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Journal Article
Direct investments in securities: A primer
DeGennaro, Ramon P. (2003-01)
Direct investment plans (commonly known as DRIPs) let investors bypass traditional investment channels and avoid problems such as high transactions costs and the relatively large dollar amounts necessary to purchase certain assets. While no one expects these plans to answer all of the modern investor's needs, DRIPs probably appeal to the buy-and-hold clientele seeking the lowest possible transactions costs. ; This article discusses DRIPs, describing how the financial services industry has evolved to meet the needs of the small investor. The author identifies the remaining limitations on this ...
Economic Review , Volume 88 , Issue Q1 , Pages 1-14

Journal Article
Forecast evaluation with cross-sectional data: The Blue Chip Surveys
Eisenbeis, Robert A.; Zha, Tao; Waggoner, Daniel F.; Bauer, Andrew (2003-04)
If economic forecasts are to be used for decision making, then being able to evaluate their accuracy is essential. Assessing accuracy using single variables from a forecast is acceptable as a first pass, but this approach has inherent problems. This article addresses some of these problems by evaluating and comparing the general accuracy of a set of multivariate forecasts over time. ; Using the methodology developed in Eisenbeis, Waggoner, and Zha (2002), the authors compare the economic forecasts in the Blue Chip Economic Indicators Survey. The survey, published monthly since 1977, contains ...
Economic Review , Volume 88 , Issue Q2 , Pages 17-31

Journal Article
F.Y.I.: testing the informativeness of regional and local retail sales data
Uceda, Gustavo A. (1995-07)
A large collection of published and unpublished retail sales estimates produced by the U.S. Department of Commerce provides potentially valuable current and historical estimates and industry detail for several regions of the country dating back to 1978. Analysts may find these data particularly useful as supplements to published data in monitoring retail spending in some states and metropolitan statistical areas. ; This article examines whether the breadth of detail the data offer can offset such limitations as small sample size and volatility. The author analyzes the information provided by ...
Economic Review , Volume 80 , Issue Jul , Pages 39-49

Journal Article
Capital requirements for interest-rate and foreign-exchange hedges
Wall, Larry D.; Pringle, John J.; McNulty, James E. (1990-05)
Economic Review , Issue May , Pages 14-28

Journal Article
Equity home bias: Can information cost explain the puzzle?
Jeske, Karsten (2001-07)
Most stock market investors believe that the ideal equity portfolio should be well diversified to lower overall portfolio risk. International financial markets offer a means for diversification, but most investors do not exploit this risk-sharing opportunity and instead hold large shares of their portfolios in domestic stocks-a tendency called home bias. ; To measure how severe home bias is, the author introduces a method of quantifying it. A simple asset allocation model is used to determine the shadow cost of foreign investment-that is, the perceived annual cost of foreign equity necessary ...
Economic Review , Volume 86 , Issue Q3 , Pages 31-42

Journal Article
A cost-benefit approach to labor market reform
Pages, Carmen (2004-04-02)
Labor reforms in Latin America have been scarce compared with the pace of structural reforms aimed at liberalizing product and capital markets. Some analysts contend that without continued liberalization labor market performance will fail to improve, hindering Latin American economies? ability to compete in international markets. ; This article assesses labor market regulations in Latin America, documents their recent history, and assesses their costs and benefits. The author argues that existing regulatory systems, while generating costs in terms of labor market performance, constitute the ...
Economic Review , Volume 89 , Issue Q 2 , Pages 67 - 85

Journal Article
How much do we really know about growth and finance?
Wachtel, Paul (2003-01)
During the past twenty-five years, development economists have made a major shift toward a more mainstream, market-oriented approach to the financial sector. Economists now take for granted that a well-developed financial sector contributes to economic growth. But until recently there was surprisingly little solid evidence to support this view. ; This article assesses the econometric evidence about the finance-growth relationship. The author first describes the regression framework that has become the standard for assessing this relationship. He outlines some methodological reservations about ...
Economic Review , Volume 88 , Issue Q1 , Pages 33-47

Journal Article
Movements in the term structure of interest rates
Bliss, Robert R. (1997-10-04)
Bond prices tend to move together. Stocks tend to go their own way. This distinction requires completely different approaches to managing risks for these securities. For equities the emphasis is on reducing idiosyncratic risk through portfolio diversification. For interest rate-sensitive securities it is on precisely balancing a portfolio to achieve the desired exposure to systematic risk factors. ; Hedging to reduce or eliminate the common factors influencing an interest rate-sensitive portfolio's value requires a model of interest rate behavior. This article reviews and extends previous ...
Economic Review , Volume 82 , Issue Q 4 , Pages 16-33

Journal Article
The design of wholesale payments networks: the importance of incentives
Roberds, William; Kahn, Charles M. (1999-07)
Most people are familiar with retail payments systems such as checks and credit cards. Less familiar are wholesale payments systems, which consist of electronic networks used for sending large sums among banks. A feature common to all wholesale networks is that settlement is carried out by exchange of funds held in banks' reserve accounts at a central bank, though the rules for settlement vary. This article considers the question of what is the best design for a wholesale payments system, in particular whether it should settle on a net or a real-time gross basis, and some of the difficult ...
Economic Review , Volume 84 , Issue Q3 , Pages 30-39

Journal Article
Florida's challenge: managing growth
Kahley, William J. (1988-01)
Economic Review , Issue Jan , Pages 14-23

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