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Journal Article
The behavior of the spread between Treasury bill rates and private money market rates since 1978
Lawler, Thomas A.; Cook, Timothy Q. (1983-11)
An abstract for this article is not available.
Economic Review , Volume 69 , Issue Nov , Pages 3-15

Journal Article
Determinants of individual tax-exempt bond yields : a survey of the evidence
Cook, Timothy Q. (1982-05)
An abstract for this article is not available.
Economic Review , Volume 68 , Issue May , Pages 14-39

Journal Article
Forecasts 1975
Cullison, William E. (1975-01)
An abstract for this article is not available.
Economic Review , Volume 61 , Issue Jan , Pages 20-24

Journal Article
M2 and monetary policy
Hetzel, Robert L. (1989-09)
Consistent with its mandate in the Humphrey-Hawkins Act of 1978, the Federal Reserve System each year sets a calendar-year target for the monetary aggregate M2. This paper examines the effect of specifying the M2 target as a multiyear trend line and concludes that an operationally significant target for M2 in the form of a trend line that rises at three percent per year will eliminate inflation.
Economic Review , Volume 75 , Issue Sep , Pages 14-29

Journal Article
Why do estimates of bank scale economies differ?
Humphrey, David B. (1990-09)
A number of public policy issues turn on whether or not there are scale economies in commercial banking. This paper examines why empirical tests in this area have yielded differing results. Sorting out the different methodological approaches enables us to develop general conclusions on the size and significance of scale economies in banking.
Economic Review , Volume 76 , Issue Sep , Pages 38-50

Journal Article
Nonneutrality of money in classical monetary thought
Humphrey, Thomas M. (1991-03)
Contrary to the strawman classical model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some residual long-run effects as well. Concern for moneys impact on real activity strongly influenced the classicals views of the desirability or undesirability of monetary expansion and contraction.
Economic Review , Volume 77 , Issue Mar , Pages 3-15

Journal Article
Indexed bonds as an aid to monetary policy
Hetzel, Robert L. (1992-01)
A measure of the publics expectation of inflation would assist the Fed in formulating monetary policy. In order to create such a measure, the U.S. Treasury could issue its debt in two forms: standard debt and debt indexed for inflation. The difference in yield on these two forms of debt would measure the publics expectation of inflation.
Economic Review , Volume 78 , Issue Jan , Pages 13-23

Journal Article
In support of price stability
Black, Robert P. (1990-01)
Testimony by the President of the Federal Reserve Bank of Richmond in support of House Joint Resolution 409. That bill, sponsored by Rep. Stephen Neal (D-NC) would require the Federal Reserve to achieve zero inflation within five years of passage.
Economic Review , Volume 76 , Issue Jan , Pages 3-6

Journal Article
In search of a stable, short-run M1 demand function
Mehra, Yash P. (1992-05)
Conventional M1 demand functions reformulated using error-correction and cointegration techniques neither depict parameter stability nor satisfactorily explain short-run changes in M1. Thus, M1 remains unreliable as an indicator variable for monetary policy.
Economic Review , Volume 78 , Issue May , Pages 9-23

Journal Article
The case for rules in the conduct of monetary policy: a concrete example
McCallum, Bennett T. (1987-09)
A policy rule can be activist; the distinction between rules and discretion depends on the stage at which optimization calculations enter the policy process. Here a specific monetary rule is proposed, one that sets the monetary base each quarter in a manner designed to keep nominal aggregate demand growing smoothly at a noninflationary rate. Simulations with a simple estimated model suggest that the proposed rule would have performed well over the period 1954-85, despite financial innovations and regulatory change.
Economic Review , Volume 73 , Issue Sep , Pages 10-18

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