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Series:Quarterly Review 

Journal Article
Finance companies, bank competition, and niche markets

During the 1980s, U.S. commercial banks faced increased competition in their lending activity from large finance companies. This article analyzes the differential performance of banks and finance companies in various segments of the consumer and business credit markets. In particular, it explores why banks were seemingly slow to take advantage of opportunities in fast-growing finance company niche markets.
Quarterly Review , Volume 17 , Issue Sum

Journal Article
A comparison of monetary policy operating procedures in six industrial countries

The institutional environments in which central banks operate have become more alike over the past decade. The author examines the monetary policy operating procedures of the Federal Reserve and central banks in Japan, Germany, the United Kingdom, Canada, and Switzerland. In particular, he compares how monetary authorities in different countries have adapted their reserve management techniques to lower reserve requirements.
Quarterly Review , Volume 17 , Issue Sum

Journal Article
Relative cost of capital for marginal firms over the business cycle

The authors compare the effects of the business cycle on the cost of capital faced by small, distressed firms and their larger, more financially secure counterparts. The analysis draws on stock market returns data for a broad range of traded companies during the 1963-91 period.
Quarterly Review , Volume 17 , Issue Aut

Journal Article
Reserve requirements and the discount window in recent decades

Reserve requirements and the discount window have long supported open market operations in the monetary policy process. Focusing on the last four decades, the author first examines the effects of required reserves on policy implementation, bank behavior, and government revenues, giving special attention to the recent cuts in requirements. She then considers the rules governing access to the discount window and the factors influencing banks' use of the window.
Quarterly Review , Volume 17 , Issue Aut

Journal Article
Bank capital ratios, asset growth, and the stock market

In recent quarters, the capital strength of the U.S. banking system has been improving rapidly in response to both regulatory pressures and business incentives. This article examines the different methods by which individual bank holding companies have increased their capital ratios and the relative rewards garnered by these strategies in the stock market.
Quarterly Review , Volume 17 , Issue Aut

Journal Article
Manufacturing productivity and high-tech investment

This article examines the theoretical and statistical connections between the productivity upsurge in U.S. manufacturing in the 1980s and manufacturing investment in computers and other forms of high-tech equipment.
Quarterly Review , Volume 17 , Issue Sum

Journal Article
The supply-side consequences of U.S. fiscal policy in the 1980s

Fiscal policy changes in the 1980s had several possible implications for the long-run performance of the U.S. economy. The authors review the impact of tax reductions on saving, investment, and work effort, the implications of increased federal deficits for national saving and private investment, and the effect of shifts in the composition of government spending on public capital formation and on research and development. Using results from the empirical literature, the authors attempt to quantify the effects of these fiscal changes on the nation's economic potential.
Quarterly Review , Volume 17 , Issue Spr , Pages 1-20

Journal Article
Small time deposits and the recent weakness in M2

The authors review the supply and demand side developments that may have contributed to the recent decline in small time deposits and weak M2 growth. They also consider whether M2 should be redefined to exclude small time deposits in light of the recent difficulties in interpreting the performance of M2.
Quarterly Review , Volume 17 , Issue Spr , Pages 21-35

Journal Article
Changes in monetary policy effectiveness: evidence from large macroeconomic models

This article evaluates changes in the aggregate effectiveness of monetary policy and changes in monetary policy transmission mechanisms by examining how traditional large-scale macroeconometric models have evolved in the last ten to fifteen years. The article analyzes shifts in model structure and sheds some light on the changing relationship between policy and the real economy by reporting simulations that use different historical versions of the models.
Quarterly Review , Volume 17 , Issue Spr

Journal Article
Foreign bank credit to U.S. corporations: the implications of offshore loans

International financial transactions have grown in recent years far faster than has our ability to understand their significance for national economies. This article seeks to explain the rise in bank loans from banks outside the United States to U.S. businesses. The article looks at the implications of the rapid growth of such loans for issues ranging from the corporate debt buildup in the United States in the late 1980s to the loss of market share in U.S. commercial lending by U.S.-owned banks.
Quarterly Review , Volume 17 , Issue Spr



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