUITE 1100, WASHINGTON, DC 20005-5601 PY 1993 BP 610 EP 618 PG 9 WC Economics; Energy & Fuels SC Business & Economics; Energy & Fuels GA BA64A UT WOS:A1993BA64A00059 ER PT J AU BALKE, NS AF BALKE, NS TI DETECTING LEVEL SHIFTS IN TIME-SERIES SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE ARMA MODEL; ARIMA MODEL; INTERVENTION; MISSPECIFICATION; OUTLIER ID OUTLIERS; MODELS AB This article demonstrates the difficulty that traditional outlier detection methods, such as that of Tsay, have in identifying level shifts in time series. Initializing the outlier/level-shift search with an estimated autoregressive moving average model lowers the power of the level-shift detection statistics. Furthermore, the rule employed by these methods for distinguishing between level shifts and innovation outliers does not work well in the presence of level shifts. A simple modification to Tsay's procedure is proposed that improves the ability to correctly identify level shifts. This modification is relatively easy to implement and appears to be quite effective in practice. C1 FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX 75222. RP BALKE, NS (reprint author), SO METHODIST UNIV,DEPT ECON,DALLAS,TX 75275, USA. NR 19 TC 49 Z9 50 U1 1 U2 4 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JAN PY 1993 VL 11 IS 1 BP 81 EP 92 DI 10.2307/1391308 PG 12 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA KC849 UT WOS:A1993KC84900006 ER PT J AU FRENCH, MW SICHEL, DE AF FRENCH, MW SICHEL, DE TI CYCLICAL PATTERNS IN THE VARIANCE OF ECONOMIC-ACTIVITY SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE ARCH MODELS; ASYMMETRIC EXPONENTIAL GARCH; BUSINESS-CYCLE ASYMMETRY; NONLINEAR MODELS ID BUSINESS-CYCLE; TIME-SERIES; CONDITIONAL HETEROSKEDASTICITY; ASYMMETRIC BEHAVIOR 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. RP FRENCH, MW (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551, USA. NR 23 TC 38 Z9 38 U1 1 U2 1 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JAN PY 1993 VL 11 IS 1 BP 113 EP 119 DI 10.2307/1391311 PG 7 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA KC849 UT WOS:A1993KC84900009 ER PT J AU KRANE, SD AF KRANE, SD TI INDUCED SEASONALITY AND PRODUCTION-SMOOTHING MODELS OF INVENTORY BEHAVIOR SO JOURNAL OF ECONOMETRICS LA English DT Article ID CONSISTENT COVARIANCE-MATRIX; EMPIRICAL-EVIDENCE; PRODUCTION LEVEL; HETEROSKEDASTICITY; INVESTMENT; HYPOTHESIS AB 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. RP KRANE, SD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 28 TC 5 Z9 5 U1 1 U2 2 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4076 J9 J ECONOMETRICS JI J. Econom. PD JAN-FEB PY 1993 VL 55 IS 1-2 BP 135 EP 168 DI 10.1016/0304-4076(93)90008-S PG 34 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA KB566 UT WOS:A1993KB56600008 ER PT J AU BELL, WR WILCOX, DW AF BELL, WR WILCOX, DW TI THE EFFECT OF SAMPLING ERROR ON THE TIME-SERIES BEHAVIOR OF CONSUMPTION DATA SO JOURNAL OF ECONOMETRICS LA English DT Article ID SEASONAL ADJUSTMENT; MODELS 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 are 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. C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP BELL, WR (reprint author), US BUR CENSUS,WASHINGTON,DC 20233, USA. NR 28 TC 20 Z9 20 U1 0 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4076 J9 J ECONOMETRICS JI J. Econom. PD JAN-FEB PY 1993 VL 55 IS 1-2 BP 235 EP 265 DI 10.1016/0304-4076(93)90014-V PG 31 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA KB566 UT WOS:A1993KB56600014 ER PT J AU BEAULIEU, JJ MIRON, JA AF BEAULIEU, JJ MIRON, JA TI SEASONAL UNIT ROOTS IN AGGREGATE UNITED-STATES DATA SO JOURNAL OF ECONOMETRICS LA English DT Article ID TIME-SERIES; MODELS; TESTS AB In this paper we provide evidence on the presence of seasonal unit roots in aggregate U.S. data. The analysis is conducted using the approach developed by Hylleberg, Engle, Granger, and Yoo (1990) [HEGY]. We first derive the mechanics of the HEGY procedure for monthly data and use Monte Carlo methods to compute the finite sample critical values of the associated test statistics. We then apply the quarterly and monthly HEGY procedures 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. C1 BOSTON UNIV,BOSTON,MA 02215. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP BEAULIEU, JJ (reprint author), FED RESERVE,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 36 TC 160 Z9 164 U1 0 U2 5 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4076 J9 J ECONOMETRICS JI J. Econom. PD JAN-FEB PY 1993 VL 55 IS 1-2 BP 305 EP 328 PG 24 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA KB566 UT WOS:A1993KB56600018 ER PT J AU BENCIVENGA, VR SMITH, BD AF BENCIVENGA, VR SMITH, BD TI SOME CONSEQUENCES OF CREDIT RATIONING IN AN ENDOGENOUS GROWTH-MODEL SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID LONG-RUN GROWTH; ECONOMY; MARKET; POLICY AB An endogenous growth model is developed where all investment is financed via credit extension. There is also an adverse selection problem in loan markets, so that in equilibrium credit rationing arises endogenously. The result is that equilibrium levels of credit rationing and real growth rates are jointly determined. In this context several changes in the environment can have unusual consequences. For instance, improvements in the technology for producing capital can reduce growth, because of their adverse impacts on credit rationing. For similar reasons, various government investment subsidies can be growth-reducing. This phenomenon is often observed empirically. C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. RP BENCIVENGA, VR (reprint author), CORNELL UNIV,ITHACA,NY 14853, USA. NR 35 TC 63 Z9 63 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD JAN-MAR PY 1993 VL 17 IS 1-2 BP 97 EP 122 DI 10.1016/0165-1889(93)90066-2 PG 26 WC Economics SC Business & Economics GA KG261 UT WOS:A1993KG26100005 ER PT J AU CLIFFORD, P JENNISON, C WAKEFIELD, J PHILLIPS, D FRIGESSI, A GRAY, AJ LAWSON, A FORSTER, J RAMGOPAL, P ARSLAN, O CONSTABLE, PDL KENT, JT WOLFF, RCL HARDING, EF MIDDLETON, R DIGGLE, PJ AYKROYD, RG BERZUINI, C BREWER, M AITKEN, C CELEUX, G DIEBOLT, J CRITCHLEY, F DIACONIS, P ROSENTHAL, JS DIEBOLT, J ROBERT, CP GELFAND, AE LEE, TM GELMAN, A RUBIN, DB GEMAN, D GEWEKE, J GEYER, CJ GIGLI, A GIVENS, GH GOODALL, C JONALASINIO, GD GRIEVE, AP HAN, XL KOLASSA, JE TANNER, MA KOOPERBERG, C LEWIS, SM LIN, S THOMPSON, EA LITTON, CD BUCK, CE LIU, CH LIU, J MARDIA, KV MARRIOTT, JM MOLLER, J RAFTERY, AE SHEPHARD, N SINHA, D SOKAL, AD TITTERINGTON, DM WILSON, JD YORK, J MADIGAN, D SMITH, AFM ROBERTS, GO BESAG, J GREEN, PJ GILKS, WR CLAYTON, DG SPIEGELHALTER, DJ AF CLIFFORD, P JENNISON, C WAKEFIELD, J PHILLIPS, D FRIGESSI, A GRAY, AJ LAWSON, A FORSTER, J RAMGOPAL, P ARSLAN, O CONSTABLE, PDL KENT, JT WOLFF, RCL HARDING, EF MIDDLETON, R DIGGLE, PJ AYKROYD, RG BERZUINI, C BREWER, M AITKEN, C CELEUX, G DIEBOLT, J CRITCHLEY, F DIACONIS, P ROSENTHAL, JS DIEBOLT, J ROBERT, CP GELFAND, AE LEE, TM GELMAN, A RUBIN, DB GEMAN, D GEWEKE, J GEYER, CJ GIGLI, A GIVENS, GH GOODALL, C JONALASINIO, GD GRIEVE, AP HAN, XL KOLASSA, JE TANNER, MA KOOPERBERG, C LEWIS, SM LIN, S THOMPSON, EA LITTON, CD BUCK, CE LIU, CH LIU, J MARDIA, KV MARRIOTT, JM MOLLER, J RAFTERY, AE SHEPHARD, N SINHA, D SOKAL, AD TITTERINGTON, DM WILSON, JD YORK, J MADIGAN, D SMITH, AFM ROBERTS, GO BESAG, J GREEN, PJ GILKS, WR CLAYTON, DG SPIEGELHALTER, DJ TI DISCUSSION ON THE MEETING ON THE GIBBS SAMPLER AND OTHER MARKOV CHAIN-MONTE CARLO METHODS SO JOURNAL OF THE ROYAL STATISTICAL SOCIETY SERIES B-STATISTICAL METHODOLOGY LA English DT Discussion ID STEADY-STATE SIMULATION; POSTERIOR DISTRIBUTIONS; BAYESIAN-INFERENCE; DATA AUGMENTATION; STOCHASTIC RELAXATION; STATISTICAL-ANALYSIS; PHASE-TRANSITIONS; RANDOM-WALKS; MODELS; LATTICE C1 UNIV BATH, BATH BA2 7AY, AVON, ENGLAND. UNIV LONDON IMPERIAL COLL SCI TECHNOL & MED, LONDON SW7 2AZ, ENGLAND. CNR, IST APPLICAZ CALCO, ROME, ITALY. UNIV STRATHCLYDE, GLASGOW G1 1XW, SCOTLAND. DUNDEE INST TECHNOL, DUNDEE, SCOTLAND. LOUGHBOROUGH UNIV TECHNOL, LOUGHBOROUGH LE11 3TU, LEICS, ENGLAND. KIMBERLY CLARK INC, NEENAH, WI USA. UNIV LEEDS, LEEDS LS2 9JT, W YORKSHIRE, ENGLAND. UNIV GLASGOW, GLASGOW G12 8QQ, SCOTLAND. UNIV MANCHESTER, MANCHESTER ROYAL INFIRM, MANCHESTER M13 9WL, LANCS, ENGLAND. UNIV OXFORD, OXFORD, ENGLAND. UNIV LANCASTER, LANCASTER LA1 4YW, ENGLAND. UNIV BRADFORD, BRADFORD BD7 1DP, W YORKSHIRE, ENGLAND. UNIV PAVIA, I-27100 PAVIA, ITALY. UNIV EDINBURGH, EDINBURGH EH8 9YL, MIDLOTHIAN, SCOTLAND. INST NATL RECH INFORMAT & AUTOMAT, F-78153 LE CHESNAY, FRANCE. UNIV WARWICK, COVENTRY CV4 7AL, W MIDLANDS, ENGLAND. HARVARD UNIV, CAMBRIDGE, MA 02138 USA. UNIV PARIS 06, F-75230 PARIS 05, FRANCE. UNIV CONNECTICUT, STORRS, CT 06268 USA. UNIV CALIF BERKELEY, BERKELEY, CA 94720 USA. UNIV MASSACHUSETTS, AMHERST, MA 01003 USA. UNIV MINNESOTA, MINNEAPOLIS, MN 55455 USA. FED RES BANK, MINNEAPOLIS, MN USA. UNIV WASHINGTON, SEATTLE, WA 98195 USA. PENN STATE UNIV, UNIV PK, PA 16802 USA. UNIV ROME LA SAPIENZA, I-00185 ROME, ITALY. ICI PLC, PHARMACEUT, MACCLESFIELD SK10 4TG, CHESHIRE, ENGLAND. UNIV BRISTOL, BRISTOL BS8 1TH, AVON, ENGLAND. UNIV ROCHESTER, ROCHESTER, NY 14627 USA. UNIV NOTTINGHAM, NOTTINGHAM NG7 2RD, ENGLAND. UNIV LEEDS, LEEDS LS2 9JT, W YORKSHIRE, ENGLAND. NOTTINGHAM POLYTECH, NOTTINGHAM, ENGLAND. UNIV OXFORD NUFFIELD COLL, OXFORD OX1 1NF, ENGLAND. NYU, NEW YORK, NY 10003 USA. RP CLIFFORD, P (reprint author), JESUS COLL, OXFORD, ENGLAND. RI Diggle, Peter/A-3025-2009; Brewer, Mark/I-7226-2013; Moller, Jesper/F-9814-2010 OI Brewer, Mark/0000-0001-7559-389X; Moller, Jesper/0000-0002-0008-6890 NR 163 TC 20 Z9 22 U1 1 U2 14 PU WILEY-BLACKWELL PI HOBOKEN PA 111 RIVER ST, HOBOKEN 07030-5774, NJ USA SN 1369-7412 J9 J R STAT SOC B JI J. R. Stat. Soc. Ser. B-Stat. Methodol. PY 1993 VL 55 IS 1 BP 53 EP 102 PG 50 WC Statistics & Probability SC Mathematics GA KL314 UT WOS:A1993KL31400004 ER PT J AU KOPCKE, RW AF KOPCKE, RW TI THE DETERMINANTS OF BUSINESS INVESTMENT - HAS CAPITAL-SPENDING BEEN SURPRISINGLY LOW SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID CYCLES; MODELS AB Many are worried that since 1980 capital investment by businesses has been lower than expected. Unusual circumstances, such as changes in savings patterns or in business leverage, a credit crunch, or widespread adoption of a shorter-term outlook, have been suggested as culprits. To see whether investment spending has indeed departed from its traditional determinants, this article compares capital spending during the 1980s and early 1990s with projections of spending derived from historical relationships between investment and various measures of economic activity. The results show that capital investment has not been low for any surprising reasons; in general, business investment has adhered fairly well to its historical correspondence with output, profits and the cost of capital. Investment in equipment behaved as the models predicted, while investment in nonresidential structures exceeded the models' forecasts in the early eighties, in large part as a result of the construction of oil rigs and a commercial real estate boom. The author concludes that the disappointing volume of capital investment by businesses of late is a symptom of slow economic growth, not exceptional impediments. RP KOPCKE, RW (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 68 TC 11 Z9 11 U1 0 U2 6 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1993 BP 3 EP 31 PG 29 WC Economics SC Business & Economics GA KV450 UT WOS:A1993KV45000001 ER PT J AU FUHRER, JC AF FUHRER, JC TI WHAT ROLE DOES CONSUMER SENTIMENT PLAY IN THE UNITED-STATES MACROECONOMY SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Many in the press and general public see consumer sentiment as a significant, independent force in the economy. Some suggest that sentiment indexes forecast future economic activity, others that changes in consumer sentiment actually drive business cycle fluctuations. This article shows that consumer sentiment plays a much more passive role, primarily reflecting rather than causing current economic conditions such as levels of income growth, inflation, unemployment, and interest rates. The author's statistical tests show that most of the variation in consumer sentiment is explained by these broad macroeconomic variables. The information that is unique to sentiment plays a relatively small role in explaining subsequent variations in consumption expenditures. Similarly, contemporaneous consumer sentiment data have relatively little incremental value in forecasting current activity, beyond what is available in lagged macroeconomic data. Finally, sentiment's independent role in fluctuations and forecasting has not increased in the 1990s, as some have suggested. RP FUHRER, JC (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. RI Fuhrer, Jeff/F-8852-2013 NR 22 TC 26 Z9 26 U1 0 U2 9 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1993 BP 32 EP 44 PG 13 WC Economics SC Business & Economics GA KV450 UT WOS:A1993KV45000002 ER PT J AU SIMONS, K AF SIMONS, K TI WHY DO BANKS SYNDICATE LOANS SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Loan syndication, where a group of banks makes a loan jointly to a single borrower, offers several benefits. Syndication allows banks to diversify, expanding their lending to broader geographic areas and industries. Second, syndication allows banks that are constrained by their capital-asset ratios to participate in loans to larger Despite these benefits, loan syndication could pose additional risks for the banking system, if the originating or lead banks withhold information about the borrower from participating banks, misleading them into making loans that are riskier than they thought. This study uses data on loan syndications to test the importance of various factors that motivate the participants. Despite a significant number of problem credits among the syndicated loans studied, it finds little evidence of opportunistic behavior by the lead banks in syndications. At the same time, it finds substantial support for the importance of bank regulation, in the form of capital requirements and lending limits, to the existence of the bank syndication market. RP SIMONS, K (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 2 TC 38 Z9 38 U1 0 U2 5 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1993 BP 45 EP 52 PG 8 WC Economics SC Business & Economics GA KV450 UT WOS:A1993KV45000003 ER PT B AU FORRESTAL, R AF FORRESTAL, R BE Bruce, DC TI THE ECONOMIC-ENVIRONMENT OF THE POST-COLD-WAR ERA - CHARTING A NEW COURSE SO NEW WORLD ORDER: SOCIAL AND ECONOMIC IMPLICATIONS LA English DT Proceedings Paper CT 1991 Buenos Aires Symposium on the New World Order, Impact on Economic and Social Development CY 1991 CL BUENOS AIRES, ARGENTINA SP SALVADOR UNIV, PROFESS COUNCIL ECON SCI BUENOS AIRES, REGENTS GLOBAL CTR, CONSULATE GEN ARGENTINA ATLANTA C1 FED RESERVE BANK ATLANTA,ATLANTA,GA. NR 0 TC 0 Z9 0 U1 0 U2 0 PU GEORGIA STATE UNIV COLL BUSINESS ADMINISTRATION PI ATLANTA PA UNIVERSITY PLAZA, ATLANTA, GA 30303 BN 0-88406-261-9 PY 1993 BP 59 EP 65 PG 7 WC Economics; International Relations SC Business & Economics; International Relations GA BB48T UT WOS:A1993BB48T00006 ER PT B AU GRUBEN, WC AF GRUBEN, WC BE Bognanno, MF Ready, KJ TI FREE-TRADE, GLOBALIZATION, AND UNITED-STATES LABOR - WHAT ARE THE LONG-RUN DYNAMICS SO NORTH AMERICAN FREE TRADE AGREEMENT: LABOR, INDUSTRY, AND GOVERNMENT PERSPECTIVES LA English DT Proceedings Paper CT North-American Free Trade Agreement Conference: Labor, Industry, and Government Perspectives CY NOV 19-20, 1991 CL MINNEAPOLIS, MN SP TWIN CITY AREA LABOR MANAGEMENT COUNCIL, UNIV MINNESOTA, IND RELAT CTR C1 FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX. NR 0 TC 1 Z9 1 U1 0 U2 0 PU QUORUM BOOKS PI WESTPORT PA 88 POST ROAD WEST, WESTPORT, CT 06881 BN 0-89930-849-X PY 1993 BP 120 EP 127 PG 8 WC Industrial Relations & Labor; International Relations; Political Science SC Business & Economics; International Relations; Government & Law GA BZ73Q UT WOS:A1993BZ73Q00010 ER PT J AU WELCH, JH AF WELCH, JH TI PRIVATIZATION IN MEXICO AND CHILE - COMMENTS ON BAZDRESCH AND ELIZONDO AND MELLER SO QUARTERLY REVIEW OF ECONOMICS AND FINANCE LA English DT Note RP WELCH, JH (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 8 TC 0 Z9 0 U1 0 U2 0 PU JAI PRESS INC PI GREENWICH PA 55 OLD POST RD-#2, PO BOX 1678, GREENWICH, CT 06836-1678 SN 1062-9769 J9 Q REV ECON FINANC JI Q. Rev. Econ. Financ. PY 1993 VL 33 SI SI BP 115 EP 118 DI 10.1016/1062-9769(93)90042-I PG 4 WC Business, Finance; Economics SC Business & Economics GA MF671 UT WOS:A1993MF67100008 ER PT J AU CHARI, VV KEHOE, PJ AF CHARI, VV KEHOE, PJ TI SUSTAINABLE PLANS AND MUTUAL DEFAULT SO REVIEW OF ECONOMIC STUDIES LA English DT Article ID MONETARY-POLICY; REPEATED GAMES; TIME CONSISTENCY; INFORMATION; REPUTATION; DISCRETION; ECONOMY; RULES; RISK; DEBT AB This paper presents a simple general equilibrium model of optimal taxation in which both private agents and the government can default on their debt. As a benchmark we consider Ramsey equilibria in which the government can precommit to its policies at the beginning of time, but in which private agents can default. We then consider sustainable equilibria in which both government and private agent decision rules are required to be sequentially rational. We adapt Abreu's (1988) optimal trigger strategies to completely characterize the entire set of sustainable equilibria. In particular, we show that when there is sufficiently little discounting and government consumption fluctuates enough, the Ramsey allocations and policies (in which the government never defaults) can be supported by a sustainable equilibrium. By way of an example we show that the larger the variance of government consumption the easier it is to support good outcomes. We also show for moderate discount factors that in the best sustainable equilibrium, tax rates are more volatile and debt is smaller than in the Ramsey equilibrium. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP CHARI, VV (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 23 TC 42 Z9 42 U1 3 U2 7 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD JAN PY 1993 VL 60 IS 1 BP 175 EP 195 DI 10.2307/2297817 PG 21 WC Economics SC Business & Economics GA KK897 UT WOS:A1993KK89700008 ER PT J AU GERTLER, M GILCHRIST, S AF GERTLER, M GILCHRIST, S TI THE ROLE OF CREDIT MARKET IMPERFECTIONS IN THE MONETARY TRANSMISSION MECHANISM - ARGUMENTS AND EVIDENCE SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Article; Proceedings Paper CT SYMP ON ASYMMETRIC INFORMATION IN FINANCIAL MARKETS, MARKING THE 175TH ANNIVERSARY OF THE BANK OF NORWAY CY JUN, 1991 CL OSLO, NORWAY SP NORGES BANK, RES DEPT ID INFORMATION AB 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 effects of credit market imperfections by analyzing the response to tight money 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. C1 FED RESERVE BOARD,WASHINGTON,DC. RP GERTLER, M (reprint author), NYU,NEW YORK,NY 10003, USA. NR 36 TC 150 Z9 155 U1 0 U2 9 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1993 VL 95 IS 1 BP 43 EP 64 DI 10.2307/3440134 PG 22 WC Economics SC Business & Economics GA KX456 UT WOS:A1993KX45600006 ER PT J AU ORPHANIDES, A AF ORPHANIDES, A TI LABOR HOARDING WHEN UNEMPLOYMENT IS A WORKER DISCIPLINE DEVICE SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Note RP ORPHANIDES, A (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 4 TC 1 Z9 1 U1 0 U2 1 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1993 VL 95 IS 1 BP 111 EP 118 DI 10.2307/3440138 PG 8 WC Economics SC Business & Economics GA KX456 UT WOS:A1993KX45600010 ER PT B AU GILSEN, B AF GILSEN, B GP SAS USERS GRP INT TI SAS(R) PROGRAM FUNCTION KEY REMAPPING IN THE UNIX(R) ENVIRONMENT SO SUGI 18: PROCEEDINGS OF THE EIGHTEENTH ANNUAL SAS USERS GROUP INTERNATIONAL CONFERENCE LA English DT Proceedings Paper CT 18th Annual SAS Users Group International Conference (SUGI 18) CY MAY 09-12, 1993 CL NEW YORK, NY SP SAS USERS GRP INT C1 FED RESERVE BOARD,WASHINGTON,DC 20551. NR 0 TC 0 Z9 0 U1 0 U2 0 PU SAS INST INC PI CARY PA SAS CIRCLE, PO BOX 8000, CARY, NC 27511 BN 1-55544-550-0 PY 1993 BP 497 EP 506 PG 10 WC Computer Science, Information Systems; Computer Science, Software Engineering SC Computer Science GA BA72C UT WOS:A1993BA72C00078 ER PT J AU ALTIG, D DAVIS, SJ AF ALTIG, D DAVIS, SJ TI THE TIMING OF INTERGENERATIONAL TRANSFERS, TAX POLICY, AND AGGREGATE SAVINGS SO AMERICAN ECONOMIC REVIEW LA English DT Article ID CAPITAL ACCUMULATION AB We analyze an overlapping-generations framework that accommodates two observations: (i) the interest rate on consumption loans exceeds the rate of return to savings, and (ii) private intergenerational transfers primarily occur early in the life cycle. Assuming altruistically motivated transfers in at least some family lines and other plausible conditions, we prove the invariance of capital's steady-state marginal product to government debt, government expenditures, and the tax rates on labor and capital income. We show that the tax treatment of household interest payments has powerful effects on capital intensity and aggregate savings in life-cycle and, especially, altruistic linkage models. C1 UNIV CHICAGO,GRAD SCH BUSINESS,CHICAGO,IL 60637. RP ALTIG, D (reprint author), FED RESERVE BANK CLEVELAND,RES DEPT,CLEVELAND,OH 44101, USA. NR 21 TC 18 Z9 18 U1 1 U2 6 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD DEC PY 1992 VL 82 IS 5 BP 1199 EP 1220 PG 22 WC Economics SC Business & Economics GA KB229 UT WOS:A1992KB22900007 ER PT J AU MIZRACH, B AF MIZRACH, B TI MULTIVARIATE NEAREST-NEIGHBOR FORECASTS OF EMS EXCHANGE-RATES SO JOURNAL OF APPLIED ECONOMETRICS LA English DT Article; Proceedings Paper CT FAR EASTERN MEETING OF THE ECONOMETRIC SOC CY JUN 29, 1991 CL SEOUL, SOUTH KOREA SP ECONOMETR SOC ID NONPARAMETRIC REGRESSION; CROSS-VALIDATION; RISK; HETEROSCEDASTICITY; PREDICTION; VARIANCE; DOLLAR; MARKET; SAMPLE; MODEL AB Exchange rate modelling has been a persistent puzzle for international economists. Forecasts from popular models for the exchange rate generally fail to improve upon the random walk out-of-sample. While a multivariate nonparametric approach provides useful information about exchange rates, the model produces forecasts superior to the random walk for only one of the three EMS currencies examined. Using a statistic developed in Mizrach (1991), 1 find that the forecast improvement, a 4-5 per cent reduction in mean squared error for the Lira in daily returns, is not statistically significant. A cross-validation exercise suggests that the improvement is also not robust. RP MIZRACH, B (reprint author), FED RESERVE BANK NEW YORK,RES FUNCT,33 LIBERTY ST,NEW YORK,NY 10045, USA. RI Mizrach, Bruce/B-1347-2009 NR 36 TC 25 Z9 25 U1 2 U2 4 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0883-7252 J9 J APPL ECONOM JI J. Appl. Econom. PD DEC PY 1992 VL 7 SU S BP S151 EP S163 DI 10.1002/jae.3950070511 PG 13 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA KF207 UT WOS:A1992KF20700010 ER PT J AU BREWER, E KOPPENHAVER, GD AF BREWER, E KOPPENHAVER, GD TI THE IMPACT OF STANDBY LETTERS OF CREDIT ON BANK RISK - A NOTE SO JOURNAL OF BANKING & FINANCE LA English DT Article AB The paper investigates the capital markets' perception of an off balance sheet instrument issued by banks - a standby letter of credit. Based on an empirical analysis of banking firm stock returns and the volume of standby letters of credit outstanding, it is shown that standby issuance increases the systematic and total risk of bank stock returns. These results support the arguments that the risk of standby letter of credit issuance is similar to the risk of balance sheet lending and that equity investors perceive the senior creditor status of standby beneficiaries. C1 IOWA STATE UNIV SCI & TECHNOL,DEPT FINANCE,300 CARVER HALL,AMES,IA 50011. FED RESERVE BANK CHICAGO,CHICAGO,IL 60690. NR 14 TC 6 Z9 6 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD DEC PY 1992 VL 16 IS 6 BP 1037 EP 1046 DI 10.1016/0378-4266(92)90057-7 PG 10 WC Business, Finance; Economics SC Business & Economics GA KA801 UT WOS:A1992KA80100001 ER PT J AU CALEM, PS RIZZO, JA AF CALEM, PS RIZZO, JA TI BANKS AS INFORMATION-SPECIALISTS - THE CASE OF HOSPITAL LENDING SO JOURNAL OF BANKING & FINANCE LA English DT Article ID FINANCIAL INTERMEDIATION; PUBLIC HOSPITALS; LOANS; COSTS AB This study analyzes data from the US hospital industry for evidence that banks enjoy informational advantages over direct lenders. In a multivariate analysis, we find a strong positive relationship between bank loans (as a share of total borrowing) and profitability among hospitals widely perceived as financially weak. Thus, among such hospitals, reliance on bank loans suggests the presence of hidden factors that enhance the hospital's financial standing. This supports the view that financial intermediaries are information specialists. C1 YALE UNIV,SCH MED,NEW HAVEN,CT 06521. RP CALEM, PS (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,PHILADELPHIA,PA 19106, USA. NR 43 TC 2 Z9 2 U1 3 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD DEC PY 1992 VL 16 IS 6 BP 1123 EP 1141 DI 10.1016/0378-4266(92)90062-5 PG 19 WC Business, Finance; Economics SC Business & Economics GA KA801 UT WOS:A1992KA80100006 ER PT J AU WHEELOCK, DC AF WHEELOCK, DC TI REGULATION AND BANK FAILURES - NEW EVIDENCE FROM THE AGRICULTURAL COLLAPSE OF THE 1920S SO JOURNAL OF ECONOMIC HISTORY LA English DT Article AB This article examines the contribution of government policies to the high number of bank failures in the United States during the 1920s. In the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was highest. The evidence for Kansas illustrates how prohibitions on branch banking caused unit banks to be especially vulnerable to local economic shocks and suggests that deposit insurance caused more bank failures than would have occurred otherwise. C1 UNIV TEXAS,AUSTIN,TX 78712. RP WHEELOCK, DC (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO 63166, USA. RI Wheelock, David/I-5757-2016 OI Wheelock, David/0000-0002-2702-8164 NR 40 TC 14 Z9 14 U1 0 U2 4 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0022-0507 J9 J ECON HIST JI J. Econ. Hist. PD DEC PY 1992 VL 52 IS 4 BP 806 EP 825 PG 20 WC Economics; History; History Of Social Sciences SC Business & Economics; History; Social Sciences - Other Topics GA KC311 UT WOS:A1992KC31100003 ER PT J AU BACKUS, DK KEHOE, PJ KEHOE, TJ AF BACKUS, DK KEHOE, PJ KEHOE, TJ TI IN SEARCH OF SCALE EFFECTS IN TRADE AND GROWTH SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID ECONOMIC-GROWTH; INTERNATIONAL-TRADE; QUALITY LADDERS C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. UNIV PENN,PHILADELPHIA,PA 19104. UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP BACKUS, DK (reprint author), NYU,NEW YORK,NY 10003, USA. NR 54 TC 72 Z9 72 U1 14 U2 20 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD DEC PY 1992 VL 58 IS 2 BP 377 EP 409 DI 10.1016/0022-0531(92)90060-U PG 33 WC Economics SC Business & Economics GA KG385 UT WOS:A1992KG38500011 ER PT J AU TODD, RM AF TODD, RM TI ALGORITHMS FOR EXPLAINING FORECAST REVISIONS SO JOURNAL OF FORECASTING LA English DT Article DE FORECASTING; FORECAST REVISIONS; DATA REVISIONS; INNOVATION ACCOUNTING AB Forecasts are routinely revised, and these revisions are often the subject of informal analysis and discussion. This paper argues (1) that forecast revisions are analyzed because they help forecasters and forecast users to evaluate forecasts and forecasting procedures and (2) that these analyses can be sharpened by using the forecasting model to systematically express its forecast revision as the sum of components identified with specific subsets of new information, such as data revisions and forecast errors. An algorithm for this purpose is explained and illustrated. RP TODD, RM (reprint author), FED RESERVE BANK,RES DEPT,MINNEAPOLIS,MN 55480, USA. NR 8 TC 2 Z9 2 U1 0 U2 1 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0277-6693 J9 J FORECASTING JI J. Forecast. PD DEC PY 1992 VL 11 IS 8 BP 675 EP 685 DI 10.1002/for.3980110805 PG 11 WC Economics; Management SC Business & Economics GA KA946 UT WOS:A1992KA94600005 ER PT J AU MCNEES, SK AF MCNEES, SK TI THE USES AND ABUSES OF CONSENSUS FORECASTS SO JOURNAL OF FORECASTING LA English DT Article DE COMBINING FORECASTS; CONSENSUS; FEEDBACK FROM CONSENSUS TO INDIVIDUAL FORECASTS; FORECAST ACCURACY AB Clemen's (1989) review of the forecast-combining literature amply illustrates both the interest in and the importance of this subject. This article stresses the tautological properties of various consensus measures that assure their success relative to most individual forecasts. It confirms the finding of earlier studies that for each specific macroeconomic variable roughly one-third of individual forecasters are more accurate than a consensus. However, each individual does relatively poorly for some variable while the consensus, in contrast, necessarily never fails relative to most individuals. These results, like most previous studies, describe consensus measures that are synthetic constructs derived from a pre-existing set of individual forecasts. Strictly speaking, this contemporaneous consensus is not available to individual forecasters when their forecasts are made. A prior consensus measure, which is in their information sets, was relatively much less accurate than the contemporaneous measure. Nevertheless, a small subset of individual forecasters were generally inferior to the known, prior consensus forecast. RP MCNEES, SK (reprint author), FED RESERVE BANK BOSTON,FED PLAZA,BOSTON,MA 02106, USA. NR 8 TC 21 Z9 21 U1 0 U2 2 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0277-6693 J9 J FORECASTING JI J. Forecast. PD DEC PY 1992 VL 11 IS 8 BP 703 EP 710 DI 10.1002/for.3980110807 PG 8 WC Economics; Management SC Business & Economics GA KA946 UT WOS:A1992KA94600007 ER PT J AU RUNKLE, DE AF RUNKLE, DE TI DO FUTURES MARKETS REACT EFFICIENTLY TO PREDICTABLE ERRORS IN GOVERNMENT ANNOUNCEMENTS SO JOURNAL OF FUTURES MARKETS LA English DT Article ID RATIONAL-EXPECTATIONS MODELS; FORECASTS; PRICES C1 UNIV MINNESOTA,FAC FINANCE,MINNEAPOLIS,MN 55455. RP RUNKLE, DE (reprint author), FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN, USA. NR 21 TC 3 Z9 3 U1 0 U2 1 PU JOHN WILEY & SONS INC PI NEW YORK PA 605 THIRD AVE, NEW YORK, NY 10158-0012 SN 0270-7314 J9 J FUTURES MARKETS JI J. Futures Mark. PD DEC PY 1992 VL 12 IS 6 BP 635 EP 643 DI 10.1002/fut.3990120604 PG 9 WC Business, Finance SC Business & Economics GA JX853 UT WOS:A1992JX85300003 ER PT J AU WHITT, JA AF WHITT, JA TI NOMINAL EXCHANGE-RATES AND UNIT ROOTS - A RECONSIDERATION SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article ID MACROECONOMIC TIME-SERIES; RANDOM-WALK; TRENDS; REGRESSION; MONETARY; BEHAVIOR; MARKET; POLICY; TESTS; GNP AB This paper provides empirical evidence that nominal exchange rates are stationary, and are not random walks. Other studies using classical tests suggest that exchange rates contain unit roots, thereby supporting the random walk hypothesis. The apparently permanent nature of shocks to exchange rates has been interpreted to mean that disequilibrium models such as the Dornbusch overshooting model are not useful in explaining exchange rate behavior. This paper applies a new statistical test for unit roots proposed by Sims and based on Bayesian posterior odds ratios; the results favor exchange rate stationarity for several countries. (JEL F31) C1 FED RESERVE BOARD,WASHINGTON,DC 20551. RP WHITT, JA (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 33 TC 3 Z9 3 U1 0 U2 1 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD DEC PY 1992 VL 11 IS 6 BP 539 EP 551 DI 10.1016/0261-5606(92)90002-F PG 13 WC Business, Finance SC Business & Economics GA KD150 UT WOS:A1992KD15000002 ER PT J AU BOYD, JH SMITH, BD AF BOYD, JH SMITH, BD TI INTERMEDIATION AND THE EQUILIBRIUM ALLOCATION OF INVESTMENT CAPITAL - IMPLICATIONS FOR ECONOMIC-DEVELOPMENT SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID FINANCIAL INTERMEDIATION; CREDIT; CONTRACTS AB We investigate several common assertions about intermediation and how it affects the allocation of investment capital. We use a model with adverse selection and costly state verification in which both debt contracts and credit rationing are observed. Intermediaries arise due to a comparative advantage in information acquisition. Relative to the situation absent intermediation, intermediaries reduce credit rationing and (inefficient) interest rate differentials. The model also shows how large interest rate differentials can be observed when financial markets are not integrated and how the volume of intermediation is affected by changes in the environment. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. CORNELL UNIV,ITHACA,NY 14853. RP BOYD, JH (reprint author), FED RESERVE BANK MINNEAPOLIS,RES DEPT,POB 291,MINNEAPOLIS,MN 55480, USA. NR 22 TC 43 Z9 44 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD DEC PY 1992 VL 30 IS 3 BP 409 EP 432 DI 10.1016/0304-3932(92)90004-L PG 24 WC Business, Finance; Economics SC Business & Economics GA KT598 UT WOS:A1992KT59800003 ER PT J AU WALLACE, N AF WALLACE, N TI LUCAS SIGNAL-EXTRACTION MODEL - A FINITE STATE EXPOSITION WITH AGGREGATE REAL SHOCKS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID NEUTRALITY AB This is a version of Lucas's (1972) 'Expectations and the Neutrality of Money' with finite supports for the exogenous random variables and with aggregate real shocks. The finite supports simplify the proofs and permit solutions for examples to be computed. The presence of aggregate shocks permits the model to display output-aggregate demand and output-inflation correlations that more closely duplicate those found in some data sets, correlations that have been interpreted as evidence against the model. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP WALLACE, N (reprint author), FED RESERVE BANK MINNEAPOLIS,RES DEPT,POB 291,MINNEAPOLIS,MN 55480, USA. NR 8 TC 7 Z9 7 U1 0 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD DEC PY 1992 VL 30 IS 3 BP 433 EP 447 DI 10.1016/0304-3932(92)90005-M PG 15 WC Business, Finance; Economics SC Business & Economics GA KT598 UT WOS:A1992KT59800004 ER PT J AU COLEMAN, WJ GILLES, C LABADIE, P AF COLEMAN, WJ GILLES, C LABADIE, P TI THE LIQUIDITY PREMIUM IN AVERAGE INTEREST-RATES SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID MODEL 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. C1 FED RESERVE SYST,BOARD GOVERNORS,MAIL STOP 70,WASHINGTON,DC 20551. DUKE UNIV,DURHAM,NC 27706. NR 12 TC 5 Z9 5 U1 0 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD DEC PY 1992 VL 30 IS 3 BP 449 EP 465 PG 17 WC Business, Finance; Economics SC Business & Economics GA KT598 UT WOS:A1992KT59800005 ER PT J AU COLE, HL MAILATH, GJ POSTLEWAITE, A AF COLE, HL MAILATH, GJ POSTLEWAITE, A TI SOCIAL NORMS, SAVINGS BEHAVIOR, AND GROWTH SO JOURNAL OF POLITICAL ECONOMY LA English DT Article AB We argue that many goods and decisions are not allocated or made through markets. We interpret an agent's status as a ranking device that determines how well he or she fares in the nonmarket sector. The existence of a nonmarket sector can endogenously generate a concern for relative position in, for example, the income distribution so that higher income implies higher status. Moreover, it can naturally yield multiple equilibria. It is thus possible to explain differences in growth rates across countries without recourse to differences in underlying preferences, technologies, or endowments. Different social organizations lead to different reduced-form preferences, which lead to different growth rates. C1 UNIV PENN,PHILADELPHIA,PA 19104. RP COLE, HL (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 17 TC 227 Z9 228 U1 2 U2 12 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD DEC PY 1992 VL 100 IS 6 BP 1092 EP 1125 DI 10.1086/261855 PG 34 WC Economics SC Business & Economics GA KB988 UT WOS:A1992KB98800002 ER PT J AU CALLANAN, GA GREENHAUS, JH AF CALLANAN, GA GREENHAUS, JH TI THE CAREER INDECISION OF MANAGERS AND PROFESSIONALS - AN EXAMINATION OF MULTIPLE SUBTYPES SO JOURNAL OF VOCATIONAL BEHAVIOR LA English DT Article ID DECISION SCALE; EXPLORATION; COMMITMENT; CONFLICT; OUTCOMES; PATTERNS; TURNOVER; MODEL C1 DREXEL UNIV,DEPT MANAGEMENT,PHILADELPHIA,PA 19104. FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. NR 27 TC 31 Z9 32 U1 2 U2 8 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0001-8791 J9 J VOCAT BEHAV JI J. Vocat. Behav. PD DEC PY 1992 VL 41 IS 3 BP 212 EP 231 DI 10.1016/0001-8791(92)90023-S PG 20 WC Psychology, Applied SC Psychology GA JZ326 UT WOS:A1992JZ32600002 ER PT J AU GREENHAUS, JH CALLANAN, GA AF GREENHAUS, JH CALLANAN, GA TI EMPLOYEE CAREER INDECISION - REJOINDER SO JOURNAL OF VOCATIONAL BEHAVIOR LA English DT Note ID MODEL C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. RP GREENHAUS, JH (reprint author), DREXEL UNIV,DEPT MANAGEMENT,PHILADELPHIA,PA 19104, USA. NR 20 TC 3 Z9 3 U1 1 U2 1 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0001-8791 J9 J VOCAT BEHAV JI J. Vocat. Behav. PD DEC PY 1992 VL 41 IS 3 BP 251 EP 258 DI 10.1016/0001-8791(92)90027-W PG 8 WC Psychology, Applied SC Psychology GA JZ326 UT WOS:A1992JZ32600006 ER PT J AU MESTER, LJ AF MESTER, LJ TI PERPETUAL SIGNALING WITH IMPERFECTLY CORRELATED COSTS SO RAND JOURNAL OF ECONOMICS LA English DT Article ID INFORMATION; CONTACT AB In many imperfect-information models in industrial organization, a firm is induced to take an action that does not maximize its first-period profit because other firms view this action as a signal about the firm's private information. In these models, because the opponent firms can correctly invert the firm's strategy, all information is revealed after play in the first period, and in subsequent periods all firms play their single-period profit-maximizing strategies. Thus, behavior like limit pricing is observed only in the first period, and not in any sub period. The empirical importance of such signalling behavior, however, depends on its being perpetuated through time rather than being a single-period phenomenon. In this article, such perpetual signalling is obtained by allowing the variable about which firms have private information to vary through time. In a separating equilibrium, while a firm's action will perfectly reveal its private information in a period, it will not perfectly reveal the firm's private information in subsequent periods. Thus, the incentive to signal perpetuates through time. RP MESTER, LJ (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19160, USA. NR 10 TC 6 Z9 6 U1 0 U2 1 PU RAND CORP PI LAWRENCE PA RAND J ECON PO BOX 1897, LAWRENCE, KS 66044-8897 SN 0741-6261 J9 RAND J ECON JI Rand J. Econ. PD WIN PY 1992 VL 23 IS 4 BP 548 EP 563 DI 10.2307/2555905 PG 16 WC Economics SC Business & Economics GA KB961 UT WOS:A1992KB96100007 ER PT J AU HOPENHAYN, HA PRESCOTT, EC AF HOPENHAYN, HA PRESCOTT, EC TI STOCHASTIC MONOTONICITY AND STATIONARY DISTRIBUTIONS FOR DYNAMIC ECONOMIES SO ECONOMETRICA LA English DT Article DE STATIONARY DISTRIBUTIONS; FIXED POINTS; MONOTONE FUNCTIONS; STOCHASTIC DYNAMIC PROGRAMMING; STOCHASTIC GROWTH THEORY; INVESTMENT THEORY ID EQUILIBRIUM; UNCERTAINTY; GROWTH AB The existence and stability of invariant distributions tor stochaistically monotone processes is studied. The Knaster-Tarski fixed point theorem is applied to establish existence of fixed points of mappings on Compact sets of measures that are increasing with respect to a stochastic ordering. Global convergence of a monotone Markov process to its unique invariant distribution is established under an easily verified assumption. Topkis' theory of supermodular functions is applied to stochastic dynamic optimization, providing conditions under which optimal stationary decisions are monotone functions of the state and induce a monotone Markov process. Applications of these results to investment theory, stochastic growth, and industry equilibrium dynamics are given. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55401. