File(s): File format is application/pdf https://files.stlouisfed.org/files/htdocs/publications/review/77/12/Penalty_Dec1977.pdf

File(s): https://fraser.stlouisfed.org/scribd/?toc_id=499592&filepath=/docs/publications/frbslreview/rev_stls_197712.pdf&start_page=12#scribd-open