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Bank:Federal Reserve Bank of Atlanta  Series:Economic Review 

Journal Article
The Southeast's textile/apparel trade and the import threat

Economic Review , Issue Jan , Pages 16-19

Journal Article
The economics of payment finality

Payment finality is critical to decentralized exchange. By specifying how the transfer of one type of claim extinguishes another, the rules governing finality minimize opportunities for default along credit chains and allocate other risks. ; The authors provide a basic analysis of finality and its role in facilitating exchange. They first present a simple, historically based model of transferable debt and finality. The discussion demonstrates the desirability of transferable debt and why rules governing payment finality are needed to sort out who will bear the losses in the event of default. ...
Economic Review , Volume 87 , Issue Q2 , Pages 1-12

Journal Article
To call or not to call?: optimal call policies for callable U.S. Treasury bonds

Until 1984, the U.S. Treasury typically issued its long-term bonds in callable form. A number of these securities, totaling $93.8 billion in face value, remain outstanding. After a call protection period, usually five years prior to maturity, the Treasury can call the bonds but must give prior notification of intent to call. This article develops a decision rule, which takes account of the prior notification requirement, when it is optimal to call such bonds. ; The decision of whether to call is based on the current level of interest rates and their volatility. For a call to be optimal for ...
Economic Review , Volume 80 , Issue Nov , Pages 1-14

Journal Article
Structural booms: why the South grows

Since the end of the 1991 recession, almost 27 percent of all new jobs in the United States have been created in the six southeastern states that make up the Sixth Federal Reserve District. What accounts for this strong relative economic performance in the region? ; This article examines the forces behind the South's economic strength and looks ahead at the course of its economic development in terms of three alternative approaches--the industrial base, the convergence, and the structuralist models. In evaluating the models' usefulness for thinking about why regions grow, the author finds the ...
Economic Review , Volume 80 , Issue May , Pages 1-10

Journal Article
Macroeconomic models with heterogeneous agents and housing

The housing sector?s important role in the U.S. economy is hard to miss: Real estate held in household portfolios in 2004 was worth $17 trillion, and the mortgage market now totals more than $7.5 trillion. ; To understand how this sector and related government policies affect households and the economy, economists attempt to incorporate housing and housing finance into heterogeneous agent models?macroeconomic models that capture the economic and demographic diversity among households. This article provides a progress report on this line of research via a discussion of four papers, presented ...
Economic Review , Volume 90 , Issue Q4 , Pages 39-56

Journal Article
Beyond duration: measuring interest rate exposure

Economic Review , Issue Mar , Pages 23-31

Journal Article
F.Y.I. U.S. and foreign direct investment patterns

Economic Review , Issue Nov , Pages 42-57

Journal Article
Evidence on the efficiency of index options markets

Index options have been one of the most successful of the many innovative financial instruments introduced over the last few decades, as their high trading volume indicates. Given their prominence, the pricing efficiency of these markets is of great importance. ; Detecting inefficient pricing, or mispricing, requires comparing a theoretically efficient price with prices of options traded in financial markets. One popular approach to deriving pricing relationships is based on a principle called no-arbitrage, which simply assumes that arbitrageurs enter the market and quickly eliminate ...
Economic Review , Volume 85 , Issue Q1 , Pages 40-51

Journal Article
Economic policy trends in post-World War II Latin America

Recent economic disturbances in Latin America-particularly the currency crises in Mexico in 1994-95 and Brazil in 1998-99-have prompted significant research and debate over financial sector reforms and appropriate monetary and fiscal policy for the region. The recent discussion over dollarization is but one of many such debates. ; As the author of this article demonstrates, the current rethinking of economic policy in Latin America is only the latest chapter of a much longer story. Well before the recent episodes of financial turmoil, Latin American economies had already proven vulnerable to ...
Economic Review , Volume 84 , Issue Q4 , Pages 38-45

Journal Article
Louisiana: prospects for a diversified economy

Economic Review , Issue Jan , Pages 36-49




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