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55401. RP HOPENHAYN, HA (reprint author), STANFORD UNIV,GRAD SCH BUSINESS,STANFORD,CA 94305, USA. NR 29 TC 99 Z9 100 U1 1 U2 3 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD NOV PY 1992 VL 60 IS 6 BP 1387 EP 1406 DI 10.2307/2951526 PG 20 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA JT623 UT WOS:A1992JT62300007 ER PT J AU HUMPHREY, TM AF HUMPHREY, TM TI WICKSELL MONETARY-THEORY - CHIODI,G SO ECONOMIC JOURNAL LA English DT Book Review RP HUMPHREY, TM (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0013-0133 J9 ECON J JI Econ. J. PD NOV PY 1992 VL 102 IS 415 BP 1545 EP 1546 DI 10.2307/2234816 PG 2 WC Economics SC Business & Economics GA JZ359 UT WOS:A1992JZ35900034 ER PT J AU MAYFIELD, ES MURPHY, RG AF MAYFIELD, ES MURPHY, RG TI INTEREST-RATE PARITY AND THE EXCHANGE RISK PREMIUM - EVIDENCE FROM PANEL DATA SO ECONOMICS LETTERS LA English DT Article ID MARKET AB This paper provides evidence that a time-varying risk premium is responsible for the rejection of the interest rate parity theory. We use a panel data set of returns on Eurocurrency deposits and employ cross-section/time-series methods to account for common movements in risk premia across deposits denominated in different currrencies. C1 BOSTON COLL,DEPT ECON,CHESTNUT HILL,MA 02167. FED RESERVE BANK BOSTON,BOSTON,MA. NR 10 TC 4 Z9 4 U1 0 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PD NOV PY 1992 VL 40 IS 3 BP 319 EP 324 DI 10.1016/0165-1765(92)90012-N PG 6 WC Economics SC Business & Economics GA KZ199 UT WOS:A1992KZ19900012 ER PT J AU SHAFFER, S AF SHAFFER, S TI EFFICIENT 2-PART TARIFFS WITH UNCERTAINTY AND INTERDEPENDENT DEMAND SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article AB This article shows that demand interdependence in the presence of a two-part tariff may render marginal cost unit pricing inferior from the consumers' stand-point, in contrast to the findings of previous analysis of efficient two-part tariffs, even though a different two-part tariff can still dominate a uniform price. In addition, the sensitivity of the consumer's maximized utility level to changes in income or production costs is shown to be generally nonneutral with respect to the lump sum component of a two-part tariff, although the direction of effect is ambiguous in most cases; this analysis extends the sparse prior work on two-part tariffs under uncertainty. RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 15 TC 0 Z9 0 U1 0 U2 2 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD NOV PY 1992 VL 44 IS 4 BP 325 EP 334 DI 10.1016/S0148-6195(05)80006-2 PG 10 WC Business, Finance SC Business & Economics GA JW128 UT WOS:A1992JW12800006 ER PT J AU HASLAG, JH HEIN, SE AF HASLAG, JH HEIN, SE TI MACROECONOMIC ACTIVITY AND MONETARY-POLICY ACTIONS - SOME PRELIMINARY EVIDENCE SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID VECTOR AUTOREGRESSIONS; RESERVE REQUIREMENTS; MONEY; REALITY; INFLATION C1 SO METHODIST UNIV,DALLAS,TX 75275. TEXAS TECH UNIV,LUBBOCK,TX 79409. RP HASLAG, JH (reprint author), FED RES BANK DALLAS,DALLAS,TX 75222, USA. NR 30 TC 2 Z9 2 U1 0 U2 4 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1992 VL 24 IS 4 BP 431 EP 446 DI 10.2307/1992803 PG 16 WC Business, Finance; Economics SC Business & Economics GA JV722 UT WOS:A1992JV72200002 ER PT J AU WHITESELL, WC AF WHITESELL, WC TI DEPOSIT BANKS AND THE MARKET FOR PAYMENT MEDIA SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article RP WHITESELL, WC (reprint author), FED RESERVE SYST,BOARD GOVERNORS,MONEY & RESERVES PROJECT SECT,WASHINGTON,DC 20551, USA. NR 24 TC 18 Z9 18 U1 0 U2 7 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1992 VL 24 IS 4 BP 483 EP 498 DI 10.2307/1992806 PG 16 WC Business, Finance; Economics SC Business & Economics GA JV722 UT WOS:A1992JV72200005 ER PT J AU BRYANT, J AF BRYANT, J TI BANKING AND COORDINATION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID STRATEGIC UNCERTAINTY; EQUILIBRIUM; GAMES; FAILURE; MODEL C1 FED RESERVE BANK DALLAS, DALLAS, TX 75222 USA. STANFORD UNIV, HOOVER INST, STANFORD, CA 94305 USA. RP BRYANT, J (reprint author), RICE UNIV, ECON, HOUSTON, TX 77251 USA. NR 21 TC 0 Z9 0 U1 1 U2 2 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1992 VL 24 IS 4 BP 563 EP 569 DI 10.2307/1992812 PG 7 WC Business, Finance; Economics SC Business & Economics GA JV722 UT WOS:A1992JV72200011 ER PT J AU MCNEES, SK AF MCNEES, SK TI A FORWARD-LOOKING MONETARY-POLICY REACTION FUNCTION - CONTINUITY AND CHANGE SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB This study suggests that U.S. monetary policy has been influenced by forecasts of and past experience with three broad factors: inflation, economic activity, and the monetary aggregates. The influence of each factor has varied, however, within this common theme. In the past 22 years at least two specific changes have occurred: the October 1979 shift to greater emphasis on a narrow measure of money and a shift in the early 1980s from M1 targeting to M2. The author models monetary policy econometrically, testing the influence of numerous factors on monetary policy and investigating whether a formal model can capture variations in these factors and in the policy instrument. The study, also tests the influence of a number of other factors that are often thought to have an impact on monetary policy, such as measures of fiscal policy, exchange rates, and stock prices, as well as the President and Fed Chairman and the political party in power. The results indicate that monetary policy does not react systematically to these other factors. RP MCNEES, SK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 25 TC 20 Z9 20 U1 0 U2 5 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD NOV-DEC PY 1992 BP 3 EP 13 PG 11 WC Economics SC Business & Economics GA KH586 UT WOS:A1992KH58600001 ER PT J AU FIELEKE, NS AF FIELEKE, NS TI THE QUEST FOR SOUND MONEY - CURRENCY BOARDS TO THE RESCUE SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Some countries with high inflation have adopted another nation's more stable currency: Panama uses the U.S. dollar, gaining price stability and easier trade with its primary partner. But this arrangement grants an interest-free loan to the government whose currency is used. And the nation using the currency forgoes any income on the foreign currency holdings. One alternative, a currency board, achieves the other country's monetary stability without these costs. Currency boards issue a domestic currency in return for the foreign currency, at a fixed exchange rate. Boards also hold assets denominated in the foreign currency that are at least equal in value-at a fixed exchange rate--to the total domestic currency issued. Some have suggested that currency boards might ''rescue'' the monetary systems of Eastern Europe and the former Soviet Union. The author expresses a number of reservations. Above all, it is unclear how a currency board can arrest inflation without like-minded government policies: ''Dramatic results should not be expected from the inauguration of a currency board in the absence of other financial reforms. RP FIELEKE, NS (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 27 TC 2 Z9 2 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD NOV-DEC PY 1992 BP 14 EP 24 PG 11 WC Economics SC Business & Economics GA KH586 UT WOS:A1992KH58600002 ER PT J AU BROWNE, LE ROSENGREN, ES AF BROWNE, LE ROSENGREN, ES TI REAL-ESTATE AND THE CREDIT CRUNCH - AN OVERVIEW SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB In the late 1980s, declining real estate values led to an increase in nonperforming loans, which forced the shrinkage or failure of many banks. Has a ''credit crunch'' resulted, as many small business representatives insist? This article offers an overview of the Federal Reserve Bank of Boston's 1992 economic conference, which examined the crisis. The first sessions explored the causes of the sharp fluctuations in real estate values and construction activity, and the significance of economic fundamentals, tax and regulatory policy, and speculation. The next two sessions dealt with the effects of the real estate cycle on financial institutions and credit availability. The final sessions considered the implications of these problems for public policy. The research presented at the conference and the discussions that followed suggest that real estate markets are prone to speculative bubbles and overshooting, because of construction lags and expectations created by past price appreciation. But procyclical regulatory policy and tax code changes exacerbated both the boom and the succeeding bust in real estate activity. This experience suggests that greater attention be paid to the short-term transition effects of policy changes, and to excessive risk concentrations in lending institutions. RP BROWNE, LE (reprint author), FED RESERVE BANK BOSTON,RES REG AFFAIRS,BOSTON,MA 02106, USA. NR 0 TC 1 Z9 1 U1 0 U2 2 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD NOV-DEC PY 1992 BP 25 EP 36 PG 12 WC Economics SC Business & Economics GA KH586 UT WOS:A1992KH58600003 ER PT J AU LITTLE, JS AF LITTLE, JS TI CHANGES IN INVENTORY MANAGEMENT - IMPLICATIONS FOR THE UNITED-STATES RECOVERY SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID INVESTMENT; COST AB Inventories usually rise relative to sales during recessions, but they have remained remarkably lean during the recent downturn and the ensuing period of unusually slow growth. This article describes recent changes in inventory management and then presents statistical evidence that the introduction of these new techniques represented a structural change for the U.S. economy. The article also explores the implications of this structural shift for the current recovery. In the long run, reducing inventories permits greater efficiency and improves U.S. economic welfare. However, in the short run, the transition to improved inventory management is exerting a noticeable drag on the pace of economic growth. Presenting evidence that the transition is not yet complete, the article concludes that the ongoing introduction of lean inventory practices represents a structural impediment to a rapid recovery. RP LITTLE, JS (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 36 TC 2 Z9 2 U1 1 U2 3 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD NOV-DEC PY 1992 BP 37 EP 65 PG 29 WC Economics SC Business & Economics GA KH586 UT WOS:A1992KH58600004 ER PT J AU WARNER, AM AF WARNER, AM TI DID THE DEBT CRISIS CAUSE THE INVESTMENT CRISIS SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID UNCERTAINTY; MODELS AB 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. RP WARNER, AM (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 14 TC 24 Z9 24 U1 0 U2 4 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD NOV PY 1992 VL 107 IS 4 BP 1161 EP 1186 DI 10.2307/2118384 PG 26 WC Economics SC Business & Economics GA JX869 UT WOS:A1992JX86900002 ER PT J AU KOTLIKOFF, LJ GOKHALE, J AF KOTLIKOFF, LJ GOKHALE, J TI ESTIMATING A FIRMS AGE-PRODUCTIVITY PROFILE USING THE PRESENT VALUE OF WORKERS EARNINGS SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID UNEMPLOYMENT; EXPERIENCE; SENIORITY AB In hiring new workers, risk-neutral employers equate the present expected value of a worker's compensation to the present expected value of his/her productivity. Data detailing how present expected compensation varies with the age of hire, therefore, embed information about how productivity varies with age. This paper infers age-productivity profiles using data on the present expected value of earnings of new hires of a Fortune 1000 firm. For each of the five occupation/sex groups considered, productivity fails with age, with productivity exceeding earnings when young and vice versa when old. C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE BANK CLEVELAND,CLEVELAND,OH. RP KOTLIKOFF, LJ (reprint author), BOSTON UNIV,BOSTON,MA 02215, USA. NR 23 TC 49 Z9 50 U1 0 U2 9 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD NOV PY 1992 VL 107 IS 4 BP 1215 EP 1242 DI 10.2307/2118386 PG 28 WC Economics SC Business & Economics GA JX869 UT WOS:A1992JX86900004 ER PT J AU HARDOUVELIS, GA PERISTIANI, S AF HARDOUVELIS, GA PERISTIANI, S TI MARGIN REQUIREMENTS, SPECULATIVE TRADING, AND STOCK-PRICE FLUCTUATIONS - THE CASE OF JAPAN SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID VOLATILITY; MARKET AB An increase in margin requirements in the First Section of the Tokyo Stock Exchange is followed by a decline in margin borrowing, trading volume, the proportion of trading performed through margin accounts, the growth in stock prices, and the conditional volatility of daily returns. The nonmarginable Second Section stocks show a smaller change in volatility and only a delayed weak price response. The hypothesis that margin requirements restrict the behavior of destabilizing speculators can explain these correlations but cannot explain the observation that individuals, the most active users of margin funds, appear to be good market timers. C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP HARDOUVELIS, GA (reprint author), RUTGERS STATE UNIV,NEW BRUNSWICK,NJ 08903, USA. NR 26 TC 21 Z9 21 U1 1 U2 7 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD NOV PY 1992 VL 107 IS 4 BP 1333 EP 1370 DI 10.2307/2118391 PG 38 WC Economics SC Business & Economics GA JX869 UT WOS:A1992JX86900009 ER PT J AU DUDEY, M AF DUDEY, M TI DYNAMIC EDGEWORTH-BERTRAND COMPETITION SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Note ID CAPACITY; ENTRY C1 RICE UNIV,HOUSTON,TX 77251. RP DUDEY, M (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 23 TC 19 Z9 19 U1 0 U2 2 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD NOV PY 1992 VL 107 IS 4 BP 1461 EP 1477 DI 10.2307/2118397 PG 17 WC Economics SC Business & Economics GA JX869 UT WOS:A1992JX86900015 ER PT J AU CARLINO, GA VOITH, R AF CARLINO, GA VOITH, R TI ACCOUNTING FOR DIFFERENCES IN AGGREGATE STATE PRODUCTIVITY SO REGIONAL SCIENCE AND URBAN ECONOMICS LA English DT Article ID AGGLOMERATION ECONOMIES; GROWTH; DETERMINANTS AB The purpose of this paper is to analyze the determinants of aggregate productivity at the state level by utilizing the new GSP data. State differences in aggregate productivity are modeled as a Hicks-neutral shifter term in an aggregate production function framework. The model attempts to account for variations in aggregate productivity resulting from state-to-state differences in industry mix, human capital characteristics, public investment in infrastructure. and metropolitan structure. In addition, a random-effects extension of the model is employed to capture the effects on state productivity of other important localized factors that are not directly entered into the empirical model. The Findings indicates that a state's industrial mix, infrastructure, education level, and metropolitan structure all effect productivity. Relative state productivity rankings that allow cross-state comparisons of overall productivity and identify the sources of productivity differences are developed. For comparison, the model is re-estimated using manufacturing data. An important finding is that the productivity rankings based on the aggregate state output differ markedly from rankings based solely on data for the manufacturing sector. This raises questions about making inferences about overall productivity based solely on manufacturing data. RP CARLINO, GA (reprint author), FED RESERVE BANK PHILADELPHIA,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 24 TC 44 Z9 45 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0166-0462 J9 REG SCI URBAN ECON JI Reg. Sci. Urban Econ. PD NOV PY 1992 VL 22 IS 4 BP 597 EP 617 DI 10.1016/0166-0462(92)90004-K PG 21 WC Economics; Environmental Studies; Urban Studies SC Business & Economics; Environmental Sciences & Ecology; Urban Studies GA KE944 UT WOS:A1992KE94400004 ER PT J AU OLINER, SD RUDEBUSCH, GD AF OLINER, SD RUDEBUSCH, GD TI SOURCES OF THE FINANCING HIERARCHY FOR BUSINESS INVESTMENT SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID EMPIRICAL-ANALYSIS; MARKET-EFFICIENCY; INFORMATION; FIRM; OWNERSHIP; INSIDERS; BEHAVIOR; PROFITS; TAXES; COSTS AB 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. RP OLINER, SD (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 29 TC 73 Z9 77 U1 0 U2 8 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD NOV PY 1992 VL 74 IS 4 BP 643 EP 654 DI 10.2307/2109378 PG 12 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA KK126 UT WOS:A1992KK12600008 ER PT J AU GRUBEN, WC AF GRUBEN, WC TI NORTH-AMERICAN FREE-TRADE - OPPORTUNITIES AND PITFALLS SO CONTEMPORARY POLICY ISSUES LA English DT Article AB Most studies of the impacts of the North American Free Trade Agreement assume that once the agreement is in place, it will remain in place. Some common theories of trade and of special interest groups' influences upon government policy call these assumptions into question. If ratification of the agreement represents a loss for some import-competing special interest groups, the loss likely will be only of a battle in a war that continues. Attempts to abridge the effects of the agreement may succeed even if the agreement itself is not abridged. U.S. special interest groups rather than their Mexican counterparts will make the majority of these attempts. RP GRUBEN, WC (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 25 TC 0 Z9 0 U1 0 U2 1 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD OCT PY 1992 VL 10 IS 4 BP 1 EP 10 PG 10 WC Economics; Public Administration SC Business & Economics; Public Administration GA JU457 UT WOS:A1992JU45700001 ER PT J AU BULLARD, J AF BULLARD, J TI TIME-VARYING PARAMETERS AND NONCONVERGENCE TO RATIONAL-EXPECTATIONS UNDER LEAST-SQUARES LEARNING SO ECONOMICS LETTERS LA English DT Article ID CONVERGENCE; MODELS AB Least squares learning does not represent fully rational behavior because agents use inference techniques based on a parameter constancy assumption to learn about systems with time-varying parameters. When agents take time-varying parameters into ar-count, convergence results are lost. RP BULLARD, J (reprint author), FED RESERV BANK ST LOUIS,ST LOUIS,MO 63166, USA. RI Bullard, James/L-8120-2016 OI Bullard, James/0000-0002-1142-6803 NR 14 TC 9 Z9 9 U1 0 U2 3 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PD OCT PY 1992 VL 40 IS 2 BP 159 EP 166 DI 10.1016/0165-1765(92)90216-L PG 8 WC Economics SC Business & Economics GA KT776 UT WOS:A1992KT77600006 ER PT J AU NEUMARK, D WASCHER, W AF NEUMARK, D WASCHER, W TI EMPLOYMENT EFFECTS OF MINIMUM AND SUBMINIMUM WAGES - PANEL DATA ON STATE MINIMUM-WAGE LAWS SO INDUSTRIAL & LABOR RELATIONS REVIEW LA English DT Article ID YOUTH EMPLOYMENT; TIME-SERIES; UNEMPLOYMENT AB Using panel data on state minimum wage laws and economic conditions for the years 1973-89, the authors reevaluate existing evidence on the effects of a minimum wage on employment. Their estimates indicate that a 10% increase in the minimum wage causes a decline of 1-2% in employment among teenagers and a decline of 1.5-2% in employment for young adults, similar to the ranges suggested by earlier time-series studies. The authors also find evidence that youth subminimum wage provisions enacted by state legislatures moderate the disemployment effects of minimum wages on teenagers. C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP NEUMARK, D (reprint author), UNIV PENN,DEPT ECON,518 MCNEIL BLDG,PHILADELPHIA,PA 19104, USA. NR 23 TC 159 Z9 160 U1 1 U2 21 PU INDUSTRIAL LABOR RELAT REV PI ITHACA PA CORNELL UNIV, ITHACA, NY 14851-0952 SN 0019-7939 J9 IND LABOR RELAT REV JI Ind. Labor Relat. Rev. PD OCT PY 1992 VL 46 IS 1 BP 55 EP 81 DI 10.2307/2524738 PG 27 WC Industrial Relations & Labor SC Business & Economics GA JR954 UT WOS:A1992JR95400005 ER PT J AU BOARD, R AF BOARD, R TI THE ONLINE GRAPH BANDWIDTH PROBLEM SO INFORMATION AND COMPUTATION LA English DT Article C1 UNIV ILLINOIS,DEPT COMP SCI,URBANA,IL 61801. RP BOARD, R (reprint author), FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551, USA. NR 16 TC 0 Z9 0 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0890-5401 J9 INFORM COMPUT JI Inf. Comput. PD OCT PY 1992 VL 100 IS 2 BP 178 EP 201 DI 10.1016/0890-5401(92)90012-5 PG 24 WC Computer Science, Theory & Methods; Mathematics, Applied SC Computer Science; Mathematics GA JQ295 UT WOS:A1992JQ29500002 ER PT J AU FREEMAN, S POLASKY, S AF FREEMAN, S POLASKY, S TI KNOWLEDGE-BASED GROWTH SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID LONG-RUN GROWTH; INCREASING RETURNS; MONOPOLY AB This paper presents a model displaying sustained growth in output resulting from the accumulation of knowledge. The accumulation of knowledge is endogenous, determined by a level of study chosen by optimizing agents. Although knowledge can be owned and sold, its equilibrium price is below its value to future production, implying that the equilibrium suffers from a Pareto-nonoptimal underaccumulation of knowledge. These features of the equilibrium result from two special properties of knowledge: (i) an agent's stock of knowledge is undiminished by the transmission of that knowledge to someone else and (ii) the transmission of knowledge cannot be fully observed. C1 BOSTON COLL,DEPT ECON,CHESTNUT HILL,MA 02167. UNIV TEXAS,AUSTIN,TX 78712. FED RESERVE BANK DALLAS,DALLAS,TX 75222. NR 13 TC 18 Z9 19 U1 0 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1992 VL 30 IS 1 BP 3 EP 24 DI 10.1016/0304-3932(92)90041-Y PG 22 WC Business, Finance; Economics SC Business & Economics GA KF064 UT WOS:A1992KF06400001 ER PT J AU SCHREFT, SL AF SCHREFT, SL TI WELFARE-IMPROVING CREDIT CONTROLS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID MONEY; ECONOMY; MODEL AB Credit controls are generally believed to result in an inefficient allocation of resources. This paper presents a counterexample. It displays a general equilibrium, multi-good model with spatial separation for which steady state equilibria exist in which both cash (i.e., fiat currency) and trade credit are used in exchange. Transaction costs, restrictions on the timing of trade, and a positive nominal interest rate cause the laissez-faire equilibrium to be nonoptimal. A quantitative restriction on the use of trade credit can yield a Pareto-superior allocation. RP SCHREFT, SL (reprint author), FED RESERVE BANK RICHMOND,RES DEPT,POB 27622,RICHMOND,VA 23261, USA. NR 15 TC 11 Z9 11 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1992 VL 30 IS 1 BP 57 EP 72 DI 10.1016/0304-3932(92)90044-3 PG 16 WC Business, Finance; Economics SC Business & Economics GA KF064 UT WOS:A1992KF06400004 ER PT J AU AIYAGARI, SR CHRISTIANO, LJ EICHENBAUM, M AF AIYAGARI, SR CHRISTIANO, LJ EICHENBAUM, M TI THE OUTPUT, EMPLOYMENT, AND INTEREST-RATE EFFECTS OF GOVERNMENT CONSUMPTION SO JOURNAL OF MONETARY ECONOMICS LA English DT Article AB We study the impact on aggregate variables of changes in government consumption using the neoclassical stochastic growth model. We show, theoretically, that the impact on output and employment of a persistent change in government consumption exceeds that of a temporary change. We also show that, in principle, there can be an analog to the Keynesian multiplier in the neoclassical growth model. Finally, in an empirically plausible version of the model, we show that the interest rate impact of a persistent government consumption shock exceeds that of a temporary one. Our results provide counterexamples to existing claims in the literature. C1 FED RESERVE BANK CHICAGO,CHICAGO,IL 60604. NATL BUR ECON RES,CAMBRIDGE,MA 02138. NORTHWESTERN UNIV,EVANSTON,IL 60201. RP AIYAGARI, SR (reprint author), FED RESERVE BANK MINNEAPOLIS,RES DEPT,POB 291,MINNEAPOLIS,MN 55480, USA. NR 14 TC 68 Z9 68 U1 0 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1992 VL 30 IS 1 BP 73 EP 86 DI 10.1016/0304-3932(92)90045-4 PG 14 WC Business, Finance; Economics SC Business & Economics GA KF064 UT WOS:A1992KF06400005 ER PT J AU MOURMOURAS, A RUSSELL, S AF MOURMOURAS, A RUSSELL, S TI OPTIMAL RESERVE REQUIREMENTS, DEPOSIT TAXATION, AND THE DEMAND FOR MONEY SO JOURNAL OF MONETARY ECONOMICS LA English DT Article AB We study welfare and equivalence relationships between two schemes for financing a recurrent real expenditure: reserve-requirement-augmented seigniorage (RRS) and seigniorage/deposit tax combinations (SD). The model we employ includes overlapping generations, fiat currency, and a risky physical asset. Its implications depend critically on whether it is specified so as to be 'diversifying' - so that fiat currency has value when the expenditure is financed via optimal taxation of asset returns. If the specification is diversifying, RRS is broadly equivalent to SD, and an interior reserve ratio can be part of an optimal financing scheme. If it is not, the best RRS scheme involves an extreme reserve ratio, produces a hyperinflation, and is Pareto-dominated by a pure deposit tax scheme. C1 FED RESERVE BANK ST LOUIS,DEPT RES & PUBL INFORMAT,POB 442,ST LOUIS,MO 63166. UNIV GEORGIA,DEPT ECON,ATHENS,GA 30602. INT MONETARY FUND,WASHINGTON,DC 20431. NR 10 TC 4 Z9 4 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1992 VL 30 IS 1 BP 129 EP 142 DI 10.1016/0304-3932(92)90048-7 PG 14 WC Business, Finance; Economics SC Business & Economics GA KF064 UT WOS:A1992KF06400008 ER PT J AU BERGER, AN UDELL, GF AF BERGER, AN UDELL, GF TI SOME EVIDENCE ON THE EMPIRICAL SIGNIFICANCE OF CREDIT RATIONING SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID IMPERFECT INFORMATION; LOAN COMMITMENTS; BANK RISK; MARKETS; EQUILIBRIUM; CONTRACTS 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. C1 NYU,NEW YORK,NY 10003. RP BERGER, AN (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 37 TC 116 Z9 119 U1 5 U2 18 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD OCT PY 1992 VL 100 IS 5 BP 1047 EP 1077 DI 10.1086/261851 PG 31 WC Economics SC Business & Economics GA JR331 UT WOS:A1992JR33100007 ER PT J AU FRIEDMAN, BM KUTTNER, KN AF FRIEDMAN, BM KUTTNER, KN TI TIME-VARYING RISK PERCEPTIONS AND THE PRICING OF RISKY ASSETS SO OXFORD ECONOMIC PAPERS-NEW SERIES LA English DT Article ID TERM STRUCTURE; INTEREST-RATES; MODEL; INFLATION; PRICES; EXPECTATIONS; CONSUMPTION; PERSISTENCE; VOLATILITY C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP FRIEDMAN, BM (reprint author), HARVARD UNIV,CAMBRIDGE,MA 02138, USA. NR 35 TC 8 Z9 8 U1 1 U2 3 PU OXFORD UNIV PRESS UNITED KINGDOM PI OXFORD PA WALTON ST JOURNALS DEPT, OXFORD, ENGLAND OX2 6DP SN 0030-7653 J9 OXFORD ECON PAP JI Oxf. Econ. Pap.-New Ser. PD OCT PY 1992 VL 44 IS 4 BP 566 EP 598 PG 33 WC Economics SC Business & Economics GA LA827 UT WOS:A1992LA82700003 ER PT J AU BENCIVENGA, VR SMITH, BD AF BENCIVENGA, VR SMITH, BD TI DEFICITS, INFLATION, AND THE BANKING SYSTEM IN DEVELOPING-COUNTRIES - THE OPTIMAL DEGREE OF FINANCIAL REPRESSION SO OXFORD ECONOMIC PAPERS-NEW SERIES LA English DT Article ID SOUTH-KOREA; POLICY C1 FED RESERV BANK,MINNEAPOLIS,MN. RP BENCIVENGA, VR (reprint author), CORNELL UNIV,ITHACA,NY 14853, USA. NR 32 TC 41 Z9 42 U1 1 U2 4 PU OXFORD UNIV PRESS UNITED KINGDOM PI OXFORD PA WALTON ST JOURNALS DEPT, OXFORD, ENGLAND OX2 6DP SN 0030-7653 J9 OXFORD ECON PAP JI Oxf. Econ. Pap.-New Ser. PD OCT PY 1992 VL 44 IS 4 BP 767 EP 790 PG 24 WC Economics SC Business & Economics GA LA827 UT WOS:A1992LA82700011 ER PT J AU EBERTS, RW FOX, WF AF EBERTS, RW FOX, WF TI THE EFFECT OF FEDERAL-POLICIES ON LOCAL PUBLIC INFRASTRUCTURE INVESTMENT SO PUBLIC FINANCE QUARTERLY LA English DT Article AB The linkage between federal policy and municipal investment decisions is empirically estimated. The findings of this article indicate that federal policies should be designed with recognition of the potential effects on local investment decisions. Deductibility of state and local taxes is found to have a strong effect on demand for investment. Intergovernmental aid appears to have a small positive influence on investment demand. Investment demand is estimated to have grown after passage of the Tax Reform Act of 1986 (TRA86). Because TRA86 eliminated sales tax deductibility, this suggests that sales taxes are not used at the margin to finance investments. Factors not related to federal tax policy, such as mandates, must explain the subsequent investment growth. Evidence is found that federal policies can increase investment by influencing municipal willingness to issue debt, as measured by the percentage of resources raised through debt. However the effect disappears when the debt share is simultaneously estimated with investment demand. C1 UNIV TENNESSEE,ECON,KNOXVILLE,TN 37996. RP EBERTS, RW (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 13 TC 5 Z9 5 U1 0 U2 1 PU SAGE PUBLICATIONS INC PI THOUSAND OAKS PA 2455 TELLER RD, THOUSAND OAKS, CA 91320 SN 0048-5853 J9 PUBLIC FINANC QUART JI Public Financ. Q. PD OCT PY 1992 VL 20 IS 4 BP 557 EP 571 DI 10.1177/109114219202000411 PG 15 WC Business, Finance SC Business & Economics GA JR358 UT WOS:A1992JR35800011 ER PT J AU ASIKOGLU, Y UCTUM, M AF ASIKOGLU, Y UCTUM, M TI A CRITICAL-EVALUATION OF EXCHANGE-RATE POLICY IN TURKEY SO WORLD DEVELOPMENT LA English DT Article ID DEVELOPING-COUNTRIES; STABILIZATION-POLICIES; STRUCTURAL ADJUSTMENT; RATE MANAGEMENT; PEG AB This paper reviews and critically evaluates the exchange rate policy followed in Turkey in the post-1980 period during which a far-reaching program of liberalization has been launched. We conclude that the new exchange rate policy has been essential for Turkey's regaining its creditworthiness. Furthermore, it has positively contributed to growth of output and exports, and to expansion of tradables production relative to nontradables. Persistence of inflation and weakness of private investment in tradables overshadow the successes recorded in other areas, and cast doubt over the sustainability of Turkey's outward orientation. We argue that the root cause of these problems has been inconsistencies between overall economic policies, rather than the exchange rate policy itself. We compare the period of real appreciations since late 1988 with the earlier period of real depreciations, and draw policy implications. C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP ASIKOGLU, Y (reprint author), CUNY,NEW YORK,NY 10021, USA. NR 45 TC 5 Z9 5 U1 1 U2 2 PU PERGAMON-ELSEVIER SCIENCE LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, ENGLAND OX5 1GB SN 0305-750X J9 WORLD DEV JI World Dev. PD OCT PY 1992 VL 20 IS 10 BP 1501 EP 1514 DI 10.1016/0305-750X(92)90070-C PG 14 WC Economics; Planning & Development SC Business & Economics; Public Administration GA JY927 UT WOS:A1992JY92700009 ER PT J AU JORDAN, JL AF JORDAN, JL TI PUTTING THE BRAKES ON INFLATION SO FORTUNE LA English DT Letter C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH. NR 1 TC 0 Z9 0 U1 0 U2 0 PU TIME INC PI NEW YORK PA TIME & LIFE BUILDING ROCKEFELLER CENTER, NEW YORK, NY 10020-1393 SN 0015-8259 J9 FORTUNE JI Fortune PD SEP 7 PY 1992 VL 126 IS 5 BP 34 EP 34 PG 1 WC Business SC Business & Economics GA JJ534 UT WOS:A1992JJ53400013 ER PT J AU SMITH, E WRIGHT, R AF SMITH, E WRIGHT, R TI WHY IS AUTOMOBILE INSURANCE IN PHILADELPHIA SO DAMN EXPENSIVE SO AMERICAN ECONOMIC REVIEW LA English DT Article AB We document and attempt to explain the observation that automobile insurance premiums vary dramatically across cities. We argue that high premiums can be attributed, at least in part, to large numbers of uninsured motorists in some markets, while uninsured motorists can be attributed to high premiums. We construct a simple noncooperative equilibrium model that can generate inefficient equilibria with uninsured drivers and high, yet actuarially fair, premiums. For certain parameterizations, an efficient full-insurance equilibrium and inefficient high-price equilibria with uninsured drivers exist simultaneously, helping to explain price variability across otherwise similar cities. Policy implications are discussed. C1 UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480. RP SMITH, E (reprint author), UNIV ESSEX,DEPT ECON,COLCHESTER CO4 3SQ,ESSEX,ENGLAND. NR 12 TC 26 Z9 26 U1 2 U2 9 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1992 VL 82 IS 4 BP 756 EP 772 PG 17 WC Economics SC Business & Economics GA JL443 UT WOS:A1992JL44300004 ER PT J AU BACKUS, DK KEHOE, PJ AF BACKUS, DK KEHOE, PJ TI INTERNATIONAL EVIDENCE ON THE HISTORICAL PROPERTIES OF BUSINESS CYCLES SO AMERICAN ECONOMIC REVIEW LA English DT Article ID GROSS NATIONAL PRODUCT; BEHAVIOR AB We contrast properties of real quantities with those of price levels and stocks of money for ten countries over the last century. Although the magnitude of output fluctuations has varied across countries and periods, relations among real quantities have been remarkably uniform. Properties of price levels, however, exhibit striking differences between periods Inflation rates are more persistent after World War II than before, and price-level fluctuations are typically procyclical before World War II and countercyclical afterward. Fluctuations in money are less highly correlated with output in the postwar period but are no more persistent than in earlier periods. C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. RP BACKUS, DK (reprint author), NYU,STERN SCH BUSINESS,44 W 4TH ST,NEW YORK,NY 10012, USA. NR 68 TC 225 Z9 235 U1 1 U2 11 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1992 VL 82 IS 4 BP 864 EP 888 PG 25 WC Economics SC Business & Economics GA JL443 UT WOS:A1992JL44300009 ER PT J AU WILCOX, DW AF WILCOX, DW TI THE CONSTRUCTION OF UNITED-STATES CONSUMPTION DATA - SOME FACTS AND THEIR IMPLICATIONS FOR EMPIRICAL WORK SO AMERICAN ECONOMIC REVIEW LA English DT Article AB This paper investigates the sources and methods used to construct the aggregate data on consumer spending in the United States, searching especially for imperfections that may have implications for the outcome of empirical work The paper identifies two such imperfections: sampling error and compositional error. It then presents several examples intended to illustrate that these imperfections may be empirically important and that appropriate remedies for them often can be devised. The paper concludes by suggesting some guidelines for empirical practice. RP WILCOX, DW (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. NR 12 TC 57 Z9 57 U1 0 U2 3 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1992 VL 82 IS 4 BP 922 EP 941 PG 20 WC Economics SC Business & Economics GA JL443 UT WOS:A1992JL44300012 ER PT J AU DIEBOLD, FX RUDEBUSCH, GD AF DIEBOLD, FX RUDEBUSCH, GD TI HAVE POSTWAR ECONOMIC-FLUCTUATIONS BEEN STABILIZED SO AMERICAN ECONOMIC REVIEW LA English DT Article ID GROSS-NATIONAL-PRODUCT; BUSINESS-CYCLE; DURATION DEPENDENCE; UNITED-STATES; UNEMPLOYMENT C1 FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551. RP DIEBOLD, FX (reprint author), UNIV PENN,DEPT ECON,3718 LOCUST WALK,PHILADELPHIA,PA 19104, USA. NR 39 TC 50 Z9 50 U1 0 U2 12 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1992 VL 82 IS 4 BP 993 EP 1005 PG 13 WC Economics SC Business & Economics GA JL443 UT WOS:A1992JL44300016 ER PT J AU FAUST, J AF FAUST, J TI WHEN ARE VARIANCE RATIO TESTS FOR SERIAL DEPENDENCE OPTIMAL SO ECONOMETRICA LA English DT Article DE VARIANCE RATIO STATISTIC; SERIAL DEPENDENCE; OPTIMAL TEST ID RANDOM-WALK; POWER; SIZE AB 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 class of alternative models is provided in terms of the filter upon which the statistic is based. These results are applied to demonstrate that a variance ratio test for mean reversion is an optimal test for mean reversion and to illustrate the forms of mean reversion it is best at detecting. RP FAUST, J (reprint author), INT FINANCE DIV,BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 24 TC 24 Z9 25 U1 2 U2 4 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD SEP PY 1992 VL 60 IS 5 BP 1215 EP 1226 DI 10.2307/2951545 PG 12 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA JK940 UT WOS:A1992JK94000010 ER PT J AU SIBERT, A AF SIBERT, A TI EXCHANGE-RATES, MARKET-STRUCTURE, PRICES AND IMPORTS SO ECONOMIC RECORD LA English DT Article ID BEHAVIOR; HYSTERESIS; OLIGOPOLY; GAMES AB Eighteen months after sizable declines in the US and Australian dollars in 1985, the trade accounts of both countries showed little improvement In some markets import prices failed to decline as expected. Was this due to normal lags, or are there markets where exchange rate responses are limited? This paper analyzes the impact of firm behaviour and market structure on the sensitivity of import markets to exchange rate changes. C1 FED RESERVE BANK,KANSAS CITY,KS. RP SIBERT, A (reprint author), UNIV KANSAS,LAWRENCE,KS 66045, USA. NR 22 TC 6 Z9 6 U1 0 U2 1 PU ECONOMIC SOC OF AUSTRALIA BROWN PRIOR ANDERSON PTY LTD PI BURWOOD VICTORIA PA 5 EVANS ST, BURWOOD VICTORIA 3125, AUSTRALIA SN 0013-0249 J9 ECON REC JI Econ. Rec. PD SEP PY 1992 VL 68 IS 202 BP 233 EP 239 DI 10.1111/j.1475-4932.1992.tb01769.x PG 7 WC Economics SC Business & Economics GA KF455 UT WOS:A1992KF45500003 ER PT J AU HUNTER, WC TIMME, SG AF HUNTER, WC TIMME, SG TI A STOCHASTIC-DOMINANCE APPROACH TO EVALUATING FOREIGN-EXCHANGE HEDGING STRATEGIES SO FINANCIAL MANAGEMENT LA English DT Article AB We offer a new approach to evaluating foreign exchange hedging strategies. The approach is practical since it is couched in terms of business variables such as profits, rates of return, and revenues. It is also consistent with utility-maximizing behavior since it is based on standard stochastic dominance rules. By taking account of all points of the hedging strategies' outcome distributions, the approach avoids the problems associated with popular selection procedures such as the mean-variance criterion. These problems can occur, for example, when the hedging outcome distributions are nonnormal. A stylized example for hedging transaction exposure is presented to demonstrate how the stochastic dominance evaluation methodology is easily implemented, that it is theoretically sound, and not restrictive in terms of its underlying assumptions. C1 EMORY UNIV,FINANCE,ATLANTA,GA 30322. GEORGIA STATE UNIV,FINANCE,ATLANTA,GA 30303. RP HUNTER, WC (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 31 TC 1 Z9 1 U1 0 U2 1 PU FINANCIAL MANAGEMENT ASSOC PI TAMPA PA UNIV SOUTH FLORIDA, COLL BUSINESS ADMINISTRATION, 4202 E FOWLER, TAMPA, FL 33620 SN 0046-3892 J9 FINANC MANAGE JI Financ. Manage. PD FAL PY 1992 VL 21 IS 3 BP 104 EP 112 DI 10.2307/3666023 PG 9 WC Business, Finance SC Business & Economics GA JX928 UT WOS:A1992JX92800015 ER PT J AU MOEN, J TALLMAN, EW AF MOEN, J TALLMAN, EW TI THE BANK PANIC OF 1907 - THE ROLE OF TRUST COMPANIES SO JOURNAL OF ECONOMIC HISTORY LA English DT Article AB The Bank Panic of 1907 was one of the most severe financial crises in the United States before the Great Depression. Although contemporaries realized that the panic in New York City was centered at trust companies, subsequent research has relied heavily on national bank data. Balance sheet data for trust companies and state banks as well as call reports of national banks indicate that the contraction of loans and deposits in New York City during the panic was confined to the trust companies. C1 FED RESERVE BANK ATLANTA,ATLANTA,GA 30303. RP MOEN, J (reprint author), UNIV MISSISSIPPI,ECON,UNIVERSITY,MS 38677, USA. NR 34 TC 25 Z9 25 U1 0 U2 3 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0022-0507 J9 J ECON HIST JI J. Econ. Hist. PD SEP PY 1992 VL 52 IS 3 BP 611 EP 630 PG 20 WC Economics; History; History Of Social Sciences SC Business & Economics; History; Social Sciences - Other Topics GA JP905 UT WOS:A1992JP90500004 ER PT J AU KUTTNER, KN AF KUTTNER, KN TI NATIONAL SAVING AND ECONOMIC-PERFORMANCE - BERNHEIM,BD, SHOVEN,JB SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP KUTTNER, KN (reprint author), FED RESERVE BANK CHICAGO,CHICAGO,IL, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD SEP PY 1992 VL 30 IS 3 BP 1505 EP 1506 PG 2 WC Economics SC Business & Economics GA JQ974 UT WOS:A1992JQ97400013 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI POLICY WATCH - INFRASTRUCTURE INVESTMENT AND ECONOMIC-GROWTH SO JOURNAL OF ECONOMIC PERSPECTIVES LA English DT Article RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 42 TC 279 Z9 287 U1 6 U2 25 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0895-3309 J9 J ECON PERSPECT JI J. Econ. Perspect. PD FAL PY 1992 VL 6 IS 4 BP 189 EP 198 PG 10 WC Economics SC Business & Economics GA KU070 UT WOS:A1992KU07000010 ER PT J AU HUFFMAN, GW AF HUFFMAN, GW TI INFORMATION, ASSET PRICES, AND THE VOLUME OF TRADE SO JOURNAL OF FINANCE LA English DT Note AB A dynamic equilibrium model is constructed in which agents with access to different information sets participate in the capital market. Agents must use the equilibrium price of capital to make optimal forecasts of the return to holding capital. Examples show that the volume of trade, as well as the price of capital, can be highly correlated with a measure of the information content of prices. This measure of information is the difference between the unconditional entropy of the dividend and the entropy of the dividend conditional on observing the price of capital. C1 FED RESERVE BANK DALLAS,DALLAS,TX. RP HUFFMAN, GW (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 10 TC 3 Z9 4 U1 0 U2 4 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD SEP PY 1992 VL 47 IS 4 BP 1575 EP 1590 DI 10.2307/2328954 PG 16 WC Business, Finance SC Business & Economics GA JT344 UT WOS:A1992JT34400016 ER PT J AU BRADLEY, MG LUMPKIN, SA AF BRADLEY, MG LUMPKIN, SA TI THE TREASURY YIELD CURVE AS A COINTEGRATED SYSTEM SO JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS LA English DT Article ID TERM STRUCTURE; TIME-SERIES; INTEREST-RATES; ESTIMATORS; VARIABLES; MODELS; DEMAND; TRENDS; TESTS 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. C1 FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551. RP BRADLEY, MG (reprint author), FED HOME LOAN MORTGAGE CORP,FINANCIAL RES DEPT,MCLEAN,VA 22102, USA. NR 27 TC 20 Z9 20 U1 2 U2 6 PU UNIV WASHINGTON PI SEATTLE PA GRAD SCH OF BUSINESS ADMIN, SEATTLE, WA 98105 SN 0022-1090 J9 J FINANC QUANT ANAL JI J. Financ. Quant. Anal. PD SEP PY 1992 VL 27 IS 3 BP 449 EP 463 DI 10.2307/2331330 PG 15 WC Business, Finance; Economics SC Business & Economics GA KC827 UT WOS:A1992KC82700009 ER PT J AU REINHART, V AF REINHART, V TI THE DESIGN OF AN INTEREST-RATE RULE WITH STAGGERED CONTRACTING AND COSTLY TRANSACTING SO JOURNAL OF MACROECONOMICS LA English DT Article ID PRICE-LEVEL DETERMINACY; RATIONAL-EXPECTATIONS; MONETARY-POLICY; UTILITY; MODELS; MONEY AB We examine 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. RP REINHART, V (reprint author), BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC, USA. NR 34 TC 4 Z9 4 U1 0 U2 2 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD FAL PY 1992 VL 14 IS 4 BP 663 EP 688 DI 10.1016/0164-0704(92)90005-S PG 26 WC Economics SC Business & Economics GA JQ536 UT WOS:A1992JQ53600005 ER PT J AU FUHRER, JC AF FUHRER, JC TI DO CONSUMERS BEHAVE AS THE LIFE-CYCLE PERMANENT-INCOME THEORY OF CONSUMPTION PREDICTS SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID HYPOTHESIS AB Widely accepted theories of consumer behavior suggest that consumers act according to a lifetime budget, spending against future earnings so long as they are predictable. Yet this study finds that many consumers respond to changes in income only when they are realized. Furthermore, adjustment costs lead to deviations in the short run from the Life-Cycle/Permanent-Income path. These findings suggest that some temporary economic policies may have a larger impact on consumption than LC/PI theory predicts, since consumers do not or cannot spread out the effects over their lifetime. Conversely, permanent policies may have more sluggish results than the theories predict, as consumers require time to adjust consumption to the new level of lifetime resources. RP FUHRER, JC (reprint author), FED RESERVE BANK BOSTON,POB 2076,BOSTON,MA 02106, USA. RI Fuhrer, Jeff/F-8852-2013 NR 22 TC 6 Z9 6 U1 0 U2 2 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD SEP-OCT PY 1992 BP 3 EP 14 PG 12 WC Economics SC Business & Economics GA JU972 UT WOS:A1992JU97200001 ER PT J AU BRADBURY, KL KODRZYCKI, YK AF BRADBURY, KL KODRZYCKI, YK TI WHAT PAST RECOVERIES SAY ABOUT THE OUTLOOK FOR NEW-ENGLAND SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB New England lagged behind the national recovery in the mid 1970s but did better than average coming out of the 1982 recession. The region's strong recovery after 1982 was the result of increased defense contracts, a high-tech export orientation, and the waning of the 1970s energy price shock. What do those experiences suggest about the pace and character of the present recovery? Regression results indicate that the most important determinants of a state's recovery are how well its key industries perform nationally, relative wage and energy cost changes, and the fiscal picture. New England's industry mix, its pre-recession increases in real wages, state government spending cutbacks, and federal defense cuts all point to a 1991-94 recovery that will be slower than the national average. RP BRADBURY, KL (reprint author), FED RESERVE BANK BOSTON,POB 2076,BOSTON,MA 02106, USA. NR 27 TC 4 Z9 4 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD SEP-OCT PY 1992 BP 15 EP 32 PG 18 WC Economics SC Business & Economics GA JU972 UT WOS:A1992JU97200002 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI TAXATION OF CAPITAL INCOME IN A GLOBAL ECONOMY - AN OVERVIEW SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID INTERGENERATIONAL TRANSFERS; ACCUMULATION AB Taxation of income from capital is difficult in today's global economy, where financial markets are international, investments flow freely over national borders, and multinational corporations abound. Yet fairness and equity require that capital income be taxed. This article reviews the options for achieving improved harmonization of taxation within the European Community (EC). A formula apportionment system, such as exists in the United States, could help EC countries curb tax avoidance by corporations that shift income away from subsidiaries in high-tax areas. The author also considers the "unitary combination" approach, whereby a business is considered a single taxpayer if it has unity of operation, ownership, and use. A combination of these two approaches might permit the EC to adopt the beneficial aspects of the U.S. system, without repeating all its mistakes. RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,POB 2076,BOSTON,MA 02106, USA. NR 35 TC 4 Z9 4 U1 0 U2 5 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD SEP-OCT PY 1992 BP 33 EP 52 PG 20 WC Economics SC Business & Economics GA JU972 UT WOS:A1992JU97200003 ER PT J AU COOPER, RN AF COOPER, RN TI WILL AN EC CURRENCY HARM OUTSIDERS SO ORBIS-A JOURNAL OF WORLD AFFAIRS LA English DT Article C1 FED RES BANK,BOSTON,MA. RP COOPER, RN (reprint author), HARVARD UNIV,INT ECON,CAMBRIDGE,MA 02138, USA. NR 16 TC 1 Z9 1 U1 0 U2 0 PU JAI PRESS INC PI GREENWICH PA 55 OLD POST RD-#2, PO BOX 1678, GREENWICH, CT 06836-1678 SN 0030-4387 J9 ORBIS-J WORLD AFF JI Orbis-J. World Aff. PD FAL PY 1992 VL 36 IS 4 BP 517 EP 529 PG 13 WC International Relations SC International Relations GA JL451 UT WOS:A1992JL45100004 ER PT J AU NOSAL, E ROGERSON, R WRIGHT, R AF NOSAL, E ROGERSON, R WRIGHT, R TI THE ROLE OF HOUSEHOLD PRODUCTION IN MODELS OF INVOLUNTARY UNEMPLOYMENT AND UNDEREMPLOYMENT SO CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE LA English DT Article ID IMPLICIT CONTRACTS; BUSINESS-CYCLE; ASYMMETRIC INFORMATION; EMPLOYMENT CONTRACTS; INDIVISIBLE LABOR; LAYOFFS; WAGES; TIME; EQUILIBRIUM; ALLOCATION AB A classic result in the theory of labour contracts with asymmetric information is that underemployment results if and only if leisure is an inferior good. A classic result in models where unemployment occurs because of indivisibilities, including implicit contract models and some equilibrium macroeconomic models, is that unemployment is involuntary if and only if leisure is an inferior good. We introduce household production into otherwise standard versions of these models and show that this implies we can have underemployment in asymmetric-information models or involuntary unemployment in indivisible-labour models without assuming that leisure is inferior. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. UNIV PENN,PHILADELPHIA,PA 19104. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. RP NOSAL, E (reprint author), UNIV WATERLOO,WATERLOO N2L 3G1,ONTARIO,CANADA. NR 34 TC 10 Z9 10 U1 1 U2 4 PU UNIV TORONTO PRESS INC PI TORONTO PA JOURNALS DIVISION, 5201 DUFFERIN ST, DOWNSVIEW, TORONTO ON M3H 5T8, CANADA SN 0008-4085 J9 CAN J ECON JI Can. J. Econ.