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Bank:Federal Reserve Bank of Minneapolis  Series:Quarterly Review 

Journal Article
A progress report on business cycle models

This article reports the recent progress made by researchers trying to build business cycle models that can reliably reproduce aggregate U.S. time series. The article first describes some features of the U.S. data that the models are meant to reproduce. Then it describes a version of the standard business cycle model, along with the indivisible labor extension of that model, both of which assume that fluctuations in economic activity are caused only by shocks to technology. Finally, it describes a version of recent other extensions which assume that shocks to fiscal variables also contribute ...
Quarterly Review , Volume 18 , Issue Fall , Pages 2-16

Journal Article
Optimal control of the money supply

Quarterly Review , Volume 6 , Issue Fall

Journal Article
Facts on the distributions of earnings, income, and wealth in the United States: 2007 update

This article is largely a description of inequality of earnings, income, and wealth in the United States in 2007 as measured by the Survey of Consumer Finances (SCF). We look at inequality in relation to various characteristics such as age, education, employment status, marital status, and whether households are late payers or include bankruptcy filers. We also look at economic mobility. We compare these variables in 2007 with their values in our earlier study in 1998.
Quarterly Review

Journal Article
Why no crunch from the crash?

Quarterly Review , Volume 12 , Issue Win , Pages 2-7

Journal Article
Resolving the national bank note paradox

During the 1882_1914 period, U.S. national banks could issue circulating notes backed by specified government securities. Earlier attempts to explain yields on those securities by costs of note issue discovered a paradox: yields were too high. We point out two previously ignored sources of costs: idle notes and note redemptions that were highly variable, thereby exacerbating the problem of managing reserves. We present data on idle notes and estimate, from partial data on redemptions, the uncertainty due to redemptions. We also present a semiannual time series of an upper bound on the average ...
Quarterly Review , Volume 16 , Issue Spr , Pages 13-21

Journal Article
The right way to price Federal Reserve services

Quarterly Review , Volume 1 , Issue Sum

Journal Article
Bank runs, deposit insurance, and liquidity

This article develops a model which shows that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits. Investors face privately observed risks which lead to a demand for liquidity. Traditional demand deposit contracts which provide liquidity have multiple equilibria, one of which is a bank run. Bank runs in the model cause real economic damage, rather than simply reflecting other problems. Contracts which can prevent runs are studied, and the analysis shows that there are circumstances ...
Quarterly Review , Volume 24 , Issue Win , Pages 14-23

Journal Article
The growth effects of monetary policy

This article investigates the relationship between inflation and output, in the data and in standard models. The article reports that empirical cross-country studies generally find a nonlinear, negative relationship between inflation and output, a relationship that standard models cannot come close to reproducing. The article demonstrates that the models' problem may be due to their standard narrow assumption that all money is held by the public for making transactions. When the models are adjusted to also assume that banks are required to hold money, the models do a much better job. The ...
Quarterly Review , Volume 19 , Issue Fall , Pages 18-32

Journal Article
A primer on the International Monetary Fund

Quarterly Review , Volume 7 , Issue Sum

Journal Article
Improving intergovernmental finance: a message from the northland

Quarterly Review , Volume 11 , Issue Spr , Pages 2-13

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