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Series:Quarterly Review 

Journal Article
Index amortizing rate swaps

As short-term interest rates have declined over the past several years, investors have increasingly sought higher yielding investment vehicles. The index amortizing rate (IAR) swap is one of several new instruments that have been developed in response to this investor demand for yield enhancement. This article explains the structure and pricing of IAR swaps, some of the risks associated with the product, and the uses and growth prospects of the market.
Quarterly Review , Volume 18 , Issue Win , Pages 63-70

Journal Article
Back to the future with Keynes

This article analyzes Keynes's "Economic Possibilities for our Grandchildren"- an essay presenting Keynes's views about economic growth into the 21st century - from the perspective of modern growth theory. I find that the implicit theoretical framework used by Keynes to form his expectations about the 21st-century world economy is remarkably close to modern growth models, featuring a stable steady-state growth path driven by technological progress. On the other hand, Keynes's forecast of employment in the 21st century is far off the mark, reflecting a mistaken view that the income ...
Quarterly Review , Issue Jul , Pages 10-16

Journal Article
Another view of the underpricing of initial public offerings

How should high average initial returns on new public offerings of common stocks be interpreted? The usual view is that such offerings are intentionally underpriced. This study draws on previously neglected information about return distributions and market practice to advance a different explanation for the high average returns.
Quarterly Review , Volume 16 , Issue Spr , Pages 83-85

Journal Article
Wage rigidity in West Germany: a comparison with the U.S. experience

Quarterly Review , Volume 11 , Issue Aut , Pages 11-21

Journal Article
Government securities investments of commercial banks

Government securities holdings at U.S. commercial banks have risen rapidly since 1990. The author contrasts the recent rise with increases observed during and after earlier recessions and evaluates possible explanations for the buildup. In addition, he presents a rough estimate of the interest exposure created solely by the securities acquisitions and compares it with estimates for earlier periods when commercial banks also added U.S. securities to their portfolios at a fast rate.
Quarterly Review , Volume 18 , Issue Sum , Pages 39-53

Journal Article
Do sterilized interventions affect exchange rates?

Quarterly Review , Volume 10 , Issue Sum , Pages 14-23

Journal Article
Credit veils and credit realities

Quarterly Review , Volume 18 , Issue Spr , Pages 83-85

Journal Article
A primer on Federal Reserve float

Quarterly Review , Volume 57 , Issue Oct , Pages 245-253

Journal Article
Shifting patterns of U.S. trade with selected developing Asian economies

Quarterly Review , Volume 14 , Issue Win , Pages 36-47

Journal Article
The labor market in real business cycle theory

The standard real business cycle model fails to adequately account for two facts found in the U.S. data: the fact that hours worked fluctuate considerably more than productivity and the fact that the correlation between hours worked and productivity is close to zero. In this paper, in a unified framework, the authors describe and analyze four extensions of the standard model, by introducing nonseparable leisure, indivisible labor, government spending, and household production.
Quarterly Review , Volume 16 , Issue Spr , Pages 2-12

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