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Bank:Federal Reserve Bank of Minneapolis  Series:Quarterly Review 

Journal Article
Deregulating commercial banks: the watchword should be caution

Quarterly Review , Volume 5 , Issue Spr / Sum

Journal Article
District conditions

Quarterly Review , Volume 4 , Issue Spr

Journal Article
Why should older people invest less in stock than younger people?

Financial planners typically advise people to shift investments away from stocks and toward bonds as they age. The planners commonly justify this advice in three ways. They argue that stocks are less risky over a young person?s long investment horizon, that stocks are often necessary for young people to meet large financial obligations (like college tuition for their children), and that younger people have more years of labor income ahead with which to recover from the potential losses associated with stock ownership. This article uses economic reasoning to evaluate these three different ...
Quarterly Review , Volume 20 , Issue Sum , Pages 11-23

Journal Article
Limited branching in Minnesota: its impact on banking consumers

Quarterly Review , Volume 5 , Issue Win

Journal Article
A dictum for monetary theory

A dictum for monetary theory; This essay argues that monetary theories should not contain an undefined object labeled money. Among existing theories that do not satisfy that dictum are models which assume that real balances are arguments of utility or production functions and models which assume cash-in-advance constraints. A main weakness of theories that do not satisfy the dictum is that they cannot address questions about which objects constitute money. Theories that do satisfy the dictum are those which specify assets by their physical properties and which permit the assets_ role in ...
Quarterly Review , Volume 22 , Issue Win , Pages 20-26

Journal Article
Can a \\"credit crunch\\" be efficient?

Two observations have sometimes been viewed as evidence that the equilibrium allocations of intermediated credit markets are inefficient. First, low-income households' marginal propensity to consume is close to unity. Second, even high-income households seem to face nonprice constraints during recessions. This paper presents a model that possesses both of these features. (A recession is modeled as an economy in which the equilibrium level of investment is at its lowest possible level.) However, contrary to the conventional view, the equilibrium of this model is ex ante efficient. The model ...
Quarterly Review , Volume 15 , Issue Fall , Pages 3-17

Journal Article
Deposit insurance reform or deregulation is the cart, not the horse

Quarterly Review , Volume 7 , Issue Spr

Journal Article
Banking instability and regulation in the U.S. free banking era

Quarterly Review , Volume 9 , Issue Sum

Journal Article
What’s wrong with macroeconomics

Quarterly Review , Volume 4 , Issue Sum

Journal Article
A reply to Darby

Quarterly Review , Volume 8 , Issue Spr




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