-Rev. Can. Econ. PD AUG PY 1992 VL 25 IS 3 BP 507 EP 520 DI 10.2307/135729 PG 14 WC Economics SC Business & Economics GA JM917 UT WOS:A1992JM91700001 ER PT J AU EMERY, KM KOENIG, EF AF EMERY, KM KOENIG, EF TI FORECASTING TURNING-POINTS - IS A 2-STATE CHARACTERIZATION OF THE BUSINESS-CYCLE APPROPRIATE SO ECONOMICS LETTERS LA English DT Article AB Two-state models of the Commerce Department's leading and coincident indexes appear to be misspecified. Cyclical peaks in these indexes are more rounded than are cyclical troughs. Further, the variability of changes in the indexes is unusually high near cyclical troughs. RP EMERY, KM (reprint author), FED RESERVE BANK DALLAS,STN K,DALLAS,TX 75222, USA. NR 12 TC 9 Z9 9 U1 0 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PD AUG PY 1992 VL 39 IS 4 BP 431 EP 435 DI 10.1016/0165-1765(92)90181-W PG 5 WC Economics SC Business & Economics GA KC648 UT WOS:A1992KC64800012 ER PT J AU BALKE, NS HASLAG, JH AF BALKE, NS HASLAG, JH TI A THEORY OF FED WATCHING IN A MACROECONOMIC POLICY GAME SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID MONETARY-POLICY; INFORMATION; REPUTATION; INFLATION; DISCRETION; SECRECY; MODEL AB This paper examines the phenomenon of "Fed watching" within the context of a macroeconomic policy game. Following Cukierman and Meltzer's 1986 article, the policymaker's preferences are private information and noisy monetary control causes past observations of money growth to be a noisy signal of the monetary authority's future intentions. Individuals are allowed to acquire additional information about the monetary authority's preferences. Thus, both past observations of money growth and costly information about the policymaker's preferences are used by agents in forming expectations about policy. The public's acquisition of information alters the monetary authority's strategic calculus, making noisy monetary control less desirable. C1 FED RESERVE BANK DALLAS,DALLAS,TX. RP BALKE, NS (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 14 TC 5 Z9 5 U1 1 U2 3 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD AUG PY 1992 VL 33 IS 3 BP 619 EP 628 DI 10.2307/2527129 PG 10 WC Economics SC Business & Economics GA JG720 UT WOS:A1992JG72000008 ER PT J AU RUDEBUSCH, GD AF RUDEBUSCH, GD TI TRENDS AND RANDOM-WALKS IN MACROECONOMIC TIME-SERIES - A REEXAMINATION SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID UNIT ROOTS; BUSINESS-CYCLE; LONG MEMORY; TESTS; FLUCTUATIONS; REGRESSION; OUTPUT; MONEY; GNP AB In their 1982 article, Nelson and Plosser provided evidence supporting the existence of an autoregressive unit root in a variety of macroeconomic time series. I re-examine 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. RP RUDEBUSCH, GD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 36 TC 48 Z9 49 U1 2 U2 4 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD AUG PY 1992 VL 33 IS 3 BP 661 EP 680 DI 10.2307/2527132 PG 20 WC Economics SC Business & Economics GA JG720 UT WOS:A1992JG72000011 ER PT J AU COLE, HL ENGLISH, WB AF COLE, HL ENGLISH, WB TI 2-SIDED EXPROPRIATION AND INTERNATIONAL EQUITY CONTRACTS SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article ID RISK; DEBT AB The paper considers a model in which investors in two symmetrical countries can trade equity claims on their endowments. The governments of the two countries expropriate the foreign-owned securities if doing so raises domestic welfare. In spite of the possibility of expropriation, agents may still choose to hold completely pooled portfolios. Depending on preferences in the two countries, increases in the level of domestic output can increase or decrease the probability of expropriation. In the equilibria we consider, agents hold too much foreign equity: a reduction in foreign investment raises welfare by reducing the probability of expropriation. C1 UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480. NR 18 TC 5 Z9 5 U1 2 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD AUG PY 1992 VL 33 IS 1-2 BP 77 EP 104 DI 10.1016/0022-1996(92)90051-K PG 28 WC Economics SC Business & Economics GA JK553 UT WOS:A1992JK55300005 ER PT J AU KAUFMAN, GG MOTE, LR AF KAUFMAN, GG MOTE, LR TI COMMERCIAL BANK SECURITIES ACTIVITIES - WHAT REALLY HAPPENED IN 1902 SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Note C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP KAUFMAN, GG (reprint author), LOYOLA UNIV,FINANCE & ECON,CHICAGO,IL 60611, USA. NR 15 TC 2 Z9 2 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1992 VL 24 IS 3 BP 370 EP 374 DI 10.2307/1992723 PG 5 WC Business, Finance; Economics SC Business & Economics GA JG130 UT WOS:A1992JG13000006 ER PT J AU ERICSSON, NR AF ERICSSON, NR TI COINTEGRATION, EXOGENEITY, AND POLICY ANALYSIS - A SYNOPSIS SO JOURNAL OF POLICY MODELING LA English DT Article ID TIME-SERIES; ECONOMETRICS; MODELS RP ERICSSON, NR (reprint author), FED RESERVE BOARD,STOP 24,2000 C ST NW,WASHINGTON,DC 20551, USA. NR 15 TC 0 Z9 0 U1 1 U2 2 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD AUG PY 1992 VL 14 IS 4 BP 395 EP 400 DI 10.1016/0161-8938(92)90013-3 PG 6 WC Economics SC Business & Economics GA JL953 UT WOS:A1992JL95300001 ER PT J AU ERICSSON, NR AF ERICSSON, NR TI PARAMETER CONSTANCY, MEAN-SQUARE FORECAST ERRORS, AND MEASURING FORECAST PERFORMANCE - AN EXPOSITION, EXTENSIONS, AND ILLUSTRATION SO JOURNAL OF POLICY MODELING LA English DT Article ID EXCHANGE-RATE MODELS; LAGGED DEPENDENT-VARIABLES; REGRESSION RELATIONSHIPS; ECONOMETRIC-MODELS; UNITED-KINGDOM; TESTS; COEFFICIENTS; HETEROSCEDASTICITY; HYPOTHESES; SAMPLE AB Parameter constancy and a model's mean square forecast error are two commonly used measures of forecast performance. By explicit consideration of the information sets involved, this paper clarifies the roles that each plays in analyzing a model's forecast accuracy. Both criteria are necessary for "good" forecast performance, but neither (nor both) is sufficient. Further, these criteria fit into a general taxonomy of model evaluation statistics, and the information set corresponding to a model's mean square forecast error leads to a new test statistic. forecast-model encompassing. Two models of U.K. money demand illustrate the various measures of forecast accuracy. RP ERICSSON, NR (reprint author), FED RESERVE BOARD,STOP 24,2000 C ST NW,WASHINGTON,DC 20551, USA. NR 62 TC 50 Z9 53 U1 3 U2 5 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD AUG PY 1992 VL 14 IS 4 BP 465 EP 495 DI 10.1016/0161-8938(92)90017-7 PG 31 WC Economics SC Business & Economics GA JL953 UT WOS:A1992JL95300005 ER PT J AU BACKUS, DK KEHOE, PJ KYDLAND, FE AF BACKUS, DK KEHOE, PJ KYDLAND, FE TI INTERNATIONAL REAL BUSINESS CYCLES SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID CAPITAL FLOWS; EXCHANGE-RATES; INVESTMENT; TRADE; TIME AB We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK,MINNEAPOLIS,MN. CARNEGIE MELLON UNIV,PITTSBURGH,PA 15213. RP BACKUS, DK (reprint author), NYU,NEW YORK,NY 10003, USA. NR 33 TC 463 Z9 469 U1 4 U2 30 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD AUG PY 1992 VL 100 IS 4 BP 745 EP 775 DI 10.1086/261838 PG 31 WC Economics SC Business & Economics GA JH621 UT WOS:A1992JH62100004 ER PT J AU KREMERS, JJM ERICSSON, NR DOLADO, JJ AF KREMERS, JJM ERICSSON, NR DOLADO, JJ TI THE POWER OF COINTEGRATION TESTS SO OXFORD BULLETIN OF ECONOMICS AND STATISTICS LA English DT Article ID TIME-SERIES REGRESSION; UNIT-ROOT; LEAST-SQUARES; ECONOMETRICS; MODELS; DEMAND; STATES; MONEY; DISTURBANCES; ESTIMATORS C1 ERASMUS UNIV,3000 DR ROTTERDAM,NETHERLANDS. FED RESERVE BOARD,DIV INT FINANCE,WASHINGTON,DC. BANK SPAIN,RES DEPT,MADRID,SPAIN. RP KREMERS, JJM (reprint author), MINIST FINANCE,THE HAGUE,NETHERLANDS. NR 49 TC 358 Z9 362 U1 2 U2 9 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0305-9049 J9 OXFORD B ECON STAT JI Oxf. Bull. Econ. Stat. PD AUG PY 1992 VL 54 IS 3 BP 325 EP 348 DI 10.1111/j.1468-0084.1992.tb00005.x PG 24 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA JM501 UT WOS:A1992JM50100005 ER PT J AU DAVIS, SJ HALTIWANGER, J AF DAVIS, SJ HALTIWANGER, J TI GROSS JOB CREATION, GROSS JOB DESTRUCTION, AND EMPLOYMENT REALLOCATION SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID CYCLICAL UNEMPLOYMENT; SECTORAL SHIFTS; EVOLUTION; DYNAMICS; INDUSTRY; GROWTH; FLOWS AB This study measures the heterogeneity of establishment-level employment changes in the U. S. manufacturing sector over the 1972 to 1986 period. We measure this heterogeneity in terms of the gross creation and destruction of jobs and the rate at which jobs are reallocated across plants. Our measurement efforts enable us to quantify the connection between job reallocation and worker reallocation, to evaluate theories of heterogeneity in plant-level employment dynamics, and to establish new results related to the cyclical behavior of the labor market. C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. UNIV MARYLAND,NATL BUR ECON RES,COLL PK,MD 20742. HOOVER INST WAR REVOLUT & PEACE,STANFORD,CA 94305. RP DAVIS, SJ (reprint author), UNIV CHICAGO,CHICAGO,IL 60637, USA. NR 36 TC 439 Z9 448 U1 0 U2 18 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD AUG PY 1992 VL 107 IS 3 BP 819 EP 863 DI 10.2307/2118365 PG 45 WC Economics SC Business & Economics GA JJ863 UT WOS:A1992JJ86300002 ER PT J AU ROBERTS, JM AF ROBERTS, JM TI EVIDENCE ON PRICE ADJUSTMENT COSTS IN UNITED-STATES MANUFACTURING-INDUSTRY SO ECONOMIC INQUIRY LA English DT Article AB This paper investigates the degree of rigidity in prices of manufactured products in the U.S., conditional on labor costs. I extend Rotemberg's model of quadratic price-adjustment costs and find 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. RP ROBERTS, JM (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 30 TC 6 Z9 6 U1 0 U2 1 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0095-2583 J9 ECON INQ JI Econ. Inq. PD JUL PY 1992 VL 30 IS 3 BP 399 EP 417 PG 19 WC Economics SC Business & Economics GA JF380 UT WOS:A1992JF38000001 ER PT J AU CHRISTIANO, LJ AF CHRISTIANO, LJ TI SEARCHING FOR A BREAK IN GNP SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE BOOTSTRAP; DIFFERENCE STATIONARY; TREND; TREND STATIONARY; UNIT ROOT ID TIME-SERIES; HETEROSCEDASTICITY; TRANSITORY; TRENDS AB It has been suggested that existing estimates of the long-run impact of a surprise move in income may have a substantial upward bias due to the presence of a trend break in postwar U.S. gross national product data. This article shows that the statistical evidence does not warrant abandoning the no-trend-break null hypothesis. A key part of the argument is that conventionally computed p values overstate the likelihood of the trend-break alternative hypothesis. This is because they do not take into account that, in practice, the date is chosen based on pretest examination of the data. RP CHRISTIANO, LJ (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 23 TC 228 Z9 236 U1 12 U2 16 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JUL PY 1992 VL 10 IS 3 BP 237 EP 250 DI 10.2307/1391540 PG 14 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA JB050 UT WOS:A1992JB05000001 ER PT J AU MCMANUS, DA AF MCMANUS, DA TI HOW COMMON IS IDENTIFICATION IN PARAMETRIC MODELS SO JOURNAL OF ECONOMETRICS LA English DT Article AB 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. RP MCMANUS, DA (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 22 TC 7 Z9 7 U1 0 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4076 J9 J ECONOMETRICS JI J. Econom. PD JUL-SEP PY 1992 VL 53 IS 1-3 BP 5 EP 23 DI 10.1016/0304-4076(92)90077-5 PG 19 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA JF602 UT WOS:A1992JF60200002 ER PT J AU DIAZGIMENEZ, J PRESCOTT, EC FITZGERALD, T ALVAREZ, F AF DIAZGIMENEZ, J PRESCOTT, EC FITZGERALD, T ALVAREZ, F TI BANKING IN COMPUTABLE GENERAL EQUILIBRIUM ECONOMIES SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID FINANCIAL INTERMEDIATION; INDIVISIBLE LABOR; FLUCTUATIONS AB In this paper we develop a computable general equilibrium economy that models the banking sector explicitly. Banks intermediate between households and between the household sector and the government sector. Households borrow from banks to finance their purchases of houses and they lend to banks to save for retirement. Banks pool households' savings and they purchase interest-bearing government debt and non-interest-bearing reserves. We use this structure to answer two sets of questions: one normative in nature that evaluates the welfare costs of alternative monetary and tax policies. and one positive in nature that studies the real effects of following a procyclical interest-rate policy rule. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55480. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. NR 16 TC 54 Z9 56 U1 3 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD JUL-OCT PY 1992 VL 16 IS 3-4 BP 533 EP 559 DI 10.1016/0165-1889(92)90048-J PG 27 WC Economics SC Business & Economics GA JG928 UT WOS:A1992JG92800007 ER PT J AU PROWSE, SD AF PROWSE, SD TI THE STRUCTURE OF CORPORATE-OWNERSHIP IN JAPAN SO JOURNAL OF FINANCE LA English DT Article; Proceedings Paper CT 52ND ANNUAL MEETING OF THE AMERICAN FINANCE ASSOC CY JAN 03-05, 1992 CL NEW ORLEANS, LA SP AMER FINANCE ASSOC ID INVESTMENT 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. RP PROWSE, SD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 20 TC 124 Z9 126 U1 3 U2 14 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUL PY 1992 VL 47 IS 3 BP 1121 EP 1140 DI 10.2307/2328979 PG 20 WC Business, Finance SC Business & Economics GA JK575 UT WOS:A1992JK57500013 ER PT J AU GYOURKO, J VOITH, R AF GYOURKO, J VOITH, R TI LOCAL MARKET AND NATIONAL COMPONENTS IN HOUSE PRICE APPRECIATION SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID EFFICIENCY; MODELS; TESTS C1 UNIV PENN,WHARTON SCH,REAL ESTATE UNIT,PHILADELPHIA,PA 19104. UNIV CALIF LOS ANGELES,ANDERSON GRAD SCH MANAGEMENT,LOS ANGELES,CA 90024. FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. RP GYOURKO, J (reprint author), UNIV PENN,WHARTON SCH,DEPT FINANCE,PHILADELPHIA,PA 19104, USA. NR 17 TC 15 Z9 16 U1 1 U2 3 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD JUL PY 1992 VL 32 IS 1 BP 52 EP 69 DI 10.1016/0094-1190(92)90014-C PG 18 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA JA485 UT WOS:A1992JA48500005 ER PT J AU LITTLE, JS AF LITTLE, JS TI PUBLIC-PRIVATE COST SHIFTS IN NURSING-HOME CARE SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB This article presents estimates of the degree to which individuals paying privately for nursing home services are being asked to subsidize their state's Medicaid program. Recently published data permit making some first rough estimates of the extent of this activity. Although these crude measures must be interpreted with great care, the data suggest that cost-shifting activity is widespread and sizable. Because, as the article shows, cost-shifting activity undermines policy makers' efforts to regulate nursing home costs, the article suggests that private patients should not be asked to subsidize Medicaid's long-term care program; all comparably disabled individuals in a given institution should be charged the same rate. The author concludes by explaining why her findings bolster the case for including long-term care coverage in Medicare. RP LITTLE, JS (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 10 TC 2 Z9 2 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JUL-AUG PY 1992 BP 3 EP 14 PG 12 WC Economics SC Business & Economics GA JJ371 UT WOS:A1992JJ37100001 ER PT J AU TOOTELL, GMB AF TOOTELL, GMB TI PURCHASING POWER PARITY WITHIN THE UNITED-STATES SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID AUTOREGRESSIVE TIME-SERIES; ROOT AB Economics has many articles of faith. One of the most dearly held is Purchasing Power Parity, which posits that the price of the same good in different regions should be equivalent when no barriers to arbitrage exist. Because Purchasing Power Parity (PPP) is an important assumption in much of international economic theory, this article examines empirical evidence testing this proposition. Instead of analyzing international data, this study analyzes PPP between regions of the United States. By comparing regions within a country, it eliminates many of the hypotheses offered to explain the failure of PPP. The results of this study are suggestive. PPP fails to hold within regions of the United States. Instead, the inclusion of nontraded goods in the total consumer price indices for these regions is shown to be the major cause of this failure. When the nontraded components of these indices are removed, PPP holds. Some categories of goods do seem to move in lockstep while others do not, as one would expect, and as PPP predicts. RP TOOTELL, GMB (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 16 TC 1 Z9 1 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JUL-AUG PY 1992 BP 15 EP 24 PG 10 WC Economics SC Business & Economics GA JJ371 UT WOS:A1992JJ37100002 ER PT J AU MCNEES, SK AF MCNEES, SK TI HOW LARGE ARE ECONOMIC-FORECAST ERRORS SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Opinion about the reliability of economic forecasts ranges widely. Some argue that they are literally worthless, at the same time that most forecasters can point to a sequence of near perfect predictions. How much confidence should one place in economic forecasts? The errors vary with many factors. A crucial determinant of the size of forecast errors is the forecast period; some periods are very difficult to predict while others are relatively easy. By far the largest errors were the sustained underestimations of the acceleration of inflation in 1973-75 and again in 1978-80. In addition, variations in the difficulty of predicting different variables can be illustrated by examining the forecasts. The results show drastic differences among variables in the forecasters' ability to outperform a naive standard of comparison. Finally, much of the interest in forecast accuracy stems from the wish to know "Who is the best forecaster?" Even a cursory examination of the information in this article shows that no single forecaster dominates all outliers for all, or even most, of the variables. RP MCNEES, SK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 0 TC 27 Z9 27 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JUL-AUG PY 1992 BP 25 EP 42 PG 18 WC Economics SC Business & Economics GA JJ371 UT WOS:A1992JJ37100003 ER PT J AU KOPCKE, RW AF KOPCKE, RW TI THE CAPITALIZATION AND PORTFOLIO RISK OF INSURANCE COMPANIES SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB The strategies of financial intermediaries in the United States presumed a stability of interest rates that began to break down in the late 1960s. Not only did rising interest rates during the past two decades tend to depress the value of the assets of all intermediaries, they also fostered competition among intermediaries as all sought new opportunities for profit. In order to cope, many financial institutions assumed new bets by "reaching" for riskier assets offering higher yields or by operating with less capital per dollar of assets. To varying degrees, many insurance companies have adopted these strategies. Of all the remedies inspired by the recent investigations of the insurance industries, none appears to be more important than raising more capital. Insurers need to reduce their leverage if their contracts are to be as secure as they were supposed to be prior to the late 1960s. This article concludes that many insurers must increase their capital to cope safely with the consequences of an enduring slump in the value of commercial real estate, a substantial decline in corporate profits, or a significant rise, in credit market yields. RP KOPCKE, RW (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 54 TC 3 Z9 3 U1 2 U2 4 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JUL-AUG PY 1992 BP 43 EP 57 PG 15 WC Economics SC Business & Economics GA JJ371 UT WOS:A1992JJ37100004 ER PT J AU BOARD, R PITT, L AF BOARD, R PITT, L TI ON THE NECESSITY OF OCCAM ALGORITHMS SO THEORETICAL COMPUTER SCIENCE LA English DT Article ID LEARNABILITY; EXAMPLES AB The distribution-independent model of concept learning from examples ("PAC-learning") due to Valiant (1984) is investigated. It has been shown that the existence of an Occam algorithm for a class of concepts is a sufficient condition for the PAC-learnability of that class (Blumer et al. 1987, 1989). (An Occam algorithm is a randomized polynomial-time algorithm that, when given as input a sample of strings of some unknown concept to be learned, outputs a small description of a concept that is consistent with the sample.) In this paper it is shown for many natural concept classes that the PAC-learnability of the class implies the existence of an Occam algorithm for the class. More generally, the property of closure under exception lists is defined, and it is shown that for any concept class with this property, PAC-learnability of the class is equivalent to the existence of an Occam algorithm for the class. An interpretation of these results is that for many classes. PAC-learnability is equivalent to data compression. C1 UNIV ILLINOIS,DEPT COMP SCI,URBANA,IL 61801. RP BOARD, R (reprint author), FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551, USA. NR 22 TC 14 Z9 14 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3975 J9 THEOR COMPUT SCI JI Theor. Comput. Sci. PD JUN 22 PY 1992 VL 100 IS 1 BP 157 EP 184 DI 10.1016/0304-3975(92)90367-O PG 28 WC Computer Science, Theory & Methods SC Computer Science GA JA691 UT WOS:A1992JA69100006 ER PT J AU CHRISTIANO, LJ EICHENBAUM, M AF CHRISTIANO, LJ EICHENBAUM, M TI CURRENT REAL-BUSINESS-CYCLE THEORIES AND AGGREGATE LABOR-MARKET FLUCTUATIONS SO AMERICAN ECONOMIC REVIEW LA English DT Article ID INDIVISIBLE LABOR; TIME AB Hours worked and the return to working are weakly correlated. Traditionally, the ability to account for this fact has been a litmus test for macroeconomic models. Existing real-business-cycle models fail this test dramatically. We modify prototypical real-business-cycle models by allowing government consumption shocks to influence labor-market dynamics. This modification can, in principle, bring the models into closer conformity with the data. Our empirical results indicate that it does. C1 NORTHWESTERN UNIV,EVANSTON,IL 60208. RP CHRISTIANO, LJ (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 47 TC 331 Z9 338 U1 2 U2 11 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD JUN PY 1992 VL 82 IS 3 BP 430 EP 450 PG 21 WC Economics SC Business & Economics GA HW872 UT WOS:A1992HW87200004 ER PT J AU FRIEDMAN, BM KUTTNER, KN AF FRIEDMAN, BM KUTTNER, KN TI MONEY, INCOME, PRICES, AND INTEREST-RATES SO AMERICAN ECONOMIC REVIEW LA English DT Article ID CAUSALITY AB Including data from the 1980's sharply weakens the postwar time-series evidence indicating significant relationships between money (however defined) and nominal income or between money and either real income or prices separately. Focusing on data from 1970 onward destroys this evidence altogether. Evidence indicating cointegration of real income and real money balances, with due allowance for the effect of interest rates, also deteriorates when the sample extends through the 1980's. A positive finding is that the spread between the commercial paper rate and the Treasury bill rate consistently contains highly significant information about future movements in real income. C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP FRIEDMAN, BM (reprint author), HARVARD UNIV,DEPT ECON,CAMBRIDGE,MA 02138, USA. NR 25 TC 232 Z9 238 U1 0 U2 11 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD JUN PY 1992 VL 82 IS 3 BP 472 EP 492 PG 21 WC Economics SC Business & Economics GA HW872 UT WOS:A1992HW87200006 ER PT J AU GOODFRIEND, M AF GOODFRIEND, M TI INFORMATION-AGGREGATION BIAS SO AMERICAN ECONOMIC REVIEW LA English DT Article ID PERMANENT INCOME HYPOTHESIS; PANEL DATA; CONSUMPTION AB Aggregation in the presence of data-processing lags distorts the information content of data, violating orthogonality restrictions that hold at the individual level. Though the phenomenon is general, it is illustrated here for the life-cycle-permanent-income model. Cross-section and pooled-panel data induce information-aggregation bias akin to that in aggregate time series. Calculations show that information aggregation can seriously bias tests of the life-cycle model on aggregate time series, cross-section, and pooled-panel data. RP GOODFRIEND, M (reprint author), FED RESERVE BANK RICHMOND,RES DEPT,RICHMOND,VA 23261, USA. NR 17 TC 35 Z9 35 U1 0 U2 6 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD JUN PY 1992 VL 82 IS 3 BP 508 EP 519 PG 12 WC Economics SC Business & Economics GA HW872 UT WOS:A1992HW87200008 ER PT J AU WYNNE, M AF WYNNE, M TI DOES AGGREGATE OUTPUT HAVE A UNIT-ROOT SO ECONOMICS LETTERS LA English DT Article ID MACROECONOMIC TIME-SERIES; GROSS NATIONAL PRODUCT; RANDOM-WALKS; TRENDS AB Gross National Private Product is a more appropriate empirical counterpart for the theoretical concept of aggregate output than GNP. The two series have different stochastic properties over the past 100 years. RP WYNNE, M (reprint author), FED RESERVE BANK DALLAS,RES DEPT,STN K,DALLAS,TX 75222, USA. NR 17 TC 0 Z9 0 U1 2 U2 3 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PD JUN PY 1992 VL 39 IS 2 BP 179 EP 182 DI 10.1016/0165-1765(92)90287-9 PG 4 WC Economics SC Business & Economics GA JN931 UT WOS:A1992JN93100010 ER PT J AU WYNNE, MA BALKE, NS AF WYNNE, MA BALKE, NS TI ARE DEEP RECESSIONS FOLLOWED BY STRONG RECOVERIES SO ECONOMICS LETTERS LA English DT Article AB We examine the hypothesis that deep recessions are followed by strong recoveries using a monthly data set for industrial production covering the period 1884-1990. There is a statistically significant relationship between growth in the first twelve months of a recovery and the peak-to-trough decline in industrial activity. This effect is still found when we exclude the Great Depression from our sample. We find no evidence that the length of the recession affects the strength of the subsequent recovery. C1 SO METHODIST UNIV,DALLAS,TX 75275. RP WYNNE, MA (reprint author), FED RESERVE BANK DALLAS,RES DEPT,STN K,DALLAS,TX 75222, USA. NR 7 TC 13 Z9 13 U1 0 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PD JUN PY 1992 VL 39 IS 2 BP 183 EP 189 DI 10.1016/0165-1765(92)90288-A PG 7 WC Economics SC Business & Economics GA JN931 UT WOS:A1992JN93100011 ER PT J AU EICHENBAUM, M AF EICHENBAUM, M TI INTERPRETING THE MACROECONOMIC TIME-SERIES FACTS - THE EFFECTS OF MONETARY-POLICY - COMMENT SO EUROPEAN ECONOMIC REVIEW LA English DT Note ID INTEREST-RATES C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP EICHENBAUM, M (reprint author), NORTHWESTERN UNIV,EVANSTON,IL 60201, USA. NR 11 TC 80 Z9 82 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0014-2921 J9 EUR ECON REV JI Eur. Econ. Rev. PD JUN PY 1992 VL 36 IS 5 BP 1001 EP 1011 DI 10.1016/0014-2921(92)90042-U PG 11 WC Economics SC Business & Economics GA JB633 UT WOS:A1992JB63300003 ER PT J AU WORTHINGTON, PR AF WORTHINGTON, PR TI INVESTMENT AND MARKET POWER SO INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION LA English DT Article ID MONOPOLISTIC COMPETITION; STRATEGIC INVESTMENT; OLIGOPOLY; BEHAVIOR; INDUSTRY; DEMAND AB This paper argues that the degree of market power within an industry is an important determinant of interindustry differences in investment behavior. A neoclassical investment model is analyzed to show that market power is positively associated with capital stock flexibility. The intuition for the result is that firms adjust their stocks and investment plans quickly in response to new conditions so as to capture the rents associated with their market power. RP WORTHINGTON, PR (reprint author), FED RESERVE BANK CHICAGO,ECON RES DEPT,230 S LASALLE ST,CHICAGO,IL 60604, USA. NR 25 TC 1 Z9 1 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0167-7187 J9 INT J IND ORGAN JI Int. J. Ind. Organ. PD JUN PY 1992 VL 10 IS 2 BP 309 EP 318 DI 10.1016/0167-7187(92)90021-P PG 10 WC Economics SC Business & Economics GA JC284 UT WOS:A1992JC28400009 ER PT J AU MESTER, LJ AF MESTER, LJ TI TRADITIONAL AND NONTRADITIONAL BANKING - AN INFORMATION-THEORETIC APPROACH SO JOURNAL OF BANKING & FINANCE LA English DT Article ID FINANCIAL INTERMEDIATION; ECONOMIES; SCALE; COST; MODELS; SCOPE; LOANS; FORM AB This paper uses a multiproduct approach to analyze the costs of a sample of large banks, where bank outputs are measured to account for the different types of information produced by banks. Diseconomies of scope are found between traditional banking activities of originating and monitoring loans and nontraditional activities of loan selling and buying. This suggests maintaining fire walls between commercial bank functions and investment bank functions after the Glass-Steagall Act is repealed will not sacrifice joint production economies. It also suggests that arguments for repeal of the Act based on the existence of such economies are ill-founded. RP MESTER, LJ (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 33 TC 31 Z9 32 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD JUN PY 1992 VL 16 IS 3 BP 545 EP 566 DI 10.1016/0378-4266(92)90044-Z PG 22 WC Business, Finance; Economics SC Business & Economics GA JA493 UT WOS:A1992JA49300005 ER PT J AU DUCA, JV AF DUCA, JV TI UNITED-STATES BUSINESS CREDIT SOURCES, DEMAND DEPOSITS, AND THE MISSING MONEY SO JOURNAL OF BANKING & FINANCE LA English DT Article AB This study accounts for much of the 'missing money' in the US. Through compensating balances, business lending by banks affects demand deposit growth. Standard money demand models include variables that likely pick up income and interest rate effects on the transactions demand for demand deposits and on compensating balance requirements - provided that bank lending to firms is stable. However, during the 'missing money' period, businesses shifted toward nonbank sources of short-term credit, causing a decline in compensating balances. Empirical findings support this hypothesis as a partial explanation for the 'missing money' using the Federal Reserve Board's demand deposit model. RP DUCA, JV (reprint author), FED RESERVE BANK DALLAS,STN K,DALLAS,TX 75222, USA. NR 21 TC 3 Z9 3 U1 0 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD JUN PY 1992 VL 16 IS 3 BP 567 EP 583 DI 10.1016/0378-4266(92)90045-2 PG 17 WC Business, Finance; Economics SC Business & Economics GA JA493 UT WOS:A1992JA49300006 ER PT J AU RHOADES, SA AF RHOADES, SA TI MERGERS AND ACQUISITIONS IN THE UNITED-STATES BANKING INDUSTRY - EVIDENCE FROM THE CAPITAL-MARKETS - HAWAWINI,GA, SWARY,I SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP RHOADES, SA (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD JUN PY 1992 VL 30 IS 2 BP 911 EP 912 PG 2 WC Economics SC Business & Economics GA JA794 UT WOS:A1992JA79400023 ER PT J AU PRESCOTT, EC RIOSRULL, JV AF PRESCOTT, EC RIOSRULL, JV TI CLASSICAL COMPETITIVE ANALYSIS OF ECONOMIES WITH ISLANDS SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID PRIVATE INFORMATION; INDIVISIBLE LABOR; BUSINESS-CYCLE; EQUILIBRIUM; EXISTENCE; COMMODITIES; LATTICES; MODEL C1 UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. CARNEGIE MELLON UNIV,GRAD SCH IND ADM,PITTSBURGH,PA 15213. RP PRESCOTT, EC (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 35 TC 13 Z9 13 U1 1 U2 5 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD JUN PY 1992 VL 57 IS 1 BP 73 EP 98 DI 10.1016/S0022-0531(05)80041-9 PG 26 WC Economics SC Business & Economics GA JD330 UT WOS:A1992JD33000004 ER PT J AU AIYAGARI, SR AF AIYAGARI, SR TI COEXISTENCE OF A REPRESENTATIVE AGENT TYPE EQUILIBRIUM WITH A NONREPRESENTATIVE AGENT TYPE EQUILIBRIUM SO JOURNAL OF ECONOMIC THEORY LA English DT Note RP AIYAGARI, SR (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 4 TC 4 Z9 4 U1 0 U2 1 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD JUN PY 1992 VL 57 IS 1 BP 230 EP 236 DI 10.1016/S0022-0531(05)80050-X PG 7 WC Economics SC Business & Economics GA JD330 UT WOS:A1992JD33000013 ER PT J AU ELY, DP ROBINSON, KJ AF ELY, DP ROBINSON, KJ TI STOCK RETURNS AND INFLATION - FURTHER TESTS OF THE ROLE OF THE CENTRAL BANK SO JOURNAL OF MACROECONOMICS LA English DT Article ID COMMON-STOCKS; REAL ACTIVITY AB This study investigates the anomalous relationship between real stock return, ard inflation. Specifically, we investigate hypotheses that claim the proxy relationship between inflation and expected real output is driven by the practice of debt monetization and/or countercyclical monetary policy carried out by the central bank. Using a rational expectations approach to the determination of stock returns, the equilibrium process in the monetary sector is not found to be a consistent explanation for the anomalous relationship. Also, the results do not favor the hypothesis that debt monetization lies behind the performance of the stock market during inflationary time periods. C1 FED RESERVE BANK DALLAS,DALLAS,TX. RP ELY, DP (reprint author), SAN DIEGO STATE UNIV,SAN DIEGO,CA 92182, USA. NR 18 TC 6 Z9 7 U1 0 U2 6 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SUM PY 1992 VL 14 IS 3 BP 525 EP 543 DI 10.1016/S0164-0704(06)80008-X PG 19 WC Economics SC Business & Economics GA JD671 UT WOS:A1992JD67100008 ER PT J AU LEEPER, EM GORDON, DB AF LEEPER, EM GORDON, DB TI IN SEARCH OF THE LIQUIDITY EFFECT SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID INTEREST-RATES; UNITED-STATES; MONEY; MODEL; MONETARISM; POLICY; INCOME AB A short-run negative relationship between monetary aggregates and interest rates - the `liquidity effect' - is central to discussions of monetary policy. This paper searches for this empirical relationship. We investigate whether the characterization of the liquidity effect is sensitive to: (i) changes in sample period, (ii) conditioning the correlations on past information, (iii) assuming money growth is exogenous, and (iv) treating monetary changes as anticipated or unanticipated. The correlations change substantially in each case. We conclude that the traditional analysis and modern models, which rely completely on demand-side behavior, cannot explain the observed correlations. A successful characterization of the liquidity effect requires identification of both private and policy behavior. C1 CLEMSON UNIV,CLEMSON,SC 29634. RP LEEPER, EM (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 46 TC 71 Z9 74 U1 1 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD JUN PY 1992 VL 29 IS 3 BP 341 EP 369 DI 10.1016/0304-3932(92)90031-V PG 29 WC Business, Finance; Economics SC Business & Economics GA JU030 UT WOS:A1992JU03000001 ER PT J AU ERICSSON, NR AF ERICSSON, NR TI COINTEGRATION, EXOGENEITY, AND POLICY ANALYSIS - AN OVERVIEW SO JOURNAL OF POLICY MODELING LA English DT Review ID ERROR CORRECTION MECHANISMS; AUTOREGRESSIVE TIME-SERIES; UNIT-ROOT; ECONOMETRICS; REGRESSION; MODELS; ESTIMATORS; VECTORS; DEMAND; MONEY AB This overview describes the concepts of cointegration and exogeneity, focusing on analytical structure, statistical inference, and implications for policy analysis. Examples help clarify the concepts. The remainder of the overview summarizes the articles in this two-part special issue entitled Cointegration, Exogeneity, and Policy Analysis. RP ERICSSON, NR (reprint author), FED RESERVE BOARD,STOP 24,2000 C ST NW,WASHINGTON,DC 20551, USA. NR 65 TC 54 Z9 54 U1 1 U2 3 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD JUN PY 1992 VL 14 IS 3 BP 251 EP 280 DI 10.1016/0161-8938(92)90001-S PG 30 WC Economics SC Business & Economics GA HX236 UT WOS:A1992HX23600001 ER PT J AU CHATTERJEE, S CORBAE, D AF CHATTERJEE, S CORBAE, D TI ENDOGENOUS MARKET PARTICIPATION AND THE GENERAL EQUILIBRIUM VALUE OF MONEY SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID TRANSACTIONS COSTS; FINANCIAL INTERMEDIATION; MONETARY; MODEL; CONSUMPTION; ECONOMIES; INCOME AB We study the monetary theory implications of fixed costs associated with trade in private assets. We show that with heterogeneous endowment profiles it is possible for an endogenous subset of agents to hold currency even when it is dominated in return by a competing asset. With respect to positive issues in monetary theory, the model implies that changes in the steady-state growth rate of the money supply have a negative effect on real interest rates because of endogenous market participation measures. On the normative side, we show that there may be an equity-efficiency trade-off from monetary deflation. C1 UNIV IOWA,IOWA CITY,IA 52242. RP CHATTERJEE, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA, USA. NR 32 TC 24 Z9 24 U1 0 U2 5 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD JUN PY 1992 VL 100 IS 3 BP 615 EP 646 DI 10.1086/261832 PG 32 WC Economics SC Business & Economics GA HY653 UT WOS:A1992HY65300008 ER PT J AU AARON, HJ MUNNELL, AH AF AARON, HJ MUNNELL, AH TI REASSESSING THE ROLE FOR WEALTH TRANSFER TAXES SO NATIONAL TAX JOURNAL LA English DT Article ID INTERGENERATIONAL TRANSFERS; ACCUMULATION; SAVINGS AB This article brings together several strands in the literature to provide a framework for assessing the role of wealth transfer taxes. It examines the theoretical rationale for these taxes, discusses data on the distribution and accumulation of wealth, and reviews the experience of the United States and other countries under their existing systems. Although wealth is highly concentrated in industrial countries and the life-cycle framework indicates that wealth transfers should be taxed, this paper finds that countries do little through their tax systems to affect wealth concentration. Because a substantial portion of the existing stock of wealth is inherited, these taxes could have significant equalizing effects. Thus, a serious reassessment of wealth transfer taxes is warranted. C1 FED RESERVE BANK BOSTON,BOSTON,MA. RP AARON, HJ (reprint author), BROOKINGS INST,WASHINGTON,DC 20036, USA. NR 66 TC 24 Z9 24 U1 0 U2 2 PU NATL TAX ASSN PI COLUMBUS PA 5310 EAST MAIN ST, COLUMBUS, OH 43213 SN 0028-0283 J9 NATL TAX J JI Natl. Tax J. PD JUN PY 1992 VL 45 IS 2 BP 119 EP 143 PG 25 WC Business, Finance; Economics SC Business & Economics GA JJ804 UT WOS:A1992JJ80400001 ER PT J AU CHAN, A CHEN, CR AF CHAN, A CHEN, CR TI MONEY DEMAND - AGGREGATION BIAS AND THE DISPERSION OF INCOME SO QUARTERLY REVIEW OF ECONOMICS AND FINANCE LA English DT Article AB The specification of a stable money demand function with good predictive properties is considered an important prerequisite for conducting monetary policy. As a result, this article attempts to develop an improved money demand functional form by respecifying the Goldfeld and Hamburger conventional models along with the recently developed Moore-Porter-Small M2 money demand error-correction model. This task is accomplished by incorporating the effects of movements in the concentration or dispersion of income across geographical regions. The empirical results show slightly better results at the M1 level and even more promising results at the M2 level. Structural stability and cointegration tests reveal that the geographical dispersion of income plays an important role in the specification of a money demand equation. C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP CHAN, A (reprint author), UNIV DAYTON,DAYTON,OH 45469, USA. NR 30 TC 4 Z9 4 U1 0 U2 0 PU JAI PRESS INC PI GREENWICH PA 55 OLD POST RD-#2, PO BOX 1678, GREENWICH, CT 06836-1678 SN 1062-9769 J9 Q REV ECON FINANC JI Q. Rev. Econ. Financ. PD SUM PY 1992 VL 32 IS 2 BP 3 EP 29 PG 27 WC Business, Finance; Economics SC Business & Economics GA JR274 UT WOS:A1992JR27400001 ER PT J AU CHRISTIANO, LJ EICHENBAUM, M AF CHRISTIANO, LJ EICHENBAUM, M TI LIQUIDITY EFFECTS AND THE MONETARY TRANSMISSION MECHANISM SO AMERICAN ECONOMIC REVIEW LA English DT Article; Proceedings Paper CT 104TH ANNUAL MEETING OF THE AMERICAN ECONOMIC ASSOC CY JAN 03-05, 1992 CL NEW ORLEANS, LA SP AMER ECON ASSOC ID INTEREST-RATES; MONEY C1 NORTHWESTERN UNIV,DEPT ECON,EVANSTON,IL 60208. NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE BANK CHICAGO,CHICAGO,IL. RP CHRISTIANO, LJ (reprint author), FED RES BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480, USA. NR 16 TC 165 Z9 168 U1 0 U2 9 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAY PY 1992 VL 82 IS 2 BP 346 EP 353 PG 8 WC Economics SC Business & Economics GA HW149 UT WOS:A1992HW14900061 ER PT J AU COLE, HL STOCKMAN, AC AF COLE, HL STOCKMAN, AC TI SPECIALIZATION, TRANSACTIONS TECHNOLOGIES, AND MONEY GROWTH SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID IN-ADVANCE ECONOMY; MONETARY EQUILIBRIUM; EXCHANGE AB This paper develops a differentiated product model with endogenous specialization in which either money or a costly alternative transactions technology can be used for market purchases. We discuss the real effects of monetary growth in this model-which differ from those in standard cash-in-advance models-and the implied interest sensitivity of money demand in general equilibrium. C1 UNIV PENN,PHILADELPHIA,PA 19104. UNIV ROCHESTER,ROCHESTER,NY 14627. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP COLE, HL (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 19 TC 16 Z9 16 U1 0 U2 1 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD MAY PY 1992 VL 33 IS 2 BP 283 EP 298 DI 10.2307/2526895 PG 16 WC Economics SC Business & Economics GA HQ659 UT WOS:A1992HQ65900003 ER PT J AU GILLES, C LEROY, SF AF GILLES, C LEROY, SF TI BUBBLES AND CHARGES SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID OVERLAPPING GENERATIONS; EFFICIENCY PRICES; ASSET BUBBLES; INFINITE; COMMODITIES; EQUILIBRIUM; ECONOMIES; THEOREMS; MODELS AB The definitions 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. