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Working Paper
The effect of changes in reserve requirements on investment and GNP
This paper provides evidence on the importance of the credit channel in the transmission of monetary policy. Changes in reserve requirements are used to measure "credit shocks." Reserve requirement changes are often made for regulatory reasons, and hence provide a more exogenous measure of credit shocks than the measures used in previous tests. To distinguish between the "money" and "credit" channels, the significance of the reserve requirements variable is studied in an empirical model that includes other monetary aggregates (either the monetary base or M1). We find that an increase in ...
Journal Article
Stock market dispersion and business cycles
Working Paper
Sectoral shifts in interwar Britain
Journal Article
Real business cycles
Journal Article
Overstated effects from tax reform?
Working Paper
Cointegration: how short is the long run?
Working Paper
Market efficiency and cointegration
Working Paper
The marginal income tax rate schedule from 1930 to 1990