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Journal Article
Dynamic forecasting and the demand for money
Journal Article
Deficits and inflation
Journal Article
Reserve requirements: A modern perspective
The discussion in many money and banking textbooks would suggest that the Federal Reserve requires depository institutions to hold a minimum level of non-interest-earning reserves because (1) reserve requirements are a monetary policy tool that allows the Fed to expand the money supply and lower interest rates, and (2) reserve requirements improve the safety and soundness of depository institutions. This article argues that this "conventional wisdom" view is too narrow. ; The Fed often uses reserve requirement changes, the authors contend, to achieve non-monetary-policy objectives, as it ...
Journal Article
Monetary aggregates as monetary indicators
Journal Article
The wayward money supply: a post-mortem of 1982
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 ...