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP GILLES, C (reprint author), FED RESERVE SYST,BOARD GOVERNERS,WASHINGTON,DC 20551, USA. NR 25 TC 34 Z9 35 U1 1 U2 8 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD MAY PY 1992 VL 33 IS 2 BP 323 EP 339 DI 10.2307/2526897 PG 17 WC Economics SC Business & Economics GA HQ659 UT WOS:A1992HQ65900005 ER PT J AU ACHARYA, S AF ACHARYA, S TI MAXIMIZING THE MARKET VALUE OF A FIRM TO CHOOSE DYNAMIC POLICIES FOR MANAGERIAL HIRING, COMPENSATION, FIRING AND TENURING SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID UNEMPLOYMENT; CONTRACTS; INFORMATION; INCENTIVES; PRINCIPAL; PRICES AB 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 lo 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 instructions, and the firm's cost of capital. C1 FED RESERVE BOARD, WASHINGTON, DC USA. RP NYU, NEW YORK, NY 10003 USA. NR 39 TC 2 Z9 2 U1 0 U2 2 PU WILEY-BLACKWELL PI HOBOKEN PA 111 RIVER ST, HOBOKEN 07030-5774, NJ USA SN 0020-6598 EI 1468-2354 J9 INT ECON REV JI Int. Econ. Rev. PD MAY PY 1992 VL 33 IS 2 BP 373 EP 397 DI 10.2307/2526900 PG 25 WC Economics SC Business & Economics GA HQ659 UT WOS:A1992HQ65900008 ER PT J AU KINNEY, DP SMITH, SP AF KINNEY, DP SMITH, SP TI AGE AND TEACHING PERFORMANCE SO JOURNAL OF HIGHER EDUCATION LA English DT Article ID STUDENT AB This study examines the relationship between student evaluations of teaching and age and the timing of retirement among tenured faculty. The results suggest a significant but small impact of age, which varies by discipline category. It appears that uncapping of retirement raises no major concerns for dramatic deterioration in teaching effectiveness in an aging professoriate. C1 FORDHAM UNIV,COLL BUSINESS ADM,BRONX,NY 10458. RP KINNEY, DP (reprint author), FED RESERVE BANK NEW YORK,BANKING STUDIES,NEW YORK,NY 10045, USA. NR 33 TC 9 Z9 10 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-1546 J9 J HIGH EDUC JI J. High. Educ. PD MAY-JUN PY 1992 VL 63 IS 3 BP 282 EP 302 DI 10.2307/1982016 PG 21 WC Education & Educational Research SC Education & Educational Research GA HU309 UT WOS:A1992HU30900003 ER PT J AU HUTCHISON, M WALSH, CE AF HUTCHISON, M WALSH, CE TI EMPIRICAL-EVIDENCE ON THE INSULATION PROPERTIES OF FIXED AND FLEXIBLE EXCHANGE-RATES - THE JAPANESE EXPERIENCE SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article ID TIME-SERIES; INTERDEPENDENCE; DISTURBANCES; TESTS AB This paper investigates whether Japanese output stability since the mid-1970s is attributable to the change in exchange rate regime or to the changing nature of underlying disturbances. We decompose foreign and domestic influences on output movements using restrictions on the long-run dynamics to identify the disturbances. We find that the flexible exchange rate regime is more effective in insulating the economy from foreign disturbances than is the fixed rate regime. However, in the case of Japan, it is primarily the changing nature of the fundamental disturbances to the economy that is responsible for greater output stability since the mid-1970s. C1 FED RESERVE BANK,CTR PACIFIC BASIN MONETARY & ECON STUDIES,SAN FRANCISCO,CA. RP HUTCHISON, M (reprint author), UNIV CALIF SANTA CRUZ,DEPT ECON,SANTA CRUZ,CA 95064, USA. NR 45 TC 11 Z9 12 U1 1 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD MAY PY 1992 VL 32 IS 3-4 BP 241 EP 263 DI 10.1016/0022-1996(92)90019-G PG 23 WC Economics SC Business & Economics GA HY068 UT WOS:A1992HY06800003 ER PT J AU ENGEL, C AF ENGEL, C TI ON THE FOREIGN-EXCHANGE RISK PREMIUM IN A GENERAL EQUILIBRIUM-MODEL SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article ID INTEREST-RATES; CURRENCY PRICES; MARKET AB The foreign exchange risk premium in a cash-in-advance model is investigated. Some weaknesses of the definition of the risk premium generally used are discussed. It is shown that the primary ultimate source of foreign exchange risk is the covariance of monetary shocks with real output shocks. Several studies have assumed this covariance is zero, and hence assumed away the major source of risk in the model. Finally, the risk premium generated from standard versions of this model is argued to be very small, because it is the same order of magnitude as covariances of money and output growth rates. C1 FED RESERVE BANK,KANSAS CITY,MO. RP ENGEL, C (reprint author), UNIV WASHINGTON,DEPT ECON,SEATTLE,WA 98195, USA. NR 32 TC 30 Z9 30 U1 1 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD MAY PY 1992 VL 32 IS 3-4 BP 305 EP 319 DI 10.1016/0022-1996(92)90022-C PG 15 WC Economics SC Business & Economics GA HY068 UT WOS:A1992HY06800006 ER PT J AU ROBERDS, W WHITEMAN, CH AF ROBERDS, W WHITEMAN, CH TI MONETARY AGGREGATES AS MONETARY TARGETS - A STATISTICAL INVESTIGATION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 UNIV IOWA,ECON,IOWA CITY,IA 52242. RP ROBERDS, W (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 30 TC 5 Z9 5 U1 1 U2 1 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1992 VL 24 IS 2 BP 141 EP 161 DI 10.2307/1992732 PG 21 WC Business, Finance; Economics SC Business & Economics GA HR272 UT WOS:A1992HR27200001 ER PT J AU HENDERSHOTT, PH PEEK, J AF HENDERSHOTT, PH PEEK, J TI TREASURY BILL RATES IN THE 1970S AND 1980S SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID REAL INTEREST; DEFICITS; POLICY C1 FED RESERVE BANK BOSTON,BOSTON,MA. NATL BUR ECON RES,CAMBRIDGE,MA 02138. BOSTON COLL,ECON,CHESTNUT HILL,MA 02167. RP HENDERSHOTT, PH (reprint author), OHIO STATE UNIV,FINANCE & PUBL POLICY,COLUMBUS,OH 43210, USA. NR 23 TC 3 Z9 3 U1 0 U2 3 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1992 VL 24 IS 2 BP 195 EP 214 DI 10.2307/1992736 PG 20 WC Business, Finance; Economics SC Business & Economics GA HR272 UT WOS:A1992HR27200005 ER PT J AU GOODFRIEND, M AF GOODFRIEND, M TI THE POLITICAL-ECONOMY OF AMERICAN MONETARY-POLICY - MAYER,T SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Book Review RP GOODFRIEND, M (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1992 VL 24 IS 2 BP 274 EP 276 DI 10.2307/1992742 PG 3 WC Business, Finance; Economics SC Business & Economics GA HR272 UT WOS:A1992HR27200011 ER PT J AU FIELEKE, NS AF FIELEKE, NS TI ONE TRADING WORLD, OR MANY - THE ISSUE OF REGIONAL TRADING BLOCS SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Over the past several decades, more and more countries have entered into preferential trading arrangements, provoking concern that the benefits of free trade are being sacrificed to growing discrimination. Just how widespread is this discrimination in international trade, and is it "legitimate" under the codes of international behavior to which countries generally subscribe? What does economic theory tell us about the likely consequences of such discrimination, and why do so many nations engage in it? The author finds that most of the preferential trading arrangements, accounting for about two-thirds of world trade, have increasingly resembled "trading blocs," in that their trade has become oriented more inward, among the members, and less outward, with the rest of the world. Over the long run, he points out, nondiscriminatory reductions in trade barriers are clearly preferable to discriminatory reductions. But should global negotiations fail, blocs that truly liberalized trade among themselves could improve the general welfare. To set the best example for the rest of the trading world, they should be receptive to new members, for the ideal free trade area is worldwide in scope. RP FIELEKE, NS (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 39 TC 9 Z9 9 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAY-JUN PY 1992 BP 3 EP 20 PG 18 WC Economics SC Business & Economics GA HW257 UT WOS:A1992HW25700001 ER PT J AU PEEK, J ROSENGREN, ES AF PEEK, J ROSENGREN, ES TI THE CAPITAL CRUNCH IN NEW-ENGLAND SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB The increase in real estate lending was a major reason for the rapid expansion of New England banks during the 1980s. When nominal real estate prices began to decline in New England, collateral became impaired and many loans stopped performing. The consequent increased provision for expected loan losses (loan loss reserves) caused a rapid deterioration in bank capital throughout the region. Having just lost a significant proportion of their capital, many banks tried to satisfy their capital/asset ratio requirements by shrinking their institutions. This article discusses why banks facing binding capital constraints will shrink more than unconstrained banks when an adverse capital shock occurs. It shows that New England banks with low capital/asset ratios are in fact shrinking their institutions faster than better capitalized institutions, and that this behavior has been particularly apparent in those liability categories that are marginal sources of funds for most banks. C1 FED RESERVE BANK BOSTON,BOSTON,MA. RP PEEK, J (reprint author), BOSTON COLL,ECON,CHESTNUT HILL,MA 02167, USA. NR 10 TC 15 Z9 15 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAY-JUN PY 1992 BP 21 EP 31 PG 11 WC Economics SC Business & Economics GA HW257 UT WOS:A1992HW25700002 ER PT J AU RANDALL, RE KOPCKE, RW AF RANDALL, RE KOPCKE, RW TI THE FINANCIAL CONDITION AND REGULATION OF INSURANCE COMPANIES - AN OVERVIEW SO NEW ENGLAND ECONOMIC REVIEW LA English DT Editorial Material AB In October 1990 questions were raised about real estate problems in the life insurance industry after the ninth largest life company sustained a major loss as a consequence of a write-down of real-estate-related assets. The value of insurance company stocks declined as the financial community began to take a hard look at the recent changes that had taken place. During the spring of 1991 the press increasingly focused on the industry, once it became evident that the life subsidiaries of First Executive and First Capital were impaired as a consequence of substantial investments in junk bonds. In the summer of 1991, the Federal Reserve Bank sponsored a conference to examine the dramatic changes that have transformed the seemingly stable insurance industries into industries that could arouse public anxieties. How pervasive are the weaknesses that have shown up in a few large insurers? Is there a danger that widespread liquidity pressures could develop? What changes should be made in regulation or in arrangements to protect customers of insurance companies? These are some of the primary questions addressed in the conference proceedings. RP RANDALL, RE (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 0 TC 1 Z9 1 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAY-JUN PY 1992 BP 32 EP 44 PG 13 WC Economics SC Business & Economics GA HW257 UT WOS:A1992HW25700003 ER PT J AU NEUMARK, D SHARPE, SA AF NEUMARK, D SHARPE, SA TI MARKET-STRUCTURE AND THE NATURE OF PRICE RIGIDITY - EVIDENCE FROM THE MARKET FOR CONSUMER DEPOSITS SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID MARGINS; MODEL AB Panel data on consumer bank deposit interest rates reveal asymmetric impacts of market concentration on the dynamic adjustment of prices to shocks. Banks in concentrated markets are slower to raise interest rates on deposits in response to rising market interest rates, but are faster to reduce them in response to declining market interest rates. Thus, banks with market power skim off surplus on movements in both directions. Since deposit interest rates are inversely related to the price charged by banks for deposits, the results suggest that downward price rigidity and upward price flexibility are a consequence of market concentration. C1 FED RESERVE BOARD,NEW YORK,NY. RP NEUMARK, D (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 27 TC 120 Z9 120 U1 3 U2 11 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD MAY PY 1992 VL 107 IS 2 BP 657 EP 680 DI 10.2307/2118485 PG 24 WC Economics SC Business & Economics GA HV376 UT WOS:A1992HV37600011 ER PT J AU BERGER, AN HANNAN, TH AF BERGER, AN HANNAN, TH TI THE PRICE-CONCENTRATION RELATIONSHIP IN BANKING - A REPLY SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Note RP BERGER, AN (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 2 TC 11 Z9 11 U1 0 U2 0 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD MAY PY 1992 VL 74 IS 2 BP 376 EP 379 DI 10.2307/2109677 PG 4 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA HZ069 UT WOS:A1992HZ06900028 ER PT J AU CUNNINGHAM, TJ AF CUNNINGHAM, TJ TI SOME REAL EVIDENCE ON THE REAL BILLS DOCTRINE VERSUS THE QUANTITY THEORY SO ECONOMIC INQUIRY LA English DT Article AB Researchers interested in testing between the Real Bills doctrine and the Quantity Theory approach to inflation in the face of rapid, deficit-financing money growth are confronted by an observation equivalence problem. This paper identifies a data set which resolves the dilemma and tests the two inflation models. The results provide clear evidence supporting the Real Bills doctrine, that the value of assets backing money determines its value, over the Quantity Theory. RP CUNNINGHAM, TJ (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA, USA. NR 14 TC 5 Z9 5 U1 0 U2 1 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0095-2583 J9 ECON INQ JI Econ. Inq. PD APR PY 1992 VL 30 IS 2 BP 371 EP 383 PG 13 WC Economics SC Business & Economics GA HP661 UT WOS:A1992HP66100013 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI THE TAX TREATMENT OF FRINGE BENEFITS - WOODBURY,SA, HUANG,WJ SO INDUSTRIAL & LABOR RELATIONS REVIEW LA English DT Book Review RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,RES,BOSTON,MA 02106, USA. NR 1 TC 0 Z9 0 U1 0 U2 1 PU INDUSTRIAL LABOR RELAT REV PI ITHACA PA CORNELL UNIV, ITHACA, NY 14851-0952 SN 0019-7939 J9 IND LABOR RELAT REV JI Ind. Labor Relat. Rev. PD APR PY 1992 VL 45 IS 3 BP 613 EP 615 DI 10.2307/2524291 PG 3 WC Industrial Relations & Labor SC Business & Economics GA HP282 UT WOS:A1992HP28200023 ER PT J AU ANDERSON, RG AF ANDERSON, RG TI THE GAUSS PROGRAMMING SYSTEM - A REVIEW SO JOURNAL OF APPLIED ECONOMETRICS LA English DT Software Review RP ANDERSON, RG (reprint author), FED RESERVE BOARD,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 0 TC 3 Z9 3 U1 0 U2 0 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0883-7252 J9 J APPL ECONOM JI J. Appl. Econom. PD APR-JUN PY 1992 VL 7 IS 2 BP 215 EP 219 DI 10.1002/jae.3950070210 PG 5 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA HX071 UT WOS:A1992HX07100009 ER PT J AU FUHRER, JC AF FUHRER, JC TI INFERRING CHANGES IN EXPECTATION BEHAVIOR OVER TIME - AN APPLICATION OF NONLINEAR TIME-VARYING-PARAMETERS ESTIMATION SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE EXTENDED KALMAN FILTER; RATIONAL EXPECTATIONS ID CONVERGENCE; RATIONALITY; EQUILIBRIA; MODEL 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. RP FUHRER, JC (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551, USA. RI Fuhrer, Jeff/F-8852-2013 NR 11 TC 2 Z9 2 U1 0 U2 1 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD APR PY 1992 VL 10 IS 2 BP 169 EP 177 DI 10.2307/1391675 PG 9 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA HM085 UT WOS:A1992HM08500005 ER PT J AU KEANE, MP AF KEANE, MP TI A NOTE ON IDENTIFICATION IN THE MULTINOMIAL PROBIT MODEL SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE DISCRETE CHOICE; LATENT VARIABLES; PARAMETER ESTIMABILITY ID HETEROGENEITY AB Although formal conditions for identification in the multinomial probit (MNP) model are now clearly established, little is known about how various estimable MNP specifications perform in practice. This article shows that parameter identification in the MNP model is extremely tenuous in the absence of exclusion restrictions. This previously unnoticed fact is important because formal identification of MNP models does not require exclusion restrictions, and many potential economic applications of MNP are to situations in which exclusion restrictions are not readily available. Thus, failure to be aware of the difficulties present in such situations may lead to reporting of unreliable results. C1 UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480. RP KEANE, MP (reprint author), UNIV MINNESOTA,CTR IND RELAT,MINNEAPOLIS,MN 55455, USA. RI Keane, Michael/O-2840-2013 OI Keane, Michael/0000-0002-3918-1377 NR 15 TC 111 Z9 111 U1 0 U2 4 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD APR PY 1992 VL 10 IS 2 BP 193 EP 200 DI 10.2307/1391677 PG 8 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA HM085 UT WOS:A1992HM08500007 ER PT J AU KOLLINTZAS, T ZHOU, R AF KOLLINTZAS, T ZHOU, R TI IMPORT PRICE ADJUSTMENTS WITH STAGGERED IMPORT CONTRACTS SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID RATE PASS-THROUGH; MODEL; HYSTERESIS; COSTS AB In this paper we develop a linear rational expectations equilibrium model of staggered import contracts with incomplete exchange rate indexing to explain the slow and moderate adjustment of import prices and quantities to exchange rate changes. The existence and stability of the equilibrium are proved by establishing equivalence between the solution to the equilibrium problem and the solution of an optimal linear regulator problem. Simulation analysis illustrates that the nature of the adjustment of import prices and quantities to exchange rate changes depends crucially on the length of the contract and the length of the delivery lag. Thus, an alternative to the 'hysteresis' explanation of the slow and moderate adjustment of import prices and quantities to exchange rate changes is established. The new explanation, however, has significantly different implications for exchange rate management and trade policies. C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. UNIV PITTSBURGH,PITTSBURGH,PA 15260. RP KOLLINTZAS, T (reprint author), ATHENS UNIV ECON & BUSINESS,GR-10434 ATHENS,GREECE. NR 28 TC 2 Z9 2 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD APR PY 1992 VL 16 IS 2 BP 289 EP 315 DI 10.1016/0165-1889(92)90035-D PG 27 WC Economics SC Business & Economics GA HK139 UT WOS:A1992HK13900006 ER PT J AU KIM, IM LOUNGANI, P AF KIM, IM LOUNGANI, P TI THE ROLE OF ENERGY IN REAL BUSINESS-CYCLE MODELS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID INDIVISIBLE LABOR; WORLD INFLATION; OIL; PRICE; MACROECONOMY; INVESTMENT; RECESSION AB This paper modifies Hansen's (1985) analysis of a real business cycle model with indivisible labor by explicitly including energy as a productive input and modelling the relative price of energy as an exogenous random process. One goal is to determine the extent to which the introduction of energy price shocks reduces the reliance of the real business cycle model on unobserved technology shocks. The other goal, following Christiano and Eichenbaum (1991), is to compare the correlation between real wages and hours predicted by the energy-inclusive model to that predicted by Hansen's model. C1 FED RESERVE BANK CHICAGO,CHICAGO,IL 60604. RP KIM, IM (reprint author), UNIV FLORIDA,GAINESVILLE,FL 32611, USA. NR 45 TC 100 Z9 102 U1 1 U2 15 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD APR PY 1992 VL 29 IS 2 BP 173 EP 189 DI 10.1016/0304-3932(92)90011-P PG 17 WC Business, Finance; Economics SC Business & Economics GA HR475 UT WOS:A1992HR47500001 ER PT J AU EVANS, CL AF EVANS, CL TI PRODUCTIVITY SHOCKS AND REAL BUSINESS CYCLES SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID CONSISTENT COVARIANCE-MATRIX; MONEY; HETEROSKEDASTICITY; OUTPUT AB Productivity shocks play a central role in real business cycles as an exogenous impulse to macroeconomic activity. However, measured Solow-Prescott residuals do not behave as an exogenous impulse. Rather, econometric evidence provided in this paper indicates that (1) money, interest rates, and government spending Granger-cause these impulses, and (2) a substantial component of the variance of these impulses (between one quarter and one half) is attributable to variations in aggregate demand. These results are robust to a number of econometric issues, including measurement errors, specification of the production function, and certain forms of omitted real variables. RP EVANS, CL (reprint author), FED RESERVE BANK CHICAGO,CHICAGO,IL 60604, USA. NR 33 TC 75 Z9 76 U1 1 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD APR PY 1992 VL 29 IS 2 BP 191 EP 208 DI 10.1016/0304-3932(92)90012-Q PG 18 WC Business, Finance; Economics SC Business & Economics GA HR475 UT WOS:A1992HR47500002 ER PT J AU FUHRER, J MOORE, G AF FUHRER, J MOORE, G TI MONETARY-POLICY RULES AND THE INDICATOR PROPERTIES OF ASSET PRICES SO JOURNAL OF MONETARY ECONOMICS LA English DT Article 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. RP FUHRER, J (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. RI Fuhrer, Jeff/F-8852-2013 NR 19 TC 22 Z9 22 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD APR PY 1992 VL 29 IS 2 BP 303 EP 336 DI 10.1016/0304-3932(92)90017-V PG 34 WC Business, Finance; Economics SC Business & Economics GA HR475 UT WOS:A1992HR47500007 ER PT J AU BERKOVEC, J FULLERTON, D AF BERKOVEC, J FULLERTON, D TI A GENERAL EQUILIBRIUM-MODEL OF HOUSING, TAXES, AND PORTFOLIO CHOICE SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID TENURE CHOICE; INCOME-TAX; MARKET; INFLATION; TAXATION; CONSUMPTION; INVESTMENT; SUBSIDIES AB We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. At each iteration in the search for an equilibrium, we determine the new taxable income for each of 3,578 households (from the Survey of Consumer Finances), and we use statutory schedules to find the marginal rate and tax paid. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In our simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Measures to disallow property tax or mortgage interest deductions do not help share this risk. Simulations of the 1986 tax reform indicate a small shift from rental to owner housing and welfare gains from reallocating risk. C1 UNIV VIRGINIA,CHARLOTTESVILLE,VA 22903. CARNEGIE MELLON UNIV,PITTSBURGH,PA 15213. RP BERKOVEC, J (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 36 TC 55 Z9 55 U1 1 U2 11 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD APR PY 1992 VL 100 IS 2 BP 390 EP 429 DI 10.1086/261822 PG 40 WC Economics SC Business & Economics GA HM657 UT WOS:A1992HM65700007 ER PT J AU HOSKINS, WL AF HOSKINS, WL TI BETTER FORECASTING OR BETTER RULES SO CATO JOURNAL LA English DT Article C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH. NR 0 TC 1 Z9 1 U1 0 U2 0 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD SPR-SUM PY 1992 VL 12 IS 1 BP 49 EP 51 PG 3 WC Public Administration SC Public Administration GA MH210 UT WOS:A1992MH21000006 ER PT J AU JORDAN, JL AF JORDAN, JL TI PRIVATE FORECASTING AND GOVERNMENT POLICY STABILITY SO CATO JOURNAL LA English DT Article C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH. NR 8 TC 1 Z9 1 U1 0 U2 3 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD SPR-SUM PY 1992 VL 12 IS 1 BP 107 EP 117 PG 11 WC Public Administration SC Public Administration GA MH210 UT WOS:A1992MH21000011 ER PT J AU ANGELL, WD AF ANGELL, WD TI COMMODITY PRICES AND MONETARY-POLICY - WHAT HAVE WE LEARNED SO CATO JOURNAL LA English DT Article C1 FED RESERVE SYST,WASHINGTON,DC 20551. NR 4 TC 4 Z9 4 U1 0 U2 0 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD SPR-SUM PY 1992 VL 12 IS 1 BP 185 EP 192 PG 8 WC Public Administration SC Public Administration GA MH210 UT WOS:A1992MH21000018 ER PT J AU HETZEL, RL AF HETZEL, RL TI MAKING MONETARY-POLICY SO CATO JOURNAL LA English DT Article C1 FED RESERVE BANK RICHMOND,RICHMOND,VA 23261. NR 10 TC 0 Z9 0 U1 0 U2 0 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD SPR-SUM PY 1992 VL 12 IS 1 BP 255 EP 277 PG 23 WC Public Administration SC Public Administration GA MH210 UT WOS:A1992MH21000024 ER PT J AU SANTAMARIA, M AF SANTAMARIA, M TI PRIVATIZING SOCIAL-SECURITY - THE CHILEAN CASE SO COLUMBIA JOURNAL OF WORLD BUSINESS LA English DT Article AB The privatization of social security has become a topic of considerable interest among countries adopting broad economic restructuring programs, such as Mexico, Colombia, Venezuela, and Bolivia. 1 This program, which has existed in Chile since 1980, has seemingly lowered costs, increased national wages and savings, and aided the development of financial markets. A privatized social security such as this one could provide an answer to investment problems for both developing and developed nations. C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. NR 7 TC 1 Z9 1 U1 1 U2 1 PU JAI PRESS INC PI GREENWICH PA 55 OLD POST RD-#2, PO BOX 1678, GREENWICH, CT 06836-1678 SN 0022-5428 J9 COLUMBIA J WORLD BUS JI Columbia J. World Bus. PD SPR PY 1992 VL 27 IS 1 BP 38 EP 51 PG 14 WC Business; International Relations SC Business & Economics; International Relations GA HR276 UT WOS:A1992HR27600004 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI THE OVERWORKED AMERICAN - THE UNEXPECTED DECLINE IN LEISURE - SCHOR,JB SO ISSUES IN SCIENCE AND TECHNOLOGY LA English DT Book Review RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,RES,BOSTON,MA, USA. NR 1 TC 1 Z9 1 U1 0 U2 1 PU NATL ACAD PRESS PI WASHINGTON PA 2101 CONSTITUTION AVE NW, WASHINGTON, DC 20418 SN 0748-5492 J9 ISSUES SCI TECHNOL JI Issues Sci. Technol. PD SPR PY 1992 VL 8 IS 3 BP 80 EP 83 PG 4 WC Engineering, Multidisciplinary; Engineering, Industrial; Multidisciplinary Sciences; Social Issues SC Engineering; Science & Technology - Other Topics; Social Issues GA HN595 UT WOS:A1992HN59500045 ER PT J AU HARTLEY, PR WALSH, CE AF HARTLEY, PR WALSH, CE TI A GENERALIZED-METHOD OF MOMENTS APPROACH TO ESTIMATING A STRUCTURAL VECTOR AUTOREGRESSION SO JOURNAL OF MACROECONOMICS LA English DT Article ID BUSINESS CYCLES; MONEY AB A generalized method of moments estimator is used to test a small structural model of the U.S. macroeconomy. As with vector autoregression studies, we view the observable variables as endogenous functions of a set of unobservable shocks. We assume expectations are formed rationally and model monetary policy as a regime rather than a series of discretionary interventions. We find money growth rate shocks to be the most important source of output fluctuations. Real shocks to the demand for capital, and portfolio shocks, are found to be important in explaining covariation between output growth and changes in inflation and interest rates. C1 UNIV CALIF SANTA CRUZ,SANTA CRUZ,CA 95064. FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA. RP HARTLEY, PR (reprint author), RICE UNIV,HOUSTON,TX 77251, USA. NR 17 TC 5 Z9 6 U1 0 U2 0 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SPR PY 1992 VL 14 IS 2 BP 199 EP 232 DI 10.1016/0164-0704(92)90042-7 PG 34 WC Economics SC Business & Economics GA HK115 UT WOS:A1992HK11500001 ER PT J AU HILL, JK MENDEZ, JA AF HILL, JK MENDEZ, JA TI EQUITY CONTROL OF MULTINATIONAL FIRMS BY LESS-DEVELOPED-COUNTRIES - A GENERAL EQUILIBRIUM-ANALYSIS SO MANCHESTER SCHOOL OF ECONOMIC AND SOCIAL STUDIES LA English DT Article ID INTERNATIONAL-TRADE C1 ARIZONA STATE UNIV,TEMPE,AZ 85287. RP HILL, JK (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 17 TC 4 Z9 4 U1 1 U2 5 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0025-2034 J9 MANCH SCH ECON SOC JI Manch. Sch. Econ. Soc. Stud. PD MAR PY 1992 VL 60 IS 1 BP 53 EP 63 DI 10.1111/j.1467-9957.1992.tb00210.x PG 11 WC Economics SC Business & Economics GA HH862 UT WOS:A1992HH86200004 ER PT J AU ROSENGREN, ES SIMONS, K AF ROSENGREN, ES SIMONS, K TI THE ADVANTAGES OF TRANSFERABLE PUTS FOR LOANS AT FAILED BANKS SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB In testimony on February 3, 1992 before the Committee on Banking, Housing, and Urban Affairs of the United States Senate, Richard F. Syron, President of the Federal Reserve Bank of Boston, proposed a mechanism to help relieve current credit availability problems by making existing FDIC guarantees of loans transferable throughout the private financial system. This article examines Mr. Syron's rationale for the proposal and how it might work. Under this scheme, when performing nonperforming loans are placed in the equivalent of "bad banks" by the FDIC, the borrower could transfer the loan to any willing financial institution, bringing along the same government guarantee on the loan that is currently extended to acquirers of failed banks-in effect, making the put transferable. The resulting competition for "puttable" failed bank assets would provide a market for performing nonperforming loans that would reduce the number of liquidated loans and potentially reduce costs to the FDIC. RP ROSENGREN, ES (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 5 TC 0 Z9 0 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1992 BP 3 EP 11 PG 9 WC Economics SC Business & Economics GA HQ300 UT WOS:A1992HQ30000001 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI CURRENT TAXATION OF QUALIFIED PENSION PLANS - HAS THE TIME COME SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article; Proceedings Paper CT MEETING OF THE AMERICAN LAW INST - AMERICAN BAR ASSOC PENSION POLICY INVITATIONAL CONF CY OCT 25-26, 1991 CL WASHINGTON, DC ID EARNINGS REPLACEMENT RATES; WORKERS AB The U.S. Treasury estimates that personal income tax receipts in fiscal year 1992 would have been $51 billion higher without the special provisions accorded employer-sponsored pension plans. It is at best uncelar that taxpayers are getting their money's worth from this large tax expenditure. Despite a myraid of legislative change, all of which combine to increase the likelihood that persons covered by pension plans will actually receive benefits, the U.S. pension system is still a very erratic and unpredictable way to provide retirement income and it benefits a relatively privileged subset of the population. This article argues that the time has come for the current taxation of compensation received in the form of deferred pension benefits. Such treatment is feasible, and is consistent with the broad definition of income envisioned under a comprehensive personal income tax and incorporated in the language of the Internal Revenue Code. RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,RES,BOSTON,MA, USA. NR 56 TC 5 Z9 5 U1 0 U2 2 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1992 BP 12 EP 25 PG 14 WC Economics SC Business & Economics GA HQ300 UT WOS:A1992HQ30000002 ER PT J AU KOPCKE, RW AF KOPCKE, RW TI PROFITS AND STOCK-PRICES - THE IMPORTANCE OF BEING EARNEST SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article ID INVESTMENT; DIVIDENDS AB While the prospect for equity values naturally concerns traders and investors, it also is a concern for public policy. Because investors' wealth depends on the value of corporate equity, the demand for consumption goods can vary with the price of stocks. The valuation of corporations' productive assets on stock exchanges also influences businesses' willingness and ability to undertake new investments. If the falling price of stocks should retard the pace of capital formation in the future, it also would retard the potential growth of output and living standards. This article examines the relationship between the earnings of nonfinancial corporations and the value of their equity. It concludes that the price of stocks corresponds more closely to the earnings that companies disclose in their financial reports than it does to the earnings for nonfinancial corporations reported in the national income accounts. This analysis also suggests that the value of equity does not necessarily reflect corporations' incentives for undertaking investments. If the opportunities for profitable growth, both here and abroad, remain sufficiently attractive, lower prices of stocks would not foretell a commensurate drop in corporations' capital budgets. RP KOPCKE, RW (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 32 TC 0 Z9 0 U1 1 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1992 BP 26 EP 44 PG 19 WC Economics SC Business & Economics GA HQ300 UT WOS:A1992HQ30000003 ER PT J AU SIMONS, K AF SIMONS, K TI MUTUAL-TO-STOCK CONVERSIONS BY NEW-ENGLAND SAVINGS BANKS - WHERE HAS ALL THE MONEY GONE SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB In the aftermath of the real estate slump and the attendant financial troubles of the New England banks, it is natural to look for causes and contributing factors. One phenomenon that has received its share of the blame is the rush of conversions by thrifts in the mid 1980s from mutual to stock form of ownership. Conversions were hailed initially as a way to fortify the eroded capital of thrifts and increase their safety and soundness. This article compares the behavior of converted thrifts with that of the mutuals. It finds that converted institutions took greater risks, suffered bigger losses, and failed at a higher rate than the mutuals despite being very highly capitalized after conversion. Three conclusions are reached. First, converted thrifts accounted for a substantial share of the increase in real estate financing during the boom of the mid 1980s. Second, ability to take greater risk, rather than efficiency, appears to have been a dominant motive for thrift conversions in New England. And third, even very high capital ratios may not prove sufficient if an institution takes big risks in its loan portfolio. RP SIMONS, K (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 9 TC 5 Z9 5 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD MAR-APR PY 1992 BP 45 EP 53 PG 9 WC Economics SC Business & Economics GA HQ300 UT WOS:A1992HQ30000004 ER PT J AU GOODMAN, JL AF GOODMAN, JL TI THE FUTURE-SUPPLY OF MORTGAGE CREDIT SO REAL ESTATE REVIEW LA English DT Article RP GOODMAN, JL (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 3 TC 0 Z9 0 U1 0 U2 0 PU WARREN GORHAM LAMONT INC PI BOSTON PA 31 SAINT JAMES AVE 4TH FLOOR, BOSTON, MA 02116-4101 SN 0034-0790 J9 REAL ESTATE REV PD SPR PY 1992 VL 22 IS 1 BP 35 EP 44 PG 10 WC Business SC Business & Economics GA HH768 UT WOS:A1992HH76800007 ER PT J AU CUNNINGHAM, TJ HARDOUVELIS, GA AF CUNNINGHAM, TJ HARDOUVELIS, GA TI MONEY AND INTEREST-RATES - THE EFFECTS OF TEMPORAL AGGREGATION AND DATA REVISIONS SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article ID REAL INTEREST-RATES; UNANTICIPATED MONEY; ANNOUNCEMENTS; INFLATION; MARKET; SURPRISES; OUTPUT; POLICY; 1970S AB Econometric estimates of liquidity effects produce results that are, at best, mixed. Yet the liquidity effect remains a central transmission mechanism for monetary effects. This article examines how problems of data revisions and temporal aggregation affect the empirical effort. We test for liquidity effects, using both initially announced and finally revised M1 data, aggregating across different time intervals and time periods, using different aggregation techniques. We were able to uncover a liquidity effect only in the post-October 1979 period and only at a 13-week observational interval with nonaggregated end-of-period M1 data. RP CUNNINGHAM, TJ (reprint author), FED RESERVE BANK ATLANTA,104 MARIETTA ST,ATLANTA,GA 30303, USA. NR 21 TC 5 Z9 5 U1 0 U2 4 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD FEB PY 1992 VL 44 IS 1 BP 19 EP 30 DI 10.1016/0148-6195(92)90004-T PG 12 WC Business, Finance SC Business & Economics GA HE941 UT WOS:A1992HE94100002 ER PT J AU BOOTH, JR AF BOOTH, JR TI CONTRACT COSTS, BANK LOANS, AND THE CROSS-MONITORING HYPOTHESIS SO JOURNAL OF FINANCIAL ECONOMICS LA English DT Article AB I examine whether monitoring-related contract costs are reflected in bank loan spreads and find evidence that cross-monitoring by senior and subordinate claimholders is associated with smaller spreads. I also find that loan spreads reflect financial contract costs of controlling borrower behavior toward the assets being financed. These results support the importance of contract costs in firms' financing decisions and provide evidence of the importance of monitoring in bank lending arrangements. C1 FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA. RP BOOTH, JR (reprint author), ARIZONA STATE UNIV,TEMPE,AZ 85287, USA. NR 20 TC 62 Z9 62 U1 0 U2 3 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-405X J9 J FINANC ECON JI J. Financ. Econ. PD FEB PY 1992 VL 31 IS 1 BP 25 EP 41 DI 10.1016/0304-405X(92)90010-U PG 17 WC Business, Finance; Economics SC Business & Economics GA HW600 UT WOS:A1992HW60000002 ER PT J AU KING, RG WALLACE, N WEBER, WE AF KING, RG WALLACE, N WEBER, WE TI NONFUNDAMENTAL UNCERTAINTY AND EXCHANGE-RATES SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article; Proceedings Paper CT SANTA BARBARA CONF ON MONETARY THEORY CY MAY, 1987 CL SANTA BARBARA, CA ID CURRENCY SUBSTITUTION; MONEY DEMAND; MODEL AB This paper shows that there can be equilibria in which exchange rates display randomness unrelated to fundamentals. This is demonstrated in the context of a two-currency, one-good model, with three agent types and cash-in-advance constraints. A crucial feature is that the type i agents, for i = 1, 2, must satisfy a cash-in-advance constraint by holding currency i, while type 3 agents can satisfy it by holding either currency. It is shown that real allocations vary across the multiple equilibria if markets for hedging exchange risk do not exist and that the randomness is innocuous if complete markets exist. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. RP KING, RG (reprint author), UNIV ROCHESTER,ROCHESTER,NY 14627, USA. NR 14 TC 23 Z9 23 U1 0 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD FEB PY 1992 VL 32 IS 1-2 BP 83 EP 108 DI 10.1016/0022-1996(92)90037-K PG 26 WC Economics SC Business & Economics GA HD981 UT WOS:A1992HD98100004 ER PT J AU STEVENS, GVG LIPSEY, RE AF STEVENS, GVG LIPSEY, RE TI INTERACTIONS BETWEEN DOMESTIC AND FOREIGN-INVESTMENT SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article AB This paper studies both the domestic and foreign fixed investment expenditures of a sample of US multinational firms. In addition to explaining empirically each type of investment, an important goal is to determine whether there are significant interactions between expenditures in the different locations. Hypotheses are tested on a unique sample of micro-economic data covering the domestic and foreign operations of seven multinational firms for a period of 16 to 20 years. In general the firm-level investment function fit reasonably well for both domestic and foreign expenditures. Because of an interdependence through the financial side, interactions between domestic and foreign fixed investment were frequently confirmed. C1 QUEENS COLL,ECON,NEW YORK,NY 10003. NATL BUR ECON RES,NEW YORK,NY 10003. CUNY,GRAD CTR,NEW YORK,NY 10021. RP STEVENS, GVG (reprint author), FEDERAL RES BOARD,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 21 TC 48 Z9 48 U1 2 U2 6 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD FEB PY 1992 VL 11 IS 1 BP 40 EP 62 DI 10.1016/0261-5606(92)90020-X PG 23 WC Business, Finance SC Business & Economics GA HD365 UT WOS:A1992HD36500003 ER PT J AU OSTRY, JD ROSE, AK AF OSTRY, JD ROSE, AK TI AN EMPIRICAL-EVALUATION OF THE MACROECONOMIC EFFECTS OF TARIFFS SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article ID CURRENT ACCOUNT AB The macroeconomic effects of unilateral tariff changes are reviewed in a variety of theoretical models. It is shown that there is no theoretical presumption about the effects of tariffs on output or the trade balance. Five different data sets are found to be consistent with the hypothesis that tariff changes have no significant effects on: the real exchange rate; the real trade balance; and real output (both foreign and domestic). Tariff rates do appear to have a negative effect on the gross volume of international trade. C1 WORLD BANK,WASHINGTON,DC 20433. INT MONETARY FUND,FED RESERVE BOARD,WASHINGTON,DC 20431. UNIV CALIF BERKELEY,BERKELEY,CA 94720. RP OSTRY, JD (reprint author), INT MONETARY FUND,WASHINGTON,DC 20431, USA. RI Rose, Andrew/I-1578-2014 OI Rose, Andrew/0000-0003-1100-1212 NR 16 TC 19 Z9 21 U1 0 U2 1 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD FEB PY 1992 VL 11 IS 1 BP 63 EP 79 DI 10.1016/0261-5606(92)90021-O PG 17 WC Business, Finance SC Business & Economics GA HD365 UT WOS:A1992HD36500004 ER PT J AU DOTSEY, M MAO, CS AF DOTSEY, M MAO, CS TI HOW WELL DO LINEAR-APPROXIMATION METHODS WORK - THE PRODUCTION TAX CASE SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID STOCHASTIC GROWTH-MODEL; BUSINESS AB In this paper we investigate the accuracy of approximating policy functions for three different approximation methods in the context of a neoclassical model with a production tax. We find that a variant of the King, Plosser, and Rebelo procedure yields the best approximations overall, but that in certain instances researchers may be better off using a discrete state space solution to the Euler equations of the model. C1 NATL TAIWAN UNIV,TAIPEI,TAIWAN. RP DOTSEY, M (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 23 TC 15 Z9 15 U1 1 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1992 VL 29 IS 1 BP 25 EP 58 DI 10.1016/0304-3932(92)90022-T PG 34 WC Business, Finance; Economics SC Business & Economics GA HH346 UT WOS:A1992HH34600002 ER PT J AU CHATTERJEE, S RAVIKUMAR, B AF CHATTERJEE, S RAVIKUMAR, B TI A NEOCLASSICAL MODEL OF SEASONAL FLUCTUATIONS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID BUSINESS-CYCLE AB We develop a neoclassical capital accumulation model with seasonal perturbations to tastes and technology. We calibrate the model and use it to study the impact of seasonal demand and supply perturbations on economic activity. We find that the impact is largely limited to a single quarter. We also use our model to isolate the seasonal movements in U.S. quarterly data and then compute the seasonal variations in tastes and technology that approximately explain these movements. We find comovements in productivity and taste perturbations that are very similar to the seasonal comovements of aggregate variables. C1 UNIV IOWA,IOWA CITY,IA 52242. UNIV VIRGINIA,CHARLOTTESVILLE,VA 22903. RP CHATTERJEE, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106, USA. RI Ravikumar, B./K-6862-2016 OI Ravikumar, B./0000-0001-6991-4677 NR 17 TC 19 Z9 19 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1992 VL 29 IS 1 BP 59 EP 86 DI 10.1016/0304-3932(92)90023-U PG 28 WC Business, Finance; Economics SC Business & Economics GA HH346 UT WOS:A1992HH34600003 ER PT J AU MOURMOURAS, A RUSSELL, S AF MOURMOURAS, A RUSSELL, S TI BANK REGULATION AS AN ANTIDOTE TO PRICE-LEVEL INSTABILITY - A REAL BILLS MODEL THAT YIELDS QUANTITY THEORY PRESCRIPTIONS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID OPEN-MARKET OPERATIONS; GOVERNMENT AB We use an overlapping generations model with a risky storage technology to describe a new type of 'sunspot' equilibrium characterized by excessive price level volatility and overinvestment in stored goods. The features of this equilibrium lead us to interpret it as involving 'speculation' and as arising when banks create excessive quantities of money. This interpretation provides welfare justification for imposing quantity limits on the bank money stock. We argue that the monetary regime established in England under Peel's Act imposed such a quantity limit. Our findings support quantity theorists' traditional view that the possibility of 'overissue' provides a rationale for bank regulation. C1 FED RESERVE BANK ST LOUIS,ST LOUIS,MO 63166. UNIV GEORGIA,DEPT ECON,ATHENS,GA 30602. RP MOURMOURAS, A (reprint author), UNIV CINCINNATI,CINCINNATI,OH 45221, USA. NR 17 TC 4 Z9 4 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1992 VL 29 IS 1 BP 125 EP 150 DI 10.1016/0304-3932(92)90026-X PG 26 WC Business, Finance; Economics SC Business & Economics GA HH346 UT WOS:A1992HH34600006 ER PT J AU WHITT, JA AF WHITT, JA TI THE LONG-RUN BEHAVIOR OF THE REAL EXCHANGE-RATE - A RECONSIDERATION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID PURCHASING-POWER-PARITY; TIME-SERIES; RANDOM-WALK; UNIT-ROOT; TESTS RP WHITT, JA (reprint author), FED RESERVE BANK ATLANTA, RES DEPT, ATLANTA, GA 30303 USA. NR 32 TC 27 Z9 28 U1 1 U2 1 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD FEB PY 1992 VL 24 IS 1 BP 72 EP 82 DI 10.2307/1992792 PG 11 WC Business, Finance; Economics SC Business & Economics GA HD046 UT WOS:A1992HD04600005 ER PT J AU MCANDREWS, JJ NAKAMURA, LI AF MCANDREWS, JJ NAKAMURA, LI TI ENTRY-DETERRING DEBT SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article RP MCANDREWS, JJ (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,PHILADELPHIA,PA 19106, USA. NR 7 TC 4 Z9 6 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD FEB PY 1992 VL 24 IS 1 BP 98 EP 110 DI 10.2307/1992794 PG 13 WC Business, Finance; Economics SC Business & Economics GA HD046 UT WOS:A1992HD04600007 ER PT J AU HUTCHISON, M JUDD, JP AF HUTCHISON, M JUDD, JP TI CENTRAL BANK SECRECY AND MONEY SURPRISES - INTERNATIONAL EVIDENCE SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID MONETARY-POLICY AB The information value of central bank announcements of projected future money growth is shown to depend both on the accuracy of the announcements and the extent to which the announcements themselves are anticipated by the public. We construct a new data set on internal Federal Reserve money projections. These projections, which are kept secret while they are in force, are comparable in many important respects to publicly announced Bank of Japan money projections. Using a derivative of the law of iterated projections, we estimate the information value of disclosure on the part of the Bank of Japan and the cost of secrecy on the part of the Federal Reserve. We find that the value of the information provided by the Bank of Japan has been small in terms of reducing money surprises, but that disclosure by the Federal Reserve would have significantly reduced money surprises in the United States. C1 FED RESERVE BANK,SAN FRANCISCO,CA. RP HUTCHISON, M (reprint author), UNIV CALIF SANTA CRUZ,SANTA CRUZ,CA 95064, USA. NR 22 TC 1 Z9 1 U1 0 U2 3 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1992 VL 74 IS 1 BP 135 EP 145 DI 10.2307/2109551 PG 11 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA HR134 UT WOS:A1992HR13400016 ER PT J AU HUNTER, WC TIMME, SG AF HUNTER, WC TIMME, SG TI INTERNATIONAL COMPARISON OF BANK PRODUCTION CHARACTERISTICS AND TECHNOLOGICAL-CHANGE SO APPLIED ECONOMICS LA English DT Article ID MULTIPRODUCT FINANCIAL INSTITUTIONS; TECHNICAL CHANGE; SCALE ECONOMIES; CREDIT UNIONS; SCOPE; INDUSTRY; EMPLOYMENT; SAVINGS; GROWTH; FIRM AB In this paper, we conduct an international comparison of bank production and technological characteristics. The comparison is performed using novel evidence on changes in labour demand over the period 1980-89 for banks headquartered in Canada, France, West Germany, Italy, Japan and the United States. The results suggest that there is relatively low substitutability of labour for capital in the production process of these banking organizations. Significant scale economies were found with regards to the expansion of output and the concomitant increase in labour. In addition, technological change operated to lower the quantity of inputs needed to produce a given level of outputs and increased the minimum efficient-size bank over the sample period. Many of the production characteristics and technology effects varied significantly across countries. These findings imply that intercountry differences in production characteristics and technological change should be explicitly recognized in bank strategic planning, in the establishment of domestic regulation, and in the coordination of international bank regulation. This is of particular interest to managers and regulators alike since the establishment of a 'level playing field' has often been stated as a major goal of changes in bank regulation. C1 EMORY UNIV,ATLANTA,GA 30322. GEORGIA STATE UNIV,DEPT FINANCE,ATLANTA,GA 30303. RP HUNTER, WC (reprint author), FED RESERVE BANK ATLANTA,104 MARIETTA ST NW,ATLANTA,GA 30303, USA. NR 46 TC 0 Z9 0 U1 0 U2 7 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD JAN PY 1992 VL 24 IS 1 BP 45 EP 57 DI 10.1080/00036849200000102 PG 13 WC Economics SC Business & Economics GA GY915 UT WOS:A1992GY91500005 ER PT J AU CARROLL, CD AF CARROLL, CD TI THE BUFFER-STOCK THEORY OF SAVING - SOME MACROECONOMIC EVIDENCE SO BROOKINGS PAPERS ON ECONOMIC ACTIVITY LA English DT Article RP CARROLL, CD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 2 TC 12 Z9 15 U1 1 U2 6 PU BROOKINGS INST PI WASHINGTON PA 1775 MASSACHUSETTS AVE NW, WASHINGTON, DC 20036 SN 0007-2303 J9 BROOKINGS PAP ECO AC JI Brook. Pap. Econ. Act. PY 1992 IS 2 BP 61 EP 135 PG 75 WC Economics SC Business & Economics GA KL118 UT WOS:A1992KL11800003 ER PT J AU SETH, R AF SETH, R TI CORPORATE LEVERAGE AND THE BUSINESS-CYCLE SO CONTEMPORARY POLICY ISSUES LA English DT Article AB This paper examines the pattern of corporate leverage in the United States during the 1980s. Firms in other countries increased their debt during this period. However, the United States was the only major industrialized country in which firms experienced increases in both leverage and interest burden. Previous studies analyzing the distribution of corporate debt across sectors in the United States concluded that to the extent a pattern is discernible, highly indebted firms are concentrated in the stable sectors. This study confirms this earlier finding but shows that the U.S. firms that have been increasing their leverage most rapidly have