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Series:Economic Review  Bank:Federal Reserve Bank of Atlanta 

Journal Article
The dollar and prices: an empirical analysis
AUTHORS: Rosensweig, Jeffrey A.; Whitt, Joseph A.; Koch, Paul D.
DATE: 1986-10

Journal Article
Social security in Latin America: recent reforms and challenges
Over the last decade Latin American countries have served as the world's laboratory for pension systems based upon individual retirement savings accounts. In the 1990s several countries in the region followed Chile's lead in setting up individual accounts, and since that time countries throughout the world have looked to the region for lessons. ; This article summarizes the broad range of pension reforms in Latin America and highlights some of the most noteworthy and unique features of each country's reforms. Some countries have adopted defined-contribution individual accounts as a replacement for state-run pension systems; other countries have embraced mixed systems or have made individual accounts optional and supplementary. The authors also examine some of the most serious policy challenges faced by governments implementing the new systems. Policymakers are seeking to reduce administrative costs, limit evasion, incorporate new categories of workers into the system, and improve competition in the pension fund industry. ; The authors conclude that pension reforms are continuously subject to revision and that reform itself can be an incremental process. Latin America's social security systems are likely to continue to attract international attention from policymakers as governments worldwide confront the challenges of pension reform.
AUTHORS: Kay, Stephen J.; Kritzer, Barbara E.
DATE: 2001-01

Journal Article
Overview. The Southeast in 1986
AUTHORS: Rosenbaum, Mary S.; Kahley, William J.
DATE: 1986-02

Journal Article
Mutual funds: temporary problem or permanent morass?
The improprieties in the mutual fund industry that surfaced in the fall of 2003 prompted the passage and drafting of legislation and regulations that cover nearly every facet of mutual fund pricing and operations. While this regulatory flurry is clearly intended to protect shareholders? interests, the question remains: How will these scandals and regulatory changes ultimately affect mutual fund investors? ; When considering the problems inherent in mutual fund management and the best ways to address them, it is important, the author stresses, to understand current business practices in the industry, who these benefit, and why they exist. ; Mutual fund investors, the author explains, are legally considered owners of a company that pools the investment capital of many investors. In practice, however, investors are often viewed (and often view themselves) as customers of a management firm that acts as an investment adviser. ; Regardless of which view is taken, inherent conflicts exist between investors and advisers because the two parties have differing objectives: Investors want to receive higher returns on their investment while minimizing risk, and advisers want to maximize their own profits without exerting undue efforts (costs). ; The author reviews a number of possible solutions to these conflicts of interest, including compensation-based fee structures, a separation of functions, proposed regulatory and legislative changes, and monitoring and information disclosure. ; By far the strongest weapon investors have in resolving these conflicts is their own demand, the author concludes. ?When unfettered and free of frictions, a competitive marketplace will supply the products and services investors demand at the lowest possible price,? she notes.
AUTHORS: Tkac, Paula A.
DATE: 2004-10

Journal Article
Instability in U.S. inflation: 1967-2005
Maintaining stables prices and keeping inflation in check have become key policy objectives of the Federal Reserve and other central banks. Evidence indicates that inflation has become less persistent and volatile since the early 1980s. Although economists have examined the implications for inflation modeling and forecasting, little information exists about whether changes or instabilities in inflation dynamics coincide with specific economic events such as oil price shocks or recessions. ; This article studies U.S. monthly inflation, inflation growth, and price level dynamics from January 1967 to September 2005. The author employs four price level measures?two versions of the monthly consumer price index and two versions of the monthly personal consumption expenditure deflator?with the goal of identifying possible instabilities in these dynamics. ; Autoregressive, moving average, and unobserved components models provide estimates on various aspects of inflation and price levels. Two rolling samples spanning the 1967?2005 period are constructed to uncover evidence about possible instability in mean inflation and the persistence and volatility of inflation and inflation growth. ; One way to summarize the empirical results is that this instability coincides with different economic events such as the oil price shocks of the 1970s or the end of the 1990?91 recession. An unresolved question is whether such changes are one-time events or can be expected to be repeated systematically in the future.
AUTHORS: Nason, James M.
DATE: 2006-04

Journal Article
What remains of monetarism?
In October 1979 the Federal Reserve, in an attempt to curb double-digit inflation, announced that it would place more weight on monetary aggregates in policy deliberations. This policy shift helped reduce inflation but sent the economy into a recession. Three years later the Fed abandoned monetary targets and returned to targeting the federal funds rate. ; Monetary growth targets currently play no official role in the setting of U.S. monetary policy. Is such disregard justified by the data any more today than it was twenty years ago? This article provides a historical perspective on the development and apparent failure of monetarism as a policy guide. ; The author also explores whether the basic monetarist propositions still hold true for a sample of fifteen countries. The analysis suggests that it is premature to dismiss monetary aggregates as uninformative. The data from the economies studied indicate that, in general, nominal income growth and inflation are positively related to money growth. While these results do not support short-term manipulation of the monetary aggregates to deliver precise control over movements in income and prices, they also do not reject the notion that changes in money growth have important long-term effects on the economy. What the results suggest, therefore, is that failure to acknowledge this empirical fact could lead to undesirable policy consequences.
AUTHORS: Hafer, R. W.
DATE: 2001-10

Journal Article
Financial repression and economic development
AUTHORS: Espinosa-Vega, Marco A.; Hunter, William C.
DATE: 1994-09

Journal Article
Managerial leadership: a key to electronic payment success
AUTHORS: White, George C.
DATE: 1986-04

Journal Article
Supply shocks and household demand for motor fuel
AUTHORS: Rosenbaum, Mary S.; Hunter, William C.
DATE: 1991-03

Journal Article
Interregional migration: boon or bane for the South?
AUTHORS: Kahley, William J.
DATE: 1989-01

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