Search Results
Journal Article
Deregulation, money, and the economy
An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.
Working Paper
Bank deposit rate clustering: theory and empirical evidence
An examination of banks' optimal deposit-rate-setting behavior when some customers have limited recall, showing that when banks exploit this phenomenon, deposit rates will tend to be set at round fractions and will be relatively "sticky" at these levels.
Journal Article
North Texas income dip may reflect decline in education
Working Paper
The impact of paying interest on reserves in the presence of government deficit financing
This paper re-examines the impact that paying interest on reserves has on price level indeterminacy, price level volatility, and overall economic well-being. Unlike previous papers which examined these issues, the model developed in this paper allows the return on reserves to equal the return on government securities, which is less than the prevailing return on storage. Equally important, this model also considers how deficit financing changes the impact that paying interest on reserves has on the economy. I show that the number of steady state equilibria are equal to, or greater than, the ...
Journal Article
Monetary policy in a deregulated world
Journal Article
Checking-account interest
Journal Article
The big switch
Journal Article
Interest checking and M1