been concentrated in cyclical sectors. RP SETH, R (reprint author), FED RESERVE BANK NEW YORK,DEPT INT FINANCE,NEW YORK,NY 10045, USA. NR 16 TC 1 Z9 1 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD JAN PY 1992 VL 10 IS 1 BP 65 EP 80 PG 16 WC Economics; Public Administration SC Business & Economics; Public Administration GA HC036 UT WOS:A1992HC03600006 ER PT J AU LEBOW, DE AF LEBOW, DE TI IMPERFECT COMPETITION AND BUSINESS CYCLES - AN EMPIRICAL-INVESTIGATION SO ECONOMIC INQUIRY LA English DT Article AB 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. RP LEBOW, DE (reprint author), FED RESERVE SYST,BOARD GOVENORS,WASHINGTON,DC 20551, USA. NR 27 TC 4 Z9 4 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0095-2583 J9 ECON INQ JI Econ. Inq. PD JAN PY 1992 VL 30 IS 1 BP 177 EP 193 PG 17 WC Economics SC Business & Economics GA GZ783 UT WOS:A1992GZ78300014 ER PT J AU SPRING, W AF SPRING, W TI BUSINESS AND THE POOR SO HARVARD BUSINESS REVIEW LA English DT Letter RP SPRING, W (reprint author), FED RESERVE BANK BOSTON,DIST COMMUNITY AFFAIRS,BOSTON,MA, USA. NR 0 TC 0 Z9 0 U1 0 U2 0 PU HARVARD BUSINESS REVIEW PI BOULDER PA SUBSCRIBER SERVICE, PO BOX 52623, BOULDER, CO 80322-2623 SN 0017-8012 J9 HARVARD BUS REV JI Harv. Bus. Rev. PD JAN-FEB PY 1992 VL 70 IS 1 BP 163 EP 163 PG 1 WC Business; Management SC Business & Economics GA GY395 UT WOS:A1992GY39500031 ER PT B AU McNees, SK AF McNees, SK BE Baker, HK TI The accuracy of macroeconomic forecasts SO IMPROVING THE INVESTMENT DECISION PROCESS - BETTER USE OF ECONOMIC INPUTS IN SECURITIES ANALYSIS AND PORTFOLIO MANAGEMENT SE ICFA CONTINUING EDUCATION SERIES LA English DT Proceedings Paper CT Seminar on Improving the Investment Decision Process - Better Use of Economic Inputs in Securities Analysis and Portfolio Management CY MAR 31, 1991 CL WASHINGTON, DC SP AIMR C1 FED RESERVE BANK BOSTON,BOSTON,MA 02210. NR 0 TC 0 Z9 0 U1 3 U2 3 PU AIMR PUBLICATIONS SALES DEPT PI CHARLOTTESVILLE PA PO BOX 7947, CHARLOTTESVILLE, VA 22906 BN 1-879087-20-0 J9 ICFA CONT EDUC SER PY 1992 BP 15 EP 22 PG 8 WC Business, Finance SC Business & Economics GA BE97Z UT WOS:A1992BE97Z00003 ER PT J AU KEANE, MP RUNKLE, DE AF KEANE, MP RUNKLE, DE TI ON THE ESTIMATION OF PANEL-DATA MODELS WITH SERIAL-CORRELATION WHEN INSTRUMENTS ARE NOT STRICTLY EXOGENOUS SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article ID EFFICIENT ESTIMATION; ERROR-COMPONENTS C1 UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480. UNIV MINNESOTA,CARLSON SCH MANAGEMENT,DEPT FINANCE,MINNEAPOLIS,MN 55455. RP KEANE, MP (reprint author), UNIV MINNESOTA,CTR IND RELAT,MINNEAPOLIS,MN 55455, USA. RI Keane, Michael/O-2840-2013 OI Keane, Michael/0000-0002-3918-1377 NR 17 TC 107 Z9 108 U1 1 U2 3 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JAN PY 1992 VL 10 IS 1 BP 1 EP 9 DI 10.2307/1391795 PG 9 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA HA108 UT WOS:A1992HA10800001 ER PT J AU KEANE, MP RUNKLE, DE AF KEANE, MP RUNKLE, DE TI ON THE ESTIMATION OF PANEL-DATA MODELS WITH SERIAL-CORRELATION WHEN INSTRUMENTS ARE NOT STRICTLY EXOGENOUS - REPLY SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Note C1 UNIV MINNESOTA,CARLSON SCH MANAGEMENT,DEPT FINANCE,MINNEAPOLIS,MN 55455. FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480. UNIV MINNESOTA,DEPT ECON,MINNEAPOLIS,MN 55455. RP KEANE, MP (reprint author), UNIV MINNESOTA,CTR IND RELAT,MINNEAPOLIS,MN 55455, USA. RI Keane, Michael/O-2840-2013 OI Keane, Michael/0000-0002-3918-1377 NR 8 TC 4 Z9 4 U1 0 U2 0 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JAN PY 1992 VL 10 IS 1 BP 26 EP 29 PG 4 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA HA108 UT WOS:A1992HA10800006 ER PT J AU BRUNNER, AD AF BRUNNER, AD TI CONDITIONAL ASYMMETRIES IN REAL GNP - A SEMINONPARAMETRIC APPROACH SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article ID ECONOMIC TIME-SERIES; BUSINESS-CYCLE 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. RP BRUNNER, AD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 18 TC 38 Z9 38 U1 0 U2 0 PU AMER STATISTICAL ASSOC PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JAN PY 1992 VL 10 IS 1 BP 65 EP 72 DI 10.2307/1391805 PG 8 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA HA108 UT WOS:A1992HA10800011 ER PT J AU HARDOUVELIS, GA AF HARDOUVELIS, GA TI MONETARY-POLICY GAMES, INFLATIONARY BIAS, AND OPENNESS SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID WAGE INDEXATION; DISCRETION; ECONOMY; MODEL; RULES C1 FED RESERVE BANK NEW YORK,DEPT DOMEST FINANCIAL STUDIES,NEW YORK,NY 10045. RP HARDOUVELIS, GA (reprint author), RUTGERS STATE UNIV,NEW BRUNSWICK,NJ 08903, USA. NR 10 TC 8 Z9 9 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD JAN PY 1992 VL 16 IS 1 BP 147 EP 164 DI 10.1016/0165-1889(92)90011-3 PG 18 WC Economics SC Business & Economics GA GV303 UT WOS:A1992GV30300010 ER PT J AU SWAMY, PAVB TAVLAS, GS AF SWAMY, PAVB TAVLAS, GS TI IS IT POSSIBLE TO FIND AN ECONOMETRIC LAW THAT WORKS WELL IN EXPLANATION AND PREDICTION - THE CASE OF AUSTRALIAN MONEY DEMAND SO JOURNAL OF FORECASTING LA English DT Article DE ECONOMIC FORECASTING; MONEY DEMAND; CAUSALITY; COINTEGRATION ID COEFFICIENTS; CAUSALITY; MODELS AB Pratt and Schlaifer's (1984, 1988) research employed in efforts to produce laws in economics are considered and their use in predicting future data is described. Data for Australia are used to illustrate the approaches. C1 INT MONETARY FUND,WASHINGTON,DC 20431. RP SWAMY, PAVB (reprint author), FED RESERVE BOARD,MONETARY & FINANCIAL STUDIES SECT,WASHINGTON,DC 20551, USA. NR 18 TC 9 Z9 9 U1 0 U2 0 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0277-6693 J9 J FORECASTING JI J. Forecast. PD JAN PY 1992 VL 11 IS 1 BP 17 EP 33 DI 10.1002/for.3980110103 PG 17 WC Economics; Management SC Business & Economics GA HA140 UT WOS:A1992HA14000002 ER PT J AU HELWEGE, J AF HELWEGE, J TI SECTORAL SHIFTS AND INTERINDUSTRY WAGE DIFFERENTIALS SO JOURNAL OF LABOR ECONOMICS LA English DT Article ID INDUSTRY 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. RP HELWEGE, J (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 15 TC 50 Z9 50 U1 0 U2 2 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0734-306X J9 J LABOR ECON JI J. Labor Econ. PD JAN PY 1992 VL 10 IS 1 BP 55 EP 84 DI 10.1086/298278 PG 30 WC Economics; Industrial Relations & Labor SC Business & Economics GA GZ210 UT WOS:A1992GZ21000003 ER PT J AU AIYAGARI, SR AF AIYAGARI, SR TI WALRAS LAW AND NONOPTIMAL EQUILIBRIA IN OVERLAPPING GENERATIONS MODELS SO JOURNAL OF MATHEMATICAL ECONOMICS LA English DT Article ID EFFICIENCY; ECONOMIES; INFINITY AB This paper demonstrates a connection between failure of Walras' Law and nonoptimal equilibria in a quite general overlapping generations model. Consider the following implication of Walras' Law in finite economies. Suppose that all prices are positive and that all agents are on their budget lines. Then, no matter how the set of goods is partitioned, there cannot be an excess supply (in value terms) for some other set in the partition with excess demand (in value terms) for some other set in the partition. We use the Cass (1972), Benveniste (1976, 1986), Balasko and Shell (1980), and Okuno and Zilcha (1980) price characterization of optimality of equilibria in pure exchange overlapping generations models to show the following link between the above implication of Walras' Law and optimality of a competitive equilibrium. A competitive equilibrium is nonoptimal if and only if the above implication of Walras' Law fails in its neighborhood. RP AIYAGARI, SR (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 14 TC 1 Z9 1 U1 0 U2 2 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4068 J9 J MATH ECON JI J. Math. Econ. PY 1992 VL 21 IS 4 BP 343 EP 361 PG 19 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA JQ195 UT WOS:A1992JQ19500002 ER PT J AU VOITH, RP AF VOITH, RP TI A NOTE ON NATURAL OFFICE VACANCY RATES SO JOURNAL OF URBAN ECONOMICS LA English DT Note RP VOITH, RP (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 1 TC 2 Z9 2 U1 0 U2 1 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD JAN PY 1992 VL 31 IS 1 BP 138 EP 139 DI 10.1016/0094-1190(92)90037-L PG 2 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA GX622 UT WOS:A1992GX62200009 ER PT J AU GREEN, EJ AF GREEN, EJ TI ELICITING TRADERS KNOWLEDGE IN A FRICTIONLESS ASSET MARKET SO LECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS LA English DT Article AB Intuitively, a patient trader should be able to make his trading partners compete to reveal whatever information is relevant to their transactions with him. This possibility is examined in the context of a model resembling that of Gale (1986). The main result is that, under assumptions having to do with asset structure and spanning, incentive-compatible elicitation of trading partners' knowledge is feasible. C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. RP GREEN, EJ (reprint author), UNIV MINNESOTA,MINNEAPOLIS,MN 55455, USA. NR 7 TC 0 Z9 0 U1 0 U2 0 PU SPRINGER VERLAG PI NEW YORK PA 175 FIFTH AVE, NEW YORK, NY 10010 SN 0075-8442 J9 LECT NOTES ECON MATH JI Lect. Notes Econ. Math. Syst. PY 1992 VL 389 BP 332 EP 355 PG 24 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA KQ986 UT WOS:A1992KQ98600019 ER PT J AU MASTERS, BN LEWIS, TO KOLARIK, WJ AF MASTERS, BN LEWIS, TO KOLARIK, WJ TI A CONFIDENCE-INTERVAL FOR THE AVAILABILITY RATIO FOR SYSTEMS WITH WEIBULL OPERATING TIME AND LOGNORMAL REPAIR TIME SO MICROELECTRONICS AND RELIABILITY LA English DT Article AB Availability measures both reliability and maintainability since it is a measure of the ratio of the operating time of a system to the operating time plus the downtime or time to repair. Typically, reliability functions approach zero, whereas availability functions approach some steady-state value greater than zero. This paper proposes a method for establishing an exact confidence interval for availability under the assumption that the time between failures and the time to repair are independent Weibull and lognormal random variables, respectively. C1 TEXAS TECH UNIV,LUBBOCK,TX 79409. RP MASTERS, BN (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX 75222, USA. NR 5 TC 27 Z9 30 U1 0 U2 0 PU PERGAMON-ELSEVIER SCIENCE LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, ENGLAND OX5 1GB SN 0026-2714 J9 MICROELECTRON RELIAB JI Microelectron. Reliab. PD JAN-FEB PY 1992 VL 32 IS 1-2 BP 89 EP 99 DI 10.1016/0026-2714(92)90089-4 PG 11 WC Engineering, Electrical & Electronic; Nanoscience & Nanotechnology; Physics, Applied SC Engineering; Science & Technology - Other Topics; Physics GA GY445 UT WOS:A1992GY44500011 ER PT J AU MCNEES, SK AF MCNEES, SK TI THE 1990-91 RECESSION IN HISTORICAL-PERSPECTIVE SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Nearly a decade has passed since the last U.S. recession ended, and memories of prior recessionary experiences may now have grown dim. The objective of this article is twofold: to provide a concise review of post-World War II recessions, with an eye to identifying their most distinctive features as well as their common elements; and to investigate the extent to which knowledge of a recessionary period provides insight into the subsequent expansion. The article's conclusions are necessarily tentative as the date the 1990-91 recession ended had not been officially designated at the time of its writing. Even though this recession was characterized by several distinctive and still puzzling features, this is not uncommon for recessions. This article finds that, contrary to common assertion, the severity of a recession provides little guidance to the course of the subsequent expansion. RP MCNEES, SK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 27 TC 20 Z9 20 U1 0 U2 5 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1992 BP 3 EP 22 PG 20 WC Economics SC Business & Economics GA HK136 UT WOS:A1992HK13600001 ER PT J AU BROWNE, LE AF BROWNE, LE TI WHY NEW-ENGLAND WENT THE WAY OF TEXAS RATHER THAN CALIFORNIA SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB When the New England economy first started to slow in 1988, a few prescient individuals would occasionally raise the possibility of the region going the way of Texas, which was suffering a serious economic downturn and a real estate bust at the time. Such an outcome seemed most unlikely for New England, however. The decline in the Texas economy was precipitated by an adverse economic shock, falling oil prices. New England had suffered nothing comparable. Today New England looks more like Texas. Real estate woes have been devastating and, in terms of job loss, the overall regional decline surpasses the Texas downturn in severity. Why were the New England and Texas booms in real estate followed by busts, whereas the California boom was not? Where were the signs of problems ahead? What lesson might New England have learned from the Texas experience, had closer attention been paid? And what lessons might other parts of the country learn from the common difficulties of these two very different areas? RP BROWNE, LE (reprint author), FED RESERVE BANK BOSTON,RES REG AFFAIRS,BOSTON,MA 02106, USA. NR 8 TC 7 Z9 7 U1 0 U2 0 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1992 BP 23 EP 41 PG 19 WC Economics SC Business & Economics GA HK136 UT WOS:A1992HK13600002 ER PT J AU LITTLE, JS AF LITTLE, JS TI LESSONS FROM VARIATIONS IN STATE MEDICAID EXPENDITURES SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB Because Medicaid is absorbing a large and growing share of government spending in every state, policymakers are under intense pressure to control the cost of this budget-breaking program. In search of clues concerning Medicaid cost containment, this article examines state data on per-recipient Medicaid spending by type of service. This effort suggests focusing on nursing homes, because per-recipient payments to these institutions are highly variable across states. Indeed, the article concludes that a key explanation for cross-state differences in per-recipient Medicaid expenses is the reimbursement rate for the nursing homes. The article then explores why nursing home reimbursement rates differ widely across states, when personal health care costs show more limited variation. It suggests that the industry's costs may come to reflect the states' reimbursement rates in an interactive cycle. The article recommends that regulators reexamine their nursing home reimbursement policies from the ground up. Finally, the article tries to draw lessons for the rest of the U.S. health care system. In particular, it suggests that the Medicaid dollar has lost its ability to serve as a standard of value; the U.S. health care dollar is in danger of following suit. RP LITTLE, JS (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 42 TC 5 Z9 5 U1 1 U2 5 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1992 BP 43 EP 66 PG 24 WC Economics SC Business & Economics GA HK136 UT WOS:A1992HK13600003 ER PT J AU HENDERSON, YK LIEBMAN, JB AF HENDERSON, YK LIEBMAN, JB TI CAPITAL COSTS, INDUSTRIAL MIX, AND THE COMPOSITION OF BUSINESS INVESTMENT SO NEW ENGLAND ECONOMIC REVIEW LA English DT Article AB The composition of business investment in the United States changed dramatically during the 1980s. Workplaces were transformed as a result of investments in information processing equipment such as computers, fax machines, copiers, and sophisticated telephones. Businesses built new office towers and shopping malls, but few industrial facilities. This article considers the extent to which changes in the cost of capital can account for these shifts. A number of developments occurred in the 1980s that affected the cost of capital more for some industries and assets than others. It is well known, for example, that computer prices fell sharply. Also, policymakers enacted significant revisions to the tax laws in efforts to alter the allocation of investment. The article concludes that the changes are due in large part to movements in real capital goods prices across industries and across assets. C1 HARVARD UNIV,DEPT ECON,CAMBRIDGE,MA 02138. RP HENDERSON, YK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 27 TC 4 Z9 4 U1 0 U2 1 PU FEDERAL RESERVE BANK BOSTON PI BOSTON PA PO BOX 2076, BOSTON, MA 02106-2076 SN 0028-4726 J9 NEW ENGL ECON REV JI New Engl. Econ. Rev. PD JAN-FEB PY 1992 BP 67 EP 92 PG 26 WC Economics SC Business & Economics GA HK136 UT WOS:A1992HK13600004 ER PT J AU TAYLOR, LL AF TAYLOR, LL TI STUDENT EMIGRATION AND THE WILLINGNESS TO PAY FOR PUBLIC-SCHOOLS - A TEST OF THE PUBLICNESS OF PUBLIC HIGH-SCHOOLS IN THE UNITED-STATES SO PUBLIC FINANCE-FINANCES PUBLIQUES LA English DT Article ID EMPLOYMENT AB This paper presents a test of Weisbrod's hypothesis that a public-goods aspect to education, coupled with anticipated emigration by students, leads communities to underinvest in education. It analyzes, in a simultaneous equations framework, the effects of both immigration and emigration on high school finance decisions in the United States. The analysis does not support the hypothesis of a public investment motive in educational finance. However, the revealed negative correlation between immigration and educational expenditures suggests that communities may be free-riding on human capital produced elsewhere by substituting "imported" human capital for local production. RP TAYLOR, LL (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 18 TC 0 Z9 0 U1 0 U2 0 PU PUBLIC FINANCE-FINANCES PUBL PI FRANKFURT PA PROF DIETER BIEHL JOHANN WOLFGANG GOETHE-UNIV P O BOX 11 19 32, D-60054 FRANKFURT, GERMANY SN 0033-3476 J9 PUBLIC FINANC JI Public Financ.-Financ. Publiques PY 1992 VL 47 IS 1 BP 131 EP 152 PG 22 WC Business, Finance; Economics; Public Administration SC Business & Economics; Public Administration GA JM535 UT WOS:A1992JM53500010 ER PT J AU AUERBACH, AJ GOKHALE, J KOTLIKOFF, LJ AF AUERBACH, AJ GOKHALE, J KOTLIKOFF, LJ TI GENERATIONAL ACCOUNTING - A NEW APPROACH TO UNDERSTANDING THE EFFECTS OF FISCAL-POLICY ON SAVING SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Article; Proceedings Paper CT CONF ON SAVINGS BEHAVIOR : THEORY, INTERNATIONAL EVIDENCE AND POLICY IMPLICATIONS CY MAY, 1991 CL ESPOO, FINLAND SP FINNISH SAVINGS BANKS RES FDN AB An alternative to deficit accounting is proposed for understanding the government's treatment of current and future generations. The alternative, called generational accounting. is based on the government's intertemporal budget constraint. Generational accounting is used to describe the redistributive and saving impacts of four alternative policies. The findings indicate that the fiscal deficit is thoroughly unreliable as a measure of either generational policy or the policy-induced stimulus to aggregate demand. The findings also suggest that fiscal policies that redistribute across generations can have important effects on national saving rates. C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE BANK CLEVELAND,CLEVELAND,OH. BOSTON UNIV,BOSTON,MA 02215. RP AUERBACH, AJ (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 7 TC 33 Z9 33 U1 1 U2 2 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1992 VL 94 IS 2 BP 303 EP 318 DI 10.2307/3440455 PG 16 WC Economics SC Business & Economics GA JA523 UT WOS:A1992JA52300014 ER PT J AU HUMPHREY, TM AF HUMPHREY, TM TI PRICE-LEVEL STABILIZATION RULES IN A WICKSELLIAN MODEL OF THE CUMULATIVE PROCESS SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Article RP HUMPHREY, TM (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 13 TC 7 Z9 7 U1 0 U2 0 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1992 VL 94 IS 3 BP 509 EP 518 DI 10.2307/3440077 PG 10 WC Economics SC Business & Economics GA JP276 UT WOS:A1992JP27600010 ER PT J AU YUCEL, MK AF YUCEL, MK TI TAXING ENERGY - OIL SEVERANCE TAXATION AND THE ECONOMY - DEACON,R, DECANIO,S, FRECH,HE, JOHNSON,MB SO SOUTHERN ECONOMIC JOURNAL LA English DT Book Review RP YUCEL, MK (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX 75221, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU UNIV NORTH CAROLINA PI CHAPEL HILL PA SOUTHERN ECONOMIC JOURNAL, CHAPEL HILL, NC 27514 SN 0038-4038 J9 SOUTHERN ECON J JI South. Econ. J. PD JAN PY 1992 VL 58 IS 3 BP 852 EP 853 DI 10.2307/1059871 PG 2 WC Economics SC Business & Economics GA GY692 UT WOS:A1992GY69200045 ER PT J AU CURRY, T BLALOCK, J COLE, R AF CURRY, T BLALOCK, J COLE, R TI RECOVERIES ON DISTRESSED REAL-ESTATE AND THE RELATIVE EFFICIENCY OF PUBLIC VERSUS PRIVATE MANAGEMENT SO AREUEA JOURNAL-JOURNAL OF THE AMERICAN REAL ESTATE & URBAN ECONOMICS ASSOCIATION LA English DT Article AB This study examines average recoveries from distressed commercial real estate assets held by FSLIC receiverships, and explores differences in the relative efficiency of public versus quasi-private and private entities in the management of these assets. It finds that properties located in markets with rising per capita income and properties that were judged to be less difficult to manage and sell provided higher recoveries, while properties with smaller writedowns prior to government takeover provided lower recoveries. The analysis also provides evidence that quasi-private management by the Federal Asset Disposition Agency provided higher mean recoveries, while private management by contractors provided lower mean recoveries than did public management by FSLIC receivership staff. C1 RESOLUT TRUST CORP,OFF RES & STAT,WASHINGTON,DC 20429. FED RESERVE BANK DALLAS,DEPT FINANCIAL IND STUDIES,DALLAS,TX 75222. RP CURRY, T (reprint author), GEORGE MASON UNIV,DEPT FINANCE,FAIRFAX,VA 22030, USA. RI Cole, Rebel/C-4399-2008 OI Cole, Rebel/0000-0001-9830-662X NR 8 TC 11 Z9 11 U1 0 U2 1 PU AMER REAL ESTATE URBAN ECONOMICS ASSOC PI BLOOMINGTON PA INDIANA UNIV, SCHOOL BUSINESS, RM 428, 1309 E TENTH ST, BLOOMINGTON, IN 47405 SN 0270-0484 J9 AREUEA J PD WIN PY 1991 VL 19 IS 4 BP 495 EP 515 PG 21 WC Business, Finance; Planning & Development SC Business & Economics; Public Administration GA HW146 UT WOS:A1991HW14600002 ER PT J AU REINHART, CM REINHART, VR AF REINHART, CM REINHART, VR TI OUTPUT FLUCTUATIONS AND MONETARY SHOCKS - EVIDENCE FROM COLOMBIA SO INTERNATIONAL MONETARY FUND STAFF PAPERS LA English DT Article ID REAL BUSINESS CYCLES; TIME-SERIES; UNIT-ROOT; MONEY; PRICES AB Using annual data for Colombia over the last 30 years, we test opposing theories that explain macroeconomic fluctuations: the neoclassical synthesis, which posits that in the presence of temporary price rigidity an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on "real" technological or preference shocks as the sources of output changes. Coefficients from this system are used to examine the long-run neutrality of nominal quantities with respect to permanent movements in the money stock and the short-run sensitivity of output to inflation. C1 INT MONETARY FUND,RES DEPT,WASHINGTON,DC 20431. INT MONETARY FUND,FED RESERVE,DIV MONETARY AFFAIRS,WASHINGTON,DC 20431. RI Reinhart, Carmen/B-6997-2008 NR 34 TC 11 Z9 11 U1 0 U2 0 PU INT MONETARY FUND PI WASHINGTON PA 700 19TH ST, NW, WASHINGTON, DC 20431 SN 0020-8027 J9 INT MONET FUND S PAP JI Int. Monet. Fund Staff Pap. PD DEC PY 1991 VL 38 IS 4 BP 705 EP 735 PG 31 WC Business, Finance; Economics SC Business & Economics GA HL385 UT WOS:A1991HL38500002 ER PT J AU BOYD, JH AF BOYD, JH TI THE SAVINGS-AND-LOAN DEBACLE - PUBLIC-POLICY LESSONS FOR BANK AND THRIFT REGULATION - WHITE,LJ SO JOURNAL OF FINANCE LA English DT Book Review C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP BOYD, JH (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 3 TC 0 Z9 0 U1 0 U2 3 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD DEC PY 1991 VL 46 IS 5 BP 1947 EP 1948 DI 10.2307/2328584 PG 2 WC Business, Finance SC Business & Economics GA GW122 UT WOS:A1991GW12200020 ER PT J AU HAKKIO, CS RUSH, M AF HAKKIO, CS RUSH, M TI COINTEGRATION - HOW SHORT IS THE LONG-RUN SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article ID PURCHASING POWER PARITY; EXCHANGE-RATES; TIME-SERIES; UNIT ROOTS; MARKETS; REAL C1 UNIV FLORIDA,GAINESVILLE,FL 32611. RP HAKKIO, CS (reprint author), FED RESERVE BANK KANSAS CITY,KANSAS CITY,MO 64198, USA. NR 28 TC 188 Z9 190 U1 1 U2 5 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD DEC PY 1991 VL 10 IS 4 BP 571 EP 581 DI 10.1016/0261-5606(91)90008-8 PG 11 WC Business, Finance SC Business & Economics GA GT176 UT WOS:A1991GT17600008 ER PT J AU CHARI, VV HOPENHAYN, H AF CHARI, VV HOPENHAYN, H TI VINTAGE HUMAN-CAPITAL, GROWTH, AND THE DIFFUSION OF NEW TECHNOLOGY SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID INNOVATIONS; EXPECTATIONS; ADOPTION C1 STANFORD UNIV,STANFORD,CA 94305. RP CHARI, VV (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 16 TC 130 Z9 130 U1 0 U2 12 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD DEC PY 1991 VL 99 IS 6 BP 1142 EP 1165 DI 10.1086/261795 PG 24 WC Economics SC Business & Economics GA GU068 UT WOS:A1991GU06800002 ER PT J AU BENHABIB, J ROGERSON, R WRIGHT, R AF BENHABIB, J ROGERSON, R WRIGHT, R TI HOMEWORK IN MACROECONOMICS - HOUSEHOLD PRODUCTION AND AGGREGATE FLUCTUATIONS SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID INDIVISIBLE LABOR; TIME; ALLOCATION C1 STANFORD UNIV,STANFORD,CA 94305. UNIV PENN,PHILADELPHIA,PA 19104. FED RESERVE BANK,MINNEAPOLIS,MN. RP BENHABIB, J (reprint author), NYU,NEW YORK,NY 10003, USA. NR 30 TC 237 Z9 237 U1 1 U2 9 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD DEC PY 1991 VL 99 IS 6 BP 1166 EP 1187 DI 10.1086/261796 PG 22 WC Economics SC Business & Economics GA GU068 UT WOS:A1991GU06800003 ER PT J AU GREENWOOD, J HERCOWITZ, Z AF GREENWOOD, J HERCOWITZ, Z TI THE ALLOCATION OF CAPITAL AND TIME OVER THE BUSINESS-CYCLE SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID INDIVISIBLE LABOR C1 UNIV WESTERN ONTARIO,LONDON N6A 3K7,ONTARIO,CANADA. TEL AVIV UNIV,IL-69978 TEL AVIV,ISRAEL. RP GREENWOOD, J (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 23 TC 143 Z9 143 U1 1 U2 7 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD DEC PY 1991 VL 99 IS 6 BP 1188 EP 1214 DI 10.1086/261797 PG 27 WC Economics SC Business & Economics GA GU068 UT WOS:A1991GU06800004 ER PT J AU GIOVANNINI, A LABADIE, P AF GIOVANNINI, A LABADIE, P TI ASSET PRICES AND INTEREST-RATES IN CASH-IN-ADVANCE MODELS SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID STOCK-MARKET; GENERAL EQUILIBRIUM; EQUITY PREMIUM; NOMINAL PRICES; INFLATION; RETURNS; MONEY; ECONOMY; LIQUIDITY; SHOCKS C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. COLUMBIA UNIV,NEW YORK,NY 10027. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP GIOVANNINI, A (reprint author), CTR ECON POLICY RES,LONDON,ENGLAND. NR 46 TC 20 Z9 21 U1 0 U2 3 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD DEC PY 1991 VL 99 IS 6 BP 1215 EP 1251 DI 10.1086/261798 PG 37 WC Economics SC Business & Economics GA GU068 UT WOS:A1991GU06800005 ER PT J AU EDWARDS, CL HOWREY, EP AF EDWARDS, CL HOWREY, EP TI A TRUE TIME-SERIES AND ITS INDICATORS - AN ALTERNATIVE APPROACH SO JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION LA English DT Article DE KALMAN FILTER; MEASUREMENT ERROR; MULTIPLE INDICATOR MODEL; PRIVATE SAVING RATE; UNOBSERVED VARIABLES AB de Leeuw and McKelvey proposed a method for using two imperfect indicators to predict the values of an unobserved series. In this article we suggest an alternative method that uses the multiple indicator approach to model the true time series and its indicators. We examine the identification status of the model, estimate the parameters by maximum likelihood, and use the Kalman filter to obtain predictions of the unobserved series. The method is applied to the U.S. gross private saving rate using flow of funds and national income and product accounts data as indicators. C1 UNIV MICHIGAN,DEPT ECON,ANN ARBOR,MI 48109. RP EDWARDS, CL (reprint author), FED RESERVE BANK NEW YORK,DIV OPEN MKT ANAL,NEW YORK,NY 10045, USA. NR 8 TC 2 Z9 2 U1 0 U2 1 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0162-1459 J9 J AM STAT ASSOC JI J. Am. Stat. Assoc. PD DEC PY 1991 VL 86 IS 416 BP 878 EP 882 PG 5 WC Statistics & Probability SC Mathematics GA GU050 UT WOS:A1991GU05000006 ER PT J AU DONAHOO, KK SHAFFER, S AF DONAHOO, KK SHAFFER, S TI CAPITAL REQUIREMENTS AND THE SECURITIZATION DECISION SO QUARTERLY REVIEW OF ECONOMICS AND BUSINESS LA English DT Article AB This article examines conditions under which capital requirements affect a profit-maximizing firm's decision to hold or securitize assets. The firm's market power is shown to be a factor in the relationship, as is the nature of the capital requirement. Certain types of capital requirements will not affect the decision to undertake securitization; however, once a positive degree of securitization has been adopted, that degree is sensitive to all forms of capital requirements. C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. RP DONAHOO, KK (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 6 TC 6 Z9 6 U1 0 U2 2 PU BUR ECONOMIC BUSINESS RESEARCH UNIV ILLINOIS PI CHAMPAIGN PA 428 COMMERCE WEST, 1206 SOUTH 6TH ST, CHAMPAIGN, IL 61820 SN 0033-5797 J9 Q REV ECON BUS PD WIN PY 1991 VL 31 IS 4 BP 12 EP 23 PG 12 WC Business, Finance; Economics SC Business & Economics GA HH222 UT WOS:A1991HH22200003 ER PT J AU DAVIES, SM AF DAVIES, SM TI DYNAMIC PRICE-COMPETITION, BRIEFLY SUNK COSTS, AND ENTRY DETERRENCE SO RAND JOURNAL OF ECONOMICS LA English DT Article ID OLIGOPOLY 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. RP DAVIES, SM (reprint author), FED RESERVE SYST,BOARD GOVERNORS,MONETARY & FINANCIAL STUDIES SECT,WASHINGTON,DC 20551, USA. NR 12 TC 5 Z9 5 U1 1 U2 3 PU RAND CORP PI LAWRENCE PA RAND J ECON PO BOX 1897, LAWRENCE, KS 66044-8897 SN 0741-6261 J9 RAND J ECON JI Rand J. Econ. PD WIN PY 1991 VL 22 IS 4 BP 519 EP 530 DI 10.2307/2600986 PG 12 WC Economics SC Business & Economics GA GW411 UT WOS:A1991GW41100005 ER PT J AU GOODMAN, JL AF GOODMAN, JL TI RTC REAL-ESTATE SALES - JUST DO IT SO REAL ESTATE REVIEW LA English DT Article RP GOODMAN, JL (reprint author), FED RESERVE BOARD,FINANCE SECT,WASHINGTON,DC, USA. NR 0 TC 0 Z9 0 U1 0 U2 0 PU WARREN GORHAM LAMONT INC PI BOSTON PA 31 SAINT JAMES AVE 4TH FLOOR, BOSTON, MA 02116-4101 SN 0034-0790 J9 REAL ESTATE REV PD WIN PY 1991 VL 20 IS 4 BP 26 EP 29 PG 4 WC Business SC Business & Economics GA EM938 UT WOS:A1991EM93800005 ER PT J AU AVERY, RB KENNICKELL, AB AF AVERY, RB KENNICKELL, AB TI HOUSEHOLD SAVING IN THE UNITED-STATES SO REVIEW OF INCOME AND WEALTH LA English DT Article 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 fact 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. C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP AVERY, RB (reprint author), CORNELL UNIV,ITHACA,NY 14853, USA. NR 14 TC 27 Z9 27 U1 0 U2 0 PU INT ASSN RES INCOME WEALTH PI NEW YORK PA NEW YORK UNIVERSITY 269 MERCER ST ROOM 700, NEW YORK, NY 10003 SN 0034-6586 J9 REV INCOME WEALTH JI Rev. Income Wealth PD DEC PY 1991 IS 4 BP 409 EP 432 PG 24 WC Economics SC Business & Economics GA GX988 UT WOS:A1991GX98800004 ER PT J AU DUCA, JV VANHOOSE, DD AF DUCA, JV VANHOOSE, DD TI OPTIMAL WAGE INDEXATION IN A MULTISECTOR ECONOMY SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID MONETARY-POLICY; STYLIZED FACTS; CONFORMITY; RIGIDITY; MODELS C1 UNIV ALABAMA,UNIVERSITY,AL 35486. FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551. RP DUCA, JV (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 17 TC 11 Z9 11 U1 1 U2 8 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD NOV PY 1991 VL 32 IS 4 BP 859 EP 867 DI 10.2307/2527039 PG 9 WC Economics SC Business & Economics GA GN095 UT WOS:A1991GN09500007 ER PT J AU GLICK, R WIHLBORG, C AF GLICK, R WIHLBORG, C TI EQUILIBRIUM ADJUSTMENT WITH ENDOGENOUS INFORMATION AND INVENTORIES SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID PRODUCTION-SMOOTHING MODEL; RATIONAL-EXPECTATIONS; BUSINESS-CYCLE; INVESTMENT; PRICE C1 GOTHENBURG UNIV,S-41124 GOTHENBURG,SWEDEN. RP GLICK, R (reprint author), FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94143, USA. NR 25 TC 0 Z9 0 U1 1 U2 4 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD NOV PY 1991 VL 32 IS 4 BP 869 EP 890 DI 10.2307/2527040 PG 22 WC Economics SC Business & Economics GA GN095 UT WOS:A1991GN09500008 ER PT J AU DEILY, ME GRAY, WB AF DEILY, ME GRAY, WB TI ENFORCEMENT OF POLLUTION REGULATIONS IN A DECLINING INDUSTRY SO JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT LA English DT Article ID ELECTRIC-POWER; EXIT; COST C1 CLARK UNIV,DEPT ECON,WORCESTER,MA 01610. FED RESERVE BANK CLEVELAND,CLEVELAND,OH. RP DEILY, ME (reprint author), LEHIGH UNIV,RAUCH BUSINESS CTR 37,DEPT ECON,BETHLEHEM,PA 18015, USA. NR 33 TC 75 Z9 75 U1 2 U2 5 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0095-0696 J9 J ENVIRON ECON MANAG JI J.Environ.Econ.Manage. PD NOV PY 1991 VL 21 IS 3 BP 260 EP 274 DI 10.1016/0095-0696(91)90030-M PG 15 WC Business; Economics; Environmental Studies SC Business & Economics; Environmental Sciences & Ecology GA GL787 UT WOS:A1991GL78700004 ER PT J AU BHAGAT, S JEFFERIS, RH AF BHAGAT, S JEFFERIS, RH TI VOTING POWER IN THE PROXY PROCESS - THE CASE OF ANTITAKEOVER CHARTER AMENDMENTS SO JOURNAL OF FINANCIAL ECONOMICS LA English DT Article ID CHOICE-BASED SAMPLES; SHAREHOLDER WEALTH; EMPIRICAL-ANALYSIS; CORPORATE-CONTROL; STOCK-PRICES; INVESTMENT; OWNERSHIP; IMPACT; MARKET; TESTS AB The likelihood that a firm will enact a management-sponsored antitakeover charter amendment depends on ownership structure. This implies that the adoption of antitakeover amendments may be anticipated. Then announcement returns provide a biased estimate of wealth effects. An estimator that corrects for the bias induced by anticipation indicates that the enactment of an antitakeover amendment is associated with a statistically significant decrease in shareholder wealth. The voting power of employee stock ownership plans and the chief executive officer plays a prominent role in determining whether a firm will adopt this type of takeover defense. C1 UNIV CHICAGO,CHICAGO,IL 60637. FED RESERVE BANK CLEVELAND,CLEVELAND,OH. RP BHAGAT, S (reprint author), UNIV COLORADO,BOULDER,CO 80309, USA. NR 38 TC 45 Z9 45 U1 3 U2 6 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-405X J9 J FINANC ECON JI J. Financ. Econ. PD NOV PY 1991 VL 30 IS 1 BP 193 EP 225 DI 10.1016/0304-405X(91)90042-I PG 33 WC Business, Finance; Economics SC Business & Economics GA HE124 UT WOS:A1991HE12400007 ER PT J AU GLICK, R AF GLICK, R TI MACROECONOMIC THEORY AND STABILIZATION POLICY - BUITER,W SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Book Review RP GLICK, R (reprint author), FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD NOV PY 1991 VL 31 IS 3-4 BP 393 EP 395 DI 10.1016/0022-1996(91)90051-7 PG 3 WC Economics SC Business & Economics GA GN516 UT WOS:A1991GN51600016 ER PT J AU DUFFYDENO, KT EBERTS, RW AF DUFFYDENO, KT EBERTS, RW TI PUBLIC INFRASTRUCTURE AND REGIONAL ECONOMIC-DEVELOPMENT - A SIMULTANEOUS-EQUATIONS APPROACH SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID LOCATION DECISIONS; GROWTH; TAXES C1 FED RESERVE BANK CLEVELAND,RES DEPT,CLEVELAND,OH 44101. RP DUFFYDENO, KT (reprint author), WEBER STATE UNIV,DEPT ECON,OGDEN,UT 84408, USA. NR 25 TC 103 Z9 105 U1 2 U2 9 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD NOV PY 1991 VL 30 IS 3 BP 329 EP 343 DI 10.1016/0094-1190(91)90053-A PG 15 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA GK896 UT WOS:A1991GK89600004 ER PT J AU VOITH, R AF VOITH, R TI THE LONG-RUN ELASTICITY OF DEMAND FOR COMMUTER RAIL TRANSPORTATION SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID MODELS; TRAVEL; WORK RP VOITH, R (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 17 TC 18 Z9 18 U1 0 U2 3 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD NOV PY 1991 VL 30 IS 3 BP 360 EP 372 DI 10.1016/0094-1190(91)90055-C PG 13 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA GK896 UT WOS:A1991GK89600006 ER PT J AU MOSSER, PC AF MOSSER, PC TI TRADE INVENTORIES AND (S,S) SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID BEHAVIOR; POLICIES; DEMAND; MODEL AB The paper presents empirical tests of the (S, s) model of inventory behavior using aggregate retail trade data. Estimation and testing are based on the probability distributions of inventories derived by Caplin [1985]. The excess volatility of retailers' demand over their consumers' demand, and the "forgetfulness" of inventories under (S, s) are emphasized. Test results indicate that the time series properties of deliveries and sales are consistent with (S, s) and not a quadratic cost model. Finally, when autoregressions of inventories are given an (S, s) rather than a stock adjustment interpretation, traditional empirical problems such as low speeds of adjustment are explained. C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP MOSSER, PC (reprint author), COLUMBIA UNIV,NEW YORK,NY 10027, USA. NR 34 TC 14 Z9 14 U1 0 U2 5 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD NOV PY 1991 VL 106 IS 4 BP 1267 EP 1286 DI 10.2307/2937964 PG 20 WC Economics SC Business & Economics GA GW044 UT WOS:A1991GW04400011 ER PT J AU COUGHLIN, CC TERZA, JV ARROMDEE, V AF COUGHLIN, CC TERZA, JV ARROMDEE, V TI STATE CHARACTERISTICS AND THE LOCATION OF FOREIGN DIRECT-INVESTMENT WITHIN THE UNITED-STATES SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article; Proceedings Paper CT MEETING OF THE FEDERAL RESERVE BANK OF ST LOUIS CY MAR, 1987 CL ST LOUIS, MO SP FED RES BANK ST LOUIS ID UNEMPLOYMENT; FIRMS C1 PENN STATE UNIV,UNIV PK,PA 16802. UNIV GEORGIA,ATHENS,GA 30602. RP COUGHLIN, CC (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO, USA. RI Coughlin, Cletus/K-6860-2016 OI Coughlin, Cletus/0000-0002-8304-2796 NR 30 TC 231 Z9 241 U1 0 U2 8 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD NOV PY 1991 VL 73 IS 4 BP 675 EP 683 DI 10.2307/2109406 PG 9 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GU061 UT WOS:A1991GU06100011 ER PT J AU MILLER, PJ ROBERDS, WT AF MILLER, PJ ROBERDS, WT TI THE QUANTITATIVE SIGNIFICANCE OF THE LUCAS CRITIQUE SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE BAYESIAN VECTOR AUTOREGRESSION; CONDITIONAL FORECASTS; COEFFICIENT INSTABILITY ID ECONOMETRIC POLICY EVALUATION; UNITED-STATES DEFICITS; WORLD-WAR-I C1 FED RESERVE BANK ATLANTA,RES DEPT,ATLANTA,GA 30303. RP MILLER, PJ (reprint author), FED RESERVE BANK,RES DEPT,MINNEAPOLIS,MN 55480, USA. NR 20 TC 4 Z9 4 U1 0 U2 0 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD OCT PY 1991 VL 9 IS 4 BP 361 EP 387 DI 10.2307/1391237 PG 27 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA GH399 UT WOS:A1991GH39900002 ER PT J AU MILLER, PJ ROBERDS, WT AF MILLER, PJ ROBERDS, WT TI THE QUANTITATIVE SIGNIFICANCE OF THE LUCAS CRITIQUE - REPLY SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Note C1 FED RESERVE BANK ATLANTA,RES DEPT,ATLANTA,GA 30303. RP MILLER, PJ (reprint author), FED RESERVE BANK,RES DEPT,MINNEAPOLIS,MN 55480, USA. NR 2 TC 1 Z9 1 U1 0 U2 0 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD OCT PY 1991 VL 9 IS 4 BP 389 EP 389 PG 1 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA GH399 UT WOS:A1991GH39900004 ER PT J AU FOMBY, TB SAMANTA, SK AF FOMBY, TB SAMANTA, SK TI APPLICATION OF STEIN RULES TO COMBINATION FORECASTING SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE COMBINATION FORECASTING; MEAN SQUARED ERROR; MINIMAXITY; STEIN-RULE METHODS C1 FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX 75222. TRENTON STATE COLL,DEPT ECON,TRENTON,NJ 08650. RP FOMBY, TB (reprint author), SO METHODIST UNIV,DEPT ECON,DALLAS,TX 75275, USA. NR 15 TC 10 Z9 10 U1 1 U2 2 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD OCT PY 1991 VL 9 IS 4 BP 391 EP 407 DI 10.2307/1391240 PG 17 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA GH399 UT WOS:A1991GH39900005 ER PT J AU EICHENBAUM, M AF EICHENBAUM, M TI REAL BUSINESS-CYCLE THEORY - WISDOM OR WHIMSY SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID INDIVISIBLE LABOR; FLUCTUATIONS; MONEY C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP EICHENBAUM, M (reprint author), NORTHWESTERN UNIV,EVANSTON,IL 60201, USA. NR 31 TC 29 Z9 30 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD OCT PY 1991 VL 15 IS 4 BP 607 EP 626 DI 10.1016/0165-1889(91)90035-Y PG 20 WC Economics SC Business & Economics GA GJ321 UT WOS:A1991GJ32100001 ER PT J AU PARK, S AF PARK, S TI BANK FAILURE CONTAGION IN HISTORICAL-PERSPECTIVE SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID RUNS RP PARK, S (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 22 TC 23 Z9 24 U1 4 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1991 VL 28 IS 2 BP 271 EP 286 DI 10.1016/0304-3932(91)90054-R PG 16 WC Business, Finance; Economics SC Business & Economics GA GT680 UT WOS:A1991GT68000006 ER PT J AU STANLEY, JA NELSON, JR SCHATZER, RJ AF STANLEY, JA NELSON, JR SCHATZER, RJ TI AN ECONOMIC-ANALYSIS OF GROUNDWATER IRRIGATION OF VEGETABLES IN SOUTHEASTERN OKLAHOMA SO JOURNAL OF PRODUCTION AGRICULTURE LA English DT Article AB The introduction or expansion of horticultural enterprises in southeastern Oklahoma is largely dependent on irrigation possibilities. Many vegetable crops are well suited to southeastern Oklahoma. A financial analysis package provides estimates of cash returns figures for scenarios involving the use of three irrigation technologies and three vegetable activities. Diversification in the agricultural sector into fresh market vegetable production could lead to substantial economic development for southeastern Oklahoma. The furrow irrigation system scenarios show greater cash returns due largely to lower investment costs than the other irrigation systems. The most profitable vegetable crop activity is tomato (Lycopersicon esculentum) followed by seeded fall broccoli (Brassica oleracea). Over all sizes of operations and irrigation technologies considered, substantial increases in cash returns to operations and cash returns to family may occur by adding vegetable enterprises to the original crop mix. C1 FED RESERVE BANK,KANSAS CITY,MO. NR 0 TC 0 Z9 0 U1 0 U2 0 PU AMER SOC AGRONOMY PI MADISON PA 677 S SEGOE RD, MADISON, WI 53711 SN 0890-8524 J9 J PROD AGRIC JI J. Prod. Agric. PD OCT-DEC PY 1991 VL 4 IS 4 BP 449 EP 452 PG 4 WC Agronomy SC Agriculture GA GW886 UT WOS:A1991GW88600001 ER PT J AU GREEN, EJ OH, SN AF GREEN, EJ OH, SN TI CONTRACTS, CONSTRAINTS AND CONSUMPTION SO REVIEW OF ECONOMIC STUDIES LA English DT Article; Proceedings Paper CT WORKSHOP ON NEW APPROACHES TO MACROECONOMIC THEORY CY JUN 19-23, 1989 CL UNIV INT MENENDEZ PELAYO, SANTANDER, SPAIN SP INST ANAL ECON, UNIV AUTONOMA BARCELONA, COMPANIA SEVILLANA ELECT HO UNIV INT MENENDEZ PELAYO ID ASYMMETRIC INFORMATION; INCOME C1 FED RESERVE BANK,MINNEAPOLIS,MN. UNIV PITTSBURGH,PITTSBURGH,PA 15260. RP GREEN, EJ (reprint author), UNIV MINNESOTA,MINNEAPOLIS,MN 55455, USA. NR 25 TC 4 Z9 5 U1 0 U2 2 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD OCT PY 1991 VL 58 IS 5 BP 883 EP 899 DI 10.2307/2297942 PG 17 WC Economics SC Business & Economics GA GM503 UT WOS:A1991GM50300003 ER PT J AU AIYAGARI, SR WALLACE, N AF AIYAGARI, SR WALLACE, N TI EXISTENCE OF STEADY-STATES WITH POSITIVE CONSUMPTION IN THE KIYOTAKI-WRIGHT MODEL SO REVIEW OF ECONOMIC STUDIES LA English DT Article; Proceedings Paper CT WORKSHOP ON NEW APPROACHES TO MACROECONOMIC THEORY CY JUN 19-23, 1989 CL UNIV INT MENENDEZ PELAYO, SANTANDER, SPAIN SP INST ANAL ECON, UNIV AUTONOMA BARCELONA, COMPANIA SEVILLANA ELECT HO UNIV INT MENENDEZ PELAYO C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP AIYAGARI, SR (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 3 TC 38 Z9 38 U1 0 U2 4 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD OCT PY 1991 VL 58 IS 5 BP 901 EP 916 DI 10.2307/2297943 PG 16 WC Economics SC Business & Economics GA GM503 UT WOS:A1991GM50300004 ER PT J AU HORNSTEIN, A PRESCOTT, EC AF HORNSTEIN, A PRESCOTT, EC TI INSURANCE CONTRACTS AS COMMODITIES - A NOTE SO REVIEW OF ECONOMIC STUDIES LA English DT Note CT WORKSHOP ON NEW APPROACHES TO MACROECONOMIC THEORY CY JUN 19-23, 1989 CL UNIV INT MENENDEZ PELAYO, SANTANDER, SPAIN SP INST ANAL ECON, UNIV AUTONOMA BARCELONA, COMPANIA SEVILLANA ELECT HO UNIV INT MENENDEZ PELAYO ID DIFFERENTIATION; COMPETITION; INFORMATION; ECONOMY C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK,MINNEAPOLIS,MN. RP HORNSTEIN, A (reprint author), UNIV WESTERN ONTARIO,LONDON N6A 3K7,ONTARIO,CANADA. NR 17 TC 12 Z9 12 U1 2 U2 3 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD OCT PY 1991 VL 58 IS 5 BP 917 EP 928 DI 10.2307/2297944 PG 12 WC Economics SC Business & Economics GA GM503 UT WOS:A1991GM50300005 ER PT J AU HALLMAN, JJ PORTER, RD SMALL, DH AF HALLMAN, JJ PORTER, RD SMALL, DH TI IS THE PRICE-LEVEL TIED TO THE M2 MONETARY AGGREGATE IN THE LONG-RUN SO AMERICAN ECONOMIC REVIEW LA English DT Article ID LINEAR MACROECONOMIC MODELS; ECONOMETRIC EVALUATION C1 FED RESERVE BOARD,DIV MONETARY AFFAIRS,MONETARY STUDIES SECT,WASHINGTON,DC 20551. RP HALLMAN, JJ (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 23 TC 90 Z9 92 U1 0 U2 7 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1991 