Search Results
Showing results 1 to 10 of approximately 198.
(refine search)
Journal Article
Competition for scarce inputs: the case of airport takeoff and landing slots
An analysis of competition for scarce inputs, describing the outcome of an auction of takeoff and landing slots between two airline carriers and the possible outcomes from a merger or takeover wave. The results suggest that the concern over monopolization of airports may be misplaced.
Journal Article
Prevailing wage laws, the Federal Reserve, and the Service Contract Act
A discussion of the labor-market consequences of the Service Contract Act on Federal Reserve System costs and operations as they pertain to group transportation services.
Journal Article
History of and rationales for the Reconstruction Finance Corporation
An analysis of the lessons learned from the 1930s financial rescue mechanism, the Reconstruction Finance Corporation, and a comparison of its structure to that of today's Resolution Trust Corporation.
Journal Article
U.S. banking sector trends: assessing disparities in industry performance
An investigation of the extent to which variations in banking conditions over the past decade were associated with differences in bank size and holding company relationships, finding that very large banks had more problems with loan quality and poor profitability than did smaller banks, and that smaller banks benefited by affiliating with holding companies.
Journal Article
Has the long-run velocity of M2 shifted? Evidence from the P* model
An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.
Journal Article
Bank diversification: laws and fallacies of large numbers
Conventional wisdom on bank diversification confuses risk with failure. This article clarifies the distinction and shows how increasing bank size may increase bank risk, even though it lessens the probability of failure and lowers the expected loss. The key result is an application of Samuelson's "fallacy of large numbers."
Journal Article
Dual-currency economies as multiple-payment systems
Monetary search models are valuable for studying how a second currency's acceptability arises endogenously in an economy that lacks a stable domestic currency and other more sophisticated payment systems. Search models' basic assumptions (absence of credit, lack of smoothly functioning banking systems, reliance on currency as the sole medium of exchange, and primitive trading environments) are not necessarily consistent with modern financial systems. They do, however, provide good descriptions of transitional and developing economies, particularly in the countries of the former Soviet Union, ...
Journal Article
Does intervention explain the forward discount puzzle?
An investigation of the impact of U.S. and German central-bank interventions on the forward discount puzzle for two exchange rates-the German mark/U.S. dollar and the Japanese yen/U.S. dollar-using official 1985-91 data. The evidence on the importance of intervention is strongest for the DM/$. However, the direction of the impact is inconsistent with the findings of Flood and Rose (1996) if periods of intervention are viewed as equivalent to fixed-rate regimes.
Journal Article
FSLIC forbearances to stockholders and the value of savings and loan shares
An investigation of the value of FSLIC forbearances to the stockholders of insolvent stock-chartered thrift institutions, concluding that these forbearances increase the stock-market value of thrift institutions.
Journal Article
Reducing risk in wire transfer systems
A description of sources of risk in large-dollar transfer systems and a discussion of the Board of Governors' new mechanism for risk control. The author cites examples of potential changes that might facilitate future risk reduction.