Search Results
Working Paper
A general model of bank decisions
This paper presents a general theoretical model of individual bank balance sheet management under conditions of uncertainty.
Working Paper
An analysis of the determinants of the yields on individual municipal securities
This working paper is the final version of an unpublished paper originally presented at the 1981 meeting of the Western Finance Association. The paper was referenced frequently in an article by one of the authors in the May/June 1982 issue of the Federal Reserve Bank of Richmond Economic Review entitled "Determinants of Individual Tax-Exempt Bond Yields: A Survey of Evidence." ; This study presents the results of a comprehensive regression analysis of the determinates of tax-exempt municipal bond yields. A substantial literature on the factors influencing municipal yields has developed over ...
Journal Article
What assets should the Federal Reserve buy?
Journal Article
Transparency in the practice of monetary policy
Journal Article
Noteworthy : Water rights
Journal Article
The bank merger wave: causes and consequences
Journal Article
Noteworthy : Guns and butter
Journal Article
Current developments in banking
The president of the Federal Reserve Bank of Richmond addresses the state of banking in a speech delivered to the Maryland Independent Bankers Association.
Conference Paper
Federal Reserve asset acquisition: a proposal, panel discussion
Working Paper
Base drift and the longer run growth of M1 : experience from a decade of monetary targeting
This article discusses a technical aspect of the Federal Reserve's monetary targeting procedure that has come to be known as "base drift." The Fed has been announcing larger ranges for the growth of M1 and other monetary aggregates since 1975. These ranges have been expressed in terms of rates of growth from a base quarter to the quarter four quarters later. The term "base drift" refers to the Fed's practice of using the actual dollar level of an aggregate in the base quarter as the base level for the target range, rather than the midpoint of the targeted range set in the preceding ...