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Series:Quarterly Review  Bank:Federal Reserve Bank of Minneapolis 

Journal Article
Should we fight inflation with wage and price controls?

Quarterly Review , Volume 2 , Issue Spr

Journal Article
The relationship between money and prices: some historical evidence reconsidered

This article describes a debate about the validity of the quantity theory of money and offers further evidence against it. The evidence is primarily from the North American colonies of Virginia, New York, and Pennsylvania and regards the issue of measuring the money supply. Studies have shown that changes in colonial money and inflation are inconsistent with the quantity theory. Some have argued that those studies measure money wrong: specie belongs in the measure because the colonies were on a fixed exchange rate system with Britain; changes in colonial paper money were offset by specie ...
Quarterly Review , Volume 12 , Issue Sum , Pages 18-32

Journal Article
Collaboration and Female Representation in Academic Fields

Women are well represented in some academic fields but notably underrepresented in others, including many STEM fields. Motivated by studies that show collaboration is more attractive to women than men, we investigate whether female participation across academic fields is related to how collaborative those fields are. Using panel data for 30 academic fields from 1975 to 2014, we find that one additional author on the average paper published in a field is associated with an increase of 2.5 percentage points in the female share of PhD recipients. This estimate implies that about 30 percent of ...
Quarterly Review , Issue September , Pages 2-21

Journal Article
Risk, regulation, and bank holding company expansion into nonbanking

When banking institutions can expand into other lines of business, some think they will diversify to reduce their total risk. Others think just the opposite. In this article, John H. Boyd and Stanley L. Graham explain the reasoning behind these two views and then test to see which one best describes the behavior of U.S. bank holding companies since 1970. They find that in 1971-77, when these companies were relatively free to invest in some new lines of business, diversification was associated with greater risk of failure. But in 1977-83, when the companies were more tightly regulated, that ...
Quarterly Review , Volume 10 , Issue Spr , Pages 2-17

Journal Article
Does the sinking U.S. dollar mean the float isn't working?

Quarterly Review , Volume 2 , Issue Sum

Journal Article
Early state banks in the United States: how many were there and where did they exist?

This article describes a newly constructed data set of all U.S. state banks from 1782 to 1861. It contains the names and locations of all banks and branches that went into business and an estimate of when each operated. The compilation is based on reported balance sheets, listings in banknote reporters, and secondary sources. Based on these data, the article presents a count of the number of banks and branches in business by state. I argue that my series are superior to previously existing ones for reasons of consistency, accuracy, and timing. The article contains examples to support this ...
Quarterly Review , Volume 30 , Issue Sep , Pages 28-40

Journal Article
Acceptability, means of payment, and media of exchange

This essay explains the use of fiat money, or why intrinsically useless objects are accepted as payment in transactions. People accept a particular object as a means of payment because others do: social conventions matter more than the intrinsic characteristics of the object itself. Not everything can become a fiat money, though. If an object is especially costly to hold, for example, it will not be accepted as a means of payment. This explanation of fiat money is illustrated in a simple theoretical economic model. ; This essay was originally published in The New Palgrave Dictionary of Money ...
Quarterly Review , Volume 16 , Issue Sum , Pages 18-21

Journal Article
Aggregate returns to scale: why measurement is imprecise

The extent to which there are aggregate returns to scale at the level of aggregate production has important implications both for the types of shocks generating business cycles and for optimal policy. However, prior attempts to measure the extent of these returns using instrumental variable techniques have yielded quite imprecise estimates. In this article, we show that the production shocks implied by a range of returns to scale that encompasses both large increasing returns and large decreasing returns are almost identical. This makes clear that there is a fundamental reason for the ...
Quarterly Review , Volume 23 , Issue Sum , Pages 19-28

Journal Article
How monetary policy in 1985 affects the outlook

Quarterly Review , Volume 9 , Issue Fall

Journal Article
Updated facts on the U.S. distributions of earnings, income, and wealth

Quarterly Review , Volume 26 , Issue Sum , Pages 2-35

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