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Journal Article
On the uniqueness of community banks
To the public, all banks seem alike. But banking insiders make important distinctions between community banks and all other banks. Policymakers worry that community banks? unique characteristics threaten their survival in the face of industry consolidation. However, despite dramatic regulatory and technological changes in the industry in the past two decades, community banks have not only survived but often prospered. ; This article explores the differences between community banks and larger banks to discover what makes community banks unique. Large banks engage primarily in transactional ...
Working Paper
Comparing Multi-State Kalman Filter and ARIMA forecasts: an application to the money multiplier
This paper derives one-month ahead forecasts of the money (M I) multiplier using the Multi-State Kalman Filter and Box-Jenkins ARIMA methods. A comparison of the forecasts far the period 1980-82 reveals that the Multi-State Kalman Filter procedure was generally superior to the ARIMA procedure In terms of most summary statistics. The superiority is traced to the turbulent period of 1980-81. This paper also compares aggregate and component forecasts of the multiplier. The aggregate Multi-State Kalman Filter was the most accurate in predicting the one-month ahead money multiplier.
Journal Article
Reserve requirements, the monetary base, and economic activity