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Journal Article
The New Mexico economy: outlook for 1989
Gruben, William C.; Long, William T. (1988-11)
Economic and Financial Policy Review , Issue Nov , Pages 21-36

Journal Article
The Texas banking crisis and the payments system
Robinson, Kenneth J.; Clair, Robert T.; Kolson, Joanna (1995-01)
The Federal Reserve System plays a crucial role in the payments system that is especially important during periods of financial turmoil. In this article, Robert Clair, Joanna Kolson, and Kenneth Robinson explain the process and the risks involved in clearing checks in the private sector. They compare these processes and risks with the essentially risk-free check-clearing service the Federal Reserve System offers. During banking crises, they hypothesize, banks will increase their check-clearing through the Federal Reserve to minimize their risk exposure. A model of Federal Reserve ...
Economic and Financial Policy Review , Issue Q I , Pages 13-21

Journal Article
The Texas industrial production index
Long, William T.; Berger, Franklin D. (1989-11)
The Texas Industrial Production Index (TIPI) measures the output of the manufacturing, mining, and utility sectors of the Texas economy. These sectors are of special interest because of their sensitivity to business cycles and because of the size (albeit declining) of the Texas mining sector. The Federal Reserve Bank of Dallas has published TIPI since 1958. Revisions are implemented when new data sources are available, when existing data are revised, or when methodological improvements are devised. The most recent major TIPI revision came in the fall of 1988. ; Berger and Long examine TIPI's ...
Economic and Financial Policy Review , Issue Nov , Pages 21-38

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
The federal funds rate as an indicator of monetary policy: evidence from the 1980s
Emery, Kenneth M.; Balke, Nathan S. (1994-01)
Recently, several economists have argued that movements in the federal funds rate are a good proxy for changes in monetary policy. In this article, Nathan Balke and Kenneth Emery critically examine this view and the evidence supporting it. Using simple vector autoregressions, they find that before 1980 the correlations between the federal funds rate and other important macroeconomic variables are consistent with a traditional monetary policy interpretation of the federal funds rate. However, they show that after 1982 the relationships between the federal funds rate and other macroeconomic ...
Economic and Financial Policy Review , Issue Q I , Pages 1-15

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
The nature and significance of intra-industry trade
Ruffin, Roy J. (1999-10)
In this article, Roy Ruffin gives an overview of intra-industry trade for the generalist. Intra-industry trade represents international trade within industries rather than between industries. Such trade is more beneficial than inter-industry trade because it stimulates innovation and exploits economies of scale. Moreover, since productive factors do not switch from one industry to another, but only within industries, intra-industry trade is less disruptive than inter-industry trade.
Economic and Financial Policy Review , Issue Q IV , Pages 2-9

Journal Article
Optimal monetary policy in an economy with sticky nominal wages
Koenig, Evan F. (1995-04)
In this article, Evan Koenig derives the optimal monetary policy rule for an economy with contractual wage agreements. The optimal rule has the monetary authority target a weighted average of aggregate output and the price level. In a realistic special case, the optimal rule calls for the monetary authority to target aggregate nominal spending. The optimal rule is quite general in form, encompassing policy proposals made by such prominent economists as Robert Hall and John Taylor. ; Koenig points out that if the monetary authority responds optimally to economic shocks, it will be difficult to ...
Economic and Financial Policy Review , Issue Q II , Pages 24-31

Journal Article
\"Tough Love\": implications for redistributive policy
Saving, Jason L. (1997-07)
Jason Saving explores the economic and political implications of "tough love" for redistributive policy. The American welfare system unquestionably helps support the least fortunate among us, but, in making poverty less onerous, it may discourage employment among some individuals. Traditional notions of altruism assume that compassion for the poor is measured by one's willingness to redistribute income but to the extent that more generous support for the poor actually encourages recipiency, welfare programs simultaneously mitigate and exacerbate the problem of poverty. A "new ...
Economic and Financial Policy Review , Issue Q III , Pages 25-29

Journal Article
Forecasting the Texas economy: applications and evaluation of a systematic multivariate time series model
Gruben, William C.; Long, William T. (1988-01)
Economic and Financial Policy Review , Issue Jan , Pages 11-28

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