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Journal Article
The evolution of retail EFT networks
Ferguson, R. Edward; Felgran, Steven D. (1986-07)
New England Economic Review , Issue Jul , Pages 42-56

Journal Article
Unemployment insurance policy in New England: background and issues
Tannenwald, Robert; O'Leary, Christopher J. (1997-05)
Almost two-thirds of the states, and all the New England states except New Hampshire, have exhausted their unemployment insurance trust fund and borrowed from the federal government at least once during the past 35 years. Under such circumstances, states are required by law to raise unemployment insurance taxes in order to replenish their trust funds and to pay off their debts to the federal government. Since higher unemployment insurance taxes increase employer costs, replenishment forces states into a trade-off between economic competitiveness and trust fund adequacy. In recent years, ...
New England Economic Review , Issue May , Pages 3-22

Journal Article
Youth unemployment and the transition from school to work: programs in Boston, Frankfurt, and London
Spring, William J. (1987-03)
New England Economic Review , Issue Mar , Pages 3-16

Journal Article
Primer on U.S. stock price indices
Fortune, Peter (1998-11)
The measurement of the "average" price of common stocks is a matter of widespread interest. Investors want to know how "the market" is doing, and to be able to compare their returns with a meaningful benchmark. Money managers often have their compensation tied to performance, typically measured by comparing their results to a benchmark portfolio, so they and their clients are interested in the benchmark portfolio's returns. And policymakers want to judge the potential for sudden adjustments in stock prices when differences from "fundamental value emerge. ; This article discusses some ...
New England Economic Review , Issue Nov , Pages 25-40

Journal Article
The Lowell high-tech success story: what went wrong?
Gittell, Ross J.; Flynn, Patricia M. (1995-03)
Ten years ago Lowell, Massachusetts was a high-tech success story. After several decades of stagnation, the Lowell area had emerged as a thriving center for high-technology employment. The Lowell story was viewed as a "model for reindustrialization" for older cities throughout the world. In recent years Lowell has once again become the focus of international attention, this time as an example of a failed economic development strategy. Widespread layoffs and plant closings within its computer industry, particularly the collapse of Wang Laboratories, have dealt a crushing blow to the local ...
New England Economic Review , Issue Mar , Pages 57-70

Journal Article
The roles of debt and equity in financing corporate investments
Kopcke, Richard W. (1989-07)
New England Economic Review , Issue Jul , Pages 25-48

Journal Article
Credit card borrowing, delinquency, and personal bankruptcy
Stavins, Joanna (2000-07)
Credit card delinquencies and personal bankruptcy rates increased during the mid 1990s, despite the strength of the U.S. economy. Even though per capita income rose during that period, household borrowing grew at an even faster pace. The rise in revolving debt-mainly credit card loans-was especially noticeable, and the increase in personal bankruptcy rates was also substantial. This article examines the relationship between consumer credit card borrowing, delinquency rates, and personal bankruptcies. The author looks at developments involving borrowers, the demand side, and lenders, the ...
New England Economic Review , Issue Jul , Pages 15-30

Journal Article
Can demand elasticities explain sticky credit card rates?
Stavins, Joanna (1996-07)
Sticky interest rates on credit card plans have long been a mystery. One possible explanation is that banks maintain high rates because consumers' demand for credit card loans is inelastic. This study tests and rejects that hypothesis. Demand for credit card loans is found to be elastic with respect to interest rates charged, and the amount of delinquent loans is found to increase significantly more than total credit card loans when interest rates drop.> The results show that banks face an adverse selection problem: Lowering the annual percentage rate of interest (APR) would attract risky ...
New England Economic Review , Issue Jul , Pages 43-54

Journal Article
A panel study of investment: sales, cash flow, the cost of capital, and leverage
Howrey, Mark M.; Kopcke, Richard W. (1994-01)
This article compares the investment spending for each of 396 corporations during the late 1980s and early 1990s to projections of their spending derived from several basic models of investment. According to these models, capital spending, on average, adheres closely to output, profits, and the cost of capital. The pattern of average forecast errors derived from the statistical models does not correspond very closely to measures of indebtedness, liquidity, size, or type of business. It is not surprising that these variables should influence capital spending so little, once the general ...
New England Economic Review , Issue Jan , Pages 9-30

Journal Article
Yield curve forecasts of inflation: a cautionary tale
Blough, Stephen R. (1994-05)
Long-term interest rates that are unusually high relative to shortterm interest rates are often seen to reflect market expectations of increasing inflation. Given that the term structure of interest rates (also called the yield curve) reacts to inflation expectations, does it do so in a reasonable manner? Does the term structure embody inflation forecasts that bear a sensible relationship to the iiaflation that in fact occurs? ; This article reviews the theoretical link between the term structure and inflation expectations, and then it provides empirical evidence on the link in light of the ...
New England Economic Review , Issue May , Pages 3-16

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