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Bank:Federal Reserve Bank of Minneapolis  Series:Quarterly Review 

Journal Article
Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)

A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825?58). Known as the Suffolk Banking System, it was the nation?s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned ...
Quarterly Review , Volume 22 , Issue Sum , Pages 11-21

Journal Article
How little we know about deficit policy effects

We use a simple model to show why previous empirical studies of budget policy effects are flawed. Due to an identification problem, those studies' findings can be shown to be consistent with policies either mattering or not. We argue that this problem is difficult and not likely to be resolved soon.
Quarterly Review , Volume 16 , Issue Win , Pages 2-11

Journal Article
A new approach to monetary control

Quarterly Review , Volume 4 , Issue Fall

Journal Article
District conditions

Quarterly Review , Volume 6 , Issue Spr / Sum

Journal Article
Capturing NAFTA's impact with applied general equilibrium models

We examine the results of four static applied general equilibrium (AGE) modeling teams' analyses of the effects of NAFTA. What they show is that Mexico's economy, because it's the smallest, will see the biggest NAFTA-produced increase in economic welfare: from 2 to 5 percent of GDP. The U.S. welfare increase will be small, around 0.1 percent of GDP; Canada will notice no welfare increase due to NAFTA. We then discuss two examples of dynamic phenomena?labor force adjustment and capital flows?which are likely to influence NAFTA's welfare impact, but that aren't easy to incorporate into static ...
Quarterly Review , Volume 18 , Issue Spr , Pages 17-34

Journal Article
District conditions

Quarterly Review , Volume 1 , Issue Fall

Journal Article
District conditions

Quarterly Review , Volume 5 , Issue Spr / Sum

Journal Article
Business cycles: real facts and a monetary myth

This paper argues that the reporting of facts in light of theory fosters the development of theory. Dynamic neoclassical macro theory guided the selection of facts to report. The hope is that these facts will foster the further development of this theory. A finding is that the price level is countercyclical in the post-Korean War period. This finding debunks the myths that the price level is procyclical, with the postwar period being no exception.
Quarterly Review , Volume 14 , Issue Spr , Pages 3-18

Journal Article
Dollarization and the conquest of hyperinflation in divided societies

This study argues that the delegation of monetary policy control by one country to another can reduce inflation in the delegating country. Hyperinflation is common in a divided society, one in which special interest groups can pressure a weak central government to issue money to finance their own demands while neglecting the country?s overall welfare. A commitment device like dollarization or a currency board, which gives control of the divided country?s money supply to another country, can eliminate this inflation bias. This is illustrated by Argentina?s experience with inflation and a ...
Quarterly Review , Volume 25 , Issue Sum , Pages 3-12

Journal Article
Explaining the fiscal theory of the price level

Many traditional macroeconomic models do not have determinate predictions for the path of inflation: even for a given specification of money supplies, many paths of inflation are consistent with equilibrium. According to the fiscal theory of the price level, fiscal policy can be used to select which of these many paths actually occur. This article explains the fiscal theory of the price level and discusses its empirical and policy implications. The article argues that the theory is equivalent to giving the government an ability to choose among equilibria.
Quarterly Review , Volume 23 , Issue Fall , Pages 14-23




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