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Series:Economic Commentary  Bank:Federal Reserve Bank of Cleveland 

Journal Article
A beautiful theory

It wasn?t A Beautiful Mind?the book or the movie?that made John Forbes Nash, Jr., famous. It was his work in game theory, a theory that models strategic interactions between people as games. Before Nash, the only games theorists could get a handle on were artificial ones with no real-world applications. Nash?s insights enabled economists to expand the use of game theory to interesting practical problems.
Economic Commentary , Issue Apr

Journal Article
How soft a landing?

A summation of the outlook of 30 economists at the October 20, 1989 meeting of the Fourth District Economists' Roundtable, with major emphasis on the inflation outlook, GNP growth, and capital spending.
Economic Commentary , Issue Nov

Journal Article
Gaps versus growth rates in the Taylor Rule

There are many possible formulations of the Taylor rule. We consider two that use different measures of economic activity to which the Fed could react, the output gap and the growth rate of GDP, and investigate which captures past movements of the fed funds rate more closely. Looking at these rules through the lens of a partial-adjustment Taylor rule, we conclude that the gap rule does a better job of explaining the actual funds rate data, and provides a better rule-of-thumb for understanding historical monetary policy.
Economic Commentary , Issue Oct

Journal Article
Deregulation and deposit pricing

A deposit-pricing survey and comparison of 112 depository institutions in the Fourth Federal Reserve District, covering MMDAs, Super-NOWS, and CDs in an examination of the effect of interest-rate deregulation on banks and thrifts.
Economic Commentary , Issue Apr

Journal Article
Why are interest rates so low?

Interest rates have been at historical lows for some time now. There are many possible reasons why that is so. We make use of recent work done at the Federal Reserve Bank of Cleveland that allows us to look at individual components of interest rates and see which are exerting the biggest influence. Knowing why rates are where they are now helps to predict where interest rates will likely be in the near future.
Economic Commentary , Issue Apr

Journal Article
Measuring the unseen: a primer on capacity utilization

An examination of the usefulness of two measures of capacity utilization in predicting price pressures and future investment: one measure attempts to represent the maximum physical output a plant can produce, and one is based on changes in production costs as output increases; article concludes with July 1 issue.
Economic Commentary , Issue Jun

Journal Article
The shift to western coal

A discussion of the reasons for the shift in U.S. coal production to western states, with data on production (1970-81) and consumption (1970- 80) by region, plus an examination of the nation's coal production outlook.
Economic Commentary , Issue Oct

Journal Article
FDICIA's discount window provisions

A description of the evolution of supervisory policy toward failing banks over the past two decades, with particular emphasis on the modifications to Federal Reserve Banks' discount window administration as set forth by the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA).
Economic Commentary , Issue Dec

Journal Article
Regulation and the future of banking

An opinion that the regulatory structure of the financial industry must change to meet the needs of the next century by dismantling traditional partitions that have separated firms, rethinking functional regulation policies, and squarely facing the problem of moral hazard created by the federal safety net.
Economic Commentary , Issue Aug

Journal Article
Are we in a productivity boom? Evidence from multifactor productivity growth

Increased productivity could be the key to preserving robust, noninflationary GDP growth. But what is the best measure of productivity? This Economic Commentary explores the relationship between labor productivity and multifactor productivity, a measure that accounts for factors other than technological improvement. It concludes that MFP provides a better measure of productivity due solely to technical change.
Economic Commentary , Issue Oct




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Humpage, Owen F. 48 items

Bryan, Michael F. 34 items

Thomson, James B. 34 items

Carlson, John B. 33 items

Haubrich, Joseph G. 32 items

Carlstrom, Charles T. 31 items

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Monetary policy 88 items

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