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Journal Article
Monetary policy in a small open economy: the case of Singapore
Wood, John H. (1992-04)
John H. Wood studies Singapore, a small open economy dedicated to growth through both saving and the attraction of foreign investment. He finds that the monetary authority's supporting role is the provision of a stable monetary environment, particularly a stable domestic price level. Singapore's monetary authority has unusual freedom from domestic constraints in fulfilling this role because of the government's conservative fiscal policy, control of labor relations, and disinclination to support unprofitable enterprises. Singapore has controlled its inflation by adjusting to changing world ...
Economic and Financial Policy Review , Issue Q II , Pages 25-41

Journal Article
Monetary policy arithmetic: some recent contributions
Haslag, Joseph H.; Bhattacharya, Joydeep (1999-07)
Sargent and Wallace (1981) study the feasibility of a bond-financed increase in government spending. In their "unpleasant monetarist arithmetic," Sargent and Wallace show how using bonds to finance a permanent deficit today may necessitate faster money growth in the future, yielding higher inflation today. The logic behind this spectacular result is predicated on the satisfaction of one crucial condition: the real interest rate offered on bonds has to exceed the real growth rate of the economy. Joydeep Bhattacharya and Joseph Haslag review some recent contributions to the literature on ...
Economic and Financial Policy Review , Issue Q III , Pages 26-36

Journal Article
Consolidation, technology, and the changing structure of banks' small business lending
Robinson, Kenneth J.; Ely, David P. (2001-01)
The U.S. banking industry continues to consolidate, with large, complex banking organizations becoming more important. Traditionally, these institutions have not emphasized small business lending. On the other hand, technological advances, particularly credit scoring models, make it easier for banks to extend small business credit. To see what effects these influences might have generated on small business lending, David Ely and Kenneth Robinson explore the small business lending patterns at U.S. banks from 1994 through 1999. They find that larger banks are increasing their market share, ...
Economic and Financial Policy Review , Issue Q I , Pages 23-32

Journal Article
The case of the world's missing money
Laney, Leroy O. (1986-01)
Economic and Financial Policy Review , Issue Jan , Pages 1-9

Journal Article
Between a rock and a hard place: the CRA-safety and soundness pinch
Gunther, Jeffery W. (1999-04)
A statistical model of regulatory exam ratings provides evidence of conflict between Community Reinvestment Act (CRA) objectives, on one side, and safety and soundness standards, on the other. In his analysis of supervisory goals, Jeff Gunther finds that concentrating bank assets in loans and managing capital at relatively low levels tend to help CRA ratings while hurting CAMEL ratings. Also, banks with financial problems are more likely to receive substandard CRA ratings, even though a shift in resources away from CRA objectives may be necessary to facilitate financial recovery. These ...
Economic and Financial Policy Review , Issue Q II , Pages 32-41

Journal Article
An overview of science and cents: exploring the economics of biotechnology
Yücel, Mine K.; Duca, John V. (2002)
This article provides an overview of the conference "Science and Cents: Exploring the Economics of Biotechnology," hosted by the Federal Reserve Bank of Dallas in April 2002. The conference brought together distinguished experts who spoke about economic and scientific issues surrounding biotechnology. In this article, John Duca and Mine Ycel summarize the presentations made at the conference. Topics covered include funding, location, and legal issues confronting the biotech industry. The interdisciplinary nature of biotech research, along with recent advances and future applications, is ...
Economic and Financial Policy Review

Journal Article
Income taxes as reciprocal tariffs
Ruffin, Roy J.; Gould, David M.; Cox, W. Michael (1998-07)
This article shows the equivalence between tariffs on international trade and income taxation. Traditionally, income taxes have been seen as lowering society's output through the household's labor-leisure trade-off. Income taxes also reduce the degree to which individuals specialize in market activity, which is similar to the way countries respond to tariffs in international trade. Income taxes discourage individuals from specializing in activities that reflect their comparative advantage. In so doing, income taxes may have their most distorting effects, not by encouraging individuals to ...
Economic and Financial Policy Review , Issue Q III , Pages 2-9

Journal Article
The transition to consumption taxation, Part 2: the impact on existing financial assets
Viard, Alan D. (2001-04)
Replacing the income tax with a consumption tax is likely to reduce the total value of the capital stock. Alan D. Viard reviews how this decline is divided between bondholders and stockholders and the effect on household borrowers and lenders. He explains that the results depend on whether monetary policy accommodates the tax through a higher price level. Without accommodation, the decline in the value of capital is largely borne by stockholders and there is little reallocation of wealth between household borrowers and lenders. If the tax is fully accommodated, bondholders bear heavier ...
Economic and Financial Policy Review , Issue Q II , Pages 20-31

Journal Article
Is there a persistence problem? Part I: maybe
Koenig, Evan F. (1999-10)
Empirical studies suggest that monetary policy shocks can have a sustained impact on aggregate output. How is it possible for nominal shocks to have persistent real effects? One popular explanation centers on overlapping price contracts. However, recent theoretical work has cast doubt on the price-contract story. It turns out to be extremely difficult to obtain long-lasting output effects from policy shocks in a world with staggered price setting, except under unrealistic assumptions about household tastes.
Economic and Financial Policy Review , Issue Q IV , Pages 10-15

Journal Article
U.S. agricultural export competitiveness: export levels, trade shares, and the law of one price
Smith, Hilary H. (1988-07)
Economic and Financial Policy Review , Issue Jul , Pages 14-25

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