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Author:Lown, Cara S. 

Journal Article
Money market deposit accounts versus money market mutual funds

Economic and Financial Policy Review , Issue Nov , Pages 29-38

Working Paper
Financial innovation and monetary policy effectiveness

Working Papers , Paper 8701

Journal Article
Interest rate spreads, commodity prices, and the dollar: a new strategy for monetary policy?

Economic and Financial Policy Review , Issue Jul , Pages 13-26

Conference Paper
The credit cycle and the business cycle: new findings using the \\"lost\\" series on commercial credit standards

Proceedings , Paper 813

Working Paper
Bank credit and economic activity: evidence from the Texas banking decline

Financial Industry Studies Working Paper , Paper 91-5

Report
What was behind the M2 breakdown?

A deterioration in the link between the M2 monetary aggregate and GDP, along with large errors in predicting M2 growth, led the Board of Governors to downgrade the M2 aggregate as a reliable indicator of monetary policy in 1993. In this paper, we argue that the financial condition of depository institutions was a major factor behind the unusual pattern of M2 growth in the early 1990s. By constructing alternative measures of M2 based on banks? and thrifts? capital positions, we show that the anomalous behavior of M2 in the early 1990s disappears. Specifically, after accounting for the effect ...
Staff Reports , Paper 83

Journal Article
Is there an inflation puzzle?

Why has U.S. inflation failed to accelerate despite six years of continuing economic expansion. The authors investigate whether compensation growth has played a role, either as a temporary restraint on inflation or as the underlying source of a new inflation regime. They offer two pieces of evidence suggesting that compensation growth has in fact acted as a temporary curb on rising prices. First, they show that the forecasting performance of a traditional Phillips curve model begins to break down in late 1993. When a measure of compensation growth is incorporated, however, the stability of ...
Economic Policy Review , Volume 3 , Issue Dec , Pages 51-77

Conference Paper
Implementing short-run monetary policy with lower reserve requirements

Proceedings , Paper 1, pt. 2

Journal Article
Credit effects in the monetary mechanism

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 217-235

Journal Article
The changing landscape of the financial services industry: what lies ahead?

Economic Policy Review , Issue Oct , Pages 39-54

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