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Series:Quarterly Review  Bank:Federal Reserve Bank of Minneapolis 

Journal Article
Some monetary facts

This article describes three long-run monetary facts derived by examining data for 110 countries over a 30-year period, using three definitions of a country's money supply and two subsamples of countries: (1) Growth rates of the money supply and the general price level are highly correlated for all three money definitions, for the full sample of countries, and for both subsamples. (2) The growth rates of money and real output are not correlated, except for a subsample of countries in the Organisation for Economic Co-operation and Development, where these growth rates are positively ...
Quarterly Review , Volume 19 , Issue Sum , Pages 2-11

Journal Article
District conditions

Quarterly Review , Volume 3 , Issue Win

Journal Article
Gresham's law or Gresham's fallacy?

In this article, the authors argue the answer to their title depends on whether a qualifier is added to the standard version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the market). Rolnick and Weber next explain why the common qualifier to this law, which requires the mint to fix the rate of exchange at face value, does not reinstate the law. The common qualifier fails to give plausible reasons for how ...
Quarterly Review , Volume 10 , Issue Win , Pages 17-24

Journal Article
District conditions

Quarterly Review , Volume 3 , Issue Spr

Journal Article
Estimating vector autoregressions using methods not based on explicit economic theories

Quarterly Review , Volume 3 , Issue Sum

Journal Article
Capital Requirements and Bailouts

We use balance sheet and stock market data for the major U.S. banking institutions during and after the 2007-2008 financial crisis to estimate the magnitude of the losses experienced by these institutions due to the crisis. We then use these estimates to assess the impact of the crisis under alternative, and higher, capital requirements. We find that substantially higher capital requirements (in the 20 to 30 percent range) would have substantially reduced the vulnerability of these financial institutions, and consequently, they would have significantly reduced the need of a public bailout.
Quarterly Review , Volume 44 , Issue 4

Journal Article
Rational expectations and the reconstruction of macroeconomics

Quarterly Review , Volume 4 , Issue Sum

Journal Article
Improving economic forecasting with Bayesian vector autoregression

Quarterly Review , Volume 8 , Issue Fall

Journal Article
A new investigation of the impact of wage and price controls

Quarterly Review , Volume 2 , Issue Spr

Journal Article
Looking for evidence of time-inconsistent preferences in asset market data.

This study argues that strong evidence contradicting the traditional assumption of time-consistent preferences is not available. The study builds and analyzes the implications of a deterministic general equilibrium model and compares them to data from the U.S. asset market. The model implies that (1) because of dynamic arbitrage, the prices of retradable assets cannot reveal whether preferences are time-inconsistent; but (2) the prices of commitment assets, investments which must be held for their lifetime, can. These prices will be higher than the present values of their future payoffs only ...
Quarterly Review , Volume 25 , Issue Sum , Pages 13-24

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