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Journal Article
Managing interest rate risk with interest rate futures
Journal Article
Maintaining financial stability in a global economy : a summary of the Bank's 1997 Symposium
World financial markets have experienced tremendous growth in recent years. New financial instruments have emerged, transaction volumes in markets has skyrocketed, and capital flows across countries have risen dramatically. While these developments have made financial markets more efficient, they have also increased the risk that events at one institution or in one market will have immediate and wide-ranging effects on the entire global financial system.> To better understand how policymakers can keep financial systems safe, efficient, and stable, and how policymakers can respond to financial ...
Working Paper
Money is what money predicts: the M* model of the price level
Over the past twenty years, the monetary aggregates used by the Federal Reserve as indicators of economic activity and inflation have changed several times. Each of the changes in the measures of money was sparked by a breakdown in the fit of empirical money demand functions. The Federal Reserve's strategy following these breakdowns has been to redefine money by simply adding new assets to the old definitions. The criterion in each case was whether adding the new assets produced an empirically stable money demand function. Unfortunately, while a stable demand for money is a worthwhile ...
Journal Article
New methods for savings and loans to hedge interest rate risk
Increased interest rate volatility in recent years has led to a greater volatility in profits at savings and loan associations. To help stabilize their profits, some S&L's are implementing interest rate hedging programs. These programs use financial instruments such as interest rate swaps, financial futures and options on financial futures. Because hedging programs introduce their own risks, S&L's should thoroughly examine all aspects of the programs before employing them.
Journal Article
Managing stock market risk with stock index futures
Working Paper
Credit spreads and interest rates : a cointegration approach
This paper uses cointegration to model the time-series of corporate and government bond rates. We show that corporate rates are cointegrated with government rates and the relation between credit spreads and Treasury rates depends on the time horizon. In the short-run, an increase in Treasury rates causes credit spreads to narrow. This effect is reversed over the long-run and higher rates cause spreads to widen. The positive long-run relation between spreads and Treasuries is inconsistent with prominent models for pricing corporate bonds, analyzing capital structure, and measuring the interest ...
Journal Article
Competition in Local Agricultural Lending Markets: The Effect of the Farm Credit System
Charles S. Morris, James Wilkinson, and Eric Hogue assess the effects of Farm Credit Association lending on measures of competition in agricultural banking markets.
Journal Article
Banking market structure in Tenth District states, 1973-83
Journal Article
The productivity \\"slowdown\\": a sectoral analysis
Journal Article
Weaker performance at tenth district banks