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Series:Economic and Financial Policy Review 

Journal Article
Monetary policy prospects

In this article Evan Koenig looks at measures of the Federal Reserves policy stance and discusses why short-term interest rates will almost certainly have to increase at some point. The article also examines the historical relationship between Federal Reserve policy, inflation and resource slack for insights on future rate changes. Koenig concludes that a wide range of policy outcomes are plausible over the next two years, depending on the strength of the recovery, the economys growth potential, and the sustainable unemployment ratevariables that economists cant, unfortunately, estimate with ...
Economic and Financial Policy Review

Journal Article
Methanol as an alternative fuel: economic and health effects

Methanol, because of its low pollution characteristics, is a possible alternative to gasoline as a motor fuel. In this article, Mine K. Yucel calculates the economic, pollution, and health effects of switching from gasoline to methanol fuels. ; Yucel finds that use of methanol would lower oil demand and oil prices, while increased demand for methanol's natural gas feedstock would increase natural gas prices. Fuel prices would increase because methanol is more costly than gasoline. However, methanol use would reduce ozone pollution and some of the health risks associated with gasoline.
Economic and Financial Policy Review , Issue Sep , Pages 9-20

Journal Article
Argentina, Mexico, and currency boards: another case of rules versus discretion

This article discusses currency boards in light of the recent economic experiences of Mexico and Argentina. Carlos Zarazaga argues that currency boards do not solve the important time inconsistency problem pointed out in the rules-versus-discretion literature. Because of this failure, even the quasi-currency board established by law (the so-called convertibility law) did not protect Argentina from one of its most severe financial crises in modern times. ; In addition, there is the normative issue of whether an ironclad rule such as a currency board rule is superior to a noncontingent one. ...
Economic and Financial Policy Review , Issue Q IV , Pages 14-24

Journal Article
Interstate banking and the Federal Reserve: a historical perspective

The U.S. banking system is unique in the industrialized world because it lacks nationwide banks. Historically, interstate banking was associated with other issues, such as monopolistic power and excessive political influence. This perception fueled public distaste for national banking. A more positive sentiment has emerged in recent years. Federal Reserve opinion evolved from one of strong opposition to interstate banking to one of acceptance. ; Clair and Tucker trace the rise and fall of opposition to interstate banking and explore banking developments during the twentieth century. They ...
Economic and Financial Policy Review , Issue Nov , Pages 1-20

Journal Article
Do wages help predict inflation?

In the financial press, productivity-related wages are often cited as an inflation indicator. For example, recently slow rates of wage growth have been noted as a factor that will keep inflation rates low in the future. While inflation and wage growth do appear to be highly correlated over longer time periods, it is not clear whether movements in wage growth precede movements in inflation, thereby providing predictive content for future inflation. In this article, Kenneth Emery and Chih-Ping Chang examine the usefulness of wage growth as a predictor of inflation, as well as carry out a ...
Economic and Financial Policy Review , Issue Q I , Pages 2-9

Journal Article
The abrogation of gold clauses in 1933 and its relation to current controversies in monetary economics

Economic and Financial Policy Review , Issue Jul , Pages 1-17

Journal Article
Sticky prices: what is the evidence?

This article reviews the idea that sticky prices are important for understanding business cycles. Mark Wynne begins with a critical survey of the literature documenting the stylized facts about prices in individual markets. His first point is that there is remarkably little evidence that the actual transactions prices of most products are, in fact, sticky. Such evidence as there is to support the notion of widespread price stickiness is heavily biased toward low-tech products that account for a very small fraction of total output and is a thin reed on which to base a theory of business ...
Economic and Financial Policy Review , Issue Q I , Pages 1-12

Journal Article
High inflation: causes and consequences

Using evidence from seven hyperinflationary episodes in four Latin American countries in the second half of the 1980s, John Rogers and Ping Wang examine the causes and consequences of high inflation. The article emphasizes four issues: the welfare costs of inflation and real costs of stabilization, the common features of the chronically high inflations experienced in Latin American countries, the main causes of high inflation, and the widely different outcomes of several stabilization programs. ; Rogers and Wang find that the welfare costs of even moderate periods of inflation may not be ...
Economic and Financial Policy Review , Issue Dec , Pages 37-51

Journal Article
Financial statements and reality: do troubled banks tell all?

Each quarter, banks file a call report, or Report of Condition and Income, containing hundreds of accounting items pertaining to their financial condition. This article analyzes call report revisions to assess the extent to which regulatory exams promote accurate data. The findings indicate banks with new or emerging difficulties often significantly underreport these problems, intentionally or not. In addition, the findings point to a significant role for exams in uncovering financial problems and ensuring bank accounting statements reflect them. To the extent the loan-loss accounting in ...
Economic and Financial Policy Review , Issue Q3 , Pages 30-35

Journal Article
The new budget outlook: policymakers respond to the surplus

Economic events and policy changes have unexpectedly moved the federal budget into surplus. If current policies are maintained, surpluses are expected to continue for twenty years, although deficits are expected to return after 2020. Congress and President Clinton are considering proposals to reduce the projected surpluses through tax cuts or spending increases. In this article, Alan Viard describes the recent budget events and the new budget outlook. He analyzes the effects of the proposed tax cuts and spending increases, finding that they are likely to reduce national saving and lower ...
Economic and Financial Policy Review , Issue Q II , Pages 2-15




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Koenig, Evan F. 15 items

Brown, Stephen P. A. 14 items

Gruben, William C. 14 items

Haslag, Joseph H. 12 items

Phillips, Keith R. 12 items

Yücel, Mine K. 12 items

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Texas 20 items

Monetary policy 14 items

Inflation (Finance) 13 items

Federal Reserve District, 11th 12 items

Money supply 11 items

Employment (Economic theory) 10 items

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