VL 81 IS 4 BP 841 EP 858 PG 18 WC Economics SC Business & Economics GA GF620 UT WOS:A1991GF62000008 ER PT J AU MEHRA, YP AF MEHRA, YP TI WAGE GROWTH AND THE INFLATION PROCESS - AN EMPIRICAL NOTE SO AMERICAN ECONOMIC REVIEW LA English DT Note ID TIME-SERIES; CAUSALITY; VARIABLES RP MEHRA, YP (reprint author), FED RESERVE BANK RICHMOND,DEPT RES,POB 27622,RICHMOND,VA 23261, USA. NR 20 TC 24 Z9 24 U1 1 U2 5 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1991 VL 81 IS 4 BP 931 EP 937 PG 7 WC Economics SC Business & Economics GA GF620 UT WOS:A1991GF62000015 ER PT J AU HANNAN, TH BERGER, AN AF HANNAN, TH BERGER, AN TI THE RIGIDITY OF PRICES - EVIDENCE FROM THE BANKING INDUSTRY SO AMERICAN ECONOMIC REVIEW LA English DT Article ID ADJUSTMENT RP HANNAN, TH (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 20 TC 167 Z9 170 U1 1 U2 9 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1991 VL 81 IS 4 BP 938 EP 945 PG 8 WC Economics SC Business & Economics GA GF620 UT WOS:A1991GF62000016 ER PT J AU PEEK, J WILCOX, JA AF PEEK, J WILCOX, JA TI THE MEASUREMENT AND DETERMINANTS OF SINGLE-FAMILY HOUSE PRICES SO AREUEA JOURNAL-JOURNAL OF THE AMERICAN REAL ESTATE & URBAN ECONOMICS ASSOCIATION LA English DT Article ID DEMAND 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 1950-1989 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 is 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 1980s is attributed to lower unemployment and real after-tax interest rates and particularly to demographic factors associated with the aging of baby boomers. C1 UNIV CALIF BERKELEY, HAAS SCH BUSINESS, BERKELEY, CA 94720 USA. FED RESERVE SYST, BOARD GOVERNORS, WASHINGTON, DC 20551 USA. RP PEEK, J (reprint author), BOSTON COLL, DEPT ECON, CHESTNUT HILL, MA 02167 USA. NR 36 TC 24 Z9 25 U1 2 U2 5 PU AMER REAL ESTATE URBAN ECONOMICS ASSOC PI BLOOMINGTON PA INDIANA UNIV, SCHOOL BUSINESS, RM 428, 1309 E TENTH ST, BLOOMINGTON, IN 47405 USA SN 0270-0484 J9 AREUEA J PD FAL PY 1991 VL 19 IS 3 BP 353 EP 382 PG 30 WC Business, Finance; Planning & Development SC Business & Economics; Public Administration GA HE438 UT WOS:A1991HE43800006 ER PT J AU ERICSSON, NR AF ERICSSON, NR TI MONTE-CARLO METHODOLOGY AND THE FINITE-SAMPLE PROPERTIES OF INSTRUMENTAL VARIABLES STATISTICS FOR TESTING NESTED AND NONNESTED HYPOTHESES SO ECONOMETRICA LA English DT Article DE DYNAMICS; FINITE SAMPLE PROPERTIES; INSTRUMENTAL VARIABLES; MONTE-CARLO; NESTED HYPOTHESES; NONNESTED HYPOTHESES; RESPONSE SURFACES; SIMULTANEITY; TEST STATISTICS ID REGRESSION-MODELS; LEAST-SQUARES; ESTIMATORS; DISTURBANCES; SPECIFICATION; EQUATION; APPROXIMATIONS; DISTRIBUTIONS; SELECTION AB 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 non-nested 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 of the Wald statistic is favored over its chi-2 form, and "large-sigma" and small "effective" sample size strongly affect the test of over-identifying restrictions and the Cox-type test. RP ERICSSON, NR (reprint author), BOARD GOVERNORS FED RESERVE SYST,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 68 TC 13 Z9 13 U1 2 U2 8 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD SEP PY 1991 VL 59 IS 5 BP 1249 EP 1277 DI 10.2307/2938367 PG 29 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA GH582 UT WOS:A1991GH58200002 ER PT J AU DOTSEY, M AF DOTSEY, M TI OPEN MARKET OPERATIONS IN AUSTRALIA - A UNITED-STATES PERSPECTIVE SO ECONOMIC RECORD LA English DT Article ID PRICE-LEVEL DETERMINACY; RATIONAL-EXPECTATIONS; MONETARY-POLICY; INFORMATION; INSTRUMENTS; INFLATION; CHOICE; RULES AB This paper investigates open market operations in Australia and incorporates some key features of these operations into a simple rational expectations macroeconomic model. Where relevant, comparisons with US operating procedures are made. The major finding is that the Reserve Bank of Australia like the Federal Reserve uses the overnight interest rate as its policy instrument. However, specific features of the Australian money market imply that direct control of the interest rate will be a more efficient policy in Australia than in the United States. RP DOTSEY, M (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 24 TC 0 Z9 0 U1 0 U2 1 PU ECONOMIC SOC OF AUSTRALIA BROWN PRIOR ANDERSON PTY LTD PI BURWOOD VICTORIA PA 5 EVANS ST, BURWOOD VICTORIA 3125, AUSTRALIA SN 0013-0249 J9 ECON REC JI Econ. Rec. PD SEP PY 1991 VL 67 IS 198 BP 243 EP 256 DI 10.1111/j.1475-4932.1991.tb02551.x PG 14 WC Economics SC Business & Economics GA JA244 UT WOS:A1991JA24400006 ER PT J AU GROSHEN, EL AF GROSHEN, EL TI 5 REASONS WHY WAGES VARY AMONG EMPLOYERS SO INDUSTRIAL RELATIONS LA English DT Review ID EFFICIENCY WAGES; LABOR-MARKET; FRINGE BENEFITS; GIFT EXCHANGE; UNEMPLOYMENT; ECONOMICS; EQUILIBRIUM; EARNINGS; TURNOVER; FIRM RP GROSHEN, EL (reprint author), FED RESERVE BOARD,CLEVELAND,OH, USA. NR 108 TC 64 Z9 64 U1 2 U2 5 PU BLACKWELL PUBLISHERS PI CAMBRIDGE PA 238 MAIN STREET, CAMBRIDGE, MA 02142 SN 0019-8676 J9 IND RELAT JI Ind. Relat. PD FAL PY 1991 VL 30 IS 3 BP 350 EP 381 DI 10.1111/j.1468-232X.1991.tb00793.x PG 32 WC Industrial Relations & Labor SC Business & Economics GA GM651 UT WOS:A1991GM65100002 ER PT J AU BERGER, AN KING, KK OBRIEN, JM AF BERGER, AN KING, KK OBRIEN, JM TI THE LIMITATIONS OF MARKET VALUE ACCOUNTING AND A MORE REALISTIC ALTERNATIVE SO JOURNAL OF BANKING & FINANCE LA English DT Article ID BANK RP BERGER, AN (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 47 TC 25 Z9 25 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 753 EP 783 DI 10.1016/0378-4266(91)90099-8 PG 31 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800003 ER PT J AU AVERY, RB BERGER, AN AF AVERY, RB BERGER, AN TI RISK-BASED CAPITAL AND DEPOSIT INSURANCE REFORM SO JOURNAL OF BANKING & FINANCE LA English DT Article ID MARKET DISCIPLINE; PORTFOLIO RISK; BANK RISK C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH 44104. FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP AVERY, RB (reprint author), CORNELL UNIV,ITHACA,NY 14853, USA. NR 29 TC 52 Z9 53 U1 5 U2 6 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 847 EP 874 DI 10.1016/0378-4266(91)90103-S PG 28 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800007 ER PT J AU DAVIES, SM MCMANUS, DA AF DAVIES, SM MCMANUS, DA TI THE EFFECTS OF CLOSURE POLICIES ON BANK RISK-TAKING SO JOURNAL OF BANKING & FINANCE LA English DT Article ID CAPITAL REGULATION; DEPOSIT INSURANCE RP DAVIES, SM (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 14 TC 14 Z9 14 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 917 EP 938 DI 10.1016/0378-4266(91)90106-V PG 22 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800010 ER PT J AU OSTERBERG, WP THOMSON, JB AF OSTERBERG, WP THOMSON, JB TI THE EFFECT OF SUBORDINATED DEBT AND SURETY BONDS ON THE COST OF CAPITAL FOR BANKS AND THE VALUE OF FEDERAL DEPOSIT INSURANCE SO JOURNAL OF BANKING & FINANCE LA English DT Article ID RISK RP FED RESERVE BANK CLEVELAND, CLEVELAND, OH 44101 USA. NR 23 TC 2 Z9 2 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 EI 1872-6372 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 939 EP 953 DI 10.1016/0378-4266(91)90107-W PG 15 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800011 ER PT J AU KING, KK OBRIEN, JM AF KING, KK OBRIEN, JM TI MARKET-BASED, RISK-ADJUSTED EXAMINATION SCHEDULES FOR DEPOSITORY INSTITUTIONS SO JOURNAL OF BANKING & FINANCE LA English DT Article RP KING, KK (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 20 TC 3 Z9 3 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 955 EP 974 DI 10.1016/0378-4266(91)90108-X PG 20 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800012 ER PT J AU KENDALL, SB LEVONIAN, ME AF KENDALL, SB LEVONIAN, ME TI A SIMPLE APPROACH TO BETTER DEPOSIT INSURANCE PRICING SO JOURNAL OF BANKING & FINANCE LA English DT Article C1 FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94105. RP KENDALL, SB (reprint author), LOYOLA UNIV,CHICAGO,IL 60611, USA. NR 9 TC 3 Z9 3 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 999 EP 1018 DI 10.1016/0378-4266(91)90110-8 PG 20 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800014 ER PT J AU SHAFFER, S AF SHAFFER, S TI AGGREGATE DEPOSIT INSURANCE FUNDING AND TAXPAYER BAILOUTS SO JOURNAL OF BANKING & FINANCE LA English DT Article ID BOOTSTRAP; JACKKNIFE RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106, USA. NR 35 TC 2 Z9 2 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD SEP PY 1991 VL 15 IS 4-5 BP 1019 EP 1037 DI 10.1016/0378-4266(91)90111-X PG 19 WC Business, Finance; Economics SC Business & Economics GA GD898 UT WOS:A1991GD89800015 ER PT J AU HENDERSON, YK AF HENDERSON, YK TI WORLD TAX-REFORM - CASE-STUDIES OF DEVELOPED AND DEVELOPING-COUNTRIES - BOSKIN,MJ, MCLURE,CE SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP HENDERSON, YK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD SEP PY 1991 VL 29 IS 3 BP 1191 EP 1192 PG 2 WC Economics SC Business & Economics GA GH882 UT WOS:A1991GH88200026 ER PT J AU REINHART, V AF REINHART, V TI THE TOBIN TAX, ASSET ACCUMULATION, AND THE REAL EXCHANGE-RATE SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article ID RATE DYNAMICS RP REINHART, V (reprint author), BOARD GOVERNORS FED RESERVE SYST,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 15 TC 4 Z9 4 U1 1 U2 2 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD SEP PY 1991 VL 10 IS 3 BP 420 EP 431 DI 10.1016/0261-5606(91)90019-G PG 12 WC Business, Finance SC Business & Economics GA GH951 UT WOS:A1991GH95100007 ER PT J AU REINHART, V AF REINHART, V TI CONDUCTING MONETARY-POLICY WITHOUT A NOMINAL ANCHOR SO JOURNAL OF MACROECONOMICS LA English DT Article ID EXPECTATIONS RP REINHART, V (reprint author), BOARD GOVERNORS FED RESERVE SYST,DIV MONETARY AFFAIRS,WASHINGTON,DC, USA. NR 25 TC 3 Z9 3 U1 0 U2 0 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD FAL PY 1991 VL 13 IS 4 BP 573 EP 596 DI 10.1016/S0164-0704(05)80014-X PG 24 WC Economics SC Business & Economics GA GK086 UT WOS:A1991GK08600001 ER PT J AU HASLAG, JH NIESWIADOMY, M SLOTTJE, DJ AF HASLAG, JH NIESWIADOMY, M SLOTTJE, DJ TI ARE NET DISCOUNT RATIOS STATIONARY - THE IMPLICATIONS FOR PRESENT VALUE CALCULATIONS SO JOURNAL OF RISK AND INSURANCE LA English DT Article ID PERSONAL-INJURY; LOST EARNINGS; DETERMINING SETTLEMENTS; INFLATION FACTORS; FUTURE EARNINGS; ECONOMIC-LOSSES; HISTORICAL DATA; WRONGFUL DEATH; DAMAGES; SUITS C1 SO METHODIST UNIV,ECON,DALLAS,TX 75275. UNIV N TEXAS,ECON,DENTON,TX. RP HASLAG, JH (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 27 TC 6 Z9 6 U1 0 U2 0 PU AMER RISK INSURANCE ASSOC, INC PI MT VERNON PA C/O CHASE COMMUNICATIONS, STEVE ACUNTO, BOX 9001, MT VERNON, NY 10552 SN 0022-4367 J9 J RISK INSUR JI J. Risk Insur. PD SEP PY 1991 VL 58 IS 3 BP 505 EP 512 DI 10.2307/253405 PG 8 WC Business, Finance; Economics SC Business & Economics GA GK011 UT WOS:A1991GK01100008 ER PT J AU DIEBOLD, FX RUDEBUSCH, GD AF DIEBOLD, FX RUDEBUSCH, GD TI FORECASTING OUTPUT WITH THE COMPOSITE LEADING INDEX - A REAL-TIME ANALYSIS SO JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION LA English DT Article DE CAUSALITY; EVALUATION; PREDICTION AB We examine the ability of the composite index of leading economic indicators to predict future movements in aggregate economic activity. Previous examinations of predictive performance have evaluated either the in-sample residual errors from a forecasting equation fitted to the entire sample of data or the out-of-sample forecast errors from an equation fitted to a subsample of the data. Unlike previous evaluations, we perform a real-time analysis, which uses the provisional and partially revised data for the leading index that were actually available historically, along with recursive out-of-sample forecasts. We find a substantial deterioration of forecasting performance in the real-time framework. C1 FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551. RP DIEBOLD, FX (reprint author), UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104, USA. NR 21 TC 116 Z9 117 U1 1 U2 3 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0162-1459 J9 J AM STAT ASSOC JI J. Am. Stat. Assoc. PD SEP PY 1991 VL 86 IS 415 BP 603 EP 610 DI 10.2307/2290388 PG 8 WC Statistics & Probability SC Mathematics GA GC681 UT WOS:A1991GC68100006 ER PT J AU MUNNELL, AH AF MUNNELL, AH TI ARE PENSIONS WORTH THE COST SO NATIONAL TAX JOURNAL LA English DT Article RP MUNNELL, AH (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 9 TC 0 Z9 0 U1 0 U2 1 PU NATL TAX ASSN PI COLUMBUS PA 5310 EAST MAIN ST, COLUMBUS, OH 43213 SN 0028-0283 J9 NATL TAX J JI Natl. Tax J. PD SEP PY 1991 VL 44 IS 3 BP 393 EP 403 PG 11 WC Business, Finance; Economics SC Business & Economics GA GK533 UT WOS:A1991GK53300016 ER PT J AU SIMONSEN, MH COES, DV SPILLER, P BECKERMAN, P CLEAVES, P BRAGA, CP BRANDAO, AS PEREIRA, LCB EDWARDS, JK SIMONSEN, M CANITROT, A WELLS, W WELCH, J TREBAT, T WALTER, R BAER, W AF SIMONSEN, MH COES, DV SPILLER, P BECKERMAN, P CLEAVES, P BRAGA, CP BRANDAO, AS PEREIRA, LCB EDWARDS, JK SIMONSEN, M CANITROT, A WELLS, W WELCH, J TREBAT, T WALTER, R BAER, W TI RECENT HETERODOX STABILIZATION EXPERIENCE - ARGENTINA, ISRAEL, AND BRAZIL, 1985-1989 - COMMENT SO QUARTERLY REVIEW OF ECONOMICS AND BUSINESS LA English DT Note C1 UNIV ILLINOIS,DEPT ECON,URBANA,IL 61801. WORLD BANK,WASHINGTON,DC 20433. UNIV TEXAS,INST LATIN AMER STUDIES,AUSTIN,TX 78712. UNIV SAO PAULO,SAO PAULO,BRAZIL. SO ILLINOIS UNIV,DEPT POLIT SCI,CARBONDALE,IL 62901. CUMMINS ENGINE CO,COLUMBUS,IN. INST TORCUATO DI TELLA,BUENOS AIRES,ARGENTINA. FED RESERVE BANK DALLAS,DALLAS,TX. FORD FDN,LATIN AMER & CARIBBEAN PROGRAM,NEW YORK,NY. RP SIMONSEN, MH (reprint author), FUNDACAO GETULIO VARGAS,GRAD PROGRAM ECON,RIO DE JANEIRO,BRAZIL. NR 0 TC 0 Z9 0 U1 1 U2 1 PU BUR ECONOMIC BUSINESS RESEARCH UNIV ILLINOIS PI CHAMPAIGN PA 428 COMMERCE WEST, 1206 SOUTH 6TH ST, CHAMPAIGN, IL 61820 SN 0033-5797 J9 Q REV ECON BUS PD FAL PY 1991 VL 31 IS 3 BP 95 EP 113 PG 19 WC Business, Finance; Economics SC Business & Economics GA GZ011 UT WOS:A1991GZ01100007 ER PT J AU ROSEN, RJ AF ROSEN, RJ TI RESEARCH-AND-DEVELOPMENT WITH ASYMMETRIC FIRM SIZES SO RAND JOURNAL OF ECONOMICS LA English DT Article ID R-AND-D; INNOVATION RP ROSEN, RJ (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 36 TC 45 Z9 45 U1 5 U2 8 PU RAND CORP PI LAWRENCE PA RAND J ECON PO BOX 1897, LAWRENCE, KS 66044-8897 SN 0741-6261 J9 RAND J ECON JI Rand J. Econ. PD FAL PY 1991 VL 22 IS 3 BP 411 EP 429 DI 10.2307/2601056 PG 19 WC Economics SC Business & Economics GA GL833 UT WOS:A1991GL83300008 ER PT J AU RUNKLE, DE AF RUNKLE, DE TI ARE FARROWING INTENTIONS RATIONAL FORECASTS SO AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS LA English DT Article DE EXPECTATIONS; LIVESTOCK FORECASTS; RATIONALITY TESTS ID CONSISTENT COVARIANCE-MATRIX; PRICE FORECASTS; HETEROSKEDASTICITY; ANNOUNCEMENTS AB This paper tests whether quarterly data on hog farmers' sow-farrowing intentions released in Hogs and Pigs are rational forecasts of actual farrowings. The empirical results show that neither one- nor two-quarter-ahead intentions are rational forecasts. Econometric methods and the implications of the empirical results for the rational expectations hypothesis are also discussed. C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP RUNKLE, DE (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 17 TC 3 Z9 3 U1 0 U2 0 PU AMER AGRICULTURAL ECONOMICS ASSOC PI AMES PA 1110 BUCKEYE AVE, AMES, IA 50010-8063 SN 0002-9092 J9 AM J AGR ECON JI Am. J. Agr. Econ. PD AUG PY 1991 VL 73 IS 3 BP 594 EP 600 DI 10.2307/1242812 PG 7 WC Agricultural Economics & Policy; Economics SC Agriculture; Business & Economics GA GB734 UT WOS:A1991GB73400004 ER PT J AU REIESCHNEIDER, D STEVENSON, R AF REIESCHNEIDER, D STEVENSON, R TI SYSTEMATIC DEPARTURES FROM THE FRONTIER - A FRAMEWORK FOR THE ANALYSIS OF FIRM INEFFICIENCY SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article C1 UNIV WISCONSIN,MADISON,WI 53706. RP REIESCHNEIDER, D (reprint author), US FED RESERVE BANK,WASHINGTON,DC, USA. NR 11 TC 2 Z9 8 U1 0 U2 3 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD AUG PY 1991 VL 32 IS 3 BP 715 EP 723 PG 9 WC Economics SC Business & Economics GA FZ026 UT WOS:A1991FZ02600011 ER PT J AU COLE, HL OBSTFELD, M AF COLE, HL OBSTFELD, M TI COMMODITY TRADE AND INTERNATIONAL RISK SHARING - HOW MUCH DO FINANCIAL-MARKETS MATTER SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID REAL BUSINESS CYCLES; CAPITAL MOBILITY; EQUILIBRIUM; CONSUMPTION; INVESTMENT; AVERSION; BEHAVIOR; WORLD; FLOWS; RATES C1 UNIV PENN,PHILADELPHIA,PA 19104. UNIV CALIF BERKELEY,BERKELEY,CA 94720. NATL BUR ECON RES,CAMBRIDGE,MA 02138. CTR ECON POLICY RES,LONDON SW1Y 6LA,ENGLAND. RP COLE, HL (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 35 TC 215 Z9 216 U1 1 U2 12 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD AUG PY 1991 VL 28 IS 1 BP 3 EP 24 DI 10.1016/0304-3932(91)90023-H PG 22 WC Business, Finance; Economics SC Business & Economics GA GD643 UT WOS:A1991GD64300001 ER PT J AU BALKE, NS FOMBY, TB AF BALKE, NS FOMBY, TB TI SHIFTING TRENDS, SEGMENTED TRENDS, AND INFREQUENT PERMANENT SHOCKS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID ECONOMIC TIME-SERIES; BUSINESS-CYCLE C1 FED RESERVE BANK DALLAS,DALLAS,TX 75222. RP BALKE, NS (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 23 TC 66 Z9 66 U1 1 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD AUG PY 1991 VL 28 IS 1 BP 61 EP 85 DI 10.1016/0304-3932(91)90025-J PG 25 WC Business, Finance; Economics SC Business & Economics GA GD643 UT WOS:A1991GD64300003 ER PT J AU BERGER, AN HUMPHREY, DB AF BERGER, AN HUMPHREY, DB TI THE DOMINANCE OF INEFFICIENCIES OVER SCALE AND PRODUCT MIX ECONOMIES IN BANKING SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID UNITED-STATES BANKS; COST EFFICIENCY; DECOMPOSITION C1 FLORIDA STATE UNIV,TALLAHASSEE,FL 32306. RP BERGER, AN (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 25 TC 227 Z9 233 U1 0 U2 9 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD AUG PY 1991 VL 28 IS 1 BP 117 EP 148 DI 10.1016/0304-3932(91)90027-L PG 32 WC Business, Finance; Economics SC Business & Economics GA GD643 UT WOS:A1991GD64300005 ER PT J AU LOUNGANI, P AF LOUNGANI, P TI STRUCTURAL UNEMPLOYMENT AND PUBLIC-POLICY IN INTERWAR BRITAIN - A REVIEW ESSAY SO JOURNAL OF MONETARY ECONOMICS LA English DT Review C1 FED RESERVE BANK CHICAGO,CHICAGO,IL 60604. NR 15 TC 3 Z9 3 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD AUG PY 1991 VL 28 IS 1 BP 149 EP 159 DI 10.1016/0304-3932(91)90028-M PG 11 WC Business, Finance; Economics SC Business & Economics GA GD643 UT WOS:A1991GD64300006 ER PT J AU GAVIN, WT AF GAVIN, WT TI PRICE STABILITY - A CONFERENCE SPONSORED BY THE FEDERAL-RESERVE-BANK-OF-CLEVELAND NOVEMBER 8-10, 1990 - INTRODUCTION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Editorial Material RP GAVIN, WT (reprint author), FED RESERVE BANK CLEVELAND,RES DEPT,CLEVELAND,OH, USA. NR 5 TC 0 Z9 0 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP 433 EP 438 DI 10.2307/1992677 PN 2 PG 6 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000002 ER PT J AU IMROHOROGLU, A PRESCOTT, EC AF IMROHOROGLU, A PRESCOTT, EC TI SEIGNIORAGE AS A TAX - A QUANTITATIVE-EVALUATION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article; Proceedings Paper CT CONF ON PRICE STABILITY CY NOV 08-10, 1990 CL CLEVELAND, OH SP FED RESERVE BANK CLEVELAND ID INDIVISIBLE LABOR; BUSINESS-CYCLE; CONSTRAINTS; EQUILIBRIUM C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. UNIV MINNESOTA,ECON,MINNEAPOLIS,MN 55455. RP IMROHOROGLU, A (reprint author), UNIV SO CALIF,FINANCE & BUSINESS ECON,LOS ANGELES,CA 90089, USA. NR 18 TC 11 Z9 11 U1 1 U2 1 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP 462 EP 475 DI 10.2307/1992681 PN 2 PG 14 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000006 ER PT J AU WRIGHT, R AF WRIGHT, R TI THE WELFARE COSTS OF MODERATE INFLATIONS - COMMENT SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Note C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. RP WRIGHT, R (reprint author), UNIV PENN,ECON,PHILADELPHIA,PA 19104, USA. NR 5 TC 1 Z9 1 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP 513 EP 518 DI 10.2307/1992685 PN 2 PG 6 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000011 ER PT J AU CHARI, VV CHRISTIANO, LJ KEHOE, PJ AF CHARI, VV CHRISTIANO, LJ KEHOE, PJ TI OPTIMAL FISCAL AND MONETARY-POLICY - SOME RECENT RESULTS SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article; Proceedings Paper CT CONF ON PRICE STABILITY CY NOV 08-10, 1990 CL CLEVELAND, OH SP FED RESERVE BANK CLEVELAND ID PUBLIC-FINANCE; TAXATION; SAVINGS; INCOME; MONEY; TAX C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP CHARI, VV (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 35 TC 107 Z9 107 U1 0 U2 3 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP 519 EP 539 DI 10.2307/1992686 PN 2 PG 21 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000012 ER PT J AU ALTIG, D CARLSTROM, CT AF ALTIG, D CARLSTROM, CT TI INFLATION, PERSONAL TAXES, AND REAL OUTPUT - A DYNAMIC ANALYSIS SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article; Proceedings Paper CT CONF ON PRICE STABILITY CY NOV 08-10, 1990 CL CLEVELAND, OH SP FED RESERVE BANK CLEVELAND ID UNITED-STATES; TAXATION; MODEL; TIME C1 FED RESERVE BANK CLEVELAND,RES DEPT,CLEVELAND,OH. INDIANA UNIV,ECON & PUBL POLICY,BLOOMINGTON,IN 47401. NR 27 TC 12 Z9 12 U1 0 U2 2 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP 547 EP 571 DI 10.2307/1992689 PN 2 PG 25 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000015 ER PT J AU HOSKINS, WL AF HOSKINS, WL TI PRICE STABILITY - A CONFERENCE SPONSORED BY THE FEDERAL-RESERVE-BANK-OF-CLEVELAND NOVEMBER 8-10, 1990 - PREFACE SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Editorial Material RP HOSKINS, WL (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 0 TC 0 Z9 0 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1991 VL 23 IS 3 BP R3 EP R3 PN 2 PG 1 WC Business, Finance; Economics SC Business & Economics GA GC310 UT WOS:A1991GC31000001 ER PT J AU GROSHEN, EL AF GROSHEN, EL TI SOURCES OF INTRAINDUSTRY WAGE DISPERSION - HOW MUCH DO EMPLOYERS MATTER SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID FRINGE BENEFITS; LABOR-ECONOMICS; DIFFERENTIALS; UNEMPLOYMENT; MARKETS; POLICY; MODELS RP GROSHEN, EL (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 39 TC 123 Z9 124 U1 2 U2 5 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD AUG PY 1991 VL 106 IS 3 BP 869 EP 884 DI 10.2307/2937931 PG 16 WC Economics SC Business & Economics GA GB359 UT WOS:A1991GB35900010 ER PT J AU BELONGIA, MT CHRYSTAL, KA AF BELONGIA, MT CHRYSTAL, KA TI AN ADMISSIBLE MONETARY AGGREGATE FOR THE UNITED-KINGDOM SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID MONEY C1 CITY UNIV LONDON,LONDON EC1V 0HB,ENGLAND. RP BELONGIA, MT (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO, USA. NR 27 TC 34 Z9 35 U1 3 U2 3 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD AUG PY 1991 VL 73 IS 3 BP 497 EP 503 DI 10.2307/2109574 PG 7 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GH601 UT WOS:A1991GH60100013 ER PT J AU WACHTER, ML WASCHER, WL AF WACHTER, ML WASCHER, WL TI LEVELING THE PEAKS AND TROUGHS OF THE DEMOGRAPHIC CYCLE - AN APPLICATION TO SCHOOL ENROLLMENT RATES - A REPLY SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Note C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP WACHTER, ML (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 3 TC 1 Z9 1 U1 0 U2 0 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD AUG PY 1991 VL 73 IS 3 BP 575 EP 576 DI 10.2307/2109590 PG 2 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GH601 UT WOS:A1991GH60100029 ER PT J AU HELKIE, W STEKLER, L AF HELKIE, W STEKLER, L TI THE MACROECONOMIC EFFECTS OF RESTRICTING FOREIGN-INVESTMENT IN THE UNITED-STATES SO ANNALS OF THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE LA English DT Article RP HELKIE, W (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV INT FINANCE,QUANTITAT STUDIES SECT,WASHINGTON,DC 20551, USA. NR 2 TC 1 Z9 1 U1 0 U2 0 PU SAGE SCIENCE PRESS PI THOUSAND OAKS PA 2455 TELLER RD, THOUSAND OAKS, CA 91320 SN 0002-7162 J9 ANN AM ACAD POLIT SS JI Ann. Am. Acad. Polit. Soc. Sci. PD JUL PY 1991 VL 516 BP 66 EP 75 DI 10.1177/0002716291516001006 PG 10 WC Political Science; Social Sciences, Interdisciplinary SC Government & Law; Social Sciences - Other Topics GA FY980 UT WOS:A1991FY98000006 ER PT J AU COLEMAN, WJ AF COLEMAN, WJ TI EQUILIBRIUM IN A PRODUCTION ECONOMY WITH AN INCOME-TAX SO ECONOMETRICA LA English DT Article DE TAX POLICY; CAPITAL; EXISTENCE; UNIQUENESS; COMPUTATION OF THE EQUILIBRIUM AB A state-dependent income tax is incorporated into a stochastic, discrete-time, infinite-horizon production economy. Methods are developed for establishing the existence and uniqueness of an equilibrium, and for computing this equilibrium. RP COLEMAN, WJ (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 17 TC 70 Z9 71 U1 0 U2 2 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD JUL PY 1991 VL 59 IS 4 BP 1091 EP 1104 PG 14 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA FW515 UT WOS:A1991FW51500010 ER PT J AU HAKKIO, CS RUSH, M AF HAKKIO, CS RUSH, M TI IS THE BUDGET DEFICIT TOO LARGE SO ECONOMIC INQUIRY LA English DT Article ID STATES C1 COUNCIL ECON ADVISORS,WASHINGTON,DC. RP HAKKIO, CS (reprint author), FED RESERVE BANK KANSAS CITY,KANSAS CITY,KS, USA. NR 23 TC 130 Z9 138 U1 1 U2 4 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0095-2583 J9 ECON INQ JI Econ. Inq. PD JUL PY 1991 VL 29 IS 3 BP 429 EP 445 PG 17 WC Economics SC Business & Economics GA FW007 UT WOS:A1991FW00700003 ER PT J AU ERICSSON, NR LYSS, H AF ERICSSON, NR LYSS, H TI AN UPDATE TO PC-GIVE - VERSION 6.01 SO JOURNAL OF APPLIED ECONOMETRICS LA English DT Software Review ID COINTEGRATION C1 UNIV CHICAGO,GRAD SCH BUSINESS,CHICAGO,IL 60637. RP ERICSSON, NR (reprint author), FED RESERVE BOARD,INT FIN DIV,WASHINGTON,DC 20551, USA. NR 5 TC 3 Z9 3 U1 0 U2 1 PU JOHN WILEY & SONS LTD PI W SUSSEX PA BAFFINS LANE CHICHESTER, W SUSSEX, ENGLAND PO19 1UD SN 0883-7252 J9 J APPL ECONOM JI J. Appl. Econom. PD JUL-SEP PY 1991 VL 6 IS 3 BP 321 EP 325 DI 10.1002/jae.3950060310 PG 5 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GF666 UT WOS:A1991GF66600008 ER PT J AU BOSCHEN, JF TALBOT, KE AF BOSCHEN, JF TALBOT, KE TI MONETARY BASE GROWTH, DEPOSIT GROWTH, AND INFLATION IN THE POSTWAR UNITED-STATES SO JOURNAL OF BUSINESS LA English DT Article ID MONEY; ECONOMICS; ISSUES; MODEL C1 BOISE STATE UNIV,BOISE,ID 83725. FED RESERVE BANK,KANSAS CITY,MO. RP BOSCHEN, JF (reprint author), COLL WILLIAM & MARY,WILLIAMSBURG,VA 23185, USA. NR 29 TC 1 Z9 1 U1 0 U2 3 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0021-9398 J9 J BUS JI J. Bus. PD JUL PY 1991 VL 64 IS 3 BP 313 EP 337 DI 10.1086/296540 PG 25 WC Business SC Business & Economics GA GA258 UT WOS:A1991GA25800003 ER PT J AU HUNTER, WC TIMME, SG AF HUNTER, WC TIMME, SG TI TECHNOLOGICAL-CHANGE IN LARGE UNITED-STATES COMMERCIAL-BANKS SO JOURNAL OF BUSINESS LA English DT Article ID FLEXIBLE FUNCTIONAL FORMS; FINANCIAL INTERMEDIATION; GLOBAL PROPERTIES; MINFLEX-LAURENT; SCALE ECONOMIES; SCOPE ECONOMIES; COST; SUBADDITIVITY; SAVINGS; LOANS C1 EMORY UNIV,ATLANTA,GA 30322. GEORGIA STATE UNIV,ATLANTA,GA 30303. RP HUNTER, WC (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA, USA. NR 41 TC 41 Z9 42 U1 6 U2 7 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0021-9398 J9 J BUS JI J. Bus. PD JUL PY 1991 VL 64 IS 3 BP 339 EP 362 DI 10.1086/296541 PG 24 WC Business SC Business & Economics GA GA258 UT WOS:A1991GA25800004 ER PT J AU COLLINS, S AF COLLINS, S TI PREDICTION TECHNIQUES FOR BOX COX REGRESSION-MODELS SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE MEAN SQUARED ERROR; PREDICTION BIAS; PREDICTION INTERVAL; PREDICTIVE LIKELIHOOD; STOCHASTIC SIMULATION; TRANSFORMATION ID ECONOMETRIC-MODELS; LIKELIHOOD; TRANSFORMATION; ERRORS RP COLLINS, S (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 33 TC 19 Z9 19 U1 1 U2 5 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JUL PY 1991 VL 9 IS 3 BP 267 EP 277 DI 10.2307/1391291 PG 11 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA FU446 UT WOS:A1991FU44600003 ER PT J AU ROSENTHAL, SS DUCA, JV GABRIEL, SA AF ROSENTHAL, SS DUCA, JV GABRIEL, SA TI CREDIT RATIONING AND THE DEMAND FOR OWNER-OCCUPIED HOUSING SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID TENURE CHOICE; IMPERFECT INFORMATION; CONTRACTS; MODEL C1 UNIV SO CALIF,SCH BUSINESS,DEPT FINANCE & BUSINESS ECON,LOS ANGELES,CA 90089. FED RESERVE BANK DALLAS,DALLAS,TX 75222. RP ROSENTHAL, SS (reprint author), UNIV BRITISH COLUMBIA,FAC COMMERCE & BUSINESS ADM,2053 MAIN MALL,VANCOUVER V6T 1Y8,BC,CANADA. NR 33 TC 29 Z9 29 U1 0 U2 4 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD JUL PY 1991 VL 30 IS 1 BP 48 EP 63 DI 10.1016/0094-1190(91)90044-8 PG 16 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA FR107 UT WOS:A1991FR10700003 ER PT J AU LINNEMAN, P VOITH, R AF LINNEMAN, P VOITH, R TI HOUSING PRICE FUNCTIONS AND OWNERSHIP CAPITALIZATION RATES SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID HOMEOWNERSHIP; TAXES C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106. RP LINNEMAN, P (reprint author), UNIV PENN,WHARTON SCH,PHILADELPHIA,PA 19104, USA. NR 13 TC 12 Z9 12 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD JUL PY 1991 VL 30 IS 1 BP 100 EP 111 DI 10.1016/0094-1190(91)90047-B PG 12 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA FR107 UT WOS:A1991FR10700006 ER PT J AU BOUCHER, JL AF BOUCHER, JL TI THE UNITED-STATES CURRENT ACCOUNT - A LONG AND SHORT RUN EMPIRICAL PERSPECTIVE SO SOUTHERN ECONOMIC JOURNAL LA English DT Article C1 FED RESERVE BANK ATLANTA,ATLANTA,GA. RP BOUCHER, JL (reprint author), UNIV S CAROLINA,COLUMBIA,SC 29208, USA. NR 18 TC 3 Z9 3 U1 0 U2 0 PU UNIV NORTH CAROLINA PI CHAPEL HILL PA SOUTHERN ECONOMIC JOURNAL, CHAPEL HILL, NC 27514 SN 0038-4038 J9 SOUTHERN ECON J JI South. Econ. J. PD JUL PY 1991 VL 58 IS 1 BP 93 EP 111 DI 10.2307/1060036 PG 19 WC Economics SC Business & Economics GA FV781 UT WOS:A1991FV78100009 ER PT J AU KELEHER, RE AF KELEHER, RE TI THE USE OF MARKET PRICES IN IMPLEMENTING MONETARY-POLICY - THE BULLIONIST CONTRIBUTION SO SOUTHERN ECONOMIC JOURNAL LA English DT Article RP KELEHER, RE (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 20 TC 1 Z9 1 U1 0 U2 0 PU UNIV NORTH CAROLINA PI CHAPEL HILL PA SOUTHERN ECONOMIC JOURNAL, CHAPEL HILL, NC 27514 SN 0038-4038 J9 SOUTHERN ECON J JI South. Econ. J. PD JUL PY 1991 VL 58 IS 1 BP 144 EP 154 DI 10.2307/1060039 PG 11 WC Economics SC Business & Economics GA FV781 UT WOS:A1991FV78100012 ER PT J AU CANNER, GB GABRIEL, SA WOOLLEY, JM AF CANNER, GB GABRIEL, SA WOOLLEY, JM TI RACE, DEFAULT RISK AND MORTGAGE LENDING - A STUDY OF THE FHA AND CONVENTIONAL LOAN MARKETS SO SOUTHERN ECONOMIC JOURNAL LA English DT Article C1 UNIV SO CALIF,LOS ANGELES,CA 90089. RP CANNER, GB (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 22 TC 35 Z9 36 U1 0 U2 3 PU UNIV NORTH CAROLINA PI CHAPEL HILL PA SOUTHERN ECONOMIC JOURNAL, CHAPEL HILL, NC 27514 SN 0038-4038 J9 SOUTHERN ECON J JI South. Econ. J. PD JUL PY 1991 VL 58 IS 1 BP 249 EP 262 DI 10.2307/1060046 PG 14 WC Economics SC Business & Economics GA FV781 UT WOS:A1991FV78100019 ER PT J AU VOITH, R AF VOITH, R TI TRANSPORTATION, SORTING AND HOUSE VALUES SO AREUEA JOURNAL-JOURNAL OF THE AMERICAN REAL ESTATE & URBAN ECONOMICS ASSOCIATION LA English DT Article ID METROPOLITAN SPATIAL STRUCTURE; RESIDENTIAL PROPERTY-VALUES; COMMUTING TIME; CHOICE; LOCATION; WASTEFUL; MODELS; TESTS; CBD C1 UNIV PENN,WHARTON SCH,DEPT FINANCE,PHILADELPHIA,PA 19104. UNIV PENN,WHARTON SCH,REAL ESTATE UNIT,PHILADELPHIA,PA 19104. RP VOITH, R (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19104, USA. NR 25 TC 30 Z9 30 U1 1 U2 5 PU AMER REAL ESTATE URBAN ECONOMICS ASSOC PI BLOOMINGTON PA INDIANA UNIV, SCHOOL BUSINESS, RM 428, 10TH FEE LANE, BLOOMINGTON, IN 47405 SN 0270-0484 J9 AREUEA J PD SUM PY 1991 VL 19 IS 2 BP 117 EP 137 PG 21 WC Business, Finance; Planning & Development SC Business & Economics; Public Administration GA GM310 UT WOS:A1991GM31000001 ER PT J AU MCMANUS, DA AF MCMANUS, DA TI WHO INVENTED LOCAL-POWER ANALYSIS SO ECONOMETRIC THEORY LA English DT Article ID TEST STATISTICS RP MCMANUS, DA (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 23 TC 8 Z9 8 U1 2 U2 2 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0266-4666 J9 ECONOMET THEOR JI Economet. Theory PD JUN PY 1991 VL 7 IS 2 BP 265 EP 268 PG 4 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA FW303 UT WOS:A1991FW30300008 ER PT J AU SHARPE, SA AF SHARPE, SA TI CREDIT RATIONING, CONCESSIONARY LENDING, AND DEBT MATURITY SO JOURNAL OF BANKING & FINANCE LA English DT Article ID BANKRUPTCY DECISION; INFORMATION; MARKETS RP SHARPE, SA (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 18 TC 21 Z9 21 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD JUN PY 1991 VL 15 IS 3 BP 581 EP 604 DI 10.1016/0378-4266(91)90087-3 PG 24 WC Business, Finance; Economics SC Business & Economics GA FW490 UT WOS:A1991FW49000007 ER PT J AU RHOADES, SA AF RHOADES, SA TI DANGEROUS PURSUITS - MERGERS AND ACQUISITIONS IN THE AGE OF WALL STREET - ADAMS,W, BROCK,JW SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP RHOADES, SA (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD JUN PY 1991 VL 29 IS 2 BP 638 EP 639 PG 2 WC Economics SC Business & Economics GA FV830 UT WOS:A1991FV83000036 ER PT J AU AIYAGARI, SR PELED, D AF AIYAGARI, SR PELED, D TI DOMINANT ROOT CHARACTERIZATION OF PARETO OPTIMALITY AND THE EXISTENCE OF OPTIMAL EQUILIBRIA IN STOCHASTIC OVERLAPPING GENERATIONS MODELS SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID RATIONAL-EXPECTATIONS; MONETARY EQUILIBRIA; PURE EXCHANGE; MONEY; EFFICIENCY C1 TECHNION ISRAEL INST TECHNOL,IL-32000 HAIFA,ISRAEL. RP AIYAGARI, SR (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 24 TC 26 Z9 26 U1 0 U2 5 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD JUN PY 1991 VL 54 IS 1 BP 69 EP 83 PG 15 WC Economics SC Business & Economics GA FQ952 UT WOS:A1991FQ95200004 ER PT J AU LEVINE, DK AF LEVINE, DK TI ASSET TRADING MECHANISMS AND EXPANSIONARY POLICY SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID EQUILIBRIA; EFFICIENCY; MONEY; GAMES C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. RP LEVINE, DK (reprint author), UNIV CALIF LOS ANGELES,DEPT ECON,LOS ANGELES,CA 90024, USA. NR 24 TC 49 Z9 50 U1 0 U2 2 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD JUN PY 1991 VL 54 IS 1 BP 148 EP 164 DI 10.1016/0022-0531(91)90110-P PG 17 WC Economics SC Business & Economics GA FQ952 UT WOS:A1991FQ95200009 ER PT J AU ESTRELLA, A HARDOUVELIS, GA AF ESTRELLA, A HARDOUVELIS, GA TI THE TERM STRUCTURE AS A PREDICTOR OF REAL ECONOMIC-ACTIVITY SO JOURNAL OF FINANCE LA English DT Article ID INTEREST-RATES; INFORMATION; INFLATION; BEHAVIOR; MODELS C1 RUTGERS STATE UNIV,SCH BUSINESS,NEW BRUNSWICK,NJ 08903. RP ESTRELLA, A (reprint author), FED RESERVE BANK NEW YORK,BANKING STUDIES & ANAL,NEW YORK,NY 10045, USA. NR 29 TC 379 Z9 383 U1 1 U2 16 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1991 VL 46 IS 2 BP 555 EP 576 DI 10.2307/2328836 PG 22 WC Business, Finance SC Business & Economics GA FQ780 UT WOS:A1991FQ78000006 ER PT J AU CRABBE, L AF CRABBE, L TI EVENT RISK - AN ANALYSIS OF LOSSES TO BONDHOLDERS AND SUPER POISON PUT BOND COVENANTS SO JOURNAL OF FINANCE LA English DT Article RP CRABBE, L (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 20 TC 37 Z9 37 U1 0 U2 3 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1991 VL 46 IS 2 BP 689 EP 706 DI 10.2307/2328842 PG 18 WC Business, Finance SC Business & Economics GA FQ780 UT WOS:A1991FQ78000012 ER PT J AU KUPIEC, PH SHARPE, SA AF KUPIEC, PH SHARPE, SA TI ANIMAL SPIRITS, MARGIN REQUIREMENTS, AND STOCK-PRICE VOLATILITY SO JOURNAL OF FINANCE LA English DT Article ID 100 PERCENT MARGINS; MARKET RP KUPIEC, PH (reprint author), FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC, USA. NR 17 TC 15 Z9 16 U1 0 U2 5 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1991 VL 46 IS 2 BP 717 EP 731 DI 10.2307/2328844 PG 15 WC Business, Finance SC Business & Economics GA FQ780 UT WOS:A1991FQ78000014 ER PT J AU GROSHEN, EL AF GROSHEN, EL TI THE STRUCTURE OF THE FEMALE MALE WAGE DIFFERENTIAL - IS IT WHO YOU ARE, WHAT YOU DO, OR WHERE YOU WORK SO JOURNAL OF HUMAN RESOURCES LA English DT Article ID EARNINGS RP GROSHEN, EL (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 16 TC 131 Z9 131 U1 0 U2 6 PU UNIV WISCONSIN PRESS PI MADISON PA JOURNAL DIVISION, 114 N MURRAY ST, MADISON, WI 53715 SN 0022-166X J9 J HUM RESOUR JI J. Hum. Resour. PD SUM PY 1991 VL 26 IS 3 BP 457 EP 472 DI 10.2307/146021 PG 16 WC Economics; Industrial Relations & Labor SC Business & Economics GA GG683 UT WOS:A1991GG68300003 ER PT J AU HARTLEY, PR WALSH, CE AF HARTLEY, PR WALSH, CE TI INSIDE MONEY AND MONETARY NEUTRALITY SO JOURNAL OF MACROECONOMICS LA English DT Article ID INTEREST-RATES; FINANCIAL INTERMEDIATION; INTERNATIONAL EVIDENCE; RATIONAL-EXPECTATIONS; UNANTICIPATED MONEY; POLICY MATTER; OUTPUT; ANNOUNCEMENTS; INFLATION; BANKING C1 UNIV CALIF SANTA CRUZ,SANTA CRUZ,CA 95064. FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA. RP HARTLEY, PR (reprint author), RICE UNIV,HOUSTON,TX 77251, USA. NR 39 TC 5 Z9 5 U1 0 U2 6 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SUM PY 1991 VL 13 IS 3 BP 395 EP 416 DI 10.1016/0164-0704(91)90001-B PG 22 WC Economics SC Business & Economics GA FU405 UT WOS:A1991FU40500001 ER PT J AU BALKE, N HASLAG, JH AF BALKE, N HASLAG, JH TI VARIABILITY AND FORECASTABILITY OF CENTRAL BANK PREFERENCES IN A MONETARY-POLICY GAME SO JOURNAL OF MACROECONOMICS LA English DT Article ID INFORMATION; DISCRETION; RULES C1 FED RESERVE BANK DALLAS,DALLAS,TX. RP BALKE, N (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 9 TC 0 Z9 0 U1 0 U2 0 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SUM PY 1991 VL 13 IS 3 BP 535 EP 541 DI 10.1016/0164-0704(91)90009-J PG 7 WC Economics SC Business & Economics GA FU405 UT WOS:A1991FU40500009 ER PT J AU AIYAGARI, SR GERTLER, M AF AIYAGARI, SR GERTLER, M TI ASSET RETURNS WITH TRANSACTIONS COSTS AND UNINSURED INDIVIDUAL RISK SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID EQUITY PREMIUM; EQUILIBRIUM; PUZZLE C1 NYU,NEW YORK,NY 10003. RP AIYAGARI, SR (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 31 TC 103 Z9 105 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD JUN PY 1991 VL 27 IS 3 BP 311 EP 331 DI 10.1016/0304-3932(91)90012-D PG 21 WC Business, Finance; Economics SC Business & Economics GA GB709 UT WOS:A1991GB70900001 ER PT J AU LEIGH, JP WILKINSON, JT AF LEIGH, JP WILKINSON, JT TI THE EFFECT OF GASOLINE TAXES ON HIGHWAY FATALITIES SO JOURNAL OF POLICY ANALYSIS AND MANAGEMENT LA English DT Note ID RATES; RISK C1 STANFORD UNIV,MED CTR,DEPT MED,STANFORD,CA 94305. FED RESERVE BANK,KANSAS CITY,KS. RP LEIGH, JP (reprint author), SAN JOSE STATE UNIV,DEPT ECON,SAN JOSE,CA 95192, USA. NR 20 TC 17 Z9 17 U1 0 U2 3 PU JOHN WILEY & SONS INC PI NEW YORK PA 605 THIRD AVE, NEW YORK, NY 10158-0012 SN 0276-8739 J9 J POLICY ANAL MANAG JI J. Policy Anal. Manage. PD SUM PY 1991 VL 10 IS 3 BP 474 EP 481 DI 10.2307/3325328 PG 8 WC Economics; Public Administration SC Business & Economics; Public Administration GA FU277 UT WOS:A1991FU27700008 ER PT J AU KRANE, SD BRAUN, SN AF KRANE, SD BRAUN, SN TI PRODUCTION SMOOTHING EVIDENCE FROM PHYSICAL-PRODUCT DATA SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID MODEL; INVENTORIES; SEASONALITY; HYPOTHESIS RP KRANE, SD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 27 TC 53 Z9 58 U1 0 U2 5 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD JUN PY 1991 VL 99 IS 3 BP 558 EP 581 DI 10.1086/261767 PG 24 WC Economics SC Business & Economics GA FN013 UT WOS:A1991FN01300007 ER PT J AU CARGILL, TF HUTCHISON, MM AF CARGILL, TF HUTCHISON, MM TI THE BANK OF JAPAN RESPONSE TO ELECTIONS SO JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES LA English DT Article; Proceedings Paper CT MEETING OF THE AMERICAN ECONOMIC ASSOC CY DEC 30, 1988 CL NEW YORK, NY SP AMER ECON ASSOC ID POLITICAL BUSINESS-CYCLE; MACROECONOMIC POLICY; UNITED-STATES; SYSTEM C1 UNIV CALIF SANTA CRUZ,DEPT ECON,SANTA CRUZ,CA 95060. FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94105. RP CARGILL, TF (reprint author), UNIV NEVADA,DEPT ECON,RENO,NV 89557, USA. NR 35 TC 1 Z9 1 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0889-1583 J9 J JPN INT ECON JI J. Jpn. Inst. Econ. PD JUN PY 1991 VL 5 IS 2 BP 120 EP 139 DI 10.1016/0889-1583(91)90018-L PG 20 WC Economics; International Relations SC Business & Economics; International Relations GA FP948 UT WOS:A1991FP94800002 ER PT J AU CROMWELL, BA AF CROMWELL, BA TI PUBLIC-SECTOR MAINTENANCE - THE CASE OF LOCAL MASS-TRANSIT SO NATIONAL TAX JOURNAL LA English DT Article ID INVESTMENT RP CROMWELL, BA (reprint author), FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94105, USA. NR 21 TC 6 Z9 6 U1 0 U2 0 PU NATL TAX ASSN PI COLUMBUS PA 5310 EAST MAIN ST, COLUMBUS, OH 43213 SN 0028-0283 J9 NATL TAX J JI Natl. Tax J. PD JUN PY 1991 VL 44 IS 2 BP 199 EP 212 PG 14 WC Business, Finance; Economics SC Business & Economics GA GG476 UT WOS:A1991GG47600005 ER PT J AU MANN, CL AF MANN, CL TI INDUSTRY RESTRUCTURING IN EAST-CENTRAL-EUROPE - THE CHALLENGE AND THE ROLE FOR FOREIGN-INVESTMENT SO AMERICAN ECONOMIC REVIEW LA English DT Article; Proceedings Paper CT 103RD ANNUAL MEETING OF THE AMERICAN ECONOMIC ASSOC CY DEC 28-30, 1990 CL WASHINGTON, DC SP AMER ECON ASSOC RP MANN, CL (reprint author), FED RESERVE BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 0 TC 5 Z9 5 U1 1 U2 3 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD MAY PY 1991 VL 81 IS 2 BP 181 EP 184 PG 4 WC Economics SC Business & Economics GA FJ364 UT WOS:A1991FJ36400033 ER PT J AU HENDRY, DF ERICSSON, NR AF HENDRY, DF ERICSSON, NR TI MODELING THE DEMAND FOR NARROW MONEY IN THE UNITED-KINGDOM AND THE UNITED-STATES SO EUROPEAN ECONOMIC REVIEW LA English DT Review ID ERROR CORRECTION MECHANISMS; LAGGED DEPENDENT-VARIABLES; REGRESSION RELATIONSHIPS; SERIAL-CORRELATION; MONETARY-POLICY; TIME-SERIES; COINTEGRATION; EXOGENEITY; HETEROSCEDASTICITY; HETEROSKEDASTICITY C1 UNIV CALIF SAN DIEGO,LA JOLLA,CA 92093. FED RESERVE BOARD,INT FINANCE DIV,WASHINGTON,DC 20551. RP HENDRY, DF (reprint author), UNIV OXFORD NUFFIELD COLL,ECON,OXFORD OX1 1NF,ENGLAND. NR 110 TC 120 Z9 120 U1 3 U2 7 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0014-2921 J9 EUR ECON REV JI Eur. Econ. Rev. PD MAY PY 1991 VL 35 IS 4 BP 833 EP 881 DI 10.1016/0014-2921(91)90039-L PG 49 WC Economics SC Business & Economics GA FT611 UT WOS:A1991FT61100007 ER PT J AU PUHAKKA, M WRIGHT, R AF PUHAKKA, M WRIGHT, R TI SUBSIDIZATION AND STABILIZATION - OPTIMAL EMPLOYMENT POLICY UNDER AGGREGATE UNCERTAINTY SO INTERNATIONAL ECONOMIC REVIEW LA English DT Article ID ECONOMIC-DEVELOPMENT; DEMAND; UNEMPLOYMENT; THRESHOLD; CONTRACTS; SUBSIDY; FIRM C1 UNIV PENN,PHILADELPHIA,PA 19104. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN. RP PUHAKKA, M (reprint author), HELSINKI SCH ECON,HELSINKI,FINLAND. NR 33 TC 4 Z9 4 U1 1 U2 3 PU UNIV PENN PI PHILADELPHIA PA DEPT ECON MCNEIL BLDG CR, PHILADELPHIA, PA 19174 SN 0020-6598 J9 INT ECON REV JI Int. Econ. Rev. PD MAY PY 1991 VL 32 IS 2 BP 513 EP 528 DI 10.2307/2526889 PG 16 WC Economics SC Business & Economics GA FL963 UT WOS:A1991FL96300015 ER PT J AU PARK, JA AF PARK, JA TI THE KOREAN BANKING SYSTEM AND FOREIGN INFLUENCE - EUH,YD, BAKER,JC SO JOURNAL OF ASIAN STUDIES LA English DT Book Review RP PARK, JA (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU ASSN ASIAN STUDIES INC PI ANN ARBOR PA UNIV MICH 1 LANE HALL, ANN ARBOR, MI 48109 SN 0021-9118 J9 J ASIAN STUD JI J. Asian Stud. PD MAY PY 1991 VL 50 IS 2 BP 429 EP 430 DI 10.2307/2057259 PG 2 WC Area Studies; Asian Studies SC Area Studies; Asian Studies GA FR936 UT WOS:A1991FR93600053 ER PT J AU REINHART, V AF REINHART, V TI READING THE EFFECTS OF AN ENERGY SHOCK IN FINANCIAL-MARKETS SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article ID MONETARY-POLICY; SUPPLY SHOCKS; STICKY PRICES; EMPLOYMENT RP REINHART, V (reprint author), BOARD GOVERNORS FED RESERVE SYST,DIV MONETARY AFFAIRS,MAIL STOP 74,WASHINGTON,DC 20551, USA. NR 29 TC 1 Z9 1 U1 0 U2 2 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD MAY PY 1991 VL 43 IS 2 BP 115 EP 132 DI 10.1016/0148-6195(91)90012-L PG 18 WC Business, Finance SC Business & Economics GA FK862 UT WOS:A1991FK86200002 ER PT J AU LEVINE, R AF LEVINE, R TI AN EMPIRICAL INQUIRY INTO THE NATURE OF THE FORWARD EXCHANGE-RATE BIAS SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article ID FOREIGN-EXCHANGE; DEVIATIONS; INFLATION; REAL RP LEVINE, R (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 24 TC 4 Z9 6 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD MAY PY 1991 VL 30 IS 3-4 BP 359 EP 369 DI 10.1016/0022-1996(91)90028-5 PG 11 WC Economics SC Business & Economics GA FN158 UT WOS:A1991FN15800010 ER PT J AU TREHAN, B WALSH, CE AF TREHAN, B WALSH, CE TI TESTING INTERTEMPORAL BUDGET CONSTRAINTS - THEORY AND APPLICATIONS TO UNITED-STATES FEDERAL-BUDGET AND CURRENT ACCOUNT DEFICITS SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID REGRESSION; MODEL C1 UNIV CALIF SANTA CRUZ,ECON,SANTA CRUZ,CA 95064. RP TREHAN, B (reprint author), FED RESERVE BANK,SAN FRANCISCO,CA 94143, USA. NR 24 TC 156 Z9 160 U1 2 U2 3 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1991 VL 23 IS 2 BP 206 EP 223 DI 10.2307/1992777 PG 18 WC Business, Finance; Economics SC Business & Economics GA FL974 UT WOS:A1991FL97400005 ER PT J AU HAUBRICH, JG KING, RG AF HAUBRICH, JG KING, RG TI STICKY PRICES, MONEY, AND BUSINESS FLUCTUATIONS SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID RATIONAL-EXPECTATIONS; MONETARY-POLICY; CONTRACTS; MODEL; NEUTRALITY C1 UNIV ROCHESTER,ECON,ROCHESTER,NY 14627. RP HAUBRICH, JG (reprint author), FED RES BANK,CLEVELAND,OH 44101, USA. NR 35 TC 1 Z9 1 U1 0 U2 6 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1991 VL 23 IS 2 BP 243 EP 259 DI 10.2307/1992779 PG 17 WC Business, Finance; Economics SC Business & Economics GA FL974 UT WOS:A1991FL97400007 ER PT J AU VOITH, R AF VOITH, R TI CAPITALIZATION OF LOCAL AND REGIONAL ATTRIBUTES INTO WAGES AND RENTS - DIFFERENCES ACROSS RESIDENTIAL, COMMERCIAL AND MIXED-USE COMMUNITIES SO JOURNAL OF REGIONAL SCIENCE LA English DT Article ID QUALITY; LIFE RP VOITH, R (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,10 INDEPENDENCE MALL,PHILADELPHIA,PA 19106, USA. NR 12 TC 17 Z9 17 U1 0 U2 5 PU BLACKWELL PUBLISHERS PI CAMBRIDGE PA 238 MAIN STREET, CAMBRIDGE, MA 02142 SN 0022-4146 J9 J REGIONAL SCI JI J. Reg. Sci. PD MAY PY 1991 VL 31 IS 2 BP 127 EP 145 DI 10.1111/j.1467-9787.1991.tb00138.x PG 19 WC Economics; Environmental Studies; Planning & Development SC Business & Economics; Environmental Sciences & Ecology; Public Administration GA FM075 UT WOS:A1991FM07500001 ER PT J AU MEESE, RA ROSE, AK AF MEESE, RA ROSE, AK TI AN EMPIRICAL-ASSESSMENT OF NONLINEARITIES IN MODELS OF EXCHANGE-RATE DETERMINATION SO REVIEW OF ECONOMIC STUDIES LA English DT Article; Proceedings Paper CT CONF ON THE ECONOMETRICS OF FINANCIAL MARKETS CY JUN 27-28, 1989 CL LONDON, ENGLAND SP LONDON SCH ECON ID CURRENCY PRICES; TIME-SERIES; REGRESSION; VARIANCE; MARKET; TRENDS; RISK C1 INT MONETARY FUND,WASHINGTON,DC 20431. WORLD BANK,WASHINGTON,DC 20433. FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP MEESE, RA (reprint author), UNIV CALIF BERKELEY,BERKELEY,CA 94720, USA. RI Rose, Andrew/I-1578-2014 OI Rose, Andrew/0000-0003-1100-1212 NR 38 TC 115 Z9 116 U1 1 U2 5 PU REVIEW OF ECONOMIC STUDIES LTD PI OXFORD PA C/O BASIL BLACKWELL LTD 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0034-6527 J9 REV ECON STUD JI Rev. Econ. Stud. PD MAY PY 1991 VL 58 IS 3 BP 603 EP 619 DI 10.2307/2298014 PG 17 WC Economics SC Business & Economics GA FQ958 UT WOS:A1991FQ95800012 ER PT J AU SICHEL, DE AF SICHEL, DE TI BUSINESS-CYCLE DURATION DEPENDENCE - A PARAMETRIC APPROACH SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID GROSS NATIONAL PRODUCT; UNEMPLOYMENT RP SICHEL, DE (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 20 TC 47 Z9 48 U1 0 U2 2 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD MAY PY 1991 VL 73 IS 2 BP 254 EP 260 DI 10.2307/2109515 PG 7 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GE307 UT WOS:A1991GE30700008 ER PT J AU CALEM, PS CARLINO, GA AF CALEM, PS CARLINO, GA TI THE CONCENTRATION CONDUCT RELATIONSHIP IN BANK DEPOSIT MARKETS SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID OLIGOPOLY; FIRM RP CALEM, PS (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA, USA. NR 13 TC 29 Z9 29 U1 0 U2 1 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD MAY PY 1991 VL 73 IS 2 BP 268 EP 276 DI 10.2307/2109517 PG 9 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA GE307 UT WOS:A1991GE30700010 ER PT J AU KELEHER, RE AF KELEHER, RE TI THE SWEDISH MARKET PRICE APPROACH TO MONETARY-POLICY OF THE 1930S SO CONTEMPORARY POLICY ISSUES LA English DT Article RP KELEHER, RE (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 26 TC 0 Z9 0 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD APR PY 1991 VL 9 IS 2 BP 1 EP 12 PG 12 WC Economics; Public Administration SC Business & Economics; Public Administration GA FH436 UT WOS:A1991FH43600001 ER PT J AU MANN, CL AF MANN, CL TI STRUCTURAL-CHANGE AND PROSPECTS FOR SUSTAINED IMPROVEMENT IN UNITED-STATES EXTERNAL BALANCE SO CONTEMPORARY POLICY ISSUES LA English DT Article RP MANN, CL (reprint author), FED RESERVE BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC, USA. NR 29 TC 1 Z9 1 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD APR PY 1991 VL 9 IS 2 BP 50 EP 58 PG 9 WC Economics; Public Administration SC Business & Economics; Public Administration GA FH436 UT WOS:A1991FH43600005 ER PT J AU SMITH, BD AF SMITH, BD TI BANK PANICS, SUSPENSIONS, AND GEOGRAPHY - SOME NOTES ON THE CONTAGION OF FEAR IN BANKING SO ECONOMIC INQUIRY LA English DT Article C1 FED RESERVE BANK,MINNEAPOLIS,MN. ROCHESTER CTR ECON RES,ROCHESTER,NY. RP SMITH, BD (reprint author), CORNELL UNIV,ITHACA,NY 14853, USA. NR 32 TC 13 Z9 13 U1 0 U2 1 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0095-2583 J9 ECON INQ JI Econ. Inq. PD APR PY 1991 VL 29 IS 2 BP 230 EP 248 PG 19 WC Economics SC Business & Economics GA FF289 UT WOS:A1991FF28900002 ER PT J AU SIMON, DP AF SIMON, DP TI SECRECY, SIGNALING AND THE ACCURACY OF EXPECTATIONS DURING THE BORROWED RESERVES OPERATING REGIME SO JOURNAL OF BANKING & FINANCE LA English DT Article ID MONETARY-POLICY; INFORMATION VALUE; TERM STRUCTURE; INTEREST-RATES RP FED RESERVE SYST, BOARD GOVERNORS, DIV MONETARY AFFAIRS, WASHINGTON, DC 20551 USA. NR 17 TC 1 Z9 1 U1 2 U2 6 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 EI 1872-6372 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1991 VL 15 IS 2 BP 329 EP 341 DI 10.1016/0378-4266(91)90071-S PG 13 WC Business, Finance; Economics SC Business & Economics GA FN978 UT WOS:A1991FN97800006 ER PT J AU VANHOOSE, DD AF VANHOOSE, DD TI BANK BEHAVIOR, INTEREST-RATE DETERMINATION, AND MONETARY-POLICY IN A FINANCIAL-SYSTEM WITH AN INTRADAY FEDERAL-FUNDS MARKET SO JOURNAL OF BANKING & FINANCE LA English DT Article ID TREND-STATIONARITY; FIRM C1 FED RESERVE SYST,BOARD DIV MONETARY AFFAIRS,WASHINGTON,DC 20551. FED RESERVE BANK,KANSAS CITY,KS. NR 27 TC 10 Z9 10 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD APR PY 1991 VL 15 IS 2 BP 343 EP 365 DI 10.1016/0378-4266(91)90072-T PG 23 WC Business, Finance; Economics SC Business & Economics GA FN978 UT WOS:A1991FN97800007 ER PT J AU NEUMARK, D WASCHER, WL AF NEUMARK, D WASCHER, WL TI CAN WE IMPROVE UPON PRELIMINARY ESTIMATES OF PAYROLL EMPLOYMENT GROWTH SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article DE DATA REVISIONS; EFFICIENT FORECASTS; MEASUREMENT ERROR C1 BOARD GOVERNORS FED RESERVE SYST,DIV RES & STAT,WASHINGTON,DC 20551. RP NEUMARK, D (reprint author), UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104, USA. NR 5 TC 2 Z9 2 U1 0 U2 1 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD APR PY 1991 VL 9 IS 2 BP 197 EP 205 DI 10.2307/1391788 PG 9 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA FE183 UT WOS:A1991FE18300011 ER PT J AU SARGENT, TJ AF SARGENT, TJ TI EQUILIBRIUM WITH SIGNAL EXTRACTION FROM ENDOGENOUS VARIABLES SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article ID CONVERGENCE C1 FED RES BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. RP SARGENT, TJ (reprint author), HOOVER INST WAR REVOLUT & PEACE,STANFORD,CA 94305, USA. NR 14 TC 37 Z9 37 U1 1 U2 4 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD APR PY 1991 VL 15 IS 2 BP 245 EP 273 DI 10.1016/0165-1889(91)90012-P PG 29 WC Economics SC Business & Economics GA EX724 UT WOS:A1991EX72400001 ER PT J AU MARQUEZ, J AF MARQUEZ, J TI EXCHANGE-RATE INSTABILITY - KRUGMAN,P SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Book Review RP MARQUEZ, J (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. NR 3 TC 0 Z9 0 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD APR PY 1991 VL 15 IS 2 BP 419 EP 423 DI 10.1016/0165-1889(91)90021-R PG 5 WC Economics SC Business & Economics GA EX724 UT WOS:A1991EX72400010 ER PT J AU MARQUEZ, J AF MARQUEZ, J TI FEEDBACK - A NEW FRAMEWORK FOR MACROECONOMIC POLICY - KENDRICK,DA SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Book Review RP MARQUEZ, J (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD APR PY 1991 VL 15 IS 2 BP 423 EP 424 DI 10.1016/0165-1889(91)90022-S PG 2 WC Economics SC Business & Economics GA EX724 UT WOS:A1991EX72400011 ER PT J AU KIYOTAKI, N WRIGHT, R AF KIYOTAKI, N WRIGHT, R TI A CONTRIBUTION TO THE PURE THEORY OF MONEY SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID EXCHANGE C1 UNIV LONDON LONDON SCH ECON & POLIT SCI,LONDON WC2A 2AE,ENGLAND. UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104. FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. RP KIYOTAKI, N (reprint author), UNIV WISCONSIN,DEPT ECON,MADISON,WI 53706, USA. NR 19 TC 131 Z9 134 U1 0 U2 3 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD APR PY 1991 VL 53 IS 2 BP 215 EP 235 DI 10.1016/0022-0531(91)90154-V PG 21 WC Economics SC Business & Economics GA FE801 UT WOS:A1991FE80100001 ER PT J AU EBERTS, RW STONE, JA AF EBERTS, RW STONE, JA TI UNIONIZATION AND COST OF PRODUCTION - COMPENSATION, PRODUCTIVITY, AND FACTOR-USE EFFECTS SO JOURNAL OF LABOR ECONOMICS LA English DT Article ID TEACHER UNIONS; EFFICIENCY; EMPLOYMENT; CONSTRUCTION; MODELS; WAGE C1 UNIV OREGON,EUGENE,OR 97403. RP EBERTS, RW (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 28 TC 8 Z9 8 U1 1 U2 3 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0734-306X J9 J LABOR ECON JI J. Labor Econ. PD APR PY 1991 VL 9 IS 2 BP 171 EP 185 DI 10.1086/298264 PG 15 WC Economics; Industrial Relations & Labor SC Business & Economics GA FF783 UT WOS:A1991FF78300004 ER PT J AU GREENWOOD, J HUFFMAN, GW AF GREENWOOD, J HUFFMAN, GW TI TAX ANALYSIS IN A REAL-BUSINESS-CYCLE MODEL - ON MEASURING HARBERGER TRIANGLES AND OKUN GAPS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID TAXATION; POLICY; LABOR C1 UNIV WESTERN ONTARIO,LONDON N6A 5C2,ONTARIO,CANADA. UNIV CALIF RIVERSIDE,RIVERSIDE,CA 92521. FED RESERVE BANK KANSAS CITY,KANSAS CITY,KS. RP GREENWOOD, J (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 34 TC 40 Z9 40 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD APR PY 1991 VL 27 IS 2 BP 167 EP 190 DI 10.1016/0304-3932(91)90040-U PG 24 WC Business, Finance; Economics SC Business & Economics GA FT603 UT WOS:A1991FT60300001 ER PT J AU HANSEN, LP JAGANNATHAN, R AF HANSEN, LP JAGANNATHAN, R TI IMPLICATIONS OF SECURITY MARKET DATA FOR MODELS OF DYNAMIC ECONOMIES SO JOURNAL OF POLITICAL ECONOMY LA English DT Article ID ASSET PRICING-MODELS; IN-ADVANCE ECONOMY; TERM STRUCTURE; CONTINGENT CLAIMS; ARBITRAGE; INFORMATION; OPTIONS; PRICES; CONSUMPTION; EQUILIBRIUM C1 NATL BUR ECON RES, CAMBRIDGE, MA 02138 USA. FED RESERVE BANK, MINNEAPOLIS, MN USA. UNIV MINNESOTA, MINNEAPOLIS, MN 55455 USA. RP UNIV CHICAGO, CHICAGO, IL 60637 USA. NR 54 TC 424 Z9 436 U1 6 U2 18 PU UNIV CHICAGO PRESS PI CHICAGO PA 1427 E 60TH ST, CHICAGO, IL 60637-2954 USA SN 0022-3808 EI 1537-534X J9 J POLIT ECON JI J. Polit. Econ. PD APR PY 1991 VL 99 IS 2 BP 225 EP 262 DI 10.1086/261749 PG 38 WC Economics SC Business & Economics GA FF020 UT WOS:A1991FF02000001 ER PT J AU SHAFFER, S AF SHAFFER, S TI CONSISTENT CONJECTURES IN A VALUE-MAXIMIZING DUOPOLY SO SOUTHERN ECONOMIC JOURNAL LA English DT Article RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA, USA. NR 32 TC 1 Z9 1 U1 0 U2 0 PU UNIV NORTH CAROLINA PI CHAPEL HILL PA SOUTHERN ECONOMIC JOURNAL, CHAPEL HILL, NC 27514 SN 0038-4038 J9 SOUTHERN ECON J JI South. Econ. J. PD APR PY 1991 VL 57 IS 4 BP 993 EP 1009 DI 10.2307/1060329 PG 17 WC Economics SC Business & Economics GA FF796 UT WOS:A1991FF79600008 ER PT J AU HENDRY, DF ERICSSON, NR AF HENDRY, DF ERICSSON, NR TI AN ECONOMETRIC-ANALYSIS OF UK MONEY DEMAND IN MONETARY TRENDS IN THE UNITED-STATES AND THE UNITED-KINGDOM BY FRIEDMAN,MILTON AND SCHWARTZ,J. SO AMERICAN ECONOMIC REVIEW LA English DT Article ID AUTOREGRESSIVE TIME-SERIES; LAGGED DEPENDENT-VARIABLES; ERROR CORRECTION; REGRESSION RELATIONSHIPS; MODEL; METHODOLOGY; ESTIMATORS; STABILITY; EQUATION; TESTS C1 FED RESERVE BOARD, DIV INT FINANCE, WASHINGTON, DC 20551 USA. RP HENDRY, DF (reprint author), UNIV OXFORD NUFFIELD COLL, ECON, OXFORD OX1 1NF, ENGLAND. NR 108 TC 141 Z9 146 U1 1 U2 11 PU AMER ECONOMIC ASSOC PI NASHVILLE PA 2014 BROADWAY, STE 305, NASHVILLE, TN 37203 USA SN 0002-8282 EI 1944-7981 J9 AM ECON REV JI Am. Econ. Rev. PD MAR PY 1991 VL 81 IS 1 BP 8 EP 38 PG 31 WC Economics SC Business & Economics GA FL245 UT WOS:A1991FL24500002 ER PT J AU ADAMS, FG BEHRMAN, JR BOLDIN, M AF ADAMS, FG BEHRMAN, JR BOLDIN, M TI GOVERNMENT EXPENDITURES, DEFENSE, AND ECONOMIC-GROWTH IN THE LDCS - A REVISED PERSPECTIVE SO CONFLICT MANAGEMENT AND PEACE SCIENCE LA English DT Article ID LESS DEVELOPED-COUNTRIES; TIME-SERIES DATA; CROSS-SECTION; FRAMEWORK; EXPORTS; SIZE C1 UNIV PENN,PHILADELPHIA,PA 19104. FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. NR 28 TC 8 Z9 8 U1 1 U2 1 PU PEACE SCIENCE SOC INT PI BINGHAMTON PA DEPT POLITICAL SCIENCE SUNY BINGHAMTON, BINGHAMTON, NY 13902-6000 SN 0738-8942 J9 CONFLICT MANAG PEACE JI Confl. Manage. Peace Sci. PD SPR PY 1991 VL 11 IS 2 BP 19 EP 35 PG 17 WC International Relations SC International Relations GA GK548 UT WOS:A1991GK54800002 ER PT J AU CHRISTIANO, LJ EICHENBAUM, M MARSHALL, D AF CHRISTIANO, LJ EICHENBAUM, M MARSHALL, D TI THE PERMANENT INCOME HYPOTHESIS REVISITED SO ECONOMETRICA LA English DT Article DE PERMANENT INCOME; TIME AGGREGATION; CONSUMPTION ID INSTRUMENTAL VARIABLES; CONSUMPTION; EXPECTATIONS; MODEL; TIME AB Measured aggregate U.S. consumption does not behave like a martingale. This paper develops and tests two variants of the permanent income model that are consistent with this fact. In both variants, we assume agents make decisions on a continuous time basis. According to the first variant, the martingale hypothesis holds in continuous time and serial persistence in measured consumption reflects only the effects of time aggregation. We investigate this variant using both structural and atheoretical econometric models. The evidence against these models is far from overwhelming. This suggests that the martingale hypothesis may yet be a useful way to conceptualize the relationship between aggregate quarterly U.S. consumption and income. According to the second variant of the permanent income model, serial persistence in measured consumption reflects the effects of exogenous technology shocks and time aggregation. In this model, continuous time consumption does not behave like a martingale. We find little evidence against this variant of the permanent income model. It is difficult, on the basis of aggregate quarterly U.S. data, to convincingly distinguish between the different continuous time models considered in the paper. C1 NORTHWESTERN UNIV,DEPT ECON,EVANSTON,IL 60208. NORTHWESTERN UNIV,KELLOGG SCH MANAGEMENT,EVANSTON,IL 60208. RP CHRISTIANO, LJ (reprint author), FED RESERVE BANK MINNEAPOLIS,RES DEPT,MINNEAPOLIS,MN 55480, USA. NR 35 TC 57 Z9 57 U1 0 U2 4 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD MAR PY 1991 VL 59 IS 2 BP 397 EP 423 DI 10.2307/2938262 PG 27 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA FD857 UT WOS:A1991FD85700005 ER PT J AU AXILROD, SH AF AXILROD, SH TI ISSUES IN INTEREST-RATE MANAGEMENT AND LIBERALIZATION - COMMENT SO INTERNATIONAL MONETARY FUND STAFF PAPERS LA English DT Note C1 INT MONETARY FUND,FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20431. NR 1 TC 0 Z9 0 U1 0 U2 2 PU INT MONETARY FUND PI WASHINGTON PA 700 19TH ST, NW, WASHINGTON, DC 20431 SN 0020-8027 J9 INT MONET FUND S PAP JI Int. Monet. Fund Staff Pap. PD MAR PY 1991 VL 38 IS 1 BP 229 EP 231 PG 3 WC Business, Finance; Economics SC Business & Economics GA HL381 UT WOS:A1991HL38100010 ER PT J AU SHAFFER, S AF SHAFFER, S TI STRUCTURAL SHIFTS AND THE VOLATILITY OF CHAOTIC MARKETS SO JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION LA English DT Article ID DYNAMICS; PRICES; MODEL RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106, USA. NR 30 TC 3 Z9 3 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0167-2681 J9 J ECON BEHAV ORGAN JI J. Econ. Behav. Organ. PD MAR PY 1991 VL 15 IS 2 BP 201 EP 214 DI 10.1016/0167-2681(91)90029-W PG 14 WC Economics SC Business & Economics GA FH099 UT WOS:A1991FH09900003 ER PT J AU HETZEL, RL AF HETZEL, RL TI INFLATION STABILIZATION - THE EXPERIENCE OF ISRAEL, ARGENTINA, BRAZIL, BOLIVIA, AND MEXICO - BRUNO,E, DITELLA,G, DORNBUSCH,R, FISCHER,S SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP HETZEL, RL (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD MAR PY 1991 VL 29 IS 1 BP 92 EP 94 PG 3 WC Economics SC Business & Economics GA FF696 UT WOS:A1991FF69600015 ER PT J AU IRWIN, DA AF IRWIN, DA TI RETROSPECTIVES - CHALLENGES TO FREE-TRADE SO JOURNAL OF ECONOMIC PERSPECTIVES LA English DT Article RP IRWIN, DA (reprint author), BOARD GOVERNORS FED RESERVE SYST,DIV INT FINANCE,WASHINGTON,DC, USA. NR 25 TC 8 Z9 8 U1 0 U2 0 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0895-3309 J9 J ECON PERSPECT JI J. Econ. Perspect. PD SPR PY 1991 VL 5 IS 2 BP 201 EP 208 PG 8 WC Economics SC Business & Economics GA FM467 UT WOS:A1991FM46700012 ER PT J AU NEUMARK, D TINSLEY, PA TOSINI, S AF NEUMARK, D TINSLEY, PA TOSINI, S TI AFTER-HOURS STOCK-PRICES AND POSTCRASH HANGOVERS SO JOURNAL OF FINANCE LA English DT Article ID UNITED-STATES; MOVEMENTS; MARKETS C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC. MCKINSEY & CO,NEW YORK,NY. RP NEUMARK, D (reprint author), UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104, USA. NR 27 TC 13 Z9 13 U1 0 U2 3 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD MAR PY 1991 VL 46 IS 1 BP 159 EP 178 DI 10.2307/2328692 PG 20 WC Business, Finance SC Business & Economics GA FD565 UT WOS:A1991FD56500006 ER PT J AU SIMON, DP AF SIMON, DP TI SEGMENTATION IN THE TREASURY BILL MARKET - EVIDENCE FROM CASH MANAGEMENT BILLS SO JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS LA English DT Article ID TERM INTEREST-RATES; DEFICITS RP SIMON, DP (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 14 TC 16 Z9 16 U1 0 U2 2 PU UNIV WASHINGTON PI SEATTLE PA GRAD SCH OF BUSINESS ADMIN, SEATTLE, WA 98105 SN 0022-1090 J9 J FINANC QUANT ANAL JI J. Financ. Quant. Anal. PD MAR PY 1991 VL 26 IS 1 BP 97 EP 108 DI 10.2307/2331245 PG 12 WC Business, Finance; Economics SC Business & Economics GA FA989 UT WOS:A1991FA98900007 ER PT J AU AMEL, D FROEB, L AF AMEL, D FROEB, L TI DO FIRMS DIFFER MUCH SO JOURNAL OF INDUSTRIAL ECONOMICS LA English DT Article ID MARKET-STRUCTURE C1 UNIV CHICAGO,CHICAGO,IL 60637. US DEPT JUSTICE,WASHINGTON,DC 20530. RP AMEL, D (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 17 TC 5 Z9 6 U1 1 U2 3 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0022-1821 J9 J IND ECON JI J. Indust. Econ. PD MAR PY 1991 VL 39 IS 3 BP 323 EP 331 DI 10.2307/2098523 PG 9 WC Business, Finance; Economics SC Business & Economics GA EZ045 UT WOS:A1991EZ04500007 ER PT J AU EDISON, HJ FISHER, EON AF EDISON, HJ FISHER, EON TI A LONG-RUN VIEW OF THE EUROPEAN MONETARY-SYSTEM SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article ID PURCHASING POWER PARITY; TIME-SERIES REGRESSION; UNIT-ROOT; TESTS C1 CORNELL UNIV,ITHACA,NY 14853. UNIV CHICAGO,CHICAGO,IL 60615. RP EDISON, HJ (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. RI Edison, Hali/A-7550-2009 NR 30 TC 21 Z9 21 U1 0 U2 1 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD MAR PY 1991 VL 10 IS 1 BP 53 EP 70 DI 10.1016/0261-5606(91)90026-G PG 18 WC Business, Finance SC Business & Economics GA FF402 UT WOS:A1991FF40200003 ER PT J AU HOGAN, K MELVIN, M ROBERTS, DJ AF HOGAN, K MELVIN, M ROBERTS, DJ TI TRADE BALANCE NEWS AND EXCHANGE-RATES - IS THERE A POLICY SIGNAL SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article; Proceedings Paper CT CONF ON POLITICAL INFLUENCES IN INTERNATIONAL ECONOMIC MODELS CY APR 28, 1990 CL ARIZONA STATE UNIV, TEMPE, AZ SP J INT MONEY & FINANCE, ARIZONA STATE UNIV HO ARIZONA STATE UNIV C1 ARIZONA STATE UNIV,DEPT ECON,TEMPE,AZ 85287. FED RESERVE BANK KANSAS CITY,KANSAS CITY,MO 64198. RP HOGAN, K (reprint author), MCGILL UNIV,FAC MANAGEMENT,MONTREAL H3A 1G5,QUEBEC,CANADA. NR 3 TC 22 Z9 22 U1 0 U2 2 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD MAR PY 1991 VL 10 SU S BP S90 EP S99 DI 10.1016/0261-5606(91)90048-O PG 10 WC Business, Finance SC Business & Economics GA FF737 UT WOS:A1991FF73700006 ER PT J AU CUNNINGHAM, TJ CUNNINGHAM, RT AF CUNNINGHAM, TJ CUNNINGHAM, RT TI ANOTHER SOURCE OF MONEY SUPPLY ANNOUNCEMENT SURPRISES SO JOURNAL OF MACROECONOMICS LA English DT Article ID INTEREST-RATES; FORECASTS C1 AGNES SCOTT COLL,DECATUR,GA 30030. RP CUNNINGHAM, TJ (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 9 TC 3 Z9 3 U1 2 U2 3 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD SPR PY 1991 VL 13 IS 2 BP 279 EP 289 DI 10.1016/0164-0704(91)90056-Z PG 11 WC Economics SC Business & Economics GA FH184 UT WOS:A1991FH18400004 ER PT J AU DUCA, JV ROSENTHAL, SS AF DUCA, JV ROSENTHAL, SS TI AN EMPIRICAL-TEST OF CREDIT RATIONING IN THE MORTGAGE MARKET SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID IMPERFECT INFORMATION; TIME-SERIES; CONTRACTS; TAXES C1 UNIV BRITISH COLUMBIA,VANCOUVER V6T 1W5,BC,CANADA. RP DUCA, JV (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 19 TC 17 Z9 17 U1 0 U2 2 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD MAR PY 1991 VL 29 IS 2 BP 218 EP 234 DI 10.1016/0094-1190(91)90016-Z PG 17 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA EX966 UT WOS:A1991EX96600007 ER PT J AU JUSTER, FT KUESTER, KA AF JUSTER, FT KUESTER, KA TI DIFFERENCES IN THE MEASUREMENT OF WEALTH, WEALTH INEQUALITY AND WEALTH COMPOSITION OBTAINED FROM ALTERNATIVE UNITED-STATES WEALTH SURVEYS SO REVIEW OF INCOME AND WEALTH LA English DT Article C1 FED RESERVE SYST,WASHINGTON,DC 20551. RP JUSTER, FT (reprint author), UNIV MICHIGAN,SURVEY RES CTR,ANN ARBOR,MI 48109, USA. NR 18 TC 12 Z9 12 U1 0 U2 3 PU INT ASSN RES INCOME WEALTH PI NEW YORK PA NEW YORK UNIVERSITY 269 MERCER ST ROOM 700, NEW YORK, NY 10003 SN 0034-6586 J9 REV INCOME WEALTH JI Rev. Income Wealth PD MAR PY 1991 IS 1 BP 33 EP 62 PG 30 WC Economics SC Business & Economics GA FE354 UT WOS:A1991FE35400003 ER PT J AU SHAFFER, S DAVID, E AF SHAFFER, S DAVID, E TI ECONOMIES OF SUPERSCALE IN COMMERCIAL BANKING SO APPLIED ECONOMICS LA English DT Article ID GENERALIZED FUNCTIONAL FORM; SCALE ECONOMIES; INDUSTRY; DEPOSIT; MARKET; SCOPE; FIRM C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP SHAFFER, S (reprint author), FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106, USA. NR 35 TC 14 Z9 14 U1 4 U2 8 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD FEB PY 1991 VL 23 IS 2 BP 283 EP 293 DI 10.1080/00036849100000135 PG 11 WC Economics SC Business & Economics GA FA039 UT WOS:A1991FA03900001 ER PT J AU CHAN, A GUSTAFSON, E AF CHAN, A GUSTAFSON, E TI AN EMPIRICAL-EXAMINATION OF GOVERNMENT EXPENDITURES AND EX-ANTE CROWDING-OUT EFFECT FOR THE BRITISH ECONOMY SO APPLIED ECONOMICS LA English DT Article ID INFLATION; SAVINGS; INCOME; MODELS C1 UNIV DAYTON,DEPT ECON & FINANCE,DAYTON,OH 45469. RP CHAN, A (reprint author), FED RESERVE BANK NEW YORK,DIV DOMEST RES,NEW YORK,NY 10045, USA. NR 10 TC 1 Z9 1 U1 0 U2 0 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD FEB PY 1991 VL 23 IS 2 BP 305 EP 310 DI 10.1080/00036849100000137 PG 6 WC Economics SC Business & Economics GA FA039 UT WOS:A1991FA03900003 ER PT J AU HANNAN, TH AF HANNAN, TH TI BANK COMMERCIAL LOAN MARKETS AND THE ROLE OF MARKET-STRUCTURE - EVIDENCE FROM SURVEYS OF COMMERCIAL LENDING SO JOURNAL OF BANKING & FINANCE LA English DT Article ID COMPETITION; RIGIDITY RP HANNAN, TH (reprint author), FED RESERVE BOARD,WASHINGTON,DC 20551, USA. NR 13 TC 90 Z9 90 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD FEB PY 1991 VL 15 IS 1 BP 133 EP 149 DI 10.1016/0378-4266(91)90042-K PG 17 WC Business, Finance; Economics SC Business & Economics GA FA709 UT WOS:A1991FA70900009 ER PT J AU AVERY, RB BERGER, AN AF AVERY, RB BERGER, AN TI LOAN COMMITMENTS AND BANK RISK EXPOSURE SO JOURNAL OF BANKING & FINANCE LA English DT Article ID CREDIT; CONTRACTS C1 FED RESERVE BOARD,MONETARY & FINANCIAL STUDIES SECT,20TH & C ST NW,WASHINGTON,DC 20551. FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. CORNELL UNIV,ITHACA,NY 14853. NR 22 TC 42 Z9 43 U1 1 U2 6 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD FEB PY 1991 VL 15 IS 1 BP 173 EP 192 DI 10.1016/0378-4266(91)90045-N PG 20 WC Business, Finance; Economics SC Business & Economics GA FA709 UT WOS:A1991FA70900012 ER PT J AU SANTOMERO, AM AF SANTOMERO, AM TI MONEY SUPPLY ANNOUNCEMENTS - A RETROSPECTIVE SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. RP SANTOMERO, AM (reprint author), UNIV PENN,WHARTON SCH,STEINBERG DIETRICH HALL,SUITE 2300,PHILADELPHIA,PA 19104, USA. NR 21 TC 6 Z9 6 U1 0 U2 1 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD FEB PY 1991 VL 43 IS 1 BP 1 EP 23 DI 10.1016/0148-6195(91)90002-E PG 23 WC Business, Finance SC Business & Economics GA EY806 UT WOS:A1991EY80600001 ER PT J AU RUNKLE, DE AF RUNKLE, DE TI LIQUIDITY CONSTRAINTS AND THE PERMANENT-INCOME HYPOTHESIS - EVIDENCE FROM PANEL DATA SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID RATIONAL-EXPECTATIONS; CONSUMPTION; MODELS; TESTS C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP RUNKLE, DE (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 21 TC 121 Z9 122 U1 2 U2 7 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1991 VL 27 IS 1 BP 73 EP 98 DI 10.1016/0304-3932(91)90005-9 PG 26 WC Business, Finance; Economics SC Business & Economics GA FN984 UT WOS:A1991FN98400003 ER PT J AU LEEPER, EM AF LEEPER, EM TI EQUILIBRIA UNDER ACTIVE AND PASSIVE MONETARY AND FISCAL-POLICIES SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID PRICE-LEVEL DETERMINACY; RATIONAL-EXPECTATIONS; UNITED-STATES; MODEL; DEFICITS; RULE; INFLATION; COSTS RP LEEPER, EM (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 41 TC 349 Z9 365 U1 2 U2 19 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD FEB PY 1991 VL 27 IS 1 BP 129 EP 147 DI 10.1016/0304-3932(91)90007-B PG 19 WC Business, Finance; Economics SC Business & Economics GA FN984 UT WOS:A1991FN98400005 ER PT J AU PERISTIANI, S AF PERISTIANI, S TI THE MODEL STRUCTURE OF DISCOUNT WINDOW BORROWING SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID IMPLEMENT MONETARY-POLICY; TELL US; MARKET; RESERVES RP PERISTIANI, S (reprint author), FED RESERVE BANK NEW YORK,DEPT RES,NEW YORK,NY 10045, USA. NR 25 TC 6 Z9 6 U1 2 U2 5 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD FEB PY 1991 VL 23 IS 1 BP 13 EP 34 DI 10.2307/1992761 PG 22 WC Business, Finance; Economics SC Business & Economics GA EX957 UT WOS:A1991EX95700002 ER PT J AU HANNAN, TH AF HANNAN, TH TI FOUNDATIONS OF THE STRUCTURE-CONDUCT-PERFORMANCE PARADIGM IN BANKING SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article ID MARKET RP HANNAN, TH (reprint author), FED RESERVE BOARD,WASHINGTON,WA, USA. NR 9 TC 35 Z9 38 U1 0 U2 4 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD FEB PY 1991 VL 23 IS 1 BP 68 EP 84 DI 10.2307/1992764 PG 17 WC Business, Finance; Economics SC Business & Economics GA EX957 UT WOS:A1991EX95700005 ER PT J AU GRANGER, CWJ HALLMAN, J AF GRANGER, CWJ HALLMAN, J TI LONG MEMORY SERIES WITH ATTRACTORS SO OXFORD BULLETIN OF ECONOMICS AND STATISTICS LA English DT Article C1 FED RESERVE BOARD CLEVELAND,RES DEPT,CLEVELAND,OH. RP GRANGER, CWJ (reprint author), UNIV CALIF SAN DIEGO,LA JOLLA,CA 92093, USA. NR 11 TC 46 Z9 50 U1 2 U2 3 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0305-9049 J9 OXFORD B ECON STAT JI Oxf. Bull. Econ. Stat. PD FEB PY 1991 VL 53 IS 1 BP 11 EP 26 PG 16 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA FB056 UT WOS:A1991FB05600002 ER PT J AU HOSHI, T KASHYAP, A SCHARFSTEIN, D AF HOSHI, T KASHYAP, A SCHARFSTEIN, D TI CORPORATE STRUCTURE, LIQUIDITY, AND INVESTMENT - EVIDENCE FROM JAPANESE INDUSTRIAL GROUPS SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID FREE CASH FLOW; AGENCY COSTS; FLUCTUATIONS C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. MIT,CAMBRIDGE,MA 02139. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP HOSHI, T (reprint author), UNIV CALIF SAN DIEGO,LA JOLLA,CA 92093, USA. NR 41 TC 634 Z9 654 U1 5 U2 28 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD FEB PY 1991 VL 106 IS 1 BP 33 EP 60 DI 10.2307/2937905 PG 28 WC Economics SC Business & Economics GA EX486 UT WOS:A1991EX48600002 ER PT J AU HALVORSEN, R SMITH, TR AF HALVORSEN, R SMITH, TR TI A TEST OF THE THEORY OF EXHAUSTIBLE RESOURCES SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article ID DEPLETION; SCARCITY; UNCERTAINTY; EXTRACTION; PRICES; RATES; STOCK AB An empirical test of the theory of exhaustible resources requires an estimate of the time path of the shadow price of the unextracted resource that generally is not observable because of the prevalence of vertical integration in natural resource industries. In this paper we use duality theory to derive an econometric model that provides a statistical test of the theory of exhaustible resources. A restricted cost function is used to obtain estimates of the shadow prices of unextracted resources. The procedure is illustrated with data for the Canadian metal mining industry. For this industry the empirical implications of the theory of exhaustible resources are strongly rejected. C1 FED RESERVE BANK KANSAS CITY,KANSAS CITY,KS. RP HALVORSEN, R (reprint author), UNIV WASHINGTON,SEATTLE,WA 98195, USA. NR 28 TC 52 Z9 53 U1 0 U2 7 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD FEB PY 1991 VL 106 IS 1 BP 123 EP 140 DI 10.2307/2937909 PG 18 WC Economics SC Business & Economics GA EX486 UT WOS:A1991EX48600006 ER PT J AU DIEBOLD, FX RUDEBUSCH, GD AF DIEBOLD, FX RUDEBUSCH, GD TI IS CONSUMPTION TOO SMOOTH - LONG MEMORY AND THE DEATON PARADOX SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID PERMANENT INCOME HYPOTHESIS; LABOR INCOME; TIME-SERIES; TRANSITORY C1 BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC. RP DIEBOLD, FX (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 29 TC 46 Z9 46 U1 0 U2 1 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1991 VL 73 IS 1 BP 1 EP 9 DI 10.2307/2109680 PG 9 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA FK964 UT WOS:A1991FK96400001 ER PT J AU DIBA, BT OH, SW AF DIBA, BT OH, SW TI MONEY, OUTPUT, AND THE EXPECTED REAL INTEREST-RATE SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID LONG-RUN RELATIONSHIPS; RATIONAL-EXPECTATIONS; UNITED-STATES; MACROECONOMICS; CAUSALITY; MODELS; INCOME C1 UNIV CALIF LOS ANGELES,LOS ANGELES,CA 90024. FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. RP DIBA, BT (reprint author), GEORGETOWN UNIV,WASHINGTON,DC 20057, USA. NR 29 TC 2 Z9 2 U1 1 U2 1 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1991 VL 73 IS 1 BP 10 EP 17 DI 10.2307/2109681 PG 8 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA FK964 UT WOS:A1991FK96400002 ER PT J AU FUHRER, JC WEILLER, KJ AF FUHRER, JC WEILLER, KJ TI A MULTIVARIATE POSTERIOR ODDS APPROACH TO ASSESSING COMPETING EXCHANGE-RATE MODELS SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID EXPECTATIONS C1 CITICORP,NEW YORK,NY. RP FUHRER, JC (reprint author), BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC, USA. RI Fuhrer, Jeff/F-8852-2013 NR 10 TC 1 Z9 1 U1 0 U2 1 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1991 VL 73 IS 1 BP 113 EP 124 DI 10.2307/2109693 PG 12 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA FK964 UT WOS:A1991FK96400013 ER PT J AU MARQUEZ, J AF MARQUEZ, J TI THE DYNAMICS OF UNCERTAINTY OR THE UNCERTAINTY OF DYNAMICS - STOCHASTIC J-CURVES SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID UNITED-STATES; TRADE RP MARQUEZ, J (reprint author), FED RESERVE SYST,WASHINGTON,DC 20351, USA. NR 25 TC 3 Z9 3 U1 0 U2 0 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD FEB PY 1991 VL 73 IS 1 BP 125 EP 133 DI 10.2307/2109694 PG 9 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA FK964 UT WOS:A1991FK96400014 ER PT J AU EVANOFF, DD ISRAILEVICH, PR AF EVANOFF, DD ISRAILEVICH, PR TI REGIONAL DIFFERENCES IN BANK EFFICIENCY AND TECHNOLOGY SO ANNALS OF REGIONAL SCIENCE LA English DT Article ID COMPETITION; ECONOMIES; DEMAND; SCALE RP EVANOFF, DD (reprint author), FED RESERVE BANK CHICAGO,230 S LASALLE ST,CHICAGO,IL 60604, USA. NR 24 TC 5 Z9 5 U1 2 U2 4 PU SPRINGER VERLAG PI NEW YORK PA 175 FIFTH AVE, NEW YORK, NY 10010 SN 0570-1864 J9 ANN REGIONAL SCI JI Ann. Reg. Sci. PY 1991 VL 25 IS 1 BP 41 EP 54 DI 10.1007/BF01581896 PG 14 WC Environmental Studies; Geography SC Environmental Sciences & Ecology; Geography GA FF064 UT WOS:A1991FF06400003 ER PT J AU EDISON, HJ AF EDISON, HJ TI FORECAST PERFORMANCE OF EXCHANGE-RATE MODELS REVISITED SO APPLIED ECONOMICS LA English DT Article ID SAMPLE RP EDISON, HJ (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV INT FINANCE,WASHINGTON,DC 20551, USA. RI Edison, Hali/A-7550-2009 NR 15 TC 13 Z9 13 U1 0 U2 0 PU ROUTLEDGE PI LONDON PA 11 NEW FETTER LANE, LONDON, ENGLAND EC4P 4EE SN 0003-6846 J9 APPL ECON JI Appl. Econ. PD JAN PY 1991 VL 23 IS 1B BP 187 EP 196 DI 10.1080/00036849108841063 PG 10 WC Economics SC Business & Economics GA FA038 UT WOS:A1991FA03800006 ER PT J AU BERNANKE, BS LOWN, CS AF BERNANKE, BS LOWN, CS TI THE CREDIT CRUNCH SO BROOKINGS PAPERS ON ECONOMIC ACTIVITY LA English DT Article C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. RP BERNANKE, BS (reprint author), PRINCETON UNIV,PRINCETON,NJ 08544, USA. NR 16 TC 119 Z9 120 U1 0 U2 9 PU BROOKINGS INST PI WASHINGTON PA 1775 MASSACHUSETTS AVE NW, WASHINGTON, DC 20036 SN 0007-2303 J9 BROOKINGS PAP ECO AC JI Brook. Pap. Econ. Act. PY 1991 IS 2 BP 205 EP 247 PG 43 WC Economics SC Business & Economics GA HD333 UT WOS:A1991HD33300004 ER PT J AU FRANKEL, AB MONTGOMERY, JD AF FRANKEL, AB MONTGOMERY, JD TI FINANCIAL STRUCTURE - AN INTERNATIONAL PERSPECTIVE SO BROOKINGS PAPERS ON ECONOMIC ACTIVITY LA English DT Article RP FRANKEL, AB (reprint author), BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 30 TC 5 Z9 5 U1 0 U2 1 PU BROOKINGS INST PI WASHINGTON PA 1775 MASSACHUSETTS AVE NW, WASHINGTON, DC 20036 SN 0007-2303 J9 BROOKINGS PAP ECO AC JI Brook. Pap. Econ. Act. PY 1991 IS 1 BP 257 EP 310 PG 54 WC Economics SC Business & Economics GA FY776 UT WOS:A1991FY77600004 ER PT J AU PERISTIANI, S AF PERISTIANI, S TI THE F-SYSTEM DISTRIBUTION AS AN ALTERNATIVE TO MULTIVARIATE NORMALITY - AN APPLICATION IN MULTIVARIATE MODELS WITH QUALITATIVE DEPENDENT-VARIABLES SO COMMUNICATIONS IN STATISTICS-THEORY AND METHODS LA English DT Article DE MULTIVARIATE GENERAL LINEAR MODEL; LIMITED DEPENDENT VARIABLE; MULTIVARIATE NORMALITY; MULTIVARIATE DISTRIBUTION SYSTEMS AB Though multivariate normality is the warranted distributional form in linear models, its usefulness and simplicity is drastically curtailed when one has to evaluate the multivariate normal cumulative. In this paper we examine a number of unconventional alternatives derived from a general class of multivariate distribution systems. We will show that these distribution systems are flexible and closely emulate multivariate normality. Our study focuses primarily on multivariate models that include censored or qualitative dependent variables. However, these findings are extendable to any other application that requires an evaluation of the multivariate normal cumulative distribution. C1 FED RESERVE BANK NEW YORK,DEPT FINANCIAL STUDIES,NEW YORK,NY 10045. NR 17 TC 1 Z9 1 U1 0 U2 0 PU MARCEL DEKKER INC PI NEW YORK PA 270 MADISON AVE, NEW YORK, NY 10016 SN 0361-0926 J9 COMMUN STAT THEORY JI Commun. Stat.-Theory Methods PY 1991 VL 20 IS 1 BP 147 EP 163 DI 10.1080/03610929108830489 PG 17 WC Statistics & Probability SC Mathematics GA FL965 UT WOS:A1991FL96500011 ER PT J AU BROWN, SPA PHILLIPS, KR AF BROWN, SPA PHILLIPS, KR TI UNITED-STATES OIL DEMAND AND CONSERVATION SO CONTEMPORARY POLICY ISSUES LA English DT Article RP BROWN, SPA (reprint author), FED RESERVE BANK DALLAS,DEPT RES,DALLAS,TX, USA. NR 13 TC 4 Z9 4 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD JAN PY 1991 VL 9 IS 1 BP 67 EP 72 PG 6 WC Economics; Public Administration SC Business & Economics; Public Administration GA EV785 UT WOS:A1991EV78500005 ER PT J AU BERKOVEC, J STERN, S AF BERKOVEC, J STERN, S TI JOB EXIT BEHAVIOR OF OLDER MEN SO ECONOMETRICA LA English DT Article DE DYNAMIC PROGRAMMING MODEL; RETIREMENT; JOB SWITCHING; METHOD OF SIMULATED MOMENTS; UNOBSERVED HETEROGENEITY; MATCH EFFECTS ID EMPIRICAL-MODEL; CHOICE AB We estimate a dynamic programming model of job exit behavior and retirement 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 beta equal to zero, is estimated. Then a dynamic model, with beta = .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. C1 UNIV VIRGINIA,DEPT ECON,CHARLOTTESVILLE,VA 22901. RP BERKOVEC, J (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 20 TC 88 Z9 89 U1 0 U2 2 PU ECONOMETRIC SOCIETY PI OXFORD PA C/O BASIL BLACKWELL LTD, C/O MARSTON BOOK SERVICES, PO BOX 87, OXFORD, OXON, ENGLAND OX2 0DT SN 0012-9682 J9 ECONOMETRICA JI Econometrica PD JAN PY 1991 VL 59 IS 1 BP 189 EP 210 DI 10.2307/2938246 PG 22 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA ET697 UT WOS:A1991ET69700009 ER PT J AU BALKE, NS FOMBY, TB AF BALKE, NS FOMBY, TB TI INFREQUENT PERMANENT SHOCKS AND THE FINITE-SAMPLE PERFORMANCE OF UNIT-ROOT TESTS SO ECONOMICS LETTERS LA English DT Article C1 FED RESERVE BANK DALLAS,DEPT RES,DALLAS,TX 75222. RP BALKE, NS (reprint author), SO METHODIST UNIV,DALLAS,TX 75275, USA. NR 4 TC 7 Z9 7 U1 1 U2 1 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1991 VL 36 IS 3 BP 269 EP 273 DI 10.1016/0165-1765(91)90031-F PG 5 WC Economics SC Business & Economics GA FZ070 UT WOS:A1991FZ07000008 ER PT J AU DIEBOLD, FX RUDEBUSCH, GD AF DIEBOLD, FX RUDEBUSCH, GD TI ON THE POWER OF DICKEY-FULLER TESTS AGAINST FRACTIONAL ALTERNATIVES SO ECONOMICS LETTERS LA English DT Article C1 FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551. RP DIEBOLD, FX (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 11 TC 151 Z9 156 U1 0 U2 2 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0165-1765 J9 ECON LETT JI Econ. Lett. PY 1991 VL 35 IS 2 BP 155 EP 160 DI 10.1016/0165-1765(91)90163-F PG 6 WC Economics SC Business & Economics GA FA324 UT WOS:A1991FA32400007 ER PT J AU HENDERSON, YK AF HENDERSON, YK TI APPLICATIONS OF GENERAL EQUILIBRIUM-MODELS TO THE 1986 TAX-REFORM ACT IN THE UNITED-STATES SO ECONOMIST LA English DT Article; Proceedings Paper CT SYMP ON APPLIED GENERAL EQUILIBRIUM MODELS CY DEC 04-05, 1989 CL NOORDWIJK, NETHERLANDS SP NETHERLANDS CENT PLANNING BUR ID CAPITAL ALLOCATION; TAXATION; POLICY; EFFICIENCY; PRICES; INCOME RP HENDERSON, YK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA, USA. NR 15 TC 3 Z9 3 U1 0 U2 1 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0013-063X J9 ECONOMIST JI Economist PY 1991 VL 139 IS 2 BP 147 EP 168 DI 10.1007/BF01460310 PG 22 WC Economics SC Business & Economics GA FZ575 UT WOS:A1991FZ57500002 ER PT J AU IRWIN, DA AF IRWIN, DA TI WAS BRITAIN IMMISERIZED DURING THE INDUSTRIAL-REVOLUTION SO EXPLORATIONS IN ECONOMIC HISTORY LA English DT Note ID GROWTH; TRADE RP IRWIN, DA (reprint author), FED RESERVE BOARD,DIV INT FINANCE,WASHINGTON,DC 20551, USA. NR 13 TC 2 Z9 2 U1 0 U2 1 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0014-4983 J9 EXPLOR ECON HIST JI Explor. Econ. Hist. PD JAN PY 1991 VL 28 IS 1 BP 121 EP 124 DI 10.1016/0014-4983(91)90027-G PG 4 WC Economics; History Of Social Sciences SC Business & Economics; Social Sciences - Other Topics GA ET699 UT WOS:A1991ET69900006 ER PT J AU CALEM, PS CARLINO, GA AF CALEM, PS CARLINO, GA TI URBAN AGGLOMERATION ECONOMIES IN THE PRESENCE OF TECHNICAL CHANGE SO JOURNAL OF URBAN ECONOMICS LA English DT Article ID CITY SIZE; MANUFACTURING SECTOR; PRODUCTIVITY GROWTH; CITIES; EFFICIENCY; RETURNS; SCALE RP CALEM, PS (reprint author), FED RESERVE BANK PHILADELPHIA,RES DEPT,PHILADELPHIA,PA 19106, USA. NR 29 TC 23 Z9 23 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0094-1190 J9 J URBAN ECON JI J. Urban Econ. PD JAN PY 1991 VL 29 IS 1 BP 82 EP 95 DI 10.1016/0094-1190(91)90028-6 PG 14 WC Economics; Urban Studies SC Business & Economics; Urban Studies GA EQ059 UT WOS:A1991EQ05900007 ER PT J AU GILLES, C LEROY, SF AF GILLES, C LEROY, SF TI ECONOMETRIC ASPECTS OF THE VARIANCE-BOUNDS TESTS - A SURVEY SO REVIEW OF FINANCIAL STUDIES LA English DT Article ID STOCK-MARKET PRICES; EXPECTATIONS MODELS; EQUITY PREMIUM; TERM STRUCTURE; RISK-AVERSION; ASSET PRICES; VOLATILITY; VARIABILITY; RATIONALITY; EFFICIENCY C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP GILLES, C (reprint author), BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC, USA. NR 54 TC 32 Z9 32 U1 2 U2 8 PU OXFORD UNIV PRESS INC PI CARY PA JOURNALS DEPT, 2001 EVANS RD, CARY, NC 27513 SN 0893-9454 J9 REV FINANC STUD JI Rev. Financ. Stud. PY 1991 VL 4 IS 4 BP 753 EP 791 DI 10.1093/rfs/4.4.753 PG 39 WC Business, Finance; Economics SC Business & Economics GA GT139 UT WOS:A1991GT13900007 ER PT J AU KYDLAND, FE PRESCOTT, EC AF KYDLAND, FE PRESCOTT, EC TI THE ECONOMETRICS OF THE GENERAL EQUILIBRIUM APPROACH TO BUSINESS CYCLES SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Article ID INDIVISIBLE LABOR C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP KYDLAND, FE (reprint author), CARNEGIE MELLON UNIV,PITTSBURGH,PA 15213, USA. NR 40 TC 48 Z9 49 U1 2 U2 28 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1991 VL 93 IS 2 BP 161 EP 178 DI 10.2307/3440324 PG 18 WC Economics SC Business & Economics GA FR524 UT WOS:A1991FR52400005 ER PT J AU UCTUM, M AF UCTUM, M TI FOREIGN INTEREST-RATE DISTURBANCE, FINANCIAL FLOWS AND PHYSICAL CAPITAL ACCUMULATION IN A SMALL OPEN-ECONOMY SO SCANDINAVIAN JOURNAL OF ECONOMICS LA English DT Article ID FLEXIBLE EXCHANGE-RATES; MONETARY; POLICY RP UCTUM, M (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 22 TC 1 Z9 1 U1 0 U2 1 PU BLACKWELL PUBL LTD PI OXFORD PA 108 COWLEY RD, OXFORD, OXON, ENGLAND OX4 1JF SN 0347-0520 J9 SCAND J ECON JI Scand. J. Econ. PY 1991 VL 93 IS 3 BP 377 EP 390 DI 10.2307/3440181 PG 14 WC Economics SC Business & Economics GA GD413 UT WOS:A1991GD41300003 ER PT J AU DUDEY, M AF DUDEY, M TI COMPETITION BY CHOICE - THE EFFECT OF CONSUMER SEARCH ON FIRM LOCATION DECISIONS SO AMERICAN ECONOMIC REVIEW LA English DT Article C1 BOARD GOVERNORS FED RESERVE SYST,DIV INT FINANCE,WASHINGTON,DC 20551. RP DUDEY, M (reprint author), RICE UNIV,DEPT ECON,HOUSTON,TX 77251, USA. NR 23 TC 62 Z9 62 U1 2 U2 7 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD DEC PY 1990 VL 80 IS 5 BP 1092 EP 1104 PG 13 WC Economics SC Business & Economics GA EL116 UT WOS:A1990EL11600006 ER PT J AU DOTSEY, M AF DOTSEY, M TI THE ECONOMIC-EFFECTS OF PRODUCTION TAXES IN A STOCHASTIC GROWTH-MODEL SO AMERICAN ECONOMIC REVIEW LA English DT Article RP DOTSEY, M (reprint author), FED RESERVE BANK RICHMOND,701 E BYRD ST,RICHMOND,VA 23219, USA. NR 15 TC 19 Z9 19 U1 0 U2 1 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD DEC PY 1990 VL 80 IS 5 BP 1168 EP 1182 PG 15 WC Economics SC Business & Economics GA EL116 UT WOS:A1990EL11600011 ER PT J AU MILES, M COLE, R GUILKEY, D AF MILES, M COLE, R GUILKEY, D TI A DIFFERENT LOOK AT COMMERCIAL REAL-ESTATE RETURNS SO AREUEA JOURNAL-JOURNAL OF THE AMERICAN REAL ESTATE & URBAN ECONOMICS ASSOCIATION LA English DT Article C1 FED RESERVE BANK DALLAS,DEPT FINANCIAL IND STUDIES,DALLAS,TX 75222. UNIV N CAROLINA,DEPT ECON,CHAPEL HILL,NC 27514. RP MILES, M (reprint author), UNIV N CAROLINA,SCH BUSINESS,CB 3490,CHAPEL HILL,NC 27599, USA. RI Cole, Rebel/C-4399-2008 OI Cole, Rebel/0000-0001-9830-662X NR 19 TC 33 Z9 33 U1 1 U2 4 PU AMER REAL ESTATE URBAN ECONOMICS ASSOC PI BLOOMINGTON PA INDIANA UNIV, SCHOOL BUSINESS, RM 428, 10TH FEE LANE, BLOOMINGTON, IN 47405 SN 0270-0484 J9 AREUEA J PD WIN PY 1990 VL 18 IS 4 BP 403 EP 430 PG 28 WC Business, Finance; Planning & Development SC Business & Economics; Public Administration GA FE460 UT WOS:A1990FE46000003 ER PT J AU THOMSON, JB TODD, WF AF THOMSON, JB TODD, WF TI RETHINKING AND LIVING WITH THE LIMITS OF BANK REGULATION SO CATO JOURNAL LA English DT Article RP THOMSON, JB (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 29 TC 1 Z9 1 U1 1 U2 2 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD WIN PY 1990 VL 9 IS 3 BP 579 EP 600 PG 22 WC Public Administration SC Public Administration GA DT745 UT WOS:A1990DT74500004 ER PT J AU BECKETTI, S AF BECKETTI, S TI THE LIMITS TO RATIONAL-EXPECTATIONS - PESARAN,MH SO JOURNAL OF ECONOMIC LITERATURE LA English DT Book Review RP BECKETTI, S (reprint author), FED RESERVE BANK,KANSAS CITY,MO, USA. NR 2 TC 0 Z9 0 U1 0 U2 0 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0022-0515 J9 J ECON LIT JI J. Econ. Lit. PD DEC PY 1990 VL 28 IS 4 BP 1723 EP 1724 PG 2 WC Economics SC Business & Economics GA ER689 UT WOS:A1990ER68900010 ER PT J AU MCALLISTER, PH AF MCALLISTER, PH TI RATIONAL BEHAVIOR AND RATIONAL-EXPECTATIONS SO JOURNAL OF ECONOMIC THEORY LA English DT Article ID GENERIC EXISTENCE; APPROXIMATE EQUILIBRIA; STRATEGIC BEHAVIOR; COMMON KNOWLEDGE; INFORMATION; PRICES; MODELS RP MCALLISTER, PH (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 27 TC 5 Z9 5 U1 1 U2 2 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0022-0531 J9 J ECON THEORY JI J. Econ. Theory PD DEC PY 1990 VL 52 IS 2 BP 332 EP 363 DI 10.1016/0022-0531(90)90036-J PG 32 WC Economics SC Business & Economics GA EP949 UT WOS:A1990EP94900004 ER PT J AU MOSER, JT AF MOSER, JT TI PUBLIC-POLICY INTERVENTION THROUGH FUTURES MARKET OPERATIONS SO JOURNAL OF FUTURES MARKETS LA English DT Article RP MOSER, JT (reprint author), FED RESERVE BANK CHICAGO,CHICAGO,IL, USA. NR 8 TC 0 Z9 0 U1 0 U2 0 PU JOHN WILEY & SONS INC PI NEW YORK PA 605 THIRD AVE, NEW YORK, NY 10158-0012 SN 0270-7314 J9 J FUTURES MARKETS JI J. Futures Mark. PD DEC PY 1990 VL 10 IS 6 BP 567 EP 571 DI 10.1002/fut.3990100602 PG 5 WC Business, Finance SC Business & Economics GA EJ543 UT WOS:A1990EJ54300001 ER PT J AU VONHAGEN, J FRATIANNI, M AF VONHAGEN, J FRATIANNI, M TI GERMAN DOMINANCE IN THE EMS - EVIDENCE FROM INTEREST-RATES SO JOURNAL OF INTERNATIONAL MONEY AND FINANCE LA English DT Article C1 FED RESERVE BANK ST LOUIS,ST LOUIS,MO. RP VONHAGEN, J (reprint author), INDIANA UNIV,GRAD SCH BUSINESS,BLOOMINGTON,IN 47405, USA. NR 29 TC 45 Z9 45 U1 0 U2 0 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0261-5606 J9 J INT MONEY FINANC JI J. Int. Money Finan. PD DEC PY 1990 VL 9 IS 4 BP 358 EP 375 PG 18 WC Business, Finance SC Business & Economics GA ET105 UT WOS:A1990ET10500001 ER PT J AU LACKER, JM AF LACKER, JM TI INSIDE MONEY AND REAL OUTPUT - A REINTERPRETATION SO JOURNAL OF MACROECONOMICS LA English DT Article RP LACKER, JM (reprint author), FED RESERVE BANK RICHMOND,RICHMOND,VA 23261, USA. NR 16 TC 3 Z9 3 U1 0 U2 4 PU LOUISIANA STATE UNIV PR PI BATON ROUGE PA BATON ROUGE, LA 70893 SN 0164-0704 J9 J MACROECON JI J. Macroecon. PD WIN PY 1990 VL 12 IS 1 BP 65 EP 79 DI 10.1016/0164-0704(90)90056-G PG 15 WC Economics SC Business & Economics GA CK954 UT WOS:A1990CK95400004 ER PT J AU HAUBRICH, JG KING, RG AF HAUBRICH, JG KING, RG TI BANKING AND INSURANCE SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID INFORMATION; LIQUIDITY C1 UNIV ROCHESTER,ROCHESTER,NY 14627. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP HAUBRICH, JG (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH 44101, USA. NR 18 TC 20 Z9 20 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD DEC PY 1990 VL 26 IS 3 BP 361 EP 386 DI 10.1016/0304-3932(90)90003-M PG 26 WC Business, Finance; Economics SC Business & Economics GA FE150 UT WOS:A1990FE15000002 ER PT J AU KAMBHU, J AF KAMBHU, J TI CONCEALMENT OF RISK AND REGULATION OF BANK RISK-TAKING SO JOURNAL OF REGULATORY ECONOMICS LA English DT Article RP KAMBHU, J (reprint author), FED RESERVE BANK NEW YORK,DEPT BANKING STUDIES,NEW YORK,NY 10045, USA. NR 12 TC 3 Z9 3 U1 2 U2 2 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0922-680X J9 J REGUL ECON JI J. Regul. Econ. PD DEC PY 1990 VL 2 IS 4 BP 397 EP 414 DI 10.1007/BF00134479 PG 18 WC Economics SC Business & Economics GA EM157 UT WOS:A1990EM15700005 ER PT J AU HOSHI, T KASHYAP, AK AF HOSHI, T KASHYAP, AK TI EVIDENCE ON Q AND INVESTMENT FOR JAPANESE FIRMS SO JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES LA English DT Article C1 BOARD GOVERNORS FED RESERVE SYST,WASHINGTON,DC 20551. RP HOSHI, T (reprint author), UNIV CALIF SAN DIEGO,GRAD SCH INT RELAT & PACIFIC STUDIES,LA JOLLA,CA 92037, USA. NR 29 TC 33 Z9 33 U1 1 U2 4 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0889-1583 J9 J JPN INT ECON JI J. Jpn. Inst. Econ. PD DEC PY 1990 VL 4 IS 4 BP 371 EP 400 DI 10.1016/0889-1583(90)90018-2 PG 30 WC Economics; International Relations SC Business & Economics; International Relations GA EP736 UT WOS:A1990EP73600004 ER PT J AU HAYASHI, F JAGANNATHAN, R AF HAYASHI, F JAGANNATHAN, R TI EX-DAY BEHAVIOR OF JAPANESE STOCK-PRICES - NEW INSIGHTS FROM NEW METHODOLOGY SO JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES LA English DT Article ID VALUATION; DIVIDENDS C1 NATL BUR ECON RES,CAMBRIDGE,MA 02138. UNIV MINNESOTA,MINNEAPOLIS,MN 55455. FED RESERVE BANK,MINNEAPOLIS,MN 55401. RP HAYASHI, F (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 14 TC 8 Z9 8 U1 0 U2 0 PU ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS PI SAN DIEGO PA 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 SN 0889-1583 J9 J JPN INT ECON JI J. Jpn. Inst. Econ. PD DEC PY 1990 VL 4 IS 4 BP 401 EP 427 DI 10.1016/0889-1583(90)90019-3 PG 27 WC Economics; International Relations SC Business & Economics; International Relations GA EP736 UT WOS:A1990EP73600005 ER PT J AU HENDERSON, YK AF HENDERSON, YK TI CAPITAL GAINS TAX RATES AND STOCK-MARKET VOLUME SO NATIONAL TAX JOURNAL LA English DT Article ID TAXATION; WINNERS; LOSERS RP HENDERSON, YK (reprint author), FED RESERVE BANK BOSTON,BOSTON,MA 02106, USA. NR 20 TC 9 Z9 9 U1 1 U2 1 PU NATL TAX ASSN PI COLUMBUS PA 5310 EAST MAIN ST, COLUMBUS, OH 43213 SN 0028-0283 J9 NATL TAX J JI Natl. Tax J. PD DEC PY 1990 VL 43 IS 4 BP 411 EP 425 PG 15 WC Business, Finance; Economics SC Business & Economics GA EY486 UT WOS:A1990EY48600003 ER PT J AU BELONGIA, MT GILBERT, RA AF BELONGIA, MT GILBERT, RA TI THE EFFECTS OF MANAGEMENT DECISIONS ON AGRICULTURAL BANK FAILURES SO AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS LA English DT Article RP BELONGIA, MT (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO, USA. NR 22 TC 5 Z9 5 U1 0 U2 1 PU AMER AGRICULTURAL ECONOMICS ASSOC PI AMES PA 1110 BUCKEYE AVE, AMES, IA 50010-8063 SN 0002-9092 J9 AM J AGR ECON JI Am. J. Agr. Econ. PD NOV PY 1990 VL 72 IS 4 BP 901 EP 910 DI 10.2307/1242622 PG 10 WC Agricultural Economics & Policy; Economics SC Agriculture; Business & Economics GA EL927 UT WOS:A1990EL92700006 ER PT J AU SOMMER, JH AF SOMMER, JH TI THE SUBSIDIARY - DOCTRINE WITHOUT A CAUSE SO FORDHAM LAW REVIEW LA English DT Article ID STATE DOCTRINE; LIABILITY; LAW; RIGHTS; CHOICE; CORPORATIONS; JURISDICTION; ECONOMICS; AGENCY; ACT RP SOMMER, JH (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 123 TC 13 Z9 13 U1 0 U2 0 PU FORDHAM UNIV SCHOOL LAW PI NEW YORK PA 140 W 62ND STREET, NEW YORK, NY 10023 SN 0015-704X J9 FORDHAM LAW REV JI Fordham Law Rev. PD NOV PY 1990 VL 59 IS 2 BP 227 EP 281 PG 55 WC Law SC Government & Law GA FB026 UT WOS:A1990FB02600002 ER PT J AU HAKKIO, CS PETERSEN, BC AF HAKKIO, CS PETERSEN, BC TI A NOTE ON PHYSICAL DEPRECIATION AND THE CAPITAL ACCUMULATION PROCESS SO JOURNAL OF DEVELOPMENT ECONOMICS LA English DT Note C1 FED RESERVE BANK CHICAGO,CHICAGO,IL 60690. WASHINGTON UNIV,ST LOUIS,MO 63130. RP HAKKIO, CS (reprint author), FED RESERVE BANK,KANSAS CITY,MO 64798, USA. NR 13 TC 1 Z9 1 U1 1 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3878 J9 J DEV ECON JI J. Dev. Econ. PD NOV PY 1990 VL 34 IS 1-2 BP 385 EP 395 DI 10.1016/0304-3878(90)90092-P PG 11 WC Economics SC Business & Economics GA EM111 UT WOS:A1990EM11100019 ER PT J AU DUCA, JV VANHOOSE, DD AF DUCA, JV VANHOOSE, DD TI OPTIMAL MONETARY-POLICY IN A MULTISECTOR ECONOMY WITH AN ECONOMYWIDE MONEY MARKET SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article RP DUCA, JV (reprint author), FED RESERVE BOARD,MAIL STOP 69,20TH & C ST NW,WASHINGTON,DC 20551, USA. NR 17 TC 1 Z9 2 U1 0 U2 6 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD NOV PY 1990 VL 42 IS 4 BP 253 EP 263 DI 10.1016/0148-6195(90)90035-B PG 11 WC Business, Finance SC Business & Economics GA EL661 UT WOS:A1990EL66100001 ER PT J AU IRWIN, DA AF IRWIN, DA TI POWER, PROTECTION AND FREE-TRADE - INTERNATIONAL SOURCES OF UNITED-STATES COMMERCIAL STRATEGY, 1887-1939 - LAKE,DA SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Book Review RP IRWIN, DA (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 1 TC 0 Z9 0 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD NOV PY 1990 VL 29 IS 3-4 BP 390 EP 392 DI 10.1016/0022-1996(90)90042-K PG 3 WC Economics SC Business & Economics GA EE603 UT WOS:A1990EE60300013 ER PT J AU REINHART, V AF REINHART, V TI TARGETING NOMINAL INCOME IN A DYNAMIC-MODEL SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article RP REINHART, V (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 29 TC 5 Z9 5 U1 0 U2 1 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1990 VL 22 IS 4 BP 427 EP 443 DI 10.2307/1992429 PG 17 WC Business, Finance; Economics SC Business & Economics GA EL589 UT WOS:A1990EL58900002 ER PT J AU FACKLER, JS AF FACKLER, JS TI FEDERAL CREDIT, PRIVATE CREDIT, AND ECONOMIC-ACTIVITY SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 FED RES BANK,KANSAS CITY,MO. NR 20 TC 12 Z9 12 U1 0 U2 4 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1990 VL 22 IS 4 BP 444 EP 464 DI 10.2307/1992430 PG 21 WC Business, Finance; Economics SC Business & Economics GA EL589 UT WOS:A1990EL58900003 ER PT J AU HUNTER, WC TIMME, SG YANG, WK AF HUNTER, WC TIMME, SG YANG, WK TI AN EXAMINATION OF COST SUBADDITIVITY AND MULTIPRODUCT PRODUCTION IN LARGE UNITED-STATES BANKS SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 GEORGIA STATE UNIV,FINANCE,ATLANTA,GA 30303. RP HUNTER, WC (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 33 TC 48 Z9 50 U1 4 U2 4 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD NOV PY 1990 VL 22 IS 4 BP 504 EP 525 DI 10.2307/1992434 PG 22 WC Business, Finance; Economics SC Business & Economics GA EL589 UT WOS:A1990EL58900007 ER PT J AU SZAKONYI, R AF SZAKONYI, R TI 101 TIPS FOR MANAGING R-AND-D MORE EFFECTIVELY .2. SO RESEARCH-TECHNOLOGY MANAGEMENT LA English DT Article RP SZAKONYI, R (reprint author), FED RESERVE BANK CHICAGO LIB,RES INST,CHICAGO,IL, USA. NR 0 TC 2 Z9 2 U1 0 U2 0 PU INDUSTRIAL RESEARCH INST INC PI WASHINGTON PA 1550 M ST., NW, WASHINGTON, DC 20005 SN 0895-6308 J9 RES TECHNOL MANAGE JI Res.-Technol. Manage. PD NOV-DEC PY 1990 VL 33 IS 6 BP 41 EP 46 PG 6 WC Business; Engineering, Industrial; Management SC Business & Economics; Engineering GA EG113 UT WOS:A1990EG11300009 ER PT J AU RAUSSER, GC WALRAVEN, NA AF RAUSSER, GC WALRAVEN, NA TI LINKAGES AMONG COMMODITY FUTURES MARKETS AND DYNAMIC WELFARE ANALYSIS SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Article ID PRICE C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP RAUSSER, GC (reprint author), UNIV CALIF BERKELEY,BERKELEY,CA 94720, USA. NR 12 TC 1 Z9 1 U1 0 U2 0 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD NOV PY 1990 VL 72 IS 4 BP 631 EP 639 DI 10.2307/2109603 PG 9 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA ER238 UT WOS:A1990ER23800010 ER PT J AU HASLAG, JH HEIN, SE AF HASLAG, JH HEIN, SE TI ECONOMIC-ACTIVITY AND 2 MONETARY BASE MEASURES SO REVIEW OF ECONOMICS AND STATISTICS LA English DT Note ID SELECTION; MODELS; TESTS C1 SO METHODIST UNIV,DALLAS,TX 75275. TEXAS TECH UNIV,LUBBOCK,TX 79409. RP HASLAG, JH (reprint author), FED RESERVE BANK DALLAS,DALLAS,TX, USA. NR 11 TC 4 Z9 4 U1 0 U2 0 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0034-6535 J9 REV ECON STAT JI Rev. Econ. Stat. PD NOV PY 1990 VL 72 IS 4 BP 672 EP 676 DI 10.2307/2109608 PG 5 WC Economics; Social Sciences, Mathematical Methods SC Business & Economics; Mathematical Methods In Social Sciences GA ER238 UT WOS:A1990ER23800015 ER PT J AU KAUFMAN, GG AF KAUFMAN, GG TI ARE SOME BANKS TOO LARGE TO FAIL - MYTH AND REALITY SO CONTEMPORARY POLICY ISSUES LA English DT Article C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP KAUFMAN, GG (reprint author), LOYOLA UNIV,FINANCE & ECON,CHICAGO,IL 60611, USA. NR 36 TC 10 Z9 10 U1 0 U2 0 PU WESTERN ECONOMIC ASSOC INT PI HUNTINGTON BEACH PA 7400 CENTER AVE SUITE 109, HUNTINGTON BEACH, CA 92647-3039 SN 0735-0007 J9 CONTEMP POLICY ISSUE PD OCT PY 1990 VL 8 IS 4 BP 1 EP 14 PG 14 WC Economics; Public Administration SC Business & Economics; Public Administration GA EE771 UT WOS:A1990EE77100001 ER PT J AU SOFIANOS, G WACHTEL, P MELNIK, A AF SOFIANOS, G WACHTEL, P MELNIK, A TI LOAN COMMITMENTS AND MONETARY-POLICY SO JOURNAL OF BANKING & FINANCE LA English DT Article C1 HAIFA UNIV,HAIFA,ISRAEL. NYU,STERN SCH BUSINESS,NEW YORK,NY 10006. RP SOFIANOS, G (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 18 TC 21 Z9 21 U1 1 U2 3 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0378-4266 J9 J BANK FINANC JI J. Bank Financ. PD OCT PY 1990 VL 14 IS 4 BP 677 EP 689 DI 10.1016/0378-4266(90)90070-I PG 13 WC Business, Finance; Economics SC Business & Economics GA EF974 UT WOS:A1990EF97400001 ER PT J AU BAUER, PW AF BAUER, PW TI RECENT DEVELOPMENTS IN THE ECONOMETRIC ESTIMATION OF FRONTIERS SO JOURNAL OF ECONOMETRICS LA English DT Article RP BAUER, PW (reprint author), FED RESERVE BANK CLEVELAND, CLEVELAND, OH 44114 USA. NR 55 TC 268 Z9 278 U1 4 U2 11 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-4076 J9 J ECONOMETRICS JI J. Econom. PD OCT-NOV PY 1990 VL 46 IS 1-2 BP 39 EP 56 DI 10.1016/0304-4076(90)90046-V PG 18 WC Economics; Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods SC Business & Economics; Mathematics; Mathematical Methods In Social Sciences GA EH317 UT WOS:A1990EH31700003 ER PT J AU KUPIEC, PH AF KUPIEC, PH TI A SURVEY OF EXCHANGE-TRADED BASKET INSTRUMENTS SO JOURNAL OF FINANCIAL SERVICES RESEARCH LA English DT Article RP KUPIEC, PH (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,CAPITAL MKT SECT,WASHINGTON,DC 20551, USA. NR 6 TC 4 Z9 4 U1 0 U2 0 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0920-8550 J9 J FINANC SERV RES JI J. Financ. Serv. Res. PD OCT PY 1990 VL 4 IS 3 BP 175 EP 190 DI 10.1007/BF00365421 PG 16 WC Business, Finance SC Business & Economics GA EJ710 UT WOS:A1990EJ71000001 ER PT J AU DEGENNARO, RP MOSER, JT AF DEGENNARO, RP MOSER, JT TI FAILED DELIVERY AND DAILY TREASURY BILL RETURNS SO JOURNAL OF FINANCIAL SERVICES RESEARCH LA English DT Article C1 FED RESERVE BANK CHICAGO,RES DEPT,CHICAGO,IL 60690. RP DEGENNARO, RP (reprint author), UNIV TENNESSEE,DEPT FINANCE,KNOXVILLE,TN 37996, USA. NR 13 TC 2 Z9 2 U1 0 U2 0 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0920-8550 J9 J FINANC SERV RES JI J. Financ. Serv. Res. PD OCT PY 1990 VL 4 IS 3 BP 203 EP 222 DI 10.1007/BF00365423 PG 20 WC Business, Finance SC Business & Economics GA EJ710 UT WOS:A1990EJ71000003 ER PT J AU BORN, JA MOSER, JT AF BORN, JA MOSER, JT TI BANK-EQUITY RETURNS AND CHANGES IN THE DISCOUNT RATE SO JOURNAL OF FINANCIAL SERVICES RESEARCH LA English DT Article C1 FED RES BANK CHICAGO,DEPT RES,CHICAGO,IL 60690. RP BORN, JA (reprint author), NORTHEASTERN UNIV,FINANCE GRP,HAYDEN HALL,BOSTON,MA 02115, USA. NR 17 TC 0 Z9 0 U1 3 U2 3 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0920-8550 J9 J FINANC SERV RES JI J. Financ. Serv. Res. PD OCT PY 1990 VL 4 IS 3 BP 223 EP 241 DI 10.1007/BF00365424 PG 19 WC Business, Finance SC Business & Economics GA EJ710 UT WOS:A1990EJ71000004 ER PT J AU MOSER, JT HELMS, B AF MOSER, JT HELMS, B TI AN EXAMINATION OF BASIS RISK DUE TO ESTIMATION SO JOURNAL OF FUTURES MARKETS LA English DT Article C1 UNIV ALABAMA,FINANCE,BIRMINGHAM,AL 35294. RP MOSER, JT (reprint author), FED RESERVE BANK CHICAGO,CHICAGO,IL, USA. NR 27 TC 6 Z9 6 U1 0 U2 0 PU JOHN WILEY & SONS INC PI NEW YORK PA 605 THIRD AVE, NEW YORK, NY 10158-0012 SN 0270-7314 J9 J FUTURES MARKETS JI J. Futures Mark. PD OCT PY 1990 VL 10 IS 5 BP 457 EP 467 DI 10.1002/fut.3990100503 PG 11 WC Business, Finance SC Business & Economics GA DZ721 UT WOS:A1990DZ72100002 ER PT J AU LANG, WW NAKAMURA, LI AF LANG, WW NAKAMURA, LI TI THE DYNAMICS OF CREDIT MARKETS IN A MODEL WITH LEARNING SO JOURNAL OF MONETARY ECONOMICS LA English DT Article ID SEARCH EQUILIBRIUM; BUSINESS CYCLES; AGENCY COSTS; INFORMATION C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA 19106. RP LANG, WW (reprint author), RUTGERS STATE UNIV,NEW BRUNSWICK,NJ 08903, USA. NR 18 TC 15 Z9 15 U1 3 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD OCT PY 1990 VL 26 IS 2 BP 305 EP 318 DI 10.1016/0304-3932(90)90025-Y PG 14 WC Business, Finance; Economics SC Business & Economics GA FA580 UT WOS:A1990FA58000005 ER PT J AU GREENWOOD, J JOVANOVIC, B AF GREENWOOD, J JOVANOVIC, B TI FINANCIAL DEVELOPMENT, GROWTH, AND THE DISTRIBUTION OF INCOME SO JOURNAL OF POLITICAL ECONOMY LA English DT Article C1 NYU,NEW YORK,NY 10003. UNIV WESTERN ONTARIO,LONDON N6A 3K7,ONTARIO,CANADA. RP GREENWOOD, J (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 29 TC 614 Z9 640 U1 9 U2 30 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD OCT PY 1990 VL 98 IS 5 BP 1076 EP 1107 DI 10.1086/261720 PN 1 PG 32 WC Economics SC Business & Economics GA EE967 UT WOS:A1990EE96700009 ER PT J AU KEANE, MP RUNKLE, DE AF KEANE, MP RUNKLE, DE TI TESTING THE RATIONALITY OF PRICE FORECASTS - NEW EVIDENCE FROM PANEL DATA SO AMERICAN ECONOMIC REVIEW LA English DT Article C1 FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480. RP KEANE, MP (reprint author), UNIV MINNESOTA,MINNEAPOLIS,MN 55455, USA. RI Keane, Michael/O-2840-2013 OI Keane, Michael/0000-0002-3918-1377 NR 47 TC 181 Z9 181 U1 2 U2 9 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1990 VL 80 IS 4 BP 714 EP 735 PG 22 WC Economics SC Business & Economics GA DX683 UT WOS:A1990DX68300004 ER PT J AU HARDOUVELIS, GA AF HARDOUVELIS, GA TI MARGIN REQUIREMENTS, VOLATILITY, AND THE TRANSITORY COMPONENT OF STOCK-PRICES SO AMERICAN ECONOMIC REVIEW LA English DT Article C1 FED RESERVE BANK NEW YORK,DEPT RES,NEW YORK,NY 10045. RP HARDOUVELIS, GA (reprint author), RUTGERS STATE UNIV,DEPT FINANCE,NEW BRUNSWICK,NJ 08903, USA. NR 58 TC 37 Z9 37 U1 2 U2 7 PU AMER ECON ASSN PI NASHVILLE PA 2014 BROADWAY SUITE 305, NASHVILLE, TN 37203 SN 0002-8282 J9 AM ECON REV JI Am. Econ. Rev. PD SEP PY 1990 VL 80 IS 4 BP 736 EP 762 PG 27 WC Economics SC Business & Economics GA DX683 UT WOS:A1990DX68300005 ER PT J AU KAUFMAN, GG MOTE, LR AF KAUFMAN, GG MOTE, LR TI GLASS-STEAGALL - REPEAL BY REGULATORY AND JUDICIAL REINTERPRETATION SO BANKING LAW JOURNAL LA English DT Article AB The authors describe the extent to which Glass-Steagall's limitations on bank involvement in securities activities have been progressively liberalized by interpretations of the federal bank regulatory agencies and the courts. They give special attention to the acceleration since 1980 in the range and volume of domestic securities activities conducted by the larger commercial banks. In their conclusion, they argue that the current regulatory easings discriminate against smaller banks and that a major liberalization of Glass-Steagall would create a safer and more efficient banking system. C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP KAUFMAN, GG (reprint author), LOYOLA UNIV,CHICAGO,IL 60611, USA. NR 50 TC 4 Z9 4 U1 0 U2 0 PU WARREN GORHAM LAMONT INC PI BOSTON PA 31 SAINT JAMES AVE 4TH FLOOR, BOSTON, MA 02116-4101 SN 0005-5506 J9 BANKING LAW J JI Bank. Law J. PD SEP-OCT PY 1990 VL 107 IS 5 BP 388 EP 421 PG 34 WC Business, Finance; Law SC Business & Economics; Government & Law GA LG054 UT WOS:A1990LG05400002 ER PT J AU HOSKINS, WL HUMPAGE, OF AF HOSKINS, WL HUMPAGE, OF TI AVOIDING MONETARY PROTECTIONISM - THE ROLE OF POLICY COORDINATION SO CATO JOURNAL LA English DT Article RP HOSKINS, WL (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 16 TC 0 Z9 0 U1 0 U2 0 PU CATO INSTITUTE PI WASHINGTON PA 1000 MASSACHUSETTS AVE., NW #6, WASHINGTON, DC 20001-5403 SN 0273-3072 J9 CATO J JI Cato J. PD FAL PY 1990 VL 10 IS 2 BP 541 EP 555 PG 15 WC Public Administration SC Public Administration GA FR902 UT WOS:A1990FR90200021 ER PT J AU AMEL, DF LIANG, JN AF AMEL, DF LIANG, JN TI DYNAMICS OF MARKET CONCENTRATION IN UNITED-STATES BANKING, 1966-86 SO INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION LA English DT Article RP FED RESERVE SYST, BOARD GOVERNORS, WASHINGTON, DC 20551 USA. NR 15 TC 4 Z9 4 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0167-7187 EI 1873-7986 J9 INT J IND ORGAN JI Int. J. Ind. Organ. PD SEP PY 1990 VL 8 IS 3 BP 375 EP 384 DI 10.1016/0167-7187(90)90003-J PG 10 WC Economics SC Business & Economics GA EH402 UT WOS:A1990EH40200003 ER PT J AU SHARPE, SA AF SHARPE, SA TI ASYMMETRIC INFORMATION, BANK LENDING, AND IMPLICIT CONTRACTS - A STYLIZED MODEL OF CUSTOMER RELATIONSHIPS SO JOURNAL OF FINANCE LA English DT Article RP SHARPE, SA (reprint author), FED RESERVE SYST, DIV RES & STAT, WASHINGTON, DC 20551 USA. NR 22 TC 484 Z9 490 U1 3 U2 28 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD SEP PY 1990 VL 45 IS 4 BP 1069 EP 1087 DI 10.2307/2328715 PG 19 WC Business, Finance SC Business & Economics GA DZ481 UT WOS:A1990DZ48100004 ER PT J AU PROWSE, SD AF PROWSE, SD TI INSTITUTIONAL INVESTMENT PATTERNS AND CORPORATE FINANCIAL BEHAVIOR IN THE UNITED-STATES AND JAPAN SO JOURNAL OF FINANCIAL ECONOMICS LA English DT Article; Proceedings Paper CT CONF ON THE STRUCTURE AND GOVERNANCE OF ENTERPRISE CY MAR 30-31, 1990 CL HARVARD BUSINESS SCH, CAMBRIDGE, MA SP J FINANCIAL ECON, HARVARD BUSINESS SCH, DIV RES HO HARVARD BUSINESS SCH ID FIRM; DETERMINANTS; OWNERSHIP RP PROWSE, SD (reprint author), FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 34 TC 134 Z9 138 U1 0 U2 4 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-405X J9 J FINANC ECON JI J. Financ. Econ. PD SEP PY 1990 VL 27 IS 1 BP 43 EP 66 DI 10.1016/0304-405X(90)90020-Z PG 24 WC Business, Finance; Economics SC Business & Economics GA FG693 UT WOS:A1990FG69300003 ER PT J AU HOSHI, T KASHYAP, A SCHARFSTEIN, D AF HOSHI, T KASHYAP, A SCHARFSTEIN, D TI THE ROLE OF BANKS IN REDUCING THE COSTS OF FINANCIAL DISTRESS IN JAPAN SO JOURNAL OF FINANCIAL ECONOMICS LA English DT Article; Proceedings Paper CT CONF ON THE STRUCTURE AND GOVERNANCE OF ENTERPRISE CY MAR 30-31, 1990 CL HARVARD BUSINESS SCH, CAMBRIDGE, MA SP J FINANCIAL ECON, HARVARD BUSINESS SCH, DIV RES HO HARVARD BUSINESS SCH ID DECISION; FIRMS C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. MIT,CAMBRIDGE,MA 02139. NATL BUR ECON RES,CAMBRIDGE,MA 02138. RP HOSHI, T (reprint author), UNIV CALIF SAN DIEGO,LA JOLLA,CA 92093, USA. NR 29 TC 312 Z9 319 U1 2 U2 22 PU ELSEVIER SCIENCE SA LAUSANNE PI LAUSANNE 1 PA PO BOX 564, 1001 LAUSANNE 1, SWITZERLAND SN 0304-405X J9 J FINANC ECON JI J. Financ. Econ. PD SEP PY 1990 VL 27 IS 1 BP 67 EP 88 DI 10.1016/0304-405X(90)90021-Q PG 22 WC Business, Finance; Economics SC Business & Economics GA FG693 UT WOS:A1990FG69300004 ER PT J AU EVANOFF, DD ISRAILEVICH, PR MERRIS, RC AF EVANOFF, DD ISRAILEVICH, PR MERRIS, RC TI RELATIVE PRICE EFFICIENCY, TECHNICAL CHANGE, AND SCALE ECONOMIES FOR LARGE COMMERCIAL-BANKS SO JOURNAL OF REGULATORY ECONOMICS LA English DT Article RP EVANOFF, DD (reprint author), FED RESERVE BANK CHICAGO,DEPT RES,230 S LASALLE ST,CHICAGO,IL 60690, USA. NR 32 TC 10 Z9 10 U1 1 U2 2 PU KLUWER ACADEMIC PUBL PI DORDRECHT PA SPUIBOULEVARD 50, PO BOX 17, 3300 AA DORDRECHT, NETHERLANDS SN 0922-680X J9 J REGUL ECON JI J. Regul. Econ. PD SEP PY 1990 VL 2 IS 3 BP 281 EP 298 DI 10.1007/BF00134065 PG 18 WC Economics SC Business & Economics GA EB112 UT WOS:A1990EB11200005 ER PT J AU BELONGIA, MT GILBERT, RA AF BELONGIA, MT GILBERT, RA TI THE EFFECTS OF FEDERAL CREDIT PROGRAMS ON FARM OUTPUT SO AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS LA English DT Article RP BELONGIA, MT (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO, USA. NR 7 TC 1 Z9 2 U1 0 U2 1 PU AMER AGRICULTURAL ECONOMICS ASSOC PI AMES PA 1110 BUCKEYE AVE, AMES, IA 50010-8063 SN 0002-9092 J9 AM J AGR ECON JI Am. J. Agr. Econ. PD AUG PY 1990 VL 72 IS 3 BP 769 EP 773 DI 10.2307/1243053 PG 5 WC Agricultural Economics & Policy; Economics SC Agriculture; Business & Economics GA DW845 UT WOS:A1990DW84500033 ER PT J AU SWAMY, PAVB AF SWAMY, PAVB TI THE UNIMPORTANCE OF RELATIVE IMPORTANCE - COMMENT SO AMERICAN STATISTICIAN LA English DT Letter RP SWAMY, PAVB (reprint author), FED RESERVE BOARD,RES & STAT,20TH & CONSTITUT AVE NW,WASHINGTON,DC 20551, USA. NR 8 TC 0 Z9 0 U1 0 U2 0 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0003-1305 J9 AM STAT JI Am. Stat. PD AUG PY 1990 VL 44 IS 3 BP 262 EP 262 PG 1 WC Statistics & Probability SC Mathematics GA DV099 UT WOS:A1990DV09900030 ER PT J AU BALLEN, RG BAXTER, TC DAVENPORT, WB ROUGEAU, VD VELTRI, SC AF BALLEN, RG BAXTER, TC DAVENPORT, WB ROUGEAU, VD VELTRI, SC TI COMMERCIAL PAPER, BANK DEPOSITS AND COLLECTIONS, AND OTHER PAYMENT SYSTEMS SO BUSINESS LAWYER LA English DT Article C1 FED RESERVE BANK NEW YORK,NEW YORK,NY 10045. FIRST NATL BANK CHICAGO,CHICAGO,IL. JENNER & BLOCK,AD HOC COMMITTEE PAYMENT SYST,CHICAGO,IL. OHIO NO UNIV,ADA,OH 45810. RP BALLEN, RG (reprint author), MORRISON & FOERSTER,WASHINGTON,DC, USA. NR 26 TC 4 Z9 4 U1 0 U2 0 PU AMER BAR ASSOC PI CHICAGO PA 750 N LAKE SHORE DR ATTN:ORDER FULFILLMENT, CHICAGO, IL 60611 SN 0007-6899 J9 BUS LAWYER JI Bus. Lawyer PD AUG PY 1990 VL 45 IS 4 BP 2341 EP 2379 PG 39 WC Law SC Government & Law GA DU134 UT WOS:A1990DU13400014 ER PT J AU BHATT, S CAKICI, N AF BHATT, S CAKICI, N TI PREMIUMS ON STOCK INDEX FUTURES - SOME EVIDENCE SO JOURNAL OF FUTURES MARKETS LA English DT Article C1 RUTGERS STATE UNIV,FINANCE,NEW BRUNSWICK,NJ 08903. RP BHATT, S (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 8 TC 21 Z9 21 U1 1 U2 2 PU JOHN WILEY & SONS INC PI NEW YORK PA 605 THIRD AVE, NEW YORK, NY 10158-0012 SN 0270-7314 J9 J FUTURES MARKETS JI J. Futures Mark. PD AUG PY 1990 VL 10 IS 4 BP 367 EP 375 DI 10.1002/fut.3990100405 PG 9 WC Business, Finance SC Business & Economics GA DR022 UT WOS:A1990DR02200004 ER PT J AU MARQUEZ, J AF MARQUEZ, J TI US TRADE DEFICIT - CAUSES, CONSEQUENCES, AND CURES - BURGER,AE SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Book Review RP MARQUEZ, J (reprint author), FED RESERVE BOARD,WASHINGTON,DC, USA. NR 1 TC 0 Z9 0 U1 2 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD AUG PY 1990 VL 29 IS 1-2 BP 195 EP 197 DI 10.1016/0022-1996(90)90083-X PG 3 WC Economics SC Business & Economics GA DP957 UT WOS:A1990DP95700023 ER PT J AU WALL, LD PETERSON, DR AF WALL, LD PETERSON, DR TI THE EFFECT OF CONTINENTAL-ILLINOIS FAILURE ON THE FINANCIAL PERFORMANCE OF OTHER BANKS SO JOURNAL OF MONETARY ECONOMICS LA English DT Article C1 EMORY UNIV,ATLANTA,GA 30322. FLORIDA STATE UNIV,TALLAHASSEE,FL 32306. RP WALL, LD (reprint author), FED RESERVE BANK ATLANTA,ATLANTA,GA 30303, USA. NR 21 TC 22 Z9 22 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD AUG PY 1990 VL 26 IS 1 BP 77 EP 99 DI 10.1016/0304-3932(90)90032-Y PG 23 WC Business, Finance; Economics SC Business & Economics GA EJ643 UT WOS:A1990EJ64300004 ER PT J AU GLICK, R HUTCHISON, M AF GLICK, R HUTCHISON, M TI NEW RESULTS IN SUPPORT OF THE FISCAL-POLICY INEFFECTIVENESS PROPOSITION SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 UNIV CALIF SANTA CRUZ,ECON,SANTA CRUZ,CA 95064. RP GLICK, R (reprint author), FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94143, USA. NR 34 TC 4 Z9 4 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1990 VL 22 IS 3 BP 288 EP 304 DI 10.2307/1992561 PG 17 WC Business, Finance; Economics SC Business & Economics GA DT621 UT WOS:A1990DT62100002 ER PT J AU GAVIN, WT AF GAVIN, WT TI GOVERNING THE 5 TRILLION DOLLARS ECONOMY - STEIN,H SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Book Review RP GAVIN, WT (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH 44101, USA. NR 6 TC 0 Z9 0 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD AUG PY 1990 VL 22 IS 3 BP 404 EP 408 DI 10.2307/1992571 PG 5 WC Business, Finance; Economics SC Business & Economics GA DT621 UT WOS:A1990DT62100012 ER PT J AU CHARI, VV KEHOE, PJ AF CHARI, VV KEHOE, PJ TI SUSTAINABLE PLANS SO JOURNAL OF POLITICAL ECONOMY LA English DT Article C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP CHARI, VV (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN, USA. NR 18 TC 131 Z9 132 U1 2 U2 3 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD AUG PY 1990 VL 98 IS 4 BP 783 EP 802 DI 10.1086/261706 PG 20 WC Economics SC Business & Economics GA DQ485 UT WOS:A1990DQ48500005 ER PT J AU GABRIEL, SA AF GABRIEL, SA TI MODELING URBAN HOUSING-MARKET DYNAMICS - VANWISSEN,LJG, RIMA,A SO JOURNAL OF REGIONAL SCIENCE LA English DT Book Review RP GABRIEL, SA (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV RES & STAT,WASHINGTON,DC 20551, USA. NR 1 TC 0 Z9 0 U1 1 U2 1 PU BLACKWELL PUBLISHERS PI CAMBRIDGE PA 350 MAIN STREET, STE 6, CAMBRIDGE, MA 02148-5023 SN 0022-4146 J9 J REGIONAL SCI JI J. Reg. Sci. PD AUG PY 1990 VL 30 IS 3 BP 442 EP 444 PG 3 WC Economics; Environmental Studies; Planning & Development SC Business & Economics; Environmental Sciences & Ecology; Public Administration GA DV725 UT WOS:A1990DV72500014 ER PT J AU GAGNON, JE TAYLOR, JB AF GAGNON, JE TAYLOR, JB TI SOLVING STOCHASTIC EQUILIBRIUM-MODELS WITH THE EXTENDED PATH METHOD SO ECONOMIC MODELLING LA English DT Article C1 COUNCIL ECON ADVISORS,WASHINGTON,DC 20500. RP GAGNON, JE (reprint author), FED RESERVE SYST,DIV INT FINANCE,BOARD GOVERNORS,WASHINGTON,DC 20551, USA. NR 9 TC 0 Z9 0 U1 0 U2 1 PU BUTTERWORTH-HEINEMANN LTD PI OXFORD PA THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD, OXON, ENGLAND OX5 1GB SN 0264-9993 J9 ECON MODEL JI Econ. Model. PD JUL PY 1990 VL 7 IS 3 BP 251 EP 257 DI 10.1016/0264-9993(90)90010-2 PG 7 WC Economics SC Business & Economics GA DT187 UT WOS:A1990DT18700002 ER PT J AU BRAUER, DA AF BRAUER, DA TI DOES CENTRALIZED COLLECTIVE-BARGAINING PROMOTE WAGE RESTRAINT - THE CASE OF ISRAEL SO INDUSTRIAL & LABOR RELATIONS REVIEW LA English DT Article RP BRAUER, DA (reprint author), FED RESERVE BANK NEW YORK,DOMEST RES DEPT,ROOM 913,33 LIBERTY ST,NEW YORK,NY 10045, USA. NR 22 TC 6 Z9 6 U1 0 U2 0 PU INDUSTRIAL LABOR RELAT REV PI ITHACA PA CORNELL UNIV, ITHACA, NY 14851-0952 SN 0019-7939 J9 IND LABOR RELAT REV JI Ind. Labor Relat. Rev. PD JUL PY 1990 VL 43 IS 5 BP 636 EP 649 DI 10.2307/2523333 PG 14 WC Industrial Relations & Labor SC Business & Economics GA DJ962 UT WOS:A1990DJ96200009 ER PT J AU DIEBOLD, FX SHARPE, SA AF DIEBOLD, FX SHARPE, SA TI POSTDEREGULATION BANK-DEPOSIT-RATE PRICING - THE MULTIVARIATE DYNAMICS SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article C1 FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551. RP DIEBOLD, FX (reprint author), UNIV PENN,DEPT ECON,PHILADELPHIA,PA 19104, USA. NR 20 TC 24 Z9 24 U1 3 U2 3 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JUL PY 1990 VL 8 IS 3 BP 281 EP 291 DI 10.2307/1391965 PG 11 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA DL940 UT WOS:A1990DL94000002 ER PT J AU BRAUN, SN AF BRAUN, SN TI ESTIMATION OF CURRENT-QUARTER GROSS-NATIONAL-PRODUCT BY POOLING PRELIMINARY LABOR-MARKET DATA SO JOURNAL OF BUSINESS & ECONOMIC STATISTICS LA English DT Article C1 ORG ECON COOP & DEV,DEPT ECON & STAT,F-75775 PARIS,FRANCE. RP BRAUN, SN (reprint author), FED RESERVE BOARD,DIV RES & STAT,WASHINGTON,DC 20551, USA. NR 11 TC 12 Z9 12 U1 0 U2 2 PU AMER STATIST ASSN PI ALEXANDRIA PA 1429 DUKE ST, ALEXANDRIA, VA 22314 SN 0735-0015 J9 J BUS ECON STAT JI J. Bus. Econ. Stat. PD JUL PY 1990 VL 8 IS 3 BP 293 EP 304 PG 12 WC Economics; Social Sciences, Mathematical Methods; Statistics & Probability SC Business & Economics; Mathematical Methods In Social Sciences; Mathematics GA DL940 UT WOS:A1990DL94000003 ER PT J AU TODD, RM AF TODD, RM TI PERIODIC LINEAR-QUADRATIC METHODS FOR MODELING SEASONALITY SO JOURNAL OF ECONOMIC DYNAMICS & CONTROL LA English DT Article RP TODD, RM (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN 55480, USA. NR 33 TC 13 Z9 13 U1 0 U2 2 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0165-1889 J9 J ECON DYN CONTROL JI J. Econ. Dyn. Control PD JUL-OCT PY 1990 VL 14 IS 3-4 BP 763 EP 795 DI 10.1016/0165-1889(90)90042-F PG 33 WC Economics SC Business & Economics GA DU757 UT WOS:A1990DU75700012 ER PT J AU BAXTER, TC BHALA, R AF BAXTER, TC BHALA, R TI PROPER AND IMPROPER EXECUTION OF PAYMENT ORDERS SO BUSINESS LAWYER LA English DT Article RP BAXTER, TC (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 0 TC 0 Z9 0 U1 0 U2 0 PU AMER BAR ASSOC PI CHICAGO PA 750 N LAKE SHORE DR ATTN:ORDER FULFILLMENT, CHICAGO, IL 60611 SN 0007-6899 J9 BUS LAWYER JI Bus. Lawyer PD JUN PY 1990 VL 45 IS S BP 1447 EP 1466 PG 20 WC Law SC Government & Law GA DK254 UT WOS:A1990DK25400005 ER PT J AU BAXTER, TC BHALA, R AF BAXTER, TC BHALA, R TI THE INTERRELATIONSHIP OF ARTICLE 4A WITH OTHER LAW SO BUSINESS LAWYER LA English DT Article RP BAXTER, TC (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 0 TC 5 Z9 5 U1 0 U2 0 PU AMER BAR ASSOC PI CHICAGO PA 750 N LAKE SHORE DR ATTN:ORDER FULFILLMENT, CHICAGO, IL 60611 SN 0007-6899 J9 BUS LAWYER JI Bus. Lawyer PD JUN PY 1990 VL 45 IS S BP 1485 EP 1507 PG 23 WC Law SC Government & Law GA DK254 UT WOS:A1990DK25400008 ER PT J AU WORTHINGTON, PR AF WORTHINGTON, PR TI STRATEGIC INVESTMENT AND CONJECTURAL VARIATIONS SO INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION LA English DT Article RP WORTHINGTON, PR (reprint author), FED RESERVE BANK NEW YORK,NEW YORK,NY 10045, USA. NR 18 TC 11 Z9 12 U1 0 U2 0 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0167-7187 J9 INT J IND ORGAN JI Int. J. Ind. Organ. PD JUN PY 1990 VL 8 IS 2 BP 315 EP 328 DI 10.1016/0167-7187(90)90023-T PG 14 WC Economics SC Business & Economics GA DX739 UT WOS:A1990DX73900010 ER PT J AU CALOMIRIS, CW AF CALOMIRIS, CW TI IS DEPOSIT INSURANCE NECESSARY - A HISTORICAL-PERSPECTIVE SO JOURNAL OF ECONOMIC HISTORY LA English DT Article C1 FED RESERVE BANK CHICAGO,DEPT RES,CHICAGO,IL 60604. RP CALOMIRIS, CW (reprint author), NORTHWESTERN UNIV,ECON,EVANSTON,IL 60208, USA. NR 22 TC 87 Z9 87 U1 0 U2 3 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0022-0507 J9 J ECON HIST JI J. Econ. Hist. PD JUN PY 1990 VL 50 IS 2 BP 283 EP 295 PG 13 WC Economics; History; History Of Social Sciences SC Business & Economics; History; Social Sciences - Other Topics GA DK674 UT WOS:A1990DK67400002 ER PT J AU IRWIN, DA AF IRWIN, DA TI COMMERCE AND COALITIONS - HOW TRADE AFFECTS DOMESTIC POLITICAL ALIGNMENTS - ROGOWSKI,R SO JOURNAL OF ECONOMIC HISTORY LA English DT Book Review RP IRWIN, DA (reprint author), FED RESERVE SYST,WASHINGTON,DC 20551, USA. NR 1 TC 1 Z9 1 U1 0 U2 0 PU CAMBRIDGE UNIV PRESS PI NEW YORK PA 40 WEST 20TH STREET, NEW YORK, NY 10011-4211 SN 0022-0507 J9 J ECON HIST JI J. Econ. Hist. PD JUN PY 1990 VL 50 IS 2 BP 509 EP 510 PG 2 WC Economics; History; History Of Social Sciences SC Business & Economics; History; Social Sciences - Other Topics GA DK674 UT WOS:A1990DK67400062 ER PT J AU SIMON, DP AF SIMON, DP TI EXPECTATIONS AND THE TREASURY BILL FEDERAL-FUNDS RATE SPREAD OVER RECENT MONETARY-POLICY REGIMES SO JOURNAL OF FINANCE LA English DT Note RP SIMON, DP (reprint author), FED RESERVE SYST,BOARD GOVERNORS,DIV MONETARY AFFAIRS,WASHINGTON,DC 20551, USA. NR 16 TC 10 Z9 10 U1 0 U2 2 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1990 VL 45 IS 2 BP 567 EP 577 PG 11 WC Business, Finance SC Business & Economics GA DJ262 UT WOS:A1990DJ26200011 ER PT J AU SAUNDERS, A STROCK, E TRAVLOS, NG AF SAUNDERS, A STROCK, E TRAVLOS, NG TI OWNERSHIP STRUCTURE, DEREGULATION, AND BANK RISK-TAKING SO JOURNAL OF FINANCE LA English DT Note C1 FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. BOSTON UNIV,WALLACE E CARROLL SCH MANAGEMENT,BOSTON,MA 02215. RP SAUNDERS, A (reprint author), NYU,GRAD SCH BUSINESS,NEW YORK,NY 10003, USA. NR 20 TC 219 Z9 222 U1 3 U2 24 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1990 VL 45 IS 2 BP 643 EP 654 DI 10.2307/2328676 PG 12 WC Business, Finance SC Business & Economics GA DJ262 UT WOS:A1990DJ26200017 ER PT J AU RUNKLE, DE AF RUNKLE, DE TI MONEY, BANKING, AND CREDIT - JAFFEE,DM SO JOURNAL OF FINANCE LA English DT Book Review C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP RUNKLE, DE (reprint author), FED RESERVE BANK,MINNEAPOLIS,MN 55480, USA. NR 1 TC 0 Z9 0 U1 0 U2 2 PU AMER FINANCE ASSN PI NEW YORK PA 44 WEST FOURTH ST, STE 9-190, NEW YORK, NY 10012 SN 0022-1082 J9 J FINANC JI J. Financ. PD JUN PY 1990 VL 45 IS 2 BP 703 EP 704 DI 10.2307/2328682 PG 2 WC Business, Finance SC Business & Economics GA DJ262 UT WOS:A1990DJ26200023 ER PT J AU BAILLIE, RT DEGENNARO, RP AF BAILLIE, RT DEGENNARO, RP TI STOCK RETURNS AND VOLATILITY SO JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS LA English DT Article C1 FED RESERVE BANK CLEVELAND,CLEVELAND,OH. UNIV TENNESSEE,COLL BUSINESS,KNOXVILLE,TN 37996. RP BAILLIE, RT (reprint author), MICHIGAN STATE UNIV,DEPT ECON,E LANSING,MI 48824, USA. NR 23 TC 156 Z9 160 U1 0 U2 8 PU UNIV WASHINGTON PI SEATTLE PA GRAD SCH OF BUSINESS ADMIN, SEATTLE, WA 98105 SN 0022-1090 J9 J FINANC QUANT ANAL JI J. Financ. Quant. Anal. PD JUN PY 1990 VL 25 IS 2 BP 203 EP 214 DI 10.2307/2330824 PG 12 WC Business, Finance; Economics SC Business & Economics GA DH890 UT WOS:A1990DH89000004 ER PT J AU DEGENNARO, RP AF DEGENNARO, RP TI THE EFFECT OF PAYMENT DELAYS ON STOCK-PRICES SO JOURNAL OF FINANCIAL RESEARCH LA English DT Article C1 UNIV TENNESSEE,KNOXVILLE,TN 37996. RP DEGENNARO, RP (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH, USA. NR 8 TC 0 Z9 0 U1 1 U2 3 PU JOURNAL OF FINANCIAL RESEARCH PI BLACKSBURG PA VIRGINIA TECH UNIV, DEPT FINANCE, 1016 PAMPLIN HALL, BLACKSBURG, VA 24061-0221 SN 0270-2592 J9 J FINANC RES PD SUM PY 1990 VL 13 IS 2 BP 133 EP 145 PG 13 WC Business, Finance SC Business & Economics GA DH839 UT WOS:A1990DH83900005 ER PT J AU LOUNGANI, P RUSH, M TAVE, W AF LOUNGANI, P RUSH, M TAVE, W TI STOCK-MARKET DISPERSION AND UNEMPLOYMENT SO JOURNAL OF MONETARY ECONOMICS LA English DT Article C1 FED RESERVE BANK CHICAGO,CHICAGO,IL. RP LOUNGANI, P (reprint author), UNIV FLORIDA,GAINESVILLE,FL 32611, USA. NR 43 TC 42 Z9 42 U1 1 U2 5 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0304-3932 J9 J MONETARY ECON JI J. Monetary Econ. PD JUN PY 1990 VL 25 IS 3 BP 367 EP 388 DI 10.1016/0304-3932(90)90059-D PG 22 WC Business, Finance; Economics SC Business & Economics GA DX377 UT WOS:A1990DX37700003 ER PT J AU GOODFRIEND, M AF GOODFRIEND, M TI MONEY DEMAND, EXPECTATIONS AND THE FORWARD-LOOKING MODEL - COMMENTS SO JOURNAL OF POLICY MODELING LA English DT Letter RP GOODFRIEND, M (reprint author), FED RESERVE BANK RICHMOND,701 E BYRD ST,RICHMOND,VA 23261, USA. NR 5 TC 2 Z9 2 U1 0 U2 0 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD SUM PY 1990 VL 12 IS 2 BP 317 EP 322 DI 10.1016/0161-8938(90)90033-B PG 6 WC Economics SC Business & Economics GA EC250 UT WOS:A1990EC25000010 ER PT J AU WALLACE, N AF WALLACE, N TI BUFFER STOCK MODELS OF THE DEMAND FOR MONEY AND THE CONDUCT OF MONETARY-POLICY - COMMENTS SO JOURNAL OF POLICY MODELING LA English DT Letter RP WALLACE, N (reprint author), FED RESERVE BANK MINNEAPOLIS,250 MARQUETTE AVE,MINNEAPOLIS,MN, USA. NR 1 TC 0 Z9 0 U1 0 U2 1 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD SUM PY 1990 VL 12 IS 2 BP 347 EP 348 DI 10.1016/0161-8938(90)90036-E PG 2 WC Economics SC Business & Economics GA EC250 UT WOS:A1990EC25000013 ER PT J AU THORNTON, DL AF THORNTON, DL TI MODELING MONEY DEMAND IN LARGE INDUSTRIAL-COUNTRIES - BUFFER STOCK AND ERROR CORRECTION APPROACHES - COMMENTS SO JOURNAL OF POLICY MODELING LA English DT Letter RP THORNTON, DL (reprint author), FED RESERVE BANK ST LOUIS,POB 442,ST LOUIS,MO 63166, USA. NR 10 TC 1 Z9 1 U1 1 U2 2 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0161-8938 J9 J POLICY MODEL JI J. Policy Model. PD SUM PY 1990 VL 12 IS 2 BP 463 EP 467 DI 10.1016/0161-8938(90)90043-E PG 5 WC Economics SC Business & Economics GA EC250 UT WOS:A1990EC25000020 ER PT J AU DIEBOLD, FX RUDEBUSCH, GD AF DIEBOLD, FX RUDEBUSCH, GD TI A NONPARAMETRIC INVESTIGATION OF DURATION DEPENDENCE IN THE AMERICAN BUSINESS-CYCLE SO JOURNAL OF POLITICAL ECONOMY LA English DT Article C1 FED RESERVE SYST,BOARD GOVERNORS,WASHINGTON,DC 20551. RP DIEBOLD, FX (reprint author), UNIV PENN,PHILADELPHIA,PA 19104, USA. NR 39 TC 75 Z9 77 U1 0 U2 3 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD JUN PY 1990 VL 98 IS 3 BP 596 EP 616 DI 10.1086/261696 PG 21 WC Economics SC Business & Economics GA DE567 UT WOS:A1990DE56700007 ER PT J AU CHARI, VV KEHOE, PJ AF CHARI, VV KEHOE, PJ TI INTERNATIONAL COORDINATION OF FISCAL-POLICY IN LIMITING ECONOMIES SO JOURNAL OF POLITICAL ECONOMY LA English DT Article C1 UNIV MINNESOTA,MINNEAPOLIS,MN 55455. RP CHARI, VV (reprint author), FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN, USA. NR 11 TC 27 Z9 27 U1 0 U2 1 PU UNIV CHICAGO PRESS PI CHICAGO PA 5720 S WOODLAWN AVE, CHICAGO, IL 60637 SN 0022-3808 J9 J POLIT ECON JI J. Polit. Econ. PD JUN PY 1990 VL 98 IS 3 BP 617 EP 636 DI 10.1086/261697 PG 20 WC Economics SC Business & Economics GA DE567 UT WOS:A1990DE56700008 ER PT J AU EBERTS, RW GRONBERG, TJ AF EBERTS, RW GRONBERG, TJ TI STRUCTURE, CONDUCT, AND PERFORMANCE IN THE LOCAL PUBLIC-SECTOR SO NATIONAL TAX JOURNAL LA English DT Article C1 TEXAS A&M UNIV SYST,COLLEGE STN,TX 77843. RP EBERTS, RW (reprint author), FED RESERVE BANK CLEVELAND,CLEVELAND,OH 44101, USA. NR 17 TC 22 Z9 22 U1 1 U2 2 PU NATL TAX ASSN PI COLUMBUS PA 5310 EAST MAIN ST, COLUMBUS, OH 43213 SN 0028-0283 J9 NATL TAX J JI Natl. Tax J. PD JUN PY 1990 VL 43 IS 2 BP 165 EP 173 PG 9 WC Business, Finance; Economics SC Business & Economics GA EC012 UT WOS:A1990EC01200005 ER PT J AU SAUNDERS, A YOUROUGOU, P AF SAUNDERS, A YOUROUGOU, P TI ARE BANKS SPECIAL - THE SEPARATION OF BANKING FROM COMMERCE AND INTEREST-RATE RISK SO JOURNAL OF ECONOMICS AND BUSINESS LA English DT Article C1 UNIV LAVAL,FINANCE,QUEBEC CITY G1K 7P4,QUEBEC,CANADA. NYU,STERN SCH BUSINESS,NEW YORK,NY 10003. FED RESERVE BANK PHILADELPHIA,PHILADELPHIA,PA. NR 18 TC 13 Z9 13 U1 1 U2 4 PU ELSEVIER SCIENCE INC PI NEW YORK PA 655 AVENUE OF THE AMERICAS, NEW YORK, NY 10010 SN 0148-6195 J9 J ECON BUS PD MAY PY 1990 VL 42 IS 2 BP 171 EP 182 DI 10.1016/0148-6195(90)90033-9 PG 12 WC Business, Finance SC Business & Economics GA DK476 UT WOS:A1990DK47600009 ER PT J AU GLICK, R WIHLBORG, C AF GLICK, R WIHLBORG, C TI REAL EXCHANGE-RATE EFFECTS OF MONETARY SHOCKS UNDER FIXED AND FLEXIBLE EXCHANGE-RATES SO JOURNAL OF INTERNATIONAL ECONOMICS LA English DT Article C1 GOTHENBURG SCH ECON,GOTHENBURG,SWEDEN. UNIV SO CALIF,LOS ANGELES,CA 90089. RP GLICK, R (reprint author), FED RESERVE BANK SAN FRANCISCO,SAN FRANCISCO,CA 94105, USA. NR 25 TC 1 Z9 1 U1 0 U2 1 PU ELSEVIER SCIENCE BV PI AMSTERDAM PA PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS SN 0022-1996 J9 J INT ECON JI J. Int. Econ. PD MAY PY 1990 VL 28 IS 3-4 BP 267 EP 290 DI 10.1016/0022-1996(90)90004-6 PG 24 WC Economics SC Business & Economics GA DF463 UT WOS:A1990DF46300004 ER PT J AU STRONGIN, S TARHAN, V AF STRONGIN, S TARHAN, V TI MONEY SUPPLY ANNOUNCEMENTS AND THE MARKETS PERCEPTION OF FEDERAL-RESERVE POLICY SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 NORTHWESTERN UNIV,SCH MANAGEMENT,CHICAGO,IL 60611. RP STRONGIN, S (reprint author), FED RESERVE BANK CHICAGO,CHICAGO,IL, USA. NR 22 TC 9 Z9 9 U1 0 U2 1 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1990 VL 22 IS 2 BP 135 EP 153 DI 10.2307/1992303 PG 19 WC Business, Finance; Economics SC Business & Economics GA DE731 UT WOS:A1990DE73100001 ER PT J AU DUCA, JV VANHOOSE, DD AF DUCA, JV VANHOOSE, DD TI LOAN COMMITMENTS AND OPTIMAL MONETARY-POLICY SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 INDIANA UNIV, DEPT ECON, BLOOMINGTON, IN 47401 USA. RP DUCA, JV (reprint author), FED RESERVE SYST, BOARD GOVERNORS, DIV MONETARY AFFAIRS, WASHINGTON, DC 20551 USA. NR 19 TC 4 Z9 4 U1 1 U2 7 PU WILEY-BLACKWELL PI HOBOKEN PA 111 RIVER ST, HOBOKEN 07030-5774, NJ USA SN 0022-2879 EI 1538-4616 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1990 VL 22 IS 2 BP 178 EP 194 DI 10.2307/1992306 PG 17 WC Business, Finance; Economics SC Business & Economics GA DE731 UT WOS:A1990DE73100004 ER PT J AU FELTENSTEIN, A LEBOW, D VANWIJNBERGEN, S AF FELTENSTEIN, A LEBOW, D VANWIJNBERGEN, S TI SAVINGS, COMMODITY MARKET RATIONING, AND THE REAL RATE OF INTEREST IN CHINA SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Article C1 FED RES BOARD,WASHINGTON,DC. WORLD BANK,MEXICO DEPT,WASHINGTON,DC 20433. RP FELTENSTEIN, A (reprint author), UNIV KANSAS,ECON,LAWRENCE,KS 66045, USA. NR 26 TC 11 Z9 11 U1 1 U2 4 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1990 VL 22 IS 2 BP 234 EP 252 DI 10.2307/1992310 PG 19 WC Business, Finance; Economics SC Business & Economics GA DE731 UT WOS:A1990DE73100008 ER PT J AU TATOM, JA AF TATOM, JA TI DAY OF RECKONING - FRIEDMAN,BM SO JOURNAL OF MONEY CREDIT AND BANKING LA English DT Book Review RP TATOM, JA (reprint author), FED RESERVE BANK ST LOUIS,ST LOUIS,MO 63166, USA. NR 3 TC 1 Z9 1 U1 0 U2 0 PU OHIO STATE UNIV PRESS PI COLUMBUS PA 1050 CARMACK RD, COLUMBUS, OH 43210 SN 0022-2879 J9 J MONEY CREDIT BANK JI J. Money Credit Bank. PD MAY PY 1990 VL 22 IS 2 BP 268 EP 271 DI 10.2307/1992313 PG 4 WC Business, Finance; Economics SC Business & Economics GA DE731 UT WOS:A1990DE73100011 ER PT J AU KOENIG, EF AF KOENIG, EF TI REAL MONEY BALANCES AND THE TIMING OF CONSUMPTION - AN EMPIRICAL-INVESTIGATION SO QUARTERLY JOURNAL OF ECONOMICS LA English DT Article RP KOENIG, EF (reprint author), FED RES BANK,RES DEPT,DALLAS,TX, USA. NR 26 TC 14 Z9 14 U1 0 U2 8 PU MIT PRESS PI CAMBRIDGE PA 55 HAYWARD ST JOURNALS DEPT, CAMBRIDGE, MA 02142 SN 0033-5533 J9 Q J ECON JI Q. J. Econ. PD MAY PY 1990 VL 105 IS 2 BP 399 EP 425 DI 10.2307/2937793 PG 27 WC Economics SC Business & Economics GA DD637 UT WOS:A1990DD63700007